Alexandra Park’s residential development sells out

Alexandra Park’s significant residential development sells out

Alexandra Park has now sold all of its 246 high-end apartments in stage one and two of its significant residential development, with the value of total gross sales amounting to nearly $300 million.

Construction is well underway at 223 Green Lane West on part of Alexandra Park’s large carpark to transform it into an urban village. The first of the 750 residents are set to move in alongside the live trotting track next year.

Since launching in 2015 it has been one of the city’s largest brownfield developments and has been dubbed Auckland’s fastest selling project of its size. The apartments, townhouses, and penthouses have all achieved good prices, with the development’s largest penthouse selling last year for $4.75m by Colliers International.

Alexandra Park chief executive, Dominique Dowding, says prices and popularity of the apartments have exceeded the Auckland Trotting Club’s expectations

“It is truly exciting that, here in Epsom, the market has responded so positively to our medium density, mixed-use development. It completely reinforces our decision to put total emphasis on delivering absolute quality and its location has also helped considerably,” she says.

Ms Dowding says other factors that buyers have cited include the comprehensively master-planned environment with great public spaces, the apartments’ ‘freehold title’ status, the double grammar school zone, and the prospect of strong capital gain.

Beneath the apartments will be a unique FreshChoice grocery concept, boutique retail and some favourite New Zealand hospitality names and brands soon to be announced.

The success of Alexandra Park’s urban village development was confirmed in a recent Colliers International residential project survey which assessed 27 ‘off the plan’ projects across Auckland for the first six months of last year.

The Colliers International survey revealed that during that period Alexandra Park was number one across several categories including ‘total sales volume’ and ‘total sales value’ beating all other individual CBD, city and fringe projects. At the same time, Alexandra Park took out the top spot for ‘market share’ and ‘total sales by location’ when compared to all other fringe projects.

Will Coates, Projects Manager in Residential Projects Marketing at Colliers International says Alexandra Park has well and truly broken a historic mould.

“Auckland has historically seen large apartment developments in the CBD. After all, 64% of Auckland’s total apartment stock is located in the CBD. So to see a city fringe project of Alexandra Park’s size do so well is extremely rare,” he says.

“Alexandra Park is not only selling high quality apartments, but it’s offering an entire master-planned community, including a retail High Street, as well as all the existing amenities the Auckland Trotting Club brings to the location. No other development in Auckland has ever offered this kind of mix before, and this I believe is where a large part of their success lies,” says Mr Coates.

Auckland’s award-winning RTA Studio is the lead architect and international urban design experts Civitas are overseeing the outside transformation which will include plenty of world-class public spaces and promenades. N-Compass and RDT Pacific are the project managers. Long-time New Zealand-owned construction company, Canam, is building stage one and respected Australasian company Ganellen is building stage two.

At the Auckland Trotting Club’s AGM in October members approved in principle entering stage three of the urban village development and for the board to proceed with the necessary investigative work.
Ms Dowding says an announcement on stage three will be made this year, following considerable and ongoing public interest. She says registrations of interest can be made via the project’s website www.apliving.co.nz and parties will be kept updated on the release date.
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