Archive | CBD and fringe

Ladies’ day out shopping for Lighter Quay penthouse

Published 11 May 2012

Men dominate the bidding at auctions, but when it came to a penthouse in Lighter Quay up for mortgagee sale at Bayleys on Wednesday, it was definitely ladies’ day out with all but one of the 5 bidders female.

 

The leasehold unit went to one of those women at $3958/m², before heavy outgoings for ground rent owed & a new levy on top of that.

 

Along at Dockside on Quay Park, another leasehold unit with lower ground rent (but with the new ground rent being negotiated) also sold at mortgagee auction.

 

At Bayleys’ later residential auction, 2 city-fringe apartments – one a warehouse conversion – and a mixed-use retail/residential building on a prominent Remuera Rd corner also sold under the hammer.

 

Auction results:

 

Isthmus east

 

Parnell, 5 Cheshire St, unit 3B:

Features: 2 bedrooms, 2 bathrooms, parking space

Outcome: sold for $431,500

Agent: Amy Hain

 

Isthmus east, retail/residential

 

Remuera, 158-160 Remuera Rd, corner Bassett Rd:

Features: m², 2 ground-floor retail premises, upstairs residential

Income: $92,000/year

Outcome: sold for $1,695,500

Agent: Henry Thompson & Stuart Bode

 

Isthmus west

 

Grey Lynn, 34 Pollen St, unit 6:

Features: m², 2 bedrooms, lofty study in warehouse conversion, balcony, carport

Outgoings: rates $/year including gst; body corp levy $/year

Income assessment: $/week

Outcome: sold for $465,000

Agent: Sue Hatton

 

Quay Park

 

Dockside, 4 Dockside Lane, unit 712:

Features: leasehold, 2 bedrooms, 2 bathrooms, tandem parking

Outgoings: body corp levy $12,401/year including $4314/year ground rent

Outcome: sold for $195,000 by mortgagee

Agent: Luke McCaw

 

Wynyard Quarter

 

Lighter Quay, 83 Halsey St, unit 606:

Features: leasehold, 132m², 3-bedroom penthouse,

Outgoings: body corp levy $17,788/year to the end of April 2012

Outcome: sold for $522,500 by mortgagee

Agents: Mike Woods & David Anderson

 

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Attribution: Auction, story written by Bob Dey for the Bob Dey Property Report.

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2 out of 2 sell at City Sales auction

Published 4 May 2012

Both apartments offered at City Sales’ auction on Wednesday were sold under the hammer – 2 apartments in the same street, same unit number, different buildings, one with gst included in the sale price, the other gst excluded. Auction results:

 

Learning Quarter

 

Cintra, 3 Whitaker Place, unit 16C:

Features: 39m², studio, deck, parking space

Outgoings: rates $1262/year including gst; operational levy $3784/year

Income assessment: none

Outcome: sold for $193,000 including gst

Agent: May Ma & Mark Li

 

Columbia, 15 Whitaker Place, unit 16C:

Features: 27m², 2 bedrooms

Outgoings: rates $1160/year including gst; operational levy $3552/year

Income assessment: in management lease (John Chen, Iota Management Ltd)

Outcome: sold for $101,500 + gst

Agent: Andrew Bond

 

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Attribution: Auction, story written by Bob Dey for the Bob Dey Property Report.

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Princes Wharf studio sells under the hammer

Published 4 May 2012

High outgoings – nearly $10,000/year, including ground rent – didn’t stop a bidding war on a Princes Wharf studio at Ray White City Apartments’ auction yesterday. The unit went for $67,000, the only apartment of 4 on the auction schedule to sell under the hammer. Auction results:

 

Isthmus west

 

Perspective, 28 College Hill, unit 402:

Features: 104m², 2 bedrooms, 2 bathrooms, deck, parking space

Outgoings: rates $1980/year including gst; body corp levy $6900/year

Income assessment: none

Outcome: passed in at $585,000

Agent: Carla Pedersen

 

Queen St valley

 

City Gardens, 76 Albert St, unit 15E:

Features: 37m², one bedroom

Outgoings: rates $1172/year including gst; body corp levy $2396/year

Income assessment: $350/week, offered vacant

Outcome: passed in at $165,000

Agent: Marcus Fava

 

