THE VISION

A property became available with an existing but unsuitable resource consent along Auckland’s hotel golden mile of the Albert St corridor between Sky City and the waterfront. We saw an opportunity to modify the consent to a configuration of 1 and 2 bedroom apartments that would meet the growing demand for corporate and tourist quality apartment style full service accommodation within a short walk of major Auckland attractions.

THE PROJECT

Multiple design modifications resulted in a consent for carefully configured apartment building configured for short stay accommodation.

A number of the units were pre-sold to long term investors with a lease-back to our related hotel business. A core of units was retained by Silverstone’s subsidiary company to ensure stability of the hotel pool.

The simplified layout created an efficient structure which resulted in rapid and efficient construction. The precast frame for each floor was completed on a 6 day rotation which assisting in substantially reducing the originally forecast construction period.

All apartments contain full kitchens and separate bedrooms. Full laundry facilities are installed in each apartment.

We sourced furniture packages for the hotel via direct supply from manufacturers in China and Asia.

THE RESULT

The building was opened 12 months after construction commencement and was an immediate success. Very high occupancy and strong yields have been delivered year after year to the owners and investors.

The ownership and management has remained unchanged since the hotel was opened and this iconic building remains a signature asset within the portfolio.

THE ADDRESS

74 Albert Street, Auckland CBD

THE HEADLINES