Archive | Ponsonby

Bendon showroom sells at auction but 3 other properties fail to attract a bid

A Bendon Retail showroom in Otara sold on a 4.4% yield at Barfoot & Thompson’s commercial auction yesterday.

2 retail assets in an Avondale shopping centre building – one with some residential potential and both with a 32.5m height limit through their town centre zoning under the new unitary plan – were passed in without a bid. A Ponsonby office unit also failed to attract a bid.

Isthmus west

Avondale

1976 Great North Rd, unit 5:
Features: 140m², ground-floor retail unit with 10 years to run on lease
Rent: $49,735/year net + gst
Outcome: declared reserve $695,000, no bid
Agents: Reese Barragar & Colin Stewart

1976 Great North Rd, unit 6:
Features: 227m², 3 tenants – 2 retail + unconsented residential
Rent: $75,400/year gross
Outcome: declared reserve $895,000, no bid
Agents: Reese Barragar & Colin Stewart

Ponsonby

70 Ponsonby Rd, unit G5:
Features: office unit, 2 large signboards & secure parking space, on ground floor of the Quest apartment complex
Rent: $42,640/year net + gst on new long-term lease
Outcome: no bid, back on market at $898,000 + gst
Agents: Reese Barragar & Murray Tomlinson

South

Otara

18 Birmingham Rd:
Features: 1143m² section, 602m² building; Bendon Retail Ltd, tenant since 1999, is on 2-year lease with one more 2-year right of renewal
Rent: $53,857/year net + gst
Outcome: sold for $1.211 million at a 4.44% yield on current rent
Agents: James Marshall & Murray Tomlinson

Attribution: Auction.

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Former Ponsonby fire station sale settles

Sale of the former fire station at 182 Ponsonby Rd (pictured) has settled after a tender process that closed in December, but Bayleys, which handled the sale, said the buyer hadn’t been disclosed. The brigade moved out of its station on the corner of Lincoln St last May for new premises at 134 Williamson Avenue, Grey Lynn.

Also in Ponsonby, a showroom across Ponsonby Rd has been leased.

Sale:

Isthmus west

Ponsonby

182 Ponsonby Rd:
Features: 1400m2  vacant site on corner of Lincoln Rd containing 820m2  2-level former fire station building & large rear yard currently a Wilson’s carpark; town centre zoning has 13m height limit to ensure any new development is in keeping with other buildings along Ponsonby Rd
Outcome: sold for $12 million
Agents: Cameron Melhuish & Mike Adams

Lease:

161 Ponsonby Rd, ground floor:
Features: 120mshowroom leased for 3 years plus 2 3-year rights of renewal to recycled clothing retailer
Rent: $100,000/year net + gst at $833/m2
Agent: Quinn Ngo

Earlier story:
11 November 2016: Last Ponsonby fire station goes on market

Attribution: Agency release.

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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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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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Intense bidding followed by no bids

Intense bidding for the first 3 properties on Ray White City Apartments’ auction list yesterday was followed by 2 which received no bid, weak bidding on the next 2 and no bid again on the last.

The contrast is a mark of the times, as the question “Where’s the market going?” is on the lips of regular participants in this market. Some auctions demonstrate the general slowdown, sometimes vendors have been able to secure a sale by dropping their reserve, and sometimes buyers are just not interested in a cash deal on the spot.

CBD

Learning Quarter

Queens Residence, 8 Airedale St, unit 1507:
Features: 50m², 2-room flexi-apartment, 5m² balcony
Outgoings: rates $1924/year including gst; body corp levy $2670/year
Income assessment: $500/week fixed until February
Outcome: no bid
Agent: Steve King

Tetra House, 85 Wakefield St, unit 606:
Features: 45m², fully furnished 2 bedrooms
Outgoings: rates $3563/year including gst; body corp levy $4539/year
Income assessment: $500-530/week furnished; the apartment is under a Waldorf hotel management lease
Outcome: sold for $365,000
Agents: Damian Piggin & Daniel Horrobin

