The site would be temporarily closed while that assessment is undertaken.<\/p>\n
Beachcroft Residences at an earlier stage of construction. The wrap is now off the building, according to Andrew Grenfell. Photo \/ NZME<\/p>\n
\u201cThe current intention remains to bring the project to completion and deliver the finished development as soon as practicable,\u201d Grenfell said.<\/p>\n
He did not answer a question about how many units are sold, with deposits paid.<\/p>\n
But he did say all those deposits were safe because they are held in a lawyer\u2019s trust account.<\/p>\n
\u201cOnce the project is completed and the required consents issued, the current intention is to settle the presales,\u201d he said.<\/p>\n
Inside Beachcroft Residences when Teak was still working there. Photo \/ supplied<\/p>\n
A Gazette notice said NZGT Security Trustee appointed the accountants.<\/p>\n
Troubled history<\/p>\n
The development was started last decade by local art retailers Bruce and Anne Clegg\u2019s Erson Developments.<\/p>\n
But by 2022, costs had nearly doubled from around $40m to $85m.<\/p>\n
The site was idle for around a year.<\/p>\n
Erson said at the time the termination of the contract with Teak was because of Erson\u2019s issues, \u201cand is not due to any default or failure by Teak\u201d.<\/p>\n
How the finished scheme is projected to look. Photo\/Bayleys Real Estate<\/p>\n
Teak managing director Wayne Birchall voiced concerns<\/a> about those who put down thousands of dollars in deposits.<\/p>\n Delays were not unusual on developments of the scale of Beachcroft, but the project had been \u201cparticularly frustrating\u201d, he said in 2022.<\/p>\n Then, suddenly, a new boss was appointed.<\/p>\n Matt Currie of Crux Partners became project manager and in 2023, he said the partly-built project was being sold.<\/p>\n All 50 parties who paid 10% deposits had been repaid so their sale and purchase agreements had become null and void, he said. That was at the behest of buyers who were keen to get properties they could settle on and live in.<\/p>\n In 2023, One Roof reported<\/a> that Roger Coulson had bought the scheme. <\/p>\n Coulson said construction would restart in July 2023, with a target completion of December last year. <\/p>\n Coulson\u2019s ownership of the partly-finished project had been backed by wealth management fund Alvarium, One Roof reported.<\/p>\nThe dream – how Beachcroft Residences was meant to look once it is finished. <\/p>\n