Archive | Apartments

Research shows walkups take bigger share of apartment market

The ubiquitous Sydney 3-floor walkup, made popular over 60 years ago when new regulations required a lift in apartment buildings over 3 storeys, is at last starting to attract attention in Auckland.

CBRE Research NZ senior director Zoltan Moricz and research analyst Tamba Carleton say in a paper out today that walkup projects in the development pipeline have increased from 5 in March 2015 to 17 this month.

Over those 2 years, according to CBRE research, the whole apartment development pipeline has grown from 68 projects to 121, and the number of units in them from 4700 to 8600.

Mr Moricz & Ms Carleton said: “The apartment pipeline has undergone significant change in response to the evolution of market fundamentals as Auckland continues through its third apartment development cycle.

“Some of the challenges facing the sector that have recently garnered attention include: rising construction costs, tougher bank lending criteria & presale requirements, the effect of loan:value ratio rules and affordability. These & other factors have influenced the emergence of a ‘walkup’ style of apartment living, driven by a lower construction cost that has a flow-on effect through relative affordability to appeal to a wider demand base and enhance project feasibility.”

Walkups are defined as vertically attached dwellings that are in 2- or 3-storey buildings. They differ from terraced housing, which is defined as horizontally attached dwellings.

The apartment tradition in Auckland & Wellington is for buildings over 3 storeys, but the CBRE researchers said one of the main drivers of growth had been the significantly lower construction cost of walkups compared to traditional apartment building costs: “While construction costs for walkups in Auckland are broadly similar to terraced housing, they are about two-thirds the cost of traditional apartments. This proportion decreases further as traditional apartment building scale increases.

“In general, walkups are less complex to build than traditional apartment buildings and do not incur additional costs related to sprinkler systems & elevators, which are mandatory for buildings that are 4 or more levels in height.

“There is a separate issue affecting construction costs of high density projects, in that fewer construction companies have the capability & resources to undertake projects over a certain size, which pushes up the construction cost of highrise buildings.”

For the current Auckland apartment pipeline, the average cost/m² across all projects was 30% above the average for walk-ups, and that difference flowed through to the time it took to sell a project down: “While there are material differences between projects, walkups tend to sell down over 90% within 3 quarters of launch, compared to 60% for traditional apartments.”

Auckland’s new unitary plan will also make a difference, as the impact of rezoning the bulk of suburbia to enable more intensive development starts to be felt.

Attribution: Agency research.

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Trinity apartment sells

One apartment was sold, another apartment & a townhouse passed in at Bayleys residential auctions around the region this week (on top of the apartment sold at the city branch on Wednesday – click link below).

Isthmus east

Parnell

Trinity, 429 Parnell Rd, unit 302:
Features: 106m², air-conditioned 2 bedrooms, 2 bathrooms, decks, 2 parking spaces
Outgoings: rates $3463/year including gst
Outcome: sold for $1.375 million
Agents: Gary & Vicki Wallace

North-east

Belmont

3 Bellcroft Place, unit 1:
Features: 4-bedroom townhouse, 2 bathrooms, decks, garage
Outcome: passed in, back on market at $1.295 million
Agents: Amelia-Jane Hoffmann & Ryan Steven

South

Howick

12 Selwyn Rd, unit 1G:
Features: 2 bedrooms, 2 bathrooms, patio, parking space
Outcome: sold for $683,000
Agent: Doug McLean

Earlier story:
23 March 2017: Hotel unit sells on low yield and Mission Bay church goes

Attribution: Company release.

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Avoka & Scene 3 apartments sell despite their problems

Both apartments auctioned at Ray White City Apartments today had issues, but both sold under the hammer, thought it took some coaxing.

First up, a unit in Scene 3 with a parking space was leasehold, which has affected both market interest & pricing for several years. The second apartment is in the Avoka building, just off Karangahape Rd, where the body corporate has begun a remediation project.

