Kāinga Ora to sell Albany site, opening door for new development

The site was purchased in 2019 for just over $19.2 million with plans for a high-density development offering a mix of social, market, and affordable housing.

“When we look at our overall property portfolio, it doesn’t make economic sense for us to develop social housing on this land, but others will see the broader development potential in this prime location,” says Nick Howcroft, General Manager Urban Development and Delivery.

“By putting this land on the open market, we’re creating an opportunity for others to deliver a development that makes the most of this well-connected location. We will reinvest the proceeds from the sale into building warm, dry homes in areas where they’re most needed.”

Since we purchased it, we have spent approximately $1.13 million on the site. These costs relate to professional fees for concept and preliminary site development work and typical land holding costs such as rates. Concept and preliminary design work already completed will be provided to the purchaser as part of the sale.

As a large asset manager, Kāinga Ora regularly reviews its land holdings and sells sites that are no longer needed for social housing or urban development, depending on market conditions and buyer demand.

Real estate listing for 80 Don McKinnon Drive(external link)

The land at 80 Don McKinnon Drive in Albany, outlined in red, is on the market.