- Michael King’s plan to transform Wood’s Mill into high-end apartments has collapsed, leading to a mortgagee sale.
- King spent $8m on construction, with two-thirds of the apartments initially sold, but some contracts fell through.
- Vandalism, fire and construction challenges delayed the project, leaving 17 apartments in various states of completion.
An engineer’s dream of transforming a historic building into a high-end apartment block has collapsed, leading to a mortgagee sale.
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The Wood’s Mill project was the brainchild of structural engineer Michael King, who bought the heritage-protected flour mill and grain store buildings for $2.5 million in 2017.
However, King’s development faltered, and the building, which features 17 apartments in various states of completion, is now up for grabs.
The 17 one- and two-bedroom apartments in the building are in various stages of completion. Photo / Supplied
King, who is a structural engineer by trade, did not respond to OneRoof’s requests for comment. However, he told The Press last year that the project had been a “much harder slog” than anticipated.
King expected the apartments to be finished in August 2024 and that he had enough funding to get him through. The apartments had been priced between $499,000 and $620,000.
“I am not a property developer, I’m a structural engineer who is going to save these buildings. I am just trying to break even,” he told The Press.
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The Press reported that he had spent $8m on the construction and had a further $1.5m loan available to draw down. As of 12 months ago, two-thirds of the apartments had sold. OneRoof understands some of those contracts have since fallen over.
The one and two-bedroom New York loft-style buildings on the first and second floors and an empty space on the ground floor that was earmarked for a theatre and possibly a hospitality venue have still to be completed.
Some of the structures on the site require demolition, and the remaining flour mill and grain store need repairs and strengthening. Vandalism and a fire threw further curveballs and added to the delays.
Previous plans for the spacious ground floor included a music or hospitality venue. Photo / Supplied
Harcourts listing agent Tristan Harcourt declined to comment on the sale. His listing highlights some of the impressive historic features of The Mill Building, including decorative brick arches, massive Australian ironwood columns, and 300x400 Oregon beams.
Transforming the old grain store building into apartments was the third and final stage of King’s plan.
The first stage was transforming the former flour mill into an office block in 2018. The modern glass atrium connecting the apartment block and the office building was completed some time ago.
A source told OneRoof that King had an amazing vision for the buildings, and the completed part of the project was “absolutely stunning”. “It’s just unfortunate it hasn’t worked out.”
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