Archive | Eden Terrace

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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$500 bids end in $100k raise on acceptable sale price

Small steps can make a journey last a long time, as 3 bidders at Barfoot & Thompson’s apartments auction found this morning.

2 bidders at a time – one joined in and one of the first 2 pulled out – they were chasing a 3-bedroom suburban unit in Onehunga (pictured above). It was taken to what’s called a pre-auction auction – an offer has been deemed acceptable to the vendors but it still goes to auction, brought forward. Bidding started slowly, and in low rises, mostly of $500. It took half an hour, but the price crept up to $101,000 above the acceptable offer before the second bidder gave in.

Another pre-auction property was sold at a slight rise and an uptown apartment was sold on the sole bid.

CBD

Learning Quarter

The Statesman, 1 Parliament St, unit 8:
Features: 93m², 2 bedrooms, parking space
Outgoings: rates $2241/year including gst; body corp levy $4975/year
Outcome: withdrawn from auction
Agents: Stephen Shin & Rhys Chen

Uptown

The Chatham, 70 Pitt St, unit 705:
Features: 72m², 2-bedroom corner apartment, 2 bathrooms, balcony, storage locker, secure parking space
Outgoings: body corp levy $6486/year
Outcome: sold for $750,000, the only bid
Agents: Mike Campbell & Grant Elliott

Victoria Quarter

Marina Park, 146 Fanshawe St, unit 32:
Features: 40m², one bedroom, parking space
Outgoings: body corp levy $3237/year
Outcome: no bid, back on market at $459,000
Agents: Stephen Shin & Zoran Farac

Isthmus east

Onehunga

Norfolk Rise, 110E Grey St:
Features: 3 bedrooms, carport
Outgoings: body corp levy $1195/year
Outcome: taken to auction early after offer of $685,652 was acceptable, sold for $787,500 after a half hour of raises, mostly in $500 steps
Agents: Wayne & Lisa Parfitt

Isthmus west

Eden Terrace

43 Virginia Avenue East, unit 303
Features: 2 bedrooms, 2 parking spaces
Outgoings: body corp levy $5145/year
Outcome: no bid, back on market at $599,000
Agents: Stephen Shin & Zoran Farac

North-east

Devonport

17A Church St, unit 3:
Features: cross-lease, 1/8 share in 1846m², 2 bedrooms, 2 storage sheds, offstreet parking
Outcome: taken to auction early after offer of $905,000 was acceptable, sold for $920,000
Agents: Linda Simmons & Jacquie McDonald

Attribution: Auction.

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Uptown BID expansion scheme moves to final stages

The Uptown Business Association – straddling the start of New North Rd on the south-western fringe of downtown Auckland – is working on a programme to expand its business improvement district just over the railway line to take in the first blocks of Mt Eden.

Image above: Map shows the existing Uptown business improvement district hached in blue and the proposed extension hached in red.

The expansion area would run a short way down Dominion & Mt Eden Rds, cutting across at Brentwood & Sylvan Avenues. It would extend down Mt Eden Rd to Normanby Rd on the eastern side, taking in the block between Esplanade Rd & Puka St on the western side.

The business improvement district would incorporate the business & apartment precinct developed on the former Robert Holt timber yard & neighbouring streets on the city side of Maungawhau/Mt Eden, and also include Mt Eden Prison on the run across to the Southern Motorway.

The existing business improvement district boundary runs around Boston Rd, bordering the prison, follows the railway line to Park Rd then heads back west along Carlton Gore Rd to Grafton Rd.

The Uptown Business Association requires local board support before balloting businesses in the proposed extension area. This extension sits in the Albert-Eden and Waitemata local board areas. Approval from both boards and from target businesses will increase association membership from 1800 to 2100 members, and its target rate from $180,000 to $250,000 as of 1 July 2017. The Albert-Eden board approved it in December. The ballot requires a 25% return of votes, with 51% of those votes supporting the boundary expansion, to succeed. Voting will take place from 6-31 March.

