Winton taps brakes on another Auckland Northbrook project
Company signals significant construction project deferral under the current build cycle and wants to make sure the cycle’s ‘at the bottom’ before rewarding contracts.
Site of Launch Bay development, Hobsonville Point.
Revenue: down 5.3% at $81.1 million, from $85.6m for the half year.
Profit: an after-tax loss of $2m, from a profit of $9.7m.
Main takeaway: Company is curtailing two Northbrook developments in Auckland until the construction market hits bottom.
Winton Land says it has paused construction of its Northbrook Launch Bay retirement development at Hobsonville Point, the second major Auckland development to be put on the backburner.
The deferral follows the firm's announcement in December that it would push back its $750 million Northbrook
Want to read more? It's easy.
Choose your best value subscription option
Student
Exclusive FREE offer for uni students studying at a New Zealand university (valued at $499).
