Anne Gibson

Property editor of the NZ Herald

Property deal one of the biggest: agent

Brett Russell.
Brett Russell.

A financier has sold 65 Quay Park apartments and eight shops and offices on Maori land to a developer in a multimillion-dollar deal the agent says is one of the biggest of its kind.

Dean Humphries, of Colliers International, said Brett Russell, of Russell Property Group, bought the QuBA apartments including eight ground-floor commercial units valued at $27 million.

The 113-unit seven-level block is at 2 Tapora St on the corner of Mahuhu Cres, near Vector Arena on Ngati Whatua Orakei land and Russell, who owns and runs one of New Zealand's biggest builders, Dominion Constructors, built QuBA.

Matt Peters, brother of developer Jamie Peters and a relative of New Zealand First leader Winston Peters, developed the QuBA apartments and the vendor of the 65 units is understood to be Fortress Credit Corp after a default on a loan by the developer last decade.

Tim Downes and Richard Simpson of Grant Thornton, appointed receivers of Mathew John Peters' Eastside Trustee, said Fortress was owed $38.3 million.

Rifleman Finance was listed as having a second general security agreement for an unknown amount.

Humphries said Russell's apartments could be rented short-term as serviced apartment units, even though people live in the block.

- NZ Herald

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