Luxury terraced housing sales in Taranaki pass half way milestone
Friday 21 October 2011, 1:03PM
By Bayleys
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More than half of the terraced housing in New Plymouth’s Egmont Heights development have been successfully sold off, forming a large part of apartment sales in the city this year.
Nine out of 16 of the luxury terraced houses, which form a portion of what was once viewed as New Zealand’s biggest residential investment portfolio of properties, have been sold to local purchasers for prices in predominantly the late $200,000 range.
Egmont Heights was purchased by Maratahu Street Limited in 2010 as part of a residential property investment portfolio receivership sale encompassing seven properties in New Plymouth, Hamilton and Palmerston North. Combined, the portfolio of large scale multi-tenanted property encompassed some 153 rental units.
Once Maratahu Street Limited purchased complex it then converted the 16 apartments into singular unit titles, setting up a body corporate, and completing extensive landscaping in order to meet the market demand for privately owned apartments.
The 16 terraced houses were then placed on the market for sale by Bayleys Taranaki in October last year. Bayleys Taranaki co-owner Neale Parkinson said he had been extremely pleased with the progress made in the sell-down so far.
“A year since we began the sell-down process we are now entering the home stretch, in what has been a somewhat challenging market climate,” he said.
“These have formed a large percentage of the apartment sales over the past 12 months in the New Plymouth market.”
Mr Parkinson said key to the success of the sell-down so far had been the wide-spread appeal the terraced houses held amongst both owner/occupier buyers and investors, who were renting out the apartments for up to $450 a week.
“These terraced houses have been popular among buyers seeking a lock-up-and-leave city residence, or an executive rental investment. Buyers so far have ranged from young professionals, families, to those looking for an easy care property to use when visiting family and friends in the city.
“While some of the terraced houses have been rented unfurnished, others have been rented out furnished to professionals or corporate clients.”
Built in 2006, the 140 square metre three-bedroom terraced houses are set over two levels with open plan living areas and internal access single car garaging.
The pre-cast tilt slab construction ensures buyer peace of mind in respect to the hot topic of water tightness. Additionally, the construction also provides excellent soundproofing between houses.
The main entry is at ground level along with open-plan kitchen, dining and living area, laundry and second toilet. Upstairs is the master bedroom with balcony, two double bedrooms and a main bathroom.
Each terraced house features its own enclosed courtyard, underfloor heating on both levels, and an additional on-site carpark.
“An investor with a keen eye to the future could purchase an apartment and enjoy a strong rental return,” Mr Parkinson said.
“There is also the option for investors to purchase an apartment for a slightly higher price, with a guaranteed two-year rental of $450 a week underwritten into the sale.
“In addition, the Egmont Heights terraced houses are ideally located for city living, with Rugby Park (Yarrow Stadium) just across the road, and within walking distance to the city centre. This gives them the potential to be rented out on a short-term basis for people coming to major events in the city such as WOMAD, or any other of the major events the city hosts each year.”
Picture captions: Nine out of 16 luxury terraced houses in New Plymouth’s Egmont Heights development have been sold.