- The Pacifica penthouse in Auckland is still unsold after nearly seven years and is now priced at $17m.
- Gavin Lloyd, of Bayleys, highlights increased interest from overseas buyers, especially Americans.
- The change in sales tactics reflects shifts in the global property market and New Zealand’s “golden visa” scheme.
The super penthouse in New Zealand’s tallest apartment tower is still looking for a buyer after an almost seven-year search.
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The top floor of the $300 million The Pacifica, in Auckland CBD, made its market debut in 2018. Back then, it was for sale as a “warm shell” for $35m – a record price tag for a New Zealand apartment.
Over subsequent years, the price tag has jumped to $40m-plus and been slashed to $16m as the two-storey penthouse was broken up and reconfigured.
It’s now back with the agent who was first tasked with selling it. Gavin Lloyd was with CBRE when 57-storey The Pacifica was first offered for sale. He’s now with Bayleys and he expects the 355sqm four-bedroom penthouse to now sell for $17m.
Apartment sales for The Pacifica, Auckland’s tallest residential tower before the now-stalled Seascape (left), began in 2016. Photo / Supplied
The 54th floor penthouse apartment is now 355sqm. Two smaller penthouses sold in 2022 for $5.8m and $10.5m. Photo / Supplied
“It was a pioneering project, a real international sort of offering, no one had seen that before,” Lloyd told OneRoof, noting that $78m worth of apartment sales were made in the first day of launch of The Pacifica.
OneRoof got a tour of the penthouse last year. It has marble and oak finishes, Gaggenau appliances in the kitchen and butler’s pantry, a travertine fireplace, multiple soaking tubs, and a flexible study/media room, as well as access to the building’s 24-hour concierge, gym and pool.
Lloyd said The Pacifica racked up $78m worth of apartment sales on launch day. “I don’t think we’ve ever done as well as that day. It was a pioneering project, a real international sort of offering. No one had seen that before.”
The Pacifica is still New Zealand’s tallest tower, with the troubled, slightly taller Seascape next door not yet finished.
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Lloyd told OneRoof that Pacifica developer Hengyi decided to carve the two-storey super penthouse into four units three years ago. Lloyd has one on the top floor for sale, Hengyi held one back on the lower floor, and sold off the remaining two for $10.5m and $5.8m.
Lloyd said there was only a small pool of ultra-high-end apartments available to buy in New Zealand. Others include the penthouses at 51 Albert and One Saint Stephens, which are priced above $15m.
He said the change in sales tactics for The Pacifica penthouse reflected shifts in the global property market and New Zealand’s openness to wealthy overseas buyers, particularly since the Coalition Government opened up a “golden visa” for investors with over $5m or $10m to spend.
One of the bedrooms and bathrooms looks down on the Sky Tower. Photo / Supplied
One of the marble-trimmed bathrooms has a soaking tub with harbour views. Photo / Supplied
“The global settings are a little bit different. What has changed is that there are now 30 applications for the investor visa category. That is a good number of ultra-high net worth people,” he said.
“In our view, they need to tweak the rules [around residential buying] as it seems pointless to be able to invest without buying a home. We’re not quite there yet, but we’re heading in the right direction and at least the Government’s giving the right signals.”
Lloyd said enquiries from overseas buyers, particularly Americans, had picked up. “It is a low-maintenance apartment. You can get a healthy income out of it, and you have got the harbour front and centre. There are plenty of people who could afford $15m or $20m.
“This is a legacy acquisition, a home that cannot be replicated.”
Bayleys head of research Chris Farhi says wealthy families are collecting properties in favourite locations. Photo / Fiona Goodall
The timing could be right for The Pacifica’s latest push, according to Bayleys international partners Knight Frank.
The UK-based company has just released its Wealth Report, which surveys the investment plans for ultra-wealthy families around the world.
Knight Frank said that investing in real estate was high on most family offices’ plans, but the foreign buyer ban was blocking them from buying here.
Chris Farhi, Bayley’s head of research, said most of the high-end activity in New Zealand was restricted to wealthy locals or expat Kiwis, rather than true foreigners.
He added that often the families were “collecting” properties in their favourite holiday destinations – Queenstown or other key wine growing areas – but the report showed cities on their list included Dubai, Hong Kong, and London, rather than Auckland.
The report also said New Zealand stood out as the Pacific’s premier yachting haven. “Our Knight Frank Europe colleagues had a research brief that included strict requirements for the clients to have berthing for their super-yacht and be close to an airport that could handle a long-range private jet,” Farhi said.
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