Collett’s Corner

Location

Lyttelton, Christchurch

Stage

Collapsed 6 months from starting construction.

Date Initiated

2016

Date Completed

NA

Housing Type

Co-living

Number of Residents

20 - 40

Number of Dwellings

20

Size of Land

975m2

Developed By

Community minded development company (ie not for profit, driven by purpose)

Legal Ownership Structure

Unit Title

Individual Dwelling Tenure

Unit Title

Funding Model/s for Development

Owner equity

Housing Type and Numbers

Apartments

Shared Facilities

Roof top with shared cooking facilities. Shared parking and cars. Shared storage area

Total Cost in Year Completed

Estimated $14m

Governance Model

Delivered by a company and sold to residents, who would then form a body corporate.

What were the external barriers experienced during development?

The backlash of Covid caused the project to go into voluntary liquidation six months before construction. Increased interest rates, increased material costs and  the bank changed their conditions on the required equity in the loan to the point we were unable to complete the project.

What were the internal challenges during development?

It was challenging for people to understand that the apartments were sold at cost, not for a profit, and they were still expensive. Delivering affordable housing is very hard to do given the high costs.

If you had your time again, would you do anything differently?

No, it was/is a very good project and if Covid had not occurred the project would be built and open by now.

What advice would you give to aspiring projects starting out?

Don’t try to deliver the development as a group of future home owners, development is far too complex to upskill lay people. Appoint a development team, give them authority to deliver the project and make the necessary decisions to keep the project going.

Further Information and Contacts

www.collettscorner.nz; camia@ohu.nz

Can People Contact You Directly to Ask Questions?

Yes - Camia 021 1125 087