Maison D'Ormiston by DDL at Flat Bush. Photo / DDL Homes
Maison D'Ormiston by DDL at Flat Bush. Photo / DDL Homes
A total of 122 Auckland properties in four projects are with receivers of an Ormiston developer at Flat Bush.
Receiver Neale Jackson of Calibre Partners quantified the scale of the projects hit by financial issues at the business DDL which stands for "delivering dreams limited".
Jackson today said the largeblock of land at 397 Ormiston Rd has 79 apartments under construction, 26 townhouses largely complete and 17 residential sections or sites.
All up, 105 homes are under construction in terrace and apartment styles and in varying stages of completion, he indicated.
What stages each place is at, he was yet to ascertain.
"The developer planned to construct that on the property at 397 Ormiston Rd. We are currently assessing the status of the development works and will update pre-sale purchasers as plans, timing, etc become clearer," Jackson said.
The four projects are Maison D'Ormiston, Ormiston stage 2, Mission Heights and Ormiston Heights. They are at 370 and 397 Ormiston Rd.
"Should I be worried?" asked one DDL buyer this morning, saying his home was under construction but not completed.
One of the new DDL homes at Ormiston, Flat Bush. Photo / DDL
Jackson issued a statement on Sunday saying buyers' deposits were held safely in trust accounts.
The receivers will decide what happens next: "The receivers intend to provide buyers with further information as soon as they can and regular updates throughout the receivership."
Following financier Vincent Capital's appointment of Calibre, voluntary administrators have now also been appointed to the two troubled companies: DDL Homes Ormiston and DDL Homes Ormiston 2022.
DDL's website shows Maison D'Ormiston is 26 three-bedroom terraced homes "sold out". The 79 apartments going up nearby were not as complete as the terraced homes, buyers said.
DDL showed images on its website of the stage apartment construction was at.
On Sunday, a Companies Office notice was lodged saying voluntary administrators Jared Booth and Tony Maginness of Baker Tilly Staples Rodway Auckland were appointed to both companies by an unnamed creditor claiming $239,000.
Booth told the Herald today that the creditor was also Vincent Capital.
The 79-unit apartment block under construction by DDL at Ormiston. Photo / DDL
Attempts made to reach DDL have been unsuccessful. The company's phone asks callers to leave messages or send emails.
Nick Kearney, who heads property law at Auckland solicitors Davenports, said receivership was preferable to liquidation for housing developers.
Liquidation meant the company was wound up whereas receivership at least gave the potential for it to continue, Kearney said.
One Maison D'Ormiston buyer said: "Nearly 28 months and counting we are still waiting for settlement of the home and our worst fears have been realised as it was announced DDL Homes were put into receivership."
She is a first-home buyer, has saved hard and had a little family help but she is worried because other projects where construction started after DDL's have finished. People are now living in those homes, she said.
Another buyer said he was surprised when the entity he was buying his new house from changed from DDL Estates at the end of May to DDL Ormiston.
On June 3, DDL Ormiston was put into receivership.
"I want this matter to be investigated. Is DDL Estates still operating?" he asked.
DDL Estates was incorporated in 2019 and remains listed on the Companies Office without any insolvency activity.
The Herald reported last year how an Auckland developer whose new home was demolished in a digger attack was taken to the Environment Court for non-compliant work at a 19-lot Flat Bush subdivision.
Auckland Council sought orders against DDL Homes and DDL Estates for work at its project where land stabilisation of the Hera St site off Flat Bush School Rd created problems.
Vandals destroyed a new $675,000 DDL home last year. Photo / Supplied
The Environment Court issued three orders after the council raised alarm at the standard of works and the environmental consequences if it was allowed to continue.
Chief Environment Court Judge David Kirkpatrick issued the three orders against DDL Homes and DDL Estates, also noting that work had an environmental impact.
