Six Auckland apartments in The CAB offered mortgage-free for two years: deal finishes today
Auckland property investor and developer John Love has offered six inner-city apartments, ranging from $650,000 to $1.6 million, mortgage-free for two years in a deal closing today.
Love, managing director of Love & Co, developed the apartments in what was Auckland Council’s headquarters.
By last Friday, Love sold two of those six units, including the $650,000 apartment.
Till the end of today, he is offering the two-year suspended mortgage deal on the remaining four units in the Aotea Square block, saying those were on various floors.
The deal is a way to bring interest in the downturn, he said.
Buyers must put down a 10% deposit, agree to the full asking price, sign a two-year agreement for a licence to occupy and pay all outgoings to get the suspended mortgage deal.
The contract must also be unconditional, he said.
At the end of the two years, they pay the remaining 90% to settle and the licence to occupy expires.
When he finished the 114-unit project in 2023, Love still had 23 units to sell in the ex-Civic Administration Building on Aotea Square.
The heritage building was owned and occupied for decades by what is now Auckland Council but Naylor Love converted the offices into residential units.
Love is buying it in a $3m deal with the council, yet to settle.
Only once his Australian financier is paid the $70m he said in 2023 was outstanding, will he have to pay the $3m for the 18-level block.
The penthouse, which takes up all of level 18, was marketed for $16.5m but remains unsold, as do the two half-floor sub-penthouses on level 17.
Love said his offer on the six units was a way to spark interest.
“We can all acknowledge the market is slow so I can have these apartments sitting there and then I’m paying all the outgoings.
“Or, I can offer a deal for an unconditional sale, being paid outgoings that cost me nothing. It’s a clever way to deal with a slow market.”
Marketing said the limited-time promotion at One Greys Avenue closes today.
“We are now down to the final homes. With several apartments currently under contract and strong inquiry continuing, this opportunity is nearing its end. If you have been considering a move, now is the time to act,” advertising said.
“This offer provides two years mortgage-free, giving purchasers a meaningful financial advantage from day one. With only a 10% deposit, you can move in immediately under a licence to occupy and settle in without the pressure of mortgage payments.
“We have a limited selection of one, two, and three-bedroom homes remaining, offering generous layouts, quality interiors, and a refined level of comfort.
“Each residence has been thoughtfully designed to support modern living, with secure access, well-proportioned spaces, and seamless connection to transport, parkland, dining, and the wider CBD.”
The Herald this week reported house sale values are continuing to fall and are now down 31.3% nationally in real or inflation-adjusted terms since the market peak in late 2021.
That is based on Stats NZ’s data from the Consumer Price Index from October 2021 to the latest quarter to September 2025.
The Real Estate Institute issued new data on Tuesday that did not hark back to the difference in prices since the peak in 2021 but instead focused on month-to-month changes, which were only minor compared to the four-year drop.
Economists cited renewed weakness in the sector and said non-inflation-adjusted or nominal prices had fallen 15% since the peak in late 2021.
That showed that in the past two months, the seasonally adjusted REINZ House Price Index fell 0.3% and sales volumes fell 4.2%.
Anne Gibson has been the Herald‘s property editor for 25 years, written books and covered property extensively here and overseas.