Manukau Building’s Make-Over Sets Market Alight

Manukau Building’s Make-Over Sets Market Alight

AUCKLAND, Monday 4th March 2013: Property investors are pouncing on a prime new central Manukau building refurbishment, with 70 of its freehold strata apartments and retail spaces sold since going on the market in February.

M Central will comprise 114 apartments, starting from $218,000, and 34 retail units, from $69,000 (+ GST), in what is currently a commercial building at 17 Putney Way, Manukau City.

The revitalised building will sit in the heart of Manukau’s new urban centre, just 50m walk from the soon-to-open Manukau Institute of Technology campus and train station, directly opposite the proposed Transport Hub and adjacent to Hayman Park.

M Central is being rejuvenated by long-term Manukau property owner, Pacific Equities Group, who is experiencing unprecedented enquiries about their latest venture.

Director Richard Jamieson says investors clearly see the potential and there is renewed interest in apartment living, with average house prices in Auckland now topping $500,000.

MIT’s new Tertiary Centre will soon have around 5000 students on site, and their roll is due to reach 25,000. * In addition to that, about 600,000 passengers a year are predicted to use the new train station and 1.2 million people are expected to eventually use the transport hub each year. **

Jamieson says investor feedback indicates people feel secure when buying at M Central because although they are buying off a plan, they can touch and see the existing building and better imagine the end result.

“People get to fix the purchase price now, with the market on the rise, and a ten percent deposit secures the unit with payment on completion mid-2014.

“Also, the current level of housing is at capacity, so future demand for accommodation, especially for students, will be high. We have had a lot of interest in multiple purchases. One investor purchased three retail units and they are interested in two more,” he says.

Award-winning architects Leuschke Group will rejuvenate the landmark building with a fresh design which architectural commentators from skyscrapers.com have likened to buildings in Rotterdam, Holland, a city known for its innovative design.

M Central will stand 11 stories high, and feature contemporary high stud one, two, three and four bedroom apartments. Spectacular views will be available over the surrounding city and out across the Bombay hills, Rangitoto Island and the rugged Manukau Heads. The two story retail complex will include a supermarket, cafes and a number of speciality shops.

With a population of approximately 330,000, Manukau is New Zealand's third largest city, and the fastest growing.

“Manukau is about to enter a dynamic period of growth, and the city’s hub will soon shift to this precinct. M Central is perfectly positioned to take advantage of the influx of students and commuters and will become a key feature of this vibrant new community.”

Jamieson says M Central’s display suite is now open from 10am - 4pm every weekend, and on Wednesdays from 11am - 2pm. For more information call 0508MCENTRAL (0508623687).

For more information and artist’s impressions visit www.mcentral.co.nz

* http://www.nbr.co.nz/article/manukau-tech-build-new-city-campus-co-109170
http://www.nbr.co.nz/article/manukau-tech-build-new-city-campus-co-109170
** http://www.aucklandtransport.govt.nz/improving-transport/current-projects/Rail/Pages/ManukauStation.aspx
***http://www.aucklandtransport.govt.nz/improving-transport/current-projects/Rail/Pages/Manukau-Station---Tertiary-Centre.aspx

About Pacific Equities Group
Pacific Equities Group is a family business that has been operating for over 50 years. Its current portfolio includes both domestic and international property, forestry and lifestyle investments. Pacific Equities has owned the M Central building for over 18 years and is working with seasoned consultants to launch this project including the ASB bank. The company set new standards for creating communities when it pioneered the Auckland suburb of Conifer Grove in the mid to late 1960s.

About Manukau
Manukau City is one of the largest, fastest growing and yet one of the youngest cities in New Zealand.

The city is unique in its rapid growth, diverse multicultural society, ready access to transport links involving road, rail and air, extensive 320 kilometre coastline, and its ability to attract industrial and commercial development.

Manukau's beautiful rural character is still very evident, with two thirds of the area still in agricultural use. The link with urban areas provides an interesting contrast that is very special to Manukau. Across all of the territory, Manukau is endowed with a vast array of parks, playgrounds, marine facilities, sports fields, libraries, recreation and cultural centres, swimming pools and commercial recreational opportunities. (Sourced directly from http://www.manukau.ac.nz/about-us/manukauauckland)

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