Record-breaking apartment sale sets new NZ benchmark

Market Insights
3 weeks ago
2 minutes

A landmark real estate transaction has taken place in New Zealand's Queenstown with two top floors of Lakeview Te Taumata’s Roto Collection sold for a record-breaking figure of over $33 million. 

The sale involves the penthouse on level 12 and the sub penthouse apartments on level 11 - to a single buyer - marking an important milestone for the Roto Collection. 

Exclusive agents for this deal, New Zealand Sotheby’s International Realty highlights the transaction as a strong testament to the demand generated by Lakeview Te Taumata. 

“In a region where price tags for some of the most opulent luxury homes reach the $20 - $25 million mark, this sale sets a new benchmark for the apartment market in Queenstown,” said Myles Green, Sotheby’s International Realty's projects and development manager.

“While buyers within this price range have traditionally gone for residences set within lifestyle acreage, there is a clear demand for the unmatched potential of amenity and location that Lakeview Te Taumata offers,” he said.

Uninterrupted views of Lakeview Te Taumata, New Zealand 

New Zealand Sotheby’s International Realty selling agent Dave Fea said the buyer, a resident of both North America and Queenstown, had been on the lookout for an opportunity of this calibre. 

“Of particular appeal was the exceptional quality of architecture, the central location, and world-class views the project provides, along with the vast array of amenities on hand,” David said.

Described as the pinnacle of luxury, the penthouse provides panoramic views of the mountain, city, and lake. It includes 475 square metres of living space with a 37 square metre balcony, five bedrooms and 5.5 bathrooms, a private wine cellar, a wellness centre, and a gym. The possibility of including a sauna is also an option.

Lakeview Te Taumata, a product of a joint venture between ASX-listed Centuria Capital and Melbourne-based 94 Feet, has witnessed a strong buyer response with an impressive $100 million garnered in sales during the first phase of the $2+ billion master-planned precinct. 

Over the next decade, the plan envisages the development including sprawling residences, four hotels, diverse retail spaces, restaurants and bars, an art gallery, a public plaza, and a hot-pools attraction. 

The construction for the Roto Collection is set to commence late 2024.