Archive | CBD

3 apartments sell at City Sales auction

3 of the 6 apartments auction at City Sales yesterday were sold under the hammer – a leasehold unit in Hudson Brown, a large unit in the Mews in Eden Terrace and one of 2 units on offer in the Spencer on Byron, Takapuna. One Spencer on Byron unit with a parking space was passed in, one without parking was sold.

CBD

Kitchener St

Metropolis, 1 Courthouse Lane, unit 1415:
Features: 35m², one bedroom
Outgoings: rates $1214/year including gst; body corp levy $4074/year
Outcome: passed in at $385,000
Agents: Tricia Carlson

Quay Park

Hudson Brown, 57 Mahuhu Crescent, unit 216:
Features: leasehold, 68m², 2 bedrooms, parking space
Outgoings: rates $1513/year including gst; body corp levy $9415/year including $5434 ground rent
Outcome: sold for $243,000
Agent: Tony Kelly

Isthmus west

Eden Terrace

The Mews, 8 Basque Rd, unit 17:
Features: 111m², 3 bedrooms, 2 bathrooms, deck, 2 parking spaces
Outgoings: rates $1986/year including gst; body corp levy $4858/year
Outcome: sold for $1.05 million
Agents: Tanya Rotherham

Grey Lynn

Mediterranee, 10 Crummer Rd, unit 1D:
Features: 46m², 2 bedrooms, patio, parking space
Outgoings: rates $1311/year including gst; body corp levy $3176/year
Income assessment: $520/week current
Outcome: passed in at $460,000
Agents: Nicola Hunt & Gabrielle Hoffmann

North-east

Takapuna

Spencer on Byron, 9-17 Byron Avenue, unit 1709:
Features: 29m² studio, deck, parking space
Outgoings: rates $1048/year including gst; body corp levy $2286/year + gst
Outcome: passed in at $240,000 + gst
Agents: Gabrielle Hoffmann & Nicola Hunt

Spencer on Byron, 9-17 Byron Avenue, unit 1802:
Features: 29m² studio, deck
Outgoings: rates $1009/year including gst; body corp levy $2115/year + gst
Outcome: sold for $220,000 + gst
Agents: Gabrielle Hoffmann & Nicola Hunt

Attribution: Auction.

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Augusta fund sells NZ Post building

A Hong Kong-based investor has bought the NZ Post building on Victoria St West, the fourth property in Augusta Capital Ltd’s Value-Add Fund No 1 to be sold.

2 retail premises in the conversion of 396 Queen St and the Viaduct Point apartment complex were also sold by Bayleys agents.

CBD

Queen St

396 Queen St, unit 19:
Features: new 18m² shop, only one remaining for sale on Mayoral Drive frontage of building, located alongside the lobby entrance of the 255-room Four Points by Sheraton Hotel being constructed in the former office tower; fully serviced with power & gas, marble flooring & lighting; Russell Property Group Ltd bought the 19-level office tower a year ago to convert it
Outcome: sold vacant for $280,000
Agent: Millie Liang

Victoria Quarter

151 Victoria St West:
Features: 1741m² site on the corner of Hardinge St, 5-level, 4777m² commercial premises, 75 parking spaces; fully leased to NZ Post Ltd until 2022 although it no longer uses all the building; fourth property to sell from Augusta’s Value-Add Fund No 1, bought by a Hong Kong-based investor
Outcome: sold for $30 million at a 5.93% yield
Agents: Beterly Pan & James Chan

Waterfront

125 Customs St, unit 111:
Features: 110m² leasehold retail unit plus one basement parking space on ground level of Viaduct Point apartment complex, occupied by the same superette operator since 2003; current 8-year lease from April 2013, with one 6-year right of renewal
Rent: $44,133/year net + gst; tenant pays all outgoings, including ground rent payments
Outcome: sold for $467,000 at a 9.45% yield
Agents: Quinn Ngo & Matt Lee

Earlier story:
14 November 2016: Russell to convert 396 Queen St to hotel

Attribution: Agency release.

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Section’s potential becomes more of an issue in residential market

As more of Auckland’s unitary plan has become operative this year, awareness has grown of the changes in residential land potential, and therefore potential value.

Real estate agencies will frequently list properties for auction which may/may not have a house on site, but will be promoted for their development potential rather than the value of those existing improvements.

Sale based on that potential redeveloped value means there will be a steady supply of sites throughout suburbia gaining consents for intensification – perhaps 4 townhouses where there was once a single house. In some areas aggregation of sites may make sense, such as in or near a shopping centre, to enable development of apartments.

