Archive | Apartments

5 sales out of auction

Published 12 May 2011

3 units were sold under the hammer, 3 were passed in (and one of those sold post-auction) and one was sold before City Sales’ Wednesday apartments auction. Auction results:

 

Learning Quarter

 

Eden Apartments, 32 Eden Crescent, unit 8A, 34m² corner one bedroom, deck, rates & body corp levies $4023/year, rent $290/week, sold for $165,000 (Lucy Piatov)

 

St Pauls, 4 St Paul St, unit 13A, 34m² one bedroom, rates & body corp levies $5620/year; building has balcony & fire stair repairs to be done, with indemnity from purchaser to vendor; sold for $70,500 (Lucy Piatov)

 

Victoria Quarter

 

Ascent, 149 Nelson St, unit 722, 55m² north-facing 2 bedrooms, parking space, rates & body corp levies $4994/year, sold post-auction for $215,000 (Grant Elliott)

 

Heritage Farmers, 35 Hobson St, unit 343, 48m² one bedroom plus 17m² deck, rates & body corp levies $6701/year, rent $440/week, passed in at $210,000 (Annie Xu & Maryanne Wong)

 

Zest, 72 Nelson St, unit 1201, 48m² 2 bedrooms, 2 bathrooms, 2 parking spaces, rates & body corp levies $4564/year, rent $320/week, passed in at $232,000 (Wendy Feng)

 

Waterfront

 

Sebel, 85 Customs St West, unit 301, leasehold, 47m² fully furnished one bedroom, rates & body corp levies $8408/year (levy paid by hotel includes $2178 ground rent), net return from hotel pool $9295/year excluding gst, sold for $110,000 (Georgia Featherstone)

 

Isthmus west

 

Washington, Eden Terrace, 21 Virginia Avenue East, unit 3E, 2 bedrooms, parking space, sold prior for $330,000 (Lucy Piatov)

 

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

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Interest varied at apartments auction

Published 9 May 2011

Interest was strong in 3 units offered at Ray White City Apartments’ auction on Thursday, but dropped away for a receivership sale and a larger unit on Federal St. Auction results:

Learning Quarter

Princeton, 30 Symonds St, unit 15H, 27m², 2 bedrooms, rates & body corp levy $4809/year, managed by Zeta Management Group, income about $6056/year, passed in at $88,000 in receivership sale (Damian Piggin & Daniel Horrobin)

Queen St Valley

The Federal, 207 Federal St, unit 806, 61m² plus balcony, 2 bedrooms, parking space, furniture optional at extra cost, rates & body corp levy $5848/year, current rent $420/week, passed in (Damian Piggin & Daniel Horrobin)

Uptown

Amora Hotel (ex-Duxton Hotel), 100 Greys Avenue, unit 3K, 39m² studio, body corp levy paid by hotel, rates $1274/year, fully furnished, in hotel pool, net income about $994/month, sold for $132,000 (Damian Piggin & Daniel Horrobin)

Nova en Scotia, 18 Scotia Place, unit 10B, 53m², 2 bedrooms, furnished, rates & body corp levy $4198/year, current rent $330/week, sold for $190,500 (Bain Duigan)

Victoria Quarter

Imperial Gardens, 135 Hobson St, unit 401, 63m², fully furnished 3 bedrooms, 2 bathrooms, one parking space plus storage locker, rates & body corp levy $6397/year, current rent $530/week, sold for $283,000 (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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2 units sell, then bids fall away

Published 27 April 2011

The first 2 apartments taken to auction at City Sales today sold under the hammer, but interest dropped away after that. Agents said interest appeared to be low around Easter and during the school holidays.

One unit originally bought for about $400,000 under a Blue Chip scheme was sold for $155,000.

