Archive | Isthmus west

Bayleys apartment action slow

Bayleys sold 2 northern beach properties under the hammer at its auction yesterday, but action in the apartment sector was slow.

A beach house at 10 Kokopu St, Omaha, sold for $1.575 million and another at 6 Breve St, Mangawhai Heads, sold for $1.125 million.

A new unit in the Hereford Residences just down from the transforming Karangahape Rd received no bid, a cross-leased unit in Mt Albert was passed in, a Glen Eden townhouse was withdrawn from the auction list and put back on the market with a price tag, and the receiver’s auction of a Parnell townhouse was postponed  fortnight.

CBD

Uptown

Hereford Residences, 8 Hereford St, unit 814:
Features: 130m² internal, 20m² covered balcony, 2 bedrooms, 2 bathrooms, 2 lounges, 2 parking spaces
Outgoings: body corp levy $5082/year
Outcome: no bid
Agents: Julie & Ellie Prince

Isthmus east

Parnell

Fox Terrace Apartments, 5-7 Fox St, unit 13:
Features: 135m², 3-level standalone townhouse, 2 bedrooms, 2 bathrooms, 2 parking spaces, ground-floor courtyard, rooftop terrace, in leaky complex which has settled with council
Outcome: taken to market by receiver, auction postponed to Wednesday 2 August
Agent: Chris Reeves

Isthmus west

Mt Albert

825 New North Rd, unit 9:
Features: cross-lease, 1/10 share in 1088m², 2-bedroom unit, parking space
Outcome: passed in at $430,000
Agents: Summer Sun

North-west

Glen Eden

94 Glengarry Rd, unit 19:
Features: 2-level 2-bedroom townhouse, deck, parking space
Income assessment: $390/week appraisal
Outcome: withdrawn from auction, back on market at $478,000
Agents: Christopher Valladares & Michelle Hicks

Attribution: Auction.

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3 suburban units sell

3 of the 5 suburban units & cross-leased homes auctioned at Barfoot & Thompson yesterday were sold under the hammer or shortly after.

Isthmus east

Epsom

7A Atherton Rd:
Features: cross-leased terrace, quarter share in 1384m², 4 bedrooms, deck, internal-access garage
Outcome: sold for $1.505 million
Agents: George Fong & Laura McAuley

15C Cornwall Park Avenue:
Features: cross-lease, 1/3 share in 1275m², 5 bedrooms, pool
Outcome: passed in
Agents: Ann Lepper & James Gai

Isthmus west

Mt Eden

24A Marlborough St:
Features: cross-lease, half share in 698m², 3 bedrooms, deck, offstreet parking
Outcome: passed in at $930,000
Agents: Matt O’Rourke & Ryan Harding

North-west

New Lynn

100 Portage Rd, unit 3:
Features: 2-bedroom unit, garage
Outcome: sold shortly after auction, price not disclosed
Agents: Richard Han & Barry He

South

Manurewa

60 Coxhead Rd:
Features: cross-lease, half share in 1148m², 3-bedroom bungalow, deck, sleepout
Outcome: sold for $520,000
Agent: Repeka Lelaulu

Attribution: Auctions.

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Auction results, and a market assessment

Amid the noise over a decline in residential sales, it’s important to establish where that’s happening and in what types of market.

In Auckland, it was not at all surprising that a steep rise in prices should be followed by a decline, while Reserve Bank measures tightening borrowing have forced a further decline through the inability to borrow, and the absence of Chinese borrowers this year – compared to auctionrooms last year that were filled with Chinese buyers who appeared to have no limits – has taken further steam out.

The auction results presented below are from Barfoot & Thompson’s cbd apartments auction yesterday – 2 units, one sold – and from residential auctions on Tuesday & Wednesday.

Of the total 13 properties listed below, 8 sold, but the selection I’ve focused on is presented for the geographical mix as much as for the housing type.

Now that Auckland Council’s unitary plan is almost entirely in place, the real estate world has begun presenting more properties for their redevelopment potential, and many of those with such potential at lower prices are in isthmus fringe areas such as Point England & Glen Innes to the east, Mt Roskill & Mt Albert to the west. Unlike the regional fringes where new subdivisions are being developed – on the Hibiscus Coast to the north, across the top of the harbour to the west, and in a number of districts through old Papakura & Franklin to the south – these ones are close to the city centre, within 10km compared to beyond 25km or 40km.

On the isthmus, a house that was once in a bad neighbourhood can now command a price tag above $1 million, and all it’s done is age. Bad neighbourhoods could be defined as having a high state housing ratio, low-decile incomes, large families squeezed into small homes, poorer construction materials, and a general lack of foliage on sections and in streetscapes.

