This project involved the acquisition and repositioning of an existing residential asset on a 1,515 m² site in Mangere East, Auckland. The property comprised four two-bedroom, one-bathroom units held under an existing cross-lease title structure.

We identified an opportunity to improve clarity of ownership, marketability, and end value through legal reconfiguration and targeted refurbishment, rather than undertaking a full redevelopment or title conversion.

Covenant Plan and Land Allocation

A covenant plan was prepared and registered to clearly allocate land use, access, and exclusive use areas to each unit within the existing cross-lease framework. This provided greater certainty around boundaries, outdoor areas, and functionality for each dwelling, improving buyer confidence and saleability.

Targeted Refurbishment

Each unit underwent internal and external renovations to modernise the dwellings and lift overall presentation. Works focused on kitchens, bathrooms, flooring, paint finishes, fixtures, and general amenity, ensuring the homes met current market expectations while remaining cost disciplined.

Value Creation Outcome

The strategy focused on enhancing liquidity and individual unit appeal by combining a covenant-based land allocation with refurbishment and individual resale. All four units were successfully sold individually, demonstrating a controlled, low-risk value-add approach executed within an existing legal framework.
This project reflects our ability to extract value through planning, legal structuring, and refurbishment, without relying on full redevelopment or rezoning outcomes.