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Discussion Starter · #2 ·
Vincent St apartment plan

Developers are planning to turn a six-level Auckland office block into 162 apartments. The block at 132 Vincent St, near the Rendezvous Hotel, is planned to be converted into two and three-bedroom units of 62sq m to 146sq m. Beca staff will soon leave the block which is still their international headquarters even though only a handful of staff remain, after divisions gradually shifted to the former Auckland Regional Council headquarters on Pitt St. Last year, listed investor DNZ Property Fund sold the block, announcing the deal was negotiated at last March's valuation of $9 million. Settlement was scheduled for July 30 this year.

Now, developers Tawera Group are marketing apartments in the building, offering a three-bedroom two-bathroom unit for $620,000. Mike Mahoney of Tawera says it is too hard to build new apartment blocks on new or greenfields sites, particularly because of problems getting a commercial return. "However Auckland is blessed with a number of attractive, well-located but functionally obsolete office buildings which will convert readily to residential. "Three Malaysian and Singaporean investors have bought apartments. "They are very impressed with the growth in Auckland City amenities, for example the Auckland Art Gallery, Wynyard Quarter, Britomart and the strategic plan for Auckland City."

Work on the block is due to start in July, with completion expected in March next year. Roger Blakeley, Auckland's chief planner, cited the project as fulfilling the new 30-year intensification spatial plan. "This is music to our ears as we look to quality residential development in the city centre and other centres as part of the quality compact city in the Auckland Plan." Martin Dunn of apartment realtor City Sales said he found it hard to see many large-scale office block conversions because not enough building stock was available in the CBD. But he does see sale prices rising from around $5000 to $6000 a sq m to $7000 a sq m. "We're at the stage of a new cycle," said Dunn.
 

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I am interested to invest in this property for rental income and capital appreciation. Do you all think that this is a good property to invest considering the developer, management, locality, factilities etc? Your input is greatly appreciated. Thanks in advance.
 
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Discussion Starter · #10 ·
I am interested to invest in this property for rental income and capital appreciation. Do you all think that this is a good property to invest considering the developer, management, locality, factilities etc? Your input is greatly appreciated. Thanks in advance.
I am no property expert but investing in the city and/or inner-city is all good in my eyes. Also, this development will be close to two underground train stations if and when they are built.
 

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I am interested to invest in this property for rental income and capital appreciation. Do you all think that this is a good property to invest considering the developer, management, locality, factilities etc? Your input is greatly appreciated. Thanks in advance.
From what I've seen the units look like good sizes and well designed and the location is quite good. From what I've seen of the prices they seem pretty reasonable for what they are.It would be a location that would be easy to find tenants for so a good investment IMO.
 
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Discussion Starter · #14 ·
The inner-city good life starts here

With youngest family member 23-year-old Annabel finding it difficult to buy a home under $600,000 in central Auckland, the Mahoneys knew their timing was right for converting this building at 132 Vincent St, previously home to Beca Engineering, into apartments. The family, headed by Michael and Tracy Mahoney, is behind The Tawera Group, a development group heading this project with a team of specialists including Hyline Construction and Clark Brown Architects to produce quality owner-occupied apartments in Auckland's CBD, with affordability the key driver. Tawera's other residential projects over the past two decades include Auckland's St James Apartments and Park Lane Apartments. This building in tree-lined Vincent St appealed to the Mahoneys because of its solid construction, making it easier to meet council requirements for inner-city apartment living. It has an attractive shape with nice angles, and is enhanced by the addition of balconies, new windows, a central atrium and paintwork. Refurbishment of the building started in August, with completion planned for March next year. Available two- and three-bedroom apartments range in size from 62sq m through to 111sq m ... MORE
 

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Whats interesting is this further down in the article:
"We're actually looking for another project and we have our eyes on a few buildings, mostly for conversions."

This will be great and hope more developers see the potential in doing quality conversions. And encouraging to see the strong interest. But starting at ~500k they are not exactly affordable and still out of reach for most.
 
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Discussion Starter · #16 ·
Whats interesting is this further down in the article:
"We're actually looking for another project and we have our eyes on a few buildings, mostly for conversions."

This will be great and hope more developers see the potential in doing quality conversions. And encouraging to see the strong interest. But starting at ~500k they are not exactly affordable and still out of reach for most.
Awesome, one could possible be the old police station building ?
 
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