Link:
18, Proposed Uptown Business Association, business improvement district expansion boundary map

Earlier story:
11 April 2016: Uptown project, name change & paid parking zone on local board agenda

Attribution: Council agenda.

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Commercial building & 3 apartments sell

A commercial building in Onehunga and 3 of the 6 apartments auctioned at Barfoot & Thompson yesterday were sold under the hammer.

Image above: View from the unit in the Endeans building at the foot of Queen St.

Commercial

Isthmus east

Onehunga

1 Paynes Lane:
Features: 337m² site next to Dress-smart, 360m² building on 2 levels, showroom, carpark; zoning allows building up to 27m
Outcome: sold for $1.4 million
Agents: James Marshall & Nick Wilson

Apartments

CBD

Learning Quarter

Celestion, 19 Anzac Avenue, unit 302:
Features: 2 bedrooms, balcony
Outcome: auction postponed
Agent: Jason Buckwell

Queen St

Endeans, 2 Queen St, unit 3C:
Features: 115m², 2 bedrooms, lounge, 3.75m ceilings, parking space
Outgoings: body corp levy $609/year
Income assessment: $/week
Outcome: sold for $1.79 million
Agent: Liz Derbyshire

Victoria Quarter

Grand Chancellor, 1 Hobson St, unit 411:
Features: furnished studio, deck
Outgoings: body corp levy $2336/year
Income assessment: $/week
Outcome: sold for $366,000
Agent: Aaron Cook

City Oaks, 188 Hobson St, unit 803:
Features: leasehold stratum, 20-year lease from December 2005, fully furnished 2 bedrooms, balcony, parking space
Outcome: passed in at $450,000
Agents: John Zhang & Richard Tan

Ascent, 149 Nelson St, unit 623:
Features: 2 bedrooms, balcony, parking space
Outgoings: body corp levy $3894/year, remediation & related litigation ongoing
Outcome: no bid
Agent: Sihem Labidi

Fiore 2, 168 Hobson St, unit 605:
Features: 46m², one bedroom, balcony
Outgoings: body corp levy $2958/year
Outcome: passed in at $420,000
Agents: Annie Xu & Sean Zhang

Isthmus west

Eden Terrace

Parkview Residences, 15 Rendall Place, unit 101:
Features: 2 bedrooms, balcony, 2 parking spaces, storage locker
Outgoings: body corp levy $4234/year
Outcome: sold for $843,000
Agents: Alastair Brown & Hayley Sok

Attribution: Auction.

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3 apartments sell at Ray White auction

3 apartments were sold under the hammer and 2 were passed in at Ray White City Apartments’ auction yesterday.

CBD

Learning Quarter

Tower Hill, 1 Emily Place, unit 3D:
Features: 54m², one bedroom, storage, balcony
Outgoings: rates $1519/year including gst; body corp levy $2761/year after 10% discount
Income assessment: $480-520/week furnished
Outcome: passed in
Agents: Damian Piggin & Daniel Horrobin

Metro, 82 Wakefield St, unit 9B:
Features: 28m² studio, deck, storage locker
Outgoings: rates $1063/year including gst; body corp levy $3398/year
Income assessment: $330-380/week furnished, peak market in February-March $360-400/week furnished
Outcome: sold for $291,000
Agents: May Ma & Mark Li

Uptown

Summit on Symonds, 103 Symonds St, unit 201:
Features: 57m², one bedroom, study
Outgoings: body corp levy $2488/year
Outcome: sold for $540,000
Agent: Mark Harrison

Isthmus east

Grafton

8 Nugent St, unit 410:
Features: 80m², 2 bedrooms, 2 bathrooms, 8m² balcony, secure parking space, storage locker
Outgoings: rates $2168/year including gst; body corp levy $3813/year
Income assessment: $600-650/week furnished
Outcome: passed in
Agents: Ryan Bridgman & Mitch Agnew

Isthmus west

Eden Terrace

43 Virginia Avenue, unit 206 (pictured):
Features: 45m², 2 bedrooms, balcony, parking space
Outgoings: rates $1232/year including gst; body corp levy $4290/year
Income assessment: $550-580/week furnished
Outcome: sold for $470,000
Agents: Ryan Bridgman & Mitch Agnew

Attribution: Auction documents.

