LIFE AT THE TOP

Penthouses are considered by many to be the pinnacle of lifestyle – and for good reason.

Oliver Road’s Jason Eves says penthouse apartments typically perform independently of the market. “They are the antithesis of commodity property – few in number and rarely available. They offer true prestige of both lifestyle and address.”

Despite the uncertainty of the past few years – or possibly because of it –Oliver Road marked a couple of notable sales of this sought-after property type. The penthouse at Devonport Towers in Tauranga was sold in June 2021 for $3.4 million. A very large apartment with distinguished features in terms of its individual styling and finish, its most dominant aspect is the commanding view. Thanks to this penthouse’s lofty position on the 16th floor and facing due north, the wraparound panorama sweeps east to west, giving all rooms an astonishing pictorial that captures the very essence of Tauranga’s harbour connection.

Apart from its unique position on the top floor, Devonport Towers has another unique advantage, born from the history of the site. The original home of the Tauranga Club, Devonport Towers now incorporates the club’s facilities, along with a hotel division – features which give added kudos to this inner city complex and its grand entrance. As Tauranga CBD‘s rejuvenation continues and new development emerges, Devonport Towers – and this penthouse in particular – will continue to be highly valued as blue-chip investment.

Mount Maunganui offers a different perspective on apartment lifestyle. The Mount’s close connection with the beach underpins its resort recognition compared with Tauranga’s CBD vibe. The Mount’s main focus shines a spotlight on several high-rise developments at the base of Mauao. However, the distinctive complex on Marine Parade above the Tay Street Beach Café showcases another perspective of the Mount as a surfing mecca. Oliver Road sold this penthouse in July 2022 for $5.25 million. Just one year on from selling Devonport Towers, the significant price is further recognition of the value placed on penthouses and the premium commanded by front-row Mount Maunganui addresses.

Penthouses will always be upmarket in terms of their design and finish – top-of-the-line features and high-end appliances.

Jason says all these features and amenities make penthouse apartments highly desirable, “Particularly among people with principal or secondary residences in other regions or countries.”