$250m SugarTree apartments first for years
The first major new Auckland CBD apartment development in several years has been unveiled by a consortium of developers.
Called SugarTree, the $250 million venture will begin in mid-2013 on a site between Union and Nelson streets in the central city.
The venture will be launched in Auckland tonight.
One of the developers, Wayne Allen, told NBR ONLINE he was confident of the necessary pre-sales commitments in the current market.
Mr Allen and his wife Mandy own the Turanga winery at Whitford, south of Auckland.
He told NBR that he had been relatively quiet since the global financial crisis.
But he has been involved in development in Auckland for 20 years and is finalising the $88 million Whitford Village extension, which includes 105 residential houses, townhouses and apartments.
Last year one of his companies involved in the Whitford development went into voluntary liquidation owing $6.64 million.
The SugarTree development company, Lily Nelson Union Joint Venture, is an equal partnership between Lily Investment FTC, a consortium of Chinese Investors and the Allen’s Nelson Union.
Lily Investment FTC, the Chinese joint venture partner, will be managed by two of the investors in the partnership, Min Jia and Tiejun Yi.
They are presently undertaking a $27 million, 100-section residential subdivision in Flat Bush, Auckland, which is almost 100% sold.
They have also completed projects in China with their largest project to date a $1 billion, 3500-apartment unit development in Chang Sha City, Hunan Province.
Consents have been obtained for a first stage of 11-storeys, comprising 152 apartments with one and two bedroom apartments plus eight live/work units and seven ground-floor commercial units with mezzanine floors, plus two levels of underground parking.
Stages two and three are scheduled for completion 18 months later taking the total number of units to 500 one-, two- and three-bedroom apartments.
The developers are touting the venture as an affordable inner-city alternative priced between $300,000 and $600,000.
“SugarTree will incorporate landscaped community spaces including water features, sculptures and courtyards creating an urban oasis on the edge of the city centre,” the developers say in a prepared statement.
“In the third stage of the development there will be a rooftop garden for residents with spectacular views over the harbour,” project director Darren Brown says.
He cited the estimated 11,000 to 20,000 housing shortage over the next three years.
The commercial units available on the ground floor of all the buildings will house bars, restaurants, cafes, delicatessens and other hospitality and food businesses.
The developers also obtained the blessing of Auckland mayor Len Brown, who welcomed the venture.
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Comments and questions13
That's a pretty cr*p location - very top of town.
Looks like just another Cr*p apartment block to me......just what the city needs.
Tacky looking, will date fast
dreamers...
"The developers also obtained the blessing of Auckland mayor Len Brown, who welcomed the venture.". Mr Hutching, are you very ill and have bought in to Len Brown's belief that he is a god or god's emissary on earty. Who cares what Len Brown thinks.
Rumours of my illness are greatly exaggerated. Reporting comments from public figures does not mean the reporter believes them but it does endorse the right to freedom of speech.
I'm confused about by the comments and wonder how many of the enlightened ones have bothered to go visit the display suite on site before making comments. I took the time to go check it out and looks great to me what's planned. Pity people don't become more informed and put their brain into gear before tapping away on the keyboard. I wish them all the best.
I was in the function, Mr. Sharp. Congratulations on you and your lady's involvement in selling this development by 2 directors of failed companies ...
quick check at the companies office found one of the Wayne Ramon Allen had 2 companies that liquidated just last year.
Hi Anonymous #8
For the record. I'm not involved in selling this development, but for the right inducements and fringe benefits I possibly could be bought :)
As for one of my numerous lady friends being involved in selling this development, I recall she hasn't any involvement with selling the 500 odd apartments.
I admire people who fail, fail, fail, fail, fail but each time they dust themselves off, get up scratch their head and try again..
The ones I don't admire are those that journey through life as Mr Gonna Do This & Gonna Do That who finally fall off the perch bitter and twisted having achieved zero with their time on this planet and those that are to scared to get out of their comfort zone, learn and not be to shy to ask questions to help them chase their dreams and give it a go, instead of bleating trying to justify their existence....
As the saying goes...... You have never failed if you never tried...
Question.... Are you saying that Henry Ford, Bill Gates, Walt Disney, Richard Branson, Steve Jobs, Abraham Lincoln and our beloved John Banks etc etc should have given up the first time they went broke ?
Well maybe if our beloved John Banks had given up the first time he failed we might be better off, but as for the rest, I don't think so..
Get a thicker skin, Jim.
No harm in going broke and trying again, Jim... As long as they don't do it with other peoples money.
Looks like another scheme to leave poor old hard working kiwis millions of their pocket.