Simplicity Living announces $500m 600-unit Queenstown build-to-rent scheme
An aerial of land near Queenstown at Remarkables Park looking towards Lake Hayes. Developer and investor Simplicity Living plans a $500m build-to-rent scheme on a 6.1ha site it has bought here. The site is shown towards the centre of this photo. Photo / Simplicity Living
Build-to-rent apartment developer Simplicity Living plans a $500 million scheme for 600 apartments at Frankton’s Remarkables Park outside Queenstown, buying land from Australian businessman Karl Jameson’s company.
Managing director Shane Brealey said Simplicity had bought a 6.1ha site at 12 Lower Shotover Rd.
That is a greenfield site almost directly opposite the Arvida Queenstown Country Club retirement village, between the Remarkables Park area, where the airport is, and Lake Hayes.
Property records show the site is owned by multimillionaire Karl Jameson’s company.
He has investments in coffee, construction and AI via Heard-I. He has also appeared in the Herald’s Society Insider column for his involvement in part of a $45m Queenstown sale.
Chantecler, a 19ha property in Queenstown, sold for $45.5m in an off-market deal nearly two years ago, that sale a combination of two deals for neighbouring addresses in the Lower Shotover area – one for $35m, the other for $10.5m.
Society Insider reported in April that a company Jameson directs is listed on the title that sold for $10.5m.
Meanwhile, Simplicity is buying his company’s big site, planning the area’s largest build-to-rent housing scheme.
The developer is the building offshoot of KiwiSaver provider Simplicity.
Queenstown Lakes District Council records show the bare land has a $24m valuation. Rates of $27,000 annually are payable.
Queenstown mayor Glyn Lewers said rental housing was much-needed in the Whakatipu area.
The development would be a “game-changer” and fulfilled the council’s action plan to get more homes in the area, Lewers said.
Brealey said Simplicity Living had 889 apartments rising.
Those are only in Auckland. The company has never gone outside that city.
“We have been keen to build in Queenstown for a couple of years and have now found the right site,” he said.
Resource consent is yet to be sought.
The area is one of New Zealand’s most unaffordable for accommodation.
The project will be Simplicity’s largest, Brealey said.
The apartments are to have high thermal and acoustic ratings, solar panels, rainwater harvesting and common use facilities including work-from-home spaces, residents’ lounges and outdoor equipment storage.
Car and bike parking, with direct access to local bike trails and the planned gondola development, are also in Simplicity’s plans.
Queenstown International Airport is nearby.
Last year, the Herald reported how major Queenstown tourism operators were buying empty hotels to house staff and to combat the chronic housing shortage in New Zealand’s adventure capital.
The Queenstown Community Housing Trust said then its accommodation waiting list had crossed more than 1300 eligible families.
Simplicity is building nearly 900 Auckland apartments:
- The 1.4ha car park of what was Ellerslie Racecourse near the Greenlane motorway interchange: 330 apartments due to be finished next year;
- Te Reiputa, 80 Mt Wellington Highway: 297 units, a 12-level $225m project nearing completion;
- 10 Morningside Drive-unit, Morningside: 264 units in a $175m scheme.
On August 1, Simplicity said it would build 93 apartments in Northcote on land it had bought from state housing agency Kāinga Ora.
It paid the state $5.5m for 135 Lake Rd where it plans a $65m scheme.
Northcote construction is to begin in November, with the building expected to be completed by the third quarter of 2027, Brealey said on August 1.
Simplicity plans to build up to 10,000 New Zealand places for secure, long-term rent.
Anne Gibson has been the Herald‘s property editor for 25 years, written books and covered property extensively here and overseas.