Government looks to sell 35 homes in Waikanae after developer triggers underwrite

Government looks to sell 35 homes in Waikanae after developer triggers underwrite
Waikanae Beach is on the Kāpiti Coast north of Wellington. (Image: NZME)
Oliver Lewis
A Waikanae developer has triggered a Government underwrite for new housing, meaning the Crown will acquire 25 properties for $16.1 million.Utauta Development built 39 homes at 10-12 Utauta St, 10 of which were pre-purchased by the Ministry of Housing and Urban Development (HUD) as part of the first round of the Build Ready Development (BRD) pathway. HUD acquired the 10 homes – seven one-bedroom units and three two-bedroom units – for $5.4m.It also underwrote 25 additional units, agreeing to buy the properties if the developer w...

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