Archive | Learning Quarter

2 city apartments sell at auction

2 units were sold at Ray White City Apartments auction today, and an Onehunga townhouse was passed in.

In a market where vendors have been under pressure to meet a generally lower bidding range, the reserve on a CityZone apartment was dropped to $300,000 (about $7800/m² internal), and then dropped another $5000. In the ensuing bidding frenzy, a sale at $300,500 resulted.

A studio in Oakwood Hall on Wakefield St (pictured) sold at $8000/m² internal, so both sales were in what seems the acceptable range at the moment for good secondary stock. For comparison, a 29m² Oakwood Hall studio sold at auction in June last year for $283,000, so about $9800/m², at a time when prices for older apartments were still rising to fill the gap of about $5000/m² between them & brand-new apartments.

CBD

Learning Quarter

Oakwood Hall, 81 Wakefield St, unit 9C:
Features: 30m² studio, 6m² balcony
Outgoings: rates $1110/year including gst; body corp levy $5261/year including gst
Income assessment: $430/week
Outcome: sold for $240,000
Agents: Damian Piggin & Krister Samuel

Uptown

CityZone, 11 Liverpool St, unit 1912:
Features: 40m² including 1.5m² balcony, 2 bedrooms
Outgoings: rates $1246/year including gst; body corp levy $4319/year including gst
Income assessment: $500/week, fixed until 15 February
Outcome: sold for $300,500
Agents: Damian Piggin & Krister Samuel

Isthmus east

Onehunga

36A Hill Rd
Features: cross-leased, 157m², refurbished 2-storey 3-bedroom townhouse, double internal-access garage
Outgoings: rates $2517/year including gst; body corp levy $/year including gst
Income assessment: $730-780/week unfurnished
Outcome: passed in at $910,000
Agent: Adam Gurr

Attribution: Auction.

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Updated: Mt Eden shops passed in (now sold), 2 apartments sold

Published 11 October 2018, updated 5 November 2018:
A commercial site in Mt Eden with 3 shops & 2 flats on it (outlined in photo) was passed in at Barfoot & Thompson’s auction on 11 October and sold shortly after, which I missed updating at the time.

Of the 6 apartments, townhouses & suburban units the agency had up for auction on Wednesday afternoon, one was sold under the hammer and another post-auction. 2 in the new Conrad Properties Ltd Victoria Residences development across the street from SkyCity remain on the market.

Commercial

Isthmus west

Mt Eden

Updated: 547-551 Mt Eden Rd:
Features: 501m² site, total floor area 273m² – 3 shops & 2 flats (one derelict), zoned business – mixed use, erected about 1912, seismic rating 19% new building standard
Rates: $13,481/year including gst
Rent: partially leased with demolition clause – rent $30,600/year from one shop + flat
Outcome: no bid; sold unconditionally post-auction for $1.35 million + gst
Agent: Marie-Anne Molloy

Apartments

CBD

Learning Quarter

Eden Apartments, 32 Eden Crescent, unit 8B:
Features: one-bedroom apartment
Income assessment: $430/week current
Outcome: no bid, sold post-auction
Agents: Selina Zheng & Tommy Zhang

Uptown

Winsun Heights, 113 Vincent St, unit 7B:
Features: studio
Outgoings: rates $933/year including gst; body corp levy $2406/year
Outcome: passed in
Agents: Stephen Shin & Lauren Lee

Victoria St

Victoria Residences, 75 Victoria St, unit 301:
Features: 50m² + 5m² balcony, fully furnished 2-bedroom apartment, tower completed in June
Income assessment: $750/week current guaranteed income
Outcome: no bid
Agents: Will Liu & Nicole Zhang

Victoria Residences, 75 Victoria St, unit 1801:
Features: 50m² + 5m² balcony, 2-bedroom apartment, balcony, tower completed in June
Outcome: auctioned postponed, on market at $745,000
Agents: Alastair Brown & Hayley Sok

Isthmus east

Ellerslie

39 Peek St, unit 1:
Features: 3-bedroom unit, single garage (currently used as a studio)
Outcome: passed in, back on market at $845,000
Agents: Alex Baker & Cindy Jiang

Kohimarama

53A Rawhitiroa Rd:
Features: 4-bedroom townhouse, 2 living areas, 3 bathrooms, double internal-access garage, courtyard & garden
Outcome: sold for $2.5 million
Agents: Veronica Schoonraad & Cheryl Woodward

Attribution: Auction documents.