The drawback is that we are a nation of close to zero experience of apartment living until the 1990s, unlike Australia, where the 3-floor walkup (no lift required if you kept development below 4 levels) became commonplace in Sydney, in particular.

New Zealand’s one experiment in suburban intensification was the “sausage block” of brick & tile units – flats, usually only on ground level but sometimes with a second layer.

They differ from central city apartments in that they generally have some parking provision, and their construction isn’t nearly as expensive as multi-level apartment blocks. Remedial requirements may be confined to the affected unit/s, rather than being spread across multiple owners as happens in apartment blocks.

Pricing will dictate that the trend to intensification continues, offering a choice between more travel & having closer neighbours.

In my auction reports over the last couple of years I’ve paid particular attention to apartment sales because they’re as much an investment product as a home. Standalone houses, on the other hand, have been more an owner-occupier product, with investors holding under 30% of stock until the onslaught over the last 5 years by foreign investors looking for assets they can quickly convert cash into. That onslaught (not all foreign, but at prices boosted by foreign investors looking for quick conversion) has helped lift the investor holding in housing stock closer to 40%.

Now, with intensification of land use likely to spread and become more widely accepted as a norm, residential land prices will become more significant.

Intensification will be priced in – as a general rule – thereby also pushing the prices of standalone homes up, although there’s a lull at the moment after heavy overbuying by foreign investors, speculators, and the least powerful investors of all, first-homebuyers.

Auction results

At Bayleys’ residential auctions around Auckland last week, 3 properties were sold for their land potential, including one a couple of sections back from the water at Whitianga.

CBD

Uptown

8 Scotia Place, unit 7F:
Features: one-bedroom apartment, parking space; remedial issues, start date set
Outcome: auction postponed
Agents: Marcus Fava

Isthmus east

Glendowie

2 Navarre Rd:
Features: 802m² corner site, zoned residential mixed housing urban, existing house a 3-bedroom 1950s bungalow
Outcome: sold for $1.566 million at $1953/m²
Agents: Dean Markle & Jill Murphy

Mt Wellington

19 Ferndale Rd:
Features: 2 bedrooms, double garage
Outcome: sold for $708,000
Agents: Richard Griffin & Pheon Hung

Parnell

27 St Stephens Avenue, unit 3:
Features: 1057m² section, 138m² 3-bedroom townhouse, 2 bathrooms, deck, courtyard, double internal-access garage
Outgoings: rates $3100/year including gst
Outcome: sold for $1 million
Agent: Fleur Denning

North-west

Te Atatu Peninsula

5 Peachgrove Rd:
Features: 809m² flat site, zoned terrace housing & apartment, 3-bedroom house
Outcome: sold for $1.115 million at $1378/m² land
Agents: Tina Tang & Ryan Steven

South of the Bombays

Whitianga

4 Marlin St:
Features: vacant 579m² section near beach
Outcome: sold for $420,000 at $725/m²
Agents: Bev Calder & Sheree Henderson

Attribution: Agency release, my comments.

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One sale out of 7 apartments auctioned, another sold post-auction

Published 1 December 2017, updated 4 December 2017:
One apartment sold, 6 were passed in (only one without a bid) and one was withdrawn from Ray White City Apartments’ auction on Thursday. 3 of the unsold properties had remediation issues.

Post-auction, a second apartment in the Soho Lofts between Queen & High Sts has been sold substantially above the pass-in figure. The building doesn’t yet have a code compliance certificate, although most remedial works have been completed.

CBD

High St

Updated: Soho Lofts, 55 High St, unit 4A:
Features: 59m², one bedroom
Outgoings: rates $1279/year including gst; body corp levy $2985/year, remediation still underway
Income assessment: $400/week until July 2018, appraisal $480-500/week
Outcome: passed in at $405,000, sold post-auction for $480,000
Agents: Josh Muriwai & Liz McCarthy

Learning Quarter

Wakefield Apartments, 18 Wakefield St, unit 2C:
Features: 2 bedrooms, 2 bathrooms, parking space
Outcome: auction cancelled
Agents: May Ma & Mark Li

Quay Park

The Docks, 2 Dockside Lane, unit 306:
Features: terminating leasehold, 150 years from 1996, ground rent reviewed every 7 years, next review November 2018; 60m², 2 bedrooms, 2 bathrooms, parking space; defects discovered, remediation plan underway
Outgoings: rates $1617/year including gst; body corp levy $9009/year including $3513/year ground rent
Income assessment: $650/week current
Outcome: passed in at $210,000
Agents: Dominic Worthington & Ady Huang

