Chris Murphy at the new The Avenue apartments, Remuera Gardens.
Privately owned Auckland retirement business Real Living is marking occupational rights at its 62-unit The Avenue at Remuera Gardens.
Chris Murphy, a director, said the two new buildings were opened last month by Act’s MP for Tāmaki, Brooke van Velden.
An open day for the neighbourhood and those potentially interested in buying was held on March 12, with apartments selling from $950,00 to $2.7 million.
Fees are $270/week and car parks $50,000 to $60,000 each.
The fees are fixed to superannuation so when the Government pays pensioners more, fees can rise at the same rate, Murphy said.
By early March, five occupation rights agreements were signed and one was settled.
Murphy said people wanted to see the finished product before they bought and he is confident in the market for such luxurious units but acknowledges the long-term nature of such big investments.
“I’ve done many apartments and learned a lot over the years, so here there’s far more storage and the bedrooms and kitchens are larger,” he said.
The buildings were designed by Jason Matheson of BDG Architects and have four lifts big enough to take beds and furniture.
“This is my favourite,” Murphy says, leading the Herald into B403, a 154sq m two-bedroom, two-bathroom unit for sale for $2.7m.
Real Living established an $80m facility with the ANZ to fund the 62-unit project at the entranceway to its existing Remuera Gardens retirement village which the company bought years ago.
Since buying the property, Murphy said Real Living had invested at least $10m in existing structures. The main building was gutted, rebuilt, and had additions.
Kalmar Construction took about two years to build The Avenue, configured in two separate blocks, with a basement and podium level connecting the project.
An outdoor bowling green is between those two blocks in the residential area at the end of Richard Farrell Avenue.
The northern apartment block faces the College Rifles Rugby Football Club field and clubrooms and has extensive views across to Mt Wellington.
The Avenue has 58 basement car parks and storage sheds. An additional 26 car parks surround the building. Real Living also owns an adjoining site so can expand parking if required.
“We anticipate that as this building sells down, there will be demand for additional car parking so we have the site next door.”
Between that neighbouring site and The Avenue stands a decades-old liquid amber tree which Murphy estimates the company spent around $200,000 saving.
A neighbour asked that it be kept so works creating the big new basement ensured it was not disturbed. The tree has been left healthy ready for a full autumn display.
Remuera Gardens has a 17-bed hospital.
“We really believe in looking after people in our villages.”
However, he does have concerns about the lack of Government funding for rest home and hospital-level care.
Much of The Avenue construction funds went on the basement.
“Foundations for all our structures at Remuera Gardens are piled to bedrock. Kalmar tells me The Avenue apartment structures have 90 steel clutch retaining piles and 101 building piles for foundations, some going down 14m before hitting clayey sandstone) I think the longest pile we did was around 19m deep,” Murphy said.
Remuera Gardens has 111 residents including one couple who moved into The Avenue.
“We would expect there to be an additional 85 or so people residing at The Avenue when the new buildings are fully occupied.”
CBRE values Real Living’s retirement village portfolio at $350m, Murphy said.
Real Living villages include:
Murphy is a director of Real Living with sister Bridget Palmer.
There are seven siblings in the family. Two work for the retirement business.
It was established by their late father Erin Murphy who in the 1980s was managing building work at what was then Pakuranga Park.
The 1987 share market crash resulted in him buying a shareholding in that village and establishing the first property for the business.
Anne Gibson has been the Herald’s property editor for 25 years, written books and covered property extensively here and overseas.