Archive | Sales

Stage 2 of New Lynn Condominiums set to start

Apartment developer Tasman Cook Ltd set the second stage of its Merchant Quarter Condominiums in New Lynn in motion last week, with 21 of the 25 units sold.

Stage 2, designed by stage 1 architects Jasmax, will have 3 levels – like the existing tower, above the parking podium. Each apartment will have 2 levels and measure about 84m².

The 10-level stage 1 tower completed in August 2014 has 110 apartments above 4 parking floors & ground-floor retail. One parking level is for apartment occupants, one is leased to the Health New Lynn medical centre in the building and the other 2 are public council-run floors.

The development began as a 3-party effort above the new rail station cutting & bus station in the centre of New Lynn – Infratil Ltd built the medical & retail, Auckland Council did the parking and owned the land, and Tasman Cook Ltd developed the apartments.

The second stage was always envisaged and, although pricing for new apartments in central Auckland has soared above $10,000/m², Tasman Cook has held its pricing for these units around $7-7500/m².

The cheapest buy when stage 1 was marketed about 5 years ago, when the market was still in a post-global financial crisis holding pattern, was $246,000 for a 41m² one-bedroom unit. A 73m² 2-bedroom unit at that time was priced at $445,000.

Prices in the original tower have risen, by as much as $200,000 on a unit originally sold for $350,000, and the building has waiting lists for its rentals.

The property is functional, without the additions such as pool, tennis court or gym that can add considerably to body corporate costs. Marketing is by Kris Jamieson & Kevin He (Barfoot & Thompson).

Attribution: Company response.

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Antipodean brings an unusual mix to Beach Rd

As more development attention is paid to the foot of Anzac Avenue & Beach Rd, on the eastern fringe of Auckland’s cbd, Paul Doole has brought an unusual mix of units in his Antipodean Apartments project.

Even before Barfoot & Thompson Projects launched its marketing campaign at the weekend, 20 of the 161 apartments had contracts on them.

The property is on freehold land at 39 Beach Rd, across the road from the leasehold Scene 3, so upper levels of the 50m building will have an unobstructed view to the harbour over the Scene units on Quay Park, where there’s a 30m height limit.

One-third of the units in the development are “up-&-over” maisonettes, apartments on 2 levels with a bedroom on each level and living space on the upper level. A separate one-bedroom unit slots into the rest of the space on the lower level.

A feature right across the 65m-wide building is that all apartments will have wide frontages, all with balconies. Internal sizes range from 32m² studios and 41m² one-bedroom units through 64m² for some one-bedroom units, 81-85m² for single-level 2-bedroom units, 90m² for the maisonettes, up to a small selection of 126m² 3-bedroom units. Balconies will range from 6m² for the studios up to 49m² on some of the upper-level maisonettes.

The units are priced in a range of $10-15,000/m² plus parking, with 2.7m stud heights throughout. A quick word from Mr Doole as he passed through the display suite on Friday was enough to get the impression that quality fitouts will mean precisely that: “The old state house stud height was 2.4m.” In other words, no, he is not building the same as everybody else.

Like Mr Doole’s other developments, notably the Connaught on Waterloo Quadrant, the design by architect Paul Brown has an art deco finish. An “owners’ pavilion” out the back contains the 20m lap pool & sauna.

Barfoot & Thompson Projects manager Matt Baird some studios were priced at $370,000. Above that, the range was $450,000-2 million, $90,000 for single parking spaces & $135,000 for tandem.

Attribution: Interview.

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Thompson Park apartments under way

Demolition has been completed and foundation works started for the Thompson Park apartment development in Mt Wellington.

Developer David Jans, of Metro Property NZ Ltd said 4 sales last weekend took total sales to 70 out of the 107 units in the project, and sales value over $30 million of the total $50 million.

The company has made a soft start to work onsite, staging the resource consents. About 20% of the former power board building at 8 Thompson Park Rd, Mt Wellington, needed to be demolished.

Units have been priced at $230-240,000 for a 42m² studio, $300-350,000 for 60m² one-bedroom units, $400,00 for 2 bedrooms, starting at $500,000 for 3 bedrooms, all with an internal parking space and additional parking for sale.

Attribution: Phone interview.

