Archive | CBD

2 sales out of 9 auctioned as views diverge on apartment & unit market direction

2 of the 6 cbd apartments and none of the 3 suburban units auctioned at Barfoot & Thompson yesterday sold under the hammer.

The wide margin between the top bids and subsequent pricing of unsold units indicates the divergence between vendor aspirations and the direction buyers think the market is moving in.

CBD

Albert St

Manhattan, 105 Albert St, unit 11A:
Features: 80m², 2 bedrooms
Outgoings: rates $1544/year including gst; body corp levy $8035/year
Outcome: sold for $525,000
Agent: Aaron Cook

CBD east

The Beach, 85 Beach Rd, unit 506:
Features: 49m², one bedroom, balcony
Outgoings: body corp levy $3667/year
Income assessment: $460/week fixed until September
Outcome: passed in at $350,000, back on market at $479,000
Agents: Bett Shao & Rico Zhao

Learning Quarter

Silo, 23 Emily Place, unit 4L:
Features: 2-bedroom loft, secure parking space
Outgoings: body corp levy $829/year
Outcome: passed in at $500,000, back on market at $699,000
Agents: Stephen & Leo Shin

Uptown

Urba, 5 Howe St, unit 603:
Features: 55m² including balcony, 2 bedrooms
Outcome: passed in at $450,000, back on market at $625,000
Agent: Stephen Chang

Victoria Quarter

Heritage Farmers, 35 Hobson St, unit 628:
Features: 32m² air-conditioned studio
Outgoings: body corp levy $1833/year
Outcome: sold for $255,000
Agent: Livia Li

Imperial Gardens, 135 Hobson St, unit 218:
Features: 2 bedrooms, storage locker, parking space
Outcome: auction postponed until 29 June
Agents: Wendy Feng & Jack Li

Isthmus east

Onehunga

97J Mays Rd:
Features: 2-bedroom unit, garage
Outcome: withdrawn from auction
Agents: Paula Boontueng & Young Kim

Isthmus west

Eden Terrace

Fleetwood, 19 Fleet St, unit C6:
Features: 95m², 2 bedrooms, separate dining & living spaces, deck, storage unit, covered parking space, post-remediation code compliance certificate issued April 2016
Outgoings: body corp levy $3982/year
Outcome: passed in at $650,000, back on market at $719,000
Agents: Zoran Farac & Stephen Shin

Mt Albert

51 Seaview Terrace:
Features: cross-lease, quarter share in 1195m², 60m² one-bedroom unit, deck, carport
Outcome: no bid
Agents: Samantha Chaudhry & Leo Perera

Sandringham

22 Coyle St, unit 3:
Features: 2-bedroom unit, garage
Outgoings: body corp levy $789/year
Outcome: passed in at $825,000
Agent: Helen Lam

North-west

Glendene

33 Butterworth Drive, unit 1:
Features: cross-lease, half share in 616m², 2-bedroom unit, study, garage
Outcome: no bid
Agent: Tristan Young

Attribution: Auctions.

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2 sell, and then the auction success stopped

A leasehold unit in the Scene 2 apartment block on the eastern fringe of the Auckland cbd and a unit up the hill in the Quadrant sold at Ray White City Apartments’ auction yesterday, and then the other 5 on the auction list were passed in.

Those not sold included 2 units in the new Ramada Suites across the road from the park-&-ride at the Albany bus station, and a unit in City Gardens, where work is yet to start on a remediation project.

CBD

Albert St

City Gardens, 76 Albert St, unit 9F:
Features: 59m², 2 bedrooms, balcony, remediation programme still to be undertaken
Outgoings: rates $1227/year including gst; body corp levy $3706/year
Income assessment: $360/week current
Outcome: passed in at $360,000
Agent: James Mairs

Learning Quarter

Pinnacle, 18 St Martins Lane, unit 1401:
Features: 69m² unfurnished sub-penthouse, 2 bedrooms, balcony, parking space
Outgoings: no rates assessment yet; body corp levy $4416/year
Income assessment: $650-680/week furnished
Outcome: sole bid was $650,000 from vendor as an indicator, passed in
Agents: May Ma & Mark Li