Victoria Quarter

 

Heritage Farmers, 35 Hobson St, unit 422:

Features: 48-52m², one bedroom

Outgoings: rates $1339/year including gst; body corp levy $6305/year

Income assessment: $400-420/week

Outcome: passed in after one bid at $190,000

Agent: James Mairs

 

Waterfront

 

Princes Wharf, 147 Quay St, shed 22, unit 44:

Features: leasehold studio, 

Outgoings: rates $1218/year including gst; body corp levy $4190/year, ground rent $4340/year (total $9748/year)

Income assessment: $380/week fixed to 15 September

Outcome: sold for $67,000

Agent: Dominic Worthington

 

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Attribution: Auction, story written by Bob Dey for the Bob Dey Property Report.

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Quay Park unit with new ground rent passed in

Published 27 April 2012

A residential unit above the shops at the eastern end of Quay Park was passed in with just a vendor bid at auction yesterday. Unlike most of the buildings on the former railway land at Quay Park, which still have to have new ground leases negotiated, this block has had them set.

 

2 other units were sold in the Ray White City Apartments auction, one at Volt on Queen and the other in the Amora Hotel on Greys Avenue.

 

Auction results:

 

Learning Quarter

 

Tetra House, 85 Wakefield St, unit 911:

Features: 39m², one bedroom, 2 bathrooms

Outgoings: rates $1064/year including gst; body corp levy $4141/year

Income assessment: $370-410/week

Outcome: passed in at $195,000

Agents: Marcus Fava & James Mairs

 

Quay Park

 

8 Quay St, unit 13A:

Features: leasehold, 91m², furnished 2 bedrooms, 2 bathrooms, 2 parking spaces

Outgoings: rates $1418/year including gst; body corp levy $3032/year, new ground rent $12,772/year set to 2018

Income assessment: $580-600/week

Outcome: passed in with vendor bid at $100,000

Agent: Leo Zhu

 

Uptown

 

Volt on Queen, 430 Queen St, unit 1016:

Features: 38m², furnished 2 bedrooms, deck, parking space on separate title

Outgoings: rates $1311/year including gst; body corp levy $3808/year

Income assessment: $400-420/week, plus $50/week for the parking space

Outcome: sold for $248,000

Agents: Judi Yurak & Matt Shirley

 

Amora, 100 Greys Avenue, unit 8P:

Features: studio,

Outgoings: rates $1694/year including gst

Income assessment: $12,750/year in hotel pool

Outcome: sold for $139,000

Agents: Marcus Fava & James Mairs

 

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Attribution: Auction, story written by Bob Dey for the Bob Dey Property Report.

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$100 final bid secures city parking space

Published 19 April 2012

A $100 bid did the trick for the buyer of a city parking space, the second of 2 to go under the hammer at Ray White City Apartments’ auction today.

 

The first of the 2 spaces in the Farmers carpark on Hobson St went for $36,000, putting the yield at 5.1%. Bidding on the second space crept up slowly, eventually dropping to $100 increments and stopping $2300 short of the winning bid on the first space. However, the second had a rates bill more than double the first’s, although they are adjoining spaces, and although the sale price was lower it represented a yield of 4.5%.

 

2 apartments sold at the auction, one a 20th-floor unit in the Altitude on Kingston St featuring a wrap-around deck and wide views, the other a leasehold unit on Princes Wharf. A third unit in the Prince Albert on Albert St – one of the first inner-city conversions in the early 1990s – was passed in without a bid and 3 others were sold before the auction.

 

Auction results:

 

Queen St valley

 

Altitude, 34 Kingston St, unit 7A:

Features: 37m², 2 bedrooms,

Outgoings: rates $3088/year including gst; body corp levy $1200/year

Income assessment: $390/week

Outcome: sold prior

Agent: Damian Piggin & Daniel Horrobin

 

Altitude, 34 Kingston St, unit 20E:

Features: 40m² plus 30m² deck, 2 bedrooms,

Outgoings: rates $1392/year including gst; body corp levy $6553/year

Income assessment: $430-470/week unfurnished

Outcome: sold for $227,000

Agent: Judi Yurak & Matt Shirley

 

Prince Albert, 41 Albert St, unit 4D:

