SkyscraperCity banner

1 - 11 of 11 Posts

·
Registered
Joined
·
600 Posts
Discussion Starter #1
A 94-unit apartment building on King Street and Adelaide Road.

The building, which has resource consent, is being developed by the Wellington Company and to the best of my knowledge it is also being marketed under the Kiwibuild scheme - of which 44 of the 94 apartments are part. However, the way it's being marketed seems almost like the Kiwibuild agreement has fallen through; I'm not sure how Kiwibuilds are sold, but I didn't think they were sold through the developers marketing website (and all 94 apartments are listed for sale through the website).

The renders don't show the Adelaide Road side, but judging by the plans, the building is L-shaped with the top of the L being the Adelaide Road elevation and the service wall being that facing on to the neighbouring buildings at the bottom of L on King Street (that's to say there's no horrible blank wall facing any of the street frontages).

Completion is advertised as being 2020.

The website:https://www.monark.co.nz/

Some renders:







 

·
Registered
Joined
·
600 Posts
Discussion Starter #2
So these apartments are still part of the KiwiBuild scheme: First Wellington KiwiBuild apartments up for sale, with future developments likely

Also there are more KiwiBuild developments on the horizon in Wellington:

"These are the first KiwiBuild homes in Wellington ... and [there] will be more KiwiBuild homes announced in Wellington in the coming months," a KiwiBuild spokesperson said.
Obviously KiwiBuild has had a bad start in life, but these apartments seem reasonably priced and are good quality so I hope there are plenty more to come...
 

·
Registered
Joined
·
1,638 Posts
Any information on the size of the apartments?
Kiwi build terrace houses up here 70m2 started at $525,000 are now down to 475,000

Make or break will be the size.
 

·
Registered
Joined
·
1,969 Posts
Not a great progress report, you have got worry that the margins must being being squeezed pretty hard, a project priced in late '18 early'19 now not getting underway until till mid-late 20...

About the only saving grace will be the fall in interest rates helping lowering the cost of bridging finance, and to be honest if it was a smaller developer I suspect the banks might have pulled funding by now....

But the project has been repeatedly delayed - it was originally due to be completed in July this year.
Firstly that was extended until December this year.
Then the Wellington Company which is in charge of the development delayed it again until October 2021.

This week, the Wellington Company cited Covid-19 in another delay in an email.

"Thank you for your patience as we worked our way through the (quite major) challenges that Covid-19 created in the construction industry - with both supply chains, and resourcing," the email said.

"We are happy to advise that demolition will start next week (on May 25) and carry through into June 2020.

"Based on our contractor’s latest programme update, the delays we have faced means that completion of Monark is now planned for June 2022."
One Kiwibuild buyer, who wished to remain anonymous, told 1 NEWS he was delighted when he first won a ballot for a Kiwibuild home in the complex.

"I was thrilled to be honest, I had almost given up on the idea of owning my own home. This seemed like a really good way to get started, to get on the ladder."

But the repeated delays have left him and his partner now paying rent for two more years in a poor quality rental property - despite having paid their deposit.

They're now wishing they'd never heard of Kiwibuild.



 

·
Registered
Joined
·
167 Posts
^^^ Demo start 25th May - there has been no one on site all week...... Lets see what next week brings.
 

·
Registered
Joined
·
1,969 Posts
While a government underwrite is helpful for the purchasers, It doesn't say much for the economics of the project,
presumably the Bank's have baulked at the whole '"some kiwibuild/some not kiwibuild"

It would be interesting to know the terms of the underwrite, but they will be "commercially sensitive"

The Government has promised to underwrite a Wellington apartment block to save the development which has seen delay after delay.

The Monark Development, originally due to be completed in July this year, has been delayed to June 2022, after contractors Arrow went into receivership, and then again due to the affect of coronavirus.

It has left the new owners of the 93 apartments, including 44 who bought through the Government's KiwiBuild scheme, hanging.

The new deadline is only a month ahead of the sunset clause, which would enable either the developer, the Wellington Company, or any of the buyers to pull out.

It brings the total cost of the underwrite to $40 million, from $19 million for the KiwiBuild apartments.
 
1 - 11 of 11 Posts
Top