Alexandra Park surpasses $220m in apartment sales

Alexandra Park

Monday, 30 May 2016

Alexandra Park surpasses $220m in apartment sales

Alexandra Park has confirmed more than $220m in unconditional sales of its high-end apartments in just over one year - that’s an average of about $4m in apartment sales every week, blowing even the most optimistic expectations of the Auckland Trotting Club.

Construction is well underway on part of Alexandra Park’s large Green Lane West carpark. Its transformation into a significant urban village, including 246 high-end apartments, is one of the biggest brownfield developments currently happening in the Auckland City area. The first residents will move in just over 12 months’ time.

Chief Executive of Alexandra Park, Dominique Dowding, says around 80% of the apartments in stage one and over 80% percent in stage two have now been sold.

“We are living proof to all the statistics and media stories. Believe me, Auckland’s apartment boom is happening right now and interest in the apartment sector is at record levels. What’s more, it’s not constrained to the CBD this time. Let’s not forget we’re in the middle of Epsom and we’re one of the biggest lifestyle villages under construction,” says Ms Dowding.

Official building consent figures for new Auckland apartments are well up on the previous years. However despite so many residential developments underway, competition is not hurting. Ms Dowding says all the Auckland-wide apartment activity is only adding choice and fuelling interest.

“When we opened our display apartment just over one year ago, we never envisaged the level of interest we’ve sustained. Literally thousands have come through our display suite, which includes a life-sized apartment, so our buyers know what they are getting.”

She puts a lot of the success down to the quality and comprehensively master-planned product Alexandra Park is offering as well as the supreme central and double grammar school zone location. Low interest rates are adding to their appeal as is the apartments’ ‘freehold title’ status and the prospect of strong capital gain.

“We’re selling mostly to well-established locals who want to stay in the area. They’re also attracted by a strong sense of community, personal security, a great lifestyle and amenities. Plenty of empty-nesters are selling their old family home nearby and opting for an apartment which they can easily lock-up and leave. It’s a new and growing demographic of apartment buyers we’re now seeing in Auckland,” says Ms Dowding.

About 750 residents will live alongside the live trotting track in the one, two and three bedroom apartments which are priced between $600,000 and $2 million. The development also includes terraced houses with rooftop gardens. While just three large penthouses, with expansive Auckland views, remain for sale.

A unique FreshChoice grocer concept has been announced and lease negotiations are currently being finalised with hospitality operators to occupy some of the 19 ground-floor retail spaces. Ms Dowding says the announcement of some favourite New Zealand hospitality names and brands is imminent.

“What is really appealing to food and beverage is the fact that we’re creating our own bustling high street, with plenty of opportunity for alfresco dining in and around attractive promenades and public spaces.

She says from day one the Auckland Trotting Club has been determined to show real leadership with its high profile development and deliver an outstanding outcome for a city poised to further intensify many central areas through its unitary plan.

Celebrated Vancouver urban design expert Joe Hruda is overseeing the transformation. While Auckland’s award-winning RTA Studio is the lead architect. Long-time New Zealand-owned construction company, Canam, is building stage one and last month the sod was officially turned for respected Australasian company Ganellen to build stage two.

Alexandra Park’s transformation over the next year will create a new heart for Epsom and make it a real destination for Aucklanders and visitors alike, says Ms Dowding.

The on-site apartment display suite is open from 12pm to 4pm daily or by appointment by calling 0800-275-484 or visiting www.apliving.co.nz

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