The developer behind one of Auckland's largest new housing estates has gone into receivership.
Receiver Dave Ruscoe confirmed this afternoon that he and Richard Simpson have been appointed receivers and managers of Panama Road Developments Trust. The trust is behind the 10.5ha Springpark development in Mt Wellington.
Developer Tony Gapes, of Redwood Group, revealed plans in 2013 for 420 terraced homes with three- to four-storey apartments, but the project has been affected by delays.
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Auckland man Mark Seales is among those affected by the receivership.
He and a friend bought a four-bedroom property at Springpark off the plans in June 2013, paying a deposit of $53,000. They had spent another $5000 since on chattels, such as a granite bench top, and $1500 on valuations.
"I'm not very happy. I want to know that [my investment] is secure."
The development has been beset with delays, and he had been concerned the project could collapse. He and his friend - who bought together because neither could afford to buy a home on their own - stuck with their purchase because they did not want to miss out on soaring capital gains in Auckland since 2013.
"We would only have got our deposit back."
He met with Springpark developer Tony Gapes in August and there was no indication receivership was looming. A development update emailed last week also gave no hint, Mr Seales said.
Another owner, who did not want to be named, said her dream of owning her first home had been shattered.
She paid a $45,000 deposit on a $430,000 two-bedroom home in August 2013 and expected to move in 13 months later. There had been delays, but the most recent update last week was that "we're back on track and the house is going to be built by next year".
She sold everything she owned and house-sat for 18 months to help save for her first home, the woman said.
"I had to struggle for years."
She had moved overseas for her job but expected to return to New Zealand soon.
"I'm extremely worried ... I'm on the brink of coming back to New Zealand and I've got nothing."