Tag Archives | City Sales

2 apartments sell at City Sales auction

An apartment in The Peaks on Victoria St (pictured) was sold under the hammer at City Sales today, and one in the Harvard on Hobson St was sold shortly after the auction. An Eden Terrace unit was passed in.

CBD

Victoria Quarter

Harvard, 147 Hobson St, unit 3I:
Features: 37m², 2 bedrooms
Outgoings: rates $1101/year including gst; body corp levy $4003/year
Outcome: passed in at $342,500, sold shortly after auction for $345,000
Agents: Habeeb Urrahman & Steve Kirk

The Peaks, 117 Victoria St West, unit 5B:
Features: 145m², 3 bedrooms, 2 bathrooms, wraparound deck, storage locker, parking space
Outgoings: rates $2292/year including gst; body corp levy $7153/year
Outcome: sold for $1.14 million
Agent: Iona Rodrigues

Isthmus west

Eden Terrace

Virginia, 43 Virginia Avenue East, unit 203:
Features: 48m², 2 bedrooms, deck, parking space
Outgoings: rates $1232/year including gst; body corp levy $4458/year
Income assessment: $475-500/week
Outcome: passed in at $460,000
Agent: Trisha Shanaghan

Attribution: Auction.

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Heritage Grand & Citta units sell

A Heritage Grand Tower studio was sold under the hammer at City Sales’ auction yesterday, and a Citta studio (building pictured) with parking space was sold before the auction for $48,000 more than it went for in December.

A large unit in The Mews on Basque Rd, Eden Terrace,with remediation work almost complete, was passed in, and 2 leasehold units in Q Central, at the top of Queen St, were also passed in.

CBD

Uptown

Q Central, 26 Liverpool St, unit 2B:
Features: leasehold, 65m², 2 bedrooms, deck, tandem lockup garage
Outgoings: rates $1341/year including gst; body corp levy $3642/year, ground rent $6893/year
Outcome: passed in at $135,000
Agents: Maryanne Wong

Q Central, 34 Liverpool St, unit 6B:
Features: leasehold, 70m², 2 bedrooms, deck, storage locker, 2 parking spaces
Outgoings: rates $1341/year including gst; body corp levy $4907/year, ground rent $8808
Income assessment: $600-650/week
Outcome: passed in at $120,000
Agents: Kristine Snore

Victoria Quarter

Heritage Grand Tower, 22 Nelson St, unit 315:
Features: 37m² studio including deck
Outgoings: rates $1063/year including gst; body corp levy $3734/year
Outcome: sold for $268,000
Agents: Iona Rodrigues

Isthmus east

Grafton

Citta, 186 Symonds St, unit 302:
Features: 36m² studio, parking space
Outgoings: rates $1093/year including gst; body corp levy $3143/year
Outcome: sold in December for $320,000, sold prior for $368,000
Agents: Steve Kirk & Habeeb Urrahman

Isthmus west

Eden Terrace

The Mews, 8 Basque Rd, unit 7/4C:
Features: 122m² including deck, 2 bedrooms, 2 bathrooms, tandem parking; remediation project almost completed, final repair costs not yet known, code compliance certificate still to be issued
Outgoings: rates $1030/year including gst; body corp levy $5126/year
Outcome: passed in at $790,000
Agents: Trisha Shanaghan

Attribution: Auction.

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Sales start to flow post-auction

City Sales had an unsuccessful hour in the auctionroom on Wednesday as all 6 apartments were passed in, but by the end of the afternoon had 2 sold conditionally and offers had been made on 2 more.

The 2 conditional sales were at the Zest on Nelson St and The Point on the Viaduct Basin.

The Point unit was taken to market by the receiver & manager of owner Glenys Treweek’s affairs, Tom Rodewald of Tauranga, appointed on 30 March. The apartment has 3 mortgages over it, 2 registered last year and the third registered on Monday to the owner of another unit in the building.