CBD

Quay Park

Scene 3, 30 Beach Rd, unit 1007:
Features: leasehold, 45m², one bedroom, parking space
Outgoings: rates $1405/year including gst; body corp levy $4056/year, ground rent $8759/year
Income assessment: $490-550/week
Outcome: sold for $130,000
Agent: James Mairs

Uptown

Avoka, 31 Day St, unit 3F:
Features: 49m², one bedroom, 2 balconies; the body corporate has begun a remediation project
Outgoings: rates $1075/year including gst; body corp levy $4430/year
Outcome: sold for $175,000
Agent: James Mairs

Attribution: Auction.

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Commercial property & 2 apartments sell as 8 units passed in

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

Apartments

CBD

Commerce/Gore

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

Learning Quarter

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

Uptown

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

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

Victoria Quarter

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

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

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

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

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

Waterfront

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

Commercial

Isthmus west

Pt Chevalier

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

Attribution: Auction.

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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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Hotel unit sells on low yield and Mission Bay church goes

A Portland Tower apartment on Queen St, in the Quest hotel pool, was sold by the mortgagee on a 4.2% yield at Bayleys’ auction today, and a Mission Bay church was also sold, future use unknown.

CBD

Queen St

Portland Tower, 62 Queen St, unit 14A:
Features: 31m², one-bedroom apartment on Quest hotel lease until 2030, balcony
Outgoings: rates $2440/year including gst
Income assessment: $12,000/year
Outcome: sold at ANZ Bank mortgagee auction for $286,500 at a 4.19% yield
Agents: Dave Hamlyn & Marcus Fava

Isthmus east

Mission Bay

69 Patteson Avenue:
Features: 1313m² section, Orakei Methodist church & hall, zone changing from residential 2B (one dwelling/600m²) to mixed housing suburban (minimum lot size 400m²)
Outcome: sold for $2.5 million at $1904/m² land
Agent: Alan Elliott

Isthmus west

Mt Albert

10 Counsel Terrace, unit 1:
Features: cross-lease, 1/3 share in 1050m², 3-bedroom townhouse, 2 bathrooms, conservatory, garage converted to fourth bedroom
Outcome: no bid
Agent: Angela Yang

Attribution: Auction.

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Stokes turn eyes from retirement villages to luxury apartments on Avon

Retirement village owners & operators Chris & Jenny Stokes, who sold their interests in the Aria villages to newly listed retirement village operator Arvida Group Ltd in 2015, have come up with a different proposition for their hometown, Christchurch.

They lodged the resource consent application last week for the luxury Upper House Apartments at 108 Park Terrace, across the Avon River from North Hagley Park, and plan to build 4 430m² apartments & a 680m² 2-storey penthouse in the exclusive development.

Harcourts marketing agent Grant Chappell said the building would combine superior design & materials with innovative structural systems to ensure protection from natural disasters.

Mr Stokes said there was demand for generously sized properties with 5-star home comforts as well as the security, privacy & low maintenance of apartment living: “Multi-unit apartment blocks are everywhere, but Upper House has been developed with luxury & sophistication in mind.

“We want people to enjoy the benefits of an apartment without living in a shoebox. Upper House will be the only large format apartments on the market that are opulent, stylish & functional.”

The 3-bedroom homes will have 2.7m-high ceilings, climate control, open plan living, a media room, a home office, 2 basement parking spaces, storage, a car washdown area, bicycle parks and a lift.

“The outdoor terrace & garden is 50m², which is bigger than a double garage. With an outdoor kitchen & gas fire, it’s the perfect place to entertain friends or enjoy a quiet moment to yourself. The penthouse takes it one step further with a 105m² upper level including a rooftop terrace garden where you can enjoy endless views of the river, treetops, Hagley’s Lake Victoria & the snow-covered Southern Alps.”

Each apartment, designed by Daniel Sullivan and Kate Loader of Architects’ Creative, has a large European-style kitchen with walk-in pantry, breakfast bar & bench space.

