Archive | Waterfront

2 leasehold units plus one in Metropolis sell at auction

2 leasehold apartments – one in the Docks and the other in the Sebel Auckland Viaduct Harbour – plus a unit in the Metropolis were sold at Ray White City Apartments’ auction yesterday, leaving 4 other units unsold.

2 units in the Spencer on Byron hotel in Takapuna were passed in, and a third was withdrawn before the auction started.

CBD

Albert St

Quay West, 8 Albert St, unit 2302:
Features: 74m², one bedroom
Outgoings: rates $1785/year including gst; body corp levy $8433/year
Income assessment: $650-700/week furnished
Outcome: passed in at $565,000
Agent: Ron Yang

Kitchener St

Metropolis, 1 Courthouse Lane, unit 1902:
Features: 52m², corner one bedroom, storage locker, parking space
Outgoings: rates $1595/year including gst; body corp levy $7037/year
Income assessment: $620/week current
Outcome: sold for $616,000
Agent: Dominic Worthington

Quay Park

The Docks, 4 Dockside Lane, unit 224:
Features: leasehold, 30m², one bedroom, remediation of building underway
Outgoings: rates $1037/year including gst; body corp levy $4359/year including ground rent of $1675/year; terminating leasehold from 2011 for 150 years, ground rent reviewed every 7 years, next review November 2018
Income assessment: $390/week current
Outcome: sold for $121,000
Agent: Dominic Worthington

Uptown

Oxford, 13-17 Mount St, unit 5K:
Features: 54m², 2 bedrooms, parking space
Outgoings: rates $1278/year including gst for unit, $1262/year for parking; body corp levy for unit $3624/year, parking $626/year
Income assessment: $650-700/week furnished
Outcome: passed in after the sole bid, from the vendor, at $600,000
Agents: May Ma & Mark Li

Waterfront

Sebel, 85 Customs St West, unit (door) 615:
Features: leasehold, 57m², one bedroom, study area, 7m² balcony
Outgoings: rates $/year including gst; body corp levy $18,038/year, including $7840/year ground rent
Outcome: sold for $300,000
Agents: Judi & Michelle Yurak

North-east

Takapuna

Spencer on Byron, 9-17 Byron Avenue, unit 501:
Features: 59m², fully furnished one bedroom
Outgoings: rates $2190/year including gst; body corp levy $2982/year excluding gst
Income assessment: in hotel management pool
Outcome: passed in at $175,000 + gst
Agents: James Mairs & Gillian Gibson

Spencer on Byron, 9-17 Byron Avenue, unit 612:
Features: 48m², fully furnished one bedroom, parking space
Outgoings: rates $1195/year including gst; body corp levy $3140/year
Income assessment: $550/week, fixed until 30 September
Outcome: passed in at $275,000 + gst
Agents: James Mairs & Gillian Gibson

Spencer on Byron, 9-17 Byron Avenue, unit 712:
Features: 2 bedrooms
Outcome: withdrawn from auction
Agents: James Mairs & Gillian Gibson

Attribution: Auction.

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3 apartments sell at Ray White auctions

A Cintra apartment was sold at the pre-auction offer on Tuesday and 2 of the 3 apartments auctioned at Ray White City Apartments on Thursday were also sold under the hammer.

CBD

Learning Quarter

Cintra, 3 Whitaker Place, unit 9A:
Features: 57m², one bedroom, landing area large enough for a study, balcony, remedial plan underway
Outgoings: rates $1620/year including gst; body corp levy $4475/year
Income assessment: $440-480/week
Outcome: sold for $206,000 at auction brought to Tuesday 27 June forward from 13 July, pre-auction offer accepted
Agent: Ron Yang

Waldorf Bankside Apartments, 8 Bankside St, unit 18F:
Features: 30m², fully furnished studio, under Waldorf Hotel management until December 2018
Outgoings: rates $2724/year including gst; body corp levy $5844/year
Outcome: no bid
Agents: Ryan Bridgman & Mitch Agnew

Princeton, 30 Symonds St, unit 8H:
Features: 27m², 2 bedrooms
Outgoings: body corp levy $4577/year
Income assessment: $380-400/week furnished
Outcome: sold for $240,000
Agents: Simon Harrison, Damian Piggin & Daniel Horrobin

Waterfront

Sebel Suites, 85 Customs St West, unit 214:
Features: leasehold, 34m² studio
Outgoings: rates $1236/year including gst; body corp levy $7272/year including $3161/year ground rent
Income assessment: $395/week fixed until August, appraisal $460-480/week furnished
Outcome: sold for $145,000
Agents: Simon Harrison, Damian Piggin & Daniel Horrobin

Attribution: Agency release.

