Archive | Glen Eden

Glen Eden property sold

Jones Lang LaSalle has sold a Glen Eden office & warehouse combination (outlined) on a 6.1% yield, although the warehouse will become vacant on settlement.

North-west

Glen Eden

7 Waikaukau Rd:
Features: 2 buildings – a 264m² front office building and a 1728m² warehouse at rear
Rent: combined rent $90,200/year, but warehouse will be vacant at settlement; office building is leased for $26,400/year + gst + opex until June 2020
Outcome: sold for $1.475 million at a 6.1% yield on current rent
Agents: Jason Armstrong & Alex Wefers

Attribution: Agent release.

Continue Reading

2 Rosebank Rd properties among sales

2 Rosebank Rd properties have been bought by the one investor on yields of 6.3% & just under 7%.

They’re among 5 sales & one lease in the latest transactions in West Auckland by Bayleys agents.

Sales

Isthmus west

Avondale

527A Rosebank Rd:
Features: 1428m2 2-level office building in 3 strata titles, 48 parking spaces, in the Harbourside Business Park; 4 tenants on 3- to 5-year lease terms to 2017 & 2018
Rent: $278,000/year net + gst
Outcome: sold for $4 million at a 6.95% yield
Agent: Alan Haydock & Damien Bullick 

527B Rosebank Rd:
Features: 444m2 top floor office in 2 unit titles; NZ head office of Cadpro Systems, in occupation since 2003 with current lease running until late until November 2021, 2 3-year rights of renewal
Rent: $110,450/year net + gst
Outcome: sold for $1.75 million at 6.31% yield to buyer of No 527A
Agent: Alan Haydock & Damien Bullick

North-west

Glen Eden

83 West Coast Rd, unit A:
Features: 110m2 retail unit leased to Dominos Pizza NZ for 5 years from October 2014, one 5-year right of renewal
Rent: $39,543/year net + gst
Outcome: sold for $580,000 at a 6.8% yield
Agent: Owen Ding

Henderson

16 Catherine St:
Features: 781m2  site with town centre zoning, 780m2 2-level office building in need of renovation, 12 parking spaces
Outcome: sold vacant for $1.86 million
Agent: Grant Miller

21 Catherine St:
Features: 450m2 retail unit occupied by an Aussie Butcher outlet on new 6-year lease, 2 4-year rights of renewal
Outcome: sold for $2 million at a 5.5% yield
Agents: Ed Donald & Tony Chaudhary

Lease

Isthmus west

Avondale

15 Fremlin Place:
Features: 569m2 of warehouse, 275m2 office on 1148m2 site, leased for 6 years from 16 January, one 4-year right of renewal & 2-yearly rent reviews to market
Rent: $110,000/year net + gst
Agents: Mike Adams & Laurie Bell

Attribution: Agency release.

Continue Reading

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.

Continue Reading

Updated: St Marys Bay townhouse among mix of auction sales

Published 10 November 2016, updated 13 November 2016:
A large St Marys Bay townhouse on a cross-lease (pictured) was sold among a mix of properties auctioned at Bayleys yesterday.

Other sales included a Dilworth apartment on Queen St, a Glen Eden unit, 2 Marina Park apartments (one pre-auction – and the update gives the price) & a canalside house with pontoon at Whitianga, and a Rosedale commercial building.

Apartments, townhouses & cross-leases

CBD

Queen St

Dilworth, 22 Queen St, unit 6B:
Features: 2-bedroom apartmen
Outgoings: rates $2624/year including gst; body corp levy $5864/year + gst, plus special maintenance levy $3466 + gst payable for period 1 October 2014-30 September 2020
Outcome: sold for $750,000
Agents: Diane Jackson & Julie Prince

Isthmus west

St Marys Bay

16 London St, flat 3:
Features: cross-lease, 1/5 share in 1336m², 4 levels, 3 bedrooms, 3 bathrooms, 2 living areas, terrace, balconies, double internal-access garage, 2 offstreet parking spaces, wine cellar, room available for gym or media room
Outcome: sold for $2.275 million
Agent: Chris Batchelor

