Archive | Uptown

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Outcome: withdrawn from auction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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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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Top of the hill apartments all passed in

3 apartments spread around the top of the hill – the Hopetoun Residences (pictured) & Urba both off Karangahape Rd and SugarTree at the top of Nelson St – were all passed in at Barfoot & Thompson’s apartments auction yesterday.

All 3 are back on the market with price tags.

CBD

Uptown

Urba, 5 Howe St, unit 614:
Features: 2-bedroom corner unit, 2 bathrooms, study, balcony, storage locker, parking space
Outcome: passed in, back on market at $820,000
Agent: Aaron Cook

Hopetoun Residences, 15 Hopetoun St, unit 12C:
Features: top floor, 2 bedrooms, 2 bathrooms, floor-to-ceiling windows, observation deck, storage locker, secure parking space
Outgoings: rates $2246/year including gst; body corp levy $3706/year
Outcome: passed in, back on market at $900,000
Agent: Betty Shao

Victoria Quarter

SugarTree, 27 Union St, unit 915:
Features: 2 bedrooms, 2 bathrooms, balcony, storage locker
Outcome: no bid, back on market at $679,000
Agents: Livia Li & Alan Guo

Attribution: Auction documents.

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Heritage Grand & Citta units sell

A Heritage Grand Tower studio was sold under the hammer at City Sales’ auction yesterday, and a Citta studio (building pictured) with parking space was sold before the auction for $48,000 more than it went for in December.

A large unit in The Mews on Basque Rd, Eden Terrace,with remediation work almost complete, was passed in, and 2 leasehold units in Q Central, at the top of Queen St, were also passed in.

CBD

Uptown

Q Central, 26 Liverpool St, unit 2B:
Features: leasehold, 65m², 2 bedrooms, deck, tandem lockup garage
Outgoings: rates $1341/year including gst; body corp levy $3642/year, ground rent $6893/year
Outcome: passed in at $135,000
Agents: Maryanne Wong

Q Central, 34 Liverpool St, unit 6B:
Features: leasehold, 70m², 2 bedrooms, deck, storage locker, 2 parking spaces
Outgoings: rates $1341/year including gst; body corp levy $4907/year, ground rent $8808
Income assessment: $600-650/week
Outcome: passed in at $120,000
Agents: Kristine Snore

Victoria Quarter

Heritage Grand Tower, 22 Nelson St, unit 315:
Features: 37m² studio including deck
Outgoings: rates $1063/year including gst; body corp levy $3734/year
Outcome: sold for $268,000
Agents: Iona Rodrigues

Isthmus east

Grafton

Citta, 186 Symonds St, unit 302:
Features: 36m² studio, parking space
Outgoings: rates $1093/year including gst; body corp levy $3143/year
Outcome: sold in December for $320,000, sold prior for $368,000
Agents: Steve Kirk & Habeeb Urrahman

Isthmus west

Eden Terrace

The Mews, 8 Basque Rd, unit 7/4C:
Features: 122m² including deck, 2 bedrooms, 2 bathrooms, tandem parking; remediation project almost completed, final repair costs not yet known, code compliance certificate still to be issued
Outgoings: rates $1030/year including gst; body corp levy $5126/year
Outcome: passed in at $790,000
Agents: Trisha Shanaghan

Attribution: Auction.

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5 intensive residentials & 2 warehouses sell at Barfoots

Barfoot & Thompson sold 5 intensive residential properties – apartments, townhouses, suburban units, cross-leases – at its city auctions on Wednesday-Thursday, leaving 9 unsold, and sold both commercial properties on offer.

After some long silences during the residential auction yesterday, one of the warehouses was brought back and sold after some spirited bidding. The other warehouse was sold shortly after auction.

