Mortgagee sale of Mt Maunganui apartments
Over 50 luxury apartments and two commercial units in the brand new Pacific Apartments complex in Mt Maunganui are being offered for sale by mortgagee auction.
The apartments are the developer Asia Pacific Management Ltd’s unsold portion of a range of apartments from studio to penthouse units spread over 10 floors in one of the Mount’s largest and most recently completed apartment complexes.
First mortgagee Westpac NZ has appointed Bayleys Real Estate to auction the apartments as one lot on December 9. They range in size from 55m² to 441m², with associated carparks and storage lockers.
They have been designed by Kerry Avery, of Avery Team Architecture, and incorporate large decks and extensive use of floor-to-ceiling glass to optimise the panoramic views of the Mt Maunganui and Tauranga areas.
Robert Platt, of Bayleys Auckland, who is marketing the apartments in conjunction with Bayleys Real Estate executive director David Bayley and Peter Clarke of Bayleys Mt Maunganui, says there are 53 unsold apartments at this stage but the actual number to be sold will be confirmed prior to the auction.
Mr Platt says the offering is likely to appeal to countercyclical investors.
“It offers an opportunity to take advantage of current market conditions and acquire a selection of good quality apartments in a prime location. The apartments could then be put back on the market individually further down the track once the market has picked up again. In the interim, holding income could be generated from the management and leasing of the apartments.”
Mr Platt says the apartments have been completed to a high specification, with quality finishings and acoustic linings used in all areas. Stone bench tops feature in the kitchen and bathrooms and the apartments are being sold with a wide range of appliances including ovens, dishwashers, fridges, heated towel rails, built-in wardrobe organisers, washing machines, dryers and air-conditioning units. The complex also has a heated outdoor pool and spa and a fully equipped gymnasium.
The sale also includes two commercial units. One is designated for a café/restaurant/bar which is waiting fit-out. This ground-floor unit opens out to a large sheltered north-facing courtyard, which could be utilised for customer seating. The other unit is a manager’s office in the apartment lobby with an adjoining resident’s lounge and break-out or meeting room.
The Pacific Apartments’ location on Maunganui Road is a short stroll from Mt Maunganui beach, as well as Pilot Bay, a harbourside beach on the opposite side of the peninsula. The apartments offer wide ranging views of Pilot Bay and Tauranga City beyond, Mt Maunganui, the beach at its foot and the Pacific Ocean.
The Bay of Plenty is the second fastest growing region in the country and Tauranga City, which includes Mt Maunganui, experienced population growth of 33% from 1996 to 2006. Tauranga City has also shown a steady shift in income distribution over the past ten years, with the proportion of people earning in the higher income brackets increasing significantly.
Robert Platt says the city’s continued population and wealth growth is likely to underpin demand for quality apartments as will the demand for weekend “retreats” and holiday residences in popular locations such as Mt Maunganui.
The apartments and commercial units included in the offering are all registered on freehold unit titles. The offering will go under the hammer in Bayleys’ Auckland auction rooms on December 9.
Robert Platt or Neil Prentice on 09 309 6020
