Who’s going to step onto those partly finished Auckland and Wellington state apartment sites to finish them? House values are about 13 per cent below what they were in late 2021 but what’s the outlook
now? When will Auckland’s new Horizon Hotel finally open?
The company which entered voluntary administration when it was building 95 units for Kāinga Ora owes 137 subcontractors $5.5 million, according to the Crown housing agency.
But some good news on the 95 units: new contracts have been struck so that many of the 91 under-construction apartments in Auckland and Wellington can be finished and those needing state accommodation will be able to shift in soon.
Patrick Dougherty, Kāinga Ora construction and innovation general manager, released a statement to Property Insider yesterday, outlining the fallout: “In total there are 137 subcontractors and suppliers owed money by Build Partners totalling $5.585m, excluding GST.”
Build Partners, whose chief was Steve Mikkelsen, was contracted to deliver four social housing projects comprising 95 units of which 93 were apartments and two were community space areas:
- Corner Great North Road/Cadman Avenue, Waterview – 40 units and a community room;
- Hindmarsh Street, Johnsonville – 29 units and a community room;
- Fowlds Ave, Sandringham – 15 units;
- Corner Hendon Ave/Hargest Terrace, Ōwairaka – nine units.
“The process of Kāinga Ora validating money owed to subcontractors has been completed and payment to subcontractors and suppliers where we have completed the transfer of their contracts with Build Partners has commenced,” Dougherty said.
Kāinga Ora has decided it will manage the completion of the Johnsonville development, “given this project was well advanced. Construction has recommenced on this site”, Dougherty said.
The Hendon and Hargest development is now in the hands of one of New Zealand’s largest group of house builders. Signature Construction has possession of the site and has started construction, he said.
At Auckland’s Fowlds Ave, Kāinga Ora has contracted Precision Construction which has possession of the site and is working there.
On the Great North Rd/Cadman Ave project in Auckland, Kāinga Ora has sent out a request for proposal to selected build partner panel members. That is due for response by today.
Last month, Kāinga Ora took possession of all four sites after Build Partners had not paid their subcontractors.
Build Partners, and a number of other subsidiary companies under Property Partners Group, have since entered into voluntary administration. Market conditions have changed significantly in the last 18 months, and it is a sad outcome for these companies.
“This does not change our commitment to pay subcontractors the money they are owed on the social housing developments, and we will continue with the building of the much-needed new state homes,” Dougherty said.
“As at close of business Friday, May 10, we have processed 25 per cent of novated agreements and are continuing to complete that process as quickly as possible as they are returned to us from the subcontractors,” he concluded.
House values 12.9 per cent below market peak
Quotable Value today released new data showing the national average home value is now 2.7 per cent higher than at the same time last year, but still 12.9 per cent or $136,993 below the market’s peak in late 2021.
When an entity like QV sends out the latest house price index headlined “winter is coming” and cites high interest rates, inflation, and rising unemployment, you know it’s time to put on another layer.
QV operations manager James Wilson said: “What little momentum the housing market still had going into autumn appears to have all but evaporated now. Home value growth has largely stalled across much of the country, reflecting difficult economic conditions that aren’t getting any easier and aren’t likely to [ease] anytime soon.”
A flat market is to be expected, he said, citing interest-rate pressure finally beginning to ease later this year.
“In the meantime, mortgage holders are finding ways to hold on and banks are being supportive where possible,” he said.
Volumes are likely to fall even further as the winter sets in.
“The overall trend appears to be a property market that is in a sort of stasis until conditions improve, which almost certainly won’t be until after winter,” Wilson said.
On May 12, the Herald reported big mortgage stress: one in every eight Auckland homes going on sale is at risk of selling for a loss or minimal profit.
The data from property website OneRoof shows 13 per cent of almost 11,000 Auckland homes listed for sale in recent months were purchased during the market’s boom period from September 2020 to January 2022.
No opening date yet for Auckland hotel
Will it open this month? It seems most unlikely at this stage.
No announcements have been forthcoming about SkyCity Entertainment Group’s new five-star Horizon Hotel, now being finished by Fletcher Building.
That project has been dogged by further delays and we’re sure not going to mention the October 2019 fire again.
It seemed quite hopeful in November when the now-acting chief executive of SkyCity Callum Mallett announced a March 1 opening date.
No one is saying anything “concrete” at this stage, which is always worrying when completion is near and people are putting dates in their diaries for a major event like this one.
It should be a big celebration when it finally happens.
Property Insider reported hopefully last month: “Some good news also: the new Horizon Hotel is tentatively due to open next month then the NZICC is due to be finished later this year.”
Seems unlikely that we will see the rising of the sun at Horizon this month at this point.
Anne Gibson has been the Herald’s property editor for 24 years, has won many awards, written books and covered property extensively here and overseas.
A British version of Netflix‘s Selling Sunset will follow a millionaire property mogul and his estate agent team as they try to sell London‘s most expensive homes.
