Archive | Epsom

Station penthouse sells

The penthouse in the newly converted former Mt Eden fire station (pictured) was sold at auction last week, one of 3 apartment & suburban unit sales under the hammer at Bayleys’ auctions around Auckland.

Isthmus east

Epsom

30B Buckley Rd:
Features: 1105m² section, block of 3 units, each with 2 bedrooms & carport
Outcome: sold for $1.8 million
Agents: Cherry Killgour & Steve Leyland

Isthmus west

Mt Eden

The Station, 64 Valley Rd, unit 5:
Features: 220m² internal, deck 23m², 4-bedroom penthouse taking up the entire top floor of the old Mt Eden fire station, 4 ensuites, 2 basement parking spaces
Outcome: sold for $3/85 million
Agents: Gary & Vicki Wallace

South

Sunnyhills

19 Luton Avenue, unit 2:
Features: m², 2-bedroom unit, single garage converted to extra bedroom
Outcome: sold for $760,000
Agents: Gary Robertson & Roger Sumich

Attribution: Agency release.

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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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From the Barfoots auctions: Is there a trend?

The constant question in the auctionrooms, now that the extreme price escalation of the last couple of years is over, is: Is there a trend?

And the answer is ‘No’. After a hard push in one direction, forcing some regulatory or finance action, a lull is a reasonable expectation. But there will still be outliers – a property that’s a special attraction, something that brings 2-3 bidders up against each other whereas, for many properties, if the first hope is missed the next might do just as well.

One of the 2 apartments auctioned at Barfoot & Thompson’s city auction on Thursday was sold under the hammer. The other, in Stonefields, was passed in. A commercial property in Panmure, with vacant upstairs space, was also passed in.

In the agency’s city auctions on Wednesday, both apartments – in Parnell & St Marys Bay – were passed in.

Among the other offerings that I classify as intensive – suburban units, the occasional townhouse and the many cross-leases – 10 were sold and 4 passed in.

The auctionroom was crowded for a time on Wednesday, sparsely populated for the specialist offerings on Thursday morning.

Vendors continue to have to adjust their aspirations downward, but that downward pressure is less evident when what’s on offer is a cross-lease – in many instances, a cheaper entry point to a more exclusive suburb.

The 19 properties listed below include 4 apartments & one commercial property and are mostly on the east of the isthmus. As usual I’ve ignored the main stream of standalone residential offerings.

Thursday auction – apartments

CBD

Learning Quarter

Darlinghurst, 50 Eden Crescent, unit 2H:
Features: 60m², 2 bedrooms, high stud, storage locker & parking space on separate title nearby
Outgoings: body corp levy $284/year
Outcome: sold for $581,000
Agent: Aaron Cook

Isthmus east

Stonefields

Illico Apartments, 4 Bluegrey Avenue, unit 405:
Features: one bedroom, balcony, allocated parking space + guest parking
Outgoings: body corp levy $3024/year
Outcome: passed in at $500,000
Agent: Thelina Nuval

Wednesday auctions – suburban units, cross-leases & apartments:

Isthmus east

Epsom

6 Empire Rd, unit 3:
Features: 2-bedroom unit, internal-access garage
Outcome: sold for $1.166 million
Agents: Derek Helliwell & Cathy Giles

510C Manukau Rd:
Features: 3-bedroom townhouse, 3 bathrooms, double garage
Outgoings: body corp levy $4896/year
Outcome: passed in
Agents: George Fong & Laura McAuley

46 The Drive, unit 3:
Features: cross-lease, 1/3 share in 814m², 2-bedroom unit, garage
Outcome: sold for $953,000
Agent: Maria Lambert

Greenlane

20A Matai Rd, unit 1:
Features: cross-lease, half share in 1257m², 4 bedrooms, double garage
Outcome: sold for $1.32 million
Agents: Paul Robertson & Maree Currie

Mt Wellington

10 Alana Place, unit 2:
Features: cross-lease, 1/7 share in 2625m², 2-bedroom unit, garage
Outcome: sold for $650,000
Agent: Stephen Rendell

One Tree Hill

191A Campbell Rd:
Features: cross-lease, 1/3 share in 1717m², 4 bedrooms, 2 bathrooms, study, double garage
Outcome: no bid
Agents: Andre Bodde & Paul Hodgman