Waterloo Towers, 20 Waterloo Quadrant, unit 8:
Features: 158m², occupies entire floor, 2 bedrooms, 3 parking spaces
Outgoings: rates $2332/year including gst; body corp levy $11,568/year
Income assessment: $650-700/week unfurnished, parking $50/space/week with apartment, $60-80/space/week individually rented
Outcome: sold for $650,000
Agents: Damian Piggin & Daniel Horrobin

Victoria Quarter

Aura, 53 Cook St, unit 1315:
Features: 49m², 2 bedrooms, secure covered parking space
Outgoings: rates $1341/year including gst; body corp levy not given
Income assessment: $500/week current
Outcome: passed in at $410,000
Agents: Ryan Bridgman & Mitch Agnew

Wiltshire, 89 Victoria St West, unit 2C:
Features: 55m², one bedroom, low body corp levy owing to large LED billboard on western wall
Outgoings: rates $1430/year including gst; body corp levy $2208/year
Income assessment: $480-530/week furnished
Outcome: no bid
Agent: Ron Yang

Isthmus east

Ellerslie

Ellerslie Court, 3A Harrison Rd, unit 6:
Features: 43m², one bedroom, secure parking space
Outgoings: rates $1080/year including gst; body corp levy $2976/year
Income assessment: $325/week
Outcome: no bid
Agent: Keisha Gutierrez

Isthmus west

Grey Lynn

Pulse, 80 Richmond Rd, unit 3S:
Features: 58m², one bedroom, secure parking space, building recently reclad
Outgoings: rates $801/year including gst; body corp levy $3689/year
Income assessment: $500-550/week furnished
Outcome: passed in with vendor indicator bid of $400,000
Agents: Iza Kimura & Ron Yang

Ponsonby

One on Ophir, 1 Ophir St, unit 1A:
Features: 70m², 3 bedrooms, 2 bathrooms, 8m² deck, secure covered parking space
Outgoings: rates $1486/year including gst; body corp levy $4135/year
Income assessment: $650/week furnished
Outcome: sold for $583,900
Agent: Dominic Worthington

Attribution: Auction.

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Last Ponsonby fire station goes on market

The Ponsonby fire station – not the old one and not the new one, but the one the Fire Service quit a few months ago – goes on the market at the weekend, offering investors a 1400m² development site on Ponsonby Rd.

The brigade moved out of its station at 182 Ponsonby Rd, on the corner of Lincoln St, in May for new premises at 134 Williamson Avenue, Grey Lynn.

Earlier predecessors were at 13 St Marys Rd and the Ponsonby end of Williamson Avenue, at No 1, both recognised for their restaurants in recent decades.

The 182 Ponsonby Rd site has a business – town centre zoning under the council unitary plan, providing for a number of redevelopment options.

Mike Adams & Cameron Melhuish, of Bayleys, are handling the sale, with a tender closing on Thursday 8 December.

Attribution: Agency.

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Auction clearance falls as no-bids rise

Auction results have been mixed in the apartment & residential markets in recent weeks, as Barfoot & Thompson’s auction sessions at its city office demonstrated this week.

In 3 sessions on Wednesday-Thursday, the agency offered 59 homes, with another 10 listings sold pre-auction. Including the presales, the 28 sales represented a 41% clearance.

In the apartments auction yesterday (link below to separate story), 2 of the 8 listed sold under the hammer and another 2 prior, for a 50% clearance.

At the 3 residential sessions, 17 of the properties offered were what I classify as intensive, including 13 cross-leases. The others were 2 suburban units not on cross-lease, an apartment & a townhouse

Of the 17, 5 were sold and 12 were passed in, including 7 which received no bid.

The process has slowed right down as vendors adjust to something approaching normal, where bidding no longer starts at an assumed million and no longer carries on skyward. As well as more completions than would be the case if the hesitancy resulted in quick passing in, I understand there’s also been a transfer of sales from the auction room to post-auction negotiation.

There’s also a big reduction in stock being taken to auction, the number of Chinese investors has fallen away and those who do turn up have been sitting on their hands as much as anybody else.

