A penthouse apartment in Mount Maunganui has sold for $10.2 million, smashing the previous $9.525m record for Tauranga's biggest residential property sale. 

The five-bedroom apartment at the Eleven apartment complex at 11 Maunganui Rd was sold in a private sale. 

Records showed the previous owner was rich lister Sir Colin Giltrap and the new owner is Tauranga businessman and philanthropist Sir Paul Adams. 

Adams is the executive chairman of the Carrus Corporation, which developed The Lakes subdivision in Pyes Pā West. 

OneRoof records show the property sold in December and it is understood it settled about two months ago. 

Positioned near the base of Mauao, between Mount Maunganui Main Beach and Pilot Bay, the Eleven apartment complex boasts ocean views, a heated swimming pool and a gym. 

The penthouse sale surpasses the previous record sale of a Mount Maunganui home for $9.525m in July last year in what agents called the "largest sale ever". 

The waterfront Marine Parade property, features a wine cellar, infinity pool, gym and award-winning kitchen and was sold to a Waikato farming family. 

Oliver Road Estate Agents sold a home on Muricata Ave in the Mount at auction earlier this month for above $7m. 

Director Cameron Winter said more than 75 groups came through the property across the four-week campaign "which in itself speaks volumes about the Mount market". 

"Needless to say, the result is another clear indicator that high quality, high-value property in the Bay of Plenty sings its own tune. 

"Nobody is buying a $5m-plus property in Tauranga with a 10 per cent deposit." 

The company had also listed an "exceptional" penthouse apartment on Tay St, which Winter believed would also break records. 

"We've already fielded strong demand from across the country... 

"We're certainly expecting another strong auction result..." 

Wayne Shum, senior research analyst at OneRoof's data partner Valocity, said residential sales worth over $10m had almost tripled in number last year. 

"Across New Zealand, there were 42 sales worth over $10m last year. The year before, there were just 15 sales in the $10m-plus bracket. 

"The top end of the housing market has also picked up this year. Already in the first quarter, there have been 10 sales worth over $10m." 

- by Zoe Hunter, NZ Herald