Pre-sales of the first of 500 to 600 new Wynyard Quarter apartments start in February and the first show-home is being built.
Mark McGuinness and Roger Twose of developer Willis Bond & Co which won the right to build 17 buildings on five blocks of land said they were yet to chose real estate agencies to market the places, which are set to create a new mini-suburb with thousands of people around Auckland’s waterfront.
A 320sq m steel-framed display suite rising on Daldy St will give buyers the first taste of the new places and McGuinness said that steel-framed structure alongside the new 38m-wide Daldy Street Park had been designed to be moved to another site as the development progressed.
Willis Bond won an international design and tender process for two leasehold blocks – a waterfront site on the corner of Halsey and Madden Sts overlooking the Viaduct Harbour and four sites in the heart of Wynyard Quarter, bounded by Daldy, Beaumont, Madden and Pakenham Sts.
But Willis Bond lost the tender to build the new Park Hyatt hotel, awarded to Chinese developer Fu Wah.
Twose said one-bedroom apartments would sell from about $600,000 and work would start on the first two blocks of land next year, finishing late 2017 to early 2018.
Those initial two blocks in the $750 million scheme will be;
The 10-level Wynyard Central, designed by Architectus, which steps down to lower levels towards the north, on the corner of Daldy and Madden St. That block will have 120 apartments.
A seven-level 25m block, designed by Athfield Architects, at the intersection of Halsey St and Madden St, now home to a black glass building leased to Ateed and sub-tenants. That block at 132 Halsey St will have 60 apartments.
Details of three other blocks have also been released – East 2 by Architectus and West 1 and West 2, both by Studio Pacific Architecture.
McGuinness said about 800 carparks would be built and Twose said that would be in a single level beneath each block.
Each apartment would have about 1.2 carparks, McGuinness said.
Apartments in Site 7 would sell for more than East 1 due to that new block’s proximity to the waterfront, they said.
The apartments will be built during the next eight to 10 years and funded through a Willis Bond business.
In 2009, Willis Bond Capital Partners raised $128 million but that was fully invested by early this year so in April, a second fund, Willis Bond Capital Partners II raised nearly $100 million.
“Investors in the funds include the New Zealand Superannuation Fund, the Government Superannuation Fund, Accident Compensation Corporation and a number of high net worth individuals,” a company statement said.
McGuinness said these included TradeMe’s Sam Morgan and that the firm had $1 billion of projects under way.
McGuinness said he co-founded Willis Bond in 1988 and established Pencarrow Private Equity with Morrison & Co in 1994.
His first major development was Chews Lane Precinct which started in 2004, a $180 million mixed-use scheme in the heart of Wellington.
Twose is a former Black Cap who worked as a senior manager of corporate finance at National Bank, heading its syndications and agency section.
Willis Bond has other Auckland work on, including a 7.4ha block Hobsonville Pt block where it will build the 211-residence Sunderland on Housing NZ Corporation’s land on the city’s northwest fringe.
One of Willis Bond’s largest project was Wellington’s Clyde Quay Wharf – a $170 million restaurant and apartment project on the old Overseas Passenger Terminal.
Leasehold on that Wellington wharf was prepaid for 125 years, the same as in Auckland’s Wynyard Quarter, but McGuinness said he could not say how much was paid to Waterfront Auckland due to confidentiality arrangements.
Wynyard apartment buyers will not have ongoing leasehold payments because their money pays for the entire 125-year lease.