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Flats Flip: Sold for $3M After $1M Purchase

9/26/2025

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Summary

Story summary

Taranaki Whanui Limited bought Dixon Street Flats from Kainga Ora for $1.04 million and resold it for $3.04 million within three weeks.
Property carried a $4 million value and a $18.9 million rateable value, drawing criticism for below-market sale.
The flats have been closed since 2022, require $125 million in upgrades, and will become 117 apartments while preserving historic status.

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Story summary

Taranaki Whanui Limited bought Dixon Street Flats from Kainga Ora for $1.04 million and resold it for $3.04 million within three weeks.
Property carried a $4 million value and a $18.9 million rateable value, drawing criticism for below-market sale.
The flats have been closed since 2022, require $125 million in upgrades, and will become 117 apartments while preserving historic status.