North-west

Glen Eden

233 Glengarry Rd, unit 1:
Features: cross-lease, half share in 803m², 3 bedrooms
Outcome: sold for $516,000
Agents: Jock Kooger & Pawel Smuga

South of the Bombays – Coromandel

Whitianga

Marina Park Apartments, 84-86 Albert St, unit 1:
Features: 91m², 2-bedroom ground-floor apartment
Outgoings: body corp levy $2798/year
Outcome: sold at mortgagee auction for $290,000
Agents: Belinda Sammons & Kylie Pullen

Updated: Marina Park Apartments, 84-86 Albert St, unit 41:
Features: fully furnished 2-bedroom top-floor apartment, 2 parking spaces
Outcome: sold prior for $450,000
Agents: Kylie Pullen & Belinda Sammons

15 Aquila Drive:
Features: 808m² canal-front section, 4-bedroom house, 2 bathrooms, 27.74m frontage + 7.3m pontoon
Outcome: sold for $1.2 million
Agents: Bev Calder & Sheree Henderson

Commercial

North-east

Rosedale

57-59 Paul Matthews Rd, unit 2:
Features: 215m² floor area, no consent or code compliance certificate for warehouse mezzanine & workshop addition, Transport Specifications Ltd lease expires in March 2019
Outgoings: body corp levy $2258/year
Rent: $39,000/year + gst + outgoings
Outcome: sold for $720,000
Agents: James Kidd & Ashton Geissler

Rural

South of the Bombays – Coromandel

Coroglen

215 Rangihau Rd:
Features: 45.8ha farm, 3-bedroom house, 2 bathrooms, 159m² barn with carport & rumpus room
Outcome: passed in at $1 million
Agents: Belinda Sammons & Kylie Pullen

Attribution: Auction.

Continue Reading

19 intensive properties sell at 3 Barfoot sessions

In 3 auction sessions at its city rooms on Wednesday & Thursday, Barfoot & Thompson sold 17 intensive properties out of 28 on offer, and another 2 shortly after the auction – a 68% clearance rate.

12 of those properties are on cross-leases, some of them fullscale houses, but I rate them as intensive because they do intensify land use and certainly affect land values.

The auctionrooms are mostly quieter, and the process much slower as vendors negotiate for an immediate sale or hang in for what might ultimately not be a sale at a higher figure.

I’ve reported separately on the agency’s apartments & commercial auction on Thursday morning, when one of 2 commercial properties and 3 of the 4 apartments were sold.

CBD

Learning Quarter

Silo, 23 Emily Place, unit 4N:
Features: 17m² studio, enclosed courtyard, parking space
Outcome: sold for $395,000 at pre-auction
Agents: Leo & Stephen Shin

Isthmus east

Epsom

30 Gardner Rd, units A & B:
Features: 2 homes totalling 270m², one of 2 bedrooms, the other of 3 bedrooms
Outgoings: body corp levy $2674/year
Income assessment: $1400/week current
Outcome: passed in
Agents: Julia Zhu

228F Green Lane West:
Features: 2-bedroom townhouse, double carport, storage
Outgoings: body corp levy $4956/year
Outcome: sold for $687,000
Agent: Victor Lai

33A King George Avenue:
Features: cross-lease, half share in 776m², 4 bedrooms, 3 bathrooms, study, patio, double internal-access garage
Outcome: no bid, back on market at $1.625 million
Agents: Frank Excell & Ketiesha Elliott

17 Selwyn Rd unit 2:
Features: cross-lease, 1/6 share in 1485m², 2-bedroom unit, deck, internal-access garage
Outcome: sold for $876,000
Agents: Robyn Preece

71 Wheturangi Rd:
Features: cross-lease, 1/3 share in 1434m², 4-bedroom house, 2 bathrooms, 2 parking spaces
Outcome: passed in at $1.75 million
Agents: Wendy Sadd & Helen Lam

Greenlane

8 Korokino Rd:
Features: cross-lease, half share in 870m², 3 bedrooms, 2 bathrooms, deck, double garage
Outcome: sold for $1.15 million
Agents: Cici Wang

