The construction site (left) is where Abbott Residences is rising beside Nathan Residences (right). This is The Foundation, a retirement village being built in Parnell, Auckland, one of New Zealand's most affluent suburbs.
The asking price for a licence-to-occupy 190sqm three-bedroom northeast facing penthouse is NZ$6 million. Other apartments are being offered for NZ$4 million.
Generus Living Group, which owns and operates villages and care centres in Auckland, Mount Maunganui and Christchurch, is behind The Foundation. Owners forgo 30% on resale, which occurs when someone is sick and moves to hospital care, or dies.
Developer Graham Wilkinson, of Generus Living Group, says buyers, who often have multimillion-dollar homes as well as other assets, want to spend their days in the 75-year-plus bracket in style, remaining in their locality due to familiarity, lifestyle, family and friends.
“There have been applications on six units in Abbott Residences,” he said. “Those are between $5m and $6m. There are another 10 units for $4m to $5m and the rest are between $1.5m and $4m,” he said.
“This is truly unique. This comes from my hotel background. A hotel used to be a hotel but now you don’t say you’re staying at a hotel. You say ‘I’m staying at Millbrook’, not the Copthorne. So people say ‘you’re lucky’. What I’m saying is the retirement village market like the hotel market has segmented into wealthy, mid-scale and budget.”
What does a resident get for $NZ6M?
A concierge, in-residence assistance 24 hours a day 365 days a year, underground car parking with individual storage area, a café, restaurant and lounge bar, drawing room, and private dining and function areas. In addition, access to a private chef and catering, reading room, 42-seat cinema, billiards lounge, art studio, conservatory rooftop terrace, a cardio studio, wellness centre with hydrotherapy pool, spa, hair salon, ability to book an electric courtesy vehicle and chauffeured vehicle service.
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