Who’s buying the $2.6M apartments in Hamilton East?

Monday, 14 October 2024

A high-end apartments lifestyle overlooking the Waikato River in Hamilton East is selling for over $2.6 million and there seems to be no shortage of empty nesters flocking at the opportunity.

Premium mixed-use development One Cook St is expected to be ready by 2026 but has already sold nearly half of the open plan living apartments.

The eight-storey building will be the tallest in the area, consisting of two levels of basement parking, three levels of commercial space including a restaurant with a large patio overlooking the river, six apartments and one luxury penthouse spread over the top three floors.

The view from One Cook St in Hamilton East is the reason behind the big price.

The penthouses and two of the six apartments are sold, off-the-plan and without an online advertisement.

Lodge residential consultant James Walsh says the luxury apartments on Cook Street, selling for over $2.5M, are attractive to empty nesters or those wanting to downsize.

It’s the view and ‘lock-up and leave’ idea that is attracting affluent retirees from across the country.

Lodge residential sales consultant James Walsh said one of the apartments was bought by a couple who is downsizing and another pulled someone from Tauranga.

Those looking to downsize were the main demographic for these apartments priced at $2.665M.

“They might be on a lifestyle block, homes with big backyards, children have grown up and they don’t need that space anymore,” Walsh said.

Construction work of the tallest building in Hamilton East, One Cook St, is in full swing.

The west-end development was first revealed in 2021 by Black and Orange Property, with construction begun in 2023.

The apartments were initially put on the market in 2022, but after taking them off soon after, were re-marketed this year.

The big price was for the “outstanding” views and Walsh said it was a unique opportunity as there was not much in the pipeline in the luxury apartment range.

“If we have already sold it at that price, the demand is there for it.

An artist's impression of one of the One Cook Street apartments in Hamilton East.

“In the high-end market, you’ve got Hills Village, a couple others dotted around the city but Hamilton needs half a dozen more.”

Walsh said Hamilton needed more apartments across different price ranges.

“There's no little two bedroom apartments in here for first time buyers.

“There's a demand for that type of living, particularly in this area of town, hospital staff, wanting places just lock-up and leave, easy access to get to places that are tidy and quiet and in a good space.”

The demand was also driven by Wellingtonians who had moved up with Rabobank and ACC shifting its headquarters within Hamilton.

Walsh said more city apartments could also reduce the antisocial behaviour driven by the people living on streets.

“It just cleans up a lot of the areas.

“We need more people living in the city, everyone just goes off after work and it becomes a bit of a ghost town.

“If we could have a few more permanent people, it would be beneficial to businesses too.”

The latest 50 point drop in the OCR on Wednesday, while insignificant to those looking to buy the luxury apartments, was a good news for the general market.

“It still offers a bit of confidence boost.

“It feels like everyone was just hunkering down for the last couple of years.”

The One Cook complex will join a number of up-coming and completed developments in Hamilton East, including a 27-apartment complex planned for the corner of Anzac Parade, Memorial Drive and Puutikitiki St.

The Cook bar and restaurant owner Chris Rollitt says business are supportive of the development.

On Grey street Stark’s Hills Village development included a three-level commercial building on the ex-service station site. Hills Village also consists of 19 apartments and penthouses, 11 terraced apartments as well as 10 flats in what is called Anzac Apartments.

And just up the way from One Cook St sits the site of the now demolished Eastside Tavern where current owner Wise Group intends to build a youth centre.

Businesses in the suburb were thrilled by the wave of development taking over Hamilton East.

Cook Bar and Restaurant owner Chris Rollitt said the high-end projects would bring a quality style of residential elements to the area.

“Those apartments are beautiful and the people living in them, they are high quality people and will only add value to the area.”

Sage restaurant owner Carl Bloxam said he was all in for the development but it would also bring more competition to the area. He is pictured at his other venue Craft in CBD.

Businesses were “100% supportive and excited” for it, he said.

Next door at Sage, owner Carl Bloxam said he was all in for the development but it would also bring more competition to the area.

“There's another restaurant going in there at an excellent location, a bit of competition.

“On one hand, it's great because I love going to other places, on the other hand, there’s a bit of apprehension, but I am not really worried about it.”

It’s been a year since the fine dining restaurant opened on Cook Street and Bloxam said it was becoming a destination place.

“No matter where we are, we can sort of stand on our own two feet,” and the new development might not affect them majorly, he said.

However, Hamilton East in general was becoming increasingly popular, Bloxam added.

“It’s already become much more popular than town.

“Town can still be a little bit younger and more active, whereas Hamilton East seems to be a little bit more laid back, little quieter but still bustling.”