What can you get in London for £3.8million these days? A three-bedroom semi in Hampstead? A two-bedroom flat in Mayfair? One London hedge fund owner has chosen to buy 11,000 miles away in Auckland, New Zealand.
Richard Magides, a Singapore-based hedge fund founder originally from Essex, England, has paid NZ$7.85million (£3.77m) for the 930-square-metre penthouse apartment in Metropolis. This is a 15-year-old, newly-renovated, 40-storey residential tower in the Auckland Central Business District (CBD).
Metropolis Tower (left), with the Sky Tower beyond (photo Dmitry Serbin)
The apartment joins Magides’ other recent purchases, a sheep farm on South Island and a vineyard in the Bay of Islands. What does “the most expensive apartment in New Zealand” comprise? Firstly, it’s large: 930 square metres, compared to an average property size in central Auckland of 158 square metres. Of that, just over half is indoors, with 415 sq metres of outdoor terracing with exceptional views and a herb garden. Indoors are three double-bedrooms and a vast open-plan living area. It has a state-of-the-art home electronics system including home cinema and remote blinds control. It has 20 parking spaces. the interior includes dark leather walls.
The sale was handled by John Greenwood of Sotheby’s International Realty. The most expensive apartment on his company website today is a $3.1million five-bedroom apartment, also in Auckland.
By Christopher Nye, Editor, OPP Magazine