- The Takapuna penthouse at Spencer on Byron is listed for $3.695 million after recladding.
- The building was fully reclad in 2022 with modern materials and received a compliance certificate in 2023.
- The penthouse features luxury interiors and panoramic views of Rangitoto, Waiheke, and the Hauraki Gulf.
When the penthouse at 20E/9-17 Byron Avenue, in Auckland's Takapuna, was last up for grabs, it was a risky buy.
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The apartment building, Spencer on Byron, had been in the headlines for over a decade after it was found to have defective cladding.
The buyer snapped up the three-bedroom pad four years ago for $2.325 million - the bargain price reflecting the financial risk of taking on a property that was in the midst of a costly remediation.
Now that the recladding work has been completed, the owner is selling up, listing the penthouse for $3.695m.
Ray White listing agent Ross Tierney notes that the building was fully reclad in 2022 with modern Alucobond aluminium cladding, new double-glazed joinery, and upgraded to meet the latest building standards. It received a new Code Compliance Certificate in 2023.
The interiors have benefited from high-quality renovation. Photo / Supplied
“The new owner walks in the door and doesn't have to worry about any of that sort of stuff," Tierney told OneRoof.
“The building itself is tickety-boo.” The interiors boast European oak floors, granite tiles, ducted 4-zone air-conditioning, and top-of-the-line Miele appliances, a 180-bottle wine fridge, and the building has a full-size tennis court, swimming pool, spa, and gym.
Tierney said the Byron Avenue penthouse was comparable to luxury pads in the neighbouring Sentinel. “Recent sales in the Sentinel have come in at $3.3m and $4.25m. We appraised this property using those apartments, factoring in the remediation and renovations. That’s how we got to $3.695m.
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“It has been completely redone. It's minimalist; a very nice fit out. But the real X factor in this apartment, and why the owner bought it, is its orientation. There are other penthouses in the building, but this one is arguably the best. You can see all of Rangitoto, Waiheke, Tiritiri Matangi, all the islands in the Hauraki Gulf. Floor-to-ceiling glass of four-metre stud height. Every room has this amazing view.”
Tierney said the owner took a punt on the penthouse when he bought it. “My vendor bought it knowing he wouldn't be able to live in it for about two years until the reclad was complete. That’s part of why he got it at a discount.
The view from the penthouse is stunning, and, according to the agent, the best in the building. Photo / Supplied
Spencer on Byron during its remediation. Photo / Dean Purcell
“It was a leaky building. He took a punt that everything would be done on time, which isn’t always guaranteed. There was a six-month delay on the penthouse windows. Holding costs were significant, too. It was a big risk. Now it’s amazing inside, and the building’s done, and the CCC issued. The new owner walks in without worrying about anything else.”
Construction firm Brosnan did the work to replace cladding, waterproof membranes, redecorate interiors, upgrade the tennis court, and refurbish the pool and spa areas. The previous owner paid the apartment’s share of remediation costs, and the current owner paid the interior renovation costs.
Tierney said his client, who lives in the apartment as an owner-occupier, was selling to move over the bridge.
Another three-bedroom penthouse pad in the building is also up for grabs. 20C is listed with Premium agent Alison Parker and offers 200sqm of living with views out to the city and the Harbour Bridge. The property has a set sale date of October 1.
- 20E/9-17 Byron Avenue, Takapuna, Auckland, is for sale for $3.695m