Hudson Brown, 57 Mahuhu Crescent, unit 401:
Features: leasehold, next ground rent review November 2018; 38m², one bedroom, deck, secure covered parking space
Outgoings: rates $1448/year including gst; body corp levy $7009/year including ground rent
Income assessment: $460/week current
Outcome: passed in at $110,000
Agent: Dominic Worthington

Victoria Quarter

Altitude, 34 Kingston St, unit 1B:
Features: 40m², 2 bedrooms
Outgoings: rates $1071/year including gst; body corp levy $3447/year
Income assessment: $460-480/week furnished
Outcome: passed in at $310,000
Agents: Adam Gurr

Zest, 72 Nelson St, unit 209:
Features: 36m², furnished 2 bedrooms
Outgoings: rates $1149/year including gst; body corp levy $3070/year
Income assessment: $400/week current, rising to $420/week on 13 December
Outcome: passed in at $305,000
Agents: Michelle & Judi Yurak

Zest, 72 Nelson St, unit 312:
Features: 40m², 2 bedrooms, balcony
Outgoings: rates $1162/year including gst; body corp levy $3306/year
Income assessment: $480-520/week furnished
Outcome: sold for $365,000
Agents: Michelle & Judi Yurak

Beaumont, 220 Victoria St West, unit 2B:
Features: 90m², one bedroom, parking space; auctioneer Ted Ingram said a remediation claim was made in 2008 but no proceedings were ever filed; however another owner said the claim was ongoing; with no bid, Mr Ingra commented: “You’ve probably achieved the result you’re after”
Outgoings: rates $1687/year including gst; body corp levy $6539/year
Income assessment: $650-700/week furnished
Outcome: no bid
Agents: Damian Piggin & Daniel Horrobin

Attribution: Auction.

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14 of 36 intensive homes sell through auction

14 intensive homes sold in the auctionroom or shortly after, out of 36 offered at Barfoot & Thompson’s city office in 6 sessions from Tuesday-Thursday this week.

They were a mix of cbd & suburban apartments, suburban units & townhouses, and some cross-leases (I ignore standalone homes not on cross-lease sections, and also didn’t manage to check for cross-leases at every auction session).

Many were passed in without a bid offered, and were back on the market soon after with a price stipulated.

Image above: The Ivory, Conrad Properties’ new apartment development just off the new university campus on the former Lion Nathan brewery site on Khyber Pass Rd, and back from Newmarket Broadway – the new style of suburban intensive living.

CBD

Learning Quarter

Seaview, 4 Short St, unit 7A:
Features: 143m², 3 bedrooms, 2 bathrooms, deck, parking space; vendor to pay roof repair levy in full
Outgoings: body corp levy $8542/year
Outcome: passed in at $700,000, back on market at $968,000
Agents: Annie Xu & Sean Zhang

Sapphire Apartments, 76 Wakefield St, unit 307:
Features: 33m², one bedroom apartment
Outgoings: rates $1110/year including gst; body corp levy $2270/year after 10% discount
Income assessment: $380/week
Outcome: sold for $338,000
Agents: Annie Xu & Sean Zhang

Sapphire Apartments, 76 Wakefield St, unit 610:
Features: 60m², 2-bedroom apartment
Outgoings: rates $1435/year including gst; body corp levy $4340/year
Outcome: passed in at $485,000
Agents: Stephen Shin & Zoran Farac

Uptown

Q Central, 58 Liverpool St, unit 6D:
Features: leasehold, 2-bedroom penthouse loft
Outgoings: rates $1436/year including gst; body corp opex levy $3727/year, ground rent $8049/year
Income assessment: $600-640/week
Outcome: sold for $127,000
Agents: Stephen & Leo Shin

Victoria Quarter

Heritage Tower, 22 Nelson St, unit 1119:
Features: air-conditioned one bedroom, covered parking space, out of hotel pool, remedial work on building is underway
Outgoings: rates $/year including gst; body corp levy $/year
Income assessment: $/week
Outcome: no bid, back on market at $435,000
Agents: Alexander Kramarenko & Luke Shi

Zest, 72 Nelson St, unit 512:
Features: 2-bedroom apartment
Outcome: withdrawn from auction
Agent: James Yu

Isthmus east

Ellerslie

43 Celtic Crescent, unit 4:
Features: 2-bedroom unit, carport
Outcome: sold post-auction
Agent: Michelle Mi

Epsom

8 Bowling Avenue, unit 2:
Features: 72m², 2-bedroom unit, garage
Outcome: sold for $836,000
Agents: Mike Pedersen

87 Buckley Rd:
Features: cross-lease, half share in 1012m², 3-bedroom house, double garage
Outcome: sold post-auction
Agents: Paul Hodgman