Mission Bay

10 Tagalad Rd, unit 6;
Features: one-bedroom apartment, conservatory, storage room
Outcome: sold for $890,000
Agent: Karin Cooper

Onehunga

111H Church St:
Features: cross-lease, 1/5 share in 769m², 2-bedroom townhouse, 2 parking spaces
Outgoings: body corp levy $2183/year
Outcome: sold for $650,000
Agent: Elvira Abdrazakova

76 Galway St, unit 2:
Features: 3-bedroom unit, 2 bathrooms, courtyard, double internal-access garage + 2 offstreet spaces
Outcome: sold for $805,000
Agent: Vicki Du

One Tree Hill

51A Tawa Rd:
Features: cross-lease, half share in 819m², 3 bedrooms, 2 bathrooms, patio, 2 parking spaces
Outcome: sold for $1.16 million
Agent: Wendy Sadd

Parnell

16 Aorere St:
Features: 213m² site, 3 bedrooms, 2 bathrooms, 2 balconies, ground-floor deck, patio, single garage + 2 offstreet spaces
Outcome: no bid, back on market at $1.495 million
Agent: Steve Hood

26 Brighton Rd, unit 3:
Features: 169m², 3-bedroom townhouse, 2 bathrooms, double internal-access garage, garden
Outgoings: rates $3275/year including gst; body corp levy $1376/year
Outcome: sold for $1.515 million
Agent: Cindy Yu

Remuera

171 Portland Rd, unit 2:
Features: 2-bedroom unit
Outcome: no bid, back on market at $898,000
Agent: Julie Fitzpatrick

5A Ventnor Rd:
Features: cross-lease, half share in 852m², 3 bedrooms, 3 bathrooms, office, deck, double internal-access garage
Outcome: passed in at $1.575 million
Agent: Debbie-Lee Wallace

St Heliers

278 St Heliers Bay Rd, unit 2:
Features: 2-bedroom townhouse, balcony for each bedroom, deck
Outcome: sold for $840,000
Agent: Julie Kennedy

St Johns

35 Simkin Avenue, unit 2:
Features: cross-lease, 607m², 82m² 2-bedroom unit, storage, garden, carport
Outcome: no bid, sold post-auction
Agent: Keith Simpson

Isthmus west

Freemans Bay

148 Howe St, unit 18:
Features: 2 bedrooms, offstreet parking space
Outgoings: body corp levy $4362/year
Outcome: sold post-auction
Agents: Andre Bodde

Hillsborough

55 Aldersgate Rd:
Features: cross-lease, half share in 1542m², 4 bedrooms, 2 bathrooms, double carport
Outcome: sold for $1.2 million
Agents: Anna Copeland

Mt Albert

1 Preston Avenue, unit 4:
Features: 73m² land, 2-bedroom unit, garage
Outcome: passed in
Agents: Wayne Guo & Sammi Huang

Mt Eden

1 Akiraho St, unit 13:
Features: 2-bedroom apartment, 2 bedrooms, balcony, 2 parking spaces
Outgoings: body corp levy $3842/year
Outcome: sold for $728,000
Agents: Sue Saywell

79A Grange Rd:
Features: 3-bedroom villa converted into 3 one-bedroom flats
Outgoings: body corp levy nil
Income assessment: $73,840/year current
Outcome: sold for $1.7 million
Agents: Paul Donovan & Sharon Walls

Mt Roskill

980 Dominion Rd:
Features: 875m² section, ex-state house, 4 bedrooms, carport, zoned business – mixed use under unitary plan
Outcome: sold for $2.252 million
Agent: Kathy Bower

Sandringham

268A Balmoral Rd:
Features: cross-lease, half share in 1586m², 2-bedroom art deco house, garage
Outcome: passed in
Agents: Frank Excell & Ketiesha Elliott

6 Eden View Rd, unit 5:
Features: cross-lease, 1/10 share in 1231m², 57m² 2-bedroom unit, offstreet parking
Outcome: sold for $510,000
Agents: Lucy Liu

