Funding has been confirmed to enable the building of a new 58 apartment St Marks development in Remuera, financed by Bank of New Zealand (BNZ).
The announcement comes after Colliers International reported that 35 apartment and residential developments in Auckland had failed to proceed during the past year because of a lack of bank funding or lack of unit sales.
The St Marks development is being built by Auckland breast surgeon turned business entrepreneur John Harman who has owned the land being developed for 28 years. Marketing of the three-wing St Marks residential complex began late last year.
Since launching the off-plan sales campaign Bayleys Real Estate has sold 48 apartments in the six storey complex – equivalent to 83 percent of the available one, two and three-bedroom residences. The two-storey penthouse suite has been sold to a New York businessman and his family who are migrating to live in New Zealand next year. Just 10 residences remain on the market for sale – all priced at between $2 - $2.5 million each and ranging in size from 120 – 150 square metres.
BNZ Head of Property Phil Bennett said the project was indicative of the bank continuing to support high quality developments with an emphasis on working with current customers.
“BNZ is delighted to be able to support John Harman - a longstanding BNZ client - with this exciting and unique development,” Mr Bennett said.
The St Marks project is to be built by Dominion Constructors Ltd – with contractors scheduled to arrive on the Remuera Road site immediately after completing the company’s current major undertaking - a 38 unit luxury apartment complex in Rothesay Bay on Auckland’s North Shore due for completion in November.
Initial excavation work at the St Marks Road site started in June and the complex will have two levels of underground car parking for residents and tenants.
Landscape design company Natural Habitats has already started growing plants for St Marks for what will be the largest living ‘green wall’ in New Zealand – stretching six storeys high. Construction of the St Marks apartment block is expected to be completed by early 2018.
Bayleys Auckland commercial leasing salesperson Ben Wallace, said that in addition to the apartment sales on the upper levels of St Marks, 2400 square metres of commercial space over six levels, and 470 square metres of retail premises at street level were in the process of being leased.
Tenants in the six floors of commercial space would include medical, healthcare, and professional services businesses, while food and beverage operators were in discussions for the ground floor retail tenancies, Mr Wallace said.
The building project is being overseen by development management firm Cooper & Associates with project architects, Auckland architectural firm Peddle Thorp.