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\nConstruction on the $300 million project began in 2017 and was originally expected to be completed in 2021.
\nPhoto: RNZ \/ Ziming Li\n<\/p>\n
A “for sale” sign is going up on the partially completed Seascape tower in Auckland’s CBD, once set to become New Zealand’s tallest building.<\/p>\n
Bayleys Real Estate has been engaged by receivers Calibre Partners to sell the 56\u2011storey tower on Customs Street East, after construction was halted in August 2024.<\/p>\n
An international sales campaign, in conjunction with agency Knight Frank, is expected to launch in the next couple of weeks.<\/p>\n
If completed, the luxury development would stand at 187 metres, making it the country’s tallest residential building.<\/p>\n
Bayleys chairman and managing director Mike Bayley said a sale would allow new capital to step into a well\u2011advanced project, materially accelerating the pathway to completion compared with a ground\u2011up development.<\/p>\n
“Seascape represents a unique control opportunity at an inflection point,” Bayley said.<\/p>\n
“The development has progressed beyond the most time\u2011intensive stages, allowing future investment to focus on delivery, optimisation and value creation.”<\/p>\n
Construction on the $300 million project began in 2017 and was originally expected to be completed in 2021.<\/a><\/p>\n However, Covid\u2011era disruptions, escalating costs and technical issues delayed progress for several years.<\/p>\n The tower was structurally “topped out” in 2024, meaning the main frame was completed, but the fa\u00e7ade and interior fit\u2011out remain unfinished.<\/p>\n Work stopped in August 2024 following a legal dispute between the developer, Shundi Customs, and the main contractor, China Construction NZ.<\/p>\n A tribunal ruled Shundi owed the builder about $33 million, which was not paid.<\/p>\n Shundi Customs was placed into receivership<\/a> in March this year.<\/p>\n