Archive | CBD and fringe

4 sold at Ray White’s

Published 28 October 2011

Ray White City Apartments’ auction was a mixed bag yesterday – 4 units sold under the hammer, including one at the declared reserve after a stand-off between bidders lasting several minutes, and 4 were passed in. Auction results:

 

Learning Quarter

 

Century on Anzac, 100 Anzac Ave, unit GE, 59m², 2 bedrooms, deck, parking space, rates & body corp levy $5720/year, current rent $465/week, passed in at $350,000 (Damian Piggin & Daniel Horrobin)

 

Romano, 75 Anzac Ave, unit 3A, 80m², one bedroom, 2 parking spaces, rates & body corp levy $5795/year, rental assessment $500-550/week, sold for $315,000 (Dominic Worthington)

 

Unilodge, 138 Anzac Ave, unit 409, leasehold, 36m², fully furnished one bedroom, rates & body corp levy $6656/year, sold for $60,000 (Dominic Worthington)

 

Unilodge on Beach, 133 Beach Rd, unit 314, leasehold, 20m², fully furnished studio, rates & body corp levy $4210/year, vacant, passed in at $70,000 (Dominic Worthington)

 

Uptown

 

Airedale, 380 Queen St, unit 312, 25m², fully furnished studio, rates $1888/year, body corp levy $2037/year plus gst, sold at declared reserve of $99,000 (Damian Piggin & Daniel Horrobin)

 

C-Vu, 36 Day St, unit 10B, 28m², fully furnished one bedroom, deck, parking space, rates & body corp levy $4691/year, periodic rent $320/week, sold for $100,000 (Bain Duigan)

 

Volt, 430 Queen St, unit 418, 38m² plus deck, fully furnished 2 bedrooms, rates & body corp levy $4183/year, rent $410/week fixed to January, passed in at $189,000 (Marcus Fava)

 

Victoria Quarter

 

Imperial Gardens, 135 Hobson St, unit 120, 34m², fully furnished one bedroom, rates & body corp levy $3454/year, rent $310/week fixed to May 2012, passed in at $140,000 (Jackson Bodle & Tim Washington)

 

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

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Parnell unit sold, 2 in cbd passed in

Published 28 October 2011

A Parnell garden apartment was sold at Barfoot & Thompson’s auction on Wednesday, but 2 cbd units were passed in. Auction results:

 

Learning Quarter

 

The Statesman, 1 Parliament St, unit 109, 92m², fully furnished 2 bedrooms, deck, parking space, body corp levy $5339/year, no bids (Mike Wall)

 

Queen St Valley

 

Whitcoulls, 6 Victoria St East, unit 3D, 63m², fully furnished 2 bedrooms, body corp levy 3879/year, passed in at $180,000 (Albert Slack)

 

Isthmus east

 

Parnell, 22 St Georges Bay Rd, unit 7, 75m², partly furnished 2 bedrooms, deck & garden, garage, body corp levy $2036/year, vacant, sold for $535,000 (Steve Walsh)

 

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

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One Beaumont Quarter unit sells, no bid on a second

Published 18 August 2011

2 units in Innovus’ Beaumont Quarter portfolio were taken to market at Bayleys yesterday with markedly different outcomes – one was sold for $430,000 and the other didn’t attract a bid.

Innovus (Beaumont) Ltd (Craig Greenwood, Richard Stilwell & Shannon Walsh) bought the underlying Beaumont Quarter land interest in 2009 and introduced a scheme for unit owners to freehold their properties, with prices ranging from $170-250,000. 55% of owners took the offer up in the first 3 months.

