Auckland’s Ellerslie apartment complex, once a 23-unit development, collapsed in 2023 — now saddled with $98 million in debt as lenders scramble to recover losses. Receivers are pushing to sell off units, including a two-bedroom that went for just $545K, while another stalled project in Flat Bush adds to the mess. With final approvals secured and sales already happening, the race is on — but lenders face a massive shortfall as the property market reminds everyone how risky unfinished projects can be.
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