Archive | Apartments

Strong turnout for apartments auction

Published 16 September 2011

Investors turned out in force for Ray White City Apartments’ auction yesterday, buying 6 units under the hammer out of 9 offered. Results:

 

Learning Quarter

 

Century on Anzac, 100 Anzac Avenue, unit 4A, 39m², one bedroom, rates & body corp levy $3777/year, rental assessment $350-380/week, sold for $190,000 (Judi Yurak & Matt Shirley)

Eden Apartments, 32 Eden Crescent, unit 13E, furnished 38m² sub-penthouse, one bedroom, parking space, rates & body corp levy $7344/year, rent $370/week until 16 October, sold for $245,100 (Tim Warmington & Jackson Bodle)

Grafton, 96 Symonds St, unit 705, 42m², 2 bedrooms, rates & body corp levy $4464/year, current rent $310/week (others on lower floors achieving $400/week), passed in at $165,000 (Tim Warmington & Jackson Bodle)

Longview, 6 Whitaker Place, unit 12D, 55m², one bedroom, storage locker, rates & body corp levy $4296/year, owner-occupied with suggested rent $350-380/week, passed in at $191,000 (Damian Piggin & Daniel Horrobin)

Queen St Valley

Harbour City, 16 Gore St, unit 33D, 38m², vacant one bedroom, rates & body corp levy $3664/year, rental assessment $340-380/week, passed in at $232,500 (Damian Piggin & Daniel Horrobin)

Uptown

City Lights, 16 Liverpool St, unit 1H, 68m², 2 bedrooms, parking space, rates & body corp levy $5100/year, rental assessment $450-500/week, sold for $225,000 (Marcus Fava)

Volt, 430 Queen St, unit 1317, fully furnished 2-bedroom unit & parking space, deck, combined rates & body corp levy $5107/year, apartment rent $420/week, parking rent $7/week, sold for $245,000 (Marcus Fava & Krister Samuel)

Victoria Quarter

 

Imperial Gardens, 135 Hobson St, unit 210, 30m², one bedroom, rates $1111/year, body corp levy not finalised, periodic rent $275/week, sold for $136,000 (Damian Piggin & Daniel Horrobin)

Isthmus west – St Marys Bay

21 Hargreaves St, unit 2G, 2 bedrooms, deck, 2 parking spaces, body corp levy $3679/year, periodic rent $450/week, sold for $305,000 (Harrison Lingard & Jeremy McKean)

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

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2 contrasting sales at Princeton, 2 at Quest on Mount as 8 go under hammer

Published 16 September 2011

8 apartments were sold under the hammer out of 9 offered at City Sales’ auction on Wednesday, including markedly different results for 2 Princeton student accommodation units – one under the management agreement and the other with vacant possession.

Gary McNabb, developer of the first Quest hotel in Auckland, the Quest on Mount, sold 2 of the 9 units he’d retained in that property. Auction results:

Learning Quarter

Eden Apartments, 32 Eden Crescent, unit 6B, 34m², vacant one bedroom, deck, rates & operational levy $3775/year (no rental assessment), sold for $183,500 (Maryanne Wong & Ryan Bridgman)

Princeton, 30 Symonds St, unit 10G, 27m², fully furnished 2 bedrooms, student accommodation with communal facilities, rates & operational levy $4920/year, in management lease with expiry 29 October 2012, sold for $71,000 + gst (Lucy Piatov)

Princeton, 30 Symonds St, unit 10H, 27m², 2 bedrooms, student accommodation with communal facilities, vacant possession, rates & operational levy $4920/year, rental assessment $300-330/week, sold for $106,000 (Andrew Bond & Wendy Feng)

Quest on Mount, 13 Mount St, unit 4J, 38m² furnished one bedroom, deck, rates & operational levy $3424/year (no rental assessment), sold by the developer of the first Quest hotel in Auckland, Gary McNabb (MFT Properties Ltd) for $143,000 (Steve Kirk & David Feng)

