8 Jul 2016

Canterbury developer takes stake in Auckland boom

12:07 pm on 8 July 2016

A big Canterbury-based house builder has teamed up with a private investment firm to take advantage of the booming residential property market in the upper North Island.

Building site in an East Auckland suburb

Auckland's housing boom has seen a property developer and an investment firm join forces. Photo: RNZ / Cole Eastham-Farrelly

Mike Greer Homes has sold an 18 percent stake in its business to the property development and investment firm Tailorspace for an undisclosed sum, as part of a long-term growth strategy to build homes in and around Auckland.

The principal owner, Mike Greer, said the business had seen a four-fold increase since the Canterbury earthquakes, and is on track to sell 1400 house and land packages this year.

He said Tailorspace's capital and expertise gives it what it needs to meet its growth ambitions for the move north.

Mr Greer said he planned to hire more staff.

"A good couple of hundred more and I think we are at 60 or 70 now, so we'll be 250-plus, he said.

Mr Greer said the company would still be based in Christchurch, where residential building growth remains steady.

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