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2 Unilodge studios & Harvard apartment sell

Ray White City Apartments agents Josh Muriwai & Zoran Farac sold 2 Unilodge studios and a larger Harvard apartment at auction yesterday. The one other unit on offer, in Parnell, was passed in.

I’m out of town and don’t have full details from the auction, but will post them when they come through.

CBD

Learning Quarter

Unilodge, 138 Anzac Avenue, unit 204:
Features: studio
Outcome: sold for $46,000
Agents: Josh Muriwai & Zoran Farac

Unilodge on Beach, 133 Beach Rd, unit 108:
Features: studio
Outcome: sold for $52,000
Agents: Josh Muriwai & Zoran Farac

Victoria Quarter

Harvard, 147 Hobson St, unit 88:
Features: 3 bedrooms
Outcome: sold for $330,000
Agents: Josh Muriwai & Zoran Farac

Isthmus east

Parnell

Gladstone Apartments, 118 Gladstone Rd, unit 1F:
Features: one bedroom, parking space
Outcome: passed in
Agent: Sue Holland

Attribution: Agency release.

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One apartment sold out of 9 on offer at auction

An apartment in the Volt on Queen St (pictured) was the only one of 9 units on offer to sell at Ray White City Apartments’ auction today.

CBD

Learning Quarter

The Whitaker, 2 Whitaker Place, unit 5C:
Features: 53m², one bedroom, parking space
Outgoings: rates $1168/year including gst
Outcome: no bid
Agent: Andrew Bond

Quay Park

Mirage, 86 The Strand, unit 508:
Features: leasehold, 33m² studio, covered parking space
Outgoings: rates $1149/year including gst
Outcome: no bid
Agents: Mitch Agnew & Ryan Bridgman

Queen St

Guardian, 105 Queen St, unit 511:
Features: 35m², one bedroom
Outgoings: rates $1570/year including gst; body corp levy $3382/year
Income assessment: $480-520/week furnished
Outcome: passed in at $300,000
Agents: May Ma & Mark Li

Uptown

Volt, 430 Queen St, unit 1117:
Features: 40m², 2 bedrooms
Outgoings: rates $1304/year including gst; body corp levy $3901/year after 10% prompt payment discount
Income assessment: $490/week fixed until February
Outcome: sold for $340,000
Agents: Victor Liu

Victoria Quarter

Harvard, 147 Hobson St, unit 2F:
Features: 37m², 2 bedrooms
Outgoings: rates $1071/year including gst; body corp levy $3262/year after 10% prompt payment discount
Income assessment: $430/week current
Outcome: sole bid $280,000 from the vendor, passed in
Agent: Krister Samuel

Harvard, 147 Hobson St, unit 9J:
Features: 38m², 2 bedrooms
Outgoings: rates $1207/year including gst; body corp levy $5050/year
Income assessment: $435/week current
Outcome: passed in at $289,000
Agent: Krister Samuel

Stanford, 189 Hobson St, unit 2G:
Features: 41m², 2 bedrooms,
Outgoings: rates $1130/year including gst; body corp levy $3356/year after 10% prompt payment discount
Income assessment: $430/week current
Outcome: passed in after bid at $250,000, vendor bid at $280,000
Agent: Krister Samuel

Stanford, 189 Hobson St, unit 3B:
Features: 35m², 2 bedrooms
Outgoings: rates $1052/year including gst; body corp levy $3356/year after 10% prompt payment discount
Income assessment: $430/week current
Outcome: sole bid $280,000 from the vendor, passed in
Agent: Krister Samuel

North-east

Albany Heights

125 Gills Rd, unit 46:
Features: 154m², 3-bedroom townhouse, 2.5 bathrooms, double garage
Outgoings: rates $1841/year including gst; body corp levy $3526/year
Income assessment: $590/week, fixed until 8 March, appraisal $600-650/week unfurnished
Outcome: passed in at $650,000
Agents: May Ma & Mark Li

Attribution: Auction.

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Updated: Symonds St apartment + commercial sells, 3 other units passed in

Published & updated 18 October 2018
A unit in the rebuilt Glenside Terraces on Symonds St (pictured), combining upstairs apartment space & ground-floor commercial, was sold at City Sales’ auction yesterday.

3 other apartments were passed in – in the Focus on Anzac, Tower Hill and on Edwin St, Mt Eden.

