Beaumont land to be sold in $47m deal

The Beaumont Quarter apartment complex sits on land divided into nine leasehold titles. Photo / Supplied

Land under Auckland's 258-unit Beaumont Quarter apartment complex is about to be sold for about $47 million.

The buyer is Innovus (Beaumont) whose directors are ex-McConnell International Property managing director Richard Stilwell, sharebroker Craig Greenwood and Shannon Walsh of Clearmont Capital Group.

Innovus has a deal to buy the land from Beaumont Partner's Nigel McKenna, who developed the complex opposite Victoria Park.

Apartment owners will then be able to buy the land under their unit from Innovus in a deal expected to fetch slightly over $50 million.

Each owner will have the chance to freehold their land for an average $190,000 each although prices vary according to plot sizes.

Neville Corbett, Beaumont Quarter Residents Society chairman, told residents about the Innovus deal and said they had achieved what many other leasehold owners thought was impossible.

Corbett wrote to apartment owners telling them of the sale although he could give no prices.

"Innovus (Beaumont) has advised that they have declared their purchase of the ground leases from Beaumont Partners unconditional with settlement scheduled for December and are now proceeding down the legal and technical path with the Auckland City Council and Land Information New Zealand to get the consents required to convert the nine existing Beaumont Quarter leasehold titles to individual freehold titles.

"This means that you will be able to complete the purchase of your individual freehold title or change to an individual leasehold title with the option to freehold within a 12-month period.

"Who would have thought 18 months ago when we learned of the massive ground rent increase that Beaumont Partners Ltd proposed to put upon on us, that we would now be in this position?

"We will now be the envy of all other Auckland residential leasehold owners," he said, flagging big issues at Quay Park and Parnell when vast areas of Ngati Whatua leasehold land comes off long-term rent holidays in 2011.

Corbett said he and fellow residents Denis Leong, Dean and Penny Fraser, Hamish McPherson, Alice McLeod, Tony Brown and Alison Jones had worked on the deal.

Corbett also thanked the estate's complex manager, Ulf Behncke, who he said did everything possible to get contact details for the chairpersons of the various body corporates.

He also contacted owners who live overseas and people who were hard to find.

"All the Beaumont Quarter people involved in the freeholding process certainly made my job a successful one," he said, thanking the legal team, John Carter and Linda Yee.

"My congratulations and thanks to us all for firmly grasping and approving the unique opportunity that was put before us.

"May the Beaumont Quarter now settle into the period of peace and prosperity that we all deserve," Corbett said.