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8 units sold under hammer

Published 10 November 2011

8 Apartments were sold under the hammer in a mix of cbd & fringe units offered by City Sales on Wednesday. Another 3 were passed in. Auction results:

 

K Rd ridge

George Court, 238 Karangahape Rd, unit 3O, 90-105m², partly furnished 2 bedrooms, study, parking space, rates & body corp levy $5473/year, rental assessment $5-600/week, sold for $400,000 (Gabrielle Hoffman)

Meridian, 11 Howe St, unit 2D, 21m², partly furnished studio, deck, rates & body corp levy $2792/year, rent $220/week, sold for $102,500 (Wendy Feng)

 

Learning Quarter

96 on Symonds, 96 Symonds St, unit 1409, 38m², fully furnished 2 bedrooms, deck, in 10-year lease (from 2005) to 96 Management Ltd (now P&S Truscott Ltd), 2 x 10-year rights of renewal, rates & body corp levy $5174/year, sold for $168,500 (Hilary Seagrave & Lucy Piatov)

 

The Beach, 85 Beach Rd, unit 906, vacant 55m², fully furnished 2 bedrooms, deck, rates & body corp levy $8905/year, sold for $223,000 (Lucy Piatov & Hilary Seagrave)

The Pullman Hotel, 6 Princes St, unit 754 (7F), 70m² fully furnished one bedroom, deck, parking space, rates & body corp levy $11,680/year, in 11-year hotel lease (from 2002) at $33,978 + gst/year, one 10-year right of renewal, sold for $325,000 (Gabrielle Hoffman)

Victoria Quarter

Ascent, 149 Nelson St, unit 416, vacant 52m², partly furnished 2 bedrooms, deck, parking space, body corp levy $4133/year, passed in at $190,000 (Mike Campbell)

 

Heritage Farmers, 35 Hobson St, unit 551, 48m², fully furnished one bedroom, rates & body corp levy $10,215/year, in 50-year hotel lease (from 1998) returning $21,840 + gst/year,

sold for $166,000 (Maryanne Wong)

Oaks on Hobson, 188 Hobson St, unit 511, 46m², fully furnished 2 bedrooms, rates & body corp levy $7458/year, in 20-year hotel lease (from 2005) at $17,671/year, one 10-year right of renewal, passed in at $110,000 (Gabrielle Hoffman)

Isthmus east

Grafton, Luna, 16 Burton St, unit 1T, 38m², partly furnished one bedroom, deck, parking space, rates & body corp $3137/year, rent $285/week fixed until this month, sold for $195,000 (Hilary Seagrave & Lucy Piatov)

Isthmus west

Eden Terrace, Der Rohe, 10 Flower St, unit 204, 47m², partly furnished 2 bedrooms, deck, parking space (rent additional), rates & body corp levy $4278/year, periodic rent $350/week, passed in at $200,000 (Sue Beirne)

 

Eden Terrace, Washington, 20 Charlotte St, unit 3L, 70m², 2 bedrooms, deck, parking space, rates & body corp levy $5307/year, rent $390/week fixed to January, sold for $260,000 (Lucy Piatov & Hilary Seagrave).

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

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3 Vincent St units sold

Published 17 December 2010

3 units on Vincent St were sold under the hammer at Ray White City Apartments’ final auction for the year.

The fourth unit offered – a Crown Lynn apartment with remedial bills & body corporate levies outstanding – was passed in.

 

Uptown

 

Eclipse 156, Vincent St, unit 4K, 41m² one bedroom, sold for $185,000 (Virgil Roberts)

Eclipse 156, Vincent St, unit 4I, 41m² one bedroom, rent $320-340/week fully furnished, sold for $176,000 (Dominic Worthington)

Dynasty Gardens, 135 Vincent St, unit GA, 45m², rent $360/week for apartment & $70/week for parking space, sold for $240,500 (Judi Yurak & Matt Shirley)

North-west

New Lynn, Crown Lynn, 17 Crown Lynn Place, unit 5B, 39m²one bedroom, parking space, vacant, $27,000 of remedial costs plus $6166 of body corporate levies to be paid, 2008 capital value $195,000, mortgagee sale, passed in at $40,000 (Damien Piggin & Daniel Horrobin)

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

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City Sales sells 8 of 13

Published 17 December 2010

City Sales sold 7 apartments under the hammer and another the next morning, out of 13 units offered at its final auction for the year on Wednesday.

In a mixed auction, there was strong bidding on some no bids on 2. There was also a mixed reaction to the 2 Spencer on Byron units offered – one sold, one receiving no bid. The Spencer units are in the hotel pool but can be permanently occupied, and have remedial work to be completed.

