First apartment block since GFC set to rise

The ground floor of the first block of Auckland apartments to rise since the global financial crisis is due to be poured on Saturday.

Darren Brown, project director for the $250 million 615-unit SugarTree between Nelson St and Union St, said the project was the first major residential development in Auckland since the downturn last decade.

Foundation work on the first block is complete and trucks are due to bring 230 cubic metres of concrete for the ground floor of Prima from 7am on Saturday, after ground work started in July.

Kalmar Construction has a 52m tall tower crane swinging materials on to the site where more than 1000 people will eventually live.

Brown, formerly of financier Marac, said 48,000sq m or 4.8ha of floor space would be built in three blocks on the 8000sq m site, home to low-rise commercial buildings near Spaghetti Junction.

Deposits of 10 per cent of the purchase price of an apartment are being made and already 90 per cent of the first block, the 148-unit 11-level Prima, was presold.

The money is being deposited into a trust account of lawyers Alexander Dorrington, he said.