Apartments

CBD

Queen St

Queen’s Residences, 8 Airedale St, unit 1104:
Features: one-bedroom apartment, study, balcony
Outgoings: body corp levy $1858/year
Outcome: sold for $470,000 at auction brought forward
Agents: Simon Cai & Terry Kim

Uptown

Amora, 100 Greys Avenue, unit 7D:
Features: one-bedroom apartment, management contracted to the hotel until 2020, hotel pays body corporate & council levies, annual CPI increases for income
Outgoings (paid by hotel): body corp levy $4531/year + one-off $1628 special levy to install common area air-conditioning
Income assessment: exceeding $9800/year + gst
Outcome: sold for $215,000
Agents: Mike Campbell

Victoria Quarter

Harbour Green, 11 Union St, unit 1110:
Features: refurbished 2-bedroom apartment, balcony, carport
Outgoings: rates $1316/year including gst; body corp levy $5185/year
Income assessment: $520-540/week
Outcome: no bid
Agents: Selina Zheng

SugarTree, 27 Union St, unit 809:
Features: 2-bedroom apartment, 2 bathrooms, study, 2 balconies, storage locker, parking space
Outgoings: body corp levy $6999/year
Outcome: passed in at $870,000, back on market at $890,000
Agents: Livia Li & Alan Guo

Isthmus east

Epsom

1 Epsom Avenue, unit 1:
Features: cross-lease, 1/10 share in 1438m², 3-bedroom unit, balcony, carport
Outcome: no bid, back on market at $765,000
Agents: George Fong & Paul Sun

614C Manukau Rd:
Features: cross-lease, 1/4 share in 800m², 3 levels, 4 bedrooms, 4 bathrooms, 2 living areas, double internal-access garage
Outcome: no bid
Agents: Diana & Peter West

Mission Bay

Garden Court, 105 Tamaki Drive, unit 12:
Features: 2-bedroom apartment, parking space; the asset offered was 6500 shares in Garden Court Flats Ltd & the right to vacant possession of this flat
Outcome: passed in at $1 million
Agents: Andy Dye

Parnell

Farnham Terraces, 8 Farnham St, unit 2A:
Features: 140m², 2-bedroom terrace, 2 bathrooms, storage locker, tandem parking
Outgoings: body corp levy $6278/year
Outcome: passed in at $931,000
Agents: Selina Zheng & Jason Li

Royal Oak

16 Beckenham Avenue, unit 1:
Features: cross-lease, half share in 817m², 3 bedrooms, 2 bathrooms, internal-access garage
Outcome: sold for $1.301 million
Agents: Leonie Stabler & Di Lynds

St Johns

23 Strong St, unit 1:
Features: cross-lease, quarter share in 622m², 2-bedroom unit, deck, parking space
Outcome: passed in, back on market at $610,000
Agents: Cristina Casares & Jacqui Freeman

Isthmus west

Eden Terrace

10 Flower St, unit 105:
Features: 2-bedroom apartment, parking space
Outgoings: body corp levy $3912/year
Outcome: no bid
Agents: Jason Buckwell

Herne Bay

37 Sentinel Rd, unit 2:
Features: cross-lease, 1/3 share in 1442m², 3-bedroom freestanding townhouse, 2 bathrooms, attic, double garage
Outcome: sold for $1.56 million
Agents: Jack Atherton & Sherryl Jones

Mt Albert

21 Burch St, unit 6:
Features: 86m², 2-bedroom unit, balcony, garage
Outgoings: body corp levy $1040/year
Outcome: sold for $795,000
Agents: Lisa Redgrove & George Damiris

Mt Eden

69 View Rd, unit 4:
Features: cross-lease, 1/6 share in 769m², 2-bedroom apartment, offstreet parking
Outcome: passed in, back on market at $745,000
Income assessment: $540/week current
Agents: Frank Excell & Ketiesha Elliott

Commercial

Isthmus east

Onehunga

154 Captain Springs Rd:
Features: 1793m² site, 1321m² warehouse with small office, 300m² front yard, 250m from Te Papapa Station
Rent: $122,000/year net + gst + outgoings on monthly arrangement
Outcome: passed in at $2.275 million, sold for $2.476 million after further negotiation
Agents: James Marshall & Nick Wilson

Penrose

922 Great South Rd:
Features: vacant 1163m² site, 482m² warehouse, showroom & office, 450m² yard, 21 parking spaces
Outcome: passed in with no bid, sold for $1.302 million after auction reopened
Agents: Nick Wilson & James Marshall

Attribution: Auctions.

