Archive | Apartments

Precinct penthouse passed in

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.

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3 sold under hammer, one prior

Published 1 October 2010

City Sales sold 3 of 8 apartments offered at auction on Wednesday, and another unit before the auction. The auction included 2 units in the Spencer on Byron Hotel in Takapuna which have been released for permanent occupancy from next July and an apartment in Grey Lynn. Results:

Isthmus west

Scala, Grey Lynn, 17 Scanlan St, unit 3C, 50m², one bedroom + study, tandem parking space, rental assessment $375/week, passed in with vendor bid at $200,000 (Tony Kelly)

North-east

Takapuna, Spencer on Byron, 9-17 Byron Avenue, unit 1813, 48m² one bedroom + deck + parking space, rental assessment $400/week, vacant possession, passed in at $210,000 including gst – and passed in with a top bid of $240,000 (gst inclusive) in April (Pauline Bridgman & Gabrielle Hoffmann)

Takapuna, Spencer on Byron, 9-17 Byron Avenue, unit 507, 48m² one bedroom, in hotel pool, passed in with vendor bid at $140,000 (Pauline Bridgman & Gabrielle Hoffmann)

Quay Park

 

The Docks, Dockside Lane, unit 324, leasehold, fully furnished 2 bedrooms + 2 bathrooms, parking space, sold prior for $208,000 (Mark Jones)

Queen St Valley

Regency, 71-75 Lorne St, unit 21, 94m², 2 bedrooms + deck, one parking space, sold for $355,000 (Steve Kirk)

Uptown

City Zone, 11 Liverpool St, unit 1812, 38.5m², fully furnished 2 bedrooms + deck, rental assessment $340/week to next February, sold for $143,000 (Wayne Mo)

Pitt St, 29 Pitt St, unit 3, 31m² studio, passed in at $100,000 (Steve Kirk & Krister Samuel)

Victoria Quarter

Aura, 53 Cook St, unit 1404, 49m², 2 bedrooms + deck, rental assessment $380-400/week, sold for $202,000 (Andrew Murray)

Heritage Farmers, 35 Hobson St, unit 601, 62m² high-stud one-bedroom corner suite + parking space, returning $11,591 + gst/year from hotel pool, passed in at $192,000 (Steve Kirk)

Related story today: Spencer on Byron unit passed in again

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

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3 of 5 sold under hammer

Published 23 September 2010

Ray White City Apartments sold 3 of the 5 units offered at auction today –more positive than the day of no sales under the hammer last week, although 3 of the 15 properties offered then have since sold.

 

Leasehold property remains difficult to shift – not just at this auction but generally – as buyers finally recognise the cost in paying ground rent. Auction results:

 

Downtown

 

2 Queen St, unit 5G, auction postponed

 

Quay Park

 

Grand Central (ex-Railway Campus), 26 Te Taou Crescent, unit 211, 39m², 3 bedrooms, passed in at $44,000 – declared reserve was $69,000 (Daniel Horrobin)

 

Uptown

 

Q Central, 56 Liverpool St, unit 2A, 59m², 2 bedrooms, leasehold – ground rent $5996/year, sold for $74,500 – declared reserve was $79,000 (Matt Shirley & Judi Yurak)

 

Victoria Quarter

 

Aura, 53 Cook St, unit 312, 49m², 2 bedrooms, sold for $166,000 (Daniel Horrobin)

 

Zest, 72 Nelson St, unit 113, 37m², 2 bedrooms, sold for $125,000 (Matt Shirley & Judi Yurak)

 

Zest, 72 Nelson St, unit 1321, 37m², 2 bedrooms, passed in at $140,000 (Daniel Horrobin)

 

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

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5 sold under hammer, 2 other auctions score zero

Published 16 September 2010

5 out of 9 apartments offered at City Sales’ auction yesterday were sold under the hammer. But at Harcourts Ponsonby & Ray White City Apartments today, it was a different story.

 

Harcourts had 4 apartments up for sale, including a leasehold unit at Beaumont Quarter, and all 4 were passed in. At Ray White’s all 15 apartments were passed in, with few bids on any of them and no bids on the last 5.

