Four apartments in a troubled development on one of Auckland’s cheapest streets have hit the market as part of a mortgagee sale.
The listings for the one-bedroom units at Westwood Park, on Westward Ho Road, in Glen Eden, advised buyers they can buy one or all, describing the sale of the apartments as a “special opportunity”.
Two of the units are split-level penthouses, although the only photos on the listings are of the exterior of the apartment block, covered in scaffolding, and the shared gym and pool.
Westwood Park was caught up in the leaky homes debacle that swept New Zealand and has undergone major remedial work.
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However, according to Barfoot & Thompson listings, the “remediation is almost complete and we understand CCC is due in four months”.
The work has included the installation of a new curtain wall cladding system, which encloses the apartment balconies.
The units being sold by the mortgagee are between 44sqm and 72sqm in size and come with a car park.
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OneRoof asked the listing agents, Philip Davis and Ari Tidyman, for comments but did not receive a reply.
The listings don’t carry a price indication, but three other one-bedroom apartments for sale in the development – 7A, 13A and 16B – are priced between $375,000 and $400,000.
Before the remediation work was carried out, Westward Park apartments were selling for as low as $40,000. At the time, properties on that street were among Auckland’s cheapest.
Another one-bedroom apartment for sale in Westward Park, 13A, has a $400,000 price tag. Photo / Supplied
Westward Park, a six-storey, 78-apartment block, was built almost 20 years ago. It was developed by Rod Petricevic, a former high-flyer who was jailed in 2012 after the collapse of his finance company, Bridgecorp, in which 14,500 investors lost $490m.
Analysis by OneRoof has shown a 20% rise in mortgagee listings in the last six months, although average mortgagee sales since 2020 are well below the peak levels recorded immediately after the Global Financial Crisis.
Mortgagee listings have ranged in price and property type, from bargain-basement fire-damaged homes to spectacular, multi-million-dollar mansions.
One at the upper end of the market is 22 East Point, in Manly, Rodney.
The home was listed for sale with Harcourts in June as an urgent sale to avoid mortgagee sale. “Urgently Seeking Offers” that listing said. “Our owners are eager to beat the mortgagee sale and are ready to accept offers.” However, the property was re-listed by Davis at Barfoot & Thompson as a mortgagee sale. It was listed with a tender, closing on July 4, but is still for sale.
For sale by mortgagee tender: 22 East Point in Manly, Rodney, Auckland. Photo / Supplied
An apartment in this development at 444 Great North goes to auction by order of the High Court. Photo / Supplied
The architecturally designed three-bedroom, two-bathroom clifftop home was constructed with pre-cast concrete panels featuring a rough saw timber finish, cedar vertical shiplap cladding, and an aluminium roof, the listing on OneRoof said.
“Step into the open-plan lounge, dining, and kitchen area with high ceilings, polished concrete flooring and an effortless indoor/outdoor flow. The expansive decking accessed via stacking sliders provides the perfect vantage point to enjoy the breath-taking sea views.”
The 1560sqm property last sold in April 2015 for $780,000. Property records show a new home was built on the site in 2018, and the current CV is $2.175 million.
Davis is also managing a High Court-ordered sale of a freehold apartment at 444 Great North, in Auckland's Grey Lynn.
According to the listing, the property is being offered for sale by Peter Gayaman, deputy sheriff at Auckland, who is acting on behalf of Body Corporate No. 361242.
The one-bedroom apartment is in the “Quattro” block, which was built in 2006 on a site formerly owned by the late automotive business icon Sir Colin Giltrap. It was one of Sir Colin’s first car yards in Auckland after he expanded north from his original base in Hamilton.
- 5C, 15C, 9F and 17F 30 Westward Ho Road, in Glen Eden, Auckland, are for sale by mortgagee tender, closing August 15