Below, the intensive market results:

Isthmus east

Ellerslie

20 Laud Avenue:
Features: cross-lease, half share in 997m², 2 bedrooms, deck, garden, double carport
Outcome: sold for $885,000
Agents: Di Martens

Epsom

42 Cornwall Park Avenue:
Features: cross-lease, half share in 1013m², 3 bedrooms, garage
Outcome: passed in
Agent: Ling Zhu

11 Tuperiri Rd, unit 3:
Features: cross-lease, half share in 971m², m², 4 bedrooms, 2 bathrooms, courtyard, double internal-access garage
Outcome: passed in
Agents: Leon Bao

Kohimarama

19A John Rymer Place:
Features: cross-lease, half share in 824m², 4 bedrooms, double internal-access garage
Outcome: no bid
Agent: Kelly Midwood

17A Rawhiritoa Rd:
Features: cross-lease, half share in 700m², 3 bedrooms, double internal-access garage
Outcome: no bid
Agents: Russell Birkinshaw & Serrine Chen

1 Taranaki Rd, unit 3:
Features: cross-lease, 1/3 share in 728m², 2-bedroom unit, garden, carport
Outcome: sold for $1.015 million
Agent: Teresa Weiss

Mt Wellington

113 Panama Rd, unit 6:
Features: cross-lease, 1/7 in 1982m², 2-bedroom unit, courtyard, internal-access garage
Outcome: passed in
Agents: Sally Giles

Otahuhu

4 Albert St:
Features: cross-lease, 1/5 in 1223m², 3 bedrooms, offstreet parking
Outcome: passed in, back on the market at $598,000
Agents: Michael Zhang & Kelly Fan

Panmure

66 Pilkington Rd, unit 3:
Features: 3-bedroom unit, deck, garden, rumpus/storage, offstreet parking
Outgoings: body corp levy nil
Outcome: no bid
Agents: Margaret Johnston & Phyllis Brooks

Remuera

32 Lochiel Rd, unit 2:
Features: cross-lease, quarter share in 1332m², 2 bedrooms, courtyard, garden
Outcome: sold for $1.25 million
Agent: Sara-Jayne Kingston

Isthmus west

Mt Albert

9 Richardson Rd, unit 5:
Features: cross-lease, 1/3 share in 2047m², 4 bedrooms, internal-access garage
Outcome: sold for $917,000
Agents: Christine & Mark Wooding

Mt Roskill

21A Graham Bell Avenue:
Features: cross-lease, half share in 809m², 3 bedrooms, deck, double internal-access garage
Outcome: passed in
Agents: Daisy Hu & Yogesh Suri

16B Penney Avenue, unit 2:
Features: cross-lease, 1/3 share in 1077m², 120m² 2-bedroom unit, conservatory, garage
Outcome: no bid
Agent: Dermot Kelly

Ponsonby

22 Prosford St, unit 1:
Features: one-bedroom apartment, patio, storage
Outgoings: body corp levy $5166/year
Outcome: sold for $731,000
Agent: André Boddé

Pt Chevalier

12 Walmer Rd:
Features: cross-lease, half share in 695m², 3 bedrooms, carport, storage
Outcome: no bid
Agents: Matt O’Rourke & Ryan Harding

Three Kings

531 Mt Albert Rd, unit 2:
Features: 2-bedroom unit, storage, internal-access garage
Outgoings: body corp levy $792/year
Outcome: passed in
Agent: Zaki Murumkar

North-west

New Lynn

14 Ambrico Place, unit 5:
Features: 110m², 3-bedroom townhouse, 2 bathrooms, internal-access garage
Outgoings: body corp levy $2199/year
Outcome: no bid
Agents: Aken Yuan & Michelle Zhou

Apartments story today: Converted warehouse sells post-auction

Attribution: Auctions.

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Rosedale units resold

2 units in stage 2 of the Rosedale Retail Centre, developed by Northbridge Properties Group Ltd (Craig Green) last year, have been resold after original sales in December.

Northbridge’s development comprised an 1800m² Tai Ping supermarket at 92 Rosedale Rd, the 17-unit stage 1 at 94 Rosedale Rd and 20-unit stage 2 at 96 Rosedale Rd.

