Archive | Apartments

4 units sold under hammer

Published 4 December 2009

Ray White Apartments sold 4 apartments under the hammer at auction on 2 December. Results (I’ll flesh these bald results out over the weekend with more detail):

 

Quay Park

 

Quba, 2 Tapora St, unit 224, sold for $299,000 plus gst

 

The Landings, 8 Ronayne St, unit 710, passed in

 

Learning Quarter

 

Eden Apartments, 36 Eden Crescent, unit 404, sold for $145,000

 

Madison House, 145 Symonds St, unit GO7, passed in

 

Victoria Quarter

 

Altitude, 34 Kingston St, unit 17A, sold for $157,000

 

Stanford, 189 Hobson St, unit 11D, sold for $135,500

 

Heritage Hotel, 35 Hobson St, unit 648, passed in

 

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

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5 apartments sold under hammer

Published 4 December 2009

Ray White City Apartments sold 5 apartments under the hammer on 25 November, including 3 at mortgagee auction, one Aura unit & one in The Quadrant. 4 other Quadrant units were passed in.

 

Quay Park:

 

Quba, 2 Tapora St, unit 424, mortgagee auction, sold for $120,000

 

Quba, 2 Tapora St, unit 425, mortgagee auction, sold for $120,000

 

Queen St Valley:

 

Shortland Apartments, 97 Shortland St, unit 5c, mortgagee auction, sold for $100,000

 

Learning Quarter (bounded by Mayoral Drive, Kitchener St, a zigzag line down to the intersection of Customs St East & Beach Rd, the building line between Anzac Avenue & Beach Rd, the Grafton Gully motorways up to the Symonds St cemetery, back round to Wakefield St):

 

The Quadrant, 10 Waterloo Quadrant, unit 726, passed in at $130,000

 

The Quadrant, 10 Waterloo Quadrant, unit 1511, passed in at $110,000

 

The Quadrant, 10 Waterloo Quadrant, unit 1522, passed in at $142,000

 

The Quadrant, 10 Waterloo Quadrant, unit 1619, sold for $125,000

 

The Quadrant, 10 Waterloo Quadrant, unit 1826, passed in at $111,000

 

Victoria Quarter (bounded by Hobson St, the motorway, Victoria Park & Fanshawe St):

 

Aura, 53 Cook St, unit 103, sold for $222,000

 

Aura, 53 Cook St, unit 504, under contract

 

Waterfront:

 

Viaduct Point, 125 Customs St, unit 100, passed in

 

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

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14 apartments sold under hammer

Published 27 November 2009

City Sales sold all but one of the 15 apartments it took to auction on Wednesday. Sale figures & pricing details:

 

K Rd ridge (K Rd, Upper Queen St, the motorway, Pitt St, Hopetoun St, Howe St):

 

George Court, 238 Karangahape Rd, unit 1L, 2 bedrooms, parking space, rental assessment $450/week, sold for $410,000George Court, 238 Karangahape Rd, unit 3P, 130m², 55m², one bedroom, parking space, storage, rental assessment $325/week, sold for $286,000Meridian, 11 Howe St, unit 7B, 45m², 2 bedrooms, deck, parking space, rental assessment $350-380/week, sold for $245,000Uptown, 10-14 Upper Queen St, unit 1B, 55m², 2 bedrooms, deck, parking space, rental assessment $420-450/week, sold for $270,000

 

Learning Quarter (bounded by Mayoral Drive, Kitchener St, a zigzag line down to the intersection of Customs St East & Beach Rd, the building line between Anzac Avenue & Beach Rd, the Grafton Gully motorways up to the Symonds St cemetery, back round to Wakefield St):

 

Darlinghurst, 50 Eden Crescent, unit 2F, 43m², one bedroom, deck, plus gst, rental assessment $320/week, levies split between owner & Quest Hotel, sold for $126,500Tetra House, 85 Wakefield St, unit 510, 35m², one bedroom, 2 bathrooms, communal laundry & recreation centre, rental assessment $300/week, sold for $150,000

 

Quay Park:

 

Hudson Brown, 57 Mahuhu Crescent, unit 413, 65m², 2 bedrooms, parking space, leasehold, rental assessment $400-430/week, sold for $200,000Railway Campus, 26 Te Taou Crescent, unit 249, 28m², 2 bedrooms, communal facilities, plus gst, leasehold, rental assessment $320-360/week, sold for $52,000 (whole development undergoing repairs)

