OneRoof: Japanese buyer pays nearly $8m for Auckland penthouse
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OneRoof: Japanese buyer pays nearly $8m for Auckland penthouse
And an American snaps up an apartment in the same block for over $5m.
Foreign buyers are investing in Auckland’s luxury apartments, notably at York House in Parnell.
Thomas McAlister says a Japanese buyer spent nearly $8m, and an American buyer $5.35m.
York House offers high-end features and views, attracting both international and local buyers.
Some foreign buyers are bucking the trend of shopping for a mansion or a luxury lodge and have instead put their money into one of Auckland’s newest luxury apartment buildings.
Thomas McAlister, Colliers’ national director of residential projects, said a Japanese buyer with an Active Investor Plus visa had spent nearly $8 million on a 217sqm sub-penthouse at the soon-to-be finished York House, in Auckland’s Parnell.
And a buyer from America had snapped up a 179sqm apartment in the same development for $5.35m.
York House is due to open at the end of this year and will have views of Rangitoto and the Waitemata Harbour, as well as the CBD and the Auckland Domain.
The two sub-penthouses bought off-the-plan by the golden visa holders had three bedrooms, three bathrooms, media rooms and a scullery, as well as car parks and large terraces.
McAlister said while locals can be negative about their city, foreigners think highly of Auckland, and these buyers were drawn to York House because of the credentials of those behind the building. The developer, INT.RE Kajima (formally Icon Developments), is working in partnership with Precinct Properties, and is backed by Kajima, a Japanese mega-corp that is tied to some high-profile construction projects.
As of this month, 19 properties have been bought by foreign buyers through the AIP scheme. Thirteen are in Auckland, four in Otago, and one each in Waikato and Hawke’s Bay. US buyers lead the pack, making seven purchases, with Chinese buyers following close behind with five purchases.
McAlister had thought Queenstown would benefit most from the changes to the foreign buyer rules, but visa holders seemed to be targeting Auckland. His American buyer was based in Sydney but was fond of New Zealand and wanted to make Auckland her home, he said.
McAlister said that for apartment buyers, there were few high-quality choices in Auckland. “The pipeline of high-quality residential apartments in Auckland is so narrow. There really are only a handful of buildings, and some of them are very boutique,” he told OneRoof.
It is not just foreign buyers interested in York House. Almost half of the development’s 44 apartments have been sold, mostly to locals, with a Kiwi buying a sub-penthouse for $6.3m. McAlister said wealthy locals were also showing interest in luxury apartments known as the Domain Collection, in Newmarket, which Colliers is also selling.
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