Bayleys salesman Peter Clarke says 8A/8B, 1 Marine Parade was the nicest and largest apartment on the market in Mount Maunganui. Photo / Bayleys
Bayleys salesman Peter Clarke says 8A/8B, 1 Marine Parade was the nicest and largest apartment on the market in Mount Maunganui. Photo / Bayleys
A ocean-facing apartment in Mount Maunganui’s iconic Oceanside Towers with views from Mauao to Moturiki has hit the market.
The 286sq m property, described by a real estate agent as “unique and spectacular” and valued at $5.1 million, was formed by merging two separate apartments.
Bayleys salesman Peter Clarke said8A/8B, 1 Marine Parade was the nicest and largest apartment on the market in Mount Maunganui.
8A/8B, 1 Marine Parade in Mount Maunganui is 286sq m and was formed by merging two apartments. Photo / Bayleys
Clarke said the rateable value was $5.1m: “This seems realistic for such a high-calibre property.”
The biggest sale price for an apartment in Tauranga was in 2021, when Sir Colin Giltrap’s penthouse apartment in Mount Maunganui sold for $10.2m.
Clarke said in a statement the Oceanside Towers were a “well-known” landmark in Mount Maunganui.
“Many dream of owning one of the ocean-facing apartments, but to own two combined into one magnificent residence is truly unique and absolutely spectacular.”
He told the Bay of Plenty Times the apartment market in Tauranga remained steady.
“It’s mainly from holiday home investors looking for higher-yielding holiday rental income, where they can utilise their apartment whenever the owners want to.”
Clarke said the vendor bought the two apartments in 2018, and spent a year stripping them back and joining them together.
“There’s now twice the space and twice the views, all cleverly reconfigured.”
The floor plan offered open-plan living and dining, a stone-clad gas fireplace, and engineered oak flooring that connected to two large balconies with views of Mount Main Beach and Mauao.
The apartment had three bedrooms, each with heating. The primary suite boasted a walk-in wardrobe, an ensuite and private access to the balcony, with the other two bedrooms in the opposite wing.
The Oceanside Towers building had a long-term maintenance programme in place and the swimming pool and garden areas were currently being upgraded.
“It really is the best of apartment beachside living.”
Clarke said while the traditional home was generally more popular in today’s markets, apartments had the advantage of high-value locations.
“In downtown and the Mount, apartments are more affordable than standalone homes in the same location.”
The apartment has two large balconies with views of Mount Maunganui Main Beach and Mauao (The Mount). Photo / Bayleys
OneRoof editor Owen Vaughn said he was seeing a “bulk of big sales” on the market for beachside, glammed-up apartments.
“Your large, kind of luxury properties overlooking the beach are the ones fetching big prices and also selling in quite quick periods.”
He said the apartment market had been “pretty flat” because it often attracted a specific buyer group.
“The luxury apartment market in Tauranga, unless it’s something spectacular, is usually sitting around about that $2m to $4m mark.”
He said there had been a small uptick in average property value in Tauranga, and year-on-year values were down 0.1% for the quarter.
“The market overall hasn’t budged all that much in the last year and has kind of hovered around that million mark in terms of its average property value.”
He said the 8A/8B 1 Marine Parade apartment was “unusual”.
“That’s where the kind of attraction is, is that it’s two apartments fused together.”
Vaughn said luxury properties in a prime position attracted buyer wealth from Waikato, who see a “legacy buy” that won’t come up again.
“They’ve been waiting to pounce, so those properties are the ones that tend to get big offers.”
Kaitlyn Morrell is a multimedia journalist for the Bay of Plenty Times and Rotorua Daily Post. She has lived in the region for several years and studied journalism at Massey University.
