- A city block, including New Zealand's tallest apartment tower, is for sale after Shundi Customs' collapse.
- Bayleys is selling the 2729sqm site, featuring the partially built Seascape tower, White Rabbit and Ballantyne House.
- The $300 million Seascape project halted in 2024, with the developer owing an estimated $588.8 million.
An entire city block, including New Zealand's tallest apartment tower, has hit the market for sale "as is, where is" following the collapse of Auckland property developer Shundi Customs.
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Bayleys is selling 69-105 Customs Street East, in Auckland's CBD, on behalf of receivers Calibre Partners.
The 2729sqm offering comprises the partially built Seascape tower; the heritage Britomart Hotel, known as the White Rabbit; and Ballantyne House.
Bayleys says the property spans four titles and comes with consents for a 56‑storey luxury apartment block, a hotel, and office and retail spaces.
The real estate agency has teamed up with its global partner Knight Frank to find a buyer and is inviting international expressions of interest, closing July 2.
An artist’s impression of the Seascape penthouse. Photo / Supplied
The Seascape apartment tower in 2024 just before work was halted. Photo / Jason Oxenham
"Purchasers will be required to undertake their own detailed due diligence investigations in relation to all aspects of the opportunity, including planning, construction, structural, services, contractual and legal matters," says the listing on OneRoof. "The property is offered on an 'as is, where is' basis."
Bayleys chairman and managing director Mike Bayley, who is marketing the property with Ryan Johnson and Susie Wigglesworth, told media earlier this month that a deal would revive the Seascape project, which halted in 2024 following a dispute between Shundi Customs and the builder China Construction NZ.
"Seascape represents a unique control opportunity at an inflection point," Bayley said.
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"The development has progressed beyond the most time‑intensive stages, allowing future investment to focus on delivery, optimisation and value creation."
Dan Dixon, markets head of Knight Frank Asia Pacific, thought the Asian buyers could be interested in the property, while Michael Kwok, of Knight Frank Australia, said: “The project will attract significant cross-border interest."
The $300 million Seascape was set to be New Zealand's tallest residential tower at 187 metres, and launched at the same time as the neighbouring Pacifica apartment block in 2017.
Shundi Customs declared at the time that the tower would be completed by 2021, but the project went awry and was beset by delays and legal disputes.
The abandoned Seascape tower as seen from a neighbouring building. The entire block at 69-105 Customs Street East is being sold by the receiver. Photo / Sylvie Whinray
Also up for grabs as part of the offering are the White Rabbit and Ballantyne House. Photo / Supplied
The New Zealand Herald reported that the developer owed an estimated $588.8m to its creditors.
OneRoof reported in September last year that a buyer had reserved the $24m Seascape penthouse for an undisclosed sum.
A spokeswoman for the tower confirmed that the luxury apartment was under contract, but declined to disclose the identity of the buyer. She did reveal that the final sale price depended on whether the buyer went with the customised fit out or specified their own design.
Two years before, the agent tasked with selling apartments in the tower told OneRoof that five of the 15-penthouse floor apartments had sold, mainly to American and European buyers.
- 69-105 Customs Street East, Auckland Central, is for sale, deadline closing July 2