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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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Committee progresses unitary plan changes, city centre masterplan, waterfront, Panuku programme, Onehunga project, land transport, northern corridor, Whenuapai, sites of significance

Auckland Council’s planning committee began its 6-hour meeting yesterday with input from advocates of no port extension into the Waitemata Harbour, and of relocating the freight operation.

Shortly after, the committee gave its support in principle to an inner dolphin off Queens Wharf as the preferred option for berthing large cruise ships.

The public input came from Shane Vuletich for Urban Auckland, Committee for Auckland & Stop Stealing our Harbour, with Richard Didsbury, Sir Stephen Tindall & Julie Stout.

But the bulk of the day’s meeting was about the “refresh” of the council’s overarching Auckland Plan, completed in 2012 and up for its first review.

The committee has held 4 workshops and had numerous presentations on the Auckland Plan, but also on various other planning documents since last October’s election.

The committee approved a streamlined approach rather than fullscale review with the intention of making the plan more strategic, integrated, focused on spatial issues, a smaller document and one that will be digitally accessible.

It approved a process of early targeted engagement with communities from May-June  on Auckland’s big issues and on the high level strategic direction of the refreshed Auckland Plan.

This article is a brief summary of matters the committee considered. I’ll write in more detail in a few days.

Other items considered:

Item 10, city centre masterplan delivery & implementation, 3 projects to be updated:

  • Victoria linear park & midtown east-west public transport
  • Quay St harbour edge boulevard & Hobson St flyover
  • Queen St, issue identification & project implications.

Item 11, Waterfront planning & implementation:

A targeted refresh of the waterfront plan is underway, focusing on development of Wynyard Pt and optimising the use of the central wharves. 

Item 12, Update on Panuku work programme:

The committee endorsed Avondale as an “unlock” location, where Panuku facilitates development opportunities for private sector investment in town centres.

A high level project plan will go to the committee later this year for approval.

Item 13, Onehunga high level project plan:

The committee adopted Panuku Development Auckland’s high level project plan for the transformation of the Onehunga town centre & surrounding area.

Item 14, Submission on draft national policy statement on land transport:

The committee approved the council’s submission.

Item 15, Northern corridor improvements project, political reference group & delegations:

The committee approved extending delegations so the reference group can provide direction & decisions on the council’s position during the board of inquiry hearing on east-west link project.

Item 19, Unitary plan (operative in part) – future plan changes and processing of private plan changes:

A report was presented on future council-initiated changes to the new unitary plan and the committee approved the criteria for dealing with private plan changes over the next 2 years.

Item 16, Draft Whenuapai plan change – approval & public engagement:

The committee approved a consultation process that will allow for the implementation of the Whenuapai structure plan, which the council approved last September. Public consultation will run from 10 April-14 May.

Item 17, Development of plan change to the unitary plan & Hauraki Gulf islands section of the district plan on sites of significance to mana whenua:

The committee gave approval for the council to engage with mana whenua & landowners on 270 nominated sites of significance to mana whenua as the next step to preparing a plan change. 

Item 18, Unitary plan, assessment of errors to produce the first 2 administrative plan changes:

The committee agreed to develop 2 administrative plan changes, one to correct errors, anomalies & technical details to the text & maps and the other to correct errors in the notable tree schedule.

Links – from committee agenda:
9, Auckland Plan refresh, engagement approach & proposed options