 

Queen St valley (between the Hobson St edge of the Victoria Quarter & the Mayoral Drive-Kitchener St edge of the Learning Quarter):

 

Altitude, 34 Kingston St, unit 5E, 38m², 2 bedrooms, rental assessment $300/week, sold for $131,500

 

Victoria Quarter (bounded by Hobson St, the motorway, Victoria Park & Fanshawe St):

 

H47, 47 Hobson St, unit G6, 105m², 2 bedrooms, 2 bathrooms, parking space, rental assessment $530/week, sold for $372,500H47, 47 Hobson St, unit 205, 49m², one bedroom, deck, rental assessment $320-340/week, passed in at $205,000Heritage Farmers, 35 Hobson St, unit 716, 55m², one bedroom, parking space, plus gst, under hotel management, rental assessment $9240/year + gst to March 2012, sold for $218,000Zest, 72 Nelson St, unit 711, 22m² one bedroom, parking space, rental assessment $240-260/week plus parking $50-60/week, sold for $136,000Zest, 72 Nelson St, unit 608, 22 m², one bedroom, rental assessment $250/week, sold for $100,000

 

Waterfront:

 

Princes Wharf, 145 Quay St, Shed 23, unit 64, 108m², 2 bedrooms, 2 bathrooms, deck, leasehold, ground rent + opex about $18,500/year, rental assessment $650-750/week, sold for $490,000

 

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

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4 apartments sold under hammer

Published 13 November 2009

City Sales sold 4 city apartments under the hammer on Wednesday.

 

Zest, 72 Nelson St, unit 834, 37m² freehold 2-bedroom unit with balcony, rental assessment $280-310/week, sold for $147,000 (Judi Yurak & Matt Shirley)The Statesman, 1 Parliament St, unit 204, 51m² freehold 2-bedroom unit with 16m² balcony, one parking space, rental assessment $450/week, sold for $293,500 (Lucy Piatov & Georga Featherstone)The Statesman, unit 605, 41m² freehold one-bedroom unit, balcony, one parking space, rental assessment $350-380/week, sold for $273,000 (Juan Xin)Harbour City, 16 Gore St, unit 15H, 37m² freehold one-bedroom unit, balcony, no parking, rental assessment $300-340/week, sold for $188,000 (Lucy Piatov & Georga Featherstone)

 

Passed in:

 

Epsom, 21 Kipling Ave, unit 8 (outside City Sales’ normal territory, taken in a trade), 57m² freehold one-bedroom loft in Auckland Grammar & Epsom Girls’ grammar zones, balcony, one parking space, rental assessment $250-300/week, passed in at $205,000 (Hamish Duke)Freemans Bay, 43 Howe St, 40m² freehold ex-council one-bedroom flat with parking space outside door, rental assessment $300/week, passed in at $200,000.

 

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

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Apartments at centre of Blue Chip case go on market

Corrections on Stadium Apartments details 9 October 2009

Published 9 October 2009

Apartments in 2 of the Auckland developments subject to the second major Blue Chip-related court case have been marketed in Singapore and Ray White’s city apartments office will launch a campaign to sell 150 of the 155 units in one of them this weekend.

 

The 2 projects are Perron Developments Ltd’s Stadium Apartments (originally written as Arena), next to the Vector Arena in Quay Park, and Paxton Pacific Group Ltd’s Icon Central, in St Martin’s Lane, off Symonds St.

 

Both properties are now managed under the Waldorf brand. Waldorf Apartment Group, a Sydney company which manages apartment hotels, began business in Auckland when it took over management of the Scene 2 apartment building on Beach Rd in 2006.

 

The 2 developments were among 4 targeted by investors in Blue Chip Financial Solutions Ltd schemes, who were trying to stop the developers from uplifting their deposits, thus cancelling apartment purchase contracts which would spill about 280 units on to the market.

 

Justice Geoffrey Venning heard that application from May to July and reserved his decision. Meanwhile, in the first major Blue Chip case, Chief High Court Judge Tony Randerson ruled in an interim reserved judgment on 30 September against pensioners Bruce & Judy Bartle, 2 Blue Chip investors from Whangarei, who wanted GE Custodians to discharge the mortgage over their homes and, secondly, that GE & the lawyer who advised them, Jonathan Mathias, realise sale of the unit they bought.

