Te Awa Lakes Welcomes IFF Funding To Unlock 1500-House Development In Hamilton

Te Awa Lakes has welcomed Government’s use of the Infrastructure Funding and Financing Act 2020 (IFF) to unlock 1500 houses in northern Hamilton’s largest greenfield development.

The IFF transaction, facilitated by National Infrastructure Funding and Financing Limited (NIFF), will provide $50 million of funding toward delivery of bulk infrastructure such as upgrade of roads, stormwater lake and outlets and other key bulk infrastructure to be delivered by the developer.

This funding is one of the first of its kind to support unlocking greenfield developments for housing, and is in line with the Government’s 3 pillars of “Going for Housing Growth.”

Te Awa Lakes is a fully master planned development that falls within the Future Proof Strategy Northwest Priority Development Area of the high-growth urban area of Hamilton. With an average annual population growth of 2%, demand for new dwellings and amenities is projected to increase by around 56% out to 2050, equating to a demand for an estimated 61,285 dwellings across the sub region.

Richard Coventry, Managing Partner of the Te Awa Lakes JV says, “The IFF funding tool is a game changer for Te Awa Lakes and the northern growth node of the region, as without this tool the infrastructure delivery would be fully reliant on direct developer funding, which is too slow and cannot keep pace with the demand for the region.

“We fully anticipate that this funding tool will not only accelerate the construction of housing for early stages of Te Awa Lakes, but it will also unlock other developable land in the northern node and gateway of the region.”

Te Awa Lakes is the first mix-use, mixed typology, fully master planned, greenfield development of its kind in the Waikato.  Across its 100ha, the project brings together living, working, recreation and visitor experiences, combining commercial, retail, community, recreational and residential uses with strong connections to public transport and active travel – positioning it as the northern gateway to Hamilton.

The master plan will eventually provide for more than 2000 new homes across a full spectrum of housing types and segments, ranging from premium riverside and waterfront dwellings to comfortable, well-designed townhouses and apartments close to the proposed village centre and hospitality destination. 

“At the heart of Te Awa Lakes’ master planning is creating a healthy, diverse riverside community. We intentionally bring together a mix of activities, typologies and price points, with shared amenities and infrastructure for all residents, including our commitment to 10% integrated affordability,” adds Coventry.

In line with this philosophy, Te Awa Lakes’ early neighbourhoods feature a blend of premium lakefront housing and more attainable options delivered in partnership with capable vertical developers and housing providers.  Jeff DeLeeuw of GJ Gardner is currently delivering the first lakefront homes, while MTM Group, led by Johnathon Chen, and the Bridge Housing Trust are delivering more accessible options at the entrance to the subdivision. 

Simon Perry, Chair of the Bridge Housing Charitable Trust, sees Te Awa Lakes as one of its major partners in the Trust’s mission to deliver 100 affordable homes a year across Hamilton and Waikato.
“The 22 high-quality homes in Lot 2 will be excellent candidates for our shared-equity and rent-to-own programmes. We firmly believe ‘affordable’ should never mean cheap or compromised. Working with Te Awa Lakes and MTM allows us to deliver quality through design, typology and integrated communities,” says Perry.

Coventry notes the importance of Te Awa Lakes’ relationship with tangata whenua to help support the high level of ground remediation, environmental controls, stormwater management and sensitive areas along the awa.  

“The new lakes are not only critical for stormwater infrastructure, they are unique features for our master plan and standout amenities for our community,” he says. “The lake and wetlands will anchor the entire development to our responsibility to whenua and wai at Te Awa Lakes.”

To purchase a Te Awa Lakes property contact Megan Smith | Residential and Lifestyle Sales at Lodge Real Estate 

megans@lodge.co.nz | 021 796 033