An artist's impression of the Springpark estate, which is on a 10.5ha site in Auckland's Mt Wellington.
An artist's impression of the Springpark estate, which is on a 10.5ha site in Auckland's Mt Wellington.
Auckland developer Tony Gapes of Redwood Group is poised to sell three-quarters of New Zealand's most affordable intensive housing project to Chinese interests.
Gapes said he was close to closing a deal to quit stages two and three of the 419-residence Springpark estate on a 10.5ha site in Auckland's MtWellington, where the first stage of new housing is well under way.
"We have an Asian group - they're Chinese - who are very close to buying it. It won't be finalised until the end of the month so it hasn't happened. We marketed stages two and three. Stage one is 160 houses under construction now. We've only been looking to sell stages two and three so it's the consented piece of land which is 6ha," Gapes said.
The second and third stages were marketed through Bruce Whillans of Ray White Commercial. The land is less than 1.5km from Sylvia Park.
"We're selling it because we were getting unsolicited offers at a pretty high level and we just thought it was best to market it.
"We've had a lot of buyer interest," Gapes said, referring to interest from New Zealand as well as Chinese parties.
"They're very well capitalised and while banks require us to presell a lot, it's difficult for us to fund because not a lot of us have a lot of equity and these guys can build out Springpark without any bank funding."
