PHOTO: The Munroe Rd site at Ranui, now for sale. (Photo / James Law Realty)
Developers are quitting Auckland projects and instead of building 68 new residences are now seeking urgent or fire sales, an agent says.
James Law of James Law Realty on Shortland St yesterday said this about the Shanghai-based owner of bare land at 46 Upper Queen St on the fringe of the CBD in Newton.
Now, the Auckland owner of a Ranui redevelopment site in west Auckland has abandoned his large-scale residential plans for around 33 new homes and also wants to sell.
Sales are being sought as fast as possible and the developers are willing to take offers, Law said.
He described the Shanghai vendors as seeking a “desperate exit” from 46 Upper Queen St where they ditched plans for 35-unit nine-storey apartments, while the Auckland owner asked him to put “fire sale” in the marketing of the west Auckland site.
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