Whanganui Bridgewater Quay apartment buyer happy with purchase but delays take toll

The Bridgewater Quay apartments are awaiting final paperwork before owners can move in. Photo / Supplied

An investor who bought one of the Bridgewater Quay apartments in Whanganui is delighted with the final product but says the project should not have taken as long as it did.

Developer John Hay announced at the end of 2018 that he would build the apartments inside the former Whanganui Chronicle building on Taupō Quay and they quickly gained a lot of interest.

One of the buyers, Richard Millward, said he planned to turn his two-bedroom unit into a rental.

He said he knew of another buyer - an elderly couple - where the woman had died during the time it took to build the apartments.

"It was her dream," he said.

"A lot of people have sold houses and are waiting."

Hay said his heart went out to the couple who never got to move in together.

The view inside one of the apartments. Photo / Supplied

"It's with great sadness that she passed away prior to being able to move in because she was so looking forward to making a new life for herself in the apartment."

Millward said there would be some very happy people once they got to move into Bridgewater Quay.

"They're absolutely stunning," he said.

"It shouldn't have taken three years I don't believe."

Before the Covid-19 pandemic, the project was expected to finish towards the end of 2020, but that shifted to around March or April of 2021 after the first national lockdown.

That timeline did not happen and in May 2021 Hay was pointing to August that year as the date for completion.

Disrupted supply chains and Covid-19 lockdowns led to Hay saying in September 2021 the project would be done in six to eight weeks.

The project was not completed before Christmas and a frustrated Hay said he then hoped to get people in by March, but that timeframe was also missed.

"They're absolutely stunning," buyer Richard Millward said. Photo / Supplied

At the end of last month - with still none of the buyers moved in - Hay said completion was a few weeks away.

Now they could move in, Hay said, but there was a catch.

A code of compliance certificate hadn't been issued by the Whanganui District Council for the building yet.

Buyers' solicitors were working with them over the risks of choosing to move in now, Hay said.

The certificate was "imminent" but he was wary of council's workload at the moment.

"There is a massive documentation - hundreds and hundreds of pages. All of that has to
be received by council, vetted and checked by them."

But they were down to the last few items now and Hay expected the certificate to be issued in a couple of weeks - "hopefully sooner".

That it had taken so long to get done - now just short of four years - was unfortunate, Hay said.

John Hay back in 2020 takes a look inside before the apartments took shape. Photo / Bevan Conley

"It's certainly not something we've benefited from and it's frustrating for us, as it is for all of the purchasers."

He said he didn't want to "relitigate the past", preferring to focus on the fact it was now essentially complete and people were about to move in.

His reasons for the delays were down to shortages in labour and materials as well as the Covid-19 lockdowns.

"Rather than dwell on that, we've just got to accept what's happened has happened."

Hay said the public had responded well to the conversion of what was an abandoned and empty office building - "an eyesore".

"Purchasers should be happy as they have benefited from very strong capital growth from the property which, although late, they haven't had to pay for yet."

Millward said Hay had been good to the buyers and clear with his communication.

Millward's understanding was that about seven or eight of the apartments were going to be rented out, while the rest of the buyers were owner-occupiers.