Record cost for city apartment living
Growing demand for city centre apartment living has seen a penthouse apartment sell for a record price of around $2.4m, at the soon to be Latitude residences in Park Street.
The $29m development features 28 luxury inner city apartments and is being developed by TYBI in partnership with Form Construction, Ignite Architects and Veros Property Services.
Veros Property Services development manager Sunil Hira says sales to date have been strong across all price points on offer.
“The sale of the northeast penthouse, which was marketed at $2,459,000, makes it the highest value sale to be made in the Tauranga CBD area.
“Sales have ranged from $579,000 to the north east penthouse sale of $2,398,998. We have sold apartments on every level, every size and varying price points.
“It is encouraging to see there is interest across several price points and configurations. Latitude Residences offers one, two and three bedroom options.
“The sweeping inner harbour and Mount views, close proximity to the city centre, the Mount and arterial routes to Auckland and Hamilton are all contributing to the strong interest and sales level to date.
“Location and quality will always attract discerning buyers, despite the market being soft elsewhere. This is extremely encouraging for both the property sector and city centre residential developments”
Marketing agents and directors of Ray White Tauranga, Ian Grindle and Rodney Fong say close to 50 per cent of the apartments on offer have been sold since going to market in June.
“Quite simply, good locations will always rent well and resale well,” says Ian.
“Latitude is definitely a high quality location and residence that is attracting owner occupiers.
“Savvy investors that rent to the executive market will also recognise the value of these apartments relative to Auckland apartments.”
He says 13 of the apartments have already been spoken for with others pending the quality of the development.
“This is a great result to date in the current market and is testimony to the quality of the building and the companies behind the project.
“Selling new houses and apartments off the plan is always difficult, however this building ticks all the boxes.
“Nothing has been left to chance with this development and that’s what you get with experience. Buyers have taken comfort knowing that this building and the latest Building Code ensure that things like acoustic and fire construction details are cutting edge, making living safe and functional.”
Ian says the development is another indicator of the revitalisation of the city centre and will meet the growing need for quality inner city residences.
“The city and region’s fast-paced growth means more and more out of towners and locals are looking for residential options that put them in the heart of the city, within easy reach of all of the amenities on offer, and afford them a lifestyle that is all about convenience, security and refinement.
“Residents will be able to walk to restaurants, cafes, bars, the theatre, waterfront, city centre amenities and shops.
“There are good quality medical amenities close by and, with the Mount lifestyle, beaches and the airport just over the bridge.
Priority One Chief Executive Nigel Tutt says Latitude Residences is one of a number of planned developments that are starting to meet the growing demand for inner city living as the population of Tauranga increases and diversifies.
“Medium to high density residential developments on the city fringes are essential if we want to see Tauranga grow into a vibrant and contemporary city.
“Developments of this kind will also result in increased public and private sector investment in amenities and activities to support the city centre and create an area that is increasingly attractive to local people and visitors alike.”