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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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8 of 28 apartments & cross-leases sell at Barfoots

8 apartments, townhouses & suburban cross-leased properties were sold out of 28 offered at Barfoot & Thompson’s auctions in its city office this week. The auction for another 2 Docks apartments was postponed.

All up, 16 of the 60 residential properties taken to auction were sold, and no bid was offered on 26.

The one commercial property auctioned, a West Auckland industrial unit taken to court-ordered auction by the body corporate, was sold under the hammer.

Commercial

North-west

Glen Eden

9 Westward Ho Rd, unit H + accessory unit 16 (parking):
Features: single-level industrial unit, parking space, taken to auction by body corporate
Outcome: sold at court-ordered auction for $195,000
Agents: Colin Stewart & Philip Davis

Apartments & suburban cross-leases

CBD

Federal St

Hampton Court, 182 Federal St, unit 5C:
Features: 47m², one-bedroom apartment
Outcome: no bid
Agents: Stephen Shin & Justin Choi

Learning Quarter

Tower Hill, 1 Emily Place, unit 2C:
Features: 78m², 2-bedroom apartment, 33m² courtyard, carport
Outcome: no bid
Agent: Alan Vessey

Quay Park

The Docks, 2 Dockside Lane, unit 203:
Features: leasehold, one-bedroom apartment, balcony, parking space
Outcome: auction postponed
Agent: Sudesh Kumar

The Docks, 8 Dockside Lane, unit 236:
Features: leasehold, one-bedroom apartment, parking space
Outcome: auction postponed
Agent: Sudesh Kumar

Victoria Quarter

Harvard, 147 Hobson St, unit GJ:
Features: 2-bedroom apartment, deck, secure parking space
Outcome: no bid
Agents: Simon Cai & Julie Tri

Wiltshire, 89 Victoria St West, unit 10B:
Features: 56m², one bedroom, balcony
Outgoings: body corp levy $2676/year
Outcome: passed in
Agent: Fiona Lee

Isthmus east

Mission Bay

16 Atkin Avenue, unit 6:
Features: cross-lease, 1/8 share in 1664m², 3-bedroom apartment, balcony, tandem garage
Outcome: sold for $1.75 million
Agent: Dennis Dunford

9 Marua Crescent, unit 11:
Features: cross-lease, 1/12 share in 1011m², one-bedroom apartment, deck, carport
Outcome: passed in
Agent: Lynette Boyd

Panmure

60 Jellicoe Rd, unit 3:
Features: cross-lease, 1/6 share in 1012m², one-bedroom unit, deck, backyard, carport
Outcome: sold for $420,000
Agent: Jessie Yang

Remuera

27B Dell Avenue:
Features: cross-lease, 1/3 share in 903m², 3 bedrooms, garage
Outcome: sold for $1.41 million
Agents: Kathy Bower & Julie Fitzpatrick

12 Kelvin Rd:
Features: cross-lease, half share in 1292m², 4 bedrooms, study, double garage
Outcome: no bid
Agent: Duncan Wu

40A Monteith Crescent, unit G:
Features: 3 bedrooms, conservatory, double garage
Outgoings: body corp levy $1741/year
Outcome: no bid
Agents: Angus Campbell & Michael Bacher

1 Shore Rd, unit 16:
Features: standalone house on 200m² freehold section, 4 bedrooms, carport
Outcome: sold for $1.265 million
Agent: Liz Derbyshire

St Heliers

28 Tarawera Terrace, unit 1:
Features: cross-lease, quarter share in 1586m², 4 bedrooms, internal-access garage
Outcome: sold for $1.87 million
Agents: Bob Gordon & Trevor Wyness