The Quadrant, 10 Waterloo Quadrant, unit 1014:
Features: 32m², one bedroom, balcony, parking space on separate title, unit out of the hotel pool & vacant
Outgoings: rates $1173/year including gst for unit, $127/year for parking; body corp levy $3687/year for unit, $1166/year for parking
Income assessment: $500-550/week furnished
Outcome: sold for $463,000
Agents: May Ma & Mark Li

Cintra, 3 Whitaker Place, unit 17C:
Features: 57m², one bedroom,
Outgoings: rates $1797/year including gst; body corp levy $5114/year
Income assessment: under Crown on Cintra Lane hotel management, appraisal $480-520/week furnished
Outcome: passed in at $210,000
Agents: Simon Harrison, Damian Piggin & Daniel Horrobin

Quay Park

Waldorf on Scene, Scene 2, 18 Beach Rd, unit 1406:
Features: leasehold, 75m², 2 bedrooms, parking space
Outgoings: rates $1683/year including gst; body corp levy $5285/year, ground lease $7249/year
Outcome: sold for $201,000
Agent: James Mairs

North-east

Albany

Ramada Suites, 254 Cornerstone Drive, unit 205:
Features: 34m², one bedroom, parking space
Outgoings: no rates assessment yet; body corp levy $1791/year
Outcome: passed in at $335,000
Agents: Simon Harrison, Damian Piggin & Daniel Horrobin

Ramada Suites, 254 Cornerstone Drive, unit 301:
Features: 74m², 2 bedrooms, 2 bathrooms, parking space
Outgoings: no rates assessment yet; body corp levy $3180/year
Income assessment: vacant
Outcome: passed in at $610,000
Agents: Simon Harrison, Damian Piggin & Daniel Horrobin

Attribution: Auction.

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3 ex-Masala restaurants nearly make $8 million forfeiture order price tag at auction

3 restaurants in the former Masala chain were sold for $7.875 million at Bayleys’ auction yesterday, just short of a forfeiture order made in February.

Image above: Dining room of the former Masala restaurant in Mt Eden.

A Glen Eden shop with the Mad Butcher as tenant and a Dilworth apartment at the foot of Queen St were also sold under the hammer.

The restaurants, owned by JKK Holdings Ltd (Supinder Singh & Daisy Kaur) were taken to auction by the Official Assignee under the Criminal Proceeds (Recovery) Act after Justice Rebecca Edwards agreed in the High Court to an $8 million assets forfeiture order between the Commissioner of Police and 8 companies & 2 individuals associated with the Masala restaurant chain.

Justice Edwards said in her decision approving the settlement: “The settlement sum of $8 million represents almost all of the unlawful benefit said to have been derived from the tax evasion offending. The settlement sum is expected to be met in full through the sale of restrained properties.”

The 2 individuals, Joti Jain & Rajwinder Singh Grewal, were sentenced in 2015 to home detention and ordered to pay reparations on a long list of immigration & exploitation charges.

In March, Ms Jain was reported to have left New Zealand ahead of an appeal against being deported, but she was in the auctionroom yesterday.

All 3 restaurants in Mt Eden, Stanmore Bay & Birkenhead attracted multiple bidders. The properties were marketed for sale on an “as is where is” basis and subject to occupancy.

Apartments

CBD

Queen St

Dilworth, 22 Queen St, unit 5L:
Features: one bedroom, high stud
Outcome: sold for $530,000
Agents: Julie Prince & Diane Jackson

Commercial

Isthmus west

Mt Eden

510 Mt Eden Rd:
Features: 554m² section, 200m² restaurant in converted villa at corner of Disraeli St in Mt Eden village, additional 206m² downstairs area gives potential to split risk
Outcome: sold for $3.61 million on “as is where is” basis, subject to occupancy
Agents: Scott Kirk, Adam Curtis, John Algie

North-east

Birkenhead

188-192 Hinemoa St:
Features: 835m² site, development potential, 280m² restaurant in converted villa, wraparound covered deck, vacant office area below restaurant previously used as accommodation
Outcome: sold for $2.535 million on “as is where is” basis, subject to occupancy
Agents: Adam Curtis, John Algie & Damian Stephen

