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The developer of townhouses on the corner of Red Beach and Albatross Roads says “significant headwinds in the residential market” caused the company to cease work and put the site up for sale recently.
The site was the former location of Faithfull Funeral Services.
New development company, Red Beach 1, got resource consent nine months ago to build 21 two-storey homes at 33 Red Beach Road. They also purchased 4 Albatross Road, and obtained consent in September to build a further eight dwellings on that site.
Earthworks got underway soon after the first consent was granted, but recently stopped and the For Sale sign went up on the site.
Red Beach 1 co-director, Tom Anderson, says the well-publicised challenges in the marketplace resulted in “a commercial decision about the site”.
“We need to balance our commercial position with our original intentions for developing this site, in the context of the current market,” Anderson says.
Those who pre-purchased units off the plans have been notified and their deposits returned, he says.
Currently the site is being marketed by Bayleys, with options to buy it as is, or to purchase the completed, titled development upon completion of full subdivision works by the vendor.