Update: The Focus on Anzac apartment was sold conditionally the day after the auction, and negotiations were underway on the remaining 2.

CBD

Learning Quarter

Updated: Focus on Anzac, 99 Anzac Avenue, unit 5A:
Features: 62m², 2 bedrooms, parking space
Outgoings: rates $1827/year including gst; body corp levy $6577/year
Income assessment: $645-655/week; in management lease until 2020
Outcome: passed in at $505,000, sold conditionally post-auction, price undisclosed
Agent: Scott Dunn

Tower Hill, 1 Emily Place, unit 13I:
Features: 34m², fully furnished studio, deck
Outgoings: rates $1265/year including gst; body corp levy $2626/year
Outcome: no bid
Agents: Susan Frear

Glenside Terraces, 150 Symonds St, unit 16:
Features: 80m² apartment on 2 upper floors, 40m² ground-floor commercial, 2 bedrooms, 3 bathrooms, 2 parking spaces
Outgoings: rates $1832/year including gst for apartment, $273/year for parking; body corp levy $1927/year including gst for apartment, $315/year for parking
Income assessment: $675-725/week for apartment, $400-450/week commercial
Outcome: sold for $1.23 million
Agents: Jacob Hayward & Maryanne Wong

Isthmus west

Mt Eden

32 Edwin St, unit 93:
Features: 115m², 3 bedrooms, deck, parking space; $8 million has been levied this year for remediation of the building, code compliance certificate not yet issued but work on this unit completed
Outgoings: rates $1398/year including gst; body corp levy $1452/year
Income assessment: $680-750/week
Outcome: passed in at $710,000
Agent: Dahui Chen

Attribution: Auction.

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Eclipse & Landings units sell

An Eclipse apartment (pictured) was sold at an auction brought forward and a unit in the leasehold Landings at Quay Park was also sold under the hammer at Ray White City Apartments today.

Apartments in Zest & the Connaught and a suburban unit at Pt England were passed in.

CBD

Learning Quarter

Connaught, 14 Waterloo Quadrant, unit 1F:
Features: 75m², 2 bedrooms, full makeover includes new kitchen & bathroom, decks off living room & both bedrooms, single internal-access garage
Outgoings: rates $2059/year including gst; body corp levy $6497/year
Outcome: passed in at $752,000
Agents: Steve & Lisa Stone

Quay Park

The Landings, 10 Ronayne St, unit 205:
Features: leasehold, 47m², 2 bedrooms (details corrected)
Outgoings: rates $1149/year including gst; body corp levy $2338/year, ground rent $1952/year (increasing to $3361/year for next term)
Income assessment: $410/week
Outcome: sold for $140,000
Agents: James Mairs & Lucia Gao

Uptown

Eclipse, 156 Vincent St, unit 1F:
Features: 41m², furnished one bedroom, 16m² private courtyard, storage locker
Outgoings: rates $1343/year including gst; body corp levy $3669/year including water
Income assessment: $450/week, fixed until next May
Outcome: sold for $350,000 at auction brought forward (acceptable offer was $345,000)
Agents: Judi & Michelle Yurak

Victoria Quarter

Zest, 72 Nelson St, unit 1223:
Features: 36m², 2 bedrooms
Outgoings: rates $1188/year including gst; body corp levy $4517/year
Income assessment: $460-480/week furnished
Outcome: passed in at $290,000
Agents: Judi & Michelle Yurak

Isthmus east

Pt England

59 Pt England Rd, unit 2:
Features: cross-lease, 291m² lot (1/3 share in 872m²), 64m² building, 2-level 2-bedroom suburban unit, parking space
Outgoings: rates $1394/year including gst
Outcome: passed in at $300,000
Agents: Stephen Ng & Ali Khandanpour

Attribution: Auction.

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5 apartments out of 12 sell at auction

5 of the 12 apartments auctioned at Ray White City Apartments yesterday sold under the hammer.

2 vendors had 2 apartments each up for sale and none of them sold first time round. 2 of those units in the leasehold Landings at Quay Park (pictured) sold when offered together, but the other vendor’s pair, in the Zest complex, remained unsold.

Units sold in Kiwi on Queen, Mount Terrace and at Thompson Park in Mt Wellington.

At the bottom of the market, a unit in the Unitec student accommodation village, where remediation is required, attracted just 2 bids and was passed in at $2000.