The series called ‘Buying London’ will focus on tycoon Daniel Daggers and his staff at DDRE Global as they work in the super prime high-end real estate market.
The cast also features former Sky Sports presenter Olivia Wayne and Alex Bourne, the ex-husband of S Club 7 singer Rachel Stevens who appears as a rival agent.
Netflix said the first series will be released on May 22 and will look at properties ‘from the prestigious streets of Mayfair to the exclusive enclaves of Holland Park’.
It will ‘follow the group as they navigate the intricacies of their personal lives as well as striving to make their mark in the glamorous world of luxury real estate’.
Here, MailOnline reveals all you need to know about the estate agents in the show:
Daniel Daggers
He’s the boss that just can’t stop.
Humble Daniel Daggers is the head of DDRE and once described himself as ‘the best agent that has ever lived’.
The 44-year-old property mogul amusingly refers to himself as ‘Mr Super Prime’ whilst at work and like a successful David Brent claims he wants to ‘revolutionise the real estate industry’.
Before he was turning corporate phrases into nebulous mission statements , Daggers worked at the hard end of the realty game and spend 25 years shifting studio flats in the capital.
Now as the head of DDRE Global, Daniel is focused on acquiring as many of the capital’s most eye-wateringly expensive properties as is decent and says he demands his team work at 100mph just like he does.
It’s good he’s put together a crack team of ex-Sky Sports presenters, rookie estate agents and reformed posh party boys then!
Still, maybe this bold new strategy is the future and Daniel has shown us in the past he’s not afraid to break the rules.
He left his previous job at Knight Frank ‘under a cloud’ after he was found to be sharing pictures of clients houses on social media.
Still it would take a dishonest man to say Daggers didn’t have any form in the game.
In 2019, he managed to sell one of London’s most expensive properties 3 Carlton Gardens to American billionaire Ken Griffin for £95million – although it had been on for £125million two years before.
Discussing his role on the Netflix show in his trademark self-effacing way, Daggers mused: ‘My reputation is on the line, but in the story of David Versus Goliath it’s David who wins – or is it Daniel?’
Lord heavenly father, truly we are not worthy.
Lauren Christy
She hails from South Africa and she’s as tough as Prada boots. Meet Lauren Christy, the no nonsense agent Daggers turns to for all his clutch deals.
Christy and Daggers go way back, and she never lets the rest of the office forget she’s top dog (or at least the only dog that Daggers will let sit on the sofa).
This isn’t nepotism though, Lauren has a steely, almost antisocial belief that she alone has the expertise and experience needed to get the swankiest properties to market.
Of course though, Daggers hasn’t hired any mugs, so look out for points in the series where his apparent favouritism towards Lauren causes clashes with her outwardly high flying colleagues.
When she’s not breaking skulls and treading on toes to get where she deserves to be, Lauren enjoys travelling and posting her holiday snaps to her Instagram.
Reflecting on her intense work-life balance, the pensive estate agent revealed her top tip to stay healthy, happy, and predictably with these people: driven.
She said: ‘I am one of the best agents here. Agency life is full of ups and downs. Dealing with the tough times for me starts with health so I prioritise some sort of physical activity every day.
‘Not everything will go your way, so let go of the things you can’t control and harness the things you can.’
Wow, stick that on a fridge magnet!
Reme Nicole Urubusi
These agents get younger every year. Hotshot rookie sensation Reme Nicole Urubusi is just 21 making her the youngest member of Daggers’ flying squadron.
She may be a cub agent, but she has claws and the show sees her battle her more aged opponents in the office to win the admiration of top dog Daggers.
In terms of experience, Reme is lacking but with over 200,000 Instagram followers she has more clout than the rest of the office combined – a factor that will naturally come in handy when flogging Hampstead mansions to Russian oligarchs.
As with any first job, Reme is determined to make an impression and has revealed that she still can’t believe she’s been given the opportunity.
She gushed: ‘I’m selling some of the most amazing homes in the whole of London.’
That you are Reme, but remember, you’re part of Daggers team and nothing comes before the cold hard top line.
Still though, she shouldn’t be too concerned as Daggers himself has referred to her as a ‘rough diamond.’
And if anyone knows the value of uncut diamonds, its Daniel Daggers.
Olivia Wayne
There are some naysayers who say ex-Sky Sports presenters aren’t best suited to selling multi-million pound properties.
They’d be wrong though as Olivia Wayne is on this Netflix show and she’s doing it so it must be OK.
Olivia works as a content creator for DDRE and helps to shape the visual marketing that sets Daggers’ motley crew apart from Apprentice candidates.
Under her stewardship, DDRE is able to produce glossy, high concept videos to appeal to the millionaires and billionaires who presumably wouldn’t splash out on a property without that form of reassurance.
Prior to joining Daggers and the gang, Olivia was familiar to millions as the face of Sky Sports’ Good Morning Sports Fans.