<ahref=”http://infocouncil.aucklandcouncil.govt.nz/Open/2017/03/PLA_20170328_AGN_6720_AT.htm#PDF2_ReportName_52321″ target=”_blank”>10, Auckland city centre masterplan (2012): Delivery & implementation, progress update
Addendum (item 11)
11, Waterfront planning & implementation
Mooring options
Inner dolphin section & plan views
12, Panuku work programme, update
13, Onehunga, high level project
14, Draft government policy statement on land transport, submission
15, Northern corridor improvements project, political reference group & delegations
16, Draft Whenuapai plan change, approval & public engagement
17, Development of plan change to unitary plan (operative in part) and the district plan (Hauraki Gulf islands section), sites of significance to mana whenua
18, Unitary plan (operative in part), assessment of errors to produce the first 2 administrative plan changes
19, Unitary plan (operative in part), future plan changes and processing of private plan changes
20, Summary of planning committee information memos & briefings
Attachment A, 2 March, Staff submission on the Telecommunication Act Review: post-2020 regulatory framework for fixed line services
Attachment B, 22 March, East-West Link, submission
Attachment C, 22 March, northern corridor improvements project, submission
Attachment D, 20 March, structure plans, memo to planning committee members
Attachment E, 15 February, future urban land supply strategy, refresh workshop documents
Attachment F, 1 March, city rail link, briefing documents
Attachment G, 1 March, Auckland Plan refresh, workshop 3 documents
Attachment H, 7 March, city-airport briefing documents (not included)
Attachment I, 10 March, central city waterfront, planning workshop documents
Attachment J, 15 March, Auckland Plan refresh, workshop 4 documents

Related story today:
Start with a figure you don’t know, then plan accordingly….

Attribution: Committee meeting, council staff report.

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Commercial property & 2 apartments sell as 8 units passed in

The one commercial property on Barfoot & Thompson’s city auction list this morning, an early learning centre, was sold under the hammer, followed by a slow journey as 8 apartments were passed in. Then, breaking the run at the end of the auction, the last 2 apartments sold (they’re listed below by location, not by auction list order), in the Cintra (pictured) off Symonds St and a unit in Zest.

Apartments

CBD

Commerce/Gore

Harbour Oaks, 16 Gore St, unit 33H:
Features: 2 bedrooms, secure parking space
Outgoings: body corp levy $5345/year
Outcome: passed in at $512,000
Agents: Wendy Feng & Jack Li

Learning Quarter

Crown on Cintra, 3 Whitaker Place, unit 16C:
Features: 39m² studio, study, balcony, parking space, leaky issues identified
Outgoings: body corp levy $4155/year
Outcome: sold for $222,000
Agents: Oscar Zhao & Leo Shin

Uptown

Q Central, 54 Liverpool St, unit 7B:
Features: leasehold, 64m² 2-bedroom penthouse, balcony
Outgoings: rates $1582/year including gst; body corp levy $3549/year, ground rent $7642/year
Income assessment: $450/week
Outcome: passed in at $115,000
Agents: Zoran Farac & Stephen Shin

Bianco off Queen, 8 White St, unit 9C:
Features: 54m², 2 bedrooms, balcony
Outgoings: body corp levy $6561/year
Income assessment: $600/week
Outcome: passed in at $480,000, back on the market at $538,000
Agents: Annie Xu & Sean Zhang

Victoria Quarter

88 Cook St, unit 7:
Features: 148m², 2 levels, 3 bedrooms, living area on each floor, 2 secure parking spaces
Outgoings: body corp levy $3003/year
Outcome: no bid
Agent: Sean Lee

Hobson Gardens, 205 Hobson St, unit 5H:
Features: 140m², 3 bedrooms, 2 bathrooms, study, parking space
Outgoings: body corp levy $6167/year excluding water
Outcome: no bid
Agents: Stephen Shin & Yasu Ka

Zest, 72 Nelson St, unit 1028:
Features: 48m², 2 bedrooms, 2 bathrooms, balcony, parking space
Outgoings: body corp levy $5774/year
Income assessment: $450/week
Outcome: sold for $450,000
Agents: Wendy Feng & Jack Li

Alpha, 17 Vogel Lane, unit 1102:
Features: 46m², one bedroom, balcony, parking space
Outgoings: rates $1457/year including gst; body corp levy $4460/year
Outcome: no bid, back on market at $569,000
Agents: Stephen Shin & Justin Choi

Kingsbridge, 72 Wellesley St, unit 30:
Features: 2 bedrooms, wraparound balconies, parking space
Outcome: passed in at $550,000
Agents: Rita Herceg & Alex Allan

Waterfront

Quay Regency, 148 Quay St, unit 7C:
Features: one bedroom
Outgoings: body corp levy $4154/year
Outcome: passed in at $405,000
Agents: Alex Allan & Rita Herceg

Commercial

Isthmus west

Pt Chevalier

90 Pt Chevalier Rd:
Features: 639m² corner site, 110m² building, early learning centre
Outcome: sold for $1.36 million
Agents: Duane Mullooly & Chris Peterson

Attribution: Auction.

