MTK Capital's plans for Don Buck Rd, Massey. Photo / MTK Capital
MTK Capital's plans for Don Buck Rd, Massey. Photo / MTK Capital
Max Key's MTK Capital has started a new eight-home development in Massey and is about to launch a call to raise money to expand.
The son of ex-PM John Key has today announced projects in three Auckland areas where 13 homes are planned or underway.
"For me, I'm super-focused on delivering homes people want to own and we're looking out for investors as well as first home buyers because we know how tough it is out there to secure new properties," Key told the Herald today.
The business is soon to seek funds to grow and today has released images of its latest venture.
Key last year after he sold a house. Photo / supplied
Key announced his largest scheme yet: an eight-home townhouse project on Don Buck Rd, Massey. One older brick house was on the site previously and has been demolished, he said.
His new website also shows MTK has a three-home project on Elstree Ave, Glen Innes and a two-home development on Richardson Rd, Mt Roskill. The Elstree project has been completed and all three homes sold.
The Massey homes are for sale from the high $700,000s to mid-$900,000s, Key said.
Carlisle Knipe, a director of marketing agency Knipe Digital, said his firm created MTK Capital's website which went live today.
The site is aimed at promoting the new developments and the next stage, he said, would be a call to people who wanted to invest.
An artist's impression of how MTK's eight-home Massey project could look. Photo / supplied
"They're looking for wholesale investors in the future. Right now we're in the process of setting up all the financial information required for wholesale investors who can download a pack with the information to invest," Knipe said referring to non-disclosure statements and other details.
The call to investors is expected to be live shortly.
A product disclosure statement could seek a large sum from qualified wholesale investors and inform them of the risks involved in putting money into the scheme as well as the potential return and how they can retrieve their money if they want to.
MTK Capital says housing is short and it wants to meet demand.
MTK's Richardson Rd project. Photo / supplied
"With building material shortages and a global need to be more sustainable, we saw an excellent opportunity to transform traditional properties with great bones into quality homes that Kiwis would love to buy," it says on the website launched today.
"In time, MTK Capital looks to progress into the new build sphere, allowing for greater density on sites and affordable pricing supporting the increasing population demands in our biggest city," it said.
MTK Capital says it is a homegrown Kiwi business focused on building a brighter future. "We aim to build houses that Kiwis actually want to own. We believe in quality and want to develop a product we can actually look at and be proud of. More than anything, we want a finished home that we would ourselves be happy to live in personally," it says.
The Elstree Ave project by MTK Capital. Photo / supplied
MTK said of the Massey scheme: "Don Buck Rd is our latest exciting development in Massey, Auckland. In an ever-growing area that's seen recent gentrification, MTK Capital is excited to be building eight new terraced houses.
"The site is a great location for first and second home buyers and investors with cityscape and greenery views, conveniently located to arterial motorway routes, public transport and Westgate. These units have been in hot demand. Earthworks commenced in early 2022, with this project due to be completed by early 2023," MTK Capital said.
Web business Knipe is six months old and this is the biggest project it has taken on. Knipe said he previously worked at Barfoot & Thompson's head office in Shortland St.
In December, Key announced a sale of a home he had developed.
The property in Mt Albert, which Key bought for $1.4 million in June 2020 with help from his parents, was transformed after the original home on the site was pushed back and another house added at the front of the section.
