$50m apartment plan tipped to attract priced-out yuppies

An artist's impression of the proposed apartments to be built in the Wellington/Ellerslie area.

Thompson Park, a $50 million 107-unit apartment project with units starting at $230,000, is about to be built in the Mt Wellington/Ellerslie area.

Developer David Jans of Metro Property said he had resource consent to start work on the site of the former Auckland Electric Power Board building at 8 Thompson Park Rd where he had initially planned a commercial project until the global financial crisis hit. He says the site is now better suited to apartments.

A 42sq m studio unit will sell for around $230,000 to $240,000, one-bedroom 60sq m units from around $300,000 to $350,000, two-bedroom units with en suites and separate bathrooms around $400,000 and three-bedroom units starting from around $500,000.

"The majority of the units have two bathrooms and a separate study which could be used as an additional bedroom," Jans said.

Each apartment has one internal carpark and additional internal and external carparks will be sold.

James Kellow of New Zealand Mortgages & Securities, which is funding Thompson Park, said rising Auckland house prices meant a suburban apartment project made sense.

"What makes Mt Wellington so interesting is that it's also proving to be a real draw for high end retailers, who in turn will help attract more young urban professionals who are now being priced out of the likes of Ponsonby and Grey Lynn."

He said the Panmure railway station upgrade as part of the Auckland Manukau Eastern Transport Initiative enhanced the area.