Published 22 May 2019, updated 23 March 2019:
A unit in the Avoka apartments just off Karangahape Rd was passed in at City Sales’ auction on Wednesday but has been sold conditionally post-auction. The price was undisclosed.
In contrast, down in the former Northern Roller Mills building above Fort St, a Silo apartment was sold for about $12,000/m², assuming about $90,000 for the parking space.
Avoka owners received a report in April pricing a proposal to demolish & rebuild, but I understand that is unlikely to be pursued.
The Avoka apartment was passed in with bidding below the price for a city fringe parking space. Units in the building have sold at reduced prices over the last 2 years because of the extent of work needed to fix it, but this time – with the report written in April pricing demolition plus rebuild – it was offered on an “as is, where is” basis.
The report from quantity survey & project management firm Quantum Ltd put the “rough order of cost” at $17.5 million, excluding resource consent, insurance, professional fees & gst. The report identified structural, water damage & weathertightness issues.
Silo, 23 Emily Place, unit 8A:
Features: 35m², 1 bedroom, 2 balconies, parking space on separate title
Outgoings: rates $1304/year including gst, parking rates $155/year; body corp levy $4687/year including gst, parking levy $746/year with discount applied
Outcome: sold for $507,000
Agents: Scott Dunn & Ryan Codlin
Updated: Avoka, 31 Day St, unit 9B:
Features: 40m² + deck, 1 bedroom, parking space
Outgoings: rates $1110/year including gst; apartment body corp levy $9558 including gst for year to September 2019 (operating levy $3825, project levy $5733)
Outcome: passed in at $55,000, sold conditionally the next day
Agents: James Mairs & Maryanne Wong