Westmere

111 West End Rd:
Features: cross-lease, half share in 721m², 3 bedrooms, 3 bathrooms, office, offstreet parking
Outcome: sold for $1.5 million
Agents: George Damiris & Bruce Murtagh

North-west

Glen Eden

111 Albionvale Rd:
Features: 103m² fee simple section, 3-bedroom townhouse, 2 bathrooms, garage
Outcome: passed in
Agents: Sachin & Naresh Mistry

Sunnyvale

20 Sunshine Boulevard:
Features: 199m² site, 180m² internal space, 4 bedrooms, 2 bathrooms, internal-access garage
Outcome: sold for $726,000
Agents: Stephen Shin & Barry He

Apartments & commercial auction, 3 November 2016: Grey Lynn shops & 3 apartments sell

Attribution: Auctions.

Continue Reading

5 sell at Colliers retail & commercial auction

The first 5 properties auctioned at Colliers yesterday all sold under the hammer, but there was no bid on the sixth and the auction of the seventh was postponed.

3 of the properties were in local or neighbourhood centres, offering a range of shops (some vacant). The one pictured, on Glengarry Rd, Glen Eden in West Auckland, has 5 shops, but 4 of the basement storage units are vacant.

CBD

Queen St

175 Queen St, part level 2:
Features: 82m² strata unit, long-term tenant
Rent: $42,808/year gross
Outcome: auction postponed
Agents: Simon Felton, Adam White & Gareth Fraser

North-east

Hillcrest

51 Eban Avenue:
Features: 900m² site, new purpose-built childcare centre
Rent: $165,880/year net, new 12-year lease with personal guarantees, fixed 2% annual increases
Outcome: sold for $3.01 million at a 5.5% yield
Agents: Shoneet Chand & Peter Kermode

North-west

Glendene

4343 Great North Rd:
Features: 344m² lettable area in local centre, 2 tenancies, pharmacy as anchor
Rent: $87,880/year net + gst
Outcome: no bid
Agents: Deborah Dowling & Michael Bray

Glen Eden

94-106 Glengarry Rd (pictured):
Features: 1027m² neighbourhood centre site, 950m² lettable area on 2 levels, 5 shops, 4 basement storage units
Rent: $125,803/year net + gst, potential including 4 vacant storage sheds $174,451/year
Outcome: sold for $2.18 million
Agents: Michael Bray, Deborah Dowling & Gareth Fraser

South

Airport Oaks

14 Andrew Baxter Drive:
Features: 2023m² site, 1182m² net lettable area, occupied by NZ Bloom Ltd
Rent: $160,000/year net + gst from new 6-year lease
Outcome: sold for $3.135 million at a 5.1% yield
Agents: Paul Jarvie & Brad Johnston

Papatoetoe

21 East Tamaki Rd:
Features: 700m² site, 516m² lettable area on 2 levels 
Rent: $120,300/year + gst
Outcome: sold for $1.61 million at a 7.47% yield
Agents: Jeremy Barnett, Matthew Barnes & Gareth Fraser

138 Great South Rd:
Features: 848m² corner site 621m² lettable area
Rent: $53,462/year + gst current from 2 shops, one other vacant
Outcome: sold for $1.65 million
Agents: Jeremy Barnett, Matt Barnes & Gareth Fraser

Attribution: Auction.

Continue Reading

4 apartments & townhouses sold

Bayleys sold 4 apartments & townhouses at its Remuera & city auctions last week, including 2 in Broadway Park (picture shows the Oakridge apartments at Broadway Park).

