Make the jump into ownership

Fiore 2, 164-168 Hobson Street. Auckland CBD. Photo/Supplied

164-168, HOBSON ST, AUCKLAND CBD

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ON OFFER: Freehold apartments from $328,000 (45.8sq m one-bedroom) and $482,000 (69.5sq m two bedrooms, two bathrooms). Penthouses also available. Car parks at 152 Hobson St are available to buy at $65,000 each.

BODY CORP FEES: Average is $3120 pa.

INSPECT: Sales office at 31 Cook St open 11am to 2pm, daily, or by appointment

ON THE WEB: fiore.co.nz

CONTACT: Stephen Shin, Barfoot, 021 982 980.

The Fiore 2 on Hobson apartments are definitely an option first home buyers should consider in their search for that first foot on the property ladder, says Barfoot & Thompson salesman Stephen Shin.

"We have a lot of first-home buyers who have had a job for two or so years and want to buy property but can't buy a house because of the market. With Fiore, they can use their KiwiSaver and their deposit they have saved."

He compares the cost of a mortgage with that of renting. "Even a one-bedroom apartment costs $400 to rent in the city. With Fiore, if you have enough for a deposit then that $400 a week will pay a sizeable amount of your mortgage.

"They don't have the views of the Viaduct and waterfront apartments but they do have quality of construction, practicality and affordability."

Barfoot & Thompson's marketing is focusing on New Zealand-based first home buyers, and the firm has also had enquiries from overseas investment buyers. Construction of the apartments is now under way after the first five months of work focused on the heritage frontage of the build.

There will be 74 apartments on 14 levels, with retail spaces at ground level. The units on levels two and three will have a more historic appearance than higher levels as they incorporate the exposed brick of the Victorian building, on the corner of Hobson and Cook St. There are six different layout options of apartments to choose from.

Image 1 of 3: Why rent when you can buy? These freehold apartments are an affordable option

The Paul Brown Architects-designed apartments are scheduled to be completed in February/March 2016, with 46 already sold off the plans. The remaining apartments for sale are mainly a mix of one- and two-bedroom units, but some penthouses are still available. Development and construction is by Korean companies KNC Global Management and KNC Construction, using the gang form construction technique where concrete is poured on-site. The same developer built the Fiore 1 apartments at 152 Hobson St six years ago.

Stephen says apartments are priced to be afford-able, but don't compromise on size or finish. "They are bigger apartments, the smallest one-bedroom is 45.8sq m; the biggest one-bedroom is 52.5sq m, the smallest two-bedroom is 65sq m. We focused on what banks will lend on as a starting size."

Interior finishing touches include embossed ceilings with back lights, mahogany skirting boards and double glazing for windows; and ranchsliders accessing decks. Kitchens have stone benchtops and stainless steel appliances.

Stephen says Hobson St is handy to Auckland University, Queen St and the waterfront.

Buyers pay 10 per cent deposit into a solicitor's trust account, with the balance paid on completion.