 

City Sales auction results:

 

Learning Quarter

 

Connaught, 14 Waterloo Quadrant, unit 4C, 58m² one bedroom with deck, parking space, rental assessment $400-440/week, sold for $328,000 (James Graydon & Wendy Feng)

 

Oakwood, 81 Wakefield St, unit 11B, 29m² studio with deck, rent fixed at $250/week until January, sold for $117,000 (Wendy Feng)

 

Oakwood, 81 Wakefield St, unit 3D, 29m² studio with deck, rental assessment $250-280/week, sold for $107,500 (Wendy Feng)

 

Quay Park

 

The Docks, 8 Dockside Lane, unit 721, leasehold, 61m² 2-bedroom suite with 2 bathrooms, deck, parking space, rental assessment $550/week (current) until June 2011, sold at mortgagee auction for $206,000 (Mark Jones)

 

Queen St Valley

 

CityLife Hotel, 171 Queen St, unit 1406, 64m² one bedroom under management, earning $787.25/month until March 2012, passed in at $183,000 (Tony Kelly)

 

Manhattan, 105 Albert St, unit 5F, 80m² 2 bedrooms, rental assessment $380-400/week, sold for $280,000 (Marcus Fava)

 

Waterfront

 

Princes Wharf, 147 Quay St, shed 22, unit 6, leasehold, 70m² one bedroom with deck, licensed parking space, rental assessment $500/week, passed in with vendor bid at $180,000 (Wendy Feng & James Graydon)

 

The Quays, 99 Customs St West, unit 2S, leasehold, 76m² 2 bedrooms & 2 bathrooms, parking space, rental assessment $450-500/week, no bid (Lucy Piatov & Georgia Featherstone)

 

Freemans Bay

 

Franklin Mews, 115 Franklin Rd, unit C, 85m² split-level 2-bedroom with double parking space, rental assessment $500/week, passed in at $391,000 but under negotiation (Krister Samuel)

 

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

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Mortgagee prices down, Volt unit passed in

Published 6 September 2010

2 units in the Docks were sold at a City Sales mortgagee auction last week, at prices which sales agent Mark Jones said were considerably lower than mortgagees achieved a few months ago.

 

At Ray White City Apartments, a unit in the Volt was passed in.

 

Quay Park

 

The Docks, 8 Dockside Lane (off Tapora St), 2 bedrooms, 2 bathrooms & a parking space,  sold at mortgagee auction for $185,000 (Mark Jones)

 

The Docks, 8 Dockside Lane (off Tapora St), 2 bedrooms & a parking space, sold at mortgagee auction for $198,000 (Mark Jones)

Queen St

 

Volt, 430 Queen St, unit 1521, 39m², 2 bedrooms, fully furnished, passed in at $170,000 (Matt Shirley)

 

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

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6 out of 7 apartments sold at auction

Published 19 August 2010

City Sales had a highly successful day in the auction room on Wednesday, selling 5 apartments under the hammer and one more an hour later, out of 7 units offered. Auction results:

 

CBD core

 

Federal City, 207 Federal St, unit 1307, 2 bedrooms, sold for $230,000, subject to bank approval (Georgia Featherstone & Lucy Piatov)

 

Learning Quarter

 

Empire, 21-23 Whitaker Place, unit 1816, 3 bedrooms, sold for $139,000 + gst (Andrew Bond)

 

Harbour Royal, 88 Anzac Avenue, unit 4B, 70m², recently refurbished 2 bedrooms, parking space across the street, sold to an Australian investor an hour after the auction for $391,000 (Gabrielle Hoffmann)

 

Princeton, 30 Symonds St, unit 18D, 2 bedrooms, sold for $90,000 +gst (Andrew Bond)

 

Unilodge, 138 Anzac Avenue, unit 403, one bedroom, Viaduct Harbour Holdings leasehold, passed in at $40,000 + gst (Maryanne Wong)

 

Quay Park

 

The Docks, 2 Dockside Lane, unit 128, leasehold, one-bedroom, sold for $90,000 (Mark Jones)

 

The Docks, 4 Dockside Lane, leasehold, one-bedroom, sold for $81,000, subject to bank approval (Mark Jones)

 

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

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5 apartments sold under hammer

Published 19 August 2010

The first 5 apartments offered by Ray White Apartments today sold under the hammer, 4 of them for less than $150,000, with less interest in the more expensive units. Auction results:

 

Grafton

 

Citta, 184 Symonds St, unit 110, 33m² with tandem parking spaces & storage, rental $240 for the unit unfurnished plus $60/week for parking space, sold for $136,500 (Dominic Worthington)

 

Learning Quarter

 