 

Learning Quarter

Cambridge, 43 Anzac Avenue, unit 402, 78m², 4 bedrooms with 2 bathrooms, rent $540/week, some remedials, sold post-auction for $175,000 (Tony Kelly)

Eden Apartments, 32 Eden Crescent, unit 1D, 24m² studio, deck, rental assessment $215 (current)-250/week, sold for $125,000 (Hilary Seagrave)

Regency, 71-75 Lorne St, unit 2C, 73m², 2 bedrooms, rental assessment $4-500/week, sold for $250,000 (Mark Jones)

Silo, 23 Emily Place, unit 7M, 36m², rental assessment $320-350/week, passed in at $160,000 (Hilary Seagrave)

Tetra House, 85 Wakefield St, unit 805, 39m², 2 bedrooms, fully furnished, deck, rental assessment $380-420/week, sold for $180,000 (James Mairs)

Newton

Newton, C-Vu, 36 Day St, unit 3F, 60m², 2 bedrooms, basement parking space, sold for $205,000 (Wendy Feng)

North-east

Takapuna, Spencer on Byron, 9-17 Byron Avenue, unit 404, 48m², one bedroom, secure parking space, in hotel pool, remedial work, sold for $195,000 (Gabrielle Hoffmann & Pauline Bridgman)

Takapuna, Spencer on Byron, 9-17 Byron Avenue, unit 812, 48m², one bedroom, deck, in hotel pool, remedial work, no bid (Gabrielle Hoffmann & Pauline Bridgman)

Quay Park

The Landings, 10 Ronayne St, unit 513, leasehold, 34m², one bedroom, rent $285/week until May 2011, no bid (Hilary Seagrave)

Queen St Valley

Portland Tower 62 Queen St, unit 10A, 31m², one bedroom, deck, rent $20,733 + gst/year, sold for $135,000 (Andrew Bond)

Uptown

City Zone, 11 Liverpool St, unit 910, 18m², studio, deck, tenanted to May 2011 at $230/week, sold for $103,000 (Wayne Mo)

Volt on Queen, 430 Queen St, unit 1122, 39m², 2 bedrooms, deck, rental assessment $350/week, passed in at $152,000 (Marcus Fava)

Victoria Quarter

Ascent, 149 Nelson St, unit 420, 57m², 2 bedrooms, parking space, rent $390/week until March, passed in with vendor’s bid of $200,000 (Marcus Fava).

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

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Parking space sells, no bids on Spencer units

Published & corrected 25 November 2010

A cbd parking space and a hotel-pool apartment sold under the hammer at City Sales’ auction yesterday.

A Freemans Bay unit (correction: next to the Beaumont Quarter, not in it) attracted reasonable bidding but 2 dual-use units in the Spencer on Byron in Takapuna failed to get one bid between them. Auction results:

Learning Quarter

Tetra House, 85 Wakefield St, unit 110, 39m², one bedroom, 2 bathrooms, managed by & leased to NZ Waldorf Apartments Ltd under short-term accommodation agreement (permanent residential occupation not permitted), rental assessment $330/week, sold for $137,000 (James Mairs)

Victoria Quarter

Farmers carpark, 23 Hobson St, parking space 4BD, sold for $31,000 (Marcus Fava)

Isthmus west

Freemans Bay, Freemans, 10-12 Beaumont St, unit 1A, now freehold, 90m² split-level 2-bedroom unit, 2 bathrooms, courtyard, tandem parking space, passed in at $410,000 (Steve Kirk & Krister Samuel)

North-east

Takapuna, Spencer on Byron, 9-17 Byron Avenue, unit 804, 48m², one bedroom, secure parking space, in hotel pool, now with dual use (hotel & residential) consent, passed in with no bid (Gabrielle Hoffmann & Pauline Bridgman)

Takapuna, Spencer on Byron, 9-17 Byron Avenue, unit 811, 48m², one bedroom, no parking, in hotel pool, passed in with no bid (Gabrielle Hoffmann & Pauline Bridgman)

Earlier stories:

29 October 2010: 6 units sell under hammer, and Spencer unit sells at last

30 April 2010: First freehold sales at Beaumont Quarter

1 April 2010: First dual-use Spencer on Byron unit goes to auction

10 March 2010: 55% of Beaumont Quarter in individual freehold ownership

18 November 2009: $47 million deal sets Beaumont Quarter leases on path to freeholding

23 November 2007: Augusta puts Beaumont Quarter into lease investment packages

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

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6 units sell under hammer, and Spencer unit sells at last

Published 29 October 2010

City Sales sold 6 apartments under the hammer and one before the auction on Wednesday, and has concluded the sale of a unit in the Spencer on Byron in Takapuna which had been passed in twice at auction.

