Simplicity Invests Hundreds of Millions in Queenstown Housing Development

Simplicity, a prominent Kiwisaver provider, is set to invest hundreds of millions of dollars in a major housing initiative in Queenstown. The company has acquired a six-hectare site on Ladies Mile to construct up to 600 long-term rental houses, addressing the region’s pressing need for affordable housing.

The initiative is part of Simplicity’s broader strategy to provide warm and secure homes for families in Central Otago. Sam Stubbs, the head of Simplicity, expressed confidence in the project, highlighting its financial and social viability. “This is another example of the sort of thing our Kiwisaver scheme can help make possible. We think it’s a good long-term investment for our members and helps provide warm, dry homes for Kiwi families, in a region that urgently needs them,” Stubbs stated.

Focus on Community Needs

The development marks the first expansion of Simplicity Living outside of Auckland. Stubbs mentioned that Queenstown was an obvious choice due to its significant demand for long-term rental options, especially for workers like nurses, teachers, and police officers who currently commute from places like Cromwell.

While Simplicity has considered branching out to Wellington and Christchurch, Stubbs noted concerns regarding infrastructure risks in the capital, including earthquakes and water supply issues. He also indicated that Christchurch is facing an oversupply of properties, which has negatively affected commercial returns.

Queenstown’s mayor, Glyn Lewers, welcomed the announcement, describing it as “much-needed.” He added, “The addition of up to 600 new Build-to-Rent homes will be a game changer for our community, offering secure long-term rentals.” Lewers emphasized that this project is a crucial step in fulfilling parts of the Joint Housing Action Plan, aimed at facilitating diverse housing options in collaboration with developers.

Planned Features and Location Benefits

The development site is strategically located near Remarkables Park, providing easy access to planned schools, shops, and transport links. The proposed homes will be constructed primarily from concrete, brick, and local schist, ensuring high thermal and acoustic performance. Features such as solar panels, rainwater harvesting systems, and common-use facilities are also planned.

The proximity of the Shotover Bridge, just a ten-minute walk away, and Queenstown Airport, located a mere five-minute drive from the site, further enhances the attractiveness of this development.

Currently, Simplicity is overseeing the construction of nearly 900 homes across various locations in Auckland, reflecting its commitment to addressing New Zealand’s housing crisis. As the company moves forward with this ambitious Queenstown project, it aims to create sustainable living options for the community while providing valuable investment opportunities for Kiwisaver members.