In contrast to the generally smaller cbd units on offer, a more spacious apartment near the St Lukes mall attracted some higher bids but was also passed in. Auction results:

Learning Quarter

Princeton, 30 Symonds St, unit 9C, 2 bedrooms, sold prior for $114,000 including gst (Wendy Feng)

Princeton, 30 Symonds St, unit 12H, 2 bedrooms, sold prior for $114,000 including gst (Wendy Feng)

The Quadrant, 10 Waterloo Quadrant, unit 1217, 41m², 2 bedrooms, deck, rates & body corp levy $6355/year, current rent $405/week, sold for $252,000 (May Ma & Mark Li)

Newton

Madison House, 145 Symonds St, unit 206, 52m², one bedroom, parking space, rates & body corp levy $6014/year, current rent $375/week, sold for $155,000 (Hilary Seagrave & Tony Kelly)

Uptown

Dynasty Gardens, 135 Vincent St, unit 1104, 41m², 2 bedrooms, deck, rates & body corp levy $3926/year, current rent $380/week, passed in at $200,000 (Hilary Seagrave & May Ma)

Dynasty Gardens, 135 Vincent St, unit 904, 41m², 2 bedrooms, deck, rates & body corp levy $3817/year, current rent $380/week, passed in at $200,000 (May Ma & Hilary Seagrave)

Viaduct

Sebel, 85 Customs St West, unit 611, leasehold, 57m², one bedroom, deck, parking space, rates & body corp levy $16,471/year (paid by hotel, including $4504/year ground rent), net return from hotel $15,098/year excluding gst, passed in at $200,000 (Georgia Featherstone)

Isthmus west – St Lukes

Somerset, 26 Morningside Drive, unit 306, 105m², 2 double bedrooms, 2 bathrooms, deck, 2 parking spaces, rates & body corp levy $5344/year, current rent $380/week, passed in at $300,000 (Sue Beirne)

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

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Bidding slow at mortgagee auction

Published 22 April 2011

Bidding was slow at the mortgagee action of 2 apartments yesterday by Ray White City Apartments and neither unit made it to the reserve. Results:

 

Learning Quarter

 

Empire, 21 Whitaker Place, unit 1223, 52m², 3 bedrooms, under management agreement until 2016, guaranteed rent of $450/week minus costs, mortgagee sale of a unit bought under a Blue Chip scheme where rent hasn’t covered outgoings; the debt when the liquidators of the owners’ company issued their first report last October was $355,000 and their sale expectation was $150,000; since then the secured debt has risen by $28,000 and the apartment was passed in at $105,000 (Sam Huang)

 

Quay Park

 

The Docks, 4 Dockside Lane, unit 312, leasehold, north-east facing 66m², 2 bedrooms, 2 bathrooms, parking space, rates & body corp levies $10,509/year, suggested rent $450-500/week, mortgagee sale, passed in at vendor’s bid of $175,000 (Damian Piggin & Daniel Horrobin)

 

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

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Prices beat expectations as 4 sold under hammer

Published 15 April 2011

4 apartments were sold under the hammer at Ray White City Apartments’ auction yesterday. Negotiations are continuing on a fifth and the sixth unit was withdrawn from sale.

 

Sales agent Dominic Worthington said prices on 2 units were ahead of preliminary expectations.

 

Queen St Valley

 

Altitude, 34 Kingston St, unit 4H, furnished 40m² including deck, 2 bedrooms, rates & body corp levy $3820/year, rent $300/week until May, sold for $148,000 (Dominic Worthington)

 

Precinct, 6 Lorne St, unit 1102, 30m², one bedroom, rates & body corp levy $3061/year, rent $230/week, sold for $157,500 (Dominic Worthington)

 

Prince Albert, 41 Albert St, unit 2F, 88m², 2 bedrooms, parking space nearby, rates & body corp levy $8161/year (including $520 rates on parking), rent $500/week, passed in (Judi Yurak & Matt Shirley)

 

The Aucklander, 25 Rutland St, unit 14C, 45m² penthouse, one bedroom, rates & body corp levy $7242/year, rental assessment $380-420/week, sold for $280,000 (Judi Yurak & Matt Shirley)

 

Quay Park

 

Grand Central (ex-Railway Campus), 26 Te Taou Crescent, unit 312, 41m², 3 bedrooms, rates & body corp levy $6749/year, passed in at $45,000 (Daniel Horrobin & Damien Piggin)

 

Uptown

 

Volt, 430 Queen St, unit 1409, 40m² including deck, rates & body corp levy $4523/year, rent $370/week, sold for $181,000 (Dominic Worthington)

 

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

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2 leasehold units among 7 apartment sales

Published 14 April 2011

City Sales sold 7 city apartments under the hammer yesterday out of 7 offered at auction, including 3 in The Quadrant and 2 leasehold units.

 

One of the leasehold units is at Quay Park, where Ngati Whatua’s ground lease is due to start being charged from 1 August after being free in the early years of the precinct’s development.