Ms Treweek was crowned Miss New Zealand in 1970, and in recent years was involved in property investment & the thoroughbred industry. Her partner, longtime property investor & stud owner Michael Tololi, was bankrupt from 2010-13 after creditors turned down his debt-compromise offer of $300,000 to have been paid over time on $40.3 million of debt. Ms Treweek was a director of Karaka companies Karaka Group Ltd, Stony Bridge Thoroughbreds Ltd & Twin Pines Thoroughbreds Ltd.

CBD

Quay Park

Grand Central, 26 Te Taou Crescent, unit 109:
Features: leasehold, 34m², 2 bedrooms
Outgoings: rates $1101/year including gst; body corp levy $11,652/year including ground rent
Income assessment: $385/week current
Outcome: passed in at $49,000 (excluding gst)
Agents: Tom Faye

Uptown

Hereford Residences, 8-15 Hereford St, unit 11D:
Features: 84m², 2 bedrooms, 2 bathrooms, parking available from developer at $80,000/space
Income assessment: $750-800/week
Outcome: passed in at $825,000
Agents: Tom Faye & Anna Birkenhead

Victoria Quarter

Zest, 72 Nelson St, unit 228:
Features: 32m², 2 bedrooms, deck
Outgoings: rates $1037/year including gst; body corp levy $3197/year
Income assessment: $450-500/week
Outcome: passed in at $307,000, sold conditionally post-auction, price confidential
Agents: Steve Kirk & Habeeb Urrahman

Waterfront

The Point, 121 Customs St, unit 415:
Features: leasehold, 92m², 2 bedrooms, 2 bathrooms, 24m² deck, 2 parking spaces
Outgoings: rates $3584/year including gst; body corp opex levy $9606/year, ground rent $14,079/year
Income assessment: $1100/week
Outcome: passed in at $910,000, sold post-auction conditional on vendor consent, price confidential
Agents: Gabrielle Hoffmann & Nicola Hunt

Isthmus west

Eden Terrace

Memphis, 11 Charlotte St, unit GI:
Features: 47m², one bedroom, deck, storage locker, parking space
Outgoings: rates $1169/year including gst; body corp levy $3153/year
Income assessment: $450-500/week
Outcome: passed in at $450,000
Agents: Steve Kirk & Habeeb Urrahman

North-west

New Lynn

10 Crown Lynn Place, unit 3L:
Features: 28m² studio; unallocated parking is available on the property
Outgoings: rates $853/year including gst; body corp levy $2320/year
Income assessment: $280/week
Outcome: passed in at $90,000
Agents: Trish Shanaghan

Attribution: Auction.

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Nelson St studio passed in

The one apartment auctioned at City Sales today, a studio in the Heritage Grand Towers, was passed in.

CBD

Victoria Quarter

Heritage Grand Tower, 22 Nelson St, unit 1016:
Features: 31m² studio, in hotel lease until 31 March 2018
Outgoings: rates $2252/year including gst; body corp levy $4629/year
Outcome: bid at $205,000, vendor bid at $215,000, passed in
Agents: Lucy Piatov & Chris Bell

Attribution: Auction.

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2 units sell at City Sales

A unit in Forte and one of 2 leasehold apartments at Quay Park, at 8 on Quay (pictured), were sold under the hammer at City Sales’ auction yesterday. Auction of a fourth unit in Eden Terrace was postponed.

CBD

Learning Quarter

Forte, 37 Symonds St, unit 809:
Features: 46m², 2 bedrooms, deck
Outgoings: rates $1316/year including gst; body corp levy $4087/year
Outcome: sold for $420,000
Agents: Chris Bell & Lucy Piatov

Quay Park

Scene 2, 18 Beach Rd, unit 504:
Features: leasehold, 90m², 3 bedrooms, 2 bathrooms, deck, storage locker, parking space
Outgoings: rates $1671/year including gst; body corp levy $4509/year, ground rent $6215/year
Outcome: passed in at $210,000
Agents: Tania Toparea

