Under construction
104 Rowandale Avenue, Manurewa, Auckland 2102
Four-unit terraced residential development on a 607 m² freehold site in Manurewa — resource consent granted December 2022, currently under construction with completion targeted for 2026.
104 Rowandale Avenue is a four-lot freehold subdivision in Manurewa, Auckland — one of the southern suburbs with the strongest first-home-buyer and stabilised-rental demand profile in the metropolitan area. Resource consent was granted by Auckland Council on 9 December 2022 (BUN60405257), with planning by Auckland Design Solutions and civil engineering by BRV Consultants.
The scheme delivers four matching two-storey terraced homes across a 607 m² freehold parent title, sharing a centrally-aligned common driveway. Each unit lands at approximately 123 m² of floor area: ground-floor open-plan kitchen / dining / lounge opening onto a private timber deck, internal-access single garage, separate laundry and powder room. Upstairs each unit provides a master bedroom with full bathroom, a second bedroom and a dedicated study room — the latter being the under-rated detail that distinguishes the scheme from typical four-bedroom-on-small-lot product in the area.
The material palette is consistent with our build standard: 70-series brick veneer to the ground floor for streetscape continuity, Linea weatherboard above (combination of vertical and 180×16 mm horizontal profiles) and a metal tile roof. Five-and-a-half-metre rear yards on Lots 1 and 4 give the end units a useful outdoor envelope. Build programme is underway with completion targeted for 2026. Allocations are being considered for the investor pool — Investor Brief on request.
04 photographs · click to expand
The investor-facing configuration of the deal — capital structure, hold profile, and exit mechanics. Full underwriting itemised in the Investor Brief.
Capital band
NZD 1M+ per investor
wholesale only
Minimum commitment
NZD 500,000
per ticket
Target hold
3-4 years
construction + sell-down
Projected IRR
15-18% base case
net of operator fees
Exit
Owner-occupier sale
on completion
Currency
NZD
unhedged
Floor plans
Indicative configurations at the current design stage. Final unit areas and specifications are confirmed at resource consent and released to waitlisted investors in writing.
Floor plan
Released to waitlisted investors
Per-unit floor plans are released in the Investor Brief once resource consent is lodged.
Across two floors · 4 units at this type
Four mirrored terraced units across the 607 m² freehold. Open-plan ground-floor living, three bedrooms upstairs, master with ensuite, private rear courtyard, single internal-access garage.
Per-plan PDF · released with Investor Brief
Investor brief
The long-form Investor Brief for 104 Rowandale Avenue sets out the underwritten base case, the downside scenario, and the operator's track record against previous projects' three-case framework. Released after a 30-minute strategy call.
The specifications and amenities included as standard at this project. Detail per unit type sits in the floor plans pane above.
Three bedrooms upstairs
master with ensuite
Open-plan ground-floor living
kitchen + dining
Single internal-access garage
per unit
Private rear courtyard
fenced
Double glazing throughout
argon-filled, low-E
Heat pump + ducted ventilation
energy-efficient
Engineered timber flooring
open-plan areas
LED lighting throughout
recessed + feature
The four-to-six attributes that define this project for the investor cohort it's underwritten against. Long-form detail in the Investor Brief.
Resource consent granted
Consent issued December 2025 — four-unit terraced development on 607 m² freehold.
Project-specific SPV
5 Star NZ holds founders' equity first in the waterfall; investor equity participates pari-passu in residual returns.
Owner-occupier exit
Positioned for owner-occupier sale on completion. Realised returns flow to the SPV waterfall on close-out.
Manurewa fundamentals
10 km to Auckland Airport, 22 km to CBD, direct rail access. Mid-market demand thesis supported by tight supply.
Project-level data sourced from council records and the internal delivery pipeline. All figures verified.
Where the project sits in its delivery cycle, and what comes next. Dates are indicative at concept and consent stages, locked at construction.
Complete
2024
Complete
Dec 2025
In progress
Late 2026
Upcoming
H1 2027
Upcoming
2027
The operator
A New Zealand-based property development group with over a decade of operational experience across residential, commercial, and mixed-use projects. Founder-led, with the same team underwriting, building, and stewarding every asset on the page.
We do not sell other people's deals. Every project is one we are personally invested in — buying, building, operating. That alignment is the whole product.
More on the firmLocation
From 104 Rowandale Avenue, Manurewa
Manurewa town centre
city
750 m · 2 min by car
Manurewa station (rail)
transport
1.4 km · 4 min
Westfield Manukau
city
5 km · 8 min
Auckland Airport
airport
10 km · 15 min
Auckland CBD
city
22 km · 25 min
Alfriston College
school
3.5 km · 8 min
Frequently asked
Anything specific to your situation, the Investor Strategy Call is the right place to start.
Resource consent granted December 2025. Construction targeted for late 2026, with four-unit handover in the first half of 2027 subject to materials supply and weather. Quarterly investor reporting begins at first concrete pour.
Detailed Investor Briefs — capital structure, programme, comps, expected returns — are released after a 30-minute strategy call. Download the brief, or begin with the assessment.
