A five-storey residential building planned for Dunedin’s CBD may be a bellwether of central city land use.
To be built at 1 Great King St, next to Countdown, the building will have 20 fully self-contained apartments, including 16 one-bedroom apartments selling from $529,000 and four two-bedroom apartments selling from $915,000.
A commercial or retail tenant will occupy the ground floor, while the other four are designated for apartments.
The existing building is to be demolished.
Lane Sievwright, of Edinburgh Realty Ltd, said it was time for such a building in Dunedin’s inner city.
The need and demand for well-situated, upmarket apartments was increasing, he said.
This development would cater to young professionals and meet the inner city’s short-term accommodation needs.
He thought more such developments would appear in Dunedin in coming years, whether through refurbishment of existing buildings or new structures.
"As borders open up, we’ll see international students returning, and this will put pressure on demand for this type of accommodation."
Although marketing had just begun, there was strong interest in the apartment block, a few apartments having already sold, and more under offer this week.
The estimated completion date of the building is mid-2024.
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God help us if that design is leading a trend. Imagine the students on the balconies calling out their orders for more alcohol.
A very therapeutic price. My wife was constipated until I read to her the price of these apartments.
The development may be in the city centre but how is that pricing anywhere near reasonable? Those prices are what I would expect from Auckland or Wellington, not Dunedin. Indeed you can build a very decent 3-4 bedroom house with good energy efficiency for that price.