Published 1 October 2010
The 125m² penthouse atop the 32-storey Precinct Apartments on Lorne St was passed in at $1.2 million on Wednesday, short of the $1.35 million capital value the vendors were trying to achieve.
The penthouse deal included 2 drive-in parking spaces on the fourth floor, where parking has sold at $100,000/space. The rest of the building’s parking is accessed via a parking lift, and spaces there have sold for $75,000.
Apartment 3204 is on 2 floors and has 2 bedrooms & 2 bathrooms and a vista wider than most, with an unobstructed easterly view from its main deck and a position back from the cbd’s main commercial buildings to give a view over them to Rangitoto Island.
The apartment was marketed by Mary Bradley and auctioned by George Erdos, principal of the Harcourts cbd commercial office.
The Precinct tower, running between Lorne & Kitchener Sts, was developed by Kitchener Group Ltd (David Henderson). Mr Henderson told the High Court hearing of his application to implement an insolvency scheme last week that he lost $20 million on the Precinct development, which was built in a volcanic lava flow, resulting in foundations having to go down an extra 30-40m, costing +$4 million. 5 storeys were removed for the aspect to Albert Park.
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Attribution: Auction, story written by Bob Dey for the Bob Dey Property Report.