Financial hurdles for Weiti Bay development

Weiti Bay

The Weiti Bay development above Karepiro Bay is facing financial issues, with up to 33 residential lots and 33.5ha of yet-to-be-developed land within the subdivision put up for mortgagee sale.

The sale offer ended in November and Bayleys Orewa real estate agent Michael Guy says negotiations are underway regarding the 33.5ha, which is to be developed into a residential village consented for 171 homes. He says there were a large number of offers on the sections, which are on the seaward side, but all were rejected. A list showing expected prices of $750,000-$1.5million for the sections has since been issued. Only 28 lots are now on the market, with the rest withdrawn from sale.

The structure of the development’s finances is complex, with the landowner and development company separate entities. Green & MacCahill Holdings owns all the land, apart from the 117 lots at Weiti Bay that have already sold.

The development company is Weiti Development LP. Its director, Evan Williams, says the mortgagee sales originated from issues within the development and landholding structures, which he hopes can be resolved soon. He says confidentiality obligations means he cannot say more.

The 860ha development has been the subject of a number of protests related to sediment damage in the Long Bay Okura Marine Reserve.

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