 

Justice Randerson did find a damages case in favour of the Bartles against Mr Mathias, but he was adjudicated bankrupt on 1 October so any claim will require enforcement of his indemnity. That case is back before the judge this morning for a judicial telephone conference, but the Bartles’ lawyer, Paul Dale, has already filed an appeal this week.

 

While the court wrangle goes on, the liquidators of Icon developer Paxton Pacific Group Ltd (which went into liquidation on 7 August as a solvent company in the breakup of the 2 directors’ partnership, along with 3 subsidiaries) and the directors of Perron, Cameron Marsh & Mark Perriam, have begun marketing units on which Blue Chip investors aren’t going to settle.

 

The new prices are about half the figures those Blue Chip investors signed up for. At the Icon (now the St Martins Waldorf Apartment Hotel), the Blue Chip price was about $9500/m² but the 150 units will go to the market this weekend priced in a range of $4400-5800/m². The Stadium units were priced around $6500/m² (story originally said $10,500/m²) for the Blue Chip investors (it’s now the Stadium Waldorf Apartments Hotel) and in Singapore have averaged around $6000/m².

 

For Singaporean investors, at least, the investment is an economic proposition, with a rental guarantee from Waldorf of 7% for the first 3 years, against the ability to borrow in Singapore for the investment at around 2%.

 

One of the former Paxton directors, Leonard Ross, has a new development under construction between Emily Place & the foot of Anzac Avenue, the Celestion – also a former Blue Chip proposition but also now with a Waldorf management contract in place.

 

The Perron directors argued in the High Court last week, in a case where they are seeking approval of a debt-compromise deal with their creditors, that it would be advantageous to their creditors for them to remain out of bankruptcy so they could continue marketing the group’s properties. That case has been adjourned to Friday 6 November for completion.

 

Earlier stories:

2 October 2009: Judgment abjectly wrong in Blue Chip case

Hearing of bank’s opposition to Perron pair’s scheme adjourned part-heard

8 June 2009: Update: Second major investor case over Blue Chip takes a breather, application to wind up parent company opens, and Northern Crest files 2009 accounts

12 May 2009: Dale outlines case in second Blue Chip trial, this time against developers

8 May 2009: Ross’ Emily Projects starts work on ex-Blue Chip site

23 September 2005: Trass says cbd apartment values will plummet in next year

 

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Attribution: Interviews, court hearings, story written by Bob Dey for the Bob Dey Property Report.

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6 units sold at City Sales auction

Published 30 September 2009

Apartment auctions I’ve been to recently have been busy, with a fair amount of rapid-fire bidding. Not so at City Sales’ auction today of 8 units in 5 properties, where there were few bidders. Nevertheless, 6 of the units were sold.

 

The auction came on a day when Statistics NZ said only 30 apartments were granted consent in the previous month.

 

Auction results:

 

Downtown

 

Altitude, 34 Kingston St, unit 13B, freehold 36m², 2 bedrooms, rent $300/week, sold for $136,000 (Judi Yurak & Matt Shirley)

 

K Rd ridge

 

C-Vu, 36 Day St, unit 11C, freehold 34m², one bedroom, rent assessment $240/week, sold for $105,000 (Judi Yurak & Matt Shirley)

 

C-Vu, 36 Day St, unit 10D, freehold 34m², one bedroom, rent assessment $250/week, sold for $103,500 (Judi Yurak & Matt Shirley)

 

Quay Park

 

Railway Campus, 26 Te Taou Crescent, unit 129, leasehold, 36m², 2 bedrooms, communal laundry, rent assessment $360/week, zero reserve, bidding opened at $30,000 and the unit was sold for $60,000 (Mark Jones & Andrew Bond)

 

Railway Campus, 26 Te Taou Crescent, unit 115, leasehold, 30m² studio, communal laundry, rent assessment $240/week, zero reserve, bidding opened at $20,000 and the unit was sold for $48,500 (Mark Jones & Andrew Bond)

 

Railway Campus, 26 Te Taou Crescent, unit 136, leasehold, 30m² studio, communal laundry, rent assessment $240/week, $11,103 of remedial levies outstanding, zero reserve, the unit was sold for $36,500 (Mark Jones & Andrew Bond)

 

The Landings, 8 Ronayne St, unit 607, leasehold, 60m², 2 bedrooms plus study, 2 bathrooms & parking space, rental assessment $470/week, passed in at $121,000 (Keisha Gutierrez)

 

University precinct

 

The Beach, 85 Beach Rd, unit 313, freehold 37m² open-plan one bedroom, rent assessment $290/week, passed in at $140,000 (Keisha Gutierrez)

 

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

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8 units sold by City Sales

Published 27 September 2009

8 apartments were sold at City Sales’ last auction, on 16 September, and the agency has another 7 for sale next Wednesday, 30 September.

