Tag Archives | apartments

2 apartments sell at Ray White auction

2 of the 5 units auctioned at Ray White City Apartments today were sold under the hammer, one in the Grand Chancellor hotel building and the other in Eden Terrace.

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Learning Quarter

Forte, 37 Symonds St, unit 1302:
Features: 48m² corner unit, 2 bedrooms, balcony
Outgoings: rates $1383/year including gst; body corp levy $4149/year, special levy $703 to fireproof riser shafts
Income assessment: $500/week fixed until 30 April, appraisal $530-560/week furnished
Outcome: passed in after bid at $300,000, vendor bid at $400,000
Agents: May Ma & Mark Li

Uptown

Q Central, 36 Liverpool St, unit 3A:
Features: leasehold, 59m², 2 bedrooms
Outgoings: rates $1188/year including gst; body corp levy $3534/year, ground rent $7173/year, next ground lease review December 2018
Income assessment: $1894/month on Housing NZ lease expiring in March 2019
Outcome: passed in on sole bid from vendor of $100,000
Agents: May Ma & Mark Li

Victoria Quarter

Grand Chancellor, 1 Hobson St, unit 803:
Features: 57m², one bedroom, with a new title excluding the parking space (and reducing rates & body corp levy accordingly)
Outgoings: rates $1812/year including gst; body corp levy $4763/year
Outcome: sold for $612,000
Agent: Josh Muriwai

Waterfront

Sebel Suites, 85 Customs St, unit 610:
Features: leasehold, 57m², one bedroom, study, balcony overlooking Viaduct Basin
Outgoings: rates $1913/year including gst; body corp opex levy $8852/year, ground lease $6806/year
Income assessment: $500/week current, appraisal $620-680/week furnished
Outcome: passed in at $201,000
Agents: Damian Piggin & Daniel Horrobin

Isthmus west

Eden Terrace

10 Ruru St, unit 9:
Features: 114m², 3 levels, 2 bedrooms, deck, tandem internal-access garage, storage
Outgoings: rates $1596/year including gst; body corp levy $2913/year
Income assessment: appraisal $650-700/week
Outcome: sold for $700,000
Agent: Krister Samuel

Attribution: Auction.

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3-apartment auction attracts no bid

All 3 apartments taken to auction at Barfoot & Thompson’s city office this morning were passed in without a bid being offered.

Image above: The Wiltshire, across Victoria St from the SkyCity casino & hotel, is unusual for providing owners with extra income from a billboard on the western side. Behind it in the picture, Conrad Properties’ Victoria Residences apartment development is nearing completion.

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Uptown

Eclipse, 156 Vincent St, unit 7C:
Features: 62m², 2 bedrooms
Outgoings: body corp levy $5079/year
Outcome: no bid, back on the market at $590,000
Agents: Bett Shao & Rico Zhao

Victoria Quarter

Wiltshire, 89 Victoria St West, unit 8A:
Features: 88m², 2 bedrooms, 2 bathrooms, balcony; the building earns owners $125,775/year + gst from a billboard up the western side
Outgoings: body corp levy $4237/year
Income assessment: $630/week, fixed until 28 February
Outcome: no bid
Agent: Jason Buckwell

Lord on Nelson, 11 Nicholas St, unit 7A:
Features: 131m², corner 3 bedrooms, 2 bathrooms, enclosed balcony, tandem carpark; the building is leaky and owners launched proceedings against the developer & Auckland Council in 2011; the vendor has agreed to assign rights & obligations from that claim; based on a $6 million remediation estimate (tenders to go out soon), this unit’s repair share would be $294,000
Outgoings: body corp levy $8689/year
Outcome: no bid
Agents: Livia Li & Alan Guo

Attribution: Auction.

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Docks unit with parking sells

A leasehold Docks apartment (pictured) plus 4 parking spaces sold at Ray White City Apartments’ auction today, while an Eden Terrace unit attracted no bid.

