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Home arrow Articles by Topic arrow LandCo arrow St Heliers dress circle unravels
St Heliers dress circle unravels PDF Print
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Articles - LandCo
Written by Anne Gibson, The New Zealand Herald   
Saturday, 22 November 2008

Some of the properties that are part of the St Heliers dress circle. Photo / Supplied

Last year, it was to be a development so huge that it was nicknamed Neverland. Now, it looks more like "Never-happening".

An entire neighbourhood of houses worth more than $20 million is being sold in one of the country's most unusual real estate deals.

Eight houses in the St Heliers dress circle have hit the market and more on a street behind are expected to be listed soon in what could be New Zealand's biggest mortgagee sale.

All up, the BBG Trust Ltd owns 18 houses on Glover Rd and Waimarie St.

But some of the once-exclusive houses have been empty for years and other properties are vacant sites after a developer's enterprising plans came unstuck.

Financiers called a halt to funding on the huge land bank spanning a ridge near exclusive Riddell Rd where New Zealand's richest man, Graeme Hart, lives in a $20 million mansion.

In July, Todd Capital, which half-owned his Landco Land Developments, bought the rest of the company, raising questions about his plans for Long Bay and Ngunguru Sandspit.

QV listed the BBG Trust Ltd as owning houses in the two streets where some of Auckland's prime real estate sits on a ridge with extensive city and harbourfront views.

Greg Olliver, the reclusive and controversial Auckland developer, amassed the two-street landbank in the seaside suburb where he planned a new mini-suburb, dubbed by some as Neverland because of its scale and expense.

Full story...

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