At least four are now on the market, ranging from a $625,000 one-bedder to a $1.655m three-bedroom as big as a house and boasting \u201cspectacular harbour views\u201d and Smeg and Bosch appliances.<\/p>\n
\u201cIt\u2019s an appealing option for those leaving a larger family home without compromising on space, comfort or the ability to entertain,\u201d its sale listing says.<\/p>\n
Two developers and a rescue gone wrong<\/p>\n
Beachcroft apartments, a six-level waterfront complex in Onehunga dreamed up by two art dealers.<\/p>\n
Nearly a decade after its first deposits were taken, the block has become one of Auckland\u2019s rockiest apartment builds \u2013 handed from one developer to another through a market downturn, and finally to receivers who got it over the line.<\/p>\n
For buyers who managed to stick with it, there\u2019s finally four walls to move into.<\/p>\n
For those who bankrolled it and some who worked on it, there\u2019s a $95m tab claimed to have been left behind.<\/p>\n
Auckland art dealers Anne and Bruce Clegg started the project through their company Erson Developments, taking deposits from 2017, but work stopped in 2022 when their builder left the project<\/a> and buyers had their deposits repaid.<\/p>\n Developer Roger Coulson, a 30-year property veteran, bought the partly built block in June 2023 with backing from wealth management firm Alvarium, OneRoof reported.<\/p>\n Companies Office records and insolvency reports show he solely controls the partnership that owns it.<\/p>\n Alvarium and fellow lender Alceon Finance now claim $86m, with a further $9.4m claimed by about 60 others, including contractors, the administrators\u2019 final report shows.<\/p>\n The two lenders\u2019 trustee called in receivers McGrathNicol<\/a> last October after the project lost a payment dispute with a contractor and couldn\u2019t pay about $700,000 it was ordered to, according to the administrators\u2019 report published in July.<\/p>\n The receivers have since brought in a new construction manager and finished the building, which now has its code compliance certificate from Auckland Council, according to the receivers and earlier Herald reporting.<\/p>\n Andrew Grenfell from receiver McGrathNicol said some who pre-bought apartments had now settled and one apartment had been bought by a new buyer.<\/p>\n The buyers had seemed \u201chappy with the building\u201d now it\u2019s finished, he said.<\/p>\n Coulson has been approached for comment. Alvarium said it had no further comment.<\/p>\n Cheaper than 2023<\/p>\n The four apartments listed with Bayleys this month all have \u201cCCC and titles issued\u201d and are ready to move in, their listings say.<\/p>\n The cheapest, a one-bedroom unit with a private courtyard at $625,000, is billed as \u201cexceptional value\u201d for first-home buyers.<\/p>\n A two-bedroom apartment is going for $715,000, while a north-facing three-bedroom goes for $965,000, and the three-bedroom as big as a house apartment with media room and two carparks goes for $1.655m.<\/p>\n That\u2019s cheaper than in 2023, when Coulson relaunched the project and prices for one-bedroom apartments with a car park started at $670,000 and two-bedrooms at $875,000, OneRoof reported.<\/p>\n Open homes are being held this week at a showroom apartment in the building, the listings say.<\/p>\n A decade in the making<\/p>\n Marketing for the apartments kicked off as early as 2017, with building beginning the following year.<\/p>\n Yet by 2022 costs had nearly doubled, from about $40m to $85m, and work stopped, the Herald reported.<\/p>\n The Cleggs said the end of the contract with their builder Teak was because of their own company\u2019s issues and was \u201cnot due to any default or failure by Teak\u201d.<\/p>\n The site sat idle for about a year, and every buyer was given back their 10% deposit, the Herald reported.<\/p>\n Then in June 2023 Coulson bought the project, saying construction would restart that July and be finished by December 2024.<\/p>\n He called its rebirth a \u201cwarm, good-feeling story\u201d in a OneRoof article at the time.<\/p>\n \u201cI am honoured to be part of this remarkable project and excited to deliver an exceptional living experience to our future homeowners,\u201d he said in a media release at the time.<\/p>\n Early buyers were offered the chance to buy back their apartments at their original price, the Herald reported.<\/p>\n Yet by November 2024, Coulson\u2019s budget had risen to about $42m with completion pushed to March 2025, he would later tell administrators.<\/p>\n By October last year receivers moved in to take over and the building site was to close temporarily.<\/p>\n The lenders were owed $71.7m when the receivers were appointed last year, their first report shows, and by June this year that had grown to $83.3m including interest and the receivers\u2019 funding.<\/p>\n In August, creditors voted for a deal proposed by Alvarium, which in July had offered to put in $300,000 to pay some smaller creditors 15c to 17.5c in the dollar of their claims.<\/p>\n SEE 209\/100 BEACHCROFT AVE\u2019S ONEROOF LISTING HERE<\/a>.<\/p>\n SEE 320\/100 BEACHCROFT AVE\u2019S ONEROOF LISTING HERE<\/a>.<\/p>\n SEE 310\/100 BEACHCROFT AVE\u2019S ONEROOF LISTING HERE<\/a>.<\/p>\nThe Beachcroft residences photographed before completion.<\/p>\n
The building project has $95 million claimed as being owed to lenders and creditors. Photo \/ Jason Dorday<\/p>\n
One of the apartments is billed as offering the space of the house but with the convenience of apartment living.<\/p>\n