CBD

Kitchener St

Metropolis, 1 Courthouse Lane, unit 1101:

Features: 35m², one bedroom, storage unit
Outgoings: rates $1265/year including gst; body corp levy $3516/year
Income assessment: $475/week, fixed until 16 January
Outcome: passed in at $402,000
Agents: Ron Yang & Adam Gurr

Learning Quarter

Mount Terrace Apartments, 33 Mount St, unit 15A:
Features: 61m², fully furnished 2 bedrooms
Outgoings: rates $1440/year including gst; body corp levy $7716/year including water
Outcome: sold vacant for $390,000
Agent: Victor Liu

The Wakefield, 18 Wakefield St, unit 7F:
Features: 56m², vacant one bedroom
Outgoings: rates $1362/year including gst; body corp levy $2895/year
Income assessment: $550-580/week furnished
Outcome: no bid
Agents: Dominic Worthington & Ady Huang

Quay Park

The Landings, 10 Ronayne St, units 410 & 510:
Features: both leasehold, each 53m², 2 bedrooms, parking space
Outgoings: unit 410 – rates $1362/year including gst; body corp operational levy $4035/year, ground rent $5800/year; unit 510 – rates $1381/year including gst; body corp operational levy $4172/year, ground rent $5998/year
Income assessment: both $550/week current
Outcome: each passed in at $205,000; both units sold together for $450,000
Agents: Dominic Worthington & Ady Huang

The Landings, 8 Ronayne St, unit 1002:
Features: leasehold, 51m², 2 bedrooms, 2 bathrooms, balcony, tandem parking
Outgoings: rates $1498/year including gst; body corp operational levy $4768/year, ground rent $6955/year
Outcome: passed in after bid at $210,000 & vendor bid at $225,000
Agents: Dominic Worthington & Ady Huang

Uptown

Kiwi On Queen, 421 Queen St, unit 211:
Features: 45m², fully furnished 2 bedrooms
Outgoings: rates $1265/year including gst; body corp levy $4973/year including water
Income assessment: $500-520/week furnished
Outcome: sold vacant for $420,500
Agents: May Ma & Mark Li

Victoria Quarter

Zest, 72 Nelson St, units 214 & 415:
Features: each 23m², fully furnished one bedroom
Outgoings: unit 214 – rates $926/year including gst, body corp levy $2014/year; unit 415 – rates $936/year including gst, body corp levy $2071/year
Income assessment: each $300/week, current
Outcome: unit 214 – passed in at $160,000; unit 415 – passed in at $155,000; units 415 & 214 together – passed in after bid at $300,000, vendor bid at $400,000
Agent: Victor Liu

Isthmus east

Mt Wellington

Thompson Park Apartments, 8 Thompson Park Rd, unit 32:

Features: 98.26m² including 11.42m² of balconies, 2 bedrooms, 2 bathrooms, study, storage locker, 2 parking spaces
Outgoings: rates $1844/year including gst; body corp levy $3395/year
Income assessment: $650-700/week
Outcome: sold for $740,000
Agent: Steve King

Isthmus west

Eden Terrace

Uptown on New North Rd, 83 New North Rd, unit GB:
Features: 83m² ground-floor apartment on 113m², 2 bedrooms, patio, 2 parking spaces
Outcome: no bid
Agent: Andrew Bond

Pt Chevalier

125 Carrington Rd, Building 310, door 9:
Features: leasehold, 2 bedrooms, 2 bathrooms, one of 45 apartments containing 130 rooms under management in Unitec student accommodation village, remedial work for weathertightness issues not yet completed – body corporate approved for financial assistance under an MBIE (Ministry of Business, Innovation & Employment) claim
Outgoings: rates $1607/year including gst; body corp levy $6210/year – ground rent being reviewed to market after initial period of 10c/year peppercorn rent, negotiation range $3621-5965/year + gst; buyer to pay any levy to cover new ground rent
Income assessment: each room $245/week during 2 semesters in pooled scheme; owner also benefits from share of rental pool; gross rent for both units $13,423/year in April 2018 year, net $6726/year
Outcome: property offered on an ‘as is, where is’ basis, passed in at $2000
Agents: James Mairs & Andrew Bond

Attribution: Auction.

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Updated: Wolfe St sale the big prize as 5 commercial properties sold at auction, 2 post-auction sales

Published 20 September 2018, updated 4 October 2018:
5 of the 9 Auckland properties auctioned in Bayleys’ Total Property 6 series were sold under the hammer on 19 September, and 2 more – on Wellesley St in the cbd and in Ponsonby – have been sold post-auction.