Bayleys agents on the North Shore have also signed 4 new leases, including 2 across the harbour on Hobson St and in Ponsonby.

Sales:

North-east

Rosedale

96 Rosedale Rd, unit 19:
Features: vacant 82m² retail unit
Outcome: sold for $650,000 + gst
Agents: Eddie Zhong & Terry Kim

96 Rosedale Rd, unit 20:
Features: 90m² retail unit
Outcome: sold for $650,000 + gst
Agent: Eddie Zhong

Leases:

CBD

Victoria Quarter

Fiore, 168 Hobson St, unit 101:
Features: 55m² retail unit, parking space
Rent: leased in September for $40,000/year net + gst, premises rental $727/m²
Agent: Terry Kim

Isthmus west

Ponsonby

50 Pollen St:
Features: 778m² industrial building – warehouse 424.73m², office 352.79m²
Rent: leased in September for $120,000/year net, premises rental $154.24/m²
Agents: Trevor Duffin & Jean-Paul Smit

North-east

Milford

162 Kitchener Rd:
Features: 51.4m² office, parking space
Rent: leased in September for $16,529.24/year net + gst, parking at $30/week, net excluding parking $14,969.24, premises rental $291.23/m²
Agent: Paul Prouse

Wairau Valley

75 Ellice Rd, unit 8:
Features: 30m² office
Rent: leased in September for $15,000/year net + gst, premises rental $500/m²
Agent: Paul Prouse

Earlier story:
23 December 2015: 8 units in Rosedale centre stage 2 sold

Attribution: Agency release.

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Auction room at half the previous frenetic pace

In 4 auction sessions over 2 days at its city office this week, Barfoot & Thompson put up 58 residential properties, sold 25 and got no bid on 21. Another 10 properties were sold before auction, taking the total close to the volume the agency had been handling in a single day in its busiest periods in the last year.

In other words, business was down to about half speed – or back closer to the old normal.

Last week, in one day, Barfoots put 71 residential properties up for auction at 3 sessions, 2 rooms operating simultaneously in the afternoon. There was a large influx of Chinese investors for most of the afternoon, but less of the gung ho approach of last year, when the willingness to outbid all-comers defeated any thought of matching price to local market returns.

In the auction rooms on Wednesday last week, 12 of the 29 intensive residential properties were sold under the hammer and 9 were passed in without a bid being made. All up, 28 of the 71 properties were sold.

Forward to this week, and 22 intensive properties were auctioned – central-city apartments, suburban townhouses & flats, and cross-leased properties (which vary from small units to large houses on tight sections). Of those, 12 were sold under the hammer – a far better clearance rate.

Questions arise

2 questions arise in the changed circumstances of less frenetic auction rooms. The first is why, in what is still widely deemed to be a housing crisis, buyers weren’t there to take advantage of this opportunity. The second is whether Reserve Bank measures have taken the wrong people out of the market, or perhaps the heady atmosphere was due to run out of steam anyway.

There are other economic questions concerning the construction industry, too. There is a widespread assumption that builders will build – for the good of the nation – they just have to temper their price expectations. But builders are being expected to build in an increasingly uncertain economic climate: the Reserve Bank’s measures can reduce the ability of locals to buy and could snuff out sales to foreign investors, who have been the mainstay of apartment developments internationally for 20 years.

The last piece of land bought at a ridiculous price as a boom is about to end is, inevitably, not going to be built on for a very long time. The buyer will go bust as potential returns evaporate, the market will have disappeared, tradesmen will head to Australia. We’re probably some way from that, but markets can turn quickly.

In that light, the auctioneers did well to get the level of sales they achieved, and not just at Barfoots – apartment specialists City Sales scored 5 sales out of 5 on Wednesday, and Ray White City Apartments scored 4 out of 6 yesterday.