Isthmus west

Eden Terrace

Der Rohe, 10 Flower St, unit 104:
Features: 57m², 2-bedroom apartment, deck
Income assessment: $450/week current
Outcome: passed in, back on market at $500,000
Agents: Aaron Cook & Betty Shao

15 Rendall Place, unit 503:
Features: 2-bedroom apartment, balcony basement parking space, storage locker
Outgoings: body corp levy $3732/year
Outcome: passed in
Agent: Anna Stephens-Brown

Grey Lynn

6 Schofield St, unit 10:
Features: 3-bedroom terrace, deck, carport
Outgoings: body corp levy $4596/year
Outcome: sold for $800,000
Agent: Liz Derbyshire

Hillsborough

15 Currie Avenue, unit 1:
Features: cross-lease, half share in 766m², 2-bedroom unit, basement garage & storage
Outcome: sold for $687,000
Agent: Robin Cross

Mt Eden

40 Horoeka Rd, unit 2:
Features: cross-lease, 1/9 share in 931m², 2-bedroom unit, offstreet parking
Outcome: sold for $700,000
Agents: Verena Lobb & Lisa MacQueen

Mt Roskill

56A May Rd:
Features: cross-lease, half share in 826m², 3 bedrooms, double internal-access garage
Outcome: passed in at $900,000
Agent: Alex Yang

Sandringham

65 Burnley Terrace, unit 5:
Features: one-bedroom ground unit, carport, parking space
Outgoings: body corp levy $1819/year
Outcome: no bid
Agent: Julie Hey

297A Mt Albert Rd:
Features: cross-lease, half share in 843m², 4 bedrooms, deck, carport
Outcome: no bid
Agent: Steve Hood

16 St Lukes Rd:
Features: cross-lease, 1/3 share in 1358m², 4-bedroom villa
Outcome: no bid
Agents: Reeka Lelaulu & Sue Cohen

34 Watea Rd, unit 3:
Features: cross-lease, 1/8 share in 1227m², 2-bedroom unit, garage
Outcome: no bid
Agents: Jeff Stretton & Monica Bajaj

North-west

Glendene

4 Lydford Place, unit 2:
Features: cross-lease, half share in 675m², 3 bedrooms, deck, garage, workshop
Outcome: no bid
Agents: Julia Barnett & Ryan Littler

Glen Eden

9 Evans Rd, unit 12:
Features: 2-bedroom unit, deck, internal-access garage
Outgoings: body corp levy $595/year
Outcome: passed in
Agents: Julia Barnett & Ryan Littler

Henderson

38 Eyre St:
Features: cross-lease, half share in 1026m², 3 bedrooms, basement garage, double carport
Outcome: passed in
Agent: Roger Franklin

New Lynn

2 Kiritoa St:
Features: cross-lease, half share in 870m², 3 bedrooms, garage
Outcome: no bid
Agent: Jennifer Peary

116 Titirangi Rd, unit 1:
Features: cross-lease, 1/10 share in 4116m², 3-bedroom bungalow, carport
Outcome: no bid
Agents: Aken Yuan & Michelle Zhou

Swanson

637 Swanson Rd, unit 1:
Features: cross-lease, half share in 1012m², 2-bedroom bungalow, deck, offstreet parking
Outcome: no bid
Agents: Raj Mitra & Maggie Altaf

Attribution: Auctions.

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Updated: Narrow development site passed in, 2 apartments sold

A narrow site in Grey Lynn with consent for a residential development was passed in at Barfoot & Thompson’s apartments & commercial auction yesterday. 2 of the 4 apartments on offer were sold under the hammer, and another apartment listed for this auction session was sold earlier.