Trends are hard to pick at auctions. Sometimes there’s a particular property that has attracted numerous buyers, sometimes nobody wants to bid – perhaps for external reasons such as financing or interest-rate uncertainty – and sometimes the sun comes out and bidders feel prosperous.

If you measure on internal space, the 39m² unit in the Century on Anzac was firmly priced at $4000/m², but the unit also has a very large deck out the back (ie, not facing the street, but looking out over the port and to the east) to change the equation.

Other factors weighing on apartment value include remedial work for leaks, ground leases, the availability of parking (versus the premium on street parking in the neighbourhood), decks, the aspect and amenities in or near the building.

The former Railway Campus, now Grand Central, is getting over its remedial programme but, like other Quay Park properties, faces the introduction of ground leases next year after no payments for the first 15 years. Prices there have been low to take troublesome factors into account.

At the other end of Quay Park, Mirage is a quality development with onsite facilities but also faces the ground-lease issue.

Outside the auction room – and outside the cbd, where most of the apartment sale reports on this website have focused – a unit in the Spencer on Byron Hotel in Takapuna has been sold after negotiations following 2 auctions this year. Bidders were tentative in September about this unit & another, among a numberreleased for permanent occupancy from next July, following court action.

The Spencer unit sold for $4166/m² net of gst, a reasonable price in a market where it’s been hard to push anything over $3500/m² in the auction room, but well down from the heady days and probably lower than desired for maintenance of the perception of central Takapuna as a moderately high-class neighbourhood.

Over in Kingsland, out by Eden Park, a unit in the Park 401 development was sold for better than $5300/m² net of parking.

Auction & sale results:

 

Learning Quarter

Century on Anzac, 100 Anzac Avenue, unit 6E, 39m², one bedroom, 29m² of deck, body corp levy $3200/year to September 2010, sold for $195,000 (Georgia Featherstone)

The Quadrant, 10 Waterloo Quadrant, unit 618, 32m², fully furnished one bedroom, body corp levy $3370/year to February 2011, in hotel pool, passed in at $145,000 (Maryanne Wong)

Quay Park (ground leases are up for renewal August 2011, to be set at 6% of ground value)

Grand Central, 26 Te Taou Crescent, unit 127, leasehold, 38m², 2 bedrooms, body corp levy $10,094/year to March 2011 (the property, formerly Railway Campus, is nearing completion of remedial works but also has changes to the services payments structure), current rent $340/week, sold for $30,000 (Andrew Bond & Mark Jones)

Mirage, 88 The Strand, unit 205, leasehold, 90m², 2 bedrooms, 2 bathrooms, deck, 2 parking spaces, body corp levy $12,128/year to July 2011, current rent $525/week, sold vacant for $200,000 (Krister Samuel)

The Landings, 8 Ronayne St, unit 1010, leasehold, 75m², 2-bedroom penthouse with 2 bathrooms, tandem parking for 2, body corp levy $3677/year to September 2011, rent better than $500/week anticipated, sold with vacant possession for $178,000 (Brijan Patel)

Queen St Valley

Federal City, 207 Federal St, unit 207, 2-bedroom suite, current rent $400/week, body corp levy $3219/year to July 2011, passed in at $180,000 (Maryanne Wong)

Viaduct

Lighter Quay, 79 Halsey St, unit 207, leasehold, 44m², deck, parking space, body corp levy (including ground rent) $4204/year to April 2010, sold prior for $145,000 (James Graydon & David Parker)

Victoria Quarter

Aura, 53 Cook St, corner Nelson St, unit 1111, 48m², 2 bedrooms, deck, body corp levy $3494/year to October 2010, rental assessment $380/week, sold for $180,500 (Andrew Murray)

Isthmus west

Kingsland, Park 401, 401 New North Rd, unit 102, 54m², 2 bedrooms, 2 bathrooms, deck, parking space, body corp levy $3169/year to December, rental assessment $430/week, sold for $330,000 (James Mairs)

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 with a top bid of $240,000 (gst inclusive) in April, passed in at $210,000 (gst inclusive) in September, sold for $230,000 this month (Pauline Bridgman & Gabrielle Hoffmann)

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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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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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