8 on Quay, 8 Quay St, unit 14A:
Features: leasehold, 91m², 2 bedrooms, 2 bathrooms, deck, 2 parking spaces
Outgoings: rates $1623/year including gst; body corp levy $4260/year, ground rent $9994/year with review in August 2018
Income assessment: $580/week current
Outcome: sold for $122,000
Agents: Gabrielle Hoffmann & Nicola Hunt

Isthmus west

Eden Terrace

Charlotte Mews, 40 Charlotte St, unit 1B:
Features: 88m², 2 bedrooms, 2 decks, parking space
Outgoings: rates $1564/year including gst; body corp levy $2724/year
Income assessment: $500/week current
Outcome: auction postponed
Agents: Elena Tarasova

Attribution: Auction.

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Precinct & Hargreaves apartments sell

Both apartments auctioned at Ray White City Apartments today sold under the hammer – one near the top of the 34-storey Precinct tower on Lorne St (pictured) and the other overlooking Victoria Park from Hargreaves St.

CBD

Lorne St

Precinct, 6 Lorne St, unit 2804:
Features: 80m², 2 bedrooms, both with ensuite, 24m² of balconies, secure basement parking space
Outgoings: rates $2558/year including gst; body corp levy $8830/year
Income assessment: $900-950/week furnished
Outcome: sold for $1.3 million
Agents: Judi & Michelle Yurak

Isthmus west

St Marys Bay

Hargreaves, 21 Hargreaves St, unit 4F:
Features: 90m², 2 bedrooms, 2 bathrooms, covered balcony, 2 secure parking spaces, in the final stages of a comprehensive maintenance programme
Outgoings: rates $1802/year including gst; body corp levy $9179/year
Income assessment: $550/week current
Outcome: sold for $500,000
Agents: Ron Yang, Damian Piggin & Daniel Horrobin

Attribution: Auction.

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City Sales sells commercial unit & apartment at auction

Apartment specialist City Sales was in the unusual position of taking a commercial unit to auction yesterday, and sold it after strong bidding.

The unit is at Victoria Square, in the cbd fringe commercial district down towards Victoria Park.

Back on the agency’s conventional side, it sold a Harvard apartment on Hobson St but didn’t attract a bid on the other apartment on offer, in Grey Lynn.

Apartments

CBD

Victoria Quarter

Harvard, 147 Hobson St, unit 3C:
Features: 37m², 2 bedrooms
Outgoings: rates $1101/year including gst; body corp levy $3499/year after 10% discount
Income assessment: over $500/week
Outcome: sold for $353,000
Agents: Steve Kirk & Habeeb Urrahman

Isthmus west

Grey Lynn

15 Scanlan St, unit B1:
Features: 100m², 2 bedrooms, deck, double garage
Outgoings: rates $2096/year including gst; body corp levy $3243/year
Outcome: no bid, back on market at $789,000
Agents: Lucy Piatov & Chris Bell

Commercial

CBD

Victoria Quarter

Victoria Square, 196 Victoria St West, unit 1:
Features: 60m² commercial unit occupied by a nail bar, parking space
Outgoings paid by tenant: rates $3728/year including gst; body corp levy $1879/year
Income assessment: $29,250/year net + gst
Outcome: sold for $450,000 + gst
Agent: Tom Faye

Attribution: Agency.

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George Court unit sells, then all quiet

City Sales’ apartments auction started well yesterday, with the sale of a unit in the George Court building on Karangahape Rd (pictured) at over $8800/m². Then things went quiet, 2 of the remaining 5 units on offer were passed in on the sole bid of the vendor and only a few bids were made on the remaining 3.