Barfoots’ Wednesday-Thursday auction results:

CBD

Learning Quarter

Tower Hill, 1 Emily Place, unit 4BS:
Features: fully furnished studio, balcony
Outgoings: body corp levy $2013/year
Outcome: sold for $325,000
Agents: Estee Zeng & Sarah Garlick

St Paul’s, 4 St Paul St, unit 15C (pictured):
Features: 115m², 3-bedroom penthouse, 2 bathrooms, 3 balconies; remediation of defects & leaky issues to be carried out, vendor to transfer $40,000 net settlement proceeds to buyer, and buyer to carry all future liability
Outgoings: body corp levy $12,279/year
Outcome: passed in at $400,000; 2 other units owned by the same investor have already been sold – unit 15A, 34m², fully furnished, one bedroom, balcony, rent $360/week; unit 15B, one bedroom, vacant
Agent: Elvira Abdrazakova

St Paul’s, 4 St Paul St, units GB & GC:
Features: manager’s office, rubbish & laundry rooms
Outgoings: body corp levy $2896/year + $1146/year
Income assessment: rented to body corporate for $30,000/year
Outcome: no bid
Agents: Elvira Abdrazakova

Uptown

Urba, 5 Howe St, unit 711:
Features: 2 bedrooms
Outgoings: body corp levy $2757/year
Outcome: no bid
Agents: Alastair Brown & Hayley Sok

Eclipse, 156 Vincent St, unit 11H:
Features: one bedroom
Outcome: passed in at $379,000
Agents: Sharlene Huang

Victoria Quarter

Marina Park, 146 Fanshawe St, unit 54:
Features: one bedroom, private balcony, secure basement parking space, storage unit; proposed neighbouring Saba apartment development might affect outlook
Outgoings: body corp levy $3142/year
Outcome: sold for $419,000
Agents: Liz Derbyshire & Leo Shin

SugarTree, 27 Union St, unit 613:
Features: one bedroom, balcony, secure parking space, storage
Outgoings: body corp levy $3762/year
Outcome: auction postponed until next Thursday, 15 September
Agents: Jason Li

Isthmus east

Epsom

39 Onslow Avenue, unit 1:
Features: cross-lease, one-third share in 865m², 2-bedroom unit, garage
Outcome: sold for $1.102 million
Agents: Diana Buczkowski & Peter West

Greenlane

187I Great South Rd:
Features: 3 bedrooms, 2 bathrooms, garage + offstreet parking, in private gated complex
Outgoings: body corp levy $4100/year
Outcome: sold for $1.01 million
Agents: Di Martens & Justin Coleman

17 Karetu Rd:
Features: cross-lease, half share in 1012m², 4-bedroom house, 2 living areas, backyard, garage, carport
Outcome: passed in
Agents: Helen Lam

Kohimarama

19 John Rymer Place:
Features: cross-lease, 237m² house, 5 bedrooms, 3 bathrooms, wraparound deck, double garage + offstreet parking space
Outcome: no bid, back on market at $1.65 million
Agent: Kelly Midwood

Meadowbank

9A Archdall St:
Features: cross-lease, half share in 690m², 2-level townhouse, 3 bedrooms, 2 bathrooms, deck, double garage
Outcome: sold for $1.242 million
Agents: Verena Lobb & Lisa MacQueen

Mt Wellington

35D Harding Avenue:
Features: cross-lease, quarter share in 1500m², 3 bedrooms, 2 bathrooms, double internal-access garage
Outcome: withdrawn from auction
Agents: May Zhang

19 Wilkie Place, unit 2:
Features: cross-lease, half share in 800m², 6 bedrooms, 2 bathrooms, double carport
Income assessment: $1010/week current
Outcome: sold for $867,000
Agents: Kai Deng & Titus Lu

Onehunga

93A Mays Rd:
Features: 2-bedroom reclad terrace, courtyard, 2 parking spaces
Outgoings: body corp levy $595/year
Outcome: sold for $553,500
Agent: Susan Palmer

134A Selwyn St, unit 3:
Features: cross-lease, quarter share in 1351m², 2-bedroom duplex, patio, internal-access garage + offstreet parking
Outcome: sold for $830,000
Agents: Kay Jagusch

