Buyer chosen for central Auckland's abandoned Seascape tower
Tue, 8th Sep 2026 (Today)
A preferred buyer has been chosen for Auckland's unfinished and "ugly" $300 million Seascape tower.
Work on the partially completed 56-storey residential tower stopped in 2024 following a dispute between developer Shundi Customs and contractor China Construction NZ.
Shundi was placed in receivership earlier this year, kickstarting Bayley's search for a new owner.
After a multi-phase process, the real estate agency's managing director Mike Bayley told RNZ a buyer had been chosen.
"There is an exclusivity agreement signed and in place," he said.
"[But] the purchase is still subject to a range of technical due diligence that the purchaser needs to complete before we have an unconditional agreement."
He was unable to identify who the buyer was, only that they were wealthy.
"The party that has been selected is highly capable and exceptionally well resourced from a financial and technical perspective," he said.
"They've got a lot of experience in these type of projects, and we have every confidence that they will perform.
"We're subject to confidentiality, but I envisage being able to [share more] in the next couple of weeks in terms of identity of purchaser and their plans for the future completion of the development."
He hoped an unconditional agreement would be signed before Christmas, and that work on the tower would resume next year.
"That's the plan, and that's very much at the forefront of the receivers' minds as well, we want to do what's best for the city of Auckland and finish the project, and I think the party they've selected is very capable of delivering that."
