Apartment portfolio in 5-star city hotel
A portfolio of 23 freehold apartments within a five-star hotel complex has been placed on the market for sale.
The Pullman Residences tower at 6 Princes Street, in Auckland, sits beside the five-star Pullman Hotel. Spread over 14 levels of the tower in Princes Street, the apartment portfolio for sale comprises:
• Thirteen one-bedroom apartments, each of 70 square metres, and four carparks;
• Nine two-bedroom apartments ranging in size from 94 square metres to 103 square metres, including 2 sub penthouses plus two car parks; and
• One three-bedroom penthouse developed over 2 levels of 134 square metres plus one car park.
The portfolio is being marketed for sale by deadline private treaty by Bayleys agents David Bayley, Layne Harwood and Paul Dixon, with offers closing on October 8. .
“Rarely does a portfolio of this size or quality come onto the market. The Pullman Residences collection would suit a private investment fund or property management entity,” said Bayley.
“The 23 apartments for sale are located from level 4 in the tower up to level 17 at the very top.
“Any new owner could look at a variety of tenancy configurations in the future - letting them all to private tenants as apartments, potentially placing them all within the Pullman Hotel management structure as guest accommodation, or apportioning into both avenues for a split-risk profile.”
Constructed in 2006, upper-level apartments within the Pullman Residences block have spectacular views of the inner city and Waitemata Harbour depending on their aspect. The tower is serviced by three electronic key-controlled lifts and is zoned Commercial 8A and 8F.
While the Pullman Residences can be operated under the Pullman Hotel brand, the tower block containing the apartments suites is totally separate from the adjoining hotel block which is currently run as a Governmentmanaged isolation and quarantine facility – with its access off Waterloo Quadrant.
When operating as a standard hotel open to the public, Pullman Residences owners and tenants have access to the Pullman Hotel’s spa facilities featuring a sauna, steam room, and heated 25-metre indoor lap pool, along with a fitness centre, restaurant and bar. The Pullman Hotel also has 16 function rooms – capable of hosting small corporate meetings or banquets, up to a ballroomsized venue for conferences and larger events. There are two memberships available with each apartment for use of the health club, gymnasium and spa.
Harwood said the Pullman Residences’ location underpinned the potential for use as either fixed-term lets by executive-level workers, or for private tenancy. “For those seeking living accommodation in the heart of the city, the apartments within the Pullman Residences are literally of a five-star quality as befitting the hotel’s official Qualmark grading,” he said.
“The quality chattels and fittings are stylish and have been replaced or upgraded regularly over their comparatively short life span – meaning the apartments could be let fully furnished.
“From a letting perspective, the quality of the room fit outs and indeed the tower in which they are located, the venue’s central city location, and the personal health amenities available to residents within the Pullman complex, all combine to ensure premium rental rates could be expected from these apartments.”
Harwood said the portfolio was only being offered for sale as one entity. “From an ‘on-selling’ perspective, having units within the apartment portfolio located over 17 storeys within the tower enables multiple price points to be offered to buyers.”