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Hotel proposal unveiled for Simunovich site on Viaduct

Viaduct Harbour Holdings Ltd unveiled plans yesterday for a luxury hotel to replace the Simunovich Fisheries building at One Market Square – on the Viaduct Basin and across the water from Fu Wah International Group’s Park Hyatt Hotel rising in the Wynyard Quarter.

Colliers has been appointed to undertake a global search for a development partner. Its international expressions of interest campaign will close on Tuesday 2 May.

The proposed 165-room hotel would have a 12,000m² floor area on 12 floors on a 1288m² footprint, and a rooftop bar.

One Market Square on the Viaduct Basin cbd towers to left & right in the background.

Viaduct Harbour Holdings chief executive Angela Bull said the company would make the preliminary design by Warren & Mahoney available to the successful development partner, and the development partnership model would keep the waterfront site in New Zealand ownership.

Ms Bull said the Market Square site was exceptional, directly facing the harbour on 2 sides and offering stunning views of Auckland.

“Viaduct Harbour is an outstanding lifestyle precinct in Auckland with unrivalled access to the water, quality restaurants, apartments & an international marina. One Market Square is perfectly positioned for a world-class hotel that will add to the vibrancy & attractiveness of the precinct.”

Colliers national hotels director Dean Humphries said the surge in visitor arrivals in recent years had led to a critical shortage of quality hotel accommodation.

“The Government predicts that Auckland will likely need another 4300 new hotel rooms over the next decade to keep up with current demand projections. The timing is right for this unrivalled site to be developed to its optimal use.”

The owners of Viaduct Harbour Holdings Ltd (the families of Mark Wyborn, Trevor Farmer, Alan Gibbs & Ross Green) bought 28ha around Viaduct Harbour from Ports of Auckland Ltd in 1996. The company has retained the land interest and sold leasehold interests.

The hotel would replace the Simunovich Fisheries building fronting Market Square at the turn of the Viaduct Basin towards the Lighter Basin. Across the water, the ASB Centre and the Park Hyatt on Halsey St.

The Park Hyatt

Across the water on Auckland Council leasehold land in the Wynyard Quarter, the joint venture between local company Hawkins Group Ltd (sold by the McConnell family to Downer EDI Ltd of Australia 10 days ago) & China Construction NZ Ltd is 9 months into construction the Park Hyatt, which is scheduled for completion late next year. It will have a total floor area of 29,000m² & 195 rooms.

China Construction (China State Construction Engineering Corp Ltd) is headquartered in Shanghai and listed on the stock exchange there, and Fu Wah is based in Beijing.

Earlier stories:
9 March 2017: McConnells follow up Harker deal with Hawkins sale to Downer
3 July 2016: Hawkins & China Construction in joint venture to build Park Hyatt on Viaduct Basin
9 September 2015: Waterfront Park Hyatt gets consent
21 November 2014: Chinese hotel on Viaduct waterfront to be a Park Hyatt
16 April 2014: Update: Wynyard hotel construction cost closer to $700,000, leasehold factors undisclosed

Attribution: Agency release.

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George Court unit sells, then all quiet

City Sales’ apartments auction started well yesterday, with the sale of a unit in the George Court building on Karangahape Rd (pictured) at over $8800/m². Then things went quiet, 2 of the remaining 5 units on offer were passed in on the sole bid of the vendor and only a few bids were made on the remaining 3.

CBD

Queen St

Portland Tower, 62-64 Queen St, unit 6C:
Features: 41m², one bedroom, 6m² deck
Outgoings: rates $1139/year including gst; body corp levy $5720/year
Outcome: passed in at $490,000
Agents: Steve Kirk & Habeeb Urrahman

Uptown

George Courts, 238 Karangahape Rd, unit 3H:
Features: 68m², one bedroom, parking space
Outgoings: rates $1734/year including gst; body corp levy $5924/year
Outcome: sold for $601,000
Agents: Gabrielle Hoffmann & Nicola Hunt

City Zone, 11 Liverpool St, unit 17K (door 1701):
Features: 45m², 2 bedrooms, deck
Outgoings: rates $1177/year including gst; body corp levy $3331/year
Outcome: passed in at $370,000
Agents: Steve Kirk & Habeeb Urrahman

Victoria Quarter

Aura, 53 Cook St, unit 310:
Features: 49m², 2 bedrooms, deck
Outgoings: rates $1113/year including gst; body corp levy $3685/year
Outcome: passed in at $380,000
Agents: Steve Kirk & Habeeb Urrahman

