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Work on luxury apartments to start in January 2013

23 August 2012. Source: Fairfax NZ News
WBC News xero house

Construction of Wellington's latest luxury apartment complex will start in January after 28 apartments worth a total of more than $45 million were sold off the plans. The start of the One Market Lane development was announced yesterday by Willis Bond director David McGuinness. Sales so far include two of the five penthouse apartments, each of which sold for more than $3 million, and several of the cheapest apartments, which went for $650,000.

The 11-storey building will rise on a vacant site behind the Xero building on the triangular block between Cable and Taranaki streets and Jervois Quay.

Completion is scheduled for the fourth quarter of 2014. The development will include ground floor shops, two levels of car parks and three office floors, topped by 43 apartments.

Fifteen apartments, ranging in price from $650,000 to $2.45m, have yet to be sold.  The commercial viability of the $50m development was assured by a deal announced yesterday that Trade Me would lease the three office floors.  Marketing of the apartments started in February, and Mr. McGuinness said there had been a great response, with all apartments sold so far having been bought by owner-occupiers.

One Market Lane will be Willis Bond's fifth neighbouring development in the past decade.  These include Shed 22, which is now Mac's Brewery Bar; the old Odlins building, which is now the NZX Centre; the old Wellington Free Ambulance building, now the St Johns Bar; and the former John Chambers building, now Xero House. The company is also part­ way through a $100m redevelopment of the Overseas Passenger Terminal site.  The terminal has been demolished to make way for the Clyde Quay Wharf apartment complex.  Although the complex is two years from completion, nearly all the 75 apartments, priced at be­tween $1 million and $7 million, have been sold off the plans.