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  • Huntly subdivision delays upset investors

    Huntly subdivision delays upset investors

    By NIKKI PRESTON - Waikato Times Last updated 05:00 18/07/2009


    MARK TAYLOR/ Waikato Times
    WAITING: Terry Adams is unhappy his Huntly investment property has yet to be built.
    More than 20 investors who paid deposits for houses in Huntly have been left standing on empty sections, more than a year after they were due to get the keys.
    The investors, many of whom are based in Whangarei, were sent letters from the developers saying building of the brick-and-tile rental houses was to start more than a year ago.
    But the Auckland-based developer, Martin Hutchin of Wealth Buy Property, and builder DGL Group said bad weather and planning changes required by Waikato District Council had delayed the work.
    They hoped to have some of the houses on the Russell Rd subdivision in East Huntly completed by the end of the year.
    Whangarei man Terry Adams handed over $42,000 for a four-bedroom brick and tile house in mid-2007. He is one of 23 investors who signed up to the property investment package which promised them a four-bedroom house and land package in Huntly which they would then rent out. The houses were valued at $360,000, but the housing market downturn has seen values in Huntly plummet.
    Mr Adams had put concerns over the development on hold for eight months while he focused all his time and money on helping his son fight leukemia a battle he lost in May this year.
    The investors have been in a contractual dispute with the developers over the date of completion of the houses.
    Another Whangarei investor, Don Martin, who has paid $45,000 toward his investment property, said he had been struggling to get a new completion date from the builders and feared he would lose his money. "I told him (Mr Hutchin) as an investment this is not working for me and you have to tell me when this house is going to be completed," Mr Martin said.
    After visiting the site two weeks ago Mr Adams and Mr Martin doubted it would be completed by the end of the year.
    Footpaths and roads still needed to be completed and further retaining walls put up before the subdivision is completed.
    Wealth Buy Property's Mr Hutchin blamed bad weather and the time spent working with the council to meet "unforeseen requirements" such as additional retaining walls and drainage for the holdup.
    "I understand people are waiting longer and there have been problems with the site and everybody is working as hard as they can. All of the funding is there and everything is in place," Mr Hutchin said.
    "We want to finish it as much as anybody else. These are two clients of 100 or so clients kicking up a fuss. The only delays are when things go wrong on the subdivision."
    DGL Group director Darren Leith said work was on track to have some houses completed by the end of December and he hoped to start laying concrete building pads by the end of August.
    "The bottom line is it has been quite a long process in Russell Rd and we have spent seven to eight months with the Waikato District Council."
    The property developer also has interests in Invercargill.
    http://www.stuff.co.nz/waikato-times...pset-investors
    "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx

  • #2
    Pathetic drivel.

    Comment


    • #3
      ......Why?......
      "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx

      Comment


      • #4
        Wealth Buy Property into liquidation today. http://www.nzherald.co.nz/business/n...ectid=11121839

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        • #5
          Just shows the risks in buying off the plans.
          Squadly dinky do!

          Comment


          • #6
            Rental guarantee = sure warning sign.

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