NZ Urban Development News - 22 May


Hi *|FNAME|*, Please find below Urban Development News from the media from the week of 22 May 2018.

Treasury halves forecast progress for KiwiBuild; Government to borrow to build 5,800 new public houses over four years

Treasury expects spending on KiwiBuild to be pushed out further into the future.

While at the mini-Budget in December it forecasted the capital injection into KiwiBuild to be $100 million in 2018, $900 million in 2019 and $100 million in 2020, it now expects this to be $100 million in 2018, only $300 million in 2019, $500 million in 2020 and $1 billion in 2021.

Altogether, it still expects to spend around $2 billion on the scheme, which aims to deliver 100,000 affordable houses for first home buyers over 10 years.

Developer behind Auckland's Maritime Apartments placed in receivership

Apartment buyers are being refunded deposits after a downtown Auckland development failed to get off the ground.
The Maritime Apartments - the company behind the planned 15-storey Maritime Apartments at 29-31 Anzac Ave - went into receivership last week.

Andrew Bethell from BDO said it had been appointed as receiver of The Maritime Apartments.

Augusta Industrial Fund launches

The Augusta Industrial Fund Ltd has recently opened for investment, a limited liability company established by Augusta Funds Management Ltd which offers a number of different features.

The fund has been established to invest solely in industrial property with an initial portfolio of four properties – three in Auckland and one in Wellington with a current valuation of about $118 million. 

A total of 75 million $1 shares will be offered in Augusta Industrial Fund Limited (branded Augusta Industrial) which are being marketed by Mike Houlker, Samara Phillips and Sarah Prebble of Bayleys' Syndication and Investment Products division. The offer closes on June 11, 2018.

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