Quest on Mount, 13 Mount St, unit 12L, 30m² furnished studio, deck, rates & operational levy $4360/year (no rental assessment), sold by the developer of the first Quest hotel in Auckland, Gary McNabb (MFT Properties Ltd) for $124,000 (Steve Kirk & David Feng)

Queen St Valley

Harbour City, 16 Gore St, unit 2D, 27m², fully furnished corner studio, deck, rates & operational levy $2931/year, current rent $290/week on periodic tenancy, sold for $144,500 (Annie Xu)

Victoria Quarter

Aura, 53 Cook St, unit 1101, 48m², 2 bedrooms, deck, parking space, rates & operational levy $6083/year, rental assessment $380/week for the unit, $50/week for parking, passed in at $240,000 (Wendy Feng)

Aura, 53 Cook St, unit 1505, 48m², 2 bedrooms, deck, rates & operational levy $5732/year (no rental assessment), sold for $220,000 (Wendy Feng)

Isthmus west – St Lukes

St Lukes, 27 Morningstar Place, unit 1J, 80m², 3 bedrooms, deck, parking space, rates & operational levy $5608/year, current rent $405/week, sold for $305,000 (Andrew Bond).

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

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Strong bidding on cbd fringe apartments

Published 1 September 2011

4 cbd apartments were sold under the hammer at Ray White City Apartments’ auction today, with one passed in after strong bidding for all properties. Auction results:

 

Learning Quarter

 

The Statesman, 1 Parliament St, unit 509, 30m² studio, rates & body corp levy $3519/year, current rent $300/week, sold for $185,000 (Matt Shirley & Judi Yurak)

 

Queen St Valley

 

The Guardian, 105 Queen St, unit 316, 48m², one bedroom, rates & body corp levy $4658/year, periodic rent $360-380/week, sold for $195,000 (Daniel Horrobin & Damian Piggin)

 

Victoria Quarter

 

Alpha, 17 Vogel Lane, unit 503, 60m², 2 bedrooms, one parking space, rates & body corp levy $5229/year, rent $435/week, sold for $305,000 (Marcus Fava)

 

Heritage Farmers, 35 Hobson St, unit 435, 53m², one bedroom, rates paid by hotel, but when out of hotel rates & body corp levy $9070/year, sold for $172,000 + gst (Judi Yurak & Matt Shirley)

 

Quest on Nelson (Regatta Court), 92 Nelson St, unit 4B, 45m², fully furnished one bedroom, one parking space, rates & body corp levy $6393/year, rent $350/week, passed in at $163,000 (Marcus Fava)

 

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

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CBD apartment sales returning to 2007 level

Published 24 August 2011

CBD apartment sale numbers are returning to the pre-global financial crisis level of 2007, says City Sales principal Martin Dunn.

 

Mr Dunn was speaking after City Sales sold 6 units – 4 in the cbd, 2 suburban –under the hammer at its regular auction today.

 

Sales in the secondary market in the cbd peaked at 150/month in 2007 then declined to about 80-90/month for most of the next 4 years, bottoming at 67 in 2009. But Mr Dunn said the level had been rising this year, reaching 139 in June. Auction results:

 

Queen St Valley

 

Manhattan, 105 Albert St, unit 10G, 42m² fully furnished corner one bedroom, rates & operational levy $4621/year, rent $400/week, passed in at $186,000 (Steve Kirk & Grant Elliott)

 

Learning Quarter

 

Eden Crescent, 36 Eden Crescent, unit 901, 38m² 2 bedrooms, 2 bathrooms, deck, rates & operational levy $5095/year, rent $350/week, sold for $162,000 (Mike Campbell)

 

Metro, 82 Wakefield St, unit 10G, 26m² fully furnished studio, deck, rates & operational levy $3576/year, rent $250/week rising to $270/week from 30 September, sold for $115,000 (Hilary Seagrave & Tony Kelly)

 

Princeton, 30 Symonds St, unit 4H, 27m², 2 bedrooms, communal facilities, rates & operational levy $4733/year, rental assessment $300-330/week, sold for $100,000 + gst (Andrew Bond & Wendy Feng)

