Mt Maunganui

PHOTO: SUPPLIED/STUFF The Eleven apartment complex at 11 Maunganui Road.

According to STUFF the sale of a penthouse apartment in Mount Maunganui for $10.2m has set a new record for the region, which continues to be in hot demand, despite the property market cooling in other parts of the country.

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The 422 square metre penthouse which includes an infinity swimming pool on the rooftop and overlooks New Zealand’s best beach was sold in a private sale by automobile tycoon and richlister Sir Colin Giltrap to Tauranga businessman Sir Paul Adams. Adams owns Carrus Corporation which developed the Lakes suburb in Tauranga.

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The penthouse is on top of the Eleven complex at 11 Maunganui Road, comprising 65 apartments over 11 storeys. Property records show the sale price was $10.071m plus $129,000 worth of chattels. The penthouse’s rateable value, dated July 2021, was $6.38m.

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Sir Colin Giltrap, a leading name in New Zealand's car industry, has sold a penthouse in Mount Maunganui
Sir Colin Giltrap, a leading name in New Zealand’s car industry, has sold a penthouse in Mount Maunganui

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