CBD

Learning Quarter

Sun Apartments, 47 Wakefield St, unit 307:
Features: fully furnished studio
Outgoings: body corp levy $3387/year
Outcome: no bid, back on the market at $280,000
Agents: Stephen Shin & Justin Choi

Victoria Quarter

Prima at SugarTree, 27 Union St, unit 107:
Features: 2 bedrooms, secure parking space
Outgoings: body corp levy $3345/year
Outcome: no bid
Agents: Livia Li & Alan Guo

Isthmus east

Newmarket

8 Clayton St, unit 24:
Features: one bedroom, balcony, parking space
Outgoings: body corp levy $3182/year
Outcome: sold for $418,000
Agent: Samuel Tang

Isthmus west

Eden Terrace

Memphis, 5 Charlotte St, unit 2C:
Features: 68m², fully furnished one bedroom, balcony, secure parking space
Outgoings: body corp levy $3331/year
Outcome: sold for $422,000
Agents: Tony Buckwell

Memphis, 11 Charlotte St, unit GJ:
Outcome: sold prior
Agents: Stephen Shin & Richard Han

Grey Lynn

Corrected: 8 Putiki St:
Features: 188m² site, 18m height restriction (16m occupiable), resource consent granted for development of about 300m² floor area over 3 levels with a 3.6m stud height on each floor
Rent: $1300/month holding income
Outcome: passed in at $790,000 (originally written as $765,000), a multi-offer process closes today
Agents: Reese Barragar & Grant Magill

Attribution: Auction.

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Kings Arms among 3 development site sales

Live music venue the Kings Arms Tavern on France St (outlined in picture above) has been sold through a Bayleys tender.

The buyer hasn’t been identified yet, but agents said the popular Eden Terrace pub would continue to trade.

It’s one of 3 commercial sales reported this week by Bayleys, 2 of them by tender through the Total Property portfolio series. The others are in Grey Lynn, one an underdeveloped site sold vacant and the second with a lapsed consent for apartments & parking.

Isthmus west

Eden Terrace

57-59 France St:
Features: 2112m² in 3 titles, 3 street frontages, mixed use zoning with 32.5m height overlay; 500m² 2-storey building with lease in place to longstanding occupant Kings Arms Tavern
Rent: $150,000/year + gst
Outcome: sold for $7.45 million at land value of $3527/m²
Agents: Alan Haydock, Damien Bullick & Matt Gordon

Grey Lynn

12 Nixon St:
Features: underdeveloped 531m2 site zoned mixed use, 589m2 1960s medium-stud warehouse + basement
Outcome: sold with vacant possession for $2.25 million
Agents: Cameron Melhuish, Ben Wallace & Andrew Wallace

562-562A Richmond Rd, previously consented for an apartment development.

562-562A Richmond Rd, previously consented for an apartment development.

562-562A Richmond Rd:
Features: 4501m² site zoned mixed use at the Surrey Crescent end of Richmond Rd, 2 commercial & industrial buildings totalling 2690m² with multiple tenancies; lapsed resource consent for a 7-level development comprising 69 apartments & a 138-space carpark; 16m height limit under unitary plan
Rent: $600,000/year + gst
Outcome: sold for $14.5 million at land value of $3221.50/m²
Agents: Alan Haydock & Damien Bullick (Bayleys) & Brice Clark (Whillans Realty)

Attribution: Agency release.

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Leasehold & leaky unit turns into hot property

A building with 2 serious negatives – it’s both leasehold & leaky – turned into hot property at Ray White City Apartments’ auction yesterday.

A one-bedroom unit in The Landings (pictured), beside the old Auckland Railway Station in the Quay Park precinct, was auctioned with a $50,000 declared reserve. The building has remediation work underway, due for completion next May at a cost which could reach $20 million, and this unit has outstanding levies for that work plus the ground lease totalling over $11,000, which would eat up about half the assessed annual income.

Multiple bidders in the room and on the phone quickly took the auction price tag from the declared reserve figure to $60,000, through $70,000 & $80,000, and finally to $91,000.

Against uncertainties such as the final remediation bill and the next ground-lease rise, that sale price wasn’t outlandish, put at a 10.1% return on net income, or 5.4% on the assessed net income after continuing outgoings (rates, body corporate levy & ground lease).

It was a flurry of activity in a difficult market which has seen many apartments & houses passed in, often with no bid made, and bidding generally slowing down at residential auctions around the city in recent months.