CBD

Queen St

Portland Tower, 62-64 Queen St, unit 6C:
Features: 41m², one bedroom, 6m² deck
Outgoings: rates $1139/year including gst; body corp levy $5720/year
Outcome: passed in at $490,000
Agents: Steve Kirk & Habeeb Urrahman

Uptown

George Courts, 238 Karangahape Rd, unit 3H:
Features: 68m², one bedroom, parking space
Outgoings: rates $1734/year including gst; body corp levy $5924/year
Outcome: sold for $601,000
Agents: Gabrielle Hoffmann & Nicola Hunt

City Zone, 11 Liverpool St, unit 17K (door 1701):
Features: 45m², 2 bedrooms, deck
Outgoings: rates $1177/year including gst; body corp levy $3331/year
Outcome: passed in at $370,000
Agents: Steve Kirk & Habeeb Urrahman

Victoria Quarter

Aura, 53 Cook St, unit 310:
Features: 49m², 2 bedrooms, deck
Outgoings: rates $1113/year including gst; body corp levy $3685/year
Outcome: passed in at $380,000
Agents: Steve Kirk & Habeeb Urrahman

Waterfront

Lighter Quay, 83 Halsey St, unit 407:
Features: leasehold, 49m², one bedroom, deck
Outgoings: rates $1722/year including gst; body corp levy $2293/year, ground rent $3619/year, residents’ society levy $2312/year
Outcome: passed in after sole bid from vendor at $150,000
Agents: Gabrielle Hoffmann

Isthmus east

Mt Wellington

Ellerslie Court, 3A Harrison Rd, unit 1:
Features: 42m², one bedroom, deck, parking space
Outgoings: rates $1080/year including gst; body corp levy $2977/year
Outcome: passed in after sole bid from vendor at $300,000
Agents: Chris Bell & Lucy Piatov

Attribution: Auction.

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Random numbers aren’t proper at auctions, are they?

When you see the results of auctions, the sale prices almost invariably end with 3 zeroes. Imagine, then, a bid of a seemingly random number which even the bidder looked like having trouble remembering. And raises of just $4, followed by one of $112.

This unusual auction played out at City Sales yesterday on the fifth of 6 apartments on the auction list, the second unit in the 96 on Symonds building (pictured above) to be offered on the day.

Bidders had struggled from an opening price of $195,000 for the 2-bedroom unit to $220,000, when auctioneer Kim Spark declared it was on the market. A woman, who’d been pushing a pram back & forth before holding her young child in her arms, offered a small raise which Mr Spark didn’t want to accept.

And so began the series of unusual bids, starting with an increase from $220,000 to $222,379. Sales agent Tina Bartlett, with a buyer on the phone, countered by doing the normal rounded bid to $223,000. Back came the woman with the child, offering $223,157, which Ms Bartlett raised to $223,161.

Occasionally there were what you might call regular bids, zeroed off.

Mr Spark maintained his cool and did better than many auctioneers at rattling off odd numbers, but the room wasn’t cool. Bidders don’t pick numbers out of thin air. Ms Bartlett was clearly frustrated.

An auction can take a long time by rising in $1000 or $500 steps and nobody will be too concerned. But odd numbers? Not the same.

I enjoyed the moment for the exercise in tactics, and because somebody dared to step outside convention. That convention has a reserve price set but not disclosed – and possibly reset if all is not going well – and it doesn’t really matter what the bids are up to that point so long as the auctioneer sees progress, although auctioneers generally try to keep proceedings under control with large-figure steps at first.

The other part of the convention is that, although raises may be very small once a property is declared on the market, mostly they’re rounded. And, mostly, that seems to be for the benefit of the auctioneer, even though they normally have somebody alongside writing the bids down.

The unusual bidding on this apartment took the price up just $20,000 before the woman with the child dropped out. The phone bidder had persevered and won. There was a sense of relief around the room, frazzled onlookers could relax. The woman who came second headed for the lift, having got her child to sleep while upsetting everybody else’s equilibrium.

The other unit at 96 on Symonds on the auction list was passed in, 2 of the other 4 units on the list were sold under the hammer and a Shed 23 apartment on Princes Wharf was sold shortly after the auction.

