Len Brown and Nick Smith have pinned their housing hopes on developments like Springpark, but this one has fallen over before a single apartment has been built.
The developer behind one of Auckland’s biggest affordable housing projects has gone into receivership.
Developer Tony Gapes was building 450 apartments and terrace homes at Springpark in Mt Wellington, which were selling from $320,000.
Receiver Dave Ruscoe from accounting firm Grant Thornton has confirmed he was appointed to manage Panama Road Developments Trust yesterday afternoon.
That was after Hong Kong investor, Koi Investment Partners, called in its debt and the developer was unable to repay it. Read more »