Richlister sells penthouse for record

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.

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.