 

Pullman, 6 Princes St, room 358, 70m², fully furnished one bedroom, deck, rates & operational levy $8104/year, rental assessment $500/week to April 2012, sold for $301,000 (Wendy Feng)

 

Isthmus west

 

Freemans Bay, 21 Hargreaves St, unit 4G, 74m² 2 bedrooms, deck, 2 parking spaces, rates & operational levy $5512/year, sold for $325,000 (David Hamlyn)

 

St Lukes, 19 Morning Star Place, unit GD, 80m² 3 bedrooms, deck, parking space, rates & operational levy $4549/year, sold for $310,000 (May M<a & Mark Li).

 

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

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6 sales include 3 on leasehold

Published 19 August 2011

An auction sheet of 14 apartments drew a large lineup of buyers to Ray White City Apartments yesterday. 6 units were sold under the hammer, including 3 on leasehold. Auction results:

 

Quay Park

 

Grand Central (ex-Railway Campus), 26 Te Taou Crescent, unit 6 & 74p, leasehold, 55m², 2 bedrooms, one parking space (3 separate incomes), rates $866/year, rent $350/week for the unit, parking $45/week, sold for $44,000 (Damian Piggin & Daniel Horrobin)

 

Scene 3, 30 Beach Rd, unit 702, 56m², one bedroom, study, secure parking space, no bid (Sean Mo) – full details not available

 

The Landings, 8 Ronayne St, unit 1008, leasehold, 75m² internal, 2 bedrooms, 2 bathrooms, balcony, 2 tandem basement parking spaces & storage locker, rates $1209 + gst/year, rental assessment $525-550/week unfurnished, sold for $110,000, subject to bank approval (Dominic Worthington)

 

Uptown

 

Espano, 20 Poynton Terrace, unit 12, 71m², 2 bedrooms, one garage licence to occupy, rates & body corp levy $5623/year, rental assessment $400-430/week, passed in at $375,000 (Gillian Gibson)

 

Victoria Quarter

 

Alpha, 17 Vogel Lane, unit 601, sold for $385,000 (Krister Samuel & Ellen Sparnon) – full details not available

 

Ascent, 149 Nelson St, unit 203, 41m², fully furnished 2 bedrooms, balcony, rates & body corp levy $3171/year, rent $330/week, sold for $125,000 (Thomas Sahs)

 

Harvard, 147 Hobson St, unit 1I, passed in at $125,000 (Damian Piggin & Daniel Horrobin) – full details not available

 

Harvard, 147 Hobson St, unit 9C, 38m², furnished 2 bedrooms, parking space, rates & body corp levy $4798/year, current periodic rent $300/week, parking vacant, passed in at $165,000 (Damian Piggin & Daniel Horrobin)

 

Heritage Grand, 22 Nelson St, unit 406, 72m², one bedroom, parking space, rates & body corp levy $9167/year, current rent $550/week, passed in at $293,000 (Damian Piggin & Daniel Horrobin)

 

Zest, 72 Nelson St, unit 921, passed in at $180,000 (Damian Piggin & Daniel Horrobin) – full details not available

 

Zest, 72 Nelson St, unit 1028, 48m², furnished 2 bedrooms, 2 bathrooms, parking space leased at $50/week, rates & body corp levy $4183/year, one bedroom rented at $280/week (other used for storage), passed in at $220,000 (Damian Piggin & Daniel Horrobin)

 

Zest, 72 Nelson St, unit 1408, sold for $115,000 (Damian Piggin & Daniel Horrobin) – full details not available

 

Waterfront

 

Lighter Quay, 77 Halsey St, unit 309, leasehold, 73m², 2 bedrooms, 2 bathrooms, rates $1322/year, body corp levy $8085/year including $2996/year ground lease, rent $490/week, passed in at $200,000 (James Graydon)

 

Princes Wharf, 137 Quay St, shed 19, unit 6, leasehold, 66m² internal, 95m² deck, one garage licence (outgoings payable but no fee), ground rent $4867/year, opex $26,437/year (including gst), rates $1529/year, sold for $126,000 (Marcus Fava)

 

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Attribution: Auction, story written by 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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5 apartments & 3 parking spaces sell under hammer

Published 4 August 2011

Ray White City Apartments sold all 8 properties taken to auction today – 5 cbd apartments & 3 Farmers parking spaces.

