Apartments released in Auckland’s Civic Quarter

A limited-time incentive campaign and a recent run of sales are bringing renewed momentum to one of Auckland’s most recognisable apartment addresses, with the final release at One Greys Ave now underway and available stock beginning to tighten, Bayleys salespeople say.

Following a period of repositioning, the completed Civic Quarter development has seen a steady uplift in buyer activity over recent months, with purchasers responding to a more aligned pricing structure and a suite of targeted incentives designed to support early ownership.

The remaining one-, two-, and three-bedroom apartments are priced from $605,000, with a select number offering purchasers a choice of incentives: an eight percent gross rental return for two years, free body corporate fees for two years, or a complimentary second car park valued at $120,000. The offers are available for a limited time, apply to selected apartments only, and cannot be combined.

Bayleys Projects general manager Gavin Lloyd, who is marketing the development alongside colleagues Amy Kitto, Tony McGirr and Hannah Wright, says the combination of completed product, defined incentives and improving city fundamentals is driving a more decisive phase of engagement.

“What’s changed is not urgency, but clarity,” Lloyd says. “Buyers are still disciplined, but when they can see value, understand the cost to own, and remove some of the early uncertainty, they’re prepared to move quickly.”

“The recent sales we’ve seen are a reflection of that – people are recognising that these are finished, high-quality residences, presented in a way that aligns with the market today.”

For investors, Lloyd says the vendor-backed income offer provides a level of near-term certainty that is difficult to replicate in the current environment.

“The eight percent return is a gross yield, paid monthly in arrears, underwritten by the vendor for 24 months, providing a defined income stream from settlement, independent of leasing conditions,” he says.

“At the end of that term, the apartment reverts fully to the purchaser, who can then choose how they wish to occupy or lease the property – whether that’s long-term tenancy, short-stay accommodation, or owner-occupation.”

He says that flexibility, combined with immediate availability, is resonating across the market.

“Purchasers can walk through a completed apartment, understand exactly what they’re buying, and either move in or activate the investment immediately. That removes a key consideration for those unfamiliar with off-plan sales.”

Designed by an award-winning team, including Naylor Love, Jasmax, and Beca, One Greys Ave has established itself as a benchmark for large-scale adaptive reuse in New Zealand, combining the retention of the original structural frame of a heritage icon with contemporary interiors and high-spec finishes.

Residences feature stone benchtops, oak flooring and efficient, light-filled layouts, and shared amenities including a heated pool, gymnasium and residents’ lounge – reflecting the continued shift toward lifestyle-rich, lock-and-leave urban living.

Positioned within walking distance of the soon-to-open Te Waihorotiu (Midtown) City Rail Link Station and surrounded by ongoing investment across the Civic precinct, Lloyd says the location is becoming increasingly attractive.

“We’re seeing the city’s transport and cultural infrastructure come together in a very real way. That’s starting to feed directly into buyer confidence and how people value the way Auckland City is evolving.”

With only a limited number of apartments remaining, Lloyd says the current campaign is less about relaunching and more about timing.

“Today, buyers are acting when price, product and certainty align. For a completed development in a strengthening city precinct, that alignment is now clearly on display."