A financier has had receivers appointed to an Auckland residential development business selling new homes at Ormiston Heights in Flat Bush.
Vandals hit that business last year when a 20-tonne digger was used to attack an almost-finished $675,000 home.
On Friday, Vincent Capital put DDL Homes Ormiston andDDL Homes Ormiston 2020 under the control of receiver Neale Jackson and Brendon Gibson of Calibre Partners.
Associated business DDL ["Delivering Dreams"] Homes, not in receivership, says it is selling new homes at Ormiston Heights, 397 Ormiston Rd.
It has been seeking deposits from $169,000 for customised residences.
One DDL home Ormiston buyer this morning sent the Herald a price list for homes at 397 Ormiston Rd which showed block A places selling from $589,000 to $649,000.
"Another construction company has gone bust. DDL homes, where the digger destroyed a home in 2021, has listed its Ormiston companies into receivership with Calibre Partners," the buyer said.
Vandals attacked a new $675,000 DDL home at Ormiston, Flat Bush last year. Photo / supplied
"We are buyers at one of their other sites in Ormiston which should hopefully settle soon although it is two years late," he said, referring to a group of 52 townhouses.
Ormiston Heights is on the other side of State Highway One from Manukau, on the eastern outskirts near lifestyle rural blocks.
Last June, the Herald reported DDL Homes' Baljit Dheil saying seven townhouses attached to a smashed home his company was building appeared not to have been damaged.
"We feel shock and really don't know why someone would do that," Dheil said in a June 11 article headlined 'vandals destroy brand new house with digger one month before owners move in'.
Buyers of Ormiston Rise nearby said today Ormiston Heights was unconnected and the receivership had no effect on them.
DDL Homes' website shows work at Ormiston stage 2, 397 Ormiston Rd, Flat Bush. Photo / DDL
But Calibre was also appointed to Ormiston Rise companies last year after financial trouble there.
On Friday's receivership, Jackson and Gibson said Vincent Capital had appointed them under the provisions of a general security deed struck in February last year.
That was in a notice on the Companies Office website, referring to a loan to the two companies which allows the lender to act in the event of non-repayment.
The two land development and subdivision companies in receivership were only incorporated two years ago.
DDL Homes Ormiston 2020 is owned by Harjit Singh Dheil of Redoubt Rd, Flat Bush. Dheil is also the sole director. Dheil also owns DDL Homes Ormiston but that company's sole director is Baljit Kaur Dheil.
Plans for new apartments at DDL's Ormiston Heights, Flat Bush. Photo / DDL Homes
DDL Homes is not in receivership or liquidation but Baljit Kaur Dheil is also its sole director and shareholder.
The Herald reported last year how Calibre's Neale Jackson and Grant Graham were receivers for Ormiston Rise and Ormiston Rise Development. Buyers have expressed concern to the Herald, complaining that homes they hoped would be finished by now have not. They say the holdups and change of ownership don't give them confidence and they wonder when their new places will be finished and when they can settle the transactions.
DDL Homes says new under-construction two-bedroom apartments at 397 Ormiston Rd have sold out.
It showed construction progress with floor slabs down and timber framing up.
The 397 Ormiston Rd project has been marketed as a desirable location.
Plans for new apartments at Ormiston Heights, 397 Ormiston Rd, Flat Bush.
"You have heard the phrase location, location, location - 397 Ormiston Rd is the embodiment of this expression," DDL said, citing schools nearby.
"Stage 2 of our Ormiston Road project consists of walk-up apartments. There is a range of 2-, 3- and 4-bedroom options in this release. Stage 2 of this project has fully sold out. Check out another one of our developments in the same area!. They are selling fast so get in quick," DDL Homes says on its website.
Vincent Capital, established by Leo Li in 2017, is a non-bank lender headquartered at 246 Queen St, offering development capital, bridging and builder finance and loans.
Vincent cites a 25ha Flat Bush residential subdivision with a $39m completed valuation as one project it has been involved in.
"As a private, non-bank lender, we lend to agile property and construction professionals, efficiently and swiftly. We champion profitable projects and enjoy ongoing relationships with clients and brokers who work in a fast-paced environment," Vincent Capital says of its business.
Questions have been put to the receivers about how many homes were under construction when they were appointed on Friday and what impact that could have on people who have paid deposits.
