Big interest in new apartments
Half of the 72 units in a new development in Avondale have been sold to investors.
Ockham Residential is behind the new Set buildings that are being developed near the Avondale Jockey Club on 26 Racecourse Parade.
Ground was broken on the project on September 8 with construction to take one year to complete.
The price of the apartments range from $430,000 to $820,000. Half of the apartments have already sold.
Ockham property developer Mark Todd says that 50 per cent of buyers are local investors, however, they are hoping more owner-occupiers will purchase remaining units.
The development consists of three different buildings known as Subset A, B and C. Subset A and B will be three-storeys and Subset C will be five-storeys. The buildings will house 72 apartments and each apartment will have one parking space.
Todd says the company has kept the price point affordable by building only one and two bedroom units or one bedroom with a study.
Car parking adjacent to the building rather than underground is another cost-saving strategy.
Some owner-occupiers will be eligible for an interest-free 10 year loan equal to 15 per cent of the property’s purchase price, Todd says.
Panuku Development Auckland sold the land to Ockham and are leading development of the new Avondale Town Centre. Panuku is currently in discussion with Housing New Zealand on a number of sites in the area. Bigger houses are increasing house prices and contributing to the housing problem in Auckland, Todd says.
He says this gives Ockham an opportunity to do developments such as apartment blocks and create a home environment people would not otherwise consider.
Auckland’s average house price is now more than $1 million, according to Quotable Value. Whau councillor Ross Clow says this development will be accompanied by new community facilities including a library and community centre that is planned for completion by the end of the 2017/2018 financial year.
The development has a strong local link with Set architect Tania Wong growing up on Holly Street in Avondale.
The Set development in Avondale by Ockham Residential.