Mega block hits the market

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Marketing’s started on a seven-storey apartment development at Queenstown’s Remarkables Park.

Adjoining planned four- and five-star hotels, Horizons Residences comprises 149 state-of-the-art, spacious apartments.

It’s being developed by Tekapo businessman Anthony Tosswill, who’s behind a bid to build a 17-storey, five-star Dunedin hotel.

Tosswill and partners last year bought a 10,910 square metre site on the corner of Red Oaks Drive and Mountain Ash Drive from Remarkables Park Ltd’s Porter brothers, who are planning a conference centre just three minutes’ walk away.

The development will use a revolutionary modular construction method which Tosswill’s spent the past three years perfecting.

The apartments will be built offshore, then shipped over and trucked on-site.

Because of that method, Bayleys residential projects manager Hadleigh Petherick say Horizons Residences could be completed by June next year, subject to a 50 per cent sell-down.

Designed by Thom Craig Architects, of Christchurch, and international practice DKO Architects, the complex already has resource consent.

Petherick says the apartments will include top-notch fixtures and fittings like German bathroom mirrors, home automation systems and smart entry locks.

Amenities include a gym, landscaped courtyard areas, 151 carparks in two basement levels and the neighbouring hotels’ restaurants, bars, hot pools and beauty spa.

Apartment sizes range from 52.5 square metres to 140sqm, with proportionately-sized balconies.

They can be lived in, rented out privately or professionally managed for short- or long-term stays.

The mix is 66 one-bedroom units, 69 two-bedroom units, six three-bedroom units and eight penthouses.

Wellington-based Petherick, who’s marketing the development along with Bayleys Queenstown’s Jimmy Allen, Stacy Coburn and Greg Ross, says prices range from $550,000 for one-bedroom units, from $750,000 for two-bedders and from $950,000 for three-bedders.

Penthouse prices are “on application”.

Petherick expects there’ll be high-returning yields, while body corporate fees will be “reasonable”.

As it’s more than 20 units, the development is partly-exempted from the government’s new Overseas Investment Amendment Act.

Up to 60 per cent of the units can be sold to foreigners who are otherwise banned from buying residential real estate.

Petherick says a display suite will be placed on-site late next month or early March.

scoop@scene.co.nz