A five-bedroom penthouse apartment at the Eleven apartment complex at 11 Maunganui Rd was sold in a private sale. Photo / Talia Parker
A five-bedroom penthouse apartment at the Eleven apartment complex at 11 Maunganui Rd was sold in a private sale. Photo / Talia Parker
A penthouse apartment in Mount Maunganui has sold for $10.2 million, smashing the previous $9.525m record for Tauranga's biggest residential property sale.
And the seller, rich lister Sir Colin Giltrap, says it was a hard decision to part with the "pretty unique" property.
The five-bedroom apartment at the Eleven apartment complex at 11 Maunganui Rd was sold in a private sale.
Records show the new owner is Tauranga businessman and philanthropist Sir Paul Adams, executive chairman of the Carrus Corporation, which developed The Lakes subdivision in Pyes Pā West.
Sir Colin told the Bay of Plenty Times he had owned the apartment for about the last 10 years and used to spend lots of time at the "pretty unique" spot.
"It was a hard decision for us to sell it."
He said his trips down from Auckland were now infrequent.
"We're getting on in age and it was a bit far for us to drive for a weekend or a day, we weren't getting any use out of it."
Lady Jennifer and Sir Colin Giltrap after he was knighted in 2018. Photo / Greg Bowker
He said it was an "exceptional apartment" with views from both sides.
"It's pretty unique."
OneRoof records show the property sold in December and it is understood it settled about two months ago.
The Real Estate Institute of New Zealand confirmed the property sold for a record price in the Bay of Plenty.
Positioned near the base of Mauao, between Mount Maunganui Main Beach and Pilot Bay, the Eleven apartment complex boasts ocean views, a heated swimming pool and a gym.
The penthouse sale surpasses the previous record sale of a Mount Maunganui home for $9.525m in July last year in what agents called the "largest sale ever".
That waterfront Marine Parade property features a wine cellar, infinity pool, gym and award-winning kitchen and was sold to a Waikato farming family.
Oliver Road Estate Agents sold a home on Muricata Ave in the Mount at auction earlier this month for above $7m.
Director Cameron Winter said more than 75 groups came through the property across the four-week campaign "which in itself speaks volumes about the Mount market".
"Needless to say, the result is another clear indicator that high quality, high-value property in the Bay of Plenty sings its own tune," Winter said.
"Nobody is buying a $5m-plus property in Tauranga with a 10 per cent deposit."
The company had also listed an "exceptional" penthouse apartment on Tay St, which Winter believed would also break records.
Winter said they've already fielded strong demand from across the country and were "certainly expecting another strong auction result".
Wayne Shum, senior research analyst at OneRoof's data partner Valocity, said residential sales worth more than $10m had almost tripled in number last year.
"Across New Zealand, there were 42 sales worth over $10m last year. The year before, there were just 15 sales in the $10m-plus bracket," Shum said.
"The top end of the housing market has also picked up this year. Already in the first quarter, there have been 10 sales worth over $10m."
