A bid to transform one of Christchurch's last great industrial buildings into a high-end apartment block has collapsed, leading to a mortgagee sale.
OneRoof.co.nz reported the Wood’s Mill project in Addington's heritage-protected flour mill and grain store buildings was the brainchild of structural engineer Michael King.
He bought the Wise St property for $2.5 million in 2017. The development features 17 apartments in various states of completion.
Now it will be sold by mortgagee tender, which will close on June 18 at 2pm.
King, who is a structural engineer by trade, did not respond to OneRoof’s requests for comment.
Last year he said the ambitious $9.5m redevelopment was being completed over three stages.
"We're taking a building from 1884, an old industrial building, and we're repurposing it for the future."
The one and two-bedroom New York loft-style apartments on the first and second floors and an empty space on the ground floor earmarked for the theatre have still to be completed, OneRoof reported.
King told The Press last year the project had been a "much harder slog" than anticipated.
It was expected to be finished in August 2024. The apartments were priced between $499,000 and $620,000.
“I am not a property developer, I’m a structural engineer who is going to save these buildings. I am just trying to break even,” King told The Press.
Some of the structures on the site require demolition, and the remaining flour mill and grain store need repairs and strengthening. Vandalism and a fire have added to the delays.
Harcourts listing agent Tristan Harcourt declined to comment on the sale to OneRoof.
But a source told OneRoof that King had an amazing vision for the buildings, and the completed part of the project was “absolutely stunning”.
“It’s just unfortunate it hasn’t worked out.”
