Frankton housing complex sets new benchmark

30th June 2018

What’s claimed to be Queenstown’s lowest-price new freehold dwellings are on the market.

The first units for sale at New Ground Capital’s Toru development at Frankton’s Remarkables Park are 28 apartments on the top three floors of the first building, Toru East.
Prices range from $495,000 for one-bedroom, 49 square metre apartments to $819,000 for the dearest three­ bedroom units.
Altogether the complex, on which earthworks in April 2018, comprises 230 apartments spread across three six- to seven-level buildings.
The 50 units on the Lower Toru East Levels have been bought by the Queenstown Lakes Community Housing Trust to assist households on its long waiting list.
Local Colliers International sales consultant Fred Bramwell expects the first 28 units will attract both first­home buyers and investors. 
“There’ll be a chunk of people who are trying to get into their first home who can’t stretch to $800,000.”
Bramwell says out-of-towners wanting to house their kids while they get schooling nearby could also be attracted.
He believes a selling point is the stunning views from the upper levels, assisted by large picture windows.
NGC managing director Roy Thompson says: “There is a severe shortage of affordable housing and long-term rentals in the district, partly because there are almost no high-density developments here yet.
“Toru is part of the solution – an innovative development that caters for both sectors of the market, with enough scale to keep the prices affordable whilst still delivering high-quality apartments.”
Architecturally designed, Toru’s been inspired by chalet design and the local vernacular.
Upstairs units offer open-plan living opening onto 4.6sqm balconies.
Its estimated body corporate fees will range from $2182 to $4016 a year. Each unit has an allocated covered or uncovered carpark.
Apartments are unfurnished, though NGC will have furniture package options.
Construction’s due to start on Toru East in Spring 2018 for completion by October 2019. Toru Central, due for completion in March 2020, is being kept by the developer as long-term rental stock, while Toru West’s 72 apartments will be offered to the market at a later date.