 

The other leasehold unit is at the Sebel on the Viaduct, where net income from the hotel through to January didn’t quite match outgoings on rates, the body corp levy & ground rent. However, rents around the central city have been rising as the full-house signs go up and in reaction to the steep rises in capital values over recent years.

 

Auction results:

 

Learning Quarter

 

The Quadrant, 10 Waterloo Quadrant, unit 1412, 32m² west-facing one-bedroom unit, deck, rates & body corp levy $5634/year, in hotel pool, sold for $166,000 (May Ma & Mark Li)

 

The Quadrant, 10 Waterloo Quadrant, unit 907, 32m² west-facing one-bedroom unit, deck, rates & body corp levy $5344/year, in hotel pool, sold for $155,000 (Maryanne Wong)

 

The Quadrant, 10 Waterloo Quadrant, unit 1816, 22m² studio, deck, rates & body corp levy $4581/year, in hotel pool, sold for $128,000 (May Ma & Mark Li)

 

Quay Park

 

The Landings, 10 Ronayne St, unit 518, leasehold, 114m² 3-bedroom unit, 2 bathrooms, deck, tandem parking, rental assessment $600/week; rates & body corp levy $5237/year, the first charge under the ground lease will be made from 1 August, which may be in the range of $8-14,000/year; sold for $265,000 (Hilary Seagrave & Tony Kelly)

 

Victoria Quarter

 

Imperial Gardens, 135 Hobson St, unit 415, 71m², 3 bedrooms, 2 bathrooms, deck, parking space, rates & body corp levy $6284/year, rent not stated, sold for $300,000 (Wendy Feng)

 

Kingsbridge, 72 Wellesley St West, unit 1P, 67m² one-bedroom unit, parking space, across road from St Matthews-in-the-City and the back end of the SkyCity casino, rates & body corp levy $4752/year, rental assessment $360/week, sold for $230,500 (Wendy Feng)

 

Viaduct

 

Sebel, 85 Customs St West, unit 415, leasehold, 50m² one bedroom with study, 2 decks, parking space, rates & body corp levy $15,316/year (plus gst on city rates) all paid by hotel, net income $13,716 plus gst/year to January 2011, sold for $196,000 (Georgia Featherstone).

 

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

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Spirited bidding as 5 units sold at auction

Published 8 April 2011

Ray White City Apartments sold 5 units after some spirited bidding out of 6 taken to auction yesterday. Auction results:

 

Queen St Valley

 

HarbourCity, 16 Gore St, unit 11G, 39m², one bedroom facing north-west, rates & body corp levy $3134/year, current rent $300/week, whiteware furnishings only, sold for $180,000 (Damian Piggin & Daniel Horrobin)

 

Altitude, 34 Kinston St, unit 20B, 40m², furnished 2 bedrooms facing north-east, rates & body corp levy $4649/year, current rent $300/week set to increase to $350/week in July, sold for $150,000 (Damian Piggin & Daniel Horrobin)

 

Manhattan, 105 Albert St, unit 6E, 49m², one bedroom facing south-east, rates & body corp levy $4595/year, vacant but potential rent assessed at $360-380/week, passed in at $200,000 (Damian Piggin & Daniel Horrobin)

 

Learning Quarter

 

The Quadrant, 10 Waterloo Quadrant, unit 1214, furnished 22m² studio facing north-west, rates & body corp levy $2103/year, in hotel pool managed by Melview, sold for $120,200 (Damian Piggin & Daniel Horrobin)

 

Unilodge, 138 Anzac Avenue, unit 1602, north-facing 3m² studio unit in student accommodation block, rates $698/year, body corp levy to be confirmed, managed by Unilodge Auckland Ltd, current rent $242.65/week, sold for $33,500 (Damian Piggin & Daniel Horrobin)

 

Isthmus west

 

Eden Terrace, Devon, 2 Piwakawaka St, unit 4H, 84m² including balcony, 2 bedrooms & 2 bathrooms, parking space, rates & body corp levy $5142/year, rent $440/week furnished until early April, sold for $290,500 (Dominic Worthington).Piwakawaka St runs between Newton Rd & Ian McKinnon Drive.

