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Last remaining apartment in Bay of Islands marina development goes up for sale

Tags: Residential

The evolution of Northland’s latest marina is almost complete – with the final remaining residential unit in a trio of new two-bedroom waterfront apartments overlooking the marina being placed on the market for sale.

The 80 square metre residential unit overlooking the Bay of Islands Marina in Opua is being marketed to either owner-occupiers looking for apartment living, or for investors looking to establish short-term letting accommodation in the Bay of Islands.

The apartment, along with the greater marina development, is being built by Far North Holdings Limited - the commercial operations and business development subsidiary of the Far North District Council.

Bay of Islands Marina sits at the eastern tip of the Twin Coast cycleway which runs from Opua through to Horeke in the Hokianga. The route opened earlier this year.

The apartment is being marketed for sale with a price tag of $460,000 through Bayleys Real Estate. Salesperson John Greenwood said the two-level apartment was situated above a new and yet-to-be-tenanted hospitality premises, and was being sold in a ‘shell’ stage of completion – meaning any new owner would have the freedom to add interior decor to their own style and budget.

Construction of the upmarket apartment complex was scheduled to be completed by the end of the year. The apartment comes with two allocated car park spaces. Two identical neighbouring apartments had already been sold, and there was an option on the third site for any potential purchaser buy the remaining unit fully decor-finished.

Stage two of Opua Marina 173 berth extension opened earlier this year – increasing the total number of moorings to 425 vessels.

Mr Greenwood said that for investors looking at buying the marina apartment, the Twin Coast cycleway route would literally deliver a ready-made clientele to its back doorsteps.

“Depending on which way the two-day, 84 kilometre pedal is completed by cyclists, Opua is either at the start or end of journey,” he said.

“Those cyclists starting in the Bay of Islands would want a comfortable sleep the night before commencing their ride the following day, while for those finishing their ride in Opua, the unit represent a haven to relax in before heading downstairs for a celebratory drink and bite to eat.

“Indicative pricings for the rental of such accommodation on Airbnb or as a commercial proposition shows a nightly rack rate in the region of $450 could be easily budgeted for.”

Mr Greenwood said the apartment featured a first-floor balcony, an open-plan dining room/living room space, with the second bedroom located on the mezzanine level.

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