Seascape receivers launch sale campaign for Auckland’s partly built apartment tower

The receivers of the company that partially built New Zealand’s tallest apartment tower will try to find buyers for the project.

Mike Bayley, chairman and managing director of Bayleys, announced the campaign to try to sell Seascape.

That is due to start in a few weeks.

Bayleys and Knight Frank have a joint agency on the tower.

Developer Shundi Customs was put into receivership by China Construction Bank in March.

KordaMentha Real Estate has been appointed as the transaction adviser.

Calibre Partners’ Neale Jackson and Brendon Gibson are in charge of the building, which is partly clad.

Bayley said: “Seascape represents a unique control opportunity. The development has progressed beyond the most time-intensive stages, allowing future investment to focus on delivery, optimisation and value creation.”

Michael Kwok, Knight Frank Australia capital markets head, said this was an unusual opportunity.

“Assets of this calibre are tightly held. When they become available at a reset point, with the ability to acquire control and create value through execution ... The project will attract significant cross-border interest,” he predicted.

Dan Dixon, Knight Frank Singapore-based Asia Pacific markets head, thinks Asian buyers could be keen.

“Asian-based and other global capital will be particularly attracted to such a significant residential development in New Zealand, where there is limited new luxury apartments being developed.”

Last week, a Seascape neighbour complained that plaster was being blown off the skyscraper but Auckland Council says it is paint and being taken care of.

“Debris is falling on to the footpath from the tower,” said the neighbour, who did not wish to be identified.

Building consents general manager Ian McCormick said paint had been coming off steel in the tower, not plaster.

“Following site visits by our compliance team, the matter was referred on to building consents who have since met with Icon,” he said, referring to the builder that has had involvement in the tower after China Construction left.

“We understand the fallen material was paint flaking from steel beams and does not pose a safety risk.

“Icon have informed us that they have employed someone to keep the site and surrounding area clean of debris,” McCormick said.

The neighbour disputed that it was paint and sent photos showing a white, powder-like substance falling away from the material from Seascape.

He was adamant that it was plaster and has now complained to WorkSafe.

Anne Gibson has been the Herald’s property editor for 26 years, written books and covered property extensively here and overseas.