Scaled-back Milford apartment scheme back on agenda
Stalled plans for a $200 million apartment scheme at Milford on Auckland’s North Shore have been revived.
New Zealand Retail Property Group has applied to develop its first block but on a scaled-back level and at lower prices than originally suggested.
Campbell Barbour, group general manager, yesterday said consent had been applied for a nine-level 60-unit block and instead of selling from $1.7m as was the case last year, prices might be nearer $1.5m.
“We’ve got so much to do. We’ve got Westgate and Milford. We’re still playing with that,” he said of the Milford scheme and the company’s big development on the city’s northwest fringes.
Last November NZRPG said high bank borrowing costs, falling house prices, low pre-sales and delays getting contract building prices had prompted the business to delay building the 115 apartment units and 20 new shops.
Barbour said: “We’ve never given up on it. But we’ve postponed one of the first projects.”
The business had submitted an amended resource consent application to Auckland Council for the nine-level block, he said.
“We’re still playing with that. The first thing is probably some additional residential — smaller than the first one, about 60 apartments. We’re just going through the resource consent process.
“We’ve got an overall resource consent but this is for more specific buildings,” he said of NZRPG’s plans for the site. “The issue we had was the classic situation where it’s not investors but owner-occupiers. It’s a big decision to sell their home and relocate. It’s a chicken and egg situation,” he said.
Asked when work might begin, he said: “It depends on the consent process.
“We’re expecting to get it in the next month or two. It could start early to mid next year.”
Asked about changes to plans for the first block, he said: “It’s better. We’re looking at making the decks into summer and winter rooms.”
On prices, he said: “They’ll be two bedrooms around $1.5m up to $3.4m to $4m.”
The project was strongly opposed by the Milford Residents Association and went for an extended Environment Court hearing.