Shopping centre developer New Zealand Retail Property Group has stepped back its latest mixed-use development and refunded buyers their deposit. The development pairs with boutique retail centre The Milford Centre, with 115 apartments intended to sit on top of the centre.
The Milford is the first stage of a wider Milford Living residential development in Milford, Takapuna. The 115 apartments are comprised of 33 two-bedroom and 82 three-bedroom units. They sit on top of the Milford Centre, a boutique shopping centre with an existing offering of around 70 retail, food and beverage and service businesses.
The centre was flagged as undergoing a revamp this year as part of the $180 million mixed-use development. As well as installing the 115 apartments, the development would have given the retail offering an extra 2,000 square metres of retail space when the existing carpark as replaced with around 20 new shops. A new underground parking area was to be installed underneath the centre.
The new retail section was to open during quarter three or four in 2018, and a planned outdoor food and beverage area was to open in quarter two of 2019.
NZRPG general manager marketing and communications Sara Johnson says the new development has now been pushed back until the middle of 2018.
“This is down to reasons such as the seasonality of the retail centre, the time taken to get a guaranteed maximum price of the build of the development and thus the time taken to secure funding,” she says.
Once these factors are aligned, Johnson says, NZRPG will be in a position to progress. Those who had paid deposits for their apartments received their deposits back, with interest.
She says this decision was made out of consideration for the buyers: “As all of these buyers were owner occupiers who were planning to move in in 2019, pushing the completion of the apartments out again was unfair on them and their planning. Therefore we felt the right thing to do was to give them their money back, and approach them again when we start re-marketing the development.”
Johnson says the majority of the buyers remain interested in buying an apartment in The Milford.