Luxury Penthouse Collection Unveiled as Melbourne Firm 94 Feet Wraps Up Successful Auckland Venture

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Private Melbourne-based development firm, 94 Feet, renowned for its recent unveiling of the staggering $NZ 2 billion Lakeview Te Taumata project in Queenstown, is now introducing an exclusive penthouse collection in Auckland as it concludes its triumphant venture into the New Zealand market.

In the midst of the COVID pandemic, the company initiated the $NZ250 million 51 Albert Street hotel and residential apartment complex in the Auckland CBD, poised to be Auckland’s premier residential hotel tower in over a decade. With construction anticipated to wrap up in the upcoming months under the supervision of multi-national builder Icon, the project has garnered substantial interest.

Comprising a 225-room hotel and 30 deluxe penthouse apartments, 51 Albert has already seen the sale of 25 units, totalling $NZ75 million. These luxurious residences, priced between $NZ1.5 million to $NZ7.3 million, have primarily attracted high net worth individuals from New Zealand.

94 Feet, led by the esteemed Rzechta family based in Melbourne, has unexpectedly emerged as New Zealand’s largest private residential developer following the success of 51 Albert Street.

94 Feet development manager Charmaine Balchin said the just released sub-penthouse was priced at $NZ12 million, with a sprawling 335 square metre full floor penthouse with north facing views and 3.5 metre ceiling listed at $NZ15 million.

“We’re delighted with the success of 51 Albert which we believe will be a significant new residential and hotel asset for Auckland which hasn’t had this type of product introduced for many years,” said Ms Balchin.

“The sales we have achieved – 25 out of the 30 apartments – is demonstrative of the quality of the offering and the high demand for luxury residential apartments in the heart of the Auckland CBD.”

“We’ve had a strong level of interest in the sub-penthouse and the penthouse and we believe now is the right time to release to the market because the building has now topped out and the scale and enormity of the offerings can be viewed by prospective buyers.”

Transitioning seamlessly from the completion of this landmark project, the company is now fully engaged in its transformative $2 billion Lakeview Te Taumata venture in Queenstown.

Launched just last month, Lakeview has already secured sales surpassing $NZ100 million. Charmaine Balchin, development manager at 94 Feet, hailed 51 Albert as a significant triumph for the company in its inaugural venture into the New Zealand market, citing the remarkable sales figures as evidence of the project’s exceptional quality and the burgeoning demand for upscale residential offerings in central Auckland.

^Stunning Vista from the Lakeview Te Taumata Penthouse by 94 Feet (Image: 94 Feet)
^Stunning Vista from the Lakeview Te Taumata Penthouse by 94 Feet (Image: 94 Feet)

Balchin highlighted the recent release of a sub-penthouse priced at $NZ12 million, alongside a sprawling 335 square meter full-floor penthouse boasting north-facing views and 3.5-meter ceilings, listed at $NZ15 million. Remaining premium two-bedroom, north-facing, half-floor apartments with stunning 180-degree vistas are available between $NZ2.75 million to $NZ2.95 million. The apartments span levels 29 to 41, with the hotel operations extending up to level 27.

Looking ahead, 94 Feet is directing its focus towards Lakeview Te Taumata, touted as one of Australasia’s most distinctive residential offerings, poised to redefine Queenstown’s status as a premier ski and lifestyle destination. Envisioned as the epitome of connectivity to Queenstown, Lakeview is set to introduce a vibrant, dynamic neighbourhood meticulously crafted for both work and play, promising residents unparalleled convenience and lifestyle amenities.

The ambitious Lakeview project is slated to encompass 750 residential apartments, three hotels boasting 750 rooms, and extensive commercial developments featuring co-living spaces, co-working hubs, health and wellness facilities, bespoke retail outlets, an art gallery, and an array of dining options. Garnering substantial interest from both Australian and New Zealand markets, the project has also attracted attention from the US, where offshore buyers can participate through a management leaseback arrangement.

“We’ve got very strong interest from the US who see NZ as a very safe, very dynamic and when compared to the US dollar, an affordable offering in arguably one of the southern hemisphere’s most dynamic precincts.”

Marketed by Sotheby’s New Zealand, construction on the first stage of Lakeview Te Taumata is expected to commence in the middle of this year. With a proven track record of delivering projects of exceptional quality, 94 Feet stands as a prominent Australian entity, having successfully developed a diverse portfolio encompassing commercial, residential, hotel, and land lease projects across Australia and New Zealand, totalling over $1.4 billion.

Note: The information presented in this article is for general informational purposes only and should not be relied upon as legal, financial, or professional advice. While we make every effort to fact-check and verify the information presented, we cannot guarantee its accuracy or completeness. Readers are encouraged to independently verify any information they find on our website and to consult with relevant professionals before making any decisions based on the information presented. The Australian Development Review does not own the rights to the information included within this article, and furthermore, there is no infringement intended from the included text and images within.

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