It’s a race to the top in Auckland, where developers for the two newest apartment blocks in town vie for tallest tower honours. Neighbouring buildings Seascape tops out at 185 metres over its 52 levels, while Pacifica’s 57 floors come in just under at 178 metres. That’s baby stuff compared to the Gold Coast’s Q1 in Gold Coast at 80 floors, or the world’s tallest two residential towers 432 Park in New York (96 dizzying floors) or Princess Tower in Dubai (101 floors over 414 metres).
In Palmerston North, penthouse means level 4.
Ray White’s agent Stu Fleming has two apartments on the top floor of 157 Broadway, one of only a handful in the city. The former office block was converted to a live/work (office in front, flat in the back) in a cool industrial style – raw concrete, exposed trusses, sliding walls. The office has now been converted to a second apartment; each is on the market for $635,000. The slightly smaller 104 square metres one has a balcony and a less gritty vibe than the larger one (115 square metres) which has a striking olive green and frosted glass kitchen; both are two to three bedrooms with views across the low-rise roof tops of the city.
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Fleming is marketing another former office block that has been converted into apartments on King Street. The apartments need refurbishing (the top floor has sold), appealing mostly investors, not owner occupiers in this city. Prices range from $216,000 for the first and second floors (one has six bedrooms, the other five) or $240,000 for five- or six-bed, two-bath ones on the third floor. Weekly rentals range from $360 for lower floors to $400 for third floor.
Fleming said the town’s apartments are mainly conversions from older office blocks, so rarely come with carparks, a drawback he says for a town that’s light on public transport, heavy on car ownership.
Apartments have better caught in in Nelson, says Sotheby’s International agent Steve Kelso. He says there would be around a dozen blocks now, up to six floors (many are tourist accommodation). The Malthouse – yes, the site beside the Maitai river was once a Malthouse, more latterly a laboratory. Demolition has completed, and the bakers’ dozen residences will be ready for occupation in late 2020.
Three-storey building by architects Irving Smith (they pretty much scoop architecture awards every year) has an eco-friendly design, with blocks carefully wrapped around grassy common areas and oriented for passive solar gain (and views across the city to the hills around). Energy and water-saving fixtures are a must; each apartment comes with a carpark (with option to buy a second).
Kelso, who is co-marketing with Simone Henbrey, says that locals are delighted to move down to the flat part of town, where there’s biking and walking access to the central city. He says the complex has attracted buyers from Christchurch and Queenstown, as well as Aucklanders and ex-pats heading home to the Nelson lifestyle.
Asking price $601,000 for the one-bedroom, and $835,000 for the two-bed.
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Further around the waterfront at Tahunanui developer Tony Vining is marketing 37 new apartments through Bayleys agents Jeremy Matthews and Gill Ireland. The five-level block, designed by ArtHouse Architecture overlooks the fields that once housed the iconic Ocean Lodge pub and bar. With apartment sales well under way, he’s now turning attention to refurbishing the Lodge, as this neighbourhood undergoes a bit of a renaissance. The cycle and walking paths mean the city is only five to seven minutes way, there are striking sunsets and distant views of the ranges.
The one-beds have sold out but you can get a two-bed for $995,000 and a three-bed from $1,390,000.
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And if you want to get ahead of the apartment curve, head to our southernmost big city. Dunedin buyers are just starting to get interested in apartment blocks, says Colliers International student and residential investment broker, Matt Morton. He’s got a gorgeous former wool board building on the newly refurbished Jetty Street walkway (think cafes along a walkable lane) on the edge of gentrifying Vogel Street that asking for development.
The 120-year-old building still boasts a gracious sweeping stairway, five metres studs on both floors and resource consent to convert the building into 12 smart apartments. Owners need to look beyond the need to re-roof, update floors and systems to the potential (and the bargain price for this leasehold land.
Morton has another Victorian beauty ripe for renovation on View Street. The property is currently in two flats – one two bed, one three – but the upper floor office of 184 square metres could convert to two apartments. Look past the crazy seventies pub carpet, and the 44 percent new build earthquake rating and think potential. Morton points to sold and re-sold apartments in an Art Deco building just up the street. One went from $421,000 to $500,000 in a year, as owner occupiers have taken over from investors (he reckons a ratio of 3:1 now) in living in the inner city.
Asking price $875,000.
