The first wave of home-owners has moved into The International, the newly completed luxury apartment building in Auckland’s CBD that reportedly counts a White House adviser as one of its residents.
About 70 people are now living in the former-Fonterra building at 9 Princes Street, now a 17-level apartment block that was first brought to market in 2016.
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The International made headlines in early 2017 when one of its penthouses sold for $15.3 million, reportedly to Kiwi businessman Chris Liddell, who is currently serving as the White House deputy chief of staff for US President Donald Trump.
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New Zealand Sotheby’s International Realty agent Jason Gaddes, who is marketing apartments in The International as well as the $40 million penthouse in the nearby 57-storey Pacifica, told OneRoof that the new residents were extremely pleased with their purchases.
“They could see down the track to what it could be, so to finally see it come to fruition - they’re reaping the rewards. All the owners have said it was exactly as promised, the quality of the finishes.”
He said The International’s developer Gary Groves, of Sanctuary Group, should be immensely proud.
Gary Groves of Sanctuary Group at The International's first open home in April 2019. Photo/Dean Purcell
“The pool is being used, the cinema is functioning, and Josh Emmett’s Onslow restaurant already smells gorgeous.”
There are just a handful of apartments left in the 88-unit complex, with five of the eight sub-penthouses sold. One sold just before lockdown for $7.5 million, while other sales have been between $2 million to $4 million.
“We have the foreign buyers’ exemption, but the bulk of the buyers are local: empty nesters downsizing or out-of-towners who want a local pad, because they’ve got the beach house on Waiheke or a house in Queenstown.”
The International's fitout included luxury marble bathrooms and kitchens by Kiwi designer Rufus Knight. Photo/supplied
The move-in comes as agents for Auckland’s luxury apartments report a flurry of sales since July, many of which have been for sky-high prices.
CBRE’s national director of residential projects, Gavin Lloyd, who is marketing apartments in the Pacifica, closed a recent sale for “a shade under $7 million”, in addition to $16 million worth of sales, including two penthouse suites, between March and May this year.
After $16 million of sales in the downtown Pacifica apartments during lockdown, a further sub penthouse sold recently for $7.5 million. Photo / Supplied
Lloyd said that construction was on track to finish next month, with the first residents expected to move in before Christmas.
“We’ve had a steady flow of ex-pat enquiry, but our challenge is that there are lots of buyers but we have sold out of stock. It’s not like a supermarket - once you’ve sold all the goods you can’t restock.”
He said that the challenge now was that it might be another four to five years, even seven years, before another luxury super-structure like The Pacifica comes to market again.
Construction work on the nearby $200 million, 56-level Seascape apartment block on Customs Street East is expected to finish at the end of 2022.
About 25 percent of the Seascape’s apartments have already been sold. Photo / Supplied
Tashunka Bolton, marketing and sales manager for Seascape developers Shundi Customs, said that 20 to 25 percent of the apartments had sold, including a sub-penthouse at level 41 for a price “north of $10 million”. The nearly $23 million master penthouse is still up for grabs, but the second most expensive penthouse sold early last year for “just north of $15 million”.
He said that local buyers ranged from older couples downsizing from Remuera to people looking for a city crash-pad, as the tower offers apartments sized from 52sqm studios to 112sqm duplexes.
The demand for luxury apartments is apparent in the sale prices being achieved in other developments.
In Herne Bay, agents recently sold a luxury apartment in the space of three days last week to an unconditional cash buyer and another pair of apartments in a new complex for between $5 million and $8 million.
Gaddes told OneRoof he sold six units at $250 million 51 Albert complex recently, with prices ranging between $2.5 million and $4 million. Also flying out the door was the penthouse at the Horizon in Mission Bay, which sold for “close to $4 million”.
Six apartments in the $250 million 51 Albert project sold in the past five weeks. Photo/Supplied
“The luxury apartment market for new developments is very much booming, whether off the plans or just completing. It’s kicked to life and prices have seen no sign of abating,” Gaddes said.
Bayleys agent Trent Quinton, who has brokered multi-million-dollar sales at Eleven Paora in Orakei, said that buyers in the higher price brackets no longer saw apartments as a lesser choice.
“They don’t want a house with their $8 million, they want the apartment lifestyle. If you can afford $8 million, you can afford the $100,000 a year to pay people for upkeep, but they’re just rattling around in 1000sqm with five bedrooms and five bathrooms.”
Buyers have paid $5 million and $6 million for apartments in Eleven Paora, Orake. Photo / supplied
Quinton, who is set to bring a $10-million apartment in Freemans Bay to market, said his buyers appreciated the design of a 300sqm apartment where every single square metre was useable, and were happy to pay $5 million or $6 million price tag.
“The residential market is on fire and it’s filtering into the apartments too,” he said.
