Cost of apartments tied to KiwiSaver

Last updated 10:15 17/11/2012
Basin apartments
The Nuovo apartment development at the Basin Reserve.

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Residents in a new "urban village" apartment complex just across the road from the Basin Reserve, could be in an ideal spot to check out who is calling on the Governor General.

The $20 million Nuovo development is being built on the Coventry Cars used-car lot beside the gates to Government House.

It will include 44 one-bedroom apartments in two five-storey blocks and a row of 11 townhouses.

Construction is set to start in May and the development is scheduled to be completed in April 2014.

Developer Craig Stewart of Stratum Management said the project was looking to cater for a recent increase in demand from first and second-home buyers, who were trying to find something in the city in the $300,000 to $400,000 price range.

"We've just run out of stock in that price range. We had a number of one-bedroom apartments in the Republic block [in Tennyson St] and sold out of them two to three months ago.

"It was all about price point," said Stewart.

The 50 square metre, one-bedroom units ranged from $310,000 to $350,000 and the two-storey townhouses were going for $429.000.

The units were below the $400,000 limit set for people who were drawing on their KiwiSaver accounts to fund their deposits.

It was a good option for people who were sick of renting and unable to find the right property within their price range.

They were well designed, in a good location on the edge of the city with lots of natural light, good sun, views that were not always available in CBD locations, and just a few minutes walk from town, Stewart said.

North-facing apartments had views over the Basin Reserve to the city, while the others looked to the town belt and trees flanking the grounds of Government House.

There was keen interest when the show suite opened at 61 Rugby St last weekend and six sold within a day.

The complex, which was designed by Architecture Plus, includes 25 covered and uncovered car parks.

Stratum Management has built a number of large apartment blocks in Wellington in past years and recently started work on construction of its new 16-storey Elevate apartment block in lower Taranaki St.

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- The Dominion Post

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