 

Results:

 

Federal Court, unit 4A, 2 bedrooms, parking space, sold for $280,000Princes Wharf, unit 53 Shed 20, one bedroom, sold before auction for $97,500Princes Wharf, unit 53A Shed 20, one bedroom, sold before auction for $265,000Quadrant, unit 1107, 2 bedrooms, parking space (+ gst), sold for $235,000Silo, unit 4B, one bedroom, parking space, sold for $205,000Statesman, unit 908, 2 bedrooms, parking space, sold for $426,000The Landings, unit 309, 2 bedrooms, sold for $127,000Volt, unit 615, 2 bedrooms, sold for $177,000

 

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

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3 sales under hammer at Ray White apartment auction

Published 27 September 2009

A 74m² leasehold unit in the Q Central apartment block, built at the top of Queen St 5 years ago, was sold at auction last week for $228,000.

 

That price included 2 parking spaces (one inside, one outside) and deck space. On the down side, current ground rent is $5224/year and the other outgoings of rates & body corporate levies take the total to $9362/year.

 

Agents estimated rent for the furnished unit at $480-500/week for a return of about $23,000/year before any loans. That’s a return of 10% gross, whittled down to 6% net of outgoings, before mortgage & maintenance (including furniture).

 

Auction results:

 

Citta, 184 Symonds St, unit 220, passed in at $220,000 (Matt Jones & Grant Elliott)Metro, 82 Wakefield St, unit 2G, studio, sold for $119,000 (Matt Jones & Grant Elliott)Q Central, 24 Liverpool St, unit 4B, 2 bedrooms in 74m², 2 parking spaces, leasehold – ground rent $5224/year, sold for $228,000 (Ann Bennett)Scene 3, 30 Beach Rd, unit 1213, leasehold, passed in at $251,000 (Matt Jones & Grant Elliott)The Crescent, 7 Eden Crescent, unit 301, sold for $290,000 (Daniel Horrobin & Damian Piggin)The Docks, 4 Dockside Lane, units 221 & 240, both passed in at $221,000 (Daniel Horrobin & Damian Piggin)The Quadrant, 10 Waterloo Quadrant, unit 1213, passed in because vendor unable to be contacted (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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Unit Titles Bill reported back

Published 7 September 2009

Parliament’s social services committee reported back the Unit Titles Bill on 2 September, with a recommendation that it become law at a specific date so regulations can be developed, rather than the usual 6 months after royal assent is given.

 

The bill is intended to replace the 1972 Unit Titles Act, introducing a new legal framework for joint ownership of land, buildings & facilities.

 

Website: Select committee report & bill

 

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

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3 different prices for 4 City Life studios

Published 24 August 2009

4 apartments in the City Life building on Queen St were sold for 3 different prices at a City Sales auction last Wednesday.

 

The units, all 26m² studios, came in 2 pairs – 2 adjoining units on the ninth floor and the other 2 also adjoining, on the 12th floor. They were put on the market by Excellent Assets Co Ltd, a company formed in 1994 by 3 local residents & one in Hong Kong, which were original investors in the City Life apartment project.

 

The 2 12th-floor units were offered first and both went for $88,000. When the first of the ninth-floor units was put up, bidding took it to $100,000. The second of those units went for $93,000.

 

One leasehold unit sold while others attracted no interest. City Sales principal Martin Dunn said after the auction: “I’m encouraging punters to buy this leasehold stuff to hold for a year. I reckon they’re way oversold.”

 

Other results:

 

Beaumont Quarter, Freemans Bay, 20E Fisher-Point Drive, 98m² 2-bedroom leasehold unit, no bidMirage, lower Parnell, 88 The Strand, unit 403, 70m² leasehold unit, no bidPrinces Wharf, shed 22, unit 1, 62m² leasehold unit with deck, sold for $185,000Uptown, 14 Upper Queen St, unit 1C, 54m² one-bedroom unit with study, parking space & storage, sold for $230,000Wiltshire, 89-93 Victoria St West, unit 4A, 55m² one-bedroom unit needing refurbishment, sold for $190,500

 

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

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