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Complex a Catalyst for Reinvigorating Auckland Central

Complex a Catalyst for Reinvigorating Auckland Central

For the first time since the global financial crisis, a significant new apartment development will be developed in Auckland’s City Centre. SugarTree, a $250 million, multi-storey freehold apartment complex will commence construction in mid-2013 on an almost 2 acre site between Union and Nelson Street.

The first stage is an 11-storey, 152 apartment complex with one and two bedroom apartments plus eight live/work units and seven ground floor commercial units with mezzanine floors and two levels of underground parking. All resource consents for Stage 1 have been obtained and completion of this stage is scheduled for the end of 2014.

Stages two and three will be completed 18 months later. When all three stages are complete there will be a total of 500 one, two and three bedroom apartments.

The development provides urban living close to the city centre at prices attractive to those who find Grey Lynn, Ponsonby or Freemans Bay out of their reach and seek an affordable inner city alternative

The SugarTree apartments will initially be priced between $300,000 and $600,000, with one or two bedroom options in stage one of the development.

“SugarTree is a new concept in apartment living for inner city Auckland. The complex will incorporate landscaped community spaces including water features, sculptures and courtyards creating an urban oasis on the edge of the city centre. In the third stage of the development there will be a rooftop garden for residents with spectacular views over the harbor.” explains Project Director, Darren Brown

“This development will be enhanced by vibrant commercial spaces including boutique bars, cafes, restaurants and delis. SugarTree will be its very own unique community”

“Traditional housing close to the city centre is now out of the reach of many first home buyers, so an apartment community such as this is an exciting and viable alternative,” adds Brown.

“It’s the best of both worlds – green outdoor spaces combined with a great lifestyle and the convenience of city centre living.”

There is a shortage of housing in Auckland with estimates from 11,000 to 20,000 over the next three years. Current activity levels will provide less than half this volume.

“SugarTree is in keeping with the focus of the Auckland Council’s 30 year Auckland Plan to create more inner city living communities with strong urban design outcomes

“This apartment complex will be a key catalyst for transforming this area of the city and will reinvigorate new apartment and other development in downtown Auckland,” adds Brown “

The developer’s focus is on owner-occupier buyers and they have set out to create well-sized, quality spaces for inner city living within a good price range while still incorporating high quality fittings such as stone and stainless steel benchtops and European appliances. Most apartments include large balconies that offer expansive views of the harbor.

The commercial units available on the ground floor of all the buildings will house quality bars, restaurants, cafes, delicatessens and other hospitality and food businesses that will provide sophisticated services and infrastructure to the apartment owners and the area in general.

“Apartment living is a good solution to our housing shortage. Dominant in major cities around the world, with notable examples being New York, London, Paris and now Sydney, there is a growing demand for this type of living in Auckland. However many buyers still yearn for the community and outdoor living that traditional housing provides which is what SugarTree delivers” concludes Brown.

Auckland Mayor Len Brown is encouraged by the new development. “Housing choice is an important element in Auckland becoming the world’s most liveable city as we plan for an extra million Aucklanders arriving over the next three decades.”

“The creation of a quality, compact city which protects our natural and built environment while catering for that population growth is a key part of the Auckland Plan, and any development that embraces that should be welcomed.”

The developers of the project are Lily Nelson Union Joint Venture, which is a 50/50 joint venture between two parties – Lily Investment FTC Ltd, a consortium of established Chinese Investors, and Nelson Union Ltd, which is local developer Wayne Allen.

Wayne Allen has been involved in development in Auckland for the past 20 years and at present is finalising an $88 million project developing the Whitford Village extension including 105 residential houses, townhouses and apartments.

Lily Investment FTC Ltd, the Chinese joint venture partner, will be managed by two of the investors in the partnership, Min Jia and Tiejun Yi. They are presently undertaking a $27 million dollar, 100 section residential subdivision project in Flat Bush which is almost 100% sold.

They have also completed projects in China with their largest project to date a $1 billion, 3,500-apartment unit development in Chang Sha City, Hunan Province.

All the investors in Lily Investment FTC are experienced in development and investment in China and off shore.

ENDS


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