Features: 120m², 2 bedrooms

Outgoings: rates $1769/year including gst; body corp levy $11,164

Income assessment: none

Outcome: passed in, no bid

Agent: Marcus Fava & Krister Samuel

 

Victoria Quarter

 

Farmers carpark, 23 Hobson St, space LBDG:

Outgoings: rates $303/year including gst; body corp levy $470/year

Income assessment: $50/week

Outcome: sold for $36,000

Agent: Judi Yurak & Matt Shirley

 

Farmers carpark, 23 Hobson St, space LBDF:

Outgoings: rates $624/year including gst; body corp levy $470/year

Income: $50/week

Outcome: sold for $33,700

Agent: Judi Yurak & Matt Shirley

 

Heritage Auckland, 35 Hobson St, unit 415:

Features: 30m² studio

Outgoings: rates $1150/year including gst; body corp levy $4500/year

Income assessment: $400/week

Outcome: sold prior for $160,000

Agent: Damian Piggin & Daniel Horrobin

 

Zest, 72 Nelson St:

Features: 37m², 2 bedrooms

Outgoings: rates $1200/year including gst; body corp levy $2200/year

Income assessment: $330/week until August

Outcome: sold prior for $165,000

Agent: Judi Yurak & Matt Shirley

 

Waterfront

 

Princes Wharf, 147 Quay St, unit 14:

Features: leasehold 90m², 2 bedrooms, fully furnished, deck

Outgoings: rates $1493/year including gst; body corp levy $8865/year, ground rent $3802/year

Income assessment: none

Outcome: sold for $151,000

Agent: Marcus Fava

 

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Attribution: Auction, story written by Bob Dey for the Bob Dey Property Report.

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2 out of 3 sell at City Sales

Published 19 April 2012

City apartment sales have been strong this year, but offerings at auction have been a mixed feast. At City Sales yesterday, it was one of those quieter days – just 3 properties up, quick bidding only on the first, the City Life studio.

 

Auction results:

 

Queen St valley

 

City Life, 171 Queen St, unit 1607:

Features: 27m² studio

Outgoings: rates $1375/year including gst; operational levy $4127/year

Income assessment: current $300/week

Outcome: sold for $111,000

Agent: Antoinette Van Zyl

 

Isthmus east

 

Grafton, Bridgeside, 127 Grafton Rd, unit GD:

Features: 80m², 2 bedrooms, courtyard, 2 parking spaces

Outgoings: rates $1563/year including gst; operational levy $5223/year

Income assessment: current $535/week

Outcome: sold for $418,000

Agent: Tony Kelly

 

Learning Quarter

 

Columbia, 15 Whitaker Place, unit 14C:

Features: 27m², 2 bedrooms

Outgoings: rates $1160/year including gst; operational levy $3506/year

Income assessment: in management lease

Outcome: passed in at $75,000

Agent: Andrew Bond

 

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Attribution: Auction, story written by Bob Dey for the Bob Dey Property Report.

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4 sell under hammer, and then came some no-bids

Published 13 April 2012

A large unit on Quay St, a smaller one in the Metropolis and 2 uptown units sold under the hammer at Ray White City Apartments’ auction yesterday.

 

In sharp contrast to firm bidding on those properties, 3 others were passed in with no bids (2 of them leasehold in near-waterfront spots) and another leasehold unit, on Princes Wharf, was passed in on a low bid to take account of last year’s rise in ground rent.

 

Auction results:

 

Isthmus west

 

Eden Terrace, 10 Flower St, unit 213

Features: 57m², 2 bedrooms, parking space

Outgoings: rates & body corp fees $4630/year

Income assessment: $420-440/week

Outcome: no bid

Agent: Thomas Sahs

 

Kingsland, 435 New North Rd, unit 2D

Features: 75m², 2 bedrooms, 2 bathrooms, 15m² deck, 2 tandem parking spaces

Outgoings: rates & body corp fees $8647/year

Income assessment: none

Outcome: passed in at $390,000

Agent: Judi Yurak & Matt Shirley

 

Queen St valley

 

Metropolis, 1 Courthouse Lane, unit 1811

Features: 48m², furnished one bedroom

Outgoings: rates & body corp fees $6639/year

Income assessment: $480/week

Outcome: sold for $277,000

Agent: Judi Yurak & Matt Shirley

 

