From a $1 first bid, the price for a unit in the Scene 3 apartments on the fringe of the Auckland cbd just kept climbing at auction today – for another 39 bids.
At 30 bids it was on the market, with the price at $57,500. The remaining 2 prospective buyers kept the battle going for 10 more bids, and a sale at $65,000.
The leasehold unit (not unit-titled) on the cbd’s eastern fringe was the first property on the day’s auction list at Ray White City Apartments.
Apart from the unusual ownership structure, the building doesn’t have any major afflictions such as leaky building syndrome, common in many other Auckland apartment developments.
Ngati Whatua o Orakei owns the land under the Scenes 1, 2 & 3 buildings, and developer Tony Gapes put in place a lease structure for each, to 3 companies owned by him & Chong Du Cheng, standing between the ground lease & the ultimate lessors, the owners of the individual units.
The intervening lease over the whole of the Scene 3 building was bought from development company Scene No 3 Ltd by Paul Doole, who’s developing the Antipodean apartments on the other side of Beach Rd.
The owners of this unit have just under $22,000/year of expenses to clear, with the August 2018 third 7-yearly review of the ground lease still to be finalised.
After the hyper-activity of that sale, a Takapuna apartment received only one bid but the third property on offer, in H47 on Hobson St in the cbd, went close to a sale before also being passed in.
Scene 3, 30 Beach Rd, unit 1011:
Features: leasehold, not unit-titled, 81m² including balconies, 2 bedrooms, tandem parking, storage locker
Outgoings: rates $1963/year including gst; management fee $6666/year, ground rent $13,277/year + gst (still under review)
Income assessment: $625/week current
Outcome: sold for $65,500
Agents: Ady Huang & Dominic Worthington
H47, 47 Hobson St, unit 305:
Features: 50m², 1 bedroom, balcony
Outgoings: rates $1381/year including gst; body corp levy $3847/year including gst
Outcome: passed in at $410,000 – owner indicated $420,000 would buy it
Agents: Mitch Agnew & Ryan Bridgman
Maison, 16 Huron St, unit 101:
Features: 115m² including balcony, 3 bedrooms, 2 bathrooms, 2 parking spaces, storage locker
Outgoings: rates $2762/year including gst; body corp levy $8283/year including gst
Outcome: passed in on sole bid of $900,000
Agent: Krister Samuel