Rotorua developer Tony Bradley takes over stalled Victoria St project with Kāinga Ora

Work is back under way on a Kainga Ora development for 36 apartments on Victoria St. Main photo / Kelly Makiha

Rotorua property developer Tony Bradley has partnered with Kāinga Ora to take over a 36-apartment CBD development from a failed Auckland company.

Work has started at the Victoria St site after the project stalled for several months when Realm Victoria – a company run by controversial Auckland-based directors – went bust.

Run by father and son Kerry and Alex Hitchcock, Realm Victoria was liquidated in May, owing Venture Vic St from Tauranga $3.8 million for the original site works.

Bradley told the Rotorua Daily Post this week he was thrilled to get the contract, because Rotorua needed the houses.

He said he could build them to a good standard and on time.

“Now that it’s with me, people will know the subbies will get paid and the development will get done.”

He said it was sad that other businesses suffered when developers wound up their companies owing money.

“The best thing those Auckland developers can do is stay on your side of the Bombays.”

Bradley’s company, TPB Residential, has been developing industrial, residential and commercial sites in Rotorua for decades.

He did his first deal with Kāinga Ora in 2023.

An artist's impression of what the Victoria St apartments were to look like.

Within just over a year, he completed two contracts for apartments on Lake Rd and Fairy Springs Rd, totalling 35 apartments.

Bradley said he had known about the Victoria St development for a while.

It was likely to be a busy 12 months ahead because he had already started another major development on Vaughan Rd.

“I’ve had to move around a few things, and it’s going to be hectic times, but that’s all good, we will get it done.”

Tony Bradley at the Lake Rd Kāinga Ora development while it was being built last year. Photo / Kelly Makiha

Bradley also recently bought 14ha of long-vacant land originally earmarked for the Eastern Arterial Route.

The land became available when bypass plans were shelved. Bradley bought the land to develop it for industrial and residential purposes.

The finishing touches were just going on the 1.5ha first stage, which is the new premises for Combined Traffic Services.

Kāinga Ora bought the Victoria St site, between Ruihi St and Herewini St, in February 2023 for $3.9m.

Resource consent for 15 two-bedroom and 21 one-bedroom apartments was granted.

The site will include 25 off-street parks, a children’s nature play area, landscaping and plantings, and 12 of the ground-floor homes will be accessible.

Kāinga Ora would offer the homes to Rotorua people on the housing register.

Venture Vic did the site works, but stopped work several months ago.

Venture part-owner Jarod Thorpe previously told the Rotorua Daily Post it had to take Realm Victoria to court over the unpaid debt.

Realm Victoria went into liquidation soon afterwards.

The first liquidators’ report, dated June 16, said the company failed because it did not pay its main creditor.

It owed Venture Vic St $3,801,142 and other trade creditors $16,864.

What the new apartments on Victoria St in Rotorua will look like.

Kāinga Ora Bay of Plenty regional director Mark Rawson said he was pleased a new contract was signed this week with TPB Residential.

He said the new developers would build the homes to the same consented design.

Under the contract, Kāinga Ora takes ownership of the new homes once they are finished.

Rawson said the organisation expected them to be finished by the middle of next year.

When asked if the changing of developers had cost Kāinga Ora, Rawson said costs were commercially sensitive.

He confirmed Kāinga Ora was not involved in any court action relating to the liquidated previous developers.

Realm Victoria shareholders and directors Kerry Hitchcock and his son, Alex Hitchcock, are connected to a property management company put into liquidation in March.

Four companies directed by Kerry Hitchcock met the same end in recent years.

The Rotorua Daily Post attempted to approach the Hitchcocks for this story.

Kelly Makiha is a senior journalist who has reported for the Rotorua Daily Post for more than 25 years, covering mainly police, court, human interest and social issues.