CBD

Learning Quarter

96 on Symonds, 96 Symonds St, unit 406:
Features: 41m², 2 bedrooms, deck
Outgoings: rates $1189/year including gst; body corp levy $4030/year
Income assessment: in management agreement, currently $480/week
Outcome: sold for $240,000
Agents: Tina Bartlett

96 on Symonds, 96 Symonds St, unit 708:
Features: 45m², 2 bedrooms, deck, storage locker, parking space
Outgoings: rates $1341/year including gst; body corp levy $5385/year
Outcome: passed in at $425,000
Agents: Iona Rodrigues

Oakwood, 81 Wakefield St, unit 6B:
Features: 29m², fully furnished studio, deck
Outgoings: rates $999/year including gst; body corp levy $4080/year
Income assessment: $400/week current
Outcome: sold for $275,000
Agents: Steve Kirk & Habeeb Urrahman

Waterfront

Princes Wharf, 145 Quay St, shed 23, unit 65:
Features: leasehold, 108m², 2 bedrooms, 2 bathrooms, deck, parking space under long-term carpark licence
Outgoings: rates $2545/year including gst; body corp opex levy $16,942/year including gst, ground rent $25,241/year including gst
Outcome: passed in after sole vendor bid of $250,000, sold post-auction for an undisclosed price
Agents: Tina Bartlett & Tricia Carlson

Isthmus west

Eden Terrace

Fleetwood, 19-35 Fleet St, unit C6:
Features: 86m², 2 bedrooms, 17m² deck, parking space; new code compliance certificate issued in 2016
Outgoings: rates $1549/year including gst; body corp levy $3689/year
Income assessment: $620-680/week
Outcome: passed in at $530,000
Agents: Tina Bartlett

Grey Lynn

One on Ophir, 1 Ophir St, unit 3B:
Features: 65m², 2 bedrooms, 2 bathrooms, deck, parking space
Outgoings: rates $1524/year including gst; body corp levy $4520/year
Income assessment: appraisal $650/week
Outcome: sold for $600,000
Agents: Anna Birkenhead

Attribution: Auction.

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New auctionroom isn’t supported by first results

A new auctionroom (one floor up, same building at 445 Karangahape Rd) and a large crowd in for City Sales’ first auction of the year didn’t help with the results. All 4 apartments on offer were passed in.

For the last of them, a leasehold unit on Princes Wharf, auctioneer Kim Spark was looking for bids over $400,000 and was hardly impressed with offers of $110,000 & $150,000. It took 6 bids to reach his preferred starting range and the apartment was passed in at $415,000.

Before that, 2 units in the Citta building at the corner of Symonds St & Khyber Pass Rd and one in the Prince Albert on Albert St attracted only a handful of bids between them.

CBD

Albert St

Prince Albert, 41 Albert St, unit 2F:
Features: 85m², 2 bedrooms, 1½ bathrooms, deck, parking space
Outgoings: rates $1544/year including gst for unit, $906 for parking; body corp levy $8175/year for unit, $337 for parking
Outcome: passed in after bid at $450,000 vendor raise to $475,000
Agents: Tania Toparea

Waterfront

Princes Wharf, 143 Quay St, shed 24, unit 34:
Features: leasehold, 119m², 2 bedrooms, 2 bathrooms, 55m² deck, parking lease option possible
Outgoings: rates $3648/year including gst; body corp levy $18,259/year opex, ground lease $15,327/year
Outcome: passed in at $415,000
Agents: Anna Birkenhead

Isthmus east

Grafton

Citta, 182-186 Symonds St, unit 315:
Features: 67m², 2 bedrooms, parking space
Outgoings: rates $1587/year including gst; body corp levy $4567/year
Outcome: passed in at $530,000
Agents: Lucy Piatov & Chris Bell

Citta, 182-186 Symonds St, unit 421:
Features: 28m² studio, parking space
Outgoings: rates $1017/year including gst; body corp levy $2514/year
Outcome: passed in at $312,000
Agents: Lucy Piatov & Chris Bell

Attribution: Auction.

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