Stanmore Bay

195 Brightside Rd:
Features: 1783m² site, 276m² restaurant
Outcome: sold for $1.73 million on “as is where is” basis, subject to occupancy
Agents: Jeremy Milton, John Algie & Adam Curtis

North-west

Glen Eden

5 Oates Rd, unit 5:
Features: 292m² corner unit in block of 13 shops, dual access, split internally between retail, office storage, meat processing & cool storage, opportunity to split or occupy the tenancy
Rent: $92,040/year net + gst from established tenant, the Mad Butcher
Outcome: sold for $1.375 million at a 6.7% yield
Agents: Adam Curtis, Adam Watton & Oscar Kuang

Earlier story:
28 February 2017: $8 million Masala assets forfeiture agreed

Attribution: Auction.

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2 apartments sell at City Sales auction

An apartment in The Peaks on Victoria St (pictured) was sold under the hammer at City Sales today, and one in the Harvard on Hobson St was sold shortly after the auction. An Eden Terrace unit was passed in.

CBD

Victoria Quarter

Harvard, 147 Hobson St, unit 3I:
Features: 37m², 2 bedrooms
Outgoings: rates $1101/year including gst; body corp levy $4003/year
Outcome: passed in at $342,500, sold shortly after auction for $345,000
Agents: Habeeb Urrahman & Steve Kirk

The Peaks, 117 Victoria St West, unit 5B:
Features: 145m², 3 bedrooms, 2 bathrooms, wraparound deck, storage locker, parking space
Outgoings: rates $2292/year including gst; body corp levy $7153/year
Outcome: sold for $1.14 million
Agent: Iona Rodrigues

Isthmus west

Eden Terrace

Virginia, 43 Virginia Avenue East, unit 203:
Features: 48m², 2 bedrooms, deck, parking space
Outgoings: rates $1232/year including gst; body corp levy $4458/year
Income assessment: $475-500/week
Outcome: passed in at $460,000
Agent: Trisha Shanaghan

Attribution: Auction.

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3 of 4 apartments sell at auction

3 central-city apartments were sold under the hammer at Ray White City Apartments’ auction yesterday and one passed in.

CBD

Albert St

Prince Albert, 41 Albert St, unit 4A:
Features: 122m², 2 levels, 2 bedrooms, 2 bathrooms, laundry, deck, parking space
Outgoings: rates $2013/year including gst; body corp levy $13,628/year
Outcome: passed in at $750,000
Agents: Tanya Kwasza & Marie Graham

Learning Quarter

Celestion, 19 Anzac Avenue, unit 1701:
Features: 68m² internal, 2 covered decks & storage locker add 16m², 2-bedroom sub-penthouse
Outgoings: rates $1836/year including gst; body corp levy $7119/year
Outcome: sold for $667,100
Agent: Dominic Worthington

Waldorf Bankside, 8 Bankside St, unit 11F:
Features: 30m², fully furnished studio
Outgoings: rates $2503/year including gst; body corp levy $5107/year
Income assessment: leased to Waldorf Hotel
Outcome: sold for $283,500
Agents: Mitch Agnew & Ryan Bridgman

Tetra House, 85 Wakefield St, unit 101:
Features: 41m², dual key studios on one title – 2 bedrooms, 2 bathrooms
Outgoings: rates $1164/year including gst; body corp levy $4111/year
Income assessment: $320 & $270/week current, appraisal $680-720/week combined
Outcome: sold for $383,000
Agents: Simon Harrison, Damian Piggin & Daniel Horrobin

Attribution: Auction.

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3 of 13 apartments & units sell at auctions

3 of the 13 intensive residential properties – city centre apartments, suburban units & townhouses – auctioned at Barfoot & Thompson’s city branch at sessions on Wednesday & Thursday sold under the hammer.

Of the 36 residential properties, including standalone homes, auctioned over the 2 days, 17 sold at the auction.

