The site for the new Northbrook Wynyard retirement village where piling work is being carried out ready for the new retirement village block. Photo / Winton Land
The site for the new Northbrook Wynyard retirement village where piling work is being carried out ready for the new retirement village block. Photo / Winton Land
NZX-listed property developer and investor Winton Land has delayed its $750 million Northbrook Wynyard Quarter retirement village and neighbouring The Villard apartments near Auckland’s Waterfront, refunding buyers if they want.
Chris Meehan, chief executive, said the company would continue Arrowtown and Wānaka retirement village projects but not in Auckland.
People who put deposits on Northbrook Wynyard Quarter are being offered the chance to stay in at the current prices or get a full refund of their deposits plus any interest.
Chris Meehan with Winton's $750m Wynyard Quarter plans; pier21 Drystack is to the far right. Photo / Dean Purcell
Contractors have been working on the fenced land where the first blocks are planned to rise: 12-level 152-unit village building and apartments.
The retirement units, 200-seat wedding venue, new 250-seat waterfront dining/bar building, outdoor pool in a resort-like zone for village residents, new marina piers, dredging the seabed to make it deeper, a new marina and refurbishing many other surrounding buildings are part of the plan for the site.
How the 12-level Northbrook Wynyard Quarter is planned to look on completion. Photo / Supplied
Meehan said this afternoon Winton remained committed to its plans.
The company would complete site preparation work, including the piling works, and building consenting in the next year, he said.
“We believe there is further opportunity for construction costs and interest costs to moderate over the next year which will flow through to the property market and have a positive impact upon this project,” he said.
The Wynyard scheme was a big project and Winton would be prudent.
“We want to get the timing in the cycle right.”
Plans for Northbrook Wynyard Quarter, the 105-unit vertical retirement village with a 50-bed hospital on the city's waterfront. Photo / Dean Purcell
The project had a high level of commitment and strong demand, Meehan said, but he did not say how many deposits were paid.
“The Northbrook Wynyard Quarter development remains an important part of our property portfolio, and we look forward to its completion once the next stage of development commences in 2026.”
The scheme is planned to be New Zealand’s highest-price retirement village: Occupation right agreements (ORAs) on two double-height penthouses are being marketed at $13.75m each, with a 30% deferred management fee resulting in $4.1m being lost after four years.
Bedroom in the new display suite, Northbrook Wynyard Quarter. Photo / Dean Purcell
ORAs on one-bedroom 62-90sq m units start from $1.45m, two-bedroom two-bathroom 98-268sq m places start from $2.25m, and three-bedroom two-bathroom 260sq m-550sq m places start from $3.15m.
And from $10.95m, four-bedroom, 3.5 bathroom 375-604sq m places are available.
But the retirement village market is so tough right now that Oceania Healthcare’s The Helier in St Heliers was last month 69% empty because people could not sell their homes to shift or weren’t getting enough to allow them to do so.
Winton’s site is on the Beaumont/Pakenham/Daldy St corner.
It is part of the freehold site bought from Mansons TCLM which is developing a much larger portion of the block behind Air New Zealand’s global HQ in an almost finished $550m development for telco One and other tenants.
The site for the new Northbrook Wynyard retirement village where piling work is being carried out ready for the new retirement village block. Photo / Winton Land
Icon won the contract to build Northbrook Wynyard Quarter.
Soiltek is working there, its services including large diameter bored piling, creating secant pile wall service shafts, soil mixing and civil works.
Asked about the scheme last month, a Winton spokeswoman said: “The main focus is piling at the moment. Perimeter piles are being inserted in preparation for basement excavations.”
Resource consent had been finalised on Northbrook Wynyard Quarter, the company said in October.
The main works contract negotiations are well progressed and early works were complete, it announced.
“Due to industry-wide issues and consenting processes, Northbrook changed its structural engineer to Robert Bird Group. Basement construction will commence in H1 FY25, with practical completion remaining on schedule for FY28. The show apartment and flagship sales suite launched in June 2023. Strong interest continues,” Winton’s presentation in October said.
Now, the scheme has been “postponed” for a year.
Anne Gibson has been the Herald’s property editor for 24 years, written books and covered property extensively here and overseas.