Metro, 82 Wakefield St, unit 1E, 38m² including balcony, vacant, rental assessment $290-310/week fully furnished, sold for $120,000 (Dominic Worthington)

 

Metro, 82 Wakefield St, unit 13G, penthouse studio, sold for $138,000 (Matt Shirley)

 

Uptown

 

Eclipse, 156 Vincent St, unit 14L, 62m² 2-bedroom unit plus 8m² balcony, periodic rent $480/week, passed in at $305,000 (Dominic Worthington)

 

Eclipse, 156 Vincent St, unit 13C, 62m² 2-bedroom unit, rent $450/week fully furnished, passed in at $305,000 (Dominic Worthington)

 

Victoria Quarter

 

Aura, 53 Cook St, unit 1506, 49m² top-floor 2-bedroom apartment with parking space, rent $460/week, sold for $260,000 (Daniel Horrobin & Damian Piggin)

 

Heritage Tower, 22 Nelson St, unit 510, 2-bedroom apartment with one secure paring space, passed in with vendor bid at $400,000 (Grant Elliott)

 

Waterfront

 

Lighter Quay, 83 Halsey St, unit 511, 49m² one-bedroom on fifth floor, sold for $149,000 (Jackson Bodle)

 

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

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6 of 9 sold under hammer at City Sales

Published 6 August 2010

City Sales sold 6 out of 9 units offered at its Wednesday auction, but it was a slow-moving market. One of those passed in was in a hotel pool and another had just been removed from the hotel pool, changing rates & gst counts.

 

The last unit offered for the day, and sold under the hammer, was a leasehold unit on Princes Wharf, also with a different calculation for a long-term lease. Auction results:

 

Queen St Valley

 

City Gardens, 76 Albert St, unit 8H, 38m² one bedroom, with deck, rental assessment $280/week, mortgagee auction, sold for $150,000 (Mark Li)

 

CityLife, 171 Queen St, unit 410, 48m² fully furnished one bedroom, in hotel pool, passed in at $150,000 + gst (Pauline Bridgman)

 

Federal City Apartments, 207 Federal St, unit 403, 61m² 2-bedroom with deck, unfurnished, rental assessment $360/week, passed in at $190,000 (Andrew Bond)

 

Guardian Trust, 105 Queen St, unit 704, 39m² high-study fully furnished one bedroom, rental assessment $360-380/week, sold for $196,000 (Steve Kirk)

 

Victoria Quarter

 

Ascent, 149 Nelson St, unit 615, 39m² north-facing one bedroom with parking space & deck, rental assessment $280-320/week, sold for $163,000 (James Mairs)

 

Heritage Farmers, 35 Hobson St, unit 719, 47m² fully furnished high-stud one bedroom; taken out of hotel pool so rates reduced from $2743/year to $1200 and price gst inclusive, passed in at $190,000 (Hamish Duke)

 

Waterfront

 

Princes Wharf, 145 Quay St, shed 23, unit 15, leasehold 80m² west-facing one-bedroom with deck, ground rent $7911/year no gst, rental assessment $500/week, sold for $235,000 (Hamish Duke & James Graydon)

 

Inner-city fringe

 

Eden Terrace

 

Eden Terrace, 8 The Mews, 8 Basque Rd, unit 25, 56m² one bedroom with parking space & deck, rental assessment $380/week fixed to May 2011, with remedial work still to be done, sold for $66,000 (Maryanne Wong)

 

Grey Lynn

 

Grey Lynn, Scala, 17 Scanlan St, unit 3B, 43m² one bedroom with parking space & deck, rental assessment $320/week, sold for $220,500 (Tony Kelly)

 

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

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Shore council settles on minimum apartment sizes, still to go to notification

Published 21 July 2010

North Shore City Council’s strategy & finance committee settled yesterday on minimum apartment sizes which should ensure nothing cheap is built in the city.

 

However, statistics produced for the committee yesterday also indicate huge potential for change on the Shore – half the population rattles round in large homes, 1-2 occupants to a house, the population aging & looking at downsizing, but with nothing small to move to apart from retirement villages.

 

The size limits set yesterday will restrict studios to 35m² in 2 centres and, after amendment, nothing under 45m² will be able to be built elsewhere.

