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🇳🇿 New Zealand /Economy & Trade

Developer DDL Estates’ debt nears $100m; collapse opens door to ‘below cost’ Ellerslie apartments

From NZ Herald · () English

Summarized by DistantNews. Read the original for the full story.

At a glance

News Named sources Ongoing story
  • DDL Estates’ collapse left a 23-apartment development in Auckland’s Ellerslie unfinished in 2023, but lenders later had the project completed and put units on sale.
  • Fourteen apartments are being marketed at prices described as well below construction cost as receivers seek to recover more than $90 million in lending and address debts nearing $100 million.

Auckland apartments caught in the collapse of developer DDL Estates are now being offered for sale at prices described as “a lot less than construction cost.”

Fourteen apartments at 42 Arthur St in Ellerslie are on the market. They form part of a 23-unit development that DDL Estates left unfinished after collapsing in 2023.

The project has since been completed on the instructions of lenders seeking to recover more than $90 million they provided to the development. The sales are being handled as receivers work to claw back the money tied up in the failed project.

DDL Estates’ debt is now nearing $100 million. The Ellerslie apartments offer a route for lenders to recover some of those funds, while the collapse has opened the possibility of units being sold below the cost of building them.

a lot less than construction cost

· Not specifiedDescription of the prices sought for apartments in the failed Ellerslie development.
About this summary

Originally published by NZ Herald. Summarized and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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