The 38-year-old mother of three eventually left the broadcaster to carve out a semi-career as a parent influencer.
Now she’s back in the big time and revealed that even though she’s returning to TV, there’s less behind the scenes magic at DDRE HQ.
She said: ‘[At Sky] I had the benefit of a hair and make up team to make me look normal and glowing even if I didn’t need it.’
No such team at DDRE I’m afraid, but when you work at 100mph like Daggers, its hard to find time for a touch up.
Oli Hamilton
He’s the fox in the hen house, the cat amongst the pigeons – He’s Oli Hamilton, and he’s Daggers’ only male employee.
Suave ‘posho’ Oli is tall, dark, handsome and smooth-talking with enviable connections right across London’s high society.
Once a mad lad for the parties, Oli is now ‘reformed’ and has been sober for six years, taking time to focus on his new relationship with his wife Vivi, who he claims ‘tamed him.
However, you can take the dog out of a fight but you can never take the fight out of a dog, and this series could see Oli being tempted by one of his more flirtatious colleagues.
Reflecting on his sobriety, Oli confessed that in the dark days of his heady romps through all the dingy alleyways of Chelsea, Kensington, Richmond Upon Thames and the King’s Road his life was spiralling out of control.
He said: ‘I’ve always been one to live in the moment and have fun. But my life had spiraled completely out of control. I was ostensibly irrecoverable, crazed and absent.
‘The real truth is I wouldn’t be here today had I not put down the drink and drugs.’
Rosi Walden
Rosi’s rags to riches tale of how she came to be employed by Daggers’ DDRE is inspirational for us all.
Raised on the rough streets of Holland Park, Rosi cut her teeth on Made In Chelsea back in 2019 where she appeared on multiple episodes and was seen doing real estate work.
After the show, 28-year-old Rosi married Italian cloths designer Luco Faloni, and now the pair travel the world selling luxury property together in Marbella.
Back in London however, Rosi isn’t afraid to fight for what is hers.
She claims to have new money clients all over the world, but on the show her nose is put out of joint when she sees the biggest properties being handed to teacher’s pet Lauren (whom we have already covered).
In order to prove her worth to Daggers, Rosi teams up with lone ‘reformed’ party wolf Oli, and an unexpected friendship blossoms on the hard streets of the capital.
Juliana Ardenius
Juliana Ardenius claims to be ‘the hottest interior designer in London’ and her role within DDRE is to ensure the luxury properties they’re selling look as good on the inside as the out.
Juliana, 30, is an office gossip and isn’t shy about expressing her office crushes, which presumably puts Oli and Daggers in her targets.
She also claims she can ‘very naughty’ when given half a chance and delights in the opportunity to push boundaries.
These attributes make her a natural fit for Daggers’ disruptive team who as we have previously discussed want it all and want it now.
Despite her happy go lucky exterior, Juliana’s own interior design is a little more complicated.
In one episode, an emotional Juliana even reveals some shocking details about her past.
Watch this space.
Rasa Bagdonaviciute
Lithuanian hustler Rasa Bagdonaviciute brings a canny steel to Daggers’ group of well-dressed dreamers.
She has a black book bursting with numbers of the richest people in the world, but it wasn’t always this way.
Growing up in Eastern Europe, Rasa, 35, had first intended to be a popstar in her native Lithuania.
When this failed, she turned to real estate and even appeared in Channel 4’s Selling Super Houses.
Now though she’s at DDRE, and she’s here to take names (although fundamentally not give out any of the ones in her aforementioned black book).
‘My strength is my wealthy contacts’, she brags.
Always at the heart of the office politics, she’s unafraid to speak her mind and never shies away from confrontation, even if that means locking horns with the other agents, causing Daggers to step in and to force her to resolve differences.
Alex Bourne
Every hero needs a nemesis and in Alex Bourne, our Daggers may have met his match.
The founder and director of a rival agency, slick Alex, 47, is a shrewd operator and one of Danny’s oldest friends.
While their personal relationship goes back decades, when it comes to business, they’re arch enemies and they know they can never truly trust each other as they battle it out on behalf of their wealthy clients.
Before he was a reality TV show property bad boy, Alex was in and out of the headlines through his marriage to S Club 7 singer Rachel Stevens.
The couple broke up in 2022 and still share two daughter’s together: Amelie, 13, and Minnie, nine.
Reflecting on the break up of their marriage, Rachel confessed: ‘It’s very hard to articulate the feelings, because there are so many. It’s been really painful, really sad. It’s been the biggest decision to make in our lives, obviously, with our kids.’
‘Our split is very amicable and that’s really helping. It’s only the last two weeks that we’ve not been living together. That was definitely difficult. We’re doing it with love and respect, but it’s a process.
‘It’s taken a lot of navigating. We are going to mess up and make mistakes. But we are acknowledging that to them, and I feel so lucky.’