NZ Property Solutions director Denise Casey said the real estate agency had sold two “luxury apartments” off-plan that were part of the redevelopment of St Clair’s historic Majestic Mansions building.
The two north-facing “glazed garden pavilion” units, each on the upper ground floor, were sold for $1.425m and $1.45m — or about $18,000 per square metre, Ms Casey said.
Designed by architects Mason & Wales, the two-bedroom and two-bathroom apartments would feature bespoke kitchens, floor-to-ceiling windows and oak ceilings.
It was the highest price per square metre the agency had sold that type of property for, she said.
“It’s probably a new record for a St Clair apartment.”
Resource consent was granted to Timaru Creek Ltd last year to expand the 1919 heritage-listed hotel and apartment complex, in Bedford St, including the addition of a fourth storey.
Ms Casey said the two apartments were the only ones offered to the market for sale.
She estimated NZ Property Solutions had sold more than 300 properties off-plan in central Dunedin over the last four or five years.
They sold three out of the four “Beach Apartments”, in Forbury Rd, at about $16k per square metre.
The two units on the top floor had sold at $1.7m and $1.8m.
A new townhouse development, also on Bedford St, sold at around $12k per square metre.
People recognised that it was very difficult for developers to source sites that lent themselves to brand new and high end developments, Ms Casey said.
“So there is a real scarcity value that people place on those types of properties — they really just don’t come up very often.
“We didn’t necessarily think we’d achieve $18k per square metre this time round, nor did we with Beach at $16k per square metre.
“Who knows what can happen in the future.”
Majestic Mansions co-owners Joff and Penny Riley said interest in the redevelopment had been “very strong from the outset”.
“Given the building’s heritage and character and its location in the heart of St Clair, we anticipated strong demand and have been delighted with the level of inquiry and enthusiasm from potential buyers.”
Stewart Construction started work on site this week, with completion scheduled for the end of next year.
There were no immediate plans to release any further apartments for sale at this stage.
Majestic Mansions was “a stunning and iconic building” and the combination of heritage charm, modern design and location had proven to be a compelling mix, they said.
“The architectural design by Mason & Wales has beautifully merged the old with the new, preserving the building’s heritage character while introducing high-quality contemporary living spaces.
“The development … is just a stone’s throw from the beach — a rare combination that resonates strongly with buyers.”
