A more than $7 million central Dunedin development will add a penthouse, 12 apartments and new office spaces to a historic building. Work has been under way since April on the mixed-use redevelopment of the former McVickar’s Building at 470 Moray Pl. Feldspar director David Booth said the building was constructed in the 1880s and “deserved a new life”. “From a career point of view and for our business, it’s a big milestone,” Mr Booth said. “We’re really excited by it.” A luxury, three-bedroom penthouse was planned on top — which would require construction of an extra storey — as well as four two-bedroom and eight one-bedroom apartments across four floors, and new offices for Feldspar on the ground and lower ground floors. [Missing Credit]An interior design for the planned penthouse at 470 Moray Pl. Photo: Supplied[Missing Credit]A design of the interior for one of 12 planned apartments at 470 Moray Pl. Photo: Supplied The penthouse would have “basically 360° views of the city”, from St Clair to the Town Belt. It would also have a veneered kitchen, stone-top bathroom vanities and two decks; one off the master bedroom and another to the rear of the living area. The total budget was more than $7m. Nestled between Bracken Court and Bell Hill Apartments, it felt “really great to be tidying this one up in the middle to make it three amazing buildings in a row”, Mr Booth said. [Missing Credit]A proposed design for the exterior of Feldspar's development of the former McVickar's Building, at 470 Moray Pl. Photo: Supplied Feldspar had owned the building for five years, but changing markets and economic conditions had made it difficult to get the project started until this year. “A lot can change in a year, and interest rates post-Covid were then heading north seriously. “By the time we got ready to the start line, the lending ratios just didn’t work. “You’ve just got to be patient with these things and we’re seeing at the moment the market is quite fertile in Dunedin.” The building had sat gutted and stripped of all wall linings for at least a decade before coming into Feldspar’s possession. ©Allied MediaFeldspar is developing this building at 470 Moray Pl into a penthouse, 12 apartments and new office spaces. Photo: Gregor Richardson The emptying of buildings and the creation of new ones, such as the new ACC building, had resulted in a lot of vacant office space around the city. The inner city could be pretty quiet early in the week and it needed a permanent population to support surrounding hospitality and entertainment. The shortage of student accommodation was also expected to worsen over the next five years, so the redevelopment was an opportunity to address that need, Mr Booth said. The apartments were geared towards a mix of international students and young professionals. Both the apartments and penthouse were intended to be finished by the end of January, followed by the offices by the end of March. The development was supported through the Dunedin Heritage Fund. tim.scott@odt.co.nz
