Buckley Road Project
Location
Wellington
Stage
Established
Date Initiated
November 2017
Date Completed
December 2021
Housing Type
Cohousing
Number of Residents
7 adults and 1 baby
Number of Dwellings
4
Size of Land
650 m2
Developed By
Owner-developed
Legal Ownership Structure
Unit Title
Individual Dwelling Tenure
Unit title with shares in common of the land and shared spaces
Funding Model/s for Development
Owner equity (42%) and residential construction loan (58%)
Housing Type and Numbers
Four townhouses with a separate shared common house.
Shared Facilities
Garden, spare toilet, laundry, shed, storage unit, common house, deck
Total Cost in Year Completed
$3,675,000
Governance Model
Consensus (a voting mechanism was built into our co-housing deed but we never needed to use it)
What were the external barriers experienced during development?
Accessing finance - convincing the banks to loan to us at a residential construction rate, rather than a commercial construction rate.
What were the internal challenges during development?
Finding enough time and energy to discuss things as a group (a global pandemic can really sap the energy).
If you had your time again, would you do anything differently?
Bring in a financial advisor/mortgage broker earlier and used them to engage with the banks on our behalf directly rather than attempting to do it ourselves.
What advice would you give to aspiring projects starting out?
For small scale developments, consider buying a property that has an existing house or another place you could sell later that can home you while you do all the time consuming planning and getting finances sorted. It really makes a difference to stress levels, not having to pay rent on top of every other cost associated with a build. You also get to spend time together, have fun, and potentially get to know your site well.
Further Information and Contacts
https://www.tumblr.com/27buckleyrd. Photo credit David Straight.
Can People Contact You Directly to Ask Questions?
Yes - 27buckleyrd@gmail.com