The biggest prize was the price paid for a small warehouse in the middle of Wolfe St, in the heart of the cbd, sold for a land price of $19,298/m² after standing vacant for 23 years.

For that sale, Bayleys’ international division head, James Chan, flew to Hong Kong to translate the auction proceedings for the vendor.

Image above: 6 Wolfe St (outlined), in the heart of the cbd.

CBD

Chancery

Chancery, 2A-2B Courthouse Lane, unit A101:
Features: 314m² unit, 3 tenants
Rent: $132,436/year net + gst
Outcome: sold for $2.02 million + gst
Agents: Damien Bullick, Ken Hu & Alan Haydock

Learning Quarter

Waldorf Celestion, 19 Anzac Avenue, unit 207:
Features: 20.8m², 11-year lease to NZ Waldorf Apartments Management Ltd from March 2017, 11 secure parking spaces + laundry room
Rent: $45,000/year net + gst
Outcome: sold for $790,000 + gst
Agents: Andrew Wallace & Genevieve Thompson-Ford

Waldorf, 6-12 St Martins Lane, unit B1A:
Features: 149.6m², laundry, dining & bathroom facilities, 11-year lease to NZ Waldorf Apartments Management Ltd
Rent: $44,900/year net + gst
Outcome: no bid
Agents: Genevieve Thompson-Ford & Andrew Wallace

Queen St

MidCity arcade, 239 Queen St, unit 1Y:
Features: m², leased to hair salon, current term runs until April 2021, with further renewal rights
Rent: $27,360/year net + gst
Outcome: auction postponed
Agents: Oscar Kuang

Victoria Quarter

Updated: 145 Wellesley St West, unit 1:
Features: 71m² ground floor office unit, parking space, new 3-year lease to telecommunications company Sunx Global Ltd, which has been tenant since 2010
Rent: $32,300/year net + gst + outgoings
Outcome: passed in at $450,000 + gst, sold post-auction for $470,000 at a 6.87% yield
Agents: Nicolas Ching & James Chan

Wolfe St

6 Wolfe St:
Features: 285m² site, 1912 brick warehouse opposite the historic Yates building running from Albert to Federal St, which is being gutted for a new development
Outcome: sold for $5.5 million + gst
Agents: Nick Thompson, Robert Platt & James Chan

Isthmus east

Onehunga

6 Henderson Place, unit L:
Features: vacant 396m² warehouse & office unit, 10 parking spaces
Outcome: passed in at $1.1 million + gst
Agents: Kate Kirby & Laurie Bell

Isthmus west

Grey Lynn

SOMA, 12 Mackelvie St, unit G01:
Features: new 253m² ground floor retail, showroom or office space
Outcome: withdrawn from auction
Agents: Kate Kirby & Stephen Scott

Ponsonby

Updated: 12-14 Fitzroy St:
Features: 245m² site, 180m² corner unit, 3 parking spaces
Rent: $111,000/year net + gst
Outcome: passed in at $2.5 million + gst, sold post-auction for $2.62 million at a 4.24% yield
Agents: Damien Bullick & Alan Haydock

North-east

Albany

Rosedale Plaza, 215 Rosedale Rd, unit 8:
Features: 208m² of retail, mezzanine office & warehouse/storage space, rear roller door access, 4 exclusive parking spaces; 5-year lease from September 2016, plus 2 3-year rights of renewal, to specialist fishing equipment & apparel retailer West Shell
Rent: $45,000/year net + gst
Outcome: sold pre-auction for $850,000 + gst at a 5.29% yield
Agents: Adam Curtis, Damian Stephen & Adam Watton

Orchard Park retail centre, 21 Corinthian Drive, unit 7A:
Features: 87m² restaurant unit, 10-year lease to Double Happy from September 2017
Rent: $55,014/year net + gst + opex
Outcome: sold for $1.15 million + gst
Agents: Meng He, Steven Liu & Eddie Zhong

South

Manukau Central

6 Jack Conway Avenue, unit D:
Features: 567m² warehouse, rear roller door access, seismic rating 100% of new building standard, ground floor & warehouse vacant
Rent: top floor leased until February 2023 for $30,000/year gross + gst
Outcome: sold for $1.45 million + gst
Agents: Owen Ding, Simon Davies & Nelson Raines

Attribution: Auction.