Ivory, 10 Lion Place, unit 403:
Features: 65m² including balcony, 2-bedroom apartment, 2 bathrooms
Outcome: sold for $745,000
Agent: Cici Wang

44 St Andrews Rd, unit 8:
Features: studio
Outcome: sold for $388,000
Agent: Leonie Stabler

Meadowbank

128A St Johns Rd, unit 2:
Features: 2-bedroom unit, conservatory, double carport
Outcome: sold for $820,000
Agents: Kathy Bower & Julie Fitzpatrick

Mt Wellington

27 Stanhope Rd:
Features: cross-lease, half share in 809m², 3 bedrooms, garage
Outcome: sold for $927,000
Agent: Melody Lowe

Newmarket

Queen’s Lodge, 176 Broadway, unit B409:
Features: 2-bedroom apartment, 2 bathrooms, parking space
Outcome: passed in
Agents: Amy Ho & Jonas Ho

One Tree Hill

2 Ewenson Avenue, unit 4:
Features: cross-lease, 1/7 share in 1510m², 2 bedrooms, balcony, carport
Outcome: passed in at $500,000, back on market at $605,000
Agent: Robin Liu

41 Tawhiri Rd, unit 4:
Features: 2-bedroom unit, parking space
Outcome: sold for $755,000
Agent: Wendy Sadd

Parnell

Freemont Towers, 11 Freemont St, unit 13:
Features: 1960s apartment block, 50m², one bedroom, offstreet parking
Outcome: sold for $660,000
Agent: Ian Griffiths

Mayfair, 75 Parnell Rd, unit 12A:
Features: 62m², one-bedroom apartment
Outgoings: body corp levy $5901/year
Outcome: no bid
Agent: Melody Lowe

21 York St:
Features: m², 3-bedroom terrace, study, balcony, conservatory, offstreet parking
Outcome: no bid, back on market at $1.85 million
Agent: Bobby McMillan

Remuera

82D Clonbern Rd:
Features: cross-lease, 5/56 share in 4799m², 2-level townhouse, 3 bedrooms, study, double carport
Outcome: passed in at $1.1 million
Agents: Min Kim

731D Remuera Rd:
Features: 3-bedroom townhouse, 2 bathrooms, study, double internal-access garage
Outcome: no bid, back on market at $880,000
Agent: Alex Baker

Royal Oak

49 Turama Rd, unit 4:
Features: 2-bedroom 1970s brick & tile unit, internal-access garage
Outcome: passed in
Agents: James Yu & Danny Upton

St Heliers

10 Maxine Place, unit 3:
Features: 3-bedroom unit, 2 bathrooms, garage
Outcome: passed in
Agent: Bob Gordon

7 Walmsley Rd, unit 2:
Features: 130m² townhouse, 3 bedrooms, garage
Outcome: no bid, back on market at $1.289 million
Agents: Kelly Midwood & Hamish Hargrave

Isthmus west

Avondale

16 Highbury Avenue, unit 5:
Features: 2-bedroom 1960s unit
Outcome: passed in, back n market at $585,000
Agents: Anna Lechtchinski & Alex Wu

Blockhouse Bay

143 Donovan St:
Features: cross-lease, half share in 1020m², 3-bedroom house, carport
Outcome: no bid, back on market at $939,000
Agent: Kris Jamieson

Eden Terrace

Viscount, 33D(R) New North Rd:
Features: 110m², 2-level, 2-bedroom terraced apartment
Outcome: withdrawn from auction
Agent: Sue Saywell

Grey Lynn

497 Great North Rd:
Features: 3-level 4-bedroom terrace, 2 bathrooms
Outcome: sold post-auction
Agents: Cristina Casares

Mt Albert

22 5th Avenue, unit 4:
Features: cross-lease, quarter share in 1147m², 2-bedroom unit, carport
Outcome: sold for $715,000
Agents: Wendy Sadd & Michele Ballinger

65 Woodward Rd, unit 5:
Features: 2 bedrooms, carport
Outcome: sold for $718,000
Agents: Christine Wooding & Joanne Yu

Mt Eden

277 Mt Eden Rd, unit 3:
Features: cross-lease, 1/10 share in 1120m², 66m² 2-bedroom unit, garage
Outgoings: body corp levy $5000/year
Income assessment: $480/week, fixed until 30 December
Outcome: no bid, back on market at $695,000
Agents: Annie Xu & Sean Zhang

573C Mt Eden Rd:
Features: 243m² section, 209m², 4 bedrooms, 3 bathrooms, double garage
Outcome: no bid
Agents: Ricky Fan & Joyce Gu

