Shum said the city centre was desirable for \u201clock up and leave\u201d living. <\/p>\n
He said a falling market and rising mortgage rates in 2022 \u201cdampened demand\u201d across all property types.<\/p>\n
\u201cMany who wished to downsize to an apartment were unable to sell their home at a desirable price in the 2022 to 2024 period.\u201d<\/p>\n
Tauranga City Council figures showed 14 multi-unit development consent applications in the Te Papa ward, which encompasses the city centre through to Gate P\u0101, in 2025.<\/p>\n
The two towers have 96 apartments with one to three bedrooms and 23 garden villas and terrace homes. Photo \/ Alex Cairns <\/p>\n
Multi-unit developments include townhouses, flats, units, apartments and retirement village units.<\/p>\n
Council head of city planning and growth Andrew Mead said the pace of new consents had slowed in the past five years. <\/p>\n
He said no major townhouse or multi-unit development had been consented in the city centre since 2021.<\/p>\n
\u201cThis trend is not unique to the city centre and reflects broader economic and property market conditions that affect development activity.\u201d<\/p>\n
Elizabeth Towers penthouse for sale<\/p>\n
The Elizabeth Towers penthouse, marketed by Bayleys Real Estate, is on the market for a deadline sale on September 3.<\/p>\n
The two towers on the corner of Devonport Rd and Elizabeth St have 96 apartments with one to three bedrooms, and 23 garden villas and terrace homes.<\/p>\n
Residents would have access to a landscaped Sky Garden, residents\u2019 lounge, private entertaining areas, fitness facilities, basement parking, private storage and high-speed lifts.<\/p>\n
Retail and hospitality offerings below include Farmers and Picnicka<\/a> Bar and Grill.<\/p>\n The penthouse offered three bedrooms plus a study, spanning 210sq m internally.<\/p>\n It also had a further 160sq m of wraparound terraces, three and a half bathrooms, two secure car parks and north-facing outdoor living.<\/p>\n Bayleys Tauranga residential and projects branch manager Jon O\u2019Connor said Tauranga had less of an apartment culture three to five years ago. <\/p>\n However, he said recent Elizabeth Towers apartment sales reflected buyer confidence.<\/p>\n O\u2019Connor said Bayleys had received inquiries for Elizabeth Towers from across New Zealand and Australia.<\/p>\n \u201cPeople aren\u2019t simply buying an apartment. They\u2019re buying into what they believe Tauranga\u2019s city centre is becoming.<\/p>\n \u201cAs more public and private investment comes to fruition, buyers can clearly see the quality of place that\u2019s emerging, and that\u2019s giving people confidence to act.\u201d<\/p>\n He said city centre change<\/a> was tangible.<\/p>\n \u201cMany purchasers are coming from larger family homes, but they\u2019re not looking to compromise.<\/p>\n \u201cThey\u2019re downsizing the maintenance, not necessarily the lifestyle.\u201d<\/p>\n Barfoot and Thompson real estate agent John Pasley said there was more demand for apartments in Mount Maunganui than Tauranga CBD.<\/p>\n He said buyers were \u201cprepared to pay\u201d for the Mount Maunganui lifestyle.<\/p>\n Pasley said apartment buyers tended to be holiday home buyers, downsizers, retirees and professionals. <\/p>\n \u201cYoung families aren\u2019t going to apartments. They\u2019re out there with a little bit of a backyard, close to schools and amenities.<\/p>\n \u201cThey need to be close to work; they want to be close to the beach. That\u2019s why P\u0101p\u0101moa is such a burgeoning area.\u201d<\/p>\n However, he said he felt \u201cconfident\u201d Tauranga CBD <\/a>would become a popular location.<\/p>\n Pasley said interest was growing slowly.<\/p>\n \u201cI think in about another two to five years\u2019 time, when there\u2019s a lot more new builds, I think [Tauranga CBD\u2019s] attraction will increase.\u201d<\/p>\n Tauranga CBD projects underway<\/p>\n Building projects costing $672m were under construction in Tauranga\u2019s CBD.<\/p>\n These include parts of Tauranga City Council\u2019s $306m Te Manawataki o Te Papa civic precinct, the $206m Tauranga courthouse<\/a>, an $80m office building at 2 Devonport Rd and the $80m Panorama Towers development.<\/p>\n The Te Manawataki o Te Papa library and community hub was expected to open on October 15. The museum and civic whare were planned for mid-2028.<\/p>\n Tauranga City Council head of community hubs, arts, heritage and events Gareth Wallis told the Bay of Plenty Times the precinct would attract about 5500 visitors a day<\/a>.<\/p>\n The new Tauranga High and District Court complex was expected to be operational in late 2028.<\/p>\n Two developments were planned for delivery by year\u2019s end: the $80m seven-storey office building \u2013 with Craigs Investment Partners<\/a> as the anchor tenant \u2013 at 2 Devonport Rd and Asclepius Surgical, in the $80m Panorama Towers building on Hamilton St.<\/p>\nThe view from the Elizabeth Towers penthouse.<\/p>\n
An aerial view of Elizabeth Towers’ landscaped Sky Garden, pool and residents’ lounge. <\/p>\n