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Updated: 2 more sold; apartment sales take hefty discounting

Published & updated 19 May 2017
Update: 2 more apartments were sold shortly after yesterday’s auction at Ray White City Apartments, taking sales to 5 out of 7. The post-auction sales were at HarbourCity & The Wakefield, details below.

Under the hammer

3 apartments were sold under the hammer out of 7 auctioned at Ray White City Apartments yesterday, but the road to a sale demonstrated the slide in pricing in Auckland’s residential markets.

A unit in the Aura on Cook St was knocked down after the vendor’s bottom price was revealed, followed by a long pause before it was taken up.

That was followed by the sale of leasehold units in Q City at the top of Queen St and Scene 3 in Quay Park. The unit in Q City (pictured) went for $13,000 under the declared reserve.

2 small units in Winsun Heights – real shoeboxes – were passed in.

Updated details:

CBD

Commerce/Gore

Updated: HarbourCity, 16 Gore St, unit 37A:
Features: 38m², one bedroom
Outgoings: rates $3077/year including gst; body corp levy $2479/year (excluding water & gas); $5099 levy for remediation investigation & legal fees, of which first instalment $1283 paid
Income assessment: $430-460/week furnished
Outcome: passed in at $300,000, sold shortly after the auction for $315,000
Agents: May Ma & Mark Li

Learning Quarter

Updated: Wakefield, 18 Wakefield St, unit 2C:
Features: 98m² including 4m² deck, 2 bedrooms, 2 bathrooms, parking space, renovations completed
Outgoings: rates $1671/year including gst; body corp levy $4012/year
Outcome: passed in at $750,000, shortly after the auction for $805,000
Agent: Dominic Worthington

Quay Park

Scene 3, 30 Beach Rd, unit 1408:
Features: leasehold, 77m², one bedroom, study, parking space
Outgoings: rates $1810/year including gst; body corp levy $5496/year, ground rent $11,867/year
Outcome: sold for $151,000
Agent: Andrew Bond

Uptown

Q City, 15 City Rd, unit 10H:
Features: leasehold, 40m², fully furnished one bedroom, balcony
Outgoings: rates $1050/year including gst; body corp levy $3985/year, ground rent $5642/year
Income assessment: $450-480/week furnished
Outcome: declared reserve $99,000, sold for $86,000
Agent: Liz McCarthy

Winsun Heights, 113 Vincent St, unit 12A:
Features: 17m² top-floor studio
Outgoings: rates $1008/year including gst; body corp levy $2774/year
Income assessment: $280/week current, appraised estimate $350/week
Outcome: passed in at $125,000
Agent: Ann Bennett

Winsun Heights, 113 Vincent St, unit 12B:
Features: 14m² top-floor studio
Outgoings: rates $996/year including gst; body corp levy $2774/year
Income assessment: $280/week current, appraised estimate $320/week
Outcome: passed in at $130,000
Agent: Ann Bennett

Victoria Quarter

Aura, 53 Cook St, unit 713:
Features: 49m², refurbished 2 bedrooms, parking space
Outgoings: rates $1287/year including gst; body corp levy $4949/year
Income assessment: $560-600/week furnished
Outcome: sold for $440,000
Agents: Ron Yang, Damian Piggin & Daniel Horrobin

Attribution: Auction.

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Icon puts refurbished St Kevins Arcade back on market

The Icon Group (2014) Ltd owner Paul Reid has put St Kevins Arcade on Karangahape Rd up for sale after refurbishing it over the last 2 years.

The 2431m² 3-level retail, office & residential complex, built in 1924, sits on 1250m² at 183 Karangahape Rd and is fully leased with 35 tenancies generating $1.168 million/year net income. The tender through Bayleys closes on Wednesday 14 June, unless sold prior.

Mr Reid said the decision to sell fitted with the company’s commercial add-value business model. The proceeds would be recycled into Icon’s next project.

