Buyers are jumping on an opportunity to invest in the final stage release of luxury apartments in Auckland’s iconic award-winning One Greys Avenue complex as the opening of the City Rail Link (CRL) draws near.
Six apartments have already been snapped up with two more under negotiation at the time this went to press.
Located at One Greys Avenue in the heart of Auckland’s arts precinct, the surrounding streets have been majorly disrupted by the CRL construction but that’s all about to change, says Bayleys general manager residential projects Gavin Lloyd.
“We consider it a real growth corridor of the city and as soon as the City Rail Link opens it will be a real shot in the arm for the whole area.”
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In the meantime, prospective investors and buyers are taking advantage of a limited time offer on one and two-bedroom, and some three-bedroom apartments, which start at $605,000.
An 8% guaranteed gross rental return for two years or free body corporate fees for two years or a free second carpark valued at $120,000.
This offer holds until the end of June, and buyers are seeing the benefit of jumping onto the opportunity before the market picks back up, says Gavin.
“We’ve had a couple of buyers that are taking the option because while they are not ready to move they want to put their foot on it now and get the 8% return over the next two years and which means they can take their time to sell their home because at present the market is a bit subdued and everyone feels it will be better in the future,” says Gavin.
“Eight per cent is a good return if you think about what you get by leaving your money in the bank. It also means an investor doesn’t need to worry about renting as the underlying large corporate investment funder of One Greys Avenue is a solid tenant behind the scenes.”
Developers Love & Co have won multiple awards for the 2021 redevelopment of Auckland’s first “skyscraper” – the former Civic Administration Building now known as the CAB. Photo / Supplied
“The building provides a real lifestyle for people – an urban sanctuary,” says Bayleys general manager residential projects Gavin Lloyd. Photo / Supplied
Apartments from level 12 of the 18-storey building have water views. Photo / Supplied
Developers Love & Co have won multiple awards for the 2021 redevelopment of Auckland’s first “skyscraper” – the former Civic Administration Building now known as the CAB.
Apartments from level 12 of the 18-storey building have water views, though it’s the lifestyle that the location offers that has the biggest cachet.
“The building provides a real lifestyle for people – an urban sanctuary,” says Gavin.
“It’s got a whole range of facilities in the building itself but it’s really the fact that within 100m you could be at a show or a great restaurant. An extension of your lifestyle beyond the front door.”
The Aotea Centre, Civic Theatre and Auckland Art Gallery and Albert Park are steps away. The CAB’s northeast apartments look out over Aotea Square, Rangitoto Island and Albert Park green belt, while northwest views take in the Waitakeres, inner harbour and Harbour Bridge.
Being close to the city’s arterial routes it is also an easy part of the city to get out of for residents wanting to jump on the motorway (north, south and west) or ferry.
Many owners have homes in places like Omaha and Waiheke, using their apartment as a work week base. For others it’s a great lock and leave when travelling.
The apartments are pet-friendly and fitted out with modern interiors including oak flooring, stone benches and quality Bosch appliances. Photo / Supplied
Shared facilities include a lap pool, gym and residents’ lounge on the ground level. Photo / Supplied
Though there is a great sense of community at the One Greys Avenue to tap into for those seeking connection. Shared facilities include a lap pool, gym and residents’ lounge on the ground level which is regularly set up for kids’ games nights and body corp social gatherings.
“It’s an opportunity for people if they want to be social and get together,” says Gavin.
The apartments are also pet-friendly, and fitted out with modern interiors including oak flooring, stone benches and quality Bosch appliances. The 2.7m ceiling stud also creates a wonderful spaciousness.
“One of the benefits of taking repurposing a commercial building and being able to renovate it is that you’re able to get a lot more height. The other nice thing is that you can open all the windows as well, so you get a lot of fresh air,” says Gavin.
The last remaining apartments include one, two and three-bedroom options.
“There are a whole range of opportunities for people to choose from with a strong appeal for both investors and owner occupiers,” says Gavin.
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