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New dawn for Springpark

Investor opportunities reopen as troubled Springpark development passes into new hands.

Wednesday, March 23rd 2016, 3:00PM

by Miriam Bell

Auckland residential property developer Wilshire Group has bought the remainder of the Springpark development in Mt Wellington.

Springpark was originally touted as Auckland’s biggest affordable housing estate, but the development has been plagued by financial problems.

The company behind the project, Panama Road Developments Limited (PRDL), was put into receivership in 2014, and then again at the end of last year.

Wilshire Group brought Stage 2 and 3 of the development in August 2015.

Today, Wilshire Group general manager Mark Peldmanis confirmed its offer to receiver Grant Thornton has gone unconditional, which leaves the entire development under its ownership.

Peldmanis said the company was looking forward to restarting the development and being able to offer quality housing to a wide range of Aucklanders.

“We will continue with most of the previous plan but look to make improvements to enhance some parts of the urban design.”

Wilshire plans for the Mt Wellington development to be a mix of terraced and town houses and possibly some low-rise three level apartments in the future.

Dwellings will range in size from 99sq m with two bedrooms to 145sq m with four or five bedrooms.

Peldmanis said civil construction work will restart in about three months once they have settled on the land.

“The building of the houses will get underway a couple of months after that. It will be a four year project and, ultimately, the site will accommodate 450 to 500 new houses.”

“We are talking to a range of contractors and are currently focused on getting the project restarted rather than trying to pre-sell any of the houses.”

While house prices have yet to be determined, they will be somewhat higher than those promoted by the previous developer, Peldmanis said.

“They will still be reasonably priced, quality homes interspersed with open spaces but, given the rising cost of construction and housing in New Zealand, the previous offer prices are simply not viable.”

However, Wilshire aims to make the prices realistic and accessible, he said.

People who pre-bought properties for the initial scheme who still want to proceed have been offered a discount on whatever the final price will be.

Other purchasers in Stage 2 and 3 chose to have their deposit returned.

Wilshire Group was only established last year, but Peldmanis said it is actively seeking residential development opportunities across Auckland and wants to deliver at least 300 new homes a year.

« Cutting through the red tapeFree Investment Property Showcase Events: Auckland, Wellington and Christchurch »

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Lender Flt 1yr 2yr 3yr
AIA 5.35 4.49 5.25 5.55
ANZ 5.54 5.15 5.85 6.15
ANZ Blueprint to Build 2.78 - - -
ANZ Special - 4.55 5.25 5.55
ASB Bank 5.35 4.49 5.25 5.55
Avanti Finance 5.45 - - -
Basecorp Finance 6.45 - - -
Bluestone 5.29 7.49 7.59 -
BNZ - Classic - 4.55 5.25 5.45
BNZ - Mortgage One 5.55 - - -
BNZ - Rapid Repay 5.55 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 5.55 5.35 5.94 5.99
BNZ - TotalMoney 5.55 - - -
CFML Loans ▲6.45 - - -
China Construction Bank 5.50 5.40 6.14 6.40
China Construction Bank Special - 4.45 5.19 5.45
Credit Union Auckland 5.95 - - -
First Credit Union Special 5.85 4.70 5.20 -
Heartland Bank - Online 4.00 3.85 4.70 4.84
Heretaunga Building Society 5.95 4.80 5.50 -
HSBC Premier 5.49 4.39 5.15 5.39
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.25 ▲4.29 ▲5.09 ▲5.35
Kainga Ora 5.43 4.57 5.58 5.85
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 5.00 5.55 6.19 6.39
Kiwibank - Offset 5.00 - - -
Kiwibank Special 5.00 4.55 5.19 5.39
Liberty 4.84 - - -
Nelson Building Society 5.95 4.95 5.85 -
Pepper Essential 3.44 - - -
Resimac 4.59 5.60 6.16 6.29
Lender Flt 1yr 2yr 3yr
SBS Bank 5.29 4.69 5.35 5.49
SBS Bank Special - 4.19 4.85 4.99
Select Home Loans 4.09 4.29 4.86 5.09
The Co-operative Bank - First Home Special - ▲4.19 - -
The Co-operative Bank - Owner Occ 5.45 ▲4.29 5.19 5.45
The Co-operative Bank - Standard 5.45 ▲4.79 5.69 5.95
TSB Bank 5.59 ▼5.14 ▼5.79 6.15
TSB Special 4.79 ▼4.34 ▼4.99 5.35
Unity 5.65 4.80 5.50 -
Wairarapa Building Society 5.24 4.55 5.20 -
Westpac 5.54 5.09 5.79 6.09
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.54 - - -
Westpac Special - 4.49 5.19 5.49
Median 5.45 4.55 5.25 5.52

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