Manning beach project sells for $215m

The Whisper Cove housing project at Snells Beach has been sold to Sydney-based Lance Hodgkinson.

Auckland developer Tim Manning, who built many of the city's largest leaky housing developments, has sold a residential development north of Auckland for $215 million.

Manning has sold the partially completed Whisper Cove housing project at Snells Beach to Sydney-based Lance Hodgkinson, who was involved in financing the development through Bluestone Property Services.

Hodgkinson said he had bought all the assets of Manning's Kawau Holdings and would continue to develop the Whisper Cove project at Snells Beach where 160 villas and apartments are being built.

Kawau bought the 16ha beachfront site at Kawau Bay about five years ago and Manning said Hodgkinson had a close interest from the outset.

Hodgkinson said he saw the site before planning approval was granted for the development and he thought it was one of the most desirable beach retreats north of Auckland.

When he ran Taradale Properties, Manning was involved in a number of projects which have had weathertightness issues, including Sacramento at Botany Downs, Ponsonby Gardens, West End in Grey Lynn and The Grange at Albany.

Last year, the Weathertight Homes Resolution Service found he was not personally liable for leaks at Ponsonby Gardens which began to show within two years of construction.

Manning last year described Whisper Cove as a $180 million project. Robert Railley, head of a design team at Swan Railley & Associates, said the houses would be built to last. The project is due to be finished by 2009 and houses have sold for up to $2.5 million.

Kawau Holdings went into liquidation last week but accountant Mike Hartley said all its assets had been sold. It had no liabilities so there was no reason for it to carry on.