The Stokes engaged structural engineer Orlando Barcena from Centraus and Christchurch soil specialists Geotech Engineering to design a pile foundation reaching to Canterbury shingle to ensure solid bearing: “The foundation & basement design use steel framing with buckling restrained braces, which means occupants are not only protected in the event of seismic activity but any damage can be quickly & easily repaired.”

They’re anticipating a 3-month resource consent process, enabling a construction start in September.

The apartments are priced from $3.25 million to $5.7 million for the penthouse.

Attribution: Agency release, Companies Register.

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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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7 apartments sell at Ray White auction

7 apartments were sold at Ray White City Apartments’ auction yesterday out of 9 on offer, including one of 2 leasehold units at The Docks and another Quay Park leasehold at The Landings.

On the North Shore, 2 units in the Spencer on Byron (pictured) and one in the nearby Shoalhaven were sold.

An unusual moment for the city apartment office was a plus-$1 million sale for a large unit in H47, although once the size (116m²) & 2 parking spaces are taken into account, the square metre rate would come down to $7300/m² internal.

CBD

Quay Park

The Docks, 8 Dockside Lane, unit 154:
Features: leasehold, 30m², one bedroom, patio
Outgoings: rates $708/year including gst; body corp levy $4581/year including $1760/year ground rent, next ground rent review November 2018
Income assessment: $350/week current
Outcome: sold for $112,000
Agent: Dominic Worthington

The Docks, 6 Dockside Lane, unit 520:
Features: leasehold, 60m², 2 bedrooms, parking space
Outgoings: rates $1671/year including gst; body corp levy $11,967/year including $4598/year ground rent, next ground rent review November 2018
Income assessment: $600/week current
Outcome: no bid
Agents: Dominic Worthington & Ady Huang

The Landings, 10 Ronayne St, unit 211:
Features: leasehold, 61m², 2 bedrooms, 2 bathrooms, secure covered parking space, storage locker
Outgoings: rates $1037/year including gst; body corp operational levy $2972/year, ground levy $2488/year
Income assessment: $450/week current until October
Outcome: sold for $135,000
Agents: James Mairs & Dominic Worthington

Victoria Quarter

H47, 47 Hobson St, unit 1107:
Features: 116m², 2 bedrooms, 2 bathrooms, balcony, 2 parking spaces, storage locker
Outgoings: rates $2596/year including gst; body corp levy $9235/year after 10% discount
Income assessment: $770/week current for apartment + one parking space fixed until 15 May, appraisal $850-900/week furnished
Outcome: sold for $1.007 million
Agents: May Ma & Mark Li

Zest, 72 Nelson St, unit 113:
Features: 37m², fully furnished 2 bedrooms,
Outgoings: rates $1126/year including gst; body corp levy $3477/year after 10% discount
Income assessment: $430-450/week
Outcome: sold for $326,000
Agent: Victor Liu

Isthmus west

Newton

2H Diamond St:
Features: 61m², fully furnished 2 bedrooms with new furniture package, 2 parking spaces
Outgoings: rates $1628/year including gst; body corp levy $1905/year
Income assessment: $600-650/week furnished
Outcome: passed in at $600,000
Agents: Ryan Bridgman & Mitch Agnew

North-east

Takapuna

Shoalhaven, 130 Anzac St, unit B207:
Features: 50m², 2 bedrooms, balcony, secure parking space
Outgoings: rates $1486/year including gst; body corp levy $3573/year
Income assessment: $550-580/week furnished
Outcome: sold for $560,000
Agents: Damian Piggin & Daniel Horrobin

Spencer on Byron, 9-17 Byron Avenue, unit 1810:
Features: 30m² studio, balcony, parking space
Outgoings: rates $1968/year including gst; body corp levy $2568/year
Outcome: sold for $275,000 + gst
Agents: Gillian Gibson & James Mairs

Spencer on Byron, 9-17 Byron Avenue, unit 1606:
Features: 48m², one bedroom, secure parking space, under hotel management
Outgoings: rates $2524/year including gst; body corp levy $3471/year
Outcome: sold for $351,000 + gst
Agents: Gillian Gibson & James Mairs

Attribution: Company release.

