Look what $6.4m buys you ...

By GRAHAM SKELLERN
A wealthy Auckland businessman, keen to get a slice of the beach holiday action at Mount Maunganui, is splashing out nearly $10 million on four new apartments.
He has put down a deposit for the $6.45 million top floor penthouse in the yet-to-be-built, twin-tower complex at 11 Maunganui Rd - the highest price paid for a house and double the price of any apartment in Tauranga.
And he wasn't finished there. The businessman, who didn't want to be named, is spending a further $3.195m for three two-level apartments in the podium underneath the two towers, and he is combining two of them into a larger living area.
The previous highest sales were $6 million for two properties further along Marine Parade - one sold in August 2004 and the other last month.
A local developer, however, paid $8.5 million for three adjoining Oceanbeach Rd sections, owned by the Beazley family, late last year. The combined site totals 4866 sq m and is being redeveloped.
Neville Falconer, national councillor for the NZ Real Estate Institute, was staggered by the penthouse price. "Wow, that's amazing. It's an apartment; it's not even a house on a prime piece of land. You could buy a lot of good property in various parts of the city for $6.45 million.
"But this is a wealthy person looking for a luxury situation here. He is buying into a niche part of the market that is not subject to the same factors that you and I experience. The price is good news for underpinning the appeal and confidence of Western Bay," said Mr Falconer.
After the $125 million twin-tower development Eleven Maunganui Road was first marketed, Colliers International salesman Malcolm Eden received a call six weeks ago - and he immediately flew to Auckland to talk to the businessman.
The deal was finally signed with a $5000 deposit on Thursday night. The businessman pays 10 per cent of the purchase price by the time construction begins in July and the remainder when the Rob Donald-designed complex is finished in two years.
For his money, the businessman gets 340 sq m of luxury living - including 80 sq m of teak or tiled decking - with panoramic views of Pilot Bay, Mauao and out to sea over Main Beach.
The penthouse, 38m above ground level, has three bedrooms and bathrooms, an office, a library, a glass lift - and an 8m long and 5m wide swimming pool on the roof surrounded by a large barbecue and entertainment area.
Mr Eden said the businessman was a fan of Dr Donald's design and believed the apartment would be irreplaceable.
"As a youngster he holidayed at the Mount with his parents and stayed on that actual site."
Eleven Maunganui Road, comprising 61 apartments, is already setting a new level of sales in Tauranga, and particularly next to the beach at the Mount.
Half of the 28 podium units and a third of the tower apartments are already under contract, and Colliers has achieved sales of $3.125m, $2.75m and $1.85m.
Mr Eden said he was close to selling the penthouse in the second tower for $6.2 million.
So far Colliers has registered 680 inquiries, from as far away as Britain, Dubai, Singapore and Australia, but the strongest interest is from Auckland.
"We are talking about a quality international product and buyers are seeing good value," said Murray Greer, managing director of Rifleman Finance Group, the funder of the development.
After adjusting carparking and landscaping, Dr Donald has been granted a resource consent. The 17 houses and units on the 3985 sq m site between 7-13 Maunganui Rd and 6 Marine Parade will be removed in June.