 

The parking spaces sold in a range of $20,000-21,500, down from $29,000 for 2 Farmers spaces sold at auction in June. Auction results:

 

Victoria Quarter

 

Ascent, 149 Nelson St, unit 201, 41m², one bedroom, rates $839/year, current rent $265/week, mortgagee sale, sold for $127,000 (Damian Piggin & Daniel Horrobin)

 

Ascent, 149 Nelson St, unit 728, fully furnished one bedroom + study, parking space, rates & body corp levy $5061/year (levy to this month), rent $395/week, sold for $200,000 (Matt Shirley & Judi Yurak)

 

Farmers carpark, 23 Hobson St, unit 3DQ, rooftop parking space, body corp levy for year ending this month $517, rates $194/year, sold vacant for $21,500 + gst (Matt Shirley & Judi Yurak)

 

Farmers carpark, unit 3DR, rooftop parking space, body corp levy for year ending this month $517, rates $462/year, sold vacant for $21,000 + gst (Matt Shirley & Judi Yurak)

 

Farmers carpark, unit 3DS, rooftop parking space, body corp levy for year ending this month $517, rates $194/year, sold vacant for $20,000 + gst (Matt Shirley & Judi Yurak)

 

Learning Quarter

 

Forte, 37 Symonds St, unit 109, 33m² student accommodation, one bedroom, 4m² courtyard, rent fixed at $295/week under Charta Management Ltd tenancy agreement, rates $862 + gst/year, body corp levy for next year $2319, sold for $122,000 (Dominic Worthington)

 

Forte, 37 Symonds St, unit 209, 32m² student accommodation, one bedroom, rent fixed at $295/week under Charta Management Ltd tenancy agreement, rates $862 + gst/year, body corp levy for next year $2373, sold for $120,000 (Dominic Worthington)

 

The Quadrant, 10 Waterloo Quadrant, unit 1006, 41m², 2 bedrooms, rates & body corp levy $5674/year (including Pullman Spa membership), rented on long-term basis through hotel pool at $365/week (fixed to November), sold for $210,000 (Damian Piggin & Daniel Horrobin)

 

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

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Hectic bidding sees apartment values up

Published 29 July 2011

Hectic bidding saw 4 cbd apartments sold at Ray White City Apartments’ auction yesterday in a value range of $4500-5000/m&sup2;, well above the price level of a year ago, when auction sellers were lucky to achieve prices at 3500/m&sup2;.

The flurry of activity was also in sharp contrast to auctions I went to on Wednesday, where bids had to be more painstakingly drawn out. Yesterday’s auction also ended on a quieter note, with no bids on a leasehold unit in the Sebel Suites on the Viaduct Basin. Auction results:

Queen St core

Altitude, 34 Kingston St, unit 17F, 39m&sup2;, 2 bedrooms, rates & body corp levy $4778/year, rent $360/week fixed to 12 October, sold for $180,000 (Matt Shirley & Judi Yurak)

Uptown

Volt, 430 Queen St, unit 1025, 41m&sup2; including balcony, 2 bedrooms, rates & body corp levy $4616/year, rent $380/week fixed to January, sold for $200,000 (Matt Shirley & Judi Yurak)

Volt, 430 Queen St, unit 215, 43m&sup2; including balcony, 2 bedrooms, rates & body corp levy $3860/year, rent was $365/week but currently vacant, sold for $180,000 (Matt Shirley & Judi Yurak)

Victoria Quarter

Victopia, 135 Victoria St, unit GJ, 43m&sup2;, 2 bedrooms, rates & body corp levy $2892/year, current rent #340/week, sold for $195,000 (Harrison Lingard)

Waterfront

Sebel, 85 Customs St West, unit 316, leasehold, one bedroom plus study, ground lease, body corp levy & rates $13,262/year, rental assessment $550-650/week, no bid (Gillian Gibson)

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

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Declared reserve helps sales in tough market for leasehold

Published 28 July 2011

A declared reserve helped sell 2 Quay Park leasehold units at City Sales’ apartments auction yesterday, but 2 nearby units struggled to find buyers.