584 Mt Eden Rd:
Features: 575m² section, 348m², 2-level townhouse, 5 bedrooms, 3 bathrooms, double internal-access garage
Outcome: passed in at $2.9 million
Agent: Helen Lam

Waterview

1594 Great North Rd, unit 2:
Features: cross-lease, quarter share in 1196m², 3-bedroom unit, garage
Outcome: no bid
Agent: Elvira Abdrazakova

North-west

New Lynn

6 Islington Avenue, unit 2:
Features: 184m², 4-bedroom duplex townhouse, 3 bathrooms, tandem internal-access garage (one space turned into a gym)
Outcome: no bid
Agents: Aken Yuan & Michelle Zhou

South

Mangere Bridge

16D Coronation Rd:
Features: 3-bedroom 1970s brick & tile unit, garage
Outcome: no bid
Agents: Danny Upton & James Yu

Attribution: Auctions.

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Updated: 3 sell out of 10-apartment offering, 4th sells shortly after

Published 24 November 2017, updated 28 November 2017:
3 of the 10 apartments & suburban units auctioned at Ray White City Apartments on 23 November sold under the hammer. A fourth, in the Soho Lofts, was sold shortly after the auction.

CBD

High St

Updated: Soho Lofts, 55 High St, unit 6A:
Features: 196m², 2 bedrooms, study, 2 bathrooms, 2 parking spaces in separate building, 155 Queen St
Outgoings: rates $2435/year including gst for apartment, $1356 & $769/year for parking; body corp levy $8815/year for apartment, $1482/year including gst for each parking space; vendor indemnified buyer against liability for any outstanding remediation work, to finalise code compliance certificate & for any further litigation costs
Outcome: passed in after bids up to $1.185 million, closing with vendor bid at $1.25 million; a sale was concluded later in the day at $1.25 million
Agents: Josh Muriwai & Liz McCarthy

Learning Quarter

Celestion, 19 Anzac Avenue, unit 1402:
Features: 50m², furnished 2 bedrooms, 10m² balcony
Outgoings: rates $1448/year including gst; body corp levy $4725/year
Income assessment: vacant – outside hotel lease
Outcome: passed in at $496,000
Agents: Michelle & Judi Yurak

96 on Symonds, 96 Symonds St, unit 502:
Features: 45m², fully furnished 3 bedrooms
Outgoings: rates $1201/year including gst; body corp levy $4783/year
Income assessment: $650/week fixed until March – out of apartment management pool; appraisal $650-680/week
Outcome: sold for $501,000
Agents: May Ma & Mark Li

Uptown

Nova en Scotia, 18 Scotia Place, unit 9G;
Features: 51m², 2 bedrooms, secure parking space & storage locker
Outgoings: rates $1513/year including gst; body corp levy $4953/year
Income assessment: vacant – appraisal $470-500/week in present condition, $500-550/week renovated
Outcome: sold for $542,500
Agents: Mitch Agnew & Ryan Bridgman

Victoria Quarter

Sugartree Centro, 145 Nelson St, unit 801:
Features: 42m², one bedroom, 4.6m² balcony
Outgoings: body corp levy $2375/year
Income assessment: $480-520/week furnished
Outcome: no bid
Agents: Lisa Zhang

Isthmus east

Epsom

Ivory, 10 Lion Place, unit 201:
Features: 103m², 3 bedrooms, 2 bathrooms, balcony, 2 secure basement parking spaces, 2 storage units
Outgoings: body corp levy $4172/year
Outcome: sold for $1.386 million
Agents: Tanya Kwasza & Andrea Manni

Parnell

Stonemason’s House, 27 Falcon St, unit 3C:
Features: 53m², one bedroom, mini Juliette balconies
Outgoings: rates $1633/year including gst; body corp levy $3291/year
Outcome: passed in at $420,000
Agents: Tanya Kwasza & Andrea Manni

Isthmus west

Eden Terrace

43 Virginia Avenue East, unit 104:
Features: 61m², fully furnished 2 bedrooms, deck, secure basement parking space
Outgoings: rates $1246/year including gst; body corp levy $4195/year
Income assessment: $500/week, fixed until September 2018, appraisal $500-550/week furnished
Outcome: passed in at $350,000
Agents: May Ma & Mark Li

Sandringham

10 Begbie Place, unit 7:
Features: cross-lease, 1/8 share in 1310m², 44m² unit, one bedroom
Outgoings: rates $1451/year including gst
Income assessment: $315/week unfurnished
Outcome: vendor bid at $300,000, passed in at $301,000
Agents: Dusan Valenta & Adele Keane

North-west

Te Atatu South

59 Royal View Rd, unit 2:
Features: 3 bedrooms, garage
Outgoings: rates $1723/year including gst
Outcome: offered on “as is, where is” basis, passed in at $605,000
Agents: Zarlane & Bernie Grubisic

Attribution: Auction.

