NZ Urban Development news from the media | 8 October | Todd Property Group sells Kāpiti Coast airport, major developments in Auckland and Christchurch


Hi *|FNAME|*, Please find below Urban Development News from the media from the week of 8 October 2019.

Provided by Rockhopper

Todd Property Group sells Kāpiti Coast airport, major developments in Auckland and Christchurch

Major New Zealand property developments – including a Kāpiti Coast airport – as well as hundreds of hectares of land have been sold by the Todd Property Group.

The sale includes residential developments Pegasus township north of Christchurch, Auckland's Stonefields, and undeveloped land in Hawke's Bay and Whangarei.

The developments have been sold to the recently-formed NZPropCo Ltd [NZPL], a New Zealand-based investment group.

NZPL is made up of the New Zealand-owned Templeton Group, UK-based Alvarium​ Investments and NZ rich-lister Ben Gough's Tailorspace​ Limited.

'Excess height': Massive $200m Mission Bay development refused resource consent

A plan to build a $200 million high rise housing and retail block on Mission Bay's beachfront has been refused resource consent because it would be too tall.

The proposal by developers Urban Partners would have seen Mission Bay given a major facelift but would have required the demolition of some of the area's most well-known buildings, such as the De Fontein Belgian Beer Cafe.

Drive Holdings applied to Auckland Council for resource consent to build on a 6527sq m block between Tāmaki Dr, Patteson Ave and Marau Crescent. The tallest building would have been seven storeys high.

Their plan met strong opposition with submitters concerned views of the Hauraki Gulf would be blocked and the development would change Mission Bay's character.

The Auckland Council has spent $134 million settling leaky building claims in 2018/19, $49 million over budget

The cost of leaky buildings remains an ongoing drag on the Auckland Council’s finances, with the latest figures showing it spent $134 million settling claims in 2018/2019.    

The Auckland Council’s recently released annual report states:

“The provision for remediation of weather tightness claims expense exceeded budget by $49 million as a result of the high costs associated with multi-unit claims.”

It says the Auckland Council is required to include for weather tightness claims covering active, reported and unreported claims in its accounts.

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