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Quay Park

The Docks, 4 Dockside Lane, unit 138:
Features: terminating leasehold (in 2161) – next review November 2018, 45m², one bedroom, 4 parking spaces (2 tandems); discovery underway for remediation works, now estimated at $8.5 million
Outgoings: rates $1604/year including gst; body corp levy $9687/year including $3722 ground rent
Income assessment: current $490/week for unit + one tandem space, rented long-term
Outcome: sold for $150,000
Agents: Dominic Worthington & Ady Huang

Isthmus west

Eden Terrace

Newton Rise, 121 Newton Rd, unit 4A:
Features: 93m², 2 bedrooms, parking space
Outcome: no bid
Agents: Susan Woods-Markwick & Clarissa Searle

Attribution: Auction.

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Herne Bay apartment sells

A Herne Bay apartment (outlined in picture) was sold at Bayleys’ city residential auction yesterday, and a Henderson cross-lease was passed in.

Isthmus west

Herne Bay

5 Curran St, unit 6:
Features: renovated one-bedroom top-floor apartment, parking space
Outgoings: body corp levy $3663/year
Outcome: sold for $825,000
Agent: Chris Batchelor

North-west

Henderson

63A Sturges Rd (flat 2):
Features: cross-lease, half share in 1031m², 3 bedrooms, garage + extra parking
Outcome: passed in at $635,000
Agent: Karina Thorburn

Attribution: Auction.

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2 of 6 apartments & units sell

A central city apartment in the Avoka (arrowed) and a suburban unit sold at Barfoot & Thompson auctions yesterday & today, out of 6 on offer.

7 of the 18 homes offered at the 2 Wednesday sessions were sold, including one of the 4 intensive homes (a duplex, a suburban unit & 2 apartments) in the afternoon.

At the Thursday afternoon session, a Mt Roskill brick-&-tile unit sold under the hammer while there was no bid for one in Sandringham.

2 of the 3 standalone houses in the auction were sold.

In the agency’s regular Thursday morning apartments auction, 3 were auctioned and all were passed in (see separate story link below).

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Uptown

Avoka, 31 Day St, unit 10C:
Features: 81m², one-bedroom apartment, balcony, roof deck, covered parking space
Outcome: sold for $330,000
Agents: Jack Atherton & Sherryl Jones

Isthmus east

Royal Oak

14 Campbell Rd, unit 5:
Features: 2-bedroom unit, garage
Outcome: passed in, back on market at $779,000
Agent: Sylvia Lu

Isthmus west

Herne Bay

105 Jervois Rd, unit 3B:
Features: 185m² including balcony, 2-bedroom apartment, 2 bathrooms, study, double garage, storage locker
Outcome: passed in
Agents: George Damiris & Carl Madsen

Mt Roskill

1542 Dominion Rd Extension, unit 4:
Features: 2-bedroom unit, basement, double internal-access garage
Outcome: sold for $690,500
Agents: Kam & Yogesh Dahya

Sandringham

1 Begbie Place, unit 2:
Features: 2-bedroom unit, offstreet parking
Outcome: no bid
Agent: Paresh Patel

Three Kings

4 McCullough Avenue:
Features: 440m² section, 2-bedroom duplex unit + one-bedroom sleepout, bathroom in each unit, carport
Outcome: passed in, back on market at $859,000
Agent: Qi Li

Related story today: All 3 apartments passed in

Attribution: Auctions.

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Leaks & slow market count against apartment sale

An apartment in the Westmount – one of the earlier ventures into city fringe intensification in the mid-1990s, now with an expensive remediation programme – was passed in at Ray White City Apartments’ auction today after 2 low bids, a vendor bid and a $1000 raise on that.

Auctioneer Ted Ingram wanted $50,000 raises to get near a saleable price and lifted the bidding to $200,000 with a vendor bid, before closing on the $1000 raise.

Passing the unit in with no further offers in sight, he commented: “These people want to sell their property, they don’t want to give it away.”

But, like so many who have found they own a leaky building, these owners face a hefty levy, over $263,000 levied a week ago, for their share of an $11 million remediation bill.

They’re also in a market which Chinese investors have almost completely abandoned and where banks are tightening their credit criteria, including increasing the minimum size of apartment they’re likely to lend on.

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Uptown

Westmount, 23 Upper Queen St, unit 4F:
Features: 89m², 2 bedrooms, 2 bathrooms, parking space
Outgoings: rates $1474/year including gst; body corp levy $6396/year
Income assessment: $550/week current, appraisal $630-680/week furnished
Outcome: passed in at $201,000
Agents: Damian Piggin & Daniel Horrobin

Attribution: Auction.

