$200m apart­ment plan re­vived

The New Zealand Herald - - Business - Anne Gib­son

Long-de­layed plans for the first of a $200 mil­lion apart­ment scheme at the North Shore’s Mil­ford have been reignited, with the de­vel­oper pre­par­ing a build­ing con­sent ap­pli­ca­tion for the first $100m-plus block.

Camp­bell Bar­bour, NZ Re­tail Prop­erty Group (NZRPG) gen­eral man­ager, said last week pa­per­work was un­der way for a nine-level 63-unit block to be built be­side the ex­ist­ing Mil­ford Cen­tre re­tail hub, fac­ing Omana Rd.

“We’re go­ing through a build­ing con­sent process at the mo­ment. We’ve al­ready got a re­source con­sent,” Bar­bour said of plans for the lux­ury block where units are planned to sell for $1.5m to $5m. That could yield about $120m but no over­all price of the pro­ject is avail­able yet.

Bar­bour said although ini­tial plans dat­ing back to 2016 had not pro­ceeded, NZRPG would still go ahead with the pro­ject.

In 2016, it mar­keted units from $1.7m to $6m for its first block on a site off its out­door carpark fac­ing Mil­ford Rd.

The Mil­ford was to have 115 units and con­struc­tion was due to start in Fe­bru­ary, with the first res­i­dents to move in mid-2019. An apart­ment dis­play suite was opened in Sep­tem­ber 2016 in the ex-ASB bank re­tail out­let in the mall.

The Mil­ford Res­i­dents As­so­ci­a­tion had strongly op­posed the scheme and plans went to the En­vi­ron­ment Court, although some as­so­ci­a­tion mem­bers later ex­pressed in­ter­est in buy­ing units. But the as­so­ci­a­tion said it had won vic­to­ries over the pro­ject, with the height re­duced from 60m to 45m.

In Novem­ber, 2017, NZRPG put the scheme on hold and ini­tial works stopped.

Bar­bour said at the time high bank bor­row­ing costs, fall­ing house prices, low pre­sales and de­lays get­ting con­tract build­ing prices prompted it to de­lay build­ing the first 115 apart­ment units and 20 new shops.

But last week, he said: “We’ve been un­der­tak­ing some off-mar­ket pre-sales, with peo­ple we have been deal­ing with pre­vi­ously. Even­tu­ally, we will go for a full, on-mar­ket pro­gramme.”

The cur­rent plan was to de­velop the first block be­hind The Ware­house.

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