Questions asked include: who bought the new units near the approach to the motorway? How many are occupied? And what further stages are planned?<\/p>\n
Amaia apartments – a new development at 48 Esmonde Rd. People are living in units there.<\/p>\n
Now, one local businessman says he has bought half the units at Amaia, which is te reo M\u0101ori for rainbow.<\/p>\n
Property consultant and investor Martin James Russell said his company, Stonemont, had bought 60 of the 106 Amaia units this year.<\/p>\n
Title transfers show that settlement occurred on February 13.<\/p>\n
Russell said he bought the apartments from the developer as long-term rentals.<\/p>\n
The Amaia block is at 48 Esmonde Rd, Takapuna.<\/p>\n
Most of the 60 are rented, he said.<\/p>\n
\u201cIt\u2019s a good long-term investment,\u201d Russell said.<\/p>\n
He is a director of CPMC, a consultancy firm specialising in development management and project management, is a Takapuna local and the company is based at 412 Lake Rd, Takapuna.<\/p>\n
Stonemont was only incorporated last August.<\/p>\n
It lists itself as a residential property development business, wholly owned by Russell\u2019s Stonemont Group.<\/p>\n
Further plans for Amaia. The block on the far left has not yet been built. <\/p>\n
Overseas-based Clearwater Capital Partners Direct Lending Opportunities Fund L.P. has a mortgage on the units, along with Clearwater Atlas.<\/p>\n
Tamba Carleton of CBRE\u2019s residential research told the Herald she knew about Russell\u2019s big buy-up.<\/p>\n
Tamba Carleton specialises in research on apartments and is from CBRE.<\/p>\n
A few months ago, she referred obliquely to that purchase in a LinkedIn post, naming him \u2013 but only in an obscure way.<\/p>\n
In her second-quarter (Q2) three-monthly update on Auckland apartment sales, she noted many sales but she said that was due to one purchase in particular.<\/p>\n
How Amaia would be developed if all the buildings were built. Image \/ Jasmax<\/p>\n
\u201cIn Q1, there were 521 completed units still held by the developer. Today (Q2), that number has dropped 18% to be 428,\u201d Carleton wrote.<\/p>\n
\u201cBefore you get all excited, two-thirds of that was a wholesale sale of all the remaining units in one building to a property entity. So individual buyers were only responsible for 32 sales.<\/p>\n
When asked on LinkedIn about what that buyer intended, she said questions should be put to Martin Russell.<\/p>\n
Full Amaia plans shown here: buildings which already got consent (right) with the proposed 15-building scheme rising up to 16 levels. Photo \/ Jasmax<\/p>\n
KBS Capital,<\/a> owned by Brilliant Stone, developed<\/a> the ex-church site, which straddles a thin strip between Esmonde Rd and the Waitemat\u0101 Harbour, which is the main exit and entrance to the Auckland Harbour Bridge from that side of the North Shore.<\/p>\n Russell\u2019s company has other large-scale apartment holdings elsewhere in Auckland.<\/p>\n Property records show Stonemont owns dozens of apartments in two M\u0101ngere projects by the failed Du Val<\/a> businesses, once headed by Kenyon and Charlotte Clarke.<\/p>\n These are 1 Te Ara Wai and Mountain Vista, at 35 Walmsley Rd.<\/p>\n In 2024, Russell told<\/a> BusinessDesk that CPMC was assisting statutory managers with finalising Du Val developments at existing sites.<\/p>\n \u201cOur involvement only commenced at the latter part of a project when it was in difficulty,\u201d Russell said two years ago.<\/p>\n Amaia was developed by entities linked to Hobson Green.<\/p>\n Those were listed last year as owing creditors $31.5 million.<\/p>\n Russell said: \u201cStonemont has interests in residential properties in M\u0101ngere as well as the Amia apartments.<\/p>\n \u201cThe M\u0101ngere properties form part of our residential investment portfolio and we continue to actively manage those assets.\u201d<\/p>\n Who is buying Seascape?<\/p>\n Hotel Properties of Singapore did not answer questions about whether it is doing due diligence on the abandoned Seascape<\/a> ghost tower.<\/p>\n The buyer is thought to be planning to have the building completed and operate as New Zealand\u2019s tallest hotel.<\/p>\n Stephen Lau of HPL Hotels & Resorts did not respond to questions about whether that business was negotiating to buy the ghost tower.<\/p>\n People in the sector said he just may be the person to ask.<\/p>\n He was involved in Hotel Properties\u2019 $180m purchase last year <\/a>of the InterContinental Hotel Auckland from Precinct Properties.<\/p>\n The waterfront block at One Queen St was Hotel Properties\u2019 first purchase in New Zealand.<\/p>\n On March 4 last year, Hotel Properties company secretary Joanna Lim issued a statement that indicated the company\u2019s desire to be here.<\/p>\n \u201cThe transaction will allow HPL Group to expand its hotel portfolio in New Zealand. Auckland is New Zealand\u2019s largest city, home to more than one-third of New Zealand\u2019s population.<\/p>\n \u201cThe city is the gateway to New Zealand, with more than 70% of visitor arrivals entering through Auckland International Airport.\u201d<\/p>\n Smith & Caughey Queen St sale?<\/p>\n Campbell Barbour at New Zealand Retail Property Group (NZRPG) said he could not discuss whether the company was interested in Queen St\u2019s Smith & Caughey\u2019s <\/a>building.<\/p>\n But those in the sector said the giant retailer, which brought Costco to New Zealand, had offered about $58m and was under a conditional contract.<\/p>\n The Smith & Caughey\u2019s board said last July it planned to sell<\/a> Queen St and Newmarket but only the latter was sold so far.<\/p>\n JLL\u2019s Todd Laughlan, the agent acting, did not respond to questions about the sale.<\/p>\n The property had been a hallmark of longevity for a 144-year-old Auckland retail business.<\/p>\n All up, the retailer\u2019s two Auckland stores were in 2024 valued at $53.5m.<\/p>\n A family company incorporated 126 years ago owns the flagship Queen St building where the retailer had its \u201cGrande Dame\u201d headquarters.<\/p>\n The entity which owns that distinct building is Smith & Caughey, which Companies Office records show was incorporated on December 13, 1900.<\/p>\n Still today, it is that company which owns 253 Queen St in the heart of the Golden Mile, title records show.<\/p>\n Andrew Lamb of Galaxy Property said his business was managing the building, but he did not respond to questions about whether a sale is pending.<\/p>\n Heritage New Zealand Pouhere Taonga lists the Smith & Caughey Building, Wellesley St West and Elliott St, as a Historic Place Category 1 building.<\/p>\n Category 1 Historic Places are of special or outstanding historical or cultural significance or value. The building was entered on to the list in March 1986.<\/p>\n One heritage website said Smith & Caughey\u2019s Wellesley St extension, with its south facade and north elevation, dates back to 1927.<\/p>\n It was designed by architect Roy Lippincott, an American who designed a number of famous buildings.<\/p>\nDu Val Construction worked on the partially completed Mountain Vista Estate in M\u0101ngere before the development group collapsed. Photo \/ NZME<\/p>\n
Du Val founders Kenyon and Charlotte Clarke. <\/p>\n
The exterior of the InterContinental Auckland. <\/p>\n
Smith & Caughey’s was established in 1880. Photo \/ Sylvie Whinray<\/p>\n
Smith & Caughey’s building on the corner of Queen St, Elliott St and Wellesley St. Photo \/ Steven McNicholl<\/p>\n
The retailer, when it was still operating from the building. Photo \/ Michael Craig<\/p>\n