Simplicity Living Opens Second Build To Rent Residences In Auckland

Simplicity Living, owned by investors in the Simplicity KiwiSaver Scheme and Investment Funds, has completed its second Build to Rent residences in Onehunga, Auckland.

Named Oranga, it has 48 new homes of 1-3 bedrooms, with 10-year inflation linked rents on offer.

These new homes are set in expansive landscaped gardens and offer longer-term rental options,

larger apartment sizes and HomeStar 6 build quality and energy efficiency.

Oranga is the second build to rent residences opened by Simplicity Living, 18 months after

announcing plans to build, own and operate up to 10,000 rental homes across New Zealand.

Phase two of Simplicity Living’s first residences, Kupenga, is also due to open in a month, with an additional 42 homes for rent.

Construction is also underway on Simplicity Living’s third residences, with 51 apartments, in Owairaka / Mt Albert, due to open in 2024.

Another 800 homes are in planning, on sites purchased or under contract in Mt Wellington, Remuera and Morningside.

This brings the total homes completed, in construction or in development by Simplicity Living to over 1,000.

“This is just the start,” said Shane Brealey, Managing Director of Simplicity Living. “Our aim is to have 10,000 homes built and rented nationwide.”

“The fact that we have the first 1,000 completed or in development within 18 months speaks to the scalability of our business model,” said Mr Brealey.

Sam Stubbs, Managing Director of KiwiSaver default provider Simplicity, said this was a living demonstration of what KiwiSaver investment could do for New Zealand.

“Pension funds owning rental homes is very common overseas,” said Mr Stubbs. “We are the first KiwiSaver manager to invest in a business doing this at scale in New Zealand, but I doubt we will be the last.”

“The underlying investment is in rental homes, which Kiwis really understand. And we expect the rental income generated by Simplicity Living will provide really reliable investment cash flow over time. We think it’s the type of long-term enterprise that KiwiSaver savings should be looking at,” he said.

“Improved health, education and community outcomes starts with a warm, dry home,” he said.

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