Luxury apartments generate interest

Construction is underway on a new luxury apartment complex overlooking the waterfront at Paihia in the Bay of Islands.
Edgewater Palms, due for completion in November 2005, will be made up of five separate low rise buildings of one and two bedroom apartments set among lush subtropical gardens, complete with swimming pool.
The prime position of the Marsden Rd development, 800 metres from Paihia township and overlooking the water and outlying islands, has commanded considerable interest from a mix of national and international buyers, said marketing agent Nicki Kempthorne, of Bayleys Kerikeri. Only six of the 36 apartments, designed by Ignite Ltd and Butt Design, are still available for purchase.
Purchasers to date have been mainly investors looking for a sound waterfront location, said Mrs Kempthorne. Overseas purchasers have come from England, the United States, Saudi Arabia and Hong Kong, with New Zealand buyers mainly from Auckland, Rotorua, Tauranga and the Far North.
Mrs Kempthorne said that for small investors, apartments offer a way of purchasing a slice of waterfront without having to pay millions for it. Purchasers have the option of either buying the homes for permanent residency or as a managed holiday apartment.
Developer Mike Osborne of Capital Ventures Paihia Ltd, a subsidiary company of Landplan Growth Estates, says the management option means that purchasers can use their apartment as a holiday destination when they like, yet have the benefit of a managed investment which produces income for them when they are not using it. The apartments will offer professional management on site, responsible for overseeing the property and its upkeep and monitoring the flow of guests.
With continued growth in tourism in the Bay of Islands, Mr Osborne said there is a need for up-market serviced apartments in the area, offering a high standard of accommodation. The Bay of Islands is a great destination and offers an extraordinary number of activities for those who love the sea - everything from sailing to big game fishing, water skiing to diving, para-sailing to ocean kayaking.