New Zealand: A 34-unit Quest aparthotel in Whangarei has been officially launched.
The development was officially opened by local mayor Sheryl Mai
and Whangarei MP Dr Shane Reti, at an evening function on-site
The development also contains seven retail units ready for occupancy with anchor tenant Coffee Club confirmed for the largest site on the corner of Bank and Cameron Streets.
Murray Alcock of developer Canvas Investments said: "We started with a tired early 1900s building and have finished with an impressive, well-designed and striking property with an upmarket fit-out. With large windows, high ceilings and airy spaces, it feels much larger - the cavernous walkway alongside the property is now a design feature with retro styled pillars from the original building. We are very pleased with the result and enormously proud that Quest decided to name it as their Whangarei flagship."
The individual apartments are being sold individually by agents Harcourts. Anthony Gysberts of Harcourts, Whangarei, said: "There is appetite for a building like this because it's well-built, has exceptional quality and is fully 100 per cent of seismic code. It also serves tourism as an increasingly vibrant sector of Northland's and New Zealand's economy - investors can see the potential."
Units have been on sale from $196,000 to $408,000 and are offering an estimated gross capital return of 6.0 per cent per annum.
Matthew Davidson, the franchisee for Quest Whangarei, said: "As a new property operating at around 60 per cent occupancy, even before the summer season, shows how good it is - we are excited about the prospects ahead and serving the local community, businesses and the thousands of people who visit the City every year as the gateway to Northland."
Quest Whangarei is the 35th Quest in New Zealand, making its serviced apartment network one of the largest of any accommodation provider in the country.