Small uncomplicated units earning good rents at Zest in the Victoria Quarter, on the other hand, were quick to sell.

The divided market between leasehold & freehold and units in hotels is one complication. At Quay Park, the new ground leases set by Ngati Whatua o Orakei Trust Board are about to take effect. In addition, Asian buyers have been caught by the rise in the $NZ.

The auction included 2 properties outside the cbd, one in Newton and the other at St Lukes, both passed in.

The outcome at City Sales yesterday was 6 sales (including one prior) out of 12 apartments offered. Auction results:

Learning Quarter

Oakwood, 81 Wakefield St, unit 13B, 29m&sup2;, fully furnished studio, deck, rates & body cor levy $5530/year, current rent $260/week, passed in at $120,000 (Wendy Feng)

Pullman Hotel Residences, 6 Princes St, unit 1451, sold prior for $335,000 (Wendy Feng)

Pullman Hotel Residences, 6 Princes St, unit 751, 70m&sup2;, one bedroom, deck, a similar lower unit to unit 1451, deck, rates $3067/year plus gst, operational levy $6096 to April 2012, sold for $323,000 (Wendy Feng)

Quay Park

Grand Central (ex-Railway Campus), 26 Te Taou Crescent, unit 320, leasehold, 41m&sup2;, rates $975/year, operational levy $12,607 to March 2012, 3 bedrooms, current rent $440/week, declared reserve of $35,000, sold for $46,500 (Mark Jones & Andrew Bond)

Grand Central (ex-Railway Campus), 26 Te Taou Crescent, unit 302, leasehold, 25m&sup2;, one bedroom, $788/year, operational level $8046 to March 2012, current rent $220/week, declared reserve of $20,000, sold for $20,500 (Mark Jones & Andrew Bond)

The Docks, 4 Dockside Lane, unit 219, leasehold, 33m&sup2;, one bedroom, deck, rates $1008 plus gst, operational levy $3435 to October, current rent $335/week, no bid (Georgia Featherstone)

The Docks, 4 Dockside Lane, unit 517, leasehold, 65m&sup2;, 2 bedrooms, deck, parking space, rates $1715 plus gst/year, body corp levy $4968 to October, ground rent $2038/year, rent $560/week to January, sold for $142,000 (Mark Jones)

Uptown

Uptown, 14 Upper Queen St, unit 2E, 63m&sup2;, fully furnished 2 bedrooms, deck, parking space, rates $1361/year, operational levy $3883 to September, rent $500/week to March 2012, passed in at $221,000 (Hilary Seagrave & Tony Kelly)

 

Victoria Quarter

Zest, 72 Nelson St, unit 216, 20m&sup2;, one bedroom, rates & body corp levy $2116/year, current rent $260/week, sold for $113,000 (Lucy Piatov)

Zest, 72 Nelson St, unit 208, 20m&sup2;, one bedroom, rates & body corp levy $2094/year, current rent $230/week, sold for $111,000 (Lucy Piatov)

Isthmus west

Newton, Devon, 6 Piwakawaka St, unit 2I, 83m&sup2;, 2 bedrooms, 2 bathrooms, courtyard, parking space, rates & body corp levy $4984/year, current rent (to August) $400/week, passed in at $250,000 (Hilary Seagrave & Tony Kelly)

St Lukes, 19 Morning Star Place, unit 2B, 81m&sup2;, 2 bedrooms, deck, 1&frac12; bathrooms, parking space, across the road from St Lukes mall, rates $1184 plus gst/year, operational levy $3345 to August, current rent $395/week, passed in at $320,000 (Andrew Bond).

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

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