Waterfront

Lighter Quay, 83 Halsey St, unit 407:
Features: leasehold, 49m², one bedroom, deck
Outgoings: rates $1722/year including gst; body corp levy $2293/year, ground rent $3619/year, residents’ society levy $2312/year
Outcome: passed in after sole bid from vendor at $150,000
Agents: Gabrielle Hoffmann

Isthmus east

Mt Wellington

Ellerslie Court, 3A Harrison Rd, unit 1:
Features: 42m², one bedroom, deck, parking space
Outgoings: rates $1080/year including gst; body corp levy $2977/year
Outcome: passed in after sole bid from vendor at $300,000
Agents: Chris Bell & Lucy Piatov

Attribution: Auction.

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Random numbers aren’t proper at auctions, are they?

When you see the results of auctions, the sale prices almost invariably end with 3 zeroes. Imagine, then, a bid of a seemingly random number which even the bidder looked like having trouble remembering. And raises of just $4, followed by one of $112.

This unusual auction played out at City Sales yesterday on the fifth of 6 apartments on the auction list, the second unit in the 96 on Symonds building (pictured above) to be offered on the day.

Bidders had struggled from an opening price of $195,000 for the 2-bedroom unit to $220,000, when auctioneer Kim Spark declared it was on the market. A woman, who’d been pushing a pram back & forth before holding her young child in her arms, offered a small raise which Mr Spark didn’t want to accept.

And so began the series of unusual bids, starting with an increase from $220,000 to $222,379. Sales agent Tina Bartlett, with a buyer on the phone, countered by doing the normal rounded bid to $223,000. Back came the woman with the child, offering $223,157, which Ms Bartlett raised to $223,161.

Occasionally there were what you might call regular bids, zeroed off.

Mr Spark maintained his cool and did better than many auctioneers at rattling off odd numbers, but the room wasn’t cool. Bidders don’t pick numbers out of thin air. Ms Bartlett was clearly frustrated.

An auction can take a long time by rising in $1000 or $500 steps and nobody will be too concerned. But odd numbers? Not the same.

I enjoyed the moment for the exercise in tactics, and because somebody dared to step outside convention. That convention has a reserve price set but not disclosed – and possibly reset if all is not going well – and it doesn’t really matter what the bids are up to that point so long as the auctioneer sees progress, although auctioneers generally try to keep proceedings under control with large-figure steps at first.

The other part of the convention is that, although raises may be very small once a property is declared on the market, mostly they’re rounded. And, mostly, that seems to be for the benefit of the auctioneer, even though they normally have somebody alongside writing the bids down.

The unusual bidding on this apartment took the price up just $20,000 before the woman with the child dropped out. The phone bidder had persevered and won. There was a sense of relief around the room, frazzled onlookers could relax. The woman who came second headed for the lift, having got her child to sleep while upsetting everybody else’s equilibrium.

The other unit at 96 on Symonds on the auction list was passed in, 2 of the other 4 units on the list were sold under the hammer and a Shed 23 apartment on Princes Wharf was sold shortly after the auction.

CBD

Learning Quarter

96 on Symonds, 96 Symonds St, unit 406:
Features: 41m², 2 bedrooms, deck
Outgoings: rates $1189/year including gst; body corp levy $4030/year
Income assessment: in management agreement, currently $480/week
Outcome: sold for $240,000
Agents: Tina Bartlett

96 on Symonds, 96 Symonds St, unit 708:
Features: 45m², 2 bedrooms, deck, storage locker, parking space
Outgoings: rates $1341/year including gst; body corp levy $5385/year
Outcome: passed in at $425,000
Agents: Iona Rodrigues

Oakwood, 81 Wakefield St, unit 6B:
Features: 29m², fully furnished studio, deck
Outgoings: rates $999/year including gst; body corp levy $4080/year
Income assessment: $400/week current
Outcome: sold for $275,000
Agents: Steve Kirk & Habeeb Urrahman

Waterfront

Princes Wharf, 145 Quay St, shed 23, unit 65:
Features: leasehold, 108m², 2 bedrooms, 2 bathrooms, deck, parking space under long-term carpark licence
Outgoings: rates $2545/year including gst; body corp opex levy $16,942/year including gst, ground rent $25,241/year including gst
Outcome: passed in after sole vendor bid of $250,000, sold post-auction for an undisclosed price
Agents: Tina Bartlett & Tricia Carlson

