Northcote’s $150m Elevation modular apartments near completion after delays

Northcote’s new 183-unit Elevation modular apartment project from Vietnam is nearing completion, a boss forecasting finishing by December.

“We’re behind time by probably a year,” says Alistair Sawer, Ho Chi Minh-based chief executive and founder of developer and importer TLC Modular.

He cited many reasons for that delay at the affordable housing scheme with a Kāinga Ora under-write because the state entity sold TLC the land.

Importing pods was meant to help speed completion but on a visit to Auckland, he and development manager Ian Guilford showed the Herald inside the project and cited reasons for holdups.

Covid, shipping delays, modules arriving at Northport and having to be brought down from Whāngarei, road closures, floods, Cyclone Gabrielle, the introduction of new systems and methods and compliance were some of the issues.

“It’s been challenging,” Sawer said.

Others in the sector estimated a two-year delay and questioned methods.

“I’d love to know the true build cost and understand the interest costs. Hardly efficient,” a critic said.

Sawer refused to say how much had been spent building the units or what the contract cost was.

But asked for a projected end valuation of land and finished apartments, he said $140m to $150m.

Elevation is at the intersection of Lake Rd and Fraser Ave, near the Northcote Rd/Ocean View Rd roundabout.

Guilford emphasised quality: 2.5m internal stud heights, digital light switches and door keypads, stainless steel pipes, Bluetooth water metres, low-maintenance coloured powder-coated aluminium cladding, 1.5m wide corridors, communal areas for residents to socialise, bedrooms with heated skirting boards, dishwashers fitted in every unit, Fisher & Paykel appliances and fully tiled bathrooms.

Units come with fitted microwaves and laundries. Only a fridge is needed.

Deposits have been paid on around 30 of the 183 units.

One-bedroom units starting from 57sq m are $600,000 and don’t have a car park. Twenty penthouses are $1m each and have balconies.

Two-bedroom two-bathroom units are above $800,000.

The modules arrived on four separate shipments from Vietnam.

They took up the equivalent of one-and-a-half full container ships, Sawer said.

Most modules are 4.2m by 9m. Some penthouse modules are 4.2m by 17m.

Elevation is two blocks, each to have a separate body corporate.

Sawer could not quantify body corporate fees or provide a written price list.

However, he does plan to open a five-unit show suite on the ground level next month.

Extensive internal fit-out work, painting and installing linen-style finished wall linings in corridors was underway when the Herald visited.

Much of the cladding is on the smaller block. The larger one has less.

Sawer said the smaller block took six months to assemble while the larger one took only a month due to what people on the site had learned in between.

Asked if he plans further modular projects, Sawer said his focus remained on completing Elevation.

Elevation apartments

Anne Gibson has been the Herald‘s property editor for 25 years, written books and covered property extensively here and overseas.