Today marks a milestone in populating the Wynyard Quarter precinct with the launch of two premium residential developments that have their ground rent pre-paid for an age.
The land Wynyard Central and 132 Halsey will be built on belongs to council-controlled waterfront custodians Waterfront Auckland. New Zealand-based property development and investment company Willis Bond & Co, which is developing these complexes in partnership with Waterfront Auckland, is pre-paying the leasehold land's ground rent for 128 years from the start of construction.
This means apartment buyers won't have ongoing leasehold payment because their purchase price covers the lease period.
Willis Bond project director Roger Twose says: "People have always liked the idea of living on or near the water down here. However, the commercial leasehold structure has put a lot of them off and affected value.
"They like the certainty of this new proposition where the ground rent is pre-paid for 128 years."
Developer Willis Bond already has an Auckland presence, some of it from offering upmarket residences at Hobsonville Point. It recently completed Wellington's $170 million apartment-retail-office project Clyde Quay Wharf, developed in partnership with council-controlled Wellington Waterfront. Its apartments have been sold similarly, with purchase prices covering leasehold payments.
Landowner Waterfront Auckland selected Willis Bond to develop a whole precinct of Wynyard Quarter following an international design and tender process. Stage One of Wynyard Central and 132 Halsey are the beginning of this undertaking that will eventually create a new mini-suburb across five blocks of land.
A $2-million steel-framed display suite on the corner of Daldy St and Madden St, alongside Daldy St Park, showcases the type of floor plans, fixtures and fittings these two new offerings will have.
Stage One of Wynyard Central offers a mixture of 113 apartments and townhouses designed by Architectus. Construction of these will start in October with the first residences scheduled for completion mid-2017.
When complete, 10-level Wynyard Central will include more than 400 apartments and townhouses, some also designed by Studio Pacific Architecture. They're being constructed in materials ranging from brick to reinforced concrete.
Boutique waterfront complex 132 Halsey on Halsey St, designed by Athfield Architects, will face eastwards over the Viaduct Harbour. It will encompass 50 luxury apartments with ground floor retail spaces.
These will include two seventh-floor penthouse apartments. Its residents will enjoy amenities including a concierge, 16-seat theatrette, fitness centre and business centre. Both developments include premium features such as a Miele kitchen appliances, 2.7m stud heights, balconies and many dual aspect abodes.
Carrara marble will feature in the kitchens at 132 Halsey, and most residences will enjoy an outlook over the water.
The developments have optional car parks and will target a Homestar 7 environmental rating for sustainability and energy efficiency.
Although sales to the public officially kick off today, Roger says there has already been lots of interest from empty nesters.