All 91 apartments in the residential development, Hopetoun Residences on Ponsonby’ s doorstep have sold out six months ahead of completion.
The highest price achieved at Hopetoun Residences was $2,500,000 for a 230sqm dwelling plus 100sqm of deck with spectacular views towards the Auckland Harbour Bridge and city-scape. The local buyer plans to live in the apartment.
Prices for 63sqm one-bedroom apartments started at $520,000, 70sqm two-bedroom apartments at $650,000 and larger 2-3 bedroom apartments pushed up over $1,000,000.
The apartments first went on sale at the end of 2013, and after an initial burst of activity spilling into 2014 the final burst of 11 residences were sold in December 2014.
The Hopetoun Residence project is being undertaken by Tawera Group and was sold through Bayleys Auckland.
Trent Quinton, the sales person at Bayleys for Hopetoun and Hereford Residences said: “Most apartment developments carry around 20 percent of unsold stock on completion – so from that perspective, Hopetoun Residences has outperformed market trends.”
Project director, David Mahoney, said the exceptional sales outcome reinforced Tawera Group’s strategy which is to “focus on inner-city urban renewal sites in prime locations, close to transport links, retail and places of work”.
Tawera Group’s other recent residential success in the current market is 132 Vincent Street and Hereford Residences (which sits directly across the road from Hopetoun).
Trent Quinton said: “Hopetoun and Hereford Residences are on the most prominent, uncompromised gateway sites on Ponsonby’s doorstep.”
He said the success of both projects highlight a clear undercurrent of demand for Ponsonby and similar commercial hubs.
“Almost all of the buyers were empty nester couples whose children had recently left home, or a few couples aged in the 60 – 80-year age bracket. There were only a dozen or so professional couples in their 30s who have purchased. More than 80 percent of buyers were owner/occupiers,” Mr Quinton said. At the Hereford Residences site directly across the road, 65 sales were contracted even before the display suite opened to the public. Prices in Hereford Residences started at $390,000 for a one-bedroom apartment, $690,000 for two bedrooms and from $1,500,000 for three-bedroom apartments.
There are just 35 apartments available with the next release in mid-2015.
“These are all great results – it clearly shows we have entered the market at the right price point and with a product buyers are after,” David Mahoney said.
“Both these city-fringe residential developments are very much in line with the Auckland Unitary Plan’s call for greater residential intensification on existing footprints,” Mr Quinton said.
“That is, a desire to build ‘up’ rather than ‘out’ and make maximum use of the space available.
“For commercial/residential conversions such as both the Hopetoun locations, much of the structural framework and integrity of the building is already in place, leaving mostly interior design/builds to be undertaken. This can shave up to nine months of the comparative new-build process - ultimately meaning buyers can be living in their new property a lot sooner,” he said.
For further information on the sell out of the Hopetoun Residences apartment block, or images of the property, contact Trent Quinton. Telephone 309 6020.