CBD

Albert St

Stamford Residences, 26 Albert St, unit 1511:
Features: 127m², 2 bedrooms, 2 bathrooms, conservatory, parking space
Outgoings: body corp levy $8475/year
Outcome: passed in at $1.3 million
Agents: Stephen & Leo Shin

Learning Quarter

Waldorf Celestion, 19 Anzac Avenue, unit 502:
Features: 2 bedrooms, balcony
Outgoings: body corp levy $4410/year
Outcome: passed in at $440,000
Agent: Jason Buckwell

Victoria Quarter

Fiore, 152 Hobson St, unit 408:
Features: 40m², one-bedroom apartment
Outgoings: body corp levy $2907/year
Outcome: passed in at $250,000
Agents: Andre Volkov & Mike Ma

Isthmus east

Meadowbank

21 Houghton St, unit 1:
Features: 2-bedroom unit, patio, raised deck, garage
Outcome: sold for $660,000
Agent: Steve Hood

Onehunga

279A Onehunga Mall:
Features: 3-bedroom loft, 2 bathrooms, balcony, tandem parking
Outcome: sold for $720,000
Agents: Wendy Sadd & Ron Maman

151 Selwyn St, unit 7:
Features: 2-bedroom unit, carport
Outcome: sold for $775,000
Agent: Digna Clark

St Heliers

40 Devore St:
Features: 3-bedroom refurnished penthouse with internal lift, 2 bathrooms, 2 conservatories
Outcome: passed in
Agent: Karin Cooper

Isthmus west

Coxs Bay

Bayside Lofts, 571 Livingstone St:
Features: 2-bedroom loft, 2 bathrooms, 2 parking spaces
Outcome: passed in at $900,000
Agents: Carl & Roseanne Madsen

Grey Lynn

M-One, 250 Richmond Rd, unit 3N:
Features: 42m², one-bedroom apartment, patio, storage locker, secure covered parking space; remedial work planned
Outcome: passed in at $240,000
Agents: Sheryl Jones & Jack Atherton

Herne Bay

3 Hamilton Rd, unit 10:
Features: one-bedroom apartment, storage locker, secure parking space
Outcome: passed in at $770,000
Agent: Felicity Scott

Sandringham

43 Kingsway Avenue, unit 6:
Features: 3-bedroom unit, 2 bathrooms, garage
Outcome: passed in at $730,000
Agents: Yi Wei Lowndes & Tian Qiu

North-west

New Lynn

1 Briar Way, unit 19:
Features: 3-bedroom terrace, 2 bathrooms, internal-access garage, reclad & redecorated
Outcome: no bid
Agent: Isabella Li

43A Rata St:
Features: 135m² site, 3 bedrooms, 2 bathrooms, study, internal-access garage
Outcome: no bid
Agent: Michelle Zhang

Attribution: Auctions.

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Brooklyn apartment & Thames retail passed in

A refurbished apartment in the Brooklyn building on Emily Place and a Thames retail building were passed in at Bayleys’ auction on Wednesday.

Apartment

CBD

Learning Quarter

Brooklyn, 66 Emily Place, unit 44:
Features: refurbished one-bedroom apartment
Outgoings: body corp levy $4862/year
Outcome: passed in after bid at $450,000 and vendor bid at $475,000
Agents: Julie Prince & Diane Jackson

Commercial

South of the Bombays

Coromandel

Thames, 101 Pahau St:
Features: 587m² building, 2 retail tenants – Resene Paints Ltd & St John Op Shop, upstairs office suite vacant
Rent: $48,600/year net + gst
Outcome: passed in at $665,000
Agents: Geoff Graham

Attribution: Auction.

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Sub-3% yields on College Hill, and Queen St office sells

A Queen St office floor has been sold at just under a 7% yield, and the second of 2 College Hill properties auctioned by Bayleys in May has now sold.

Both of the adjoining College Hill properties were sold at sub-3% yields. No 42 is outlined in the picture and No 44 is on its right.

