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Record price achieved for seaside penthouse suite sale

Friday 16 April 2010, 11:25AM

By Bayleys

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What a record breaking $5.5m buys you ... unparalleled views over Mount Maunganui beach from a luxurious penthouse suite with state-of-the-art furnishings and electronic fittings.
What a record breaking $5.5m buys you ... unparalleled views over Mount Maunganui beach from a luxurious penthouse suite with state-of-the-art furnishings and electronic fittings. Credit: Bayleys
What a record breaking $5.5m buys you ... unparalleled views over Mount Maunganui beach from a luxurious penthouse suite with state-of-the-art furnishings and electronic fittings.
What a record breaking $5.5m buys you ... unparalleled views over Mount Maunganui beach from a luxurious penthouse suite with state-of-the-art furnishings and electronic fittings. Credit: Bayleys

MT MAUNGANUI

A new record price has been set for a residential dwelling in the Bay of Plenty – with a ninth floor penthouse suite overlooking Mount Maunganui beach selling for $5.5million.

The luxurious four-bedroom rooftop suite at the Eleven development has been bought by a well known Auckland businessman, who intends using the apartment as a weekend retreat with friends and family.

With sweeping views of the Main Mount beach, the apartment has two lounges, four bathrooms, a rooftop infinity swimming pool, home cinema, and parking in the basement for eight vehicles.

Previously, the most expensive residential property in the Bay of Plenty was $3.2million paid for an apartment on Marine Parade, Mount Maunganui, in 2004.

The Eleven project comprises 65 apartments with heated swimming pools, gymnasium, and direct access to the main surf beach. Designed and developed by Dr Robert Donald of Auckland, Eleven was built by a joint venture between leading contractors Dominion Constructors of Auckland and Marra Construction of Tauranga.

More than half the apartments are already sold, and Bayleys Real Estate is currently marketing two and three bedroom apartments in the development, from $895,000 to $3.45million - all with different views and locations.

Bayleys Mount Maunganui sales consultant Peter Clarke said the record breaking $5.5million Mount Maunganui penthouse sale showed that the Mount market continued to attract a premium price for top quality residential real estate - despite a generally sluggish residential market.

“The Eleven penthouse suite was certainly the premium address for sale in The Mount strip, and easily the best appointed apartment in the Bay of Plenty,” Mr Clarke said.

“Because of the multi-million dollar pricing attached to the address, potential buyer numbers were small – but at the same time, they were seriously interested in purchasing and had the funding available to complete a transaction of this size

“While the economy may still be recovering from recession, there are still plenty of wealthy people in New Zealand who have successfully weathered the economic slump and are now in a strong position to take advantage of realistically valued property – both as holiday homes and as primary residences”.