56 Rawhiti Rd, unit 1:
Features: cross-lease, half share in 938m², 2-bedroom cottage, internal-access garage
Outcome: sold for $1.15 million
Agents: Alex Baker & Julie Fitzpatrick

Parnell

29C Bath St:
Features: 2-bedroom apartment, deck, offstreet parking
Outgoings: body corp levy $5809/year
Outcome: passed in
Agent: Linda Galbraith

Remuera

22B Peach Parade:
Features: cross-lease, quarter share in 1449m², 3 bedrooms, double carport
Outcome: sold for $1.02 million
Agents: Stanley & Barbara Armon

18 Rotomahana Terrace, unit 1:
Features: cross-lease, 1/3 share in 1014m², 2-bedroom unit, garage, storage
Outcome: sold for $835,000
Agent: Steve Hood

St Heliers

37C The Parade:
Features: cross-lease, 1/3 share in 1012m², 2 bedrooms, garage
Outcome: sold for $912,500
Agents: Helen McVicar & Helen Clelland

St Johns

69 & 71 Swainston Rd:
Features: cross-lease – No 69: 2 half shares in 607m², 2 2-bedroom units; No 71: 802m², 2 2-bedroom units
Outcome: passed in when offered together & separately
Agent: Helen McVicar

St Johns Park

38 Pyatt Crescent:
Features: cross-lease, half share in 828m², 3 bedrooms, study, garage
Outcome: sold for $1.252 million
Agent: Michael Ataman

Isthmus west

Mt Eden

51 Grange Rd:
Features: cross-lease, quarter share in 1637m², 4-bedroom villa, 2 bathrooms, 2 lounges, study, double garage
Outcome: passed in
Agents: Frank Excell & Ketiesha Elliott

114 Landscape Rd, unit 2:
Features: cross-lease, half share in 688m², 3 bedrooms, 2 bathrooms, garage
Outcome: sold for $1.189 million
Agents: Paul Donovan & Sharon Walls

St Marys Bay

12 New St, unit 7:
Features: one-bedroom apartment
Outgoings: body corp levy $2749/year
Income assessment: $460/week current
Outcome: passed in
Agent: Louise Stringer

Commercial

Isthmus east

Panmure

7-9 Basin View Lane:
Features: 245m² site, 430m² floor area, 3 tenancies on 2 levels, 220m² upstairs space vacant
Rent: $31,812.50/year net + gst + outgoings
Outcome: passed in at $785,000
Agent: Jane Chen

Attribution: Auctions.

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Gillies Ave offramp site & Interplex warehouse sell

Safari Group (NZ) Ltd has paid $4001/m² to buy a site beside the Southern Motorway offramp at Gillies Avenue, Epsom, for an apartments hotel, but hasn’t decided on the brand yet.

Safari has developed Quest, Ramada & Wyndham hotels around New Zealand as well as apartments & commercial property.

The consented development shape for 41-43 Gillies Avenue.

The site at 41-43 Gillies Avenue comes with a consented Leuschke design for 86 apartments. It’s across the intersection from the historic Highwic House, which has its entry off Mortimer Pass in Newmarket.

The sale was agreed before the scheduled closing of tenders this week.

It was one of 2 large commercial property sales by Barfoot & Thompson Commercial agents leading into Easter. The other was a vacant warehouse in the Interplex business park at Rosedale, on the North Shore, which is now up for lease.

Isthmus east

Epsom

41-43 Gillies Avenue:
Features: 2689m² beside the southbound offramp from the Southern Motorway at Gillies Avenue, 2 large houses occupy the site
Outcome: sold for $10.76 million at $4001/m²
Agent: Marie-Anne Molloy

Big Shore warehouse sale

6 Canaveral Drive, Rosedale.

Barfoot & Thompson Commercial agents said they’d achieved the highest price for an industrial property sale on the North Shore in 2½ years with the sale of a vacant warehouse in the Interplex business park to a local investor.

North-east

Rosedale

Interplex business park, 6 Canaveral Drive:
Features: 6417m² site, vacant 3228m² warehouse & office building – warehouse 2732m², dual roller-door access, office 448m² on 2 levels, showroom 48m², 70 parking spaces
Outcome: sold for $7.5 million
Agents: Chris Peterson, Chase Erceg, Simon Farland & Duane Mullooly

Attribution: Agent releases.