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Hotel suite & Statesman unit sell

A hotel suite in the Amora and one of 2 apartments in the Statesman (pictured) were sold at City Sales’ auction yesterday.

The second Statesman apartment and a new unit in the Victoria Residences opposite the SkyCity casino were under negotiation post-auction.

A unit in Imperial Gardens, where remediation works are pending and a Remuera townhouse were passed in.

CBD

Learning Quarter

The Statesman, 1 Parliament St, unit G08:
Features: 80m² + deck, refurbished 2 bedrooms, 2 bathrooms, parking space
Outgoings: rates $2118/year including gst; body corp levy $5209/year
Outcome: passed in after GAVL online bid, under negotiation post-auction
Agent: Scott Dunn

The Statesman, 1 Parliament St, unit 307:
Features: 57m², 2 bedrooms, potential to lease parking long-term
Outgoings: rates $1691/year including gst; body corp levy $3691/year
Outcome: sold vacant for $572,000
Agent: Scott Dunn

Uptown

Amora, 100 Greys Ave, unit 6J (door 610):
Features: 33m², fully furnished studio, deck
Outgoings: rates $4000/year including gst, paid by hotel
Outcome: sold for $225,000 at short-notice auction (zero-rated for gst – in hotel lease expiring in 2021)
Agent: Dahui Chen

Victoria Quarter

Imperial Gardens, 135 Hobson St, unit 701:
Features: 3 bedrooms, 2 bathrooms, 2 parking spaces
Outgoings: rates $1420/year including gst; remediation imminent
Outcome: passed in
Agent: Haytham Nasr

Victoria St

Victoria Residences, 75 Victoria St, unit 1304:
Features: 62m² + 8m² deck, 2 bedrooms, 2 bathrooms
Outgoings: rates $1982/year including gst; body corp levy $4353/year
Income assessment: $800/week
Outcome: passed in at $840,000, under negotiation post-auction
Agents: Maggie Sun & Scott Dunn

Isthmus east

Remuera

7 Haast St, unit 2:
Features: cross-lease, half share in 625m², 3-bedroom townhouse, 2 covered parking spaces
Outgoings: rates $2885/year including gst
Outcome: passed in
Agent: Haytham Nasr

Attribution: Agency release.

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Ross & Wehipeihana jailed for Celestion development loan fraud

Property developer Leonard John Ross (52) & Michael James Wehipeihana (46), a small shareholder in Mr Ross’s company that built the Waldorf Celestion apartments hotel in downtown Auckland, were both jailed for over 4 years today for fraudulently obtaining a $41-million development loan for the project.

In the Auckland High Court, Justice Rebecca Edwards sentenced Mr Ross to 4 years & 4 months’ jail, and Mr Wehipeihana to 4 years & 3 months’ jail on charges brought by the Serious Fraud Office.

Mr Ross & Mr Wehipeihana lied to the ANZ Bank NZ Ltd about the number of genuine presales they had made to obtain the development loan for Emily Projects Ltd.

They used forged documents, including sale & purchase agreements, to support the loan application. Later, they used additional forged documents when the apartments were onsold to genuine buyers.

After an 8-week trial, a jury found them guilty in July on all charges they faced – 3 of obtaining by deception & 2 representative charges of using forged documents.

The other 2 men involved in the fraudulent scheme were sentenced to 10 months’ home detention. Vaughn Stephen Foster (56), a self-employed consultant, pleaded guilty to one representative charge of obtaining by deception just before the trial began and was sentenced in June. Timothy Upton Slack (56), a lawyer, pleaded guilty to one representative charge of obtaining by deception on 1 September last year and was sentenced later that month.

The Waldorf Celestion has 2 towers on adjacent sites between Emily Place & Anzac Avenue, containing a total 127 apartments.

Mr Ross, who headed the Paxton Pacific development group, incorporated Emily Projects in July 2008 to develop & sell the Celestion apartments on a site bought from the receivers of Blue Chip Financial Solutions Ltd.

Mr Ross was the director and majority shareholder of Emily Projects.

The Serious Fraud Office said Mr Wehipeihana (46) was Mr Ross’s ‘right-hand man’ at the time of the offending and had a small shareholding in Emily Projects Ltd.

Earlier story:
1 August 2018: Trial ends with 2 more guilty of $41 million Celestion development fraud

Attribution: SFO release.

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