With youngest family member 23-year-old Annabel finding it difficult to buy a home under $600,000 in central Auckland, the Mahoneys knew their timing was right for converting this building at 132 Vincent St, previously home to Beca Engineering, into apartments.
The family, headed by Michael and Tracy Mahoney, is behind The Tawera Group, a development group heading this project with a team of specialists including Hyline Construction and Clark Brown Architects to produce quality owner-occupied apartments in Auckland's CBD, with affordability the key driver. Tawera's other residential projects over the past two decades include Auckland's St James Apartments and Park Lane Apartments.
This building in tree-lined Vincent St appealed to the Mahoneys because of its solid construction, making it easier to meet council requirements for inner-city apartment living.
It has an attractive shape with nice angles, and is enhanced by the addition of balconies, new windows, a central atrium and paintwork. Refurbishment of the building started in August, with completion planned for March next year.
Available two- and three-bedroom apartments range in size from 62sq m through to 111sq m. The layout has 10 apartments on each floor, plus two penthouses on the top level.
Annabel is in charge of the marketing and brothers David and Mike are project directors.
"The location is great; it's on the city fringe, and close to the city's amenities," says David. There is good access to the motorway, and being in a tree-lined street was a big selling point for us."
Inside, the units have 2.7m high ceilings with attractive interiors designed by another Mahoney sibling, Josephine Love.
The Tawera Group views this apartment conversion as its flagship project for future development in Auckland.
"It's not so much about just this one project but about the way the council is heading in the CBD to encourage inner-city living," says David. "This is a vital part of the future of Auckland, especially if it wants to be the one of the most livable cities.
"We're actually looking for another project and we have our eyes on a few buildings, mostly for conversions."
What has surprised the family is the diversity of interest in the Vincent St apartments ... first-home buyers, families, empty nesters, investors and also strong interest from Asian buyers.
With 53 of the 62 apartments sold, Annabel may have to wait until her family's next project to buy. "I'm seriously thinking about apartment living instead of a house," she says. "I think it is the best way to get into the property market."