Isthmus west

Eden Terrace

Fleetwood, 19-35 Fleet St, unit C6:
Features: 86m², 2 bedrooms, 17m² deck, parking space; new code compliance certificate issued in 2016
Outgoings: rates $1549/year including gst; body corp levy $3689/year
Income assessment: $620-680/week
Outcome: passed in at $530,000
Agents: Tina Bartlett

Grey Lynn

One on Ophir, 1 Ophir St, unit 3B:
Features: 65m², 2 bedrooms, 2 bathrooms, deck, parking space
Outgoings: rates $1524/year including gst; body corp levy $4520/year
Income assessment: appraisal $650/week
Outcome: sold for $600,000
Agents: Anna Birkenhead

Attribution: Auction.

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New auctionroom isn’t supported by first results

A new auctionroom (one floor up, same building at 445 Karangahape Rd) and a large crowd in for City Sales’ first auction of the year didn’t help with the results. All 4 apartments on offer were passed in.

For the last of them, a leasehold unit on Princes Wharf, auctioneer Kim Spark was looking for bids over $400,000 and was hardly impressed with offers of $110,000 & $150,000. It took 6 bids to reach his preferred starting range and the apartment was passed in at $415,000.

Before that, 2 units in the Citta building at the corner of Symonds St & Khyber Pass Rd and one in the Prince Albert on Albert St attracted only a handful of bids between them.

CBD

Albert St

Prince Albert, 41 Albert St, unit 2F:
Features: 85m², 2 bedrooms, 1½ bathrooms, deck, parking space
Outgoings: rates $1544/year including gst for unit, $906 for parking; body corp levy $8175/year for unit, $337 for parking
Outcome: passed in after bid at $450,000 vendor raise to $475,000
Agents: Tania Toparea

Waterfront

Princes Wharf, 143 Quay St, shed 24, unit 34:
Features: leasehold, 119m², 2 bedrooms, 2 bathrooms, 55m² deck, parking lease option possible
Outgoings: rates $3648/year including gst; body corp levy $18,259/year opex, ground lease $15,327/year
Outcome: passed in at $415,000
Agents: Anna Birkenhead

Isthmus east

Grafton

Citta, 182-186 Symonds St, unit 315:
Features: 67m², 2 bedrooms, parking space
Outgoings: rates $1587/year including gst; body corp levy $4567/year
Outcome: passed in at $530,000
Agents: Lucy Piatov & Chris Bell

Citta, 182-186 Symonds St, unit 421:
Features: 28m² studio, parking space
Outgoings: rates $1017/year including gst; body corp levy $2514/year
Outcome: passed in at $312,000
Agents: Lucy Piatov & Chris Bell

Attribution: Auction.

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Eden Terrace development site, cinema complex & office floors sell

An Eden Terrace warehouse conversion with redevelopment rights (pictured above), the Rialto cinema complex in Newmarket and office floors on Queen St and in Viaduct Harbour have been sold by Bayleys agents.

CBD

The penthouse office floor at 175 Queen St.

Queen St

175 Queen St, level 14:
Features: 228m2 top floor of office building, extensive recent fitout, multiple portioned offices, natural light, views, one basement parking space
Outcome: sold vacant for $1 million
Agents: Quinn Ngo & Matt Lee

Waterfront

14 Viaduct Harbour Avenue, level 5:
Features: 305m2 office floor, 4 parking spaces
Outcome: sold vacant for $825,000
Agent: Andre Siegert

Isthmus east

Newmarket

153-185 Broadway, lot 4:
Features: 1985m2 7-cinema complex on the top level of the Rialto shopping centre, occupied since 2005 by Rialto Cinemas, which renewed for 5 years in December 2015
Rent: $410,140.50/year net + gst
Outcome: sold for $4.5 million at a 9.1% yield
Agents: Alan Haydock & Damien Bullick

Isthmus west

Eden Terrace

140 New North Rd:
Features: 1055m2 corner site zoned mixed use with additional height overlay of 21m; 2 adjoining converted warehouse buildings totalling 1815m2, which the tenant has been operating as a boarding & short-term accommodation facility since August 2006, with 6 months’ termination clause in lease
Rent: $165,000/year net + gst
Outcome: sold for $4.01 million at land value of $3800/m2 & 4.1% yield
Agents: Scott Kirk, James Were, Phil Haydock, Bayleys Auckland

Attribution: Agency release.

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