$53m luxury complex for Napier

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Wednesday 10 March 2004

A $53 million apartment complex in Napier is nearly half sold before the official announcement of the flash new waterfront project.

By The Landlord

Wellington-based Globe Holdings is building a five-storey, 103-apartment complex on bare ground in West Quay, in the increasingly trendy suburb of Ahuriri on the north side of the Napier hill. The project, along with other upmarket apartment developments started recently, is seen as a significant economic and promotional boost for the city.

Last year Globe Holdings paid $2.7 million for the 1.5-hectare site, which had been used as a transport yard.

"Waterfront sites are becoming increasingly scarce as New Zealanders recognise the premium such property can command," company director Andrew Fawcet said.

"This has resulted in significant interest in the development with 50 apartments, valued at over $25 million, either already sold or under contract. People heard about it through word of mouth and approached us."

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