Uptown

 

City Zone, 11 Liverpool St, unit 1605

Features: 44m², 2 bedrooms

Outgoings: rates & body corp fees $3821/year

Income assessment: $660/fortnight, increasing to $680/fortnight from 1 May

Outcome: sold for $225,000

Agent: Damian Piggin & Daniel Horrobin

 

Kiwi on Queen, 421 Queen St, unit 605

Features: 34m², 2 bedrooms,

Outgoings: rates & body corp fees $3600/year

Income assessment: on long-term Housing NZ Corp lease

Outcome: sold prior for $140,000

Agent: Thomas Sahs

 

Nova En Scotia, 18 Scotia Place, unit 1F

Features: 53m², 2 bedrooms,

Outgoings: rates & body corp fees $4337/year

Income assessment: $390-410/week

Outcome: sold for $220,000

Agent: Bain Duigan

 

Waterfront

 

Latitude, 22 Pakenham St, unit GAW

Features: leasehold, 125m², 3 bedrooms, 2 bathrooms, 2 parking spaces

Outgoings: body corp fees including ground rent $19,329/year

Income assessment: none

Outcome: no bid

Agent: David Parker & James Graydon

 

Latitude, 22 Pakenham St, unit 2CW

Features: leasehold, 100m², 2 bedrooms, 2 bathrooms, parking space

Outgoings: no details

Income assessment: none

Outcome: no bid

Agent: David Parker & James Graydon

 

Princes Wharf, 139 Quay St, unit 17

Features: leasehold, 40m², studio

Outgoings: rates $1200/year, body corp fees including ground rent $13,000/year

Income assessment: actual $300/week, appraisal $400/week

Outcome: passed in at $55,000

Agent: James Mairs

 

Quay Regency, 148 Quay St, unit 8B

Features: 129m², 2 bedrooms, 2 bathrooms, owned parking space at 9-11 Commerce St

Outgoings: rates & body corp fees $8290/year

Income assessment: none

Outcome: sold for $675,000

Agent: Ngaire Roebuck

 

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Attribution: Auction, story written by Bob Dey for the Bob Dey Property Report.

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Bidding flurry pushes prices well above declared reserves

Published 7 April 2012

A small City Sales apartments auction on Wednesday had a slow start but ended very differently, with a flurry of bidding on 2 units with declared reserves.

 

There were 7 bidders for each of those 2 Eden Crescent properties, resulting in the sale of one 85% above the $99,000 declared reserve and the other 70% above. Measured on a square-metre basis, both results were strong ($4250-4880/m² on estimated unit sizes).

 

A busload of Nautilus residents had come down from Orewa to see how the auction of a unit in the Hibiscus Coast’s solitary residential tower would fare, given that the cost & apportionment of remedial work still has to be decided.

 

Before those 3 units were offered, little interest was expressed in a unit in the Crescent Hotel, the lower Eden Crescent part of the Quadrant hotel building, and a unit in the Quattro in Grey Lynn attracted no bids.

 

Auction results:

 

Learning Quarter

 

The Crescent, 7 Eden Crescent, unit 301 (hotel, lower part of Quadrant Hotel building):

Features: 60m², 2 bedrooms, study, deck, parking space on separate title

Outgoings: rates $1458/year (unit) + $140/year (parking) – both including gst; operational levy $7425/year (unit) + $891/year (parking)

Outcome: top bid $270,000, passed in at vendor bid

Agent: Phillip De Klerk

 

36 Eden Crescent, unit 1202:

Features: 38-40m², 2 bedrooms, 2 bathrooms, deck

Outgoings: rates $1263/year; operational levy $5425/year, plus 8% management fee to Charta for first 12 months

Income (current): $360/week

Outcome: auctioned with $99,000 declared reserve, sold for $185,500

Agent: Grant Elliott

 

36 Eden Crescent, unit 1201:

Features: m², 2 bedrooms, 2 bathrooms, deck

Outgoings: rates $1250/year including gst; operational levy $4473/year

Income (current): $355/week

Outcome: auctioned with $99,000 declared reserve, sold for $170,500

Agent: Grant Elliott

 

Isthmus west

 

