Apartments in a trendy new complex in Auckland’s city fringe are being discounted by up to $250,000 as a troubled developer quits the last of his stock.
The 15 apartments in the 155-unit complex in Union Green, on the corner of Union Street above the Sale Street restaurant precinct and two blocks from Victoria Park, are being sold for between $100,000 and $250,000 less than their original asking prices.
While Ray White agent George Erdos, who is marketing the apartments with Howard Sidnam could not comment on the position of the developer, West Village Capital Partners, he said that the apartments were the developer’s own stock, not buyers re-selling.
The 15 apartments range from a 45sqm studio, now asking $495,000 (a one-bedroom is $825,000) to a 130sqm three-bedroom terrace with stacker carpark billed as a family-sized inner-city pad for $1.395 million, topping out at a three-bedroom terrace apartment now asking $1.595m. Some of the bigger apartments come with carparks, Erdos said.
Start your property search
“When Union Green was first launched [in 2014] it was really unusual for the inner city as it had a combination of high-rise apartments and terrace houses, and lots of greenery,” Erdos said, pointing to the creative direction by top-end architects Fearon Hay (who were involved in the concepts and early master planning) and Peddlethorp.
The penthouse apartment, now asking $1.395m, has views across Victoria Park to the Harbour Bridge. Photo / Supplied
The 155-unit apartment complex is two blocks from Victoria Park, on the edge of the central city. Photo / Supplied
“Some of these are the best units but because of the lengthy building delays some of those early purchasers pulled out. The penthouse has stunning views, on the best corner, it’s never been lived in.
“People moved in in late 2021. It’s mostly owner-occupiers living here, with just the odd mum and dad investor who bought for their kids, as it’s got that unique industrial designer look and lots of green.”
Erdos said that in today's market, buyers were completely switching away from buying new developments off-the-plan, preferring the certainty of finished apartments they could move straight into.
“People would much rather see and touch the quality. And if you’ve had a finance pre-approved, that won’t last long enough for an off-the-plan build to be completed. These apartments are bank-friendly,” Erdos said.
The terrace apartments, asking $1.395m up to $1.595m, were designed in industrial modern style by architects Peddlethorp. Photo / Supplied
The apartments for sale include a mix of studios, dual-key apartments through to three-bedroom terraces. Photo / Supplied
The agents said first-home buyers were also keen, drawn by the reduced price point: 10 of the apartments, ranging from a studio to a two-bedroom without carpark, are asking less than $1m. There’s also a return of interest from investors, Sidnam added, as professionals from overseas head back to Auckland for work.
The Union Green development first hit the headlines in 2018 when its builder, Ebert Construction went under and the development failed to meet its promised 2017 completion date. In September last year the developer went into liquidation, but asked its liquidators to claim the $35m lost from Ebert’s failure. Dominion Constructors restarted the build in late 2018 and the homes were completed in mid-2021. Since then, directorships and ownership of West Village have changed, according to reports.