 

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

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3 out of 3 sold under hammer

Published 1 April 2011

Ray White City Apartments had just 3 cbd units up for auction yesterday and sold them all under the hammer. Auction results:

 

Learning Quarter

 

Statesman, 1 Parliament St, unit 1405, 50m² furnished one-bedroom unit, rates & body corp levy $4850/year, sold for $339,000 (Judi Yurak & Matt Shirley)

 

Victoria Quarter

 

Stanford, 189 Hobson St, unit 8G, 37m² furnished 2-bedroom unit, rates & body corp levy $4820/year, rental assessment $320/week, sold for $130,200 (Judi Yurak & Matt Shirley)

 

Zest, 72 Nelson St, unit 121, 37m² furnished 2-bedroom unit, rates & body corp levy $2991/year, rent to June $270/week, sold for $126,000 (Judi Yurak & Matt Shirley)

 

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

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7 apartments sold under hammer

Published 31 March 2011

City Sales sold 7 apartments under the hammer yesterday out of 11 taken to auction, with spirited bidding on a number of units. Auction results:

 

Learning Quarter

Argent Hall, 2 Eden Crescent, unit 8A, 45m² one bedroom on corner, deck, rates & body corp levy $4883/year, rental assessment $30-380/week, has vendor guarantee for building recladding share, sold for $80,500 (Mark Jones)

Century on Anzac, 100 Anzac Avenue, unit 7G, 37m², one bedroom, 20m² deck, rates & body corp levy $4326/year, current rent $350/week, passed in (Georgia Featherstone)

 

Quest on Mount, 13-15 Mount St, unit 9G, 42m² fully furnished one-bedroom unit, deck, rates & body corp levy $4033/year, rent $300/week fixed to June, sold for $112,500 (James Mairs)

Tetra House, 85 Wakefield St, unit 115, 39m², one bedroom, 2 bathrooms, deck, rates & body corp levy $4452/year, deck, rent $320/week, passed in at $105,000 (Mark Jones)

The Beach, 85 Beach Rd, unit 1107, 65m², 2 bedrooms, deck, sold for $286,500 (Wendy Feng)

The Quadrant, 10 Waterloo Quadrant, unit 1315, 41m², 2-bedroom unit on corner, views up harbour & beyond, deck, rates & body corp levy $7635/year, rental assessment $400-450/week, vendor not registered for gst, sold for $222,000 (including gst) (May Ma)

The Quadrant, 10 Waterloo Quadrant, unit 1224, 22m² studio, deck, rates & body corp levy $4227/year, in hotel pool, sold for $115,000 (Mark Jones)

Quay Park

Hudson Brown, 57 Mahuhu Crescent, unit 319, leasehold, 45m² one bedroom, parking space, rental assessment $340/week, sold for $123,000, 23% above the reserve set by the owner’s bank but still only 40% of original purchase price (Hilary Seagrave)

Uptown

City Zone, 11 Liverpool St, unit 1206, 39m², 2 bedrooms, deck, rates & body corp levy $3016/year, current rent $330/week, passed in at $160,000 (Wayne Mo)

Victoria Quarter

88 Cook St, unit 15, multi-level, 130m² 3/4-bedroom mixed-use unit, deck, parking space, rates & body corp levy $5921/year, passed in at $255,000 (Wendy Feng)

Alpha, 17 Vogel Lane, unit 1205, 50m², 2 bedrooms, deck, parking space, rates & body corp levy $4661/year, current rent 395/week, sold for $240,000 (Georgia Featherstone)

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

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One under hammer, one negotiating

Published 18 March 2011

Ray White City Apartments got one sale under the hammer and was negotiating a second sale post-auction yesterday, out of 3 units offered. Auction results:

Victoria Quarter

Wiltshire, 89-95 Victoria St West, unit 2B, 52m² freehold one-bedroom unit, rates & body corp levy $2023/year, rental assessment $380-400/week furnished, sold for $235,000 (Matt Shirley & Judi Yurak)

Uptown

14 Upper Queen St, unit 7B, 56m² fully furnished 2-bedroom unit, parking space with city views, rates & body corp levy $1778/year, rent $45/week until 20 May, passed in with vendor bid at $300,000 (Daniel Horrobin & Damian Piggin)

Queen St valley

Dilworth, 22 Queen St, unit 5D, 94m², 2 bedrooms, passed in with vendor bid at $400,000 but offers being considered post-auction (Daniel Horrobin & Damian Piggin)

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

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