Graeme Smith has first-hand knowledge of the benefits of living on the Panmure site where he and his good mate Steve Wilson are creating a new residential development, Matapan Terraces at 21-23 Matapan Road.

It has been his home since 2015, so he appreciates how good it is to have the waterfront reserve alongside Tamaki Strait just 200m away, as well as nearby attractions like yachting and tennis clubs and a particularly good children's playground. It's a short stroll to Panmure Village and an easy drive to the Eastern Bays and Sylvia Park.

Public transport is excellent - there are bus stops a few minutes' walk away and the train station just 18 minutes away.

"There's also really good walk alongside the river to Point England, where there's a nice beach with golden sand," says Graeme. "That's one of the reasons why we really enjoy living in the area."

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The developers saw a need for high density housing close to transport links. Photo / Supplied

When he and his wife bought their ex-state house in Matapan Rd, the plan was to gut it, do it up and then maybe subdivide and build a second home on the site. They'd almost finished the renovation when the zoning for the street changed to terrace housing and apartment buildings, so their plan changed.

"We know Auckland needs more housing so we stopped what we were doing and investigated putting something on the land that was higher density," says Graeme, who has tackled a number of renovations over the years. "While we were going through the process the neighbouring house became available and I convinced my friend Steve to buy that."

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The homes come with double glazing, LED lighting and a heat pump. Photo / Supplied

Graeme and Steve go back many years - they were mates at high school in Hamilton, both studied mechanical engineering at the University of Auckland and flatted together for a while. Steve is a project manager on commercial developments and Graeme, who heads a team of engineers who develop medical devices, says they'd always talked about doing a project together. So the idea for Matapan Terraces - a boutique development of 14 terraced homes - was born.

"We wanted to do something that was affordable and would provide homes for first-time buyers," says Graeme. "We could have gone to five storeys and put up a big monolithic apartment block but we didn't want to do that. Instead we've gone for two-storey homes that each have an outdoor space so there's indoor/outdoor flow. It was really important to me to have that."

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Living spaces have seamless connection to outdoors. Photo / Supplied

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Plush carpeted bedrooms and quality bathrooms are on the upper level. Photo / Supplied

Each of the freehold townhouses has open plan living/dining/kitchen on the ground floor that opens out to a courtyard garden. The kitchens come with a Bosch appliance package, stone benchtops and soft-close doors and drawers. Upstairs is the bathroom and the two bedrooms, each with large wardrobes.

"We've tried to maximise storage, so wherever we can we have tried to sneak in some cupboards."

The homes, which are constructed from brick and cement cladding, come with double glazing, LED lighting and a heat pump. Each one also has a parking space. There is no body corporate, instead owners will be part of a residents' society that maintains the property.

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The kitchens include stone benchtops, soft close drawers and high-end Bosch appliances. Photo / Supplied

"Our philosophy is about making these homes a really nice place to live and a good investment, as well as affordable," says Graeme.

Agent Carolyn Ryan from Bayleys Remuera, who is marketing Matapan Terraces with Mitch Owens, says Panmure is one of central Auckland's most undervalued suburbs - an undiscovered treasure. This boutique development is an exemplary example of higher density living done right. We are delighted to be able to market these homes with the first ones already having been secured by very happy first-home buyers and investors."

Being a boutique development so close to the water at this price level is proving popular, she adds, with half of the homes already under contract.

The two-bedroom, one bathroom terraced homes have prices starting from $695,000.

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