SugarTree apartment complex ready to take in its first residents

SugarTree apartment development between Nelson St and Union St. Photo / Jason Oxenham

Residents will next month begin moving in to the new $250 million high-rise SugarTree apartment development between Nelson St and Union St.

Darren Brown, project director on the Auckland CBD apartment scheme which will eventually have more than 600 units near the top end of Nelson St and Spaghetti Junction, said construction work had progressed quickly so the place was ready for the first occupants.

"Stage one - the Prima Building - is nearly finished. It's also 100 per cent sold and we've had to turn buyers away for the past few months given we had nothing left to sell," he said.

Buyers paid from about $270,000 for a one-bedroom unit to around $700,000 for three bedrooms but bigger units in the second block, Centro, are selling for around $900,000.

Altro is the third block planned on the site and is to have 220 units. All work is due to be finished by 2017.

The block is at 145-147 Nelson St and is being marketed in China.

Brown said prices reflected the way the market had moved since construction started two years ago. People who had bought units in the first block had also seen price appreciation, even though the places were yet to be finished.

"Based on valuations that have started to come through, it looks like average values for stage one have increased by about 10 per cent to 15 per cent since most purchasers bought which is good to see," he said.

Darren Brown is the project director for the SugarTree apartments. Photo / Michael Craig

Trade Me Properties said this month that price expectations on smaller Auckland places had risen faster than for bigger places and Brown said that data married up with SugarTree sales.

The project by the Lily Nelson Partnership is an alliance between Chinese property investors Lily Investment FTC and New Zealand developer Wayne Allen and is said to be the largest development of its kind since last decade's global financial crisis.

SugarTree apartments

Prima (148 units)
1-bedroom $270,000 - $400,000
2-bedroom $470,000 - $600,000
3-bedroom $600,000 - $700,000
Carparks: $67,500/each

Centro (240 units)
1-bedroom $300,000 - $410,000
2-bedroom $540,000 - $700,000
3-bedroom $700,000 - $900,000

Altro (240 units)
Construction yet to start
Expected to sell for 10% more than Centro