 

There are some catches to what in the end was a fairly arbitrary exercise, based largely on councillors’ personal preferences. First, any plan change based on yesterday’s decision has to go out to consultation. Second, that will mean a final decision isn’t made by this council but by the new Auckland Council, which will take over from the Auckland Regional Council & 7 territorial councils in the region on 1 November. Third, there are some differences between the North Shore proposal and those already in operation in Auckland City, and a new council might see no reason to be inconsistent.

 

The Shore council committee returned to ruling on apartment sizes after deliberating in April on minimums for Highbury and the Anzac West precinct of Takapuna. The debate ended in April with councillors noting an inconsistency between sizes proposed for the 2 medium-intensity zones and wanting a report from staff on the subject.

 

The staff report

 

They got clear guidelines for their July meeting from senior planner Simon O’Connor, who set out tables showing existing rules, what was proposed in April, Auckland City Council’s cbd & isthmus minimums and several examples from around the world.

 

Mr O’Connor set out the case for recommended minimums “and the relationship with providing an appropriate mixture of units within our town centres”.

 

He said the Shore hadn’t experienced Auckland City’s flood of smaller units, built to accommodate a large influx of foreign students and because investor demand was for smaller units. While Auckland City had introduced proportions of developments which could be studios or one-bedroom units, he said the Shore district plan encouraged development of 2- or 3-bedroom units, due to controls on density & parking minimums.

 

Mr O’Connor said planning staff considered studios were appropriate in the larger sub-regional centres of Albany & Takapuna as they had a strong education & training presence and a consequential demand for student accommodation along with better public transport links.

 

A feature of the Shore which Mr O’Connor emphasised was that the population is aging & lacking mobility, “therefore there will be a likely need for them to downsize existing living arrangements whilst staying within their community…..

 

“Information from Statistics NZ illustrates that, in 2006, 50.2% of the population of the North Shore live either by themselves or with one other person, yet only 21.7% of the housing stock within the North Shore is of the 1-2-bedroom size.”

 

Mr O’Connor said many homes could be considered to be under-occupied, and the provision of smaller units within the centres would help offset the lack of smaller units in the suburbs. It would provide housing choice & affordability for younger generations and enable older residents to stay in their communities if they downsized.

 

“North Shore City, through the current density controls, effectively discourages smaller housing options. Once a person has a section, it is almost inconceivable that they would build a one- or 2-bedroom house unless it was a minor unit associated with a larger dwelling. These controls have led to a shortage of smaller & more affordable forms of privately owned accommodation.”

 

Mr O’Connor a balance was needed between the market & maintaining diverse communities: “On one hand, it would not be prudent to flood parts of our city with small apartments. On the other hand, it is desirable to offer housing choice for families or mixed household groups to be able to live in areas that they enjoy, rather than be pushed out of the city.

 

“Apart living in North Shore City is unlikely to be cheap, with one-bedroom apartments likely to start at around $300,000, but they offer a realistic alternative to a larger house in the suburbs that may have limited appeal due to travel distances & a lack of centre conveniences.”

 

Recommendation & decisions

 

Mr O’Connor recommended minimum sizes for Albany & Takapuna of 35m² for studios, but said studios were inappropriate elsewhere. For all centres, he recommended a minimum of 40m² for one bedroom, 55m² for 2 bedrooms, 70m² for 3 bedrooms, with an extra 6m² minimum for balconies.

 

The previous proposal for Highbury was 40m² for a studio, 45m² for one bedro

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5 apartments sold at Ray White auction

Published 9 July 2010

Ray White City Apartments sold a unit in Unilodge on Beach plus 4 of the 7 units in The Quadrant offered at auction on Thursday 8 July. Auction results:

 

Learning Quarter

 

Unilodge on Beach, 133 Beach Rd, unit 522, guaranteed return finished October 2009, sold for $41,000 (Jack Ho)

 

The Quadrant, 10 Waterloo Quadrant:

 

Unit 1316, 22m² studio, facing south-east, passed in at $111,000 (Daniel Horrobin)

 

Unit 1313, 32m² one bedroom, facing north-west, sold for $130,000 (Dominic Worthington)

 

Unit 1920, 22m² studio, facing south-east, sold for $107,000

 

Unit 1513, 32m² one bedroom, facing north-west, sold for $140,000

 

Unit 1418, 32m² one bedroom, facing south-east, passed in at $140,000

 

Unit 1820, 22m² studio, facing south-east, passed in at $110,500

 

Unit 2115, 32m² one bedroom, facing south-east, sold for $151,000 (Dominic Worthington)

 

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

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