The four-storey block comprises five chic designer apartments which had previously each been priced between $2million - $3.5million at the end of last year. The quartet of three-bedroom residences and the four-bedroom penthouse suite had been marketed as individual homes.

The site’s owner bought the units in October 2021, when the then half-finished property had been placed on the market as a mortgagee sale after being beset by lengthy construction delays and expensive cost over-runs.

After taking ownership, the current owner promptly set about completing the project – including redesigning the look and feel both inside and out to deliver cleaner-lined living areas, kitchens, and bedroom spaces. The results are outstanding – delivering fantastic views over the city, along with modern living inside.

Built by residential project company Bufton Construction, the Remuera Road ridgeline apartment block overlooks Sky Tower and the CBD to the north-west, and the outer reaches of the Waitemata Harbour with Rangitoto in the distance and a breath-taking backdrop view to the east, overlooking Remuera Golf Course, Mt Wellington and beyond.

Ranging in size from 121-square metres for the three-bedroom units, up to 205-square metres allocated for the upper floor for the penthouse residence - all units have access to the building’s security gating controlled underground private carpark which has five garages delivering parking for up to eight vehicles. Individual lock-up storage unts for each apartment are also positioned within the basement space.

The ground and first floor apartments have 17-square metres of balcony spaces, while the penthouse has a 16-square metre balcony. The ground floor units also have garden spaces. All units have two bathrooms each, while the spacious penthouse also comprises a second living area. However, the owners have changed tack with marketing, and the entire block is now being offered for sale as one entity.

The concrete and steel block complex at 719 Remuera Road close to the border of Remuera and Meadowbank is now being marketed for sale by tender through Bayleys Ponsonby, with tenders closing on April 4. Salesperson Jock Kooger said any new owner would have exclusive naming rights to the apartment complex.

Kooger said the newly completed Remuera freehold apartment block would appeal to scaled residential property investors as the development met both the IRD’s tax bright-line length, and interest deductibility requirements.

All apartments are fully finished and have council code of compliance certificates due to be issued in April. The five units will not be sold individually. Kooger said the block has the possibility to be operated as an upmarket Air B & B style commercial accommodation premises – with the potential for the owners to live on site in any of the residences. Under this configuration, the three-bedroom units could be let for approximately $500 - $600 a night, while the penthouse could attract a nightly rack rate of $1,000.

Short stay letting agencies report that for Auckland CBD and city fringe locations, properties have annual occupancy rates ranging from 60 percent to 70 percent depending on the quality of the property and its room configuration – with three and four-bedroom options appealing to groups and families in particular.

The apartments at 719 Remuera Road have been finished to a high quality of interior decor as befitting their address. The upper floors of the Remuera Road block are accessed by both an elevator from the basement, and an internal staircase.

For indoor/outdoor flow, the two ground floor units each have a patio, deck and balcony. Meanwhile, the middle floor and penthouse residences each have two balconies.

Jock Kooger said the Remuera address was conveniently located at an axis between multiple suburban hubs offering the full gamut of social services in all directions – with boutique retail destinations at Remuera, Newmarket and Ellerslie; a hospitality hub at Mission Bay; big box nationally-branded stores at Mt Wellington; and Countdown Meadowbank within easy walking distance.

Click here for more information on the listing.