“We’re very proud of what we’ve achieved with the refurbishment of this iconic building. We’ve spent considerable funds restoring the arcade and carefully choosing quality tenants while still retaining its point of difference & character. We have also de-risked & stabilised the asset for the next owner and believe it will deliver superior long-term capital growth.”

St Kevins Arcade, outlined.

The arcade has 21 ground-floor & basement retail and food & beverage tenants, 6 upper-level commercial suites including a recording studio, 4 apartments and 4 storage & parking units. It has a 22m frontage to K Rd and steps down to Myers Park and the lower end of the cbd.

The refurbishment & restoration included a full interior & exterior repaint & retiling, new roofing and the reinstatement of historical corbels & leadlight glass. Modern building services such as new fibre cabling were also installed and the first-floor offices & amenities and 4 residential units were upgraded.

Bayleys agent Alan Haydock said the property had a weighted average lease term of about 3.5 years and many of the leases had fixed annual rental increases, which would provide the next owner with steady rental growth. Fellow agent Damien Bullick said retailers should also benefit from the opening of the nearby city rail link Karangahape Rd station, scheduled for 2023.

Link: St Kevins Arcade

Attribution: Agency release.

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3 central apartments sell

The 3 central city apartments sold under the hammer at Ray White City Apartments’ auction yesterday were a mix – a luxury residence in the Precinct (pictured), high above Lorne St, a leasehold unit in Q Central at the top of Queen St, and a studio in the Fiore on Hobson St. In contrast to the competition for them, a unit in Kingsland attracted only one bid.

CBD

Lorne St

Precinct Residences, 6 Lorne St, unit 801:
Features: 140m², 3 bedrooms, 2 bathrooms, parking space
Outgoings: rates $2241/year including gst; body corp levy $7669/year
Outcome: sold for $1.325 million
Agents: Tanya Kwasza & Marie Graham

Uptown

Q Central, 54 Liverpool St, unit 7B:
Features: leasehold, 59m², 2 bedrooms
Outgoings: rates $1582/year including gst; body corp levy $3549/year, ground rent $7642/year
Income assessment: $550-580/week
Outcome: sold for $125,000
Agents: Ron Yang, Damian Piggin & Daniel Horrobin

Victoria Quarter

Fiore on Hobson, 152 Hobson St, unit 204:
Features: 30m² fully furnished studio, 5m² balcony, parking space
Outgoings: rates $1240/year including gst; body corp levy $2867/year
Income assessment: $420-460/week furnished; parking space currently rented at $60/week
Outcome: sold for $360,000
Agents: Mitch Agnew & Krister Samuel

Isthmus west

Kingsland

9 Don Croot St, unit 1:
Features: 48m², part-furnished 2 bedrooms, parking space
Outgoings: rates $1349/year including gst; body corp levy $2007/year
Income assessment: $480-520/week
Outcome: passed in after one bid at $450,000 & vendor bid at $500,000
Agents: Mitch Agnew & Ryan Bridgman

Attribution: Auction.

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Sales start to flow post-auction

City Sales had an unsuccessful hour in the auctionroom on Wednesday as all 6 apartments were passed in, but by the end of the afternoon had 2 sold conditionally and offers had been made on 2 more.

The 2 conditional sales were at the Zest on Nelson St and The Point on the Viaduct Basin.

The Point unit was taken to market by the receiver & manager of owner Glenys Treweek’s affairs, Tom Rodewald of Tauranga, appointed on 30 March. The apartment has 3 mortgages over it, 2 registered last year and the third registered on Monday to the owner of another unit in the building.

Ms Treweek was crowned Miss New Zealand in 1970, and in recent years was involved in property investment & the thoroughbred industry. Her partner, longtime property investor & stud owner Michael Tololi, was bankrupt from 2010-13 after creditors turned down his debt-compromise offer of $300,000 to have been paid over time on $40.3 million of debt. Ms Treweek was a director of Karaka companies Karaka Group Ltd, Stony Bridge Thoroughbreds Ltd & Twin Pines Thoroughbreds Ltd.

