The ''maturing'' of Dunedin's warehouse precinct is
driving growth in demand for inner-city apartments, which is
viewed as an exciting development for the city.
This week's announcement that the A.H. Reed Building is to be
developed into apartments is the latest in a series of
developments that will soon push the number of apartments in
the area to nearly 100.
Dunedin City Council policy planner (heritage) Glen Hazelton
confirmed there were already 62 apartments in the area around
Vogel, Jetty and Bond Sts, with about another 25 planned,
including 11 at the Stavely Building in Jetty St.
That did not count the 24 apartments being built in the
Mercantile and Loan Building or plans for redevelopment of
several Princes St buildings outside the precinct.
Dr Hazelton did not think there would be any issues finding
buyers or tenants for the apartments because buildings
completed so far had easily found tenants.
A lot of people had also been asking the council where they
could get higher-end apartments.''
It's gone from ... large multiple-bedroom student apartment
styles; now they are moving to smaller apartments targeted to
professionals, and a lot of owner-occupier. There's that kind
of maturing of the system.''
The residential development was soaking up what was otherwise
vacant commercial space, he said.''
And we have so much commercial space on the market that you
get a double-whammy positive because you're not only getting
rid of some of that space, but you're also getting more
people living in the area who can frequent local shops, and
that's got to be a positive for Princes St as well.''
Warehouse precinctbecoming place to live> From Page 1The
council was watching the area, Dr Hazelton said. As it
evolved, the council would catch up with factors such as
improving or changing parking and refuse collection.
''We have put some on-street public recycling bins in, and we
are working through the kerbside recycling issues in the
residential area, and have said we will look again at how
much interest there is in residential parking.''
Real Estate Institute regional director Liz Nidd said the
activity in the warehouse precinct excited her
''I get excited every time I see another building come on ...
when I picked up the paper this morning and saw [the A.
H. Reed] building has been bought and is going to be
developed, it lifted my heart, because I just think [the
architecture and heritage] is so important for all of us.''
She had not seen any new apartments come through from the
area recently, so it was too hard to say what sort of prices
they would fetch.
But the market would likely be more in the high end as the
student market was well catered for. Development over an
extended period would depend on the success of the apartments
coming through now, she said.
''It's really important because that's what will really fire
the ongoing market.''
Apartments were a ''very'' good use of the real estate in the
''I would love to see lots of apartments through there and
also some neat little cafes.
''I think that's a fantastic use of that area, particularly
as the council has stated very specifically they want to
reduce greenfield development.
''People have got to go somewhere, so it is a good way of
housing a whole lot of people.''