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10 sell at Bayleys’ commercial auction

9 properties were sold under the hammer and one post-auction of the 17 in Bayleys’ commercial auction yesterday. Another 3 were sold prior.

[Today’s report is short on some detail.]

CBD

Learning Quarter

5 Eden Crescent, units A & B:
Features: 600m² strata title, renovated, licensed karaoke bar & restaurant
Rent: $161,000/year net + gst
Outcome: passed in at $2.5 million
Agents: Oscar Kuang & Nicolas Ching

Queen St

239 Queen St, unit 1A:
Features: new 12-year lease
Rent: $150,657/year net + gst
Outcome: withdrawn from auction
Agents: Quinn Ngo & James Chan

Isthmus east

Ellerslie

38 Eaglehurst Rd, unit 7:
Features: warehouse
Outcome: declared reserve of $600,000, sold for $800,000
Agents: Andrew Wallace & Cameron Melhuish

Epsom

206 Manukau Rd:
Features: 898m² corner section,
Rent: $67,340/year holding income
Outcome: passed in at $3.55 million
Agents: Owen Ding & James Chan

Mission Bay

2 Atkin Avenue, unit 1:
Features: 374m² site zoned mixed use (up to 18m) under unitary plan, 3-bedroom unit, garage
Outcome: sold for$1.955 million
Agents: Phil Haydock & Angela Yang

Onehunga

18 George Terrace:
Features: 342m² site zoned mixed use, warehouse, office, amenities
Outcome: sold for $1.072 million
Agents: James Valintine & William Gubb

4 Newsome St:
Features: 493m², permissible height 20m
Outcome: no bid
Agents: Tony Chaudhary & James Valintine

Panmure

100 Queens Rd:
Features: town centre zone under unitary plan
Rent: $121,000/year net + gst
Outcome: passed in at $1.6 million
Agents: Mark Pittaway

Isthmus west

Eden Terrace

12 Fleet St:
Features: 336m² site
Rent: $52,260/year
Outcome: sold prior at declared reserve of $1.25 million
Agents: James Were & Scott Kirk

Mt Roskill

439 Mt Albert Rd:
Features: corner site, 4-bedroom home, internal garage, 3 commercial tenancies on ground floor
Outcome: auction postponed
Agents: Phil Haydock & Angela Yang

Ponsonby

91 College Hill:
Features: 337m² site zoned mixed use, 275m² gross floor area, 5 secure parking spaces
Outcome: sold for $2,577,500
Agents: Nigel McNeill & Meredith Graham

Sandringham

513 Sandringham Rd:
Features: retail + refurbished 3-bedroom flat
Rent: $88,060/year
Outcome: sold for $1.75 million
Agents: Scott Kirk & Damien Bullick

North-east

Northcote

44 Akoranga Drive:
Features: 946m² corner site, mixed use zone next to AUT
Outcome: sold for $2.5 million
Agents: Michael Nees & Simon Aldridge

Takapuna

6 & 6A Blomfield Spa:
Outcome: withdrawn from auction
Agents: Simon Aldridge & David Huang

Wairau Valley

170 Wairau Rd, unit 18:
Features: Hell Pizza on long-term lease
Rent: $54,000/year net + gst + outgoings
Outcome: sold for $990,000
Agents: Paul Dixon & Tony Chaudhary

North-west

Glendene

3 Bancroft Crescent:
Features: 3584m² site, long-term tenant, 6-year lease term with renewal rights
Rent: $225,000/year net + gst
Outcome: passed in at $2.775 million
Agents: Dave Stanley & Stuart Bode

New Lynn

3019 Great North Rd & 2 Bentinck St:
Features: 1459m² corner site in 2 titles, vacant possession
Outcome: passed in at $1.625 million at $1114/m²
Agents: Mike Adams & Scott Kirk

South

Botany Downs

286 Cascades Rd:
Features: 7493m² site opposite Pakuranga golfcourse, 70m frontage to Cascades Rd
Outcome: sold for $6.1 million
Agents: Dave Stanley & Graeme Sun

Botany South

Bishopsgate business centre, 2 Bishop Dunn Place, unit 32:
Features: 134m² first-floor office, storage, 2 parking spaces
Outcome: sold for $465,000
Agents: Geoff Wyatt & Dave Stanley

