\u201cPrior to signing up to buy in The CAB, I ensured through my research that the vision for the area made good investment sense. The council\u2019s vision for the area made no mention of large-scale student accommodation in this immediate area. <\/p>\n
\u201cI see the long and medium-term frameworks for the area did not, and have never, made mention of student accommodation,\u201d the neighbour said.<\/p>\n
It was not in the CAB owners\u2019 interests to have student accommodation built next door, the owner said.<\/p>\n
Resource consent was granted for a hotel and residential apartments beside the 18-level heritage-listed CAB.<\/p>\n
Three years ago, John Love showed off apartments within The CAB. Photo \/ Alex Burton<\/p>\n
Developer John Love has long held ambitions to build on that land and did underground preparations years ago to enable it.<\/p>\n
JLL is marketing the 2829sq m plot at 1a Greys Ave as a prime location for up to 704 beds across two buildings.<\/p>\n
\u201cThe site\u2019s strategic position within Auckland\u2019s education precinct also supports alternative use as purpose-built student accommodation, subject to a new resource consent,\u201d JLL says.<\/p>\n
The CAB and Aotea Square. Photo \/ Sylvie Whinray<\/p>\n
Expressions of interest must be in by 4pm, July 28.<\/p>\n
Asked about the resident\u2019s concerns, Love said he owned all of the Civic Quarter, except carparks and apartments he had already sold.<\/p>\n
\u201cMy funders have a mortgage. I don\u2019t owe anything further to the council until the entirety of the Civic Quarter is completed.<\/p>\n
\u201cThere is no restriction in my agreement with council as to the use I put any of the building to, be it commercial, retail, or short or long-term accommodation,\u201d Love said.<\/p>\n
Councillor Mike Lee said the $3m deal was risible. Photo \/ Sylvie Whinray <\/p>\n
Mike Lee, an Auckland city councillor, said he shared concerns about the land sale. <\/p>\n
\u201cThe Civic Administration Building \u2013 all 21 storeys including basement car parks plus half a hectare of surrounding land \u2013 was sold with the support of former mayor Phil Goff all for the risible amount of $3m. <\/p>\n
Land around The CAB apartment block in Auckland is being marketed for sale. The apartments were developed in the former council-owned Civic Administration Building, hence that title. Photo \/ JLL<\/p>\n
\u201cThere was no mortgage to secure the council\u2019s interests, no deposit sought. Last time I checked, not one cent of the $3m had been paid,\u201d Lee said.<\/p>\n
Student accommodation on what was meant to be open space would further impinge on the original vision of a civic square, he added.<\/p>\n
Phil Goff indicated satisfaction with the sale of the Civic Administration Building. Photo \/ Michael Craig <\/p>\n
Asked about Lee\u2019s criticism, Love said: \u201cLee should know $1 has been paid as per the agreement. And nothing else is due and payable, as you know.<\/p>\n
\u201cAs he rightly points out, the prior council fully endorsed the deal. This is because a liability was being taken off the council books.<\/p>\n
\u201cAsbestos contamination in the building and surrounding land was extensive. Along with the most restrictive Heritage listing (voted in by Council).<\/p>\n
\u201cI\u2019m not sure what open space Lee is referring to but any new buildings already have resource consent. There would be no reduction in open space in any case.<\/p>\n
\u201cI must have missed the section where I was required to honour anyone else\u2019s vision but mine and Josephine\u2019s, given it\u2019s our money invested in Civic Quarter and we completed the adaptive reuse on The CAB to a very high standard as we agreed to do,\u201d Love said.<\/p>\n
The CAB on Auckland’s Aotea Square. Photo \/ Alex Burton<\/p>\n
Asked last week about the land sale with the potential for student apartments, Goff said Love was regarded as an experienced developer.<\/p>\n
The deal was seen as most satisfactory because few could take on such a project.<\/p>\n
The building was not easy as Love found when he converted it into apartments, Goff said.<\/p>\n
