Prospective buyers need a bit of coin, say developers.
If a top address deserves an impressive building, central Queenstown’s No 1 Brunswick Street probably fits the bill.
The five-level Q1 Apartments complex has just been finished on a triangular-shaped lakefront site opposite the Ngai Tahu wharf.
The exterior, mostly facing out towards the lake, is notable for its curved-glass feature windows and four narrow schist columns.
Finolly Developments’ Warren and Mandy Law – who used an Australian-based Kiwi architect – have already sold the two-level penthouse for about $4 million, plus the bottom-level apartment.
Apartment 2 in the middle is on the market via the local branch of Browns Sotheby’s International for $3.2m plus GST.
Agent Mark Harris: “The level of specification is as good as you’ll see in Queenstown or the South Island.”
He says “a high level of thought has gone into the internal design and finishes”, overseen by Mandy Law.
There’s a flow of tiles from the interior to the large exterior deck, which boasts a large spa.
Exterior views are maximised from the kitchen/dining and living areas. “You can lie in the masterbed and watch the Earnslaw steam past,” Harris says.
Lighting is all recessed and noise can’t penetrate between floors.
The basement contains individual carparks and storage areas for each apartment.
Harris thinks the three-bedroom, two-bathroom 210sq m apartment could suit “an older couple downsizing from a country estate”, or someone looking for a holiday investment – he estimates you could let it out for about $1500 per night.
Warren Law confirms “there’s no expense [been] spared on this sort of stuff, but that’s the market we’re in” – an example is the $5500 shower-heads.
With 20 years in the building trade, Warren Law oversaw construction by local firm Amalgamated Builders.
Excavation and retaining work was extensive – some 750 truckloads of fill were removed and 35 holes of 11m deep were dug.
Warren Law doesn’t think the recession will affect his sales prospects: “The people who are looking at it usually have a bit of coin.
“It’s all about location – sure, it’s fantastic to be up the hill but to be able to walk into town and be in the bay is something special as well.”
From the top of the internal lift, there’s also stair access to Rotary Park.
Originally from Dunedin, where he served his apprenticeship, Warren Law says he’s formerly lived in Arrowtown, Wellington and Australia before moving back to Queenstown with Mandy in 2003 to set up Finolly Developments.
Their first project was a substantial house in Peninsula Road, Kelvin Heights, which they sold for about $2m – and they’re now building another lakefront home there that’s “quite a bit bigger”.
According to their company website, Finolly “specialises in acquiring highly desirable sites and redefining their value through the creation of premium quality properties”.