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Updated: One apartment out of 6 sells, Sugartree deals follow

Published 17 November 2017, updated 27 November 2017
Just one of the 6 apartments auctioned at Ray White City Apartments on 16 November was sold under the hammer. Within a week, however, the 2 units in Sugartree’s Centro block were both sold (one conditionally).

The one initial sale, of a unit in the Spencer on Byron in Takapuna where there are remediation expenses, followed a contest between 4 bidders.

There were also multiple bidders for the 2 units in stage 2 of the Sugartree development at the top of Nelson St, Centro, on the western edge of the cbd, where off-the-plan buyers took ownership last month. However, bidding on both petered out short of the reserve.

CBD

Learning Quarter

The Quadrant, 10 Waterloo Quadrant, unit 1906:
Features: 32m², one bedroom
Outgoings: rates $1237/year including gst; body corp levy $3930/year
Income assessment: $420-440/week furnished
Outcome: passed in after bid at $290,000 & vendor raise to $350,000
Agents: May Ma & Mark Li

Victoria Quarter

Updated: Sugartree Centro, 145 Nelson St, unit 202:
Features: 56m² internal, 4m² balcony, one bedroom + flexi room, secure covered parking space, storage locker
Outgoings: rates to be confirmed; body corp levy $2766/year
Income assessment: $550-600/week furnished
Outcome: passed in at $500,000, sold conditionally post-auction for $525,000
Agents: Dominic Worthington & Ady Huang

Updated: Sugartree Centro, 145 Nelson St, unit 706:
Features: 53m² internal, 5m² balcony, one bedroom, study
Outgoings: rates to be confirmed; body corp levy $2671/year
Income assessment: $530-580/week furnished
Outcome: passed in at $480,000, sold post-auction for $510,000
Agent: Lisa Zhang

Isthmus west

Mt Eden

66 Mt Eden Rd:
Features: 130m², 4 bedrooms, 2 bathrooms, 2 parking spaces
Outgoings: rates $2946/year including gst; body corp levy $5968/year
Income assessment: $950-1050/week furnished
Outcome: passed in at $750,000
Agents: Dusan Valenta & Adele Keane

St Lukes

Tremont Apartments, 4 Wagener Place, unit 110:
Features: 130m², 3 bedrooms, 2 bathrooms, 2 parking spaces
Outgoings: rates $2207/year including gst; body corp levy $6728/year, plus $5382 for building investigation & legal levies relating to leaks; the vendor agreed to assign its rights & causes of action to the buyer
Income assessment: $750/week furnished
Outcome: passed in at $250,000
Agents: Dusan Valenta & Adele Keane

North-east

Takapuna

Spencer on Byron, 9-17 Byron Avenue, unit 1106:
Features: 48m², fully furnished one bedroom, double balcony
Outgoings: rates $1178/year including gst; body corp levy $3140/year, the vendor has assigned any recovery from remediation legal action to the buyer and the unit has been sold on an “as is, where is” basis
Outcome: sold for $275,000
Agents: James Mairs & Gillian Gibson

Attribution: Auction.

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2 Luna units & waterfront sub-penthouse among apartment sales

2 apartments in the Luna building off Khyber Pass, undergoing remediation, were among 9 apartments & units sold either under the hammer or pre-auction by Bayleys this week.

At the expensive end of the market, a sub-penthouse on Quay St opposite the ferry terminal sold for about $10,000/m² net of parking, which actually makes it cheap compared to some of the new developments coming on stream, which have cost buyers off the plans about $12,000/m².

CBD

Uptown

Scotia Tower, 8 Scotia Place, unit 4D:
Features: fully furnished one-bedroom apartment, parking space
Outcome: sold prior for $141,459
Agent: Marcus Fava

Waterfront

152O Quay St:
Features: 253m² full floor including common area (lift foyer & stairwell landing), 3-bedroom sub-penthouse, 3 bathrooms, 2 living rooms, parking space
Outgoings: rates $5019/year including gst; body corp levy $25,158/year
Outcome: sold for $2.7 million
Agents: Gary & Vicki Wallace

Isthmus east

Grafton

Luna, 16 Burton St, unit 2C:
Features: studio, balcony, parking space, remediation works identified
Outgoings: rates $1129/year including gst
Outcome: sold for $170,000
Agents: Wendy Nichols & Dave Hamlyn