At yesterday’s Ray White auction, 6 of the 11 apartments were sold under the hammer. Auctioneer Ted Ingram used vendor bids to indicate the preferred market level on the first 3 properties and got 2 of them sold, one after considerable negotiation and a reduction in the reserve.

CBD

Federal St

Federal Apartments, 207 Federal St, unit 1404:
Features: 61m², 2 bedrooms, secure basement parking space
Outgoings: rates $1633/year including gst; body corp levy $6477/year
Income assessment: $480/week, fixed until March
Outcome: passed in at $540,000
Agents: Antonia Dickey

Learning Quarter

St Paul Apartments, 4 St Paul St, unit 14A:
Features: 34m², one bedroom, remedial issues identified
Outgoings: rates $708/year including gst; body corp levy $4465/year
Income assessment: $350/week current
Outcome: sold for $181,000
Agent: Dominic Worthington

Forte, 37 Symonds St, unit 708:
Features: 27m², one bedroom
Outgoings: rates $1025/year including gst; body corp levy $2504/year
Income assessment: $380/week, fixed until February
Outcome: sold for $255,000
Agents: James Mairs & Dominic Worthington

Forte, 37 Symonds St, unit 1008:
Features: 27m², one bedroom
Outgoings: rates $1037/year including gst; body corp levy $2656/year
Income assessment: $380/week unfurnished, $420/week furnished
Outcome: sold vacant for $265,000
Agents: James Mairs & Dominic Worthington

Quay Park

The Landings, 10 Ronayne St, unit 207:
Features: leasehold, 38m², one bedroom
Outgoings: rates $809/year including gst; body corp operational levy $2240/year, ground rent $1875/year, legal levy $1550 (part paid), remedial works levy $7733
Income assessment: $400-450/week
Outcome: sold vacant for $91,000
Agents: James Mairs & Dominic Worthington

Queen St

The Guardian, 105 Queen St, unit 213:
Features: 39m², one bedroom, high stud
Outgoings: rates $1281/year including gst; body corp levy $3261/year
Income assessment: $400-450/week furnished
Outcome: sold for $361,900
Agents: Ryan Bridgman & Mitch Agnew

Victoria Quarter

Heritage Farmers, 35 Hobson St, unit 613:
Features: 55m², one bedroom, hotel furniture package, secure covered parking space
Outgoings: rates $3616/year including gst; body corp levy $9338/year, remediation levy $8140 due 31 January
Income assessment: $875/month current under hotel management lease, appraisal $580-620/week furnished
Outcome: sold for $380,000 + gst
Agents: Damian Piggin & Daniel Horrobin

Stanford, 189 Hobson St, unit 2E:
Features: 40m², 2 bedrooms, balcony
Outgoings: rates $1050/year including gst; body corp levy $4101/year
Income assessment: $430-460/week furnished
Outcome: passed in at $310,000
Agents: Ryan Bridgman & Mitch Agnew

Columbia on Nelson, 15 Nelson St, unit 2O:
Features: 22m² studio, remedial works completed and code compliance certificate issued
Outgoings: rates $987/year including gst; body corp levy $1625/year
Income assessment: $340-360/week furnished
Outcome: passed in at $230,000
Agents: Ryan Bridgman & Mitch Agnew

The Peaks, 117 Victoria St West, unit 3A:
Features: 60m², one bedroom, secure basement parking space & storage locker
Outgoings: rates $1316/year including gst; body corp levy $2337/year
Income assessment: $410/week for apartment, $50/week for parking, both current
Outcome: passed in at $500,000
Agent: Ann Bennett

Isthmus west

Eden Terrace

North Eden Apartments, 3 Ngahura St, unit 23:
Features: 95m², split level, 2 bedrooms, 2 parking spaces
Outgoings: rates $1296/year including gst; body corp levy $2808/year
Income assessment: $530-580/week furnished
Outcome: passed in at $530,000
Agents: Ryan Bridgman & Mitch Agnew

Attribution: Auction.

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