Watch: Max Key business moves 1920s Auckland bungalow to maximise site potential. Video / Supplied
MTK Capital's Max Key has had a 1920s bungalow trucked onto an Owairaka/Mt Albert site to double his investment.
A 22-second sped-up video shows how the original house at the Richardson Rd address was pushed metres to the back of the level site on three metal girders to make wayfor the second house.
An earth-moving machine reverses to tow the original weatherboard and iron-roof structure towards the back fence. Site workers check the levels and stability during the move.
The renovated bungalow's sale went unconditional on Friday. Photo / supplied
The son of former prime minister Sir John Key said the business had bought the property with that single traditional bungalow. But he was able to subdivide and add a second bungalow.
"At the time we started this project last year, we didn't want to do a new build. It was a little too complicated back at that time but we were really interested in keeping the character because it's such a beautiful area," Key said today.
He has since expanded the business and is now developing new homes in other parts of Auckland.
Sir John, Lady Bronagh and Max Key celebrating Friday's house sale. Photo / Max Key
But when he founded MTK more than a year ago, he said he was concentrating only on renovating existing places, not new builds.
At Owairaka, he stressed both bungalows had the land around them.
"Kiwis like having their own home and area around it and character. So we wanted to maximise the heritage values. I thought it was a good look for the area. As much as we want to make money, we also want to build stuff we're proud of and we'd want to live in."
The project had become more like a new-build because both bungalows were gutted and extended, he said.
The original bungalow on the front of the site - now at the back - was a three-bedroom, one-bathroom home. One extra bedroom and an extra bathroom were added.
Lounge of the MTK Capital house, sold last week. Photo / supplied
Key said the original site was 696sq m and has now been divided into two titles.
Friday's sale was "in the high ones", Key said, indicating it had sold for $1 million-plus.
He had bought the entire site for "in the low ones".
Twin-bungalow Richardson Rd site: front, relocated home sold on Friday. Photo / MTK Capital
He was reluctant to say what he had spent buying the second bungalow and renovating the two, with all the site works and landscaping. But he indicated the business had made a profit on the twin properties.
"I'm happy with the result," Key said today.
He and his parents celebrated the sale and he yesterday posted on social media showing images of the three of them together.
Fully renovated bathroom in the Richardson Rd house, sold on Friday. Photo / supplied
"I really feel I've made a turning point in my career. I'm proud of the work I'm producing," he said referring to the 13-home development business he has founded.
Did PM Jacinda Ardern's fiance Clarke Gayford get involved in Key's bungalow-shift, given Gayford's role in the TVNZ programme Moving Houses?
Key says no.
Up in the air: relocated bungalow above new foundations. Photo / Max Key
Property records showed the entire site had been owned by Sashimi Holdings whose directors are Sir John Key and Key's lawyer Ken Whitney. The transfer of the Richardson Rd title to that company occurred on November 2, 2020 before the more recent sales.
The land area is listed on property records as being 713sq m.
MTK Capital announced last month it had started a new eight-home development in Massey and was about to launch a call to raise money to expand.
MTK has sites for 13 homes planned or underway.
"For me, I'm super-focused on delivering homes people want to own and we're looking out for investors as well as first home buyers because we know how tough it is out there to secure new properties," Key told the Herald last month.
In the midst of construction: original bungalow jacked up for the shift. Photo / Max Key
On February 14, it was announced the Keys and property developers John and Michael Chow hoped to raise $100 million within 18 months to build 500 houses a year.
Stonewood Key Capital wants to raise money from qualifying or wholesale investors in schemes which Te Mana Tātai Hokohoko the Financial Markets Authority warns people should take professional advice on before entering.
All the gear, ready to go with the original bungalow on Richardson Rd. Photo / Max Key
John Chow, a Stonewood director, said the new fund was formed to raise $100m in less than two years to develop around 500 new homes annually.
"The joint venture is focused on raising capital from wholesale investors, with a goal of reaching $100m within 18 months," a statement out today said.
The Chows and corporate finance specialist Clint Webber bought Stonewood when it was in financial trouble in 2016.
Max Key said today that new venture was "still progressing" but he was reluctant to say much more about it and was more focused on his latest house sale.