Luna, 16 Burton St, unit 4P:
Features: 2-bedroom apartment, 2 bathrooms, parking space, remediation works identified
Outgoings: rates $1661/year including gst
Outcome: sold for $320,000
Agents: Wendy Nichols & Dave Hamlyn

Parnell

13 Cheshire St, unit 409:
Features: 68m² internal, 10m² deck, 2-bedroom apartment, 2 bathrooms, loggia, parking space
Outcome: sold for $800,000
Agents: Peter Tanner & Robyn Clark

Royal Oak

38 Campbell Rd, unit 2:
Features: insulated 2-bedroom unit, internal-access garage
Outcome: sold for $780,000
Agent: John Procter

26 Mt Smart Rd, unit 5:
Features: 2-bedroom unit, parking space
Outgoings: rates $1957/year including gst
Outcome: sold for $720,000
Agents: Cheryl Regan & Harry Cheng

South

Howick

63B Rodney St:
Features: 3-bedroom townhouse, 2 bathrooms, underfloor heating, 2 heat pumps, central vacuum, double glazing, double internal-access garage
Outcome: sold prior for $1.05 million
Agents: Leanne Shepherd & Michael Chi

South of the Bombays

Whitianga

8, 1B/103 The Esplanade:
Features: 3-bedroom apartment, 2 bathrooms, 2 parking spaces
Outcome: sold for $381,000
Agents: Bev Calder & Sheree Henderson

Attribution: Agency release.

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Warehouse sells at auction, but intensive residential sector mired in “no bids”

An Onehunga warehouse sale started Barfoot & Thompson’s regular weekly commercial & apartments auction on a strong footing yesterday, but the entire residential auction market has been much weaker for months.

The apartments segment of the Thursday morning auction saw 2 of the 7 cbd apartments sold under the hammer, one of them a certainty in an auction brought forward.

Over 2 days, of the 26 intensive residential properties I logged (including cross-leases at only one of 3 auction sessions), 7 were sold at auction and one shortly after. 8 attracted no bid, and 2 were withdrawn from auction.

The intensive segment of the market covers a wide spread of homes, from apartments in the city centre to houses on cross-leased sites in suburbia. The steadiest part of that market is the supply of traditional brick & tile suburban units, on either ground level or one up, usually with the parking that many apartments don’t offer, and with less likelihood of the horrendous costs incurred in remediation when leaks are discovered.

Commercial

Isthmus east

Onehunga

126 Captain Springs Rd:
Features: 1012m² site zoned heavy industrial, 402m² warehouse & office  
Outcome: sold for $1.353 million
Agents: James Marshall & Nick Wilson

Apartments

CBD

Federal St

18 Federal St, unit 2F:
Features: fully furnished one-bedroom apartment
Outgoings: body corp levy $3004/year
Outcome: passed in at $375,000
Agents: Elizabeth Khosravi & Hamid Farid

Learning Quarter

8 Airedale St, unit 202:
Features: one-bedroom apartment, balcony
Outgoings: body corp levy $1679/year
Income assessment: $300/week until 16 January
Outcome: no bid
Agent: Annie Xu

Silo, 23 Emily Place, unit 4C:
Features: one-bedroom apartment, balcony
Outgoings: body corp levy $2990/year, parking $829/year
Outcome: pre-auction offer $310,000 acceptable, sold for $320,000
Agents: Stephen Shin & Yasu Ka

Sapphire, 76 Wakefield St, unit 412:
Features: studio
Outgoings: body corp levy $1867/year
Income assessment: $300/week, fixed until February
Outcome: passed in at $202,000
Agents: Selina Zheng & Tommy Zhang

6 Whitaker Place, unit 11A:
Features: 85m², 2-bedroom apartment, 2 parking spaces, 2 storage lockers
Outgoings: body corp levy $8183/year
Income assessment: $650/week current, parking $65/week
Outcome: no bid
Agent: Sam Yang

38A Whitaker Place:
Features: 200m²-plus, 3-bedroom whole-floor penthouse apartment, 2 bathrooms, office, 3 balconies, 3 parking spaces, storage
Outgoings: body corp levy $14,035/year
Outcome: sold post-auction on an “as is, where is” basis
Agents: Carl Madsen & George Damiris

Uptown

132 Vincent St, unit 1F:
Features: 2-bedroom apartment, balcony, secure parking space
Outgoings: body corp levy $5605/year + $595/year for parking
Income assessment: $590/week fixed until April
Outcome: passed in at $675,000
Agent: Betty Shao