CBD

Queen St

175 Queen St, level 6:
Features: 408m² office floor plus 88m² courtyard, one basement parking space, 2-year lease renewed from April 2017 to property management company AJ Stevenson Ltd
Rent: $89,520/year net + gst
Outcome: sold for $1.28 million at 6.99% yield
Agents: Quinn Ngo & Matt Lee

Isthmus west

Freemans Bay

42 College Hill:
Features: 511m² site, 124m² house, leased to a recruitment company with final expiry in April 2019
Rent: $44,500/year net + gst
Outcome: passed in at $1.5 million at auction on 17 May, sold for $1.7 million at a 2.62% yield
Agents: James Were & Scott Kirk

44 College Hill:
Features: 389m² site, 156m² dwelling, leased to a Thai spa until September 2018 with one final 2-year right of renewal
Rent: $44,000/year net + gst
Outcome: sold shortly after the 17 May auction for $1.5 million at a 2.93% yield
Agents: James Were & Scott Kirk

Earlier auction story:
28 May 2017: Updated: Wairau Valley car yard sells at over $2000/m² at Bayleys auction

Attribution: Agency release.

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One unit sells at Ray White auction

One apartment sold out of 4 on offer at Ray White City Apartments’ auction today. The unit in the Eden Apartments went for 10,000/m².

CBD

Learning Quarter

Eden Apartments, 32 Eden Crescent, unit 11G:
Features: 36m², 2 bedrooms, balcony, option to buy parking space
Outgoings: rates $1329/year including gst; body corp levy $2654/year
Income assessment: $395/week current
Outcome: sold for $360,000
Agents: Damian Piggin, Daniel Horrobin & Ron Yang

Tower Hill, 1 Emily Place, unit 14I:
Features: 34m², fully furnished studio, balcony
Outgoings: rates $1088/year including gst; body corp levy $2130/year
Income assessment: $380-400/week furnished
Outcome: passed in after a bid at $270,000 & vendor bid at $300,000
Agents: May Ma & Mark Li

Uptown

Nova en Scotia, 18 Scotia Place, unit 2D:
Features: 44m², one bedroom, refurbished & new furniture package
Outgoings: rates $1303/year including gst; body corp levy $3514/year
Income assessment: $460-500/week furnished
Outcome: passed in at $465,000
Agents: Mitch Agnew & Ryan Bridgman

Victoria Quarter

Aura, 53 Cook St, unit 1305:
Features: 49m², 2 bedrooms, balcony
Outgoings: rates $1367/year including gst; body corp levy $5370/year
Income assessment: $500-550/week furnished
Outcome: passed in at $350,000
Agent: Jean Ooi

Attribution: Auction.

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Industrial unit & 2 apartments sell

An industrial unit in St Johns and 2 apartments were sold under the hammer at Barfoot & Thompson’s city auction today.

A Queens Lodge apartment in Newmarket, with 3 parking spaces, didn’t attract a bid.

Apartments

CBD

Victoria Quarter

Harvard on Hobson, 147 Hobson St, unit 12K:
Features: 2 bedrooms
Outgoings: body corp levy $4762/year
Outcome: sold for $352,500
Agents: Livia Li & Alan Guo

Zest, 72 Nelson St, unit 1328 (building pictured):
Features: 48m² corner unit, 2 bedrooms, 2 bathrooms, parking space
Outgoings: rates $1290/year including gst; body corp levy $5303/year
Income assessment: $495/week + $70/week for parking, current; assessment $565/week
Outcome: sold for $445,000
Agents: Selina Zheng & Alan Guo

Isthmus east

Newmarket

Queens Lodge, 176 Broadway, unit B309:
Features: 2 bedrooms, 2 bathrooms, 3 covered parking spaces
Outgoings: rates $2031/year including gst for unit & parking; body corp levies $1824/year for unit, $566, $522 & $522/year for the 3 parking spaces
Income assessment: $590/week for apartment & 3 parking spaces
Outcome: no bid
Agent: Simon Cai

Commercial

Isthmus east

St Johns

65 Elizabeth Knox Place, unit 4:
Features: vacant 230m² industrial unit, 80m² mezzanine, small office, 5 parking spaces
Outcome: sold for $880,000 + gst
Agent: Mike Jensen

Attribution: Auction.

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