Big in­ter­est in new apart­ments

Central Leader - - OUT & ABOUT - DANIELLE CLENT

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.

SUPPLIED

The Set de­vel­op­ment in Avon­dale by Ock­ham Res­i­den­tial.

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