Housing Trust to purchase 50 apartments in Frankton

Housing Trust to purchase 50 apartments in Frankton

MEDIA RELEASE FROM QUEENSTOWN LAKES COMMUNITY HOUSING TRUST, QUEENSTOWN
April 2, 2018. For immediate release

Affordable housing for 50 Queenstown families has been given the green light, with the local housing trust securing finance to invest in Frankton’s new apartment development.

The Queenstown Lakes Community Housing Trust has today confirmed it will purchase 50 apartments within New Ground Capital’s development at Remarkables Park, after obtaining funds from Westpac bank.

The one- and two-bedroom apartments are part of New Ground Capital’s 227-unit development just below the popular Frankton retail precinct. Site works start on April 3 and construction is expected to be complete in late 2019.

Earlier this month the Trust was disappointed to lose financing for the transaction from overseas buyers, due to proposed changes to the foreign buyers legislation. However, today’s agreement with Westpac bank signals a positive move, helping the Trust deliver its goals of providing housing for local people who can’t afford it.

“We are delighted to be able to confirm the contract with New Ground Capital today. This is an exciting opportunity to assist another 50 families into secure, affordable housing,” Trust Executive Officer Julie Scott says.

“We now have more than 500 households on our waiting list, and this purchase will go a long way to helping with our goal of assisting 1000 households in the next 10 years.”

Whilst the Trust is not yet in a position to confirm which programmes the properties will be allocated to, Scott says it is likely to be a mixture of affordable rentals and assisted ownership.

New Ground Capital Managing Director Roy Thompson says he’s thrilled with the news: “We are very pleased to be working with Queenstown Lakes Community Housing Trust to help house key workers in our district. We see this relationship as satisfying important social and commercial objectives for our organisation.”

New Ground Capital will be retaining 78 of the properties as long-term rentals.

ENDS

Image:
Artist’s impression of the Remarkables Park development.

For further information please contact:
QLCHT Executive Officer Julie Scott – julie@qlcht.org.nz (03) 450 1702 or 027 645 2447

About the Queenstown Lakes Community Housing Trust
QLCHT is a not-for-profit social enterprise created to manage and deliver affordable housing solutions to those vital to the community who cannot afford it. Initiated by Queenstown Lakes District Council in 2007, which recognised the affordability issue and acted upon it, the Trust is now an independent entity operating throughout the Queenstown Lakes District. As a not-for-profit, community-owned organisation, QLCHT has six Trustees. These Board members also act as directors for the Trust’s wholly owned subsidiaries, which include asset-holding, development construction and mortgage lending entities.

Written by Celia Crosbie

Celia is an award-winning journalist who has worked for newspapers and radio stations in New Zealand and magazines in the United Kingdom. She has worked in public relations in both NZ and London. Celia also specialises in digital media strategy and website copywriting for SEO.

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