CBD

Learning Quarter

Oxford, 13-15 Mount St, unit 10B:
Features: furnished corner unit, 2 bedrooms
Outgoings: rates $1367/year including gst
Outcome: passed in
Agent: Dave Hamlyn

Isthmus east

Remuera

Broadway Park, 25 John Stokes Terrace:
Features: split level, 4 bedrooms, 2 bathrooms, double garage
Outgoings: rates $4696/year including gst
Outcome: sold for $2 million
Agents: Wei Wei Elder & Ross Tierney

Broadway Park, Oakridge, 10 Middleton Rd, unit 201:
Features: 3 bedrooms, 2 bathrooms, tandem parking, 2 storage units
Outcome: sold for $1.8 million
Agent: Paul Sissons

Isthmus west

Freemans Bay

28 College Hill, unit 303:
Features: 2 bedrooms, 2 bathrooms, 2 parking spaces
Outgoings: rates $2690/year including gst
Outcome: passed in
Agents: Jenna Kendrick & Wendy Nichols

Grey Lynn

39 Mackelvie St, unit 4D:
Features: top floor, 2 bedrooms, 2 bathrooms, balcony, 2 parking spaces
Outcome: sold for $926,000
Agent: Chris Batchelor

North-west

Glen Eden

35 Barnea Circle:
Features: m², 3-level townhouse, 3 bedrooms, 2 bathrooms, internal-access garage
Outcome: sold for $545,000
Agent: Mark Birdling

South

Mangere Bridge

32 Kapuka Rd, lots 1, 2 & 3:
Features: 1128m² of flat land in 3 titles – one 2-bedroom flat & 2 one-bedroom flats
Outcome: passed in
Agents: Wei Wei Elder & Ross Tierney

Attribution: Agency release.

Continue Reading

Glen Eden retail block sells

A retail property opposite Glenmall was sold on an 8.5% yield at Colliers’ auction yesterday.

North-west

Glen Eden

1 Glendale Rd:
Features: 1511m² site, 680m² retail opposite Glenmall, 33 parking spaces, Cash Converters (the vendor) & Salvation Army Family Store on new leases starting 1 November
Rent: $245,375/year net + gst
Outcome: sold for $2.89 million at an 8.5% yield
Agents: John Davies & Michael Bray

Attribution: Agency release.

Continue Reading

Small Onehunga warehouse sells at $3600/m²

A small Onehunga warehouse unit (outlined) sold at $3600/m at Barfoot & Thompson’s auction today. A Kelston commercial unit was also sold. The one apartment on the auction list were passed in.

The Onehunga unit’s auction was brought forward, with a $450,000 offer deemed acceptable. Under strong bidding, another $180,000 was added.

Apartments

CBD

Learning Quarter

Metro, 82 Wakefield St, unit GA:
Features: 76m², 2 bedrooms, study, 2 balconies, parking space
Outgoings: rates $1447/year including gst; body corp levy $7471/year
Outcome: sold prior; my records show it was sold by Aileen Wu of Ray White for $550,000 in June
Agents: Casey Chen & Leo Shin

Uptown

CityZone, 11 Liverpool St, unit 1401:
Features: 45m², fully furnished 2 bedrooms
Outgoings: rates $1164/year including gst; body corp levy $3042/year
Outcome: passed in at $310,000, back on market at $415,000
Agents: Alexander Kramarenko

Isthmus east

Newmarket

Belvue, 9 Sarawia St, unit 308:
Features: cross-lease, one bedroom
Outcome: sold prior
Agents: Sarah Garlick & Estee Zeng

Commercial

Isthmus east

Onehunga

8 Rowe St, unit D:
Features: 175m² unit, vacant in January – 145m² warehouse, 30m² office, stud 3.7m rising to 4.6m, mezzanine above office for light storage, 2 toilets, 2 roller doors, 3 parking spaces with potential for stacking
Outgoings: body corp levy $1249/year
Outcome: auction brought forward with bid at $450,000 reserve, sold for $630,000 at $3600/m²
Agents: James Marshall & Nick Wilson

North-west

Glen Eden

365 West Coast Rd:
Features: 2.28ha development site in Glen Eden industrial precinct holding consent for 52 commercial/industrial units
Outcome: withdrawn from mortgagee auction
Agents: Colin Stewart & Steve Miles

Kelston

15D Sabulite Rd:
Features: 240m² warehouse with shower, kitchenette, 3-phase power, 7 parking spaces
Outcome: sold for $527,000
Agents: Duane Mullooly & Chris Peterson

Attribution: Auction.

Continue Reading

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.

Continue Reading
WordPress Appliance - Powered by TurnKey Linux