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All 3 apartments passed in

Only one of the 3 apartments auctioned at Barfoot & Thompson today attracted a bid, and it was eventually passed in too.

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Albert St

Quay West, 8 Albert St, unit 1705:
Features: 74m², one bedroom, balcony, secure parking space
Outgoings: body corp levy $7104/year + gst (total $8170)
Outcome: passed in at $695,000
Agent: Lily Zhang

Learning Quarter

Darlinghurst, 50 Eden Crescent, unit 1C:
Features: 54m², one-bedroom corner apartment, 3m ceilings, balcony, secure storage locker
Outgoings: body corp levy $4182/year
Outcome: no bid
Agent: Grace Dong

Victoria Quarter

Fiore 2, 168 Hobson St, unit 406:
Features: 67m², 2 bedrooms, 2 bathrooms, balcony
Outgoings: rates $1952/year including gst; body corp levy $3265/year
Income assessment: $680/week current, fixed until 28 February
Outcome: no bid
Agents: Stephen Shin & Yasu Ka

Attribution: Auction.

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Kitchener St studio & Luna apartment sell

Both apartments auctioned at Bayleys’ city office today were sold under the hammer, one across the street from Albert Park and the other in Luna, between the motorway & Khyber Pass Rd.

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Kitchener St

Kitchener St Studios, 22 Kitchener St, unit 2D:
Features: studio, basement storage, 75% seismic rating
Outcome: sold for $495,000
Agents: Julie Prince & Diane Jackson

Isthmus east

Grafton

Luna, 16 Burton St, unit 5N:
Features: 2 bedrooms, 2 bathrooms, deck, secure basement parking space
Outgoings: rates $1661/year including gst
Outcome: sold for $355,000
Agents: Dave Hamlyn & Wendy Nichols

Attribution: Auction documents.

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Updated: Empire unit goes well over declared reserve

Published 30 August 2017, updated 2 September:
A unit in the Empire apartment building on Whitaker Place (pictured) was sold $40,000 above the $100,000 declared reserve at Bayleys’ auction on Wednesday.

2 other apartments were passed in, but the first of these, in Portland Tower on Queen St, was sold post-auction and the second, in the Hopetoun Residences off Karangahape Rd, is under contract.

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Learning Quarter

Empire, 23 Whitaker Place, unit 514:
Features: 3 bedrooms; the body corporate has brought proceedings against Downer EDI Ltd, the developer & builder of the Empire apartments, relying on the watertightness guarantee and has settled another claim; the unit has a deed of lease agreement with Theta Management Ltd (John Chen) and the lease has been extended to 20 April 2026
Outgoings: rates $1214/year including gst; body corp levy $4708/year
Outcome: declared reserve $100,000 + gst, sold for $140,000 + gst
Agents: Dave Hamlyn & Wendy Nichols

Queen St

Updated: Portland Tower, 62 Queen St, unit 12B:
Features: one bedroom, deck, managed by hotel
Outgoings: rates $3995/year including gst; body corp levy $6436/year
Outcome: passed in at $188,000, sold post-auction for $195,000
Agents: Dave Hamlyn & Marcus Fava

Uptown

Updated: Hopetoun Residences, 15 Hopetoun St, unit 7D:
Features: 2 bedrooms, 2 bathrooms, 2.7m stud height, parking space, storage room
Outgoings: body corp levy $6156/year
Outcome: no bid, post-auction under contract
Agents: Trent Quinton & Julie Prince

Attribution: Auction documents.

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Slow, but a 61% success rate at auctions

Image above: The Oxford on Mount St – one apartment sold, one passed in.

It took auctioneer Murray Smith 30 minutes & much twiddling of his thumbs this morning before he banged his hammer down for the sale of one apartment. Next up, there were 3 bidders and a sale ensued in a few minutes.

In 5 sessions this week, auctioneers at Barfoot & Thompson’s city office put through 41 residential properties, 16 of them which I categorise as intensive (apartments, townhouses, suburban units – I wasn’t at all sessions and don’t know if any others were cross-leased).

