Mt Maunganui penthouse sells for $5.5 million

A luxury penthouse apartment overlooking both the beach and harbour at Mount Maunganui has sold for $5.5 million.
A Bay business couple, who did not want to be identified, has just settled on the top floor penthouse of the northern tower, closest to Mauao, in the Eleven complex at the start of Maunganui Rd.
The apartment with more than 500sq m of living space - bigger than a normal suburban house - has views over Main Beach and Pilot Bay.
It is the second multimillion-dollar residential sale within a month on the Mount beachfront.
Economist Gareth Morgan paid $6 million for a four-level mansion - with gym, sauna and heated swimming pool - on Marine Parade, previously owned by bankrupt property developer, Paul Hollis.
The latest sale means both penthouses, which each take up a whole floor, have been sold in the $125 million Eleven twin towers apartment building.
"The couple first came to the opening function 15 months ago and the place has grown on them. After all this time, they decided they should have it," Eleven developer Dr Rob Donald said.
"The couple must have looked at everything available at the Mount."
Dr Donald said the new owners asked to keep their identity secret and "I have to respect that".
"They are a good Kiwi family. They've worked hard and done well, and this is the result."
Initially, the couple will use the penthouse as a holiday home at the Mount, but in due course Dr Donald felt they would live there permanently.
The new owners can make use of 365sq m on the 11th floor and another 200sq m on the roof, which includes a heated swimming pool, decking and a barbecue area. Down below, there are three double bedrooms, a study, three bathrooms, the main lounge facing Main Beach with a kitchen, and the evening lounge/media room facing Pilot Bay with a kitchenette. The deck on the 11th floor goes around three sides of the penthouse.
The penthouse in the northern tower was bought off the plans for $6.45 million nearly three years, but the Auckland buyer couldn't settle because of the recession.
In April last year, the penthouse in the southern tower changed hands, with Auckland car magnate Colin Giltrap paying $5.5 million.
Dr Donald said he had now sold 60 per cent of the 65 apartments and there were four unsold units in the three-level podium.
The smallest one-bedroom apartment in the podium recently sold for $420,000.
Dr Donald was now concentrating on selling the 233sq m sub-penthouse on the 10th floor of the northern tower for $3.45 million.
The funders BOS (Bank of Scotland) International has extended its loan on Eleven to the end of the year, when it will be reviewed.