A retail area on the ground floor of the Ramada Albany hotel & serviced apartments didn’t attract a bid at Barfoot & Thompson Commercial’s auction in Takapuna yesterday, but negotiations with investors are continuing.
Ramada Albany, 1 Kaipiho Lane, unit G08:
Features: 119m² retail area including patio, on ground floor of hotel which has 66 serviced apartments; next to the Albany park & ride; neighbouring apartment block OKLA is nearing completion, with 90% of the 117 apartments sold
Rent: $48,500/year net + gst, 6-year lease, final expiry March 2032
Outcome: no bid, but negotiations continuing
Agent: Brian Paulin