Latitude Apartments10/8 Cliff Road, Tauranga 3110

Project Details

  • Project Name: Latitude Apartments
  • Client: TYBI Limited
  • Location: 10/8 Cliff Road, Tauranga 3110
  • Building Size: 5,500m2
  • Completed: May 2019
  • Project Budget: $35M
  • Key Tenants: All apartments are individually unit titled and owned
  • Project Partners: Contractor - Form Building & Developments
    Architect - Ignite
    Planners - Boffa Miskel
  • Key Veros Team Members: Duarne Lankshear - Property Advisor
    Craig McCormick - Development Manager
    Craig McMichael - Project Manager

Brief

For the Latitude Apartments, our brief was to provide a total development solution for the feasibility, design, sales & marketing, and project management of a high-end apartment complex that needed to be highly buildable, functional and saleable, and deliver the requisite return to the investors.

Overview

Latitude Apartments is a six-level, 27 – 29  apartment development located in the heart of Tauranga city, with commanding views of the harbour and Mount Manganui.

Initially proposed as a five-level apartment complex prior to Veros’ involvement, the client had pursued various avenues in an attempt to develop a profitable and marketable product, however, the overall apartment typology, views and outlook, and car park ratio did not deliver viable development feasibility.

Once engaged, Veros undertook a review of the development and overall feasibility and identified an optimised building and layout that delivered constructability and saleability.

Outcomes

The outcome was an improved investment return in the region of 20%, greater client, investor and buyer certainty at the point of sale, and overall a higher quality of product.

The higher quality design and, in particular, visual renders of the building apartments allowed the apartments to be sold off the plans while providing certainty to the purchaser on the quality product they would receive.

Summary:

  • $35m development completed on time and on budget.
  • First Apartment building built in Tauranga in last 10 years.
  • 6 level luxury apartment development, within the heart of Tauranga’s historic precinct.
  • 28 freehold apartments, 27 of 28 sold off plans and prior to completion
  • Meeting demand for High quality apartment buildings to the city’s fringe, reflection of Tauranga maturing as a city
  • An excellent outcome that supports a more compact city and provides an alternative housing choice

This is a collaboration our team are proud to have been a part of – for the project team and the investors behind it, to be able to deliver a project of this stature for Tauranga, supporting a more compact city and providing alternative housing choice in the area.