Thirty-three luxury apartments that were listed last month as a mortgagee sale are now under contract, OneRoof has learned.
The upmarket apartments are located in The Victor, a 64-unit multi-million-dollar development on Bute Road, in Browns Bay, and had been offered for sale with car parks.
The New Zealand Herald reported that China Construction Bank (New Zealand) had called for the mortgagee sale and had appointed commercial real estate agency JLL to handle the listing.
JLL agent John Davies told OneRoof the apartments were under contract and that the bank was dealing with the preferred party.
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The listing has been withdrawn.
Davies fielded a lot of enquiry from people looking to purchase the apartments individually but said the majority of buyers wanted the entire parcel of 33 apartments.
The remaining 31 apartments in the 64-apartment complex are understood to have been sold off individually since it was completed in 2021.
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The Victor was designed by GMC Architects and the interiors were by Nicola Manning Design. Prices of apartments in The Victor ranged from below $1 million to as high as $3m.
The Herald reported last month that many units in the block were owned by East Tamaki No 70, whose directors include Yang Liu, also a shareholder.
Analysis by OneRoof’s data partner Valocity showed mortgagee sales rose sharply during the downturn. In the 12 months to the end of September, there have been 131 mortgagee sales, compared to 85 in the previous 12 months.
Inside The Victor apartments. The interiors were designed by Nicola Manning Design. Photo / Supplied
Apartment prices ranged from under $1m to above $3m. Photo / Supplied
The development market has been hit hard by rising interest rates and sharp increases in building materials. Several apartment blocks have come on the open market for sale, some of them in a half-completed state.
OneRoof reported in September that a half-built apartment block on Auckland’s Manukau Road, which had hit the market as a mortgagee sale, had finally found a buyer.
The listing for the unfinished six-storey development at 468-472 Manukau Road, in Auckland’s Epsom, was withdrawn in August and McGrath Nicol partner Andrew Grenfell, who is one of the receivers for Epsom Central Apartments Limited Partnership, confirmed to OneRoof that the apartment block had been sold.
And in June, the troubled $85m Beachcroft Residences, in Onehunga, was saved by Kiwi developer Roger Coulson after the development had been abandoned following cost blow-outs.
On Auckland’s North Shore, in Takapuna, 14 new terrace houses were listed for receivership sale last month. The tender for the properties closed on December 1, but the agents declined to comment on the status of the sale.
The listing for the properties is still active on OneRoof.
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