Dominion kicks off Viaduct Point units

By Campbell McIlroy

Friday 7th December 2001

VIADUCT POINT: 30 of the 74 units pre-sold

Dominion Funds has secured sufficient presales to kick off its 74-unit Viaduct Point development in Auckland.

Dominion chief executive Paul Duffy said the company had sold just over 30 of the 74 units (about 40%) in the almost $30 million development.

The property is being developed as part of the Commercial Property Investments fund, formerly the Parnell Point fund.

The name was changed after plans to part-fund the development of the former White Heron site in Parnell fell through in February.

The fund also includes the Farmers distribution centre in Christchurch, and Mr Duffy said he expected to undertake another two to three development projects as part of the fund over the next few years.

Launched in September the Viaduct Point has had a favourable response from the market as interest rates have continued to drop in the aftermath of September 11.

Mr Duffy said there was also a finite amount of property that could be developed in the Viaduct.

The six-level development, made up of basement car park and five levels of units, consists of studio, one, two and three-bedroom units ranging in size from 39sq m to 101sq m plus decks.

Priced from $180-560,000 the units are leasehold with the rent reviewed every seven years on the unimproved value of the land.

Mr Duffy described the ground lease as a traditional Glasgow ground lease, with initial rental set at $201,000 a year to be apportioned on a unit title basis.

He said he did not think the Viaduct Point would suffer the poor resale values of other apartment developments around Auckland, because of its Viaduct location and quality.

"We finished The Point about 18 months ago and resales have been at a minimum of 15-20% above what they originally sold for."

Comments from our readers

No comments yet