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3 apartments & 2 suburban units sell at Barfoots

3 apartments were sold at Barfoot & Thompson’s city auctions yesterday out of 8 on offer, and 2 of the 4 suburban units were sold. The sales included a unit in City Gardens (pictured), where owners have succeeded in leaky building litigation but the work hasn’t been done yet.

A commercial office unit in Mt Wellington didn’t attract a bid.

CBD

Albert St

City Gardens, 76 Albert St, unit 19K:
Features: 42m², one bedroom, parking space
Outgoings: body corp levy $581/year; estimated remediation levy $24,735 on top of payment from litigation claim
Outcome: sold for $306,000
Agents: Sarah Garlick & Estee Zeng

Learning Quarter

Eden Hall, 3 Eden Crescent, unit 6:
Features: 90m², 2 bedrooms, garage
Outgoings: body corp levy $6294/year
Outcome: sold for $960,000
Agents: Liz Derbyshire & Leo Shin

Uptown

Avoka, 31 Day St, unit 4C:
Features: 81m², fully furnished one bedroom, parking space
Outgoings: body corp levy $7370/year
Outcome: no bid
Agents: Selina Zheng & Tommy Zhang

Chatham, 70 Pitt St, unit 506:
Features: 67m², 2 bedrooms, storage locker, parking available
Outgoings: body corp levy $4837/year
Outcome: passed in
Agents: Luke Shi & Alexander Kramarenko

Bianco off Queen, 8 White St, unit 9C:
Features: 54m², 2 bedrooms, balcony
Income assessment: not in hotel management, rent assessment $600/week
Outcome: auction postponed until Thursday 23 March
Agents: Annie Xu & Sean Zhang

Victoria Quarter

Grand Chancellor, 1 Hobson St, unit 603:
Features: 57m², one bedroom, parking space, storage locker
Outgoings: body corp levy $4592/year
Outcome: sold for $633,000
Agent: Aaron Cook

Grand Chancellor, 1 Hobson St, unit 704:
Features: 56m², fully furnished 2 bedrooms, storage locker
Outgoings: body corp levy $4169/year
Outcome: no bid, back on market at $595,000
Agent: Aaron Cook

Hobson Gardens, 196 Hobson St, unit 11B:
Features: 100m² sub-penthouse, 2 bedrooms, 2 bathrooms, enclosed balcony, 2 parking spaces
Outgoings: body corp levy $10,070/year, special levy set for further remedial works
Outcome: no bid, back on market at $868,000
Agent: Michele Ballinger

Regatta Court, 92 Nelson St, units A & B:
Features: 2 units on ground floor, no bedrooms or bathrooms, leased to hotel management
Outgoings: body corp levy $1615/year
Income assessment: $20,224.80/year net + gst
Outcome: passed in, back on market at $425,000
Agents: Wendy Feng & Jack Li

Isthmus east

Mt Wellington

6 Faber Avenue, unit 1:
Features: cross-lease, half share in 1168m², 2-bedroom duplex, deck, double garage & carport
Outcome: no bid
Agents: Samantha Chaudhry & Leo Perera

Panmure

68 Ireland Rd, unit 2:
Features: 3-bedroom unit, parking space
Outgoings: body corp levy $1268/year
Outcome: sold for $582,500
Agents: Mark Tung & Michelle Mi

Isthmus west

Mt Albert

17 Owairaka Avenue, unit 3:
Features: cross-lease, 1/3 share in 766m², 2-bedroom unit, garage
Outcome: sold for $735,000
Agent: Les Walbridge

North-west

New Lynn

11B Akehurst Avenue:
Features: cross-lease, 1/3 share in 1011m², 2-bedroom unit, deck, carport
Outcome: no bid
Agent: Ricky Fan

Commercial

Isthmus east

Mt Wellington

161 Marua Rd, unit 2:
Features: 113m², first-floor office & showroom, kitchen, storage, 3 parking spaces
Outcome: no bid
Agents: Mike Jensen

Attribution: Auctions.

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