Apartment developer Tasman Cook Ltd set the second stage of its Merchant Quarter Condominiums in New Lynn in motion last week, with 21 of the 25 units sold.
Stage 2, designed by stage 1 architects Jasmax, will have 3 levels – like the existing tower, above the parking podium. Each apartment will have 2 levels and measure about 84m².
The 10-level stage 1 tower completed in August 2014 has 110 apartments above 4 parking floors & ground-floor retail. One parking level is for apartment occupants, one is leased to the Health New Lynn medical centre in the building and the other 2 are public council-run floors.
The development began as a 3-party effort above the new rail station cutting & bus station in the centre of New Lynn – Infratil Ltd built the medical & retail, Auckland Council did the parking and owned the land, and Tasman Cook Ltd developed the apartments.
The second stage was always envisaged and, although pricing for new apartments in central Auckland has soared above $10,000/m², Tasman Cook has held its pricing for these units around $7-7500/m².
The cheapest buy when stage 1 was marketed about 5 years ago, when the market was still in a post-global financial crisis holding pattern, was $246,000 for a 41m² one-bedroom unit. A 73m² 2-bedroom unit at that time was priced at $445,000.
Prices in the original tower have risen, by as much as $200,000 on a unit originally sold for $350,000, and the building has waiting lists for its rentals.
The property is functional, without the additions such as pool, tennis court or gym that can add considerably to body corporate costs. Marketing is by Kris Jamieson & Kevin He (Barfoot & Thompson).
Attribution: Company response.