Fancy a new apartment in Orakei? You could be paying as much as $13 million for it.
A nine-level apartment building has got the green light from Auckland Council and units will go on sale for as much as $13m.
The price tag could make them the most expensive apartments to sell in Auckland.
The most pricey apartment sold in New Zealand was for a yet-to-be-built Parnell penthouse which went for $9.25m recently.
Also on the market is a two-level "super penthouse" in Auckland's CBD which has an asking price of $35m.
Pete Evans, Colliers International's residential project marketing director, said approval had been given for the Orakei units, being marketed from $2.7m to $13m, in a building called The Peninsula.
The proposal for the 32-unit building in Orakei comes after plans three years ago to develop 500 units on the same site.
The project is at 228-246 Orakei Rd where a display suite has been developed.
In 2015, buyers of units in the 500-unit Orakei Bay Village said they were offered their money back, after delays and escalating construction costs pushed prices up by 30 per cent.
Kerry Knight, Equinox Group director, today acknowledged the previous scheme by the business.
"The new plans have been significantly scaled back to remove the complexities of the previous requirement for development over the train tracks and a land swap with council," a statement said.
"We are now only building on our freehold land," Knight said today.
Other schemes have also been planned for the land but were also ditched.
Equinox said that in 2007 it had "funded a developer to purchase various blocks of land on Orakei Road adjacent to the Orakei Rail Station. In 2009, as a result of the recession, Equinox took over the site".
"In late 2015 after Equinox had sold $100m of apartments it was clear that the new Auckland Council and the new Auckland Transport weren't going to proceed with previous agreements and arrangements and Equinox was forced to cancel sales and cancel the Orakei Bay Village project consisting of 500 apartments, 10,000sq m of retail, a new train station and the various parks and plazas that were planned and specified in council's own plan change," it said.
The business still owned a prime piece of land which it wanted to develop, it said.
Equinox lists its previous developments including the White Heron Apartments in Parnell, Metropolis in the CBD, No 1 Queen St and Princess Wharf.
For more property news and listings go to oneroof.co.nz