CBD

Quay Park

Grand Central, 26 Te Taou Crescent, unit 109:
Features: leasehold, 34m², 2 bedrooms
Outgoings: rates $1101/year including gst; body corp levy $11,652/year including ground rent
Income assessment: $385/week current
Outcome: passed in at $49,000 (excluding gst)
Agents: Tom Faye

Uptown

Hereford Residences, 8-15 Hereford St, unit 11D:
Features: 84m², 2 bedrooms, 2 bathrooms, parking available from developer at $80,000/space
Income assessment: $750-800/week
Outcome: passed in at $825,000
Agents: Tom Faye & Anna Birkenhead

Victoria Quarter

Zest, 72 Nelson St, unit 228:
Features: 32m², 2 bedrooms, deck
Outgoings: rates $1037/year including gst; body corp levy $3197/year
Income assessment: $450-500/week
Outcome: passed in at $307,000, sold conditionally post-auction, price confidential
Agents: Steve Kirk & Habeeb Urrahman

Waterfront

The Point, 121 Customs St, unit 415:
Features: leasehold, 92m², 2 bedrooms, 2 bathrooms, 24m² deck, 2 parking spaces
Outgoings: rates $3584/year including gst; body corp opex levy $9606/year, ground rent $14,079/year
Income assessment: $1100/week
Outcome: passed in at $910,000, sold post-auction conditional on vendor consent, price confidential
Agents: Gabrielle Hoffmann & Nicola Hunt

Isthmus west

Eden Terrace

Memphis, 11 Charlotte St, unit GI:
Features: 47m², one bedroom, deck, storage locker, parking space
Outgoings: rates $1169/year including gst; body corp levy $3153/year
Income assessment: $450-500/week
Outcome: passed in at $450,000
Agents: Steve Kirk & Habeeb Urrahman

North-west

New Lynn

10 Crown Lynn Place, unit 3L:
Features: 28m² studio; unallocated parking is available on the property
Outgoings: rates $853/year including gst; body corp levy $2320/year
Income assessment: $280/week
Outcome: passed in at $90,000
Agents: Trish Shanaghan

Attribution: Auction.

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Siena Terraces & Nova en Scotia apartments sell

2 apartments were sold and 3 passed in at Ray White City Apartments’ auction today.

The sales were at Siena Terraces in Grey Lynn (pictured) and Nova en Scotia, overlooking Myers Park in the central city.

CBD

Learning Quarter

Argent Hall, 2 Eden Crescent, unit 7B:
Features: 48m², one bedroom, basement storage locker
Outgoings: rates $1215/year including gst; body corp levy $4544/year
Income assessment: $480-500/week furnished
Outcome: passed in at $400,000
Agents: Judi & Michelle Yurak

The Crescent, 7 Eden Crescent, unit 201:
Features: 59m², refurbished 2 bedrooms, parking space
Outgoings: rates $1496/year including gst, parking $127/year; body corp levy $6879/year, parking $1166/year
Income assessment: $600-650/week furnished
Outcome: passed in at $540,000
Agents: Simon Harrison, Damian Piggin & Daniel Horrobin

Uptown

Nova en Scotia, 18 Scotia Place, unit 10E:
Features: 44m², one bedroom, furniture package available, secure covered parking space
Outgoings: rates $1468/year including gst; body corp levy $4953/year
Income assessment: $580-600/week furnished
Outcome: sold for $495,000
Agents: Mitch Agnew & Ryan Bridgman

Isthmus west

Grey Lynn

Siena Terraces, 6 Burgoyne St, unit 3K:
Features: 55m², one bedroom, balcony, tandem parking
Outgoings: rates $1169/year including gst; body corp levy $3712/year
Income assessment: $580-650/week
Outcome: sold for $462,000
Agents: Liam Kyle

One on Ophir, 1 Ophir St, unit 3B:
Features: 70m², unfurnished 2 bedrooms, 2 bathrooms, deck, secure parking space
Outgoings: rates $1524/year including gst; body corp levy $4520/year
Income assessment: $600-650/week furnished
Outcome: passed in at $625,000
Agents: Ryan Bridgman & Mitch Agnew

Attribution: Auction.

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