Plush apartment and retail building begins

TOM HUNT

Flying in the face of the recession, a plush multimillion-dollar development jutting into Wellington's Harbour has had 65 of its 75 apartments pre-sold for up to $7 million each.

Construction work on the central Wellington apartment and retail block begins today at the far end of the old Overseas Terminal on Clyde Quay Wharf in Oriental Bay and will take more than two years to complete.

Access to the popular fishing wharf will be closed during construction. Site offices and some fencing is already in place.

Willis Bond, the Wellington company behind the project, was investing "very significantly over $100m" in the development, managing director Mark McGuinness said.

While the plushest apartment had already sold for an undisclosed sum, one was still available for nearly $7m.

The 300-square-metre apartment with an added 150 square metres of decking was on the seaward end of the wharf with views facing north, west and east.

"It's got everything anyone could wish for," Mr McGuinness said, including four bedrooms and a media room.

Construction would start at the end furthest from land and move in stages inward, he said.

While a couple of the apartments had sold for under $1m, the cheapest of the remaining 10 still on the market was selling for about $1.2m.

Of the 65 that had sold, nearly all had gone to Wellingtonians, he said.

While health and safety reasons meant the wharf would be off-limits during construction, boat owners at Chaffers Marina would have access to the marina.

Planning of the apartment complex – which would also feature marine retailers, a day spa, a top-end restaurant and patisserie – started eight years ago.

"It's a great feeling to finally see the builders on site. It will be the only one of its type ever built in Wellington," Mr McGuinness said

At least 200 tradespeople would be employed on the worksite during the next two years.

Earlier this month The Dominion Post reported that the most expensive house sold in the Wellington region last year was the historic Powles House in Wesley Rd, Kelburn – overlooking Wellington's Botanic Garden. It fetched $3.25m.

It was said that an apartment in the Overseas Terminal was reportedly sold for nearly $8m but it did not feature in the Quotable Value figures because titles would not be issued until the development was complete.

Willis Bond was the company behind the Chews Lane development, which was about the same size as the Overseas Terminal project, Mr McGuinness said.

Resource consent was granted by Greater Wellington regional council in 2009 after an appeal to the Environment Court – opposing the development and its design – was turned down.

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Email: tom.hunt@dompost.co.nz

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