High hopes for downtown 'village'

Developer Multiplex Living wants to make the most of Rhubarb Lane's zoning that allows people to live and work there. Photo / Supplied

Around 150 people have paid $2000 each to hear details of the huge Rhubarb Lane residential and commercial development on Auckland's CBD fringe.

In coming days, developer Multiplex Living will launch the first stage of its plan for the 2.9ha former council works site, and it has asked those wishing to attend to pay a refundable "expression of interest" in the loft-style apartments.

Multiplex Living director of sales and marketing, Tim Willing, said so far 150 parties from across Australasia and further afield had signed up.

The upfront fee might be seen as unusual in New Zealand but Multiplex Living - the residential arm of Australian-based developer Brookfield Multiplex - generally did this with its projects, he said.

"It just allows us to deal with those people who are genuinely interested in the product on a first-come, first-served basis."

At the presentation, potential buyers will learn the details and pricing of No.1 Rhubarb Lane, the first building of six to be constructed on the site between Cook, Nelson, Wellesley and Sale Sts.

No.1 will be in the northwest corner facing Sale St and will have 12 spaces suitable for residential or commercial use. The apartments will start at $599,000.

Multiplex had come to the market with the cheaper units first, Willing said. Other apartments in the development would be more expensive, with some going for as much as $3 million.

Multiplex is describing the $1 billion development as a "mixed-use creative village".

While some of the 77 spaces would be more suited to commercial use the idea was to make the most of Rhubarb Lane's zoning, which allowed for people to live and work there, he said.

It would have a village-like feel, with a cobbled lane, common parkland, including a moonlight theatre, and artisan food retailers such as a café, deli and bakery.

Multiplex hoped to start construction this year but would only begin once it had sufficient interest in all six buildings as it planned to deliver the whole project at once.

Construction would take about 18 months.

Rhubarb Lane has had a chequered history. Now-bankrupt property developer Jamie Peters lost his lessor's interest in the site when Westpac took it to mortgagee sale in December 2008.

It was bought by Australian developer Doug Rikard-Bell for $43.5 million, well below Peters' interest of $70 million.

In February, Rikard-Bell announced Brookfield Multiplex would be his development partner, overseeing the marketing and construction.

All the units will be freehold. Some of the 12 apartments in the first building will have double height spaces with an open atrium, and others will be split into two storeys.

Six different architects are working on the project. Building one is being designed by Sydney-based Ian Moore Architects.

Multiplex Living's activities have been mainly in Australia. Its major New Zealand project has been Pegasus, the coastal town north of Christchurch.

The proposal

* The old council depot between Cook, Nelson, Wellesley and Sale Sts.

* 77 loft-style apartments in six buildings.

* Can be used for commercial and/or residential.

* Village-style cobbled lane with artisan food retailers.

* Units priced from $599,000-$3 million.

* Construction hopefully starting this year.