Ambury Park Lane is a development of 18 individual houses in Mangere, Auckland. Approximately 160m2 each, the project’s modern and architectural homes have an average value of $1.1 million. Spinnaker funded the project to roughly 80% of cost, with no presales. This helped the developer command a premium price on the project’s completion.
When the project’s finish date was pushed back due to construction and infrastructure delays, Spinnaker worked proactively with the developer. We were able to provide the additional time needed to complete the project, and see all 18 of the premium homes sold.
This thriving multi-stage development in Massey, Auckland, has been in progress for more than four years. The $40million project’s numerous stages include the development of roughly 150 sections, and the construction of 71 homes.
The large-scale and complex project has seen a number of challenges over the years, including site works, stormwater, roading, and retaining issues. To help get each stage over the finish line, Spinnaker worked proactively to support the borrower throughout the process.
Central Mews is a large-scale development in Bayfair, Mount Maunganui. The 72 townhouses are valued at an average of $550,000 each, and range between 76m2 and 119m2. Spinnaker provided development finance to over 80% of cost, with roughly 50% of the homes pre-sold.
The staged project wasn’t without its complications, with construction uncovering some land contamination issues. The Spinnaker team worked with the developers throughout the project’s challenges, helping bring the striking development through to completion in 2018.
Spinnaker provided property finance for this project with no pre-sales, to approximately 77% of cost. The development in St John’s, just a 20 minute drive from central Auckland, comprises 20 three-level townhouses. Styled as boutique terraced housing, each home was valued at approximately $1.1million.
When working with the developer, we were able to provide funding without the need for a quantity surveyor’s initial and monthly reports. This flexibility saved the developer significant surveyor costs.
