The apartment market is maturing in Auckland, with the city now on the cusp of opening world class apartment buildings that match the best of London or New York.
Apartments in the soon to be completed The International on Princes Street have sold for up to a record $15.3 million , have attracted plenty of media buzz and are selling to sports stars, business and creative industry leaders.
Luxury apartment buildings such as The International are turning heads around the world, as well as attracting downsizers from the Auckland suburbs moving into town for the city lifestyle.
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The conversion of the former Fonterra headquarters at 9 Princes St into the 17-level residential block The International, offers apartments that are bigger than many suburban homes. They feature a 3 metre high stud and indoor-outdoor conservatories on each of the four corner apartments on each level.
Gary Groves, managing director at Sanctuary Group, which has developed the building, says they set out to create a development of world class quality, “something that currently isn’t available in New Zealand.”
As a result, The International is in a class of its own in New Zealand, and best compared to New York’s glitzy One57, nicknamed "The Billionaire Building”, where prices range from US$3.85 million (NZ$5.74 million) to US$58.5 million, and London’s 100 Sydney Street.
With that come cutting- edge design and resort-style amenities. The International will provide a concierge for residents, outdoor terrace with heated pool and spa, large gymnasium, shared social area, private dining room, lobby bar, basement wine cellar and tasting room, library, screening and cinema room. The build features the highest specification with details right down to individually zoned air conditioning, rubbish chutes on every floor, keyless intelligent doors and lifts. The design fit-out includes bespoke travertine vanities, and full-height joinery units to the 3m high ceilings.
“The International required exceptional collaboration between architects and interior designers to endow beauty, luxury and a level of service that place the building in an international class that stands up to the world’s best developments,” says Groves.
“At the same time there is a large population in Auckland that no longer require the space of a large family home. Children have grown up and left the family home and large gardens and lawns are not a priority any more. People are more focused on quality of life within a central city location.”
Groves knew that expectations would be high amongst this group, pointing out that buyers can’t compare this to other buildings in Auckland.
“Even The Pacifica is part hotel, whereas The International is fully residential,” he says. “It should be compared instead with luxury developments overseas such as One57 in New York and 100 Sydney Street, London.”
“Like One57 in New York, The International in Auckland is located in a central city area, but with a leafy suburb vibe in the heart of historic and distinctive Albert Park.”
The communal amenities too are similar in scope to the much-admired amenities at One57, says Groves. He also compares this project to 100 Sydney Street in Chelsea, London.
“The International has been built to the highest specification. The quality of materials used is comparable to Sydney Street which also features Miele appliances and natural stone throughout the kitchen and bathroom.”
The International is often compared to other acclaimed Auckland apartment blocks, the Metropolis and The Pacifica. But Groves says that they’re not in the same market as The International for a number of reasons.
“The Metropolis was a great building for its time but is very different,” he says. “It is a larger development rather than a boutique, featuring 500 apartments and has no communal facilities. In comparison, The International features 90 apartments and multiple communal spaces.”
Andrew Hay, global head of residential, at Knight Frank, specialises in higher end properties and tracks the global elite through its annual Wealth Report which surveys 600 top private bankers and wealth advisors.
Hay says New Zealand’s lifestyle and investment environment make it attractive to global property buyers. To help them into Auckland, The International has an exemption certificate under the Overseas Investment Act 2005 meaning buyers don’t need to jump through hoops. The attractions for buyers to come here are many.
“New Zealand offers security, safety, rule of law, strong property title, English language, the highest quality environmental standards, an excellent climate and quality of life, excellent restaurants and a healthy food culture,” says Hay.
“In short this is the offer that the world wants. As the world gets busier, the qualities that New Zealand offers become ever more important and ever more desirable. All this is aided by the warm welcome of the resident population.”
Hay says New Zealand is the 9th most popular market for international investment according to Knight Frank’s Wealth Report, particularly for people buying second or third homes outside their country of residence.
The International is here to fit that bill.
Find out more about apartments in The International.
