Watermark Plaza, the $52 million serviced apartment project on the Viaduct Basin to be managed by Mirvac, has gone unconditional.
Work will start on October 21, says Nigel McKenna, who with Greg Wilkinson has formed Plaza Development to carry out the project. The Plaza building will have 144 serviced apartments on seven levels and is separate from the 60-unit, straight residential component of the Watermark project designed by Newport Pacific and headed by Robin Peel-Walker.
As well as mainstreet bank funding, Watermark Plaza scored Eric Watson, chief executive of the Blue Star Group, as a backer. The two apartment blocks will wrap around the eastern, city end of the Viaduct Basin. Sales exceeded expectations in the two months it has been on the market. “We’re sold 50 per cent by value, around $25 million, and about 40 per cent by number.
There’s a predominance of studios left to sell, but sales have been across the whole range.” McKenna says construction has been timed to start on October 21 so the property can be handed over for Mirvac to start operating by the end of November next year – “and hopefully, with the America’s Cup, fully leased.”
Another Viaduct development has been taken over by Symphony Group, which intends to speed up action on the old markets sites previously held by Singapore property developer Tony Heng.
Symphony wants a mix, refurbishing some spare in time for the America’s Cup pending long-term development, and permanently refurbishing the market and Apex buildings for offices and shops. Immediately across the Lighter Basin from the Team New Zealand base for the America’s Cup, Fletcher Properties plans to build The Point apartments.
Bruce Holdsworth’s Latitude 37 was the first apartment development in the area and is nearing completion while, between there and Fanshawe St, Mainzeal has started on the first three-building stage of an office park for a joint venture between Kiwi Income Property Trust and holders of the Viaduct Basin’s 19ha of land, Viaduct Harbour Holdings.
