Unitec Student Accommodation 2003

Ngati Whatua originally owned land and buildings on the north-western edge of the Unitec Campus that was subject to a leaseback to the Auckland DHB, for the purposes of Maori mental health.

This property was under-utilised and the Maori mental health facility required substantial refurbishment.

Ngati Whatua selected a joint venture developer that had successfully recently completed a student apartment complex for Unitec, and they jointly commenced exploring joint venture options for this property.

Firstly, Ngati Whatua agreed with the DHB that it would commit to major investment and refurbishment in the property, in return for a more comprehensive land development plan and a revised commercial lease. The redevelopment plan catered for revised Maori mental health needs, as well as a substantive student accommodation facility.

In the end, DHB engineering and financial management approved the plan; however due to a cultural constraint the DHB decided not to proceed, and they subsequently moved to another property on expiry of the lease.

Ngati Whatua and its joint venture partner then proceeded to negotiate solely with Unitec, and the outcome involved a complex land-swap and development of a 44-apartment student accommodation facility to the south-western edge of Unitec.

The project was completed in 2003, on time and on budget. All apartments were sold to investors on an attractive yield, with a long term managed lease back to Unitec.

Subject to demand, Ngati Whatua has an agreement with Unitec to build further student accommodation.