Liquidators say there is a shortfall to unsecured creditors estimated at $2.4 million.

Property developer Doug Rikard-Bell has signed up construction company Brookfield Multiplex to build the first stage of his more than 1000-apartment Rhubarb Lane complex.

On the corner of Sale St and Wellesley St in Auckland's CBD, the first building will be a seven storey multi-use property with 12 loft style freehold apartments priced from almost $600,000 to almost $900,000.

The apartments, which Mr Rikard-Bell said are called “aPods” will be two storeys high and open plan, designed to double up as offices if need be.

Developer Rick Martin’s $65 million Nautilus apartment complex in Orewa is suffering leaks, but the company behind its construction Brookfield Multiplex says it is not from the cladding.

Speaking to NZ Property Investor earlier this week, Brookfield Multiplex managing director Dan Ashby said he is not sure what the exact problem with the building is.

“People seem to be focussing on the cladding but it’s a very common building material that is used all over the country and the world,