The super-penthouse in New Zealand’s tallest apartment block is staking its claim to be the country’s most expensive piece of residential real estate.
After some three years on the market at a reported $40 million, the two-storey 1219sqm apartment at the top of the Pacifica, in downtown Auckland, has finally been given a fixed sale price – of $42m.
That would be more than enough to break the $38.5m house price record set in 2014 by the sprawling mansion formerly owned by property developer Mark Hotchin.
New Zealand Sotheby’s International Realty agent Pene Milne, who is now marketing the property, said that Auckland property prices have risen across the board, so it was not surprising that the price of the city’s most expensive real estate would follow suit.
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“[The $42m asking price] reflects the international market. Property prices have gone up and that’s reflected here,” she said, adding that its price per square metre of $34,000 was in line with other luxury residences in Auckland.
Milne, who closed the deal on last year’s biggest residential sale, $24m for the Auckland waterfront home formerly owned by Shrek director Andrew Adamson, said that the sheer size of the Pacifica super penthouse and its view were standout features.
Space isn’t an issue at the top of the 178m-tall tower. Photo / Supplied
“It’s exclusive, there is nothing like it to compare. I never cease to have my breath taken away when I’m up there. There’s a 360-degree view of Auckland. It’s stunningly beautiful, I absolutely love showing people the space.”
The 178m-tall Pacifica, built by Hengyi Pacific, was completed at the start of this year. It has 272 apartments, most of which have sold, with prices ranging from $850,000 for a one bedroom unit to around $7.5m for one of the sub-penthouses.
Amenities include a heated lap pool, sauna, steam room, spa, gym, media room, residents’ lounge, library and barbeque terrace. The super-penthouse, however, comes with five bedrooms, nine bathrooms, six car parking spaces, a formal lounge, a chef-style kitchen plus a butler's kitchen, banquet-style dining area, cellar and wine tasting room.
Buyers who prefer to bring in their own architect for the fit-out can pick up the super-penthouse as a “warm shell” for a mere $36m.
Buyers can pick up a fully finished apartment for $42m or buy a ‘warm shell’ for just $36m. Photo / Supplied
OneRoof reported in May this year that Hengyi Pacific had come close to finding a buyer. Liz Scott, general manager of Hengyi Pacific, told OneRoof: "We are in discussions with two parties, but nothing is unconditional so this opportunity is still available."
Milne said this week that she was fielding enquiries from both local buyers and overseas parties (the apartment has clearance from the Overseas Investment Office for foreign buyers).
She said that buyers were split between those who wanted to buy a completely fitted-out penthouse and those wanted to bring in their own architect to finish the job to their own specifications.
New Zealand Sotheby’s International Realty agent Pene Milne: “I never cease to have my breath taken away when I’m up there.” Photo / Fiona Goodall
Auckland’s luxury apartment market has soared in the last decade, with new developments like the Pacifica and the neighbouring Seascape tower, generating local and overseas interest. Buyers are prepared to pay big sums as well.
Former White House aide Chris Liddell reportedly paid just over $15m for a penthouse in the International apartment tower four years ago while the penthouse of The Cab development is reportedly under contract for between $15m and $20m.
Luxury real estate agent Ross Hawkins said that the International penthouse would easily fetch more than $20m now.
“A high spec penthouse needs to get well over $30,000 per square metre for it to be worth it to a developer. That’s cheap compared to Sydney apartments. New Zealand is in catch-up mode compared to overseas. $42m will set a new standard for New Zealand.”
Auckland penthouse prices are nowhere near those over the ditch. Two years ago a buyer paid AU$140m (NZ$147.56m) for the three-storey penthouse in the tallest of Lendlease’s One Sydney Harbour towers, while the penthouse for the Crown’s One Barangaroo, the neighbouring tower on the city’s waterfront, is reportedly just back on the market asking $100m.