Isthmus west

Avondale

32 Canal Rd, unit 3:
Features: 2-bedroom flat, 2 bathrooms, sleepout, garage; taken to auction by the Official Assignee under the Criminal Proceeds (Recovery) Act
Outcome: passed in at $476,000
Agents: Roger Franklin

Mt Albert

156 Hendon Avenue, unit 3:
Features: cross-lease, 1/5th share in 931m², 2-bedroom unit, balcony, storage unit
Outcome: passed in, back on market at $469,000
Agents: Kevin Liu

Ponsonby

1C John St:
Features: 3-bedroom apartment, 2 bathrooms, 3 levels, rooftop entertaining area, garage
Outgoings: body corp levy $4569/year
Outcome: sold for $1.25 million
Agents: Neil Dayal

Western Springs

130A Western Springs Rd:
Features: cross-lease, half share in 1009m², 3 bedrooms, deck, double carport + offstreet parking
Outcome: sold for 1.191 million
Agents: Felicity Scott

North-west

Glen Eden

66 West Coast Rd, unit 2:
Features: cross-lease, half share in 1538m², 3 bedrooms, deck
Outcome: sold for $737,000
Agents: William & Simon MacLean

New Lynn

36 Arawa St, unit 1:
Features: cross-lease, half share in 808m², 3-bedroom cottage
Outcome: no bid, back on market at $689,000
Agents: Neer Mehta

31 Nikau St, unit 2:
Features: 2-bedroom unit, large basement, single garage; taken to auction by the Official Assignee under the Criminal Proceeds (Recovery) Act
Outcome: passed in at $400,000
Agents: Roger Franklin

14 Pamela Place, unit 1:
Features: cross-lease, one-third share in 1282m², 2-bedroom unit, study, conservatory, garage, carport
Outcome: sold for $648,000
Agents: Ann Lepper & Steve Bristow

Image above: St Paul’s Apartments in the Learning Quarter.

Earlier stories:
8 September 2016: 4 sell at Ray White apartments auction
8 September 2016: All 5 units sell at City Sales auction
6 September 2016: Barfoots chief says house price slowdown more apparent
1 September 2016: One apartment out of 5 sells at Barfoots auction
1 September 2016: 12 intensive properties sell at Barfoots as 71 homes on offer

Attribution: Auctions, own comment.

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Eden Terrace & Sarawia St development sites sell

2 sections sold for their land were among 5 isthmus sales completed by Bayleys agents. One in Sarawia St (pictured), on the border of Parnell & Newmarket, went for $4360/m² and the other, in Eden Terrace, went for $3802/m².

A Mid City outlet on Queen St sold at a 4.3% yield.

CBD

Queen St

Mid City, 239 Queen St, unit 1X:
Features: 64m² retail outlet leased to Mid City Health store on 4-year term from October 2015, no right of renewal
Rent: $147,432/year net + gst
Outcome: sold for $3.4 million at a 4.3% yield
Agents: James Chan & Quinn Ngo

Isthmus east

Newmarket 

28 Remuera Rd, unit 1:
Features: 144m² retail outlet
Outcome: sold vacant to café owner-occupier for $620,000
Agent: Millie Liang

7 Sarawia St (pictured):
Features: underdeveloped 711mlandholding, 17 parking spaces, 157msingle-level building containing character office space; zoned terrace housing & apartment buildings under the unitary plan, buildings up to 6 storeys (20.5m) allowed
Outcome: sold vacant for $3.1 million at $4360/m² of land
Agents: Cameron Melhuish, Scott Kirk & James Were

Isthmus west

Eden Terrace

10 Fleet St:
Features: 434m² north-facing corner site bordering Basque Park, zoned mixed use under the new unitary plan, some initial siteworks already complete
Outcome: sold for $1.65 million at $3802/m²
Agents: Scott Kirk & James Were

Ponsonby

223 Ponsonby Rd:
Features: 4 flats, 3 refurbished
Rent: fully leased, returning $125,580/year
Outcome: passed in at $3.1 million at auction on 6 July, sold post-auction for $3.45 million
Agents: Damien Bullick & Alan Haydock

Attribution: Agency release.

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