New phase of development fills gap in property market

New phase of development fills gap
in suburban property market

Barfoot & Thompson announces sale of Saltus Apartments at Stonefields

Heralding a new phase of development at the master-planned east Auckland suburb of Stonefields, real estate company Barfoot & Thompson has announced their mandate to sell more than 40 properties to be built as the Saltus Apartments.

The Saltus Apartments will be the first high-density residences in the Stonefields development, New Zealand’s first master-planned community and largest-ever urban redevelopment project.

Barfoot & Thompson Managing Director Peter Thompson says the apartments will fill a growing gap in the Auckland property market.

“Currently, lack of choice for buyers is a primary issue across the city. Adding to this, there are very few – if any – of these new, spacious and high-specification apartments available on the city fringe.

“The listing of these new apartments will help to ease some of the supply issues in this particular sector of the market in the short term.”

Looking ahead, Mr Thompson sees Stonefields’ high-density developments as a part of the blueprint for satisfying Auckland’s future housing needs.

“Properties like Saltus, and the future high-density and mixed-use buildings planned for Stonefields alone, are part of the solution for housing Auckland’s rapidly increasing population in the coming decades.”

Mr Thompson expects to continue to see the renewal of residential sites and more high-density housing to keep pace with population projections.

“Our aptly named ‘Super City’ will need 330,000 more dwellings over the next 30 years to house Auckland’s projected population of 2million plus.

“We simply don’t have the quarter acre blocks to do that anymore. Buildings like Saltus deliver the lifestyle and sense of community that those enjoying the city fringes desire, but in the intensity that Auckland needs to thrive.”

At a time when new building consents are at their lowest level in 20 years, new projects like the Saltus Apartments and the continued progress at Stonefields is also “very good news” for Auckland, says Mr Thompson.

“The success of Stonefields through what has been an extremely tough economic period for property, and this next wave of development, underlines a reassuring confidence in this niche of Auckland’s housing market.”

Evan Davies, Managing Director of developers Todd Property, says Stonefields and Saltus are “the new way of living in Auckland City”.

“Saltus offers excellent choice and an extremely attractive option for those wanting to live in eastern suburbs with the convenience of a new, low maintenance property in a lifestyle-centred community,” says Mr Davies.

“The addition of apartments to the established neighbourhood of homes and townhouses begins to bring the full vision for Stonefields together. More than just another residential development, Stonefields will set a new standard for the future of Auckland’s housing.”

About the Saltus Apartments
The Saltus Apartments will feature 44 well-proportioned apartments, ranging from 2 to 3 bedrooms plus study, and each with two carparks.

The Avery Team Architects designed building is north-east facing, maximising generous outdoor flow and offering sun, ventilation and privacy. High specification materials and design shine throughout the property, with highlights in the Poggen Pohl kitchen and the fully-tiled bathrooms featuring top-quality fittings.

Apartments are currently being offered for sale off the plans, with prices ranging from $580,000 to $850,000 each. Construction completion is anticipated in late 2012.

About Stonefields
The master-planned community of Stonefields, now a suburb in its own right, offers a carefully thought-through range of housing styles, infrastructure and amenities, such as schools, recreation and leisure.

A popular eastern suburb located just 8kms from the city centre, Stonefields already boasts a neighbourhood of large stand-alone homes, recreational areas and a new primary school, with plans to develop a marketplace and further housing over the coming years.

Redeveloped from an historic volcanic site, past Maori fortified village, and later a quarry, Todd Property and Fletcher Residential are transforming the 110-hectare site to eventually home some 6,500 people in 2,600 quality dwellings.

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