 

Beaumont Quarter

St Marys Bay, 22 Fisher Point Drive, unit 205, freehold, 2 double bedrooms, balcony, 2 parking spaces, sold down by Innovus (Beaumont) Ltd; sold for $430,000 (Julie Prince & Trent Quinton)

St Marys Bay, 10 Fisher Point Drive, unit 3B, freehold, 2 double bedrooms, balcony, 2 parking spaces, being sold down by Innovus (Beaumont) Ltd, no bid (Julie Prince & Trent Quinton)

Waterfront

Princes Wharf, 147 Quay St, unit 11, 2-bedroom corner unit, deck, sold for $117,000 (Hamish Duke)

Information on these auction properties is more sparse than that provided by other real estate companies; I’ll work on that for future auction stories.

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

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City fringe prices close to where development can resume

Published & corrected 11 August 2011

As sales of apartments in the cbd have picked up, and a rise in values has been reflected in auction prices, the city fringe apartment & townhouse market has been doing even better.

 

Kelland’s agents Matt Baird & Blair Watson have completed 35 sales since 1 April, mostly in the western fringe suburbs of St Marys, Herne & Freemans Bays, Ponsonby & Grey Lynn but also in Parnell, and they say prices are reaching a level where development might resume – around $7500/m². (I originally had a calculation for a “standard” 45m² apartment here, until I was reminded that the minimum for 2 bedrooms nowadays is 62m² internal plus 8m² deck. At that cost & size, the minimum price would be around $500,000 including parking, but Mr Baird said units they dealt with tended to be around 80-90m²).

 

By comparison, the market for standard apartment stock in the cbd has moved up to about $4000/m², after hitting a low of about $3000/m² during the global financial crisis (and lower for leasehold & units with remedial issues).

 

Even the Beaumont Quarter is seeing more positive sale signs for units that have been freeholded. Mr Baird said the focus there was on the well designed first stage, where developer Melview Developments Ltd (Nigel McKenna) had created larger units.

 

“It feels like a community, terraced house style rather than apartments. It’s good old-fashioned owner-occupier stuff. 90% of people at open homes are babyboomers – kids gone, discerning buyers. Their numbers are up 2-300% this year. Whereas before we were getting maybe 7 to an open home, for really good product we’re getting 30-40. They want the smaller boutique developments (Beaumont Quarter isn’t that, but it’s not vertical and its stages are sufficiently separated).

 

“Stage 1 buyers are coming out now with their money back, getting $540-550,000/2 bedrooms. A couple of years ago they were well into negative territory. All Beaumont Quarter stage 1 is selling at $6-7000/m². They’ve come up $1-1500/m² in the last 18 months.”

 

On Surrey Crescent – at the far end of the fringe and an area where new development is likely to start – the duo sold an 85m² 2-bedroom unit with 2 parking spaces for $638,500 – “say $6800/m² excluding the parking if you price them at $30,000 each”.

 

Mr Baird & Mr Watson estimate it will take a retail price of $7-8000/m² for developers to start looking seriously at resuming work: “We think we can get that for brand new units now.”

 

One of the changes during the downturn has been the blurring of suburb boundaries in the western fringe, raising prices in parts of Grey Lynn that had been cheaper: “The boundaries between Grey Lynn, Ponsonby & Freemans Bay are blurring, and Westmere’s as expensive.

 

“Herne Bay has the highest sale price in Auckland, an average of $2 million now, while Grey Lynn has bigger sites, more popular with families.

 

“There’s a gap in the market for $600,000-1.2 million, well designed units. They’re happy with 120m², 2 bedrooms plus study. They don’t want to be in the cbd, want to be in boutique 20-40 unit developments. They take ownership and create a community. Mum & dad want 2 bedrooms, 2 bathrooms, 2 parking spaces, a deck, and will pay $1 million for that.

 

“It’s a fundamental, big change from where we started 12 years ago. We were selling the apartment lifestyle but the cbd was investment-driven. These fringe-city developments have been built over the same period and are owner-occupier driven.”

 

Reflecting on the difference between that cbd apartment market and the fringe market now, they said: “People got caught up in the hype. It was all return-driven and developers built for that market. Now buyers are more savvy, they’re asking a lot more questions, they prefer smaller buildings with fewer facilities – a gym or pool pumps up the costs.”