Grey Lynn, Quattro, 444 Great North Rd, unit 1D:

Features: 50m², one bedroom, courtyard, parking space

Outgoings: rates $1310/year including gst; operational levy $2881/year

Income assessment: $360-380/week

Outcome: no bids

Agent: Manju Raj

 

North-east

 

Orewa, Nautilus, 9-13 Tamariki Avenue, unit 11L:

Features: 55m², 2 bedrooms, deck, 2 parking spaces

Outgoings: rates $1971; operational levy $2807/year; litigation has been filed for estimated $21 million cost of remedial works

Income assessment: Not given

Outcome: sold for $217,000

Agent: David Hamlyn

 

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Attribution: Auction, story written by Bob Dey for the Bob Dey Property Report.

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Apartment, house of flats, fringe office building all passed in

Published 7 April 2012

Ray White City Apartments went into Easter with a small auction – just one apartment, plus a house cut into 3 flats and a city fringe commercial building. All were passed in.

 

The house at 25 Keppell St, Grey Lynn, cut into 3 one-bedroom flats, was passed in without a bid.

 

The commercial property at 20 Minnie St, Eden Terrace, was passed in at $855,000. Its 400m² of office space on 2 floors is above ground-level parking for 15 cars. The building is vacant but was returning $73,000/year against outgoings of $17,145/year.

 

Apartment auction result:

 

Learning Quarter

 

Columbia, 15 Whitaker Place, unit 9A:

Features: 42m², 3 bedrooms

Outgoings: about $5000/year

Income assessment: about $12,000/year through hotel pool; the owner can pull out of the hotel pool in 13 months, but the unit’s been offered for sale gst-inclusive

Outcome: passed in at $126,000

Agents: James Mairs & Marcus Fava

 

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Attribution: Auction, story written by Bob Dey for the Bob Dey Property Report.

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6 sell in mix of apartment investments

Published 30 March 2012

6 apartments sold under the hammer out of 8 offered at Ray White City Apartments’ auction yesterday, in a mixture including hotel pool & leasehold properties and 2 mortgagee sales. Auction results:

Isthmus west

Eden Terrace, Memphis, 7 Charlotte St, unit 1D, 45m², partly furnished one bedroom, parking space, rates $1159/year, rent $335/week (fixed to 2014, Housing NZ), passed in at $130,000 (Dominic Worthington)

Learning Quarter

Empire, 21-23 Whitaker Place, unit 1825, 29m², fully furnished studio, rates & body corp levy $4540/year, sold for $71,000 (Damian Piggin & Daniel Horrobin)

Silo, 23 Emily Place, unit 4M, 36m², fully furnished one bedroom, parking space (on separate title), rates $1079/year (not including parking space), body corp levy $2885/year (including parking space), rent $340-380/week, separate $50/week for parking space, passed in at $200,000 (Thomas Sahs)

Quay Park

Quba, 2 Tapora St, unit 310, leasehold (ground rent $4683/year), 58m², one bedroom, opex $6729/year, sold at mortgagee auction for $110,000 (Stuart Goodare)

The Docks, 2 Dockside Lane, unit 211, leasehold, 30m², fully furnished one bedroom, rates $1150/year, current rent $350/week (fixed to April), sold for $95,000 (Dominic Worthington)

Queen St valley

 

City Life, 171 Queen St, unit 1806, 63m², fully furnished one bedroom, parking space (on separate title), rates $2959/year (rates currently commercial, will be roughly halved when converted to residential), body corp levy $6689/year, currently in hotel lease at $1050/month plus gst, sold for $279,000 plus gst (James Mairs & Andrew Murray)

City Life, 171 Queen St, unit 1807, 28m², fully furnished studio, rates $2317/year (rates currently commercial, will be roughly halved when converted to residential), body corp levy $4417/year, currently in hotel lease at $502/month plus gst, sold for $109,000 (James Mairs & Andrew Murray)

Uptown

Bankside, 8 Bankside St, unit 17D, 30m², studio, deck, rates & body corp levy $5590/year, currently in hotel management, sold at mortgagee auction for $148,500 (Damian Piggin & Daniel Horrobin)

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Attribution: Auction, story written by Kel Rayens & Bob Dey for the Bob Dey Property Report.

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