Takanini

292 Great South Rd:
Features: 2209m² site, standalone office & warehouse building anchored by long-term office lease + 2 warehouse tenants
Rent: $152,592/year net + gst
Outcome: sold for $2.68 million
Agents: Sunil Bhana & Peter Migounoff

South of the Bombays

Gisborne

412 Gladstone Rd:
Features: 670m² store, seismic rating 100% new building standard, 6-year lease term
Rent: $122,569/year
Outcome: passed in at $1.5 million, sold post-auction for $1.52 million at an 8% yield
Agents: Paul Garland & Colin McNab

Attribution: Auction.

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5 sell out of 13 intensive units auctioned at Barfoots

5 units sold out of 13 apartments, townhouses, suburban units & cross-leases auctioned at Barfoot & Thompson’s city office yesterday, and one cbd apartment was withdrawn. Among the sales was a 2-bedroom apartment overlooking Parnell Rd (pictured).

CBD

Learning Quarter

The Quadrant, 10 Waterloo Quadrant, unit 2207:
Features: 2-bedroom apartment, balcony, parking space
Outcome: withdrawn from auction
Agent: Dong Liu

Isthmus east

Epsom

218 Green Lane West, unit 37:
Features: 3-bedroom unit, 2 bathrooms, study, double garage
Outgoings: body corp levy $4250/year
Outcome: passed in at $900,000
Agents: George Fong & Laura McAuley

Newmarket

73C Carlton Gore Rd, unit 3:
Features: one-bedroom 1930s apartment, private courtyard
Outcome: passed in
Agents: Cheryl Burgess & Ian Griffiths

Kings Square, 26 Remuera Rd, unit 506:
Features: over 100m², 3-bedroom apartment, 2 bathrooms, double garage
Outgoings: body corp levy $3421/year
Outcome: no bid, back on market at $1.019 million
Agents: Cici & Miro Wang

9 Sarawia St, unit 408:
Features: one-bedroom apartment in former motel, offstreet parking
Outcome: sold for $432,500
Agents: Jill Jackson & Emma John

Parnell

387 Parnell Rd, unit 6:
Features: 2-bedroom apartment, tandem garage
Outgoings: rates $2183/year including gst; body corp levy $7232/year
Outcome: sold for $830,000
Agents: Silvia Poletti & Bobby McMillan

Remuera

11 & 13 Hapua St:
Features: 2 adjoining properties on combined 1602m², 4-bedroom duplex with double internal-access garage on 641m², 3 bathrooms, and vacant 961m² section with resource consent for 2 houses
Outcome: no bid
Agent: Cindy Yu

Isthmus west

Freemans Bay

47 Napier St:
Features: 119m², 3-bedroom terrace, 2 bathrooms, courtyard, internal-access garage
Outgoings: body corp levy $4834/year
Outcome: sold for $972,500
Agent: Ric Parore

116 Wellington St, unit 3:
Features: one-bedroom unit, private courtyard, storage, offstreet parking
Outgoings: body corp levy $2512/year
Outcome: sold for $665,000
Agent: André Boddé

Grey Lynn

7C Scanlan St:
Features: 136m², 2-level 2-bedroom apartment in warehouse conversion, storage, 2 parking spaces
Outgoings: body corp levy $1646/year
Outcome: no bid
Agent: David Dowse

Kingsland

52 Aitken Terrace, unit 1B:
Features: 2-bedroom apartment, deck, double basement garage
Outgoings: body corp levy $4900/year
Outcome: sold for $920,000
Agents: Susan Murdock & Sue Cohen

Mt Eden

68 Ellerton Rd:
Features: cross-lease, half share in 976m², 3-bedroom villa, attic, study, carport
Outcome: no bid
Agents: Derek Helliwell & Di Lynds

Mt Roskill

7 Jasper Avenue:
Features: cross-lease, half share in 837m², 3-bedroom bungalow, carport
Outcome: passed in at $935,000
Agents: Bella Stefano & Sherry Shao

Sandringham

99B Lambeth Rd:
Features: cross-lease, quarter share in 1214m², 3-bedroom house, deck, carport
Outcome: no bid
Agent: Mal MacElvanna

Attribution: Auctions.

