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

Waikanae Beach is on the Kāpiti Coast north of Wellington. (Image: NZME)

Tue, 21 Jan 2025

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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