Victoria Quarter

Fiore, 152 Hobson St, unit 1206:
Features: 2-bedroom apartment, deck, parking space, storage locker
Outgoings: body corp levy $5235/year
Outcome: sold for $820,000
Agents: Selina Zheng & Tommy Zhang

Isthmus east

Ellerslie

10A Wilkinson Rd, unit 10:
Features: 2-bedroom unit
Outcome: withdrawn from auction
Agents: Rain Diao & Patsy Chen

Greenlane

18 Nolan Rd, unit 6:
Features: cross-lease, 1/7 share in 2567m², 3-bedroom home, 2 bathrooms, double garage
Outcome: sold for $1.305 million
Agents: Maria Lambert & Ann Mushet

Meadowbank

2 Cruickshank Crescent:
Features: cross-lease, half share in 764m² section, 2-bedroom duplex, carport
Outcome: passed in
Agents: John Yang & Sidney Chan

Onehunga

9 Clarke Rd, unit 1:
Features: 2-bedroom unit, carport
Outcome: sold for $738,000
Agent: Paul Hodgman

One Tree Hill

64 Rawhiti Rd, unit 6:
Features: 2-bedroom unit, internal access garage, storage
Outcome: passed in
Agents: Helen Lam & Wendy Sadd

89 Rawhiti Rd, unit 4:
Features: 3-bedroom unit, garage
Outcome: no bid, back on market at $1.195 million
Agent: Paul Hodgman

Remuera

Broadway Park, Ascot, 8 Middleton Rd, unit 202:
Features: 164m², 3-bedroom apartment, 2 bathrooms, patio, double garage, storage locker
Outgoings: body corp levy $8428/year
Outcome: no bid
Agent: Shirley Shen

St Heliers

Raeburn Court, 1 Cliff Rd, unit 2:
Features: 2-bedroom apartment, carport
Outcome: passed in
Agents: Wendy Sadd & Michele Ballinger

Raeburn Court, 1 Cliff Rd, unit 5:
Features: 2-bedroom garden apartment, carport
Outcome: no bid, back on market at $1.225 million
Agent: Karin Cooper

Isthmus west

Blockhouse Bay

7 Heaphy St, unit 2:
Features: cross-lease, 1/3 share in 1533m², 3-bedroom house, 2 bathrooms, internal-access double garage
Outcome: sold for $1.09 million
Agents: William & Simon MacLean

Freemans Bay

46C Beresford St:
Features: 3-level 3-bedroom townhouse, study, balcony, double garage
Outgoings: rates $2295/year including gst; body corp levy $2905/year
Outcome: no bid, back on market at $1.048 million
Agent: Shawn Shao

Grey Lynn

19 Maxwell Avenue:
Features: cross-lease, half share in 788m², 4-bedroom house, 2 bathrooms, offstreet parking
Outcome: passed in
Agents: Matt O’Rourke & Ryan Harding

Hillsborough

81 Hendry Avenue:
Features: cross-lease, half share in 898m², 5-bedroom house, 3 bathrooms, basement garage + offstreet parking
Outcome: no bid
Agent: Kelly Zhang

Mt Albert

71 Asquith Avenue, unit 1:
Features: 2-bedroom unit, carport
Outcome: passed in, back on market at $679,000
Agent: Kevin Liu

1 Hendon Avenue, unit 1:
Features: 3-bedroom unit, garage
Outcome: withdrawn from auction
Agent: Lily Wang

St Lukes

47 St Lukes Rd, unit 1:
Features: 2-bedroom unit, garage
Outcome: sold for $630,000
Agents: Scott Larsen & Fiona Ryan

Three Kings

14 Clinker St:
Features: cross-lease, half share in 1014m², 116m² 3-bedroom house, basement garage
Outcome: sold for $822,000
Agent: Cheryl Martin

North-east

Hillcrest

7A Almadale Place:
Features: cross-lease, half share in 908m², 3-bedroom house, double carport
Outcome: no bid, back on market at $859,000
Agent: Cheryl Martin

Attribution: Auctions & auction documents.

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Grand Chancellor apartment sells

A unit in the Grand Chancellor apartment building – the first freehold residences across the road from the leasehold Viaduct precinct – was sold at Impression Real Estate’s auction yesterday.

CBD

Victoria Quarter

Hotel Grand Chancellor, 1 Hobson St, unit 507:
Features: 100m², air-conditioned 3 bedrooms, 2 bathrooms, parking space, storage locker
Outgoings: rates $2033/year including gst; body corp levy $9940/year
Outcome: sold for $975,000
Agents: Lucy Piatov & Chris Bell

Attribution: Auction.

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