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2 large units sell in Epsom & Mission Bay

An Epsom townhouse and the middle apartment (lit) of 3 in a block above Mission Bay’s beach were sold at Bayleys auctions this week.

Isthmus east

Epsom

9A Onslow Avenue:
Features: 2-bedroom townhouse, garage
Outcome: sold for $1.29 million
Agent: Lindy Lawton

Mission Bay

19 Selwyn Avenue, unit 2:
Features: cross-leased, 1/3 share in 1196m², 165m² including balconies, air-conditioned 3-bedroom apartment, 2 bathrooms, lift, study, 2 parking spaces
Outgoings: rates $5302/year including gst, maintenance fee $1800/year
Outcome: sold for $3.1 million
Agents: Gary & Vicki Wallace

Attribution: Agency release.

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Central apartments, suburban townhouses & development site sell

2 central city apartments, 2 on the fringes, 4 suburban units and a development site sold under the hammer at Bayleys auctions around the region in the last week.

The development site at Royal Oak has a recently renovated house on it, but the section has been rezoned business – town centre, making change likely.

Both central city apartments are on Anzac Avenue, one at No 105 and the other in the Harbour Royal at No 88.

CBD

Learning Quarter

Harbour Royal, 88 Anzac Avenue, unit 8C:
Features: 2-bedroom apartment, covered parking space
Outcome: sold for $740,000
Agents: Murray Savage & Tina Chang

105 Anzac Avenue, unit 2C:
Features: 97m², 2-bedroom apartment, 2 bathrooms, tiled conservatory, enclosed balcony, secure parking space, storage locker
Outgoings: rates $1848/year including gst; body corp levy $5139/year
Outcome: sold for $692,000
Agent: Paul Sissons

Isthmus east

Epsom

16A Greenfield Rd:
Features: 3-bedroom townhouse, 2 bathrooms, double carport
Outcome: sold for $1.15 million
Agent: Glenn Baker

Onehunga

15 Bond Place:
Features: 449m² freehold section, 2-level 2013 townhouse, 4 bedrooms, 3.5 bathrooms, deck & garden, double internal-access garage
Outcome: sold for $1.02 million
Agent: Lindy Lawton

Parnell

Brighton Gardens, 10 Brighton Rd, unit 2:
Features: 2-bedroom apartment, 2 bathrooms, parking space
Outgoings: rates $2844/year including gst
Outcome: sold for $985,000
Agent: Chris Reeves

Remuera

15B Chatfield Place:
Features: 3-bedroom townhouse, 2 bathrooms, 2 parking spaces, full cavity system
Outcome: sold for $1.55 million
Agent: David Nightingale

Royal Oak

697 Mt Albert Rd, lot 1:
Features: 115m² house on 685m² section now zoned business – town centre, 4 bedrooms, carport
Outcome: sold for $1.2 million
Agent: Andrew Rumbles

Isthmus west

Ponsonby

Pulse, 80 Richmond Rd, unit 3T:
Features: one-bedroom apartment, balcony, secure parking space
Outcome: sold for $485,000
Agents: Luke McCaw & Andrea Ritchie

North-east

Browns Bay

766 Beach Rd, unit 2:
Features: 2-bedroom unit
Outcome: sold for $650,000
Agents: Angeline Wong & Annette Lum

Attribution: Auctions roundup.

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Auctionroom climate change

A hush, in a room where last year there was a constant buzz and the most commonly used word, “mln”, was spoken almost as an afterthought.

Today, among the intensively developed residential properties on the market, 4 sold and 4 were passed in.

A bid, an excruciatingly long pause, much agent to-ing & fro-ing. The message comes back: no increase. Just under $40,000 later, the couple who weren’t going to pay a penny more hear the hammer fall in their favour and they’ve bought a house for just over $1.8 million.

For other properties, the bidding just stops or, for many, doesn’t start at all. Often, though, a sale may be concluded within half an hour of the property being passed in. That happened 3 times while I was there today and, of 20 properties offered (I missed the last 4), 12 sold although buyers were few & far between.

At the peak last year, Barfoot & Thompson’s city auctionroom pushed up to 80 homes/day through the process, 2 sessions/day on at least 2 days/week and often 2 auctionrooms operating simultaneously.

