An artist's impression of how the new scheme could look. Photo / Generus Living Group
An artist's impression of how the new scheme could look. Photo / Generus Living Group
New retirement village licence-to-occupy price records have been set on apartments where unit occupation rights have sold for just under $4 million each.
The Auckland 'village' is modelled on London's upmarket Chelsea Barracks on the site of a historic former military base in Belgravia, one of the world's wealthiest districts.Places there go for millions of pounds each.
Graham Wilkinson, owner and founder of privately-owned Generus Living Group, said licences on a number of new upper-level apartments at The Foundation Parnell were the highest in New Zealand.
"Several apartments licences sold for between $3m and $4m," Wilkinson said.
The $300m-$400m development is a partnership between his Generus and Blind Low Vision NZ, previously called the Blind Foundation, which owns historic buildings on the site with some surplus land.
It is that land and where structures are being removed that Wilkinson's business is developing, as well as striking a deal to lease the red brick historic-listed Pearson House opposite Auckland War Memorial Museum.
Wilkinson said deposits had been taken on 80 per cent of yet-to-be-built apartments in the first of three blocks planned for the site at the Maunsell Rd intersection.
Pearson House will be incorporated into the new village. Photo / Supplied
Generus takes a 30 per cent deferred management fee so $3m-$4m buyers will forgo around $1m on each licence purchase under that arrangement.
Ryman takes a 20 per cent deferred management fee but the higher 30 per cent is charged by most other retirement village operators.
Retirement village properties are not sold by most owner/operators. Only licences to occupy are sold, so buyers don't get a property title but a contract to live in the place as long as the terms of their contract are not breached.
Wilkinson said the average pricing of apartment licenses in the first building was $2m.
"The total value development is between $300m and $400m," he said.
Headquarters in Parnell on the site which is being developed. Photo / Brett Phibbs
Kalmar Construction is building the project, now working on the basement of the first building, due to be finished by 2023.
Peddlethorp designed the buildings with Stewart Harris doing interior designer. Its design was modelled on a British village
"These will be extremely high-end design, technology and finishing," Wilkinson said.
Italian stone facade material worth about $2m for the first building was on the sea to ensure no supply holdups.
