The administrator of the company that developed the 92-unit Sargeson Apartments in Takapuna has put 23 of them on the market 4 weeks after taking over, and wants them sold via a tender in the next 4 weeks. The rest have already been sold.
The developer, Auburn Developments Ltd (sole director & shareholder David Oliphant), appointed Bryan Williams (BWA Insolvency Ltd) as voluntary administrator on 28 July.
Bayleys Real Estate opened the tender process on Monday, closing on Wednesday 25 September.
Bayleys project specialists Duncan Ross, Gerald Rundle & Suzie Wigglesworth said the apartments could be tendered for individually, as one combined portfolio of 23 units, or in any multiple of combinations.
The portfolio for sale in the administration process consists of 14 studios, 3 one-bedroom apartments & 6 one-bedroom-plus-study apartments. All have been completed and are ready for immediate occupation.
Mr Rundle said 10 of the apartments are subject to affordability covenants because the resource consent for the development was granted under the provisions of a special housing area.
The 69 apartments sold before the voluntary administration were marketed with prices ranging from $495,000 for a one-bedroom unit or $860,000 for a 2-bedroom ground floor apartment, up to $990,000 for a 2-bedroom top floor apartment.
The Sargeson’s 2 6-storey towers were built at 74–80 Anzac St in Takapuna, previously occupied by homes built for the first season of the reality TV series The Block NZ. The complex has a swimming pool, children’s playground & barbecue area, and basement parking.
Attribution: Agency release.