KEY POINTS:
Luxury new apartments are opening at the top of one of Auckland's leading hotels.
The Stamford Plaza Hotel apartments, which will be ready to move into late this year, range in size from six 55sq m lofts with a price tag of $460,000, to a 410sq m penthouse for $5.9 million.
With the first display apartment now open, what used to be the roof of the Albert St hotel is now a transition floor between the refurbished hotel and 149 new apartments, which rise another 10 floors to claim a spot on the Auckland skyline.
Residents will have access to the hotel's facilities, including a pool, gym and room service, but unlike other hotel apartment developments, the Stamford Residences will be managed separately and have their own lobby, lifts and concierge.
That's a unique aspect, says Anthony Rice, general manager of Stamford Property. It introduces an additional level of convenience and luxury.
The other big selling point is that these apartments are freehold, unlike many of those in Auckland's Viaduct, so owners won't have to pay for a ground lease, although they will pay body corporate fees of between $2976 and $39,961 a year.
Mr Rice said Stamford, which has created a similar complex above its hotel in Kent St, Sydney, doesn't like doing things the leasehold way.
"Developers can be greedy. If you're charging full price for an apartment it's unreasonable to expect people to pay an ongoing ground lease to the developers."