Investors expected to hold off buying Auckland apartments

By Christine Nikiel

Friday 14th June 2002

Can Auckland sustain its hot apartment market?

Two government decisions this week could stay market appetite: the upcoming election and the rise in immigration points required to move to this country.

Investors will hold off making decisions in the next few months, apartment specialists say, and the rise in immigration points will deter some overseas investors.

This general survey shows about 1000 units on the market.

508 Queen St. Developer: JC Kwok, Golden Mile Holdings, Hong Kong. Total cost: $6 million. About 101 single units (12 storeys). Price range $98,000-110,000. All pre-sold, freehold. Construction started May 2002. Scheduled for completion July 2003.
City Gardens at 76-84 Albert St - on top of City Carparks. Developer: JC Kwok, Golden Mile Holdings. Cost: $44 million. 198 units total (one-bedroom). 65 sold so far. Price range $150,000-300,000. Construction of stage 1 scheduled to begin September 2002.
Q Central at 490 Queen St. Developer: Kitchener Group. Consists of Q Central (seven six to eight storey low-rises) and Q City (12 storeys). Cost: $70 million. 324 apartments total (1+2+3 bedroom). Sold 209 stage 1+2. Stage 3 has 115 apartments. Average returns: Q City 8%, Q Central 12% gross on some of the higher-priced apartments. Price range Q City $145,000-169,000. Price range Q Central $208,000-230,000. Construction to begin July. Scheduled for completion: Q Central July 2003, Q City August 2003
No 1 Hobson at 1 Hobson St. Developer: Kitchener Group. 188 apartments (19 storeys). Cost: $50 million. 188 units. 80% sold. Price range $135,000-405,000. Construction began May 2002. Scheduled for completion August 2003
The Parc at 14-42 Market Place. Developer: Symphony. Cost: (All figures for stage one only). Cost: $46 million 71 units (2+3 bedroom). Price range $528,000-965,000. 70% sold. Construction to begin October 2002, completion summer 2003
H47 at 47 Hobson St. Developer: Symphony. Cost: $42 million. 156 units (1+2 bedroom). Price range $129,000 -455,000. Average returns 8%. 65% sold. Construction to begin end of July 2002, completion August 2003.
C-Vu at 34-36 Day St, cnr Hopetoun & Beresford Sts. Developer: Conrad Properties. Cost: $24 million. 130 units (12 storeys, 1+2 bedroom). 15 sold. Price range $139,000-230,000. Average returns 9%. Construction scheduled to begin end of year, completion December 2003.
Viaduct Point at 125 Customs St West, Viaduct Harbour. Developer: Dominion Funds. Cost: $30 million. 78 units (five storeys, studio & 1+2 bedrooms). 10 sold (studios). Price range $185,000-590,000. Construction began December 2001. Scheduled for completion December 2002.
Nova en Scotia at 18 Scotia Place. Developer: Scotia Properties (Stephen Smythe). Cost: estimated $20 million. 90 units (12 storeys, 1+2 bedroom). Price range $195,000 average. Average returns 8-10%. Construction scheduled to begin August 2002, completion October 2003.
The Landings at cnr Beech Rd & Ronayne St, Quay Park. Developer: Joint venture between GNL Group & Esfahan (Mosen Haghi). Cost: $48.5 million. 150 units (1+2+3 bedroom, East complex eight storeys, West complex 10 storeys). Price range $190,000-515,7500. Return 7.5-8.5%. Sold 60%. Construction of stage 1 to begin July 2002. Stage 1 scheduled to finish June 2003, stage 2 December 2003.
Beaumont Quarter at Beaumont Street, St Mary's Bay. Developer: Melview Developments. Cost: $100 million. Price range stage I and II $150,000- 500,000. Average return 10%. 200 houses, 50 apartments (1+2+3 bedroom) and offices. Stage 1 sold out (72 units), stage 2 sold 56 units. Construction of stage 1 scheduled for completion August 2002. Construction of stage 2 to begin July 2002, completion June 2003.
Scene Apartments at cnr Beach Rd, Britomart. Developer: Redwood Group. Cost: $28 million. 122 units in stage 1 (studio, 1+2+3 bedroom). 50 sold in stage 1. Price range $140,000-585,000. Construction scheduled to begin August 2002, completion July 2003.
Princeton at 30 Symonds St. Developer: Sanctuary Development Group. Cost: $19 million. 138 units (2 bedroom). All sold. Price range $145,000-$160,000. Average returns 8.5%. Construction began September 2001. Scheduled for completion September 2002.
Columbia at 15 Whitaker Pl. Developer: Sanctuary Developments Group. Cost: $26 million. 142 units (2+3 bedroom). Sold 55. Price range $99,000-$200,000. Average returns 8.5%. Construction scheduled to begin September 2002, completion September 2003.
No1 Parliament St. Developer: Carpark Trust. Cost: $49 million. 230 units (19 storeys, studio, 1+2+3 bedroom). All units held by trust. Price range $149,999-$460,000. Average returns 8.5%. Construction started October 2001. Scheduled for completion June 2003.

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