The Elizabeth Towers. Photo / Supplied
The first luxury apartments and townhouses as part of the $200 million-plus Thirty Eight Elizabeth development in Tauranga’s CBD are set to be up for sale by the end of the year.
A top real estate salesman says the release of apartments and townhouses in the development was “long awaited” and believed initial inquiry and sales should be strong.
The 97 luxury apartments and 23 sky townhouses at Elizabeth Towers on the corner of Devonport Rd and Elizabeth St will feature one, two, and three-bedroom options.
Stage one will be released by the end of the year. How many apartments and townhouses in stage one will be up for sale and at what price were yet to be confirmed.
Thirty Eight Elizabeth project manager Brett Nicholls said plans were back on track following widespread Covid-related hurdles, in particular, labour and specialist building supply shortages.
But, he said, the focus had turned to the completion of the development this year.
“Very excitingly, this means we will be able to start open homes and selling these prized apartments and townhouses to the public in the last quarter of 2023.”
The residents’ concierge on the corner of Devonport Rd and Elizabeth Towers was now almost complete, he said.
“The interior design of this area really showcases the quality and detail expected throughout the development.
“Every finish, material, and impression has been considered to make the entrance to this exclusive address a pleasure.”
Nicholls said other milestones for the development in the coming months included the roof scaffold and white wrap protecting Elizabeth Towers starting to come down, and would signify the unveiling of the building.
That meant the penthouse at the top of the tallest tower would slowly be revealed between now and mid-March, he said.
“We can’t wait for the community to see the quality of this build that will provide the impressive gateway to central Tauranga. Something we hope the entire community of the Western Bay will be proud of.”
Picnicka was announced as the first hospitality tenant to join the development’s dining precinct in July 2021, followed by the opening of about 7000sq m of retail space including the newly revamped Farmers, Whitcoulls and Pascoes retail stores in February last year.
“Getting the retail areas open was a focus for us last year, as well as the start of the stunning north facing food and beverage terrace,” Nicholls said.
“There was extra effort and additional investment required to deliver these components in the face of Covid restrictions and issues.”
But, he said, it was all worth it because the development played another role as a kick-starter for the CBD, inspiring other developments and builds across the area.
“It’s excellent to see other investments in the area. Our show of faith in the city and the historic ‘Farmers corner’ has proven to be a catalyst for other projects, which will make Tauranga a world-class city of the future.
“Elizabeth Towers is certainly a world-class build.”
Bayleys Bay of Plenty general manager Jon O’Connor said getting more people into the heart of the city to enjoy the planned civic amenities to be developed was one of the goals and Thirty Eight Elizabeth reflected the developer’s vision and commitment to providing central Tauranga with a new style of living.
“Our view is that it will breathe new life into our CBD and with the significant investment into other developments in the near term, there will be positive economic, cultural and social impacts that, not only the new residents of Thirty Eight, but the people of Tauranga will be able to enjoy for years to come.”
O’Connor said the release of apartments and townhouses at Thirty Eight Elizabeth was long awaited, with many people excited about the prospect of buying in the unique residence while experiencing a new way of living in the city.
“We believe initially, inquiry and sales should be very strong, however, the total time of the sell-down may be impacted by potential buyers’ ability to sell their existing home or obtain finance given current conditions.”
But, he said, towards the end of the year there should be more certainty, with inflation flattening, interest rates stabilising, and the election behind us, some renewed confidence should aid the property market.
“Many people moving into Thirty Eight will sell long-held homes in older suburbs and this in turn will create opportunities for those that seek these properties, which will be another positive consequence of this visionary development and a shift to inner-city living.”
O’Connor said local experiences of apartment living, apart from Mount Maunganui, were minimal when compared with cities such as Auckland, Wellington, and Christchurch.
Bayleys had been involved with a number of sales in the past year for apartments, including the Devonport Towers and Trinity Wharf, and newer complexes such as Latitude and the soon-to-be-completed Vantage sold down by others, he said.
“These residential options have proven popular with a wide demographic both from within the region and those wanting to move to and live in the Bay of Plenty.
“It is becoming more widely accepted that inner-city apartments and terraced townhouses can afford people a lifestyle that gives them more time and convivence as these are close to amenities and hospitality precincts, are modern, low-maintenance, secure, lock-and-leave options in contrast to traditional suburb living.
“Expats returning from overseas, particularly of a younger generation, are accustomed to and seek this type of living so they will play a part in the future makeup of the city’s residents.”
Downtown Tauranga chairman Brian Berry said the scale and quality of the Thirty Eight Elizabeth development reflected the vision of the Tauranga CBD transitioning to a place where people work, play and live.
Berry said the development supported apartment or mixed-use developments either completed, underway, or in the planning stages on the periphery of the CBD.
“Great cities around the world have city centres with intensified vertical living that supports vibrancy 24/7 and allows for a greater focus on not only business and hospitality, but also cultural activities.
“With other large-scale commercial developments underway, these are exciting times for the Tauranga CBD — short-term pain for long-term gain.”