Eight Auckland apartment developments get exemptions to sell to overseas buyers

Monday, 1 April 2019

An illustration of one of the apartments in the apartment and hotel development, The Pacifica, in downtown Auckland, where the developers have an exemption to the Overseas Investment Amendment Act 2018 to sell to overseas buyers.

Hundreds of new apartments in Auckland will be able to be sold to overseas buyers after approval from the Overseas Investment Office.

The nation's watchdog on overseas investment has granted eight apartment developments, all in Auckland, transitional exemptions from the Overseas Investment Amendment Act 2018 to sell to overseas buyers.

An illustration of Beaumont Apartments in Beaumont Street being developed by Willis Bond & Co in the Wynyard Quarter in Auckland. The development has an exemption from the Overseas Investment Office (OIO) to sell to overseas buyers

The Overseas Investment Office (OIO) said it had 'granted transitional exemption certificates for several apartment developments on residential land that is not otherwise sensitive'.

Most overseas people cannot buy a home in New Zealand to live in unless they are Australian or Singaporean citizens under amended legislation that took effect in October 2018.

An artistic rendering of The Pacifica, a residential skyscraper under construction in the Auckland CBD.

* Wynyard Quarter: Multi-million dollar apartments launched**

OIO's website said the transitional exemption certificate for large residential development can be applied only to apartments likely to be completed within five years.

Applications could be made for those up until February 21 2019.

Willis Bond has secured an exemption to the Overseas Investment Amendment Act 2018 which allows overseas buyers to buy off the plans its Beaumont Apartments at 30 Madden Street in the Wynyard Quarter.

Managing director Mark McGuinness said recently that 'very very few of these apartments will be sold offshore. Almost all of them or many of them will be sold to Aucklanders looking to move from where they are currently living.

'Frankly, we have deliberately not marketed them offshore because we want to create a community rather than a building with apartments just owned by investors.'

For an exemption a development must be multi-storey with at least 20 residential units that were not completed by August 22 2018 and were likely to be completed by August 22 2023, the OIO website said.

The eight exemptions are apartment developments by

* XCJ Group at Enfield Street in Mt Eden

* Vulcan Properties for the Antipodean at 39 Beach Road, in the Auckland CBD

* Edgeware Trustee for a development, Union & Co, at 15-17 Union Street in Auckland by Conrad Properties

* Young & Partners for the Eden View apartments on Dominion Road, Mt Eden

* The 30 Madden development for apartments being developed by Willis Bond & Co in Beaumont Street in the Wynyard Quarter

* Kingsman Development at Kaipiho Lane in Albany

* Conrad Properties' 12-storey Queens Park residences in Queen Street.

* Hengyi Partnership for the 57-level hotel and apartments development, The Pacifica, in Commerce Street in Auckland's CBD