In 2019, the Herald reported on Love\u2019s Civic Lane striking a $3m deal<\/a> to buy half a hectare and the 18-level ex-CAB from Auckland Council\u2019s former property arm, Eke Panuku.<\/p>\n He had borrowed $70m from Qualitas on the 114-unit CAB project, which had cost \u201cover $150m\u201d.<\/p>\n Under a 2019 change in the deal, Love & Co was to pay the $3m on December 30, 2020.<\/p>\n But by February 2024, Eke Panuku informed the mayor and councillors that payment had been deferred until Love has fully repaid his financier.<\/p>\n In 2024, Love told the Herald that he had not paid the $3m because, although he had finished work on The CAB, the money was still not due.<\/p>\n He undertook New Zealand\u2019s largest office-to-apartment conversion<\/a>.<\/p>\n Love predicted it would be \u201c24 to 28 months\u201d before more apartments were sold, enabling him to repay his mezzanine funder, Australia\u2019s Qualitas.<\/p>\n Only then, when he had repaid the money borrowed, would he be able to pay, he said.<\/p>\n Icon (NZ) annual results<\/p>\n Icon Co Pty (NZ) made $3.08m net profit after tax in the latest year, down on the $3.2m previously.<\/p>\n Revenue of $285m was reported in the year to December 31, 2024, falling to $113.8m in the latest year.<\/p>\n Directors are Auckland\u2019s Dan Bosher<\/a>, Sydney\u2019s Michael Read, Melbourne\u2019s Tatsuru Isano, Shingo Hori, Andrew Ford, Wataru Yamashiro and Hiroshi Takei and Tokyo\u2019s Jun Karasawa. <\/p>\n Bosher told this column that the general downturn here led to lower revenue last year.<\/p>\n But net profit was up as a percentage of revenue.<\/p>\n That underscored that Icon NZ continues to deliver projects well and is showing \u201cdiscipline in controlling the controllables. In the 12 months to 31 December 2026, we expect this revenue trend to continue\u201d.<\/p>\n \u201cAs we look ahead, we are seeing signs that the pipeline of construction projects is starting to recover and are confident that we will grow revenue in 2027,\u201d he said.<\/p>\n Icon has completed $1.7 billion of work in New Zealand since establishing itself here as a standalone business in 2017.<\/p>\n Tokyo-listed construction giant Kajima Corporation owns the builder.<\/p>\n $400m Devonport plans<\/p>\n A large number of documents and a team of consultants are behind these plans<\/a> for the waterfront Auckland area, launched last week.<\/p>\n \u201cDevonport Lanes is formed through the adaptive reuse of heritage buildings, complemented by four new residential buildings and a boutique hotel,\u201d according to the development overview.<\/p>\n The plan includes 80 to 90 apartments, a 46-to-50-room hotel, 5386sq m of commercial and retail floor area, and 2319sq m of adaptively reused and refurbished heritage buildings are planned on Victoria Rd.<\/p>\n Basement parking for 80 to 200 spaces is subject to geotechnical conditions and final basement and car-parking design outcomes.<\/p>\n The construction phase is estimated to take five years.<\/p>\n Developer Peninsula Capital said that it could inject $398m into the economy, supporting 1200 direct construction jobs and 3700 jobs overall across multiple sectors, with a GDP uplift of $355m (Auckland) and $402m nationally. <\/p>\n Tourism benefits of 65,000 to 130,000 domestic and an additional 17,600 to 35,300 international visitors per annum could generate $8.3m to $16.6m in annual visitor spending. <\/p>\n Hotel guest spending could be $7.5m to $8.6m annually.<\/p>\n \u201cOverall, the project delivers significant regional economic benefits, sustains employment, increases GDP, and acts as a catalyst for long-term revitalisation, reinforcing Devonport\u2019s role in Auckland\u2019s identity and supporting a well-functioning urban environment,\u201d the overview said.<\/p>\n But locals are divided<\/a>, many fearing Lake Rd traffic effects, impact on heritage, building height and visual domination.<\/p>\nPlans last decade for a new building, shown here as a dark structure to the left of The CAB. <\/p>\n
Back in 2024 – Allan Young of Eke Panuku with John Love at The CAB apartments. Photo \/ Dean Purcell<\/p>\n
Director of Icon NZ, Dan Bosher, at 256 Queen St, Auckland. Photo \/ Annaleise Shortland<\/p>\n
Plans for the North Shore’s Devonport. Image \/ Devonport Property Management<\/p>\n
Devonport Laneways – a new concept launched last week. Image \/ Devonport Property Management<\/p>\n
Looking down the main street with Clarence St on the right. Photo \/ Devonport Property Management<\/p>\n
View from the waterfront. Image \/ Devonport Property Management<\/p>\n