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NZ's tallest apartment block: deposits taken on $14.5m penthouses

by August 20, 2017 General

Initial deposits have been paid for three penthouses, sold for $14.5 million, in the proposed and yet-to-be-built 57-level Pacifica Auckland apartment tower.

Gavin Lloyd, residential projects national director of sole agent CBRE, said the places had sold for $4.48m to $5.27m and were above the “sky homes” upper levels.

Extensive views from the planned Pacifica tower.

Extensive views from the planned Pacifica tower.

The apartments sold are to be on level 50 and 51, he said.

“The level 50 places will be 190sq m and 235sq m and the level 51 will be 190sq m. The 190sq m places are two bedrooms and the larger ones are three bedrooms,” he said.


All three places went to New Zealanders, he said.

“People from overseas are also interested, particularly from Britain, the United States, Australia, Hong Kong and Singapore.

“Earlier in the year, our offices in Hong Kong and Singapore were involved in marketing The Pacifica, mainly to ex-pat Kiwis living in those locations. But we’re not marketing it in China,” he said.

Deposits had now also been received for more than half of the 282 apartments in the 178m tower planned for 10-12 Commerce St off Customs St East opposite the Britomart area, Lloyd said. Construction work for the tower planned by Hengyi Pacific is due to start before the end of this year.

Buyers are putting down 10 per cent deposits.

“More owner-occupiers are buying into this than investors, which is quite unique in the Auckland CBD apartment market. The building has been deliberately designed to suit owner-occupiers. It’s not particularly aiming to draw Chinese who don’t live in New Zealand,” Lloyd said.

Apartments are selling from $657,000. The tower is divided into distinct zones: Commerce Residences, Tower Suites, Sky Homes and penthouses.

Buyers pick from 34 floor plans from one bedroom and one-bedroom plus a study, Lloyd said.

Read more: Who’s behind NZ’s biggest apartment tower?

Icon Co, a builder new to this country, was last month named as the construction company contracted to put up the tower between Customs St and Gore St in the CBD.

Hengyi Pacific, the Chinese-headquartered developer with an Australian office, announced the builder.

Dan Ashby, one of New Zealand’s most experienced high-rise commercial construction chiefs who also worked on the Burj Al Arab in Dubai, will head Icon here.

Westpac provides some tips about buying apartments off the plans.

“The key is to question what you’re getting into before handing over your cash. Because if you don’t do your research, you could end up with a very expensive lemon.

“You need to be careful to check out the developer’s and builder’s track record and credentials to be sure you can trust them. Otherwise, if you don’t get what you think you’re getting, you could end up in court,” Westpac warns.

“You need vision to visualise the finished product and everything that goes inside. Construction can take two to three years before completion. You need to be patient,” the bank says.

Nine apartments worth about $6m in Auckland’s giant Sugartree apartment project were being quietly promoted for sale last month, as buyers who put down 10 per cent deposits tried to sell before settlement in August.

Martin Dunn of City Sales said his company had sent out information to 35,000 potential buyers on his company’s database and he was confident the places would sell.