One (pictured) of 2 leasehold townhouses on Ngati Whatua o Orakei land at the foot of Parnell (the former railway land in Quay Park) was sold under the hammer at Ray White City Apartments’ auction today, but the second townhouse nearby was passed in with only a vendor bid.
The next 3 apartments and a Kingsland villa + sleepout were all passed in.
The next ground lease review for the passed-in townhouse is set down for 2 August.
Auctioneer Ted Ingram has argued many a time – and did so again today – that leasehold units at Quay Park can be good value, and shouldn’t be treated with the scepticism they’re accorded by many in the property market.
With a ground lease review imminent, the question for buyers – and current owners – is what change will occur to the land value, on which the ground lease is based. The Ngati Whatua leases are set at 6% of land value – which, for past reviews, has resulted in complicated negotiations over what that land value might be.
Barclay Suites, 74 Albert St, unit 402:
Features: one bedroom
Outgoings: rates $4795/year including gst (commercial rates to be converted to residential soon); body corp levy $3439/year
Income assessment: $500-550/week
Outcome: passed in at $410,000
Agent: Ron Yang
Summit on Symonds, 103 Symonds St, unit 206:
Features: 69m², 2 bedrooms, 2 bathrooms, secure parking space
Outgoings: rates $2212/year including gst; body corp levy $4104/year
Income assessment: owner-occupied; appraisal $700-750/week furnished
Outcome: passed in at $560,000
Agent: Damian Piggin
39 Dovedale Place:
Features: leasehold, 106m² townhouse, 3 bedrooms, 2 bathrooms, internal access garage; reclad and new code compliance certificate issued
Outgoings: rates $1838/year including gst; body corp levy $9008/year, including $6974 ground rent – next ground lease review set for 2 August
Income assessment: $700/week current, appraisal $780-820/week unfurnished
Outcome: vendor bid at $300,000, passed in
Agents: May Ma & Mark Li
5 Sudbury Terrace:
Features: leasehold, 106m² terrace, 3 bedrooms, 2 bathrooms, secure covered parking space; remedial works completed and new code compliance certificate issued
Outgoings: rates $1864/year including gst; body corp levy $8081/year, including $6408 ground rent
Income assessment: $750/week current
Outcome: sold for $300,000
Agents: Dominic Worthington & Ady Huang
Citta, 184 Symonds St, unit 417:
Features: 30m² penthouse-level studio, secure tandem basement parking, storage locker
Outgoings: rates $1012/year including gst; body corp levy $3880/year
Income assessment: $360/week, fixed until 30 October
Outcome: passed in at $320,000
Agent: Keisha Gutierrez
62 Second Avenue:
Features: 463m² section, 126m² villa + sleepout, 5 bedrooms, 3 bathrooms
Outgoings: rates $3698/year including gst
Outcome: no bid
Agents: Zarlane & Bernie Grubisic