The auctions are now spread over 4 days, the total in a day might be around 30 or even down to 20, the buzz has gone and it’s the vendors who are facing the tough questions on price. Still, in this climate a success rate of 60% is not to be sneezed at.

What’s made the difference between last year’s boom times & now? Foreign investor curbs, and the price of money has changed.

Below, the intensive offerings:

CBD

Victoria Quarter

City Oaks, 188 Hobson St, unit 610:
Features: 2-bedroom apartment
Outgoings: body corp levy $5859/year
Outcome: no bid
Agents: Frances Li & Ian Thornhill

Isthmus east

Epsom

36 Pah Rd, unit 2:
Features: cross-lease, half share in 852m², 4 bedrooms, double internal-access garage
Outcome: sold for $1.315 million
Agents: Vern Hines & Sara Knight

30A & 30B Selwyn Rd:
Features: cross-lease, half share in 902m², bungalow converted into 2 flats, one of one bedroom the other of 2 bedrooms
Outcome: no bid
Agents: Diana Buczkowski & Peter West

165 The Drive:
Features: cross-lease, half share in 814m², 4 bedrooms, sunroom, internal-access garage
Outcome: sold for $1.648 million
Agent: Robert Thompson

Isthmus west

Freemans Bay

32 Ireland St, unit 4:
Features: 2 bedrooms, double internal-access garage
Outgoings: body corp levy $3054/year plus second levy of $1123
Outcome: sold post-auction
Agents: George Damiris & Anna Lechtchinski

Mt Eden

18 Leamington Rd:
Features: cross-lease, 1/6 share in 1856m², 3 bedrooms, garage
Outcome: passed in at $1.181 million
Agents: Joanne Simpson & Repeka Lelaulu

Westmere

214A Garnet Rd:
Features: cross-lease, half share in 814m², 3 bedrooms, 2 bathrooms, double garage
Outcome: sold for $1.47 million
Agents: Felicity Scott

North-west

New Lynn

31 Nikau St, unit 2:
Features: 2-bedroom unit, deck, garage
Outgoings: body corp levy $675/year
Outcome: passed in
Agents: George Damiris & Carl Madsen

Attribution: Auction.

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First 2 stages of Alexandra Park urban village sell out

The Auckland Trotting Club has sold all 246 apartments in stages 1 & 2 of its high-end Alexandra Park development for a gross of nearly $300 million.

When the last of the 5 penthouses was sold a week before Christmas, 5 apartments remained to be sold.

Construction is well underway on part of Alexandra Park’s large carpark at 223 Green Lane West to transform it into an urban village, and the first of the 750 residents are scheduled to move in alongside the trotting track next year.

The trotting club launched the project in 2015 and chief executive Dominique Dowding said the prices & popularity of the apartments had exceeded the club’s expectations: “It completely reinforces our decision to put total emphasis on delivering absolute quality, and its location has also helped considerably.

“Other factors buyers have cited include the comprehensively masterplanned environment with great public spaces, the apartments’ ‘freehold title’ status, the double grammar school zone and the prospect of strong capital gain.”

Beneath the apartments will be a FreshChoice grocery concept by Countdown owner Progressive Enterprises Ltd, boutique retail and some hospitality names & brands to be announced soon.

RTA Studio Ltd is the lead architect for the project and international urban design firm Civitas Ltd is overseeing the outside transformation, which will include public spaces & promenades. N-Compass Ltd & RDT Pacific Ltd are the project managers. Canam Construction Ltd is building stage 1 and Australasian company Ganellen Construction Ltd is building stage 2.

At the trotting club’s annual meeting in October, members approved in principle entering stage 3 of the urban village development and for the board to proceed with the necessary investigative work.

Ms Dowding said an announcement on stage 3 would be made this year. Prospective buyers can register their interest via the project’s website.

Link:
Alexandra Park urban village

Earlier stories:
19 December 2016: Last penthouse sells at Alexandra Park
5 September 2016: Biggest Alexandra Park penthouse sells
25 April 2016: Second Alexandra Park urban village stage starts this week
30 August 2015: Canam to construct first Alexandra Park apartment building
1 December 2014: Apartments above retail planned for Alexandra Park carpark
23 December 2006: Panel sympathetic to Alexandra Park rezoning but finds critical flaws in plan change

Attribution: Trotting club release.

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