The meeting was at one of the housing projects: Takapuna’s Loxley Apartments.
The Wrights appear on the National Business Review Rich List with the late Wayne Wright labelled a childcare titan for creating the country’s biggest early childhood education chain, BestStart, originally known as Kidicorp.
Wealth estimates rose from $400m to $800m because the charity was included in the asset base via NBR calculations.
Wayne Wright jnr said Wright Family Investments’ focus was now on residential and retirement village units, particularly in fast-growing areas with good motorway and road access.
He emphasised the separation between the charitable Wright Family Foundation and Wright Family Investments.
Father Wayne and daughter Ally Wright in Takapuna. Photo / Jason Dorday
Projects by Wright Family Investments are listed below.
“Many developers have all their eggs in one basket, but what my father has set up has given us diversification,” Wright said.
An 800-lot Warkworth residential project, the family bought the troubled Stubbs Farm, and through a trust own 100% of this project.
“Extensive bulk earthworks have been undertaken, and we expect to start selling lots about April 2027. This project will take five to seven years to sell down all 800 lots.
“Wright Family Investments will retain ownership of the planned 4ha village that will be built to the highest standard to reflect our commitment to quality and family legacy,” Wright said.
The majority owner of The Botanic, a Silverdale retirement village, is expanding from 140 homes.
“Ultimately, we expect about 380 villas, apartments and care units. The level of fit and finish is second to none on the North Shore,” Wright said.
Paeroa Hills, on the ex-Paeroa racecourse, is being developed into a 300-lot housing estate with a new town centre. Wright Family Investments owns 100%.
The Chloe Wright Memorial Chapel at Paeroa, under construction. Photo / Wright Family Investments
“This will include 300 premium house sites along with a new 2ha village, a beautiful wedding chapel called after my mother, the Chloe Wright Memorial Chapel, a new Tote Restaurant, cycling trail, community park and other community features.
“As with Warkworth, all house sites come with building conditions or covenants to ensure a high standard and pleasing visual experience, plus permanent behavioural expectations,” Wright said.
The Chloe Wright Memorial Chapel at Paeroa. Photo / Wright Family Investments
The Longridge Retirement Village sits across the highway from Paeroa Hills.
“Previously, my father oversaw the racecourse [development], and me the retirement village. Now I do both. Wright Family Investments is the majority owner of the retirement village.
“This village has about 140 occupied villas with the anticipation of 230 plus 60 care units when complete.”
76-unit apartment building, 35 Johnston St, Wellington.
This has operated as Quest on Johnston for about 25 years but change is afoot.
“The downturn in the Wellington economy over the last few years has given cause to evaluate the viability of the hotel.
“I recently decided to pivot from being a hotel operator to repurposing the building to furnished apartments with long-term tenancies.
“I intend to offer our apartment units to Best Start early childhood teachers and support staff at a 25% discount to market rates in recognition of the outstanding work they do that makes our philanthropic organisation, Wright Family Foundation, possible,” Wright said.
Wayne Wright detailed 10 projects the business is involved in. Photo / Jason Dorday
A Palmerston North birthing centre
The centre has been running for more than five years, with the local district health board operating it.
“Wright Family Investments own the building and remains the landlord, but we also own the Cravings Cafe, which occupies the street frontage space. I am currently reviewing the cafe.”
Tidel View apartments, Ferrymead, Christchurch.
“We have completed construction of townhouses that now stand where our former Watersedge Apartments succumbed to the Christchurch earthquakes. The last 10 townhouses are currently being marketed. ”
46-unit Loxley apartments, Takapuna, Auckland
The Loxley Apartments, Tennyson Ave, Takapuna. Photo / Jason Dorday
These are on Tennyson Ave, Takapuna.
The developer defaulted on the mortgage from the Wright-owned WFT Finance, hence it is now finishing them off, with Wright aiming to sell either as one property or individually.
Roydvale Apartments, Burnside, Christchurch.
“We are currently building 20 townhouses there and expect units to be selling by the end of the year,” Wright said.
Opito Bay on the Coromandel Peninsula.
Opito Point Lodge, Coromandel
“We built and operate a luxury lodge built to the highest standard, that commands upwards of $10,000/night for the most discerning guests,” Wright said.
Other investments
Jacks Point beneath the Remarkables outside Queenstown.
That is not the end of the list.
“We also own properties in Riverhead, Paeroa, Pāpāmoa, Pōkeno, Jack’s Point and others that I am considering for further development.
“We also invest in companies linked to food storage, sporting goods, property management, technology, waste management and other sectors,” Wright said.
He is the eldest of five offspring of the late Chloe and Wayne Wright. Wayne Wright died earlier this year.
“There is a 17-year age spread between my youngest brother and me,” he said.
Loxley Apartments, Tennyson Ave, Takapuna. Photo / Jason Dorday
Of Takapuna’s never-lived-in, empty-for-a-year Loxley Apartments, he would sell all 46 units to a build-to-rent business or sell them individually to owner/occupiers.
If sold individually, $750,000 to $1.1m is the tentative price tag for the units in a four-level building with two basement levels, tucked into a slope that leads down to the adjacent busy Esmonde Rd.
Almost finished: The Loxley, Takapuna. Photo /Jason Dorday
“We have no debt on the building; we’re flexible on the sell-down,” said Wright.
If sold as one completed project, Wright envisages the potential of a discount to market value.
But he emphasised the finish on the building had been completed to a high level after he took over from failed developer and former bankrupt Andrew Bendemski, the sole director of Tennyson GCO.
The family-owned lender WFT Finance loaned money to Bendemski’s company, hence Wright’s direct involvement.
Wright listed outstanding issues, including engineering and council reports.
The halfway number between $750,000 and $1.1m is $875,000, which means Wright Family Investments own a $40.2m building if those prices are achieved.
Two blocks are joined by an internal corridor walkway.
Anne Gibson has been the Herald’s property editor for 26 years, written books and covered property extensively here and overseas.
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