 

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

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4 Beaumont Quarter leasehold units sell

Published 27 May 2011

4 leasehold units in the Beaumont Quarter were sold at Bayleys’ auction on Wednesday in a price range of $75,000-88,500, at the start of a receivers’ selldown.

Another 3 units taken to auction were sold under the hammer.

The Beaumont Quarter units were in the stock held by Melview Beaumont Quarter Ltd. When the Bank of NZ appointed receivers Grant Graham & Brendon Gibson (KordaMentha Ltd) on 15 February, the company held 25 leasehold apartments, 40 leasehold parking spaces and one leasehold commercial unit. 2 of the apartments were under conditional sale agreements, one of which has settled. The bank was owed $7 million.

Melview director Nigel McKenna was the developer of the 258-unit Beaumont Quarter, on the old Auckland Gas Co site on Beaumont St, at the foot of College Hill and across the road from Victoria Park. He sold the underlying land interest in 2007 to Beaumont Partners Ltd (Mark & Chris Francis, of Augusta Funds Management Ltd), but their scheme to sell a level of leasehold interests wasn’t successful and Mr McKenna bought back most of the parcels.

At the end of 2009, Innovus (Beaumont) Ltd (Richard Stilwell, Craig Greenwood & Shannon Walsh) bought that underlying land interest and gave unit owners 12 months to elect to freehold their properties. About 55% took up the offer within the first 4 months, the rest staying on as leaseholders.

Ground rent for a 2-bedroom unit is now around $18-19,000 and freeholding was in a range of $250-300,000.

Auction results:

Beaumont Quarter

 

57 Fisher Point Drive, leasehold, 89m², 2 double bedrooms, parking space, sold for $88,500 (Julie Prince & Trent Quinton)

 

2 Fisher Point Drive, unit 1A, leasehold, 68m², 2 double bedrooms, parking space, sold for $79,200 (Julie Prince & Trent Quinton)

 

14 Beaumont St, unit 2A, leasehold, 75m², one bedroom, parking space, sold for $75,000 (Julie Prince & Trent Quinton)

 

22 Fisher Point Drive, unit 305, leasehold, 91m², 2 double bedrooms, 2 parking spaces, sold for $75,000 (Julie Prince & Trent Quinton)

Learning Quarter

Grafton, Peace Tower, 2 St Martins Lane, unit 2B, 3 bedrooms, air-conditioned, one secure parking space, sold for $631,000 (Julie Prince & Trent Quinton)

Grafton, 11 Whitaker Place, unit 3, 2 bedrooms, art deco development by architect Horace Massey, sold for $600,000 (Diane Jackson)

Victoria Quarter

Hobson Quay Apartments, 10 Hobson St, unit 4A, 245m2 freehold 2-storey penthouse, 3 double bedrooms & office, 3 bathrooms, 3 parking spaces, passed in at $800,000 (Larry & Pam Sewell)

203 Hobson St, unit 2, 72m², one-bedroom high-stud loft, brick & timber character ex-industrial building, rates & body corp levy $3394/year (plus gst on rates), rental estimate $400-450/week unfurnished, sold for $364,000 (Diane Jackson)

Waterfront

Princes Wharf, 147 Quay St, leasehold, 65m², one bedroom, passed in at $140,000 (Hamish Duke & Luke McCaw)

Earlier stories:

U: The names behind the action, the week to 20 February 2011, part 6 , Receivers enter Melview Beaumont Quarter

30 April 2010: First freehold sales at Beaumont Quarter

10 March 2010: 55% of Beaumont Quarter in individual freehold ownership

18 November 2009: $47 million deal sets Beaumont Quarter leases on path to freeholding

23 November 2007: Augusta puts Beaumont Quarter into lease investment packages

 

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

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