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QUEENSTOWN APARMENTS SELLING WELL

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February, 2020

Even in a Queenstown market becoming saturated with apartments, The
Tiers stands out.
Located on a steep hillside above Frankton Road, the complex currently
comprises 29 striking-looking, high-end apartments, seven of which are
close to completion, and 11 sections.
The hands-on developer is Queenstowner Will Taylor, whos spent five
years on the project and is still only 34.
He says the cost of this current sixth stage, including infrastructure for
the next and final million.
The final stages, which will bring The Tiers up to 49 apartments, should
take another three or four years we only like to build around five to
seven a year, to keep the quality up.
When Taylor, who had 13 years prior experience working for veteran
local developer David Broomfield, bought the 2.8 hectare site, he was
tackling terrain that had put off other buyers because of its rocky
nature.
The cheapest apartments in the first stage of 15, at the bottom of the
site, sold for less than $600,000.
His latest batch of two- to five-bedroom apartments sell in the
$1,650,000 to $2.5 million range top bracket in Queenstown while his
highest price so far has been $3,750,000.
Taylor says hes not getting higher margins because construction costs
have soared about 40 per cent in recent years
Hes thrilled with the quality of his current team of builders, contracted
builders and subbies have done the whole hill, so theyre very proud [of
their work].
However he bemoans that building progress is slower these days due to
the length of time to get various sign-offs.
But Taylor also admits hes a perfectionist.
We take our time and get the job done right the first time.
Taylor says hes never been worried about finding buyers because of the
reputation for quality hes built.
We only need to sell five or seven a year, its not hard to find that
many people.
Weve got one person whos bought four over a number of years and
hes still got three.
He estimates the split of holiday home buyers versus owner-occupiers is
about 80-20, with some apartments rented out for Airbnb.

Source: Mountain Scene