Record apartment price for inner-city

The $6.3 million apartment is at the top of this 30-level tower planned to go up on the Chancery carpark.

A new apartment planned for Auckland's CBD is being marketed in Asia for $6.3 million, a price thought to set a record for an inner-city unit.

Three people who specialise in the Auckland apartment sector said this was the highest price they had heard about and one agent said Asians were being asked to pay prices higher than the local market would stand.

Cyndi Nola of apartment developer Kitchener Group, Damian Piggin of Ray White City Apartments and a spokeswoman for Melview Developments all said they had not heard of a New Zealand apartment fetching such a high price.

Brian Mead's Westmark Group is planning the proposed Chancery Residences & Hotel Suites, marketing it in Hong Kong and asking top dollars for a penthouse suite atop the 30-level tower.

One party close to the deal said the first 15 to 20 floors would be serviced apartments, to be run by Mirvac under The Sebel Suites brand.

Auckland City's central planning chief, Vijay Lala, said an application to build the block was lodged in November and was being processed by assistant planner Alastair Cribbens.

No decision had been made about notifying the application. A full set of application documents could be viewed at the council, Lala said.

When plans for the block came to light last winter, many Ascott-Metropolis unit owners were aghast at the concept, fearing it would partially block their harbour views. They hoped it would not be built. Rival property developers and owners feared damaging shading, wind and view effects on the Metropolis and the Northern Club.

At the time, Chancery shopping centre developer Mead said the new tower was "just a vision". Marketing units in Asia was simply an attempt to test the market and he did not want to give the impression the tower would definitely be built.

But quarter-page advertisements in the Sunday Morning Post, a South China Morning Post publication, showed detailed designs and promised a new icon for Auckland.

The block, designed by Walker Architects, is earmarked to be finished by the first quarter of 2008 and will rise from the existing Chancery carpark, next to the Chancery shopping centre and on the waterfront side of the 40-level Ascott-Metropolis tower.

The most expensive unit being marketed is a split-level four-bedroom apartment on level 29 with CBD, harbour and Albert Park views. The unit's area is 694sq m. For $6.3 million, buyers get four bathrooms but no carpark - those cost another $60,000 each, according to the latest price list.

Next most-expensive is a one-level 476sq m unit on level 28 being advertised for $1.4 million.

Nola said apartments in Kitchener's new Precinct tower had not yet gone on the market, but 162sq m to 231sq units were priced from $1.3 million to $1.47 million and included two carparks.

Piggin, of Ray White, said Asian buyers were being asked to pay 30 per cent above New Zealand prices for the Chancery units. Metropolis apartments sold for $6000 sq m, Hyatt Residences units were selling for $5000 sq m yet Chancery units were priced at $9200 sq m.

"The local market would not entertain that high price."

Top-price Auckland apartments:

Chancery, corner Chancery St and Bacons Lane, $448,000 to $6.3 million.

The Sentinel, Takapuna, a level-28 unit selling for $4.5 million.

The Stanley, proposed for Albert/Swanson St intersection: units from $1.4 million to $3.2 million.

Princes Wharf, Shed 24 penthouse fetched $3.6 million nearly two years ago.

Premier waterfront apartments at North, Lighter Quay, fetched more than $3 million around 2002.

Precinct penthouse, level 32, corner Lorne and Victoria Sts East, for sale from $1.4 million.