|
 |
Crowning glory: A homeowner might weigh up the financial benefits of apartment living, says Ian Lisk of Crown Mill Apartments.
|
Inner-city apartment living might be the answer to rising petrol prices.
It’ll be interesting to see if high fuel prices pump up apartment living in Dunedin, Ewan McComb, of Dunedin’s Platinum Properties, says.
But property developer Ian Lisk says earthquake and other regulations will stall apartment growth.
McComb manages Chapel Apartments in Moray Place and says the segment is still quite small; there are only a few apartment buildings scattered around the city.
But inflated petrol prices sucking increasing amounts of money from the wallets of those who drive into the city each day could encourage more people to think about moving to the central business district, he reckons.
“People are going to possibly gravitate towards the centre of the city, if that’s where people work.”
Rental apartment living in Dunedin can cost you $450 to $750 a week, according to what’s on the web.
Lisk has nearly finished his five-year transformation of Dunedin’s former Crown flour mill into up-market apartments.
He says that for a weekly rental of around $600, a homeowner might weigh up the financial benefits of selling up and moving into an apartment.
Lisk reckons there are savings to be made by selling and using the interest to live in an apartment in town. The cost of a rental apartment generally includes heating, power, gas, phone and broadband. Some are also furnished.
And you don’t have to take your car to work – saving on fuel and parking costs.
You can also wave gardening and maintenance goodbye.
Lisk’s had no trouble filling the New York-style luxury apartments.
“It surprised us – we thought we would.”
The catalyst for Crown Mill Apartments was the distinctive mill building, he says. He used to gaze at it from the bus on his way home from school each day.
The mill’s history is apparent in each apartment – for example, the commanding kauri beams straddling the cavernous interiors.
Dunedin’s striking choice of architecture would seem to lend itself well to apartment development; there was a lot of promise when Lisk began the project five years ago. But not now, he says.
Earthquake and other regulations that have been introduced since kill any promising growth in the apartment market, he says.
Busy Dunedin businesswoman Diane Garrick says her inner-city apartment is handy and safe.
She bought her second-floor Princes Street apartment in the Exchange almost a year ago.
“I just think it’s ideal for me. I got it at the right price,” she says. “The convenience is huge.”
She walks everywhere.
“If you go out into town at night you walk there and you walk back home. It’s handy to all the cafes and restaurants. You just step out the door and you’re in the middle of entertainment and dining.”
Security’s another biggie.
“I feel so secure here. You go through locked doors to get into the building, you go up the lift, and then through your own locked door.”
If Garrick has a problem with something in her apartment she just phones the manager.
“And he fixes it. The mainten-?ance thing is a big one.”
The apartment is as spacious as any large home, with three double bedrooms, wide hall and reasonable living space.
The only downsides are not having an open fire or your own outdoor area, she says.
| 