A year ago, that would have been the throughput on a Wednesday or Thursday morning, so volume is well down.

But the sales ratio under the hammer this week was strong – 25 sold out of 41 homes offered, a 61% success rate. For the intensives, 9 sold out of 16 offered, a 56% success rate.

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Albert St

Quay West, 8 Albert St, unit 1202:
Features: 74m², one-bedroom apartment, balcony, parking space
Outcome: sold for $695,000
Agents: Cici & Miro Wang

Commerce/Gore

HarbourCity, 16 Gore St, unit 28I:
Features: 38m², one-bedroom apartment
Outgoings: body corp levy $2851/year, $5099 special levy for leaks remediation
Outcome: sold for $279,000
Agent: Jason Buckwell

Federal St

207 Federal St, unit 506:
Features: 61m², 2-bedroom apartment, balcony
Outcome: sold for $536,000 at auction brought forward
Agents: Cici & Miro Wang

Learning Quarter

Celestion, 19 Anzac Avenue, unit 1002:
Features: 55m² apartment including balcony, 2 bedrooms
Outgoings: body corp levy $4536/year
Outcome: sold for $535,000
Agents: Zoran Farac & Leo Shin

Oxford, 13-15 Mount St, unit 4H:
Features: 34m² studio, deck
Outgoings: body corp levy $2147/year
Outcome: sold for $290,000
Agents: Leo & Stephen Shin

Oxford, 13 Mount St, unit 13F:
Features: 42m², one-bedroom apartment
Income assessment: $360/week current
Outcome: passed in
Agent: Yuyu Cao

Victoria Quarter

Marina Park, 146 Fanshawe St, unit 12:
Features: one-bedroom apartment, garage
Outcome: withdrawn from auction
Agents: Bella Stefano & Sherry Shao

Waterfront

Princes Wharf, 137 Quay St, unit 10:
Features: leasehold, 57m², one-bedroom apartment, balcony
Outgoings: 5-yearly ground rent review has been replaced with a fixed annual increase of 3% or CPI, whichever is greater
Outcome: no bid, back on market at $228,000
Agent: Anah Jordan

Isthmus east

Ellerslie

178A Ladies Mile:
Features: 3-bedroom standalone townhouse, deck, carport
Outcome: passed in at $730,000
Agents: Anna Stephens-Brown

Epsom

22 Rangiatea Rd, unit 3:
Features: 98m², 2-bedroom unit, garage, storage, 2-year-old roof, ceiling insulated
Outcome: passed in at $880,000
Agent: Helen Lam

Mt Wellington

51 Ireland Rd, unit 41:
Features: 2-bedroom terrace, study, carport, in gated complex
Outcome: passed in at $480,000, back on market at $560,000
Agent: Kevin Liu

Panmure

10B Allenby Rd:
Features: 2-bedroom upstairs end unit, garage, storage
Outcome: no bid
Agents: George Fong & Paul Sun

Parnell

28C Stanwell St:
Features: 2-bedroom garden apartment, 2 bathrooms, study, courtyard, 2 parking spaces
Outcome: sold for $775,000
Agent: Cindy Yu

St Johns

35 Simkin Avenue, unit 2:
Features: 2-bedroom unit, carport, basement workshop
Outcome: passed in, back on market at $698,000
Agent: May Long

Isthmus west

Mt Eden

14 Lovelock Avenue, unit 10:
Features: 2-bedroom apartment, balcony, parking space
Outcome: sold for $640,000
Agent: Prasanna Kumar & Aaron Julian

Waterview

1510 Great North Rd, unit 15:
Features: 88m², 3-bedroom apartment, 2 bathrooms, parking space, newly reclad & code compliance certificate issued in January
Outcome: sold for $380,000
Agents: David Dowse & Susie Calderwood

North-west

Henderson

16 Buscomb Avenue:
Features: 1033m² site, 3-bedroom house + 2 separate 2-bedroom units, all redecorated, new kitchens & bathrooms; house has basement garage, carport, storage; units have their own entrance from Sel Peacock Avenue, offstreet parking; zoned terrace housing & apartments
Outcome: sold for $1.771 million
Agent: Jim Murray

Attribution: Auctions, auction documents.

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