Even in a Queenstown market becoming saturated with apartments, The Tiers stands out.
Located on a steep hillside above Frankton Road, the complex currently comprises 29 striking-looking, high-end apartments, seven of which are close to completion, and 11 sections.
The hands-on developer is Queenstowner Will Taylor, who’s spent five years on the project and is still only 34.
He says the cost of this current sixth stage, including infrastructure for the next and final million.
The final stages, which will bring The Tiers up to 49 apartments, should take another three or four years “we only like to build around five to seven a year, to keep the quality up”.
When Taylor, who had 13 years’ prior experience working for veteran local developer David Broomfield, bought the 2.8 hectare site, he was tackling terrain that had put off other buyers because of its rocky nature.
The cheapest apartments in the first stage of 15, at the bottom of the site, sold for less than $600,000.
His latest batch of two- to five-bedroom apartments sell in the $1,650,000 to $2.5 million range top bracket in Queenstown while his highest price so far has been $3,750,000.
Taylor says he’s not getting higher margins because construction costs have soared about 40 per cent in recent years
He’s thrilled with the quality of his current team of builders, contracted builders and subbies have done the whole hill, so they’re very proud [of their work]”.
However he bemoans that building progress is slower these days due to the length of time to get various sign-offs.
But Taylor also admits he’s a perfectionist.
“We take our time and get the job done right the first time.”
For design, he employs the likes of Dravitski Brown and Yoke Architecture.
His main building products are concrete and steel funny old climate here so you need proven product”.
Taylor says he’s never been worried about finding buyers because of the reputation for quality he’s built.
“We only need to sell five or seven a year, it’s not hard to find that many people.
“We’ve got one person who’s bought four over a number of years and he’s still got three.”
He says the best-performing local agencies for The Tiers have been Colliers International, New Zealand Sotheby’s International Realty and Harcourts.
He estimates the split of holiday home buyers versus owner-occupiers is about 80-20, with some apartments rented out for Airbnb.