Second Auckland townhouse developement goes to mortgagee sale

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Building materials at still on the site of the Panmure development.

LAWRENCE SMITH/Stuff

Building materials at still on the site of the Panmure development.

An Auckland development which has resource consent for 12 terrace houses and a four-level apartment building has been put up for mortgagee sale.

The Panmure development is the second in just over a week to go to mortgagee sale, after the Sunnynook Central development of 15 townhouses was put up for mortgagee auction on March 29.

The Dominion Rd development was listed on Trade Me on Wednesday where it was described as part-completed.

A separate advertisement for the development on Trade Me suggested six of the 12 terrace houses had sold.

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A large advertisement for the mortgagee sale is displayed at the site.

LAWRENCE SMITH/Stuff

A large advertisement for the mortgagee sale is displayed at the site.

Neither Remax agent listed on the advert knew the site was going to mortgagee sale prior to being contacted for comment.

Salesman Jerry Chen said six of the terrace houses were under contract, but would not comment further.

The site is 2173 square metres and the listing states significant preliminary work had been completed on stage one, which included 12 terrace houses.

Were you a buyer at this development? Contact [email protected]

“Complete the development and sell down, land bank or hold for investment,” the advert read.

A subdivision consent also provided for a 813sqm site that could be developed into a four-level mixed-use apartment building.

Bayleys director Alan Haybrook, who is the salesman for the mortgagee sale, said he was unable to speak about the circumstances surrounding the sale.

“It’s obviously the criteria that the mortgagor provided have not been met, so they have been issued with a PLA (Property Law Act) notice, which is pretty standard practice, and we’ve been appointed the agents to take it to the market.”

He declined to comment on whether any of the terrace houses had been pre-sold.

Auckland property developer David Whitburn said after Sunnynook Central was put up for mortgagee auction that he expected more developments to face mortgagee sales because of cost increases, delays on building materials, and a tighter lending pushing down prices.

Haybrook said he was not aware of any other developments being put up for mortgagee sale, and he was hearing the opposite.

CoreLogic’s Property Guru service records Waken Limited as the owner of the site.

The company appears to have taken out a mortgage to NZMS Ltd when it settled on the properties on June 10, 2021.

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