Those new price tags will force the old families out, and little is being created for them to move to. Those price rises in the bad neighbourhoods will also help lift already-soaring prices in the good neighbourhoods – the leafy areas of the eastern suburbs, for example.

Much of the entry-level housing is in cross-leased houses or mostly old brick-&-tile units. The prices for those can be as high as a modern product such as a 3-year-old GJ Gardner home (one in Mt Albert is listed below).

CBD

Learning Quarter:

Forte, 37 Symonds St, unit 505:
Features: 2-bedroom apartment, 2 bathrooms, deck
Outgoings: rates $1253/year including gst; body corp levy $3634/year
Outcome: sold for $540,000
Agents: Justin Choi & Zoran Farac

Longview, 6 Whitaker Place, unit 4D:
Features: 55m², one-bedroom apartment, deck
Outgoings: rates $1278/year including gst; body corp levy $3996/year
Outcome: no bid
Agents: Justin Choi & Stephen Shin

Isthmus east

Ellerslie

50 Amy St, unit 9:
Features: 3-storey townhouse, 3 bedrooms, carport
Outcome: sold for $785,000
Agent: Karin de Leeuw

Epsom

10 Orakau Avenue, unit 2:
Features: 2-bedroom townhouse, internal-access garage
Outcome: sold for $1.32 million
Agents: John Zhang & Louissa Bao

Glen Innes

52 Taniwha St:
Features: 837m² section, 3 bedrooms, study, garage, 4 offstreet parking spaces – in redeveloping Wai O Taiki Bay area bordering Glendowie, zoned mixed housing suburban
Outcome: sold for $1.09 million
Agents: Paul Neshausen & Sam Bowen

Mt Wellington

13A Wilkie Place:
Features: cross-lease, half share in 935m², 5-bedroom house – 3 bedrooms upstairs, separate & consented 2-bedroom flat downstairs with own entrance, carport, 2 offstreet parking spaces
Outcome: sold for $920,000
Agents: Jane Wang & Luke Shi

Stonefields

10 Robert Sale Rise:
Features: 354m² section, 235m² townhouse, 5 bedrooms, 3 bathrooms, 2 family rooms & separate lounge, double garage
Outcome: sold for $1.6 million
Agents: Frances Li & Ian Thornhill

Isthmus west

Mt Albert

60D Taylors Rd:
Features: 291m² section, 4-bedroom house, 3 bathrooms, family room, separate lounge, double internal–access garage, built 3 years ago by GJ Gardner
Outcome: sold for $1.36 million
Agents: Paul Donovan & Sharon Walls

Tremont Apartments, 4 Wagener Place, unit 409:
Features: top-floor apartment, 2 bedrooms, secure parking space
Outcome: passed in
Agents: George Fong & Laura Mc Auley

Mt Eden

706 Mt Eden Rd & 2A Watling St:
Features: 2 houses on 809m² corner section, each with own half-share cross-lease – 80m² 2-bedroom house on Mt Eden Rd, 140m² 3-bedroom house, double garage on Watling St
Income assessment: current rental expectation $1000-plus/week
Outcome: passed in when both offered together, no bid on Watling alone
Agents: Kelly Zhang & Hattie Liu

Mt Roskill

98 Melrose Rd, unit 3:
Features: 2-bedroom unit, carport
Outcome: no bid
Agents: Richard Han

North-west

Henderson

16 Matuhi Rise:
Features: 3-bedroom duplex, garage & workshop, carport, in-ground pool
Outcome: passed in, back on market at $649,000
Agents: Repeka Lelaulu & John Elgar

Te Atatu Peninsula

8 Celsmere Lane:
Features: renovated 2-bedroom house on 528m² section
Outcome: sold for $1.12 million
Agents: Angel Li & Louis Lai

Attribution: City apartments auction, auction documents.

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St Marys Bay & Otahuhu apartments sell

A St Marys Bay terrace and a renovated Otahuhu apartment were sold under the hammer at Bayleys’ auctions last week.

Isthmus east

Otahuhu

4 Marjorie Jayne Crescent, unit 3A:
Features: m², renovated 2-bedroom apartment, balcony, 3 parking spaces
Outgoings: rates $/year including gst; body corp levy $/year
Income assessment: $/week
Outcome: sold for $454,000
Agents: Cam Hayde, Caleb Rufer & Ellis Prince

Isthmus west

St Marys Bay

52 New St:
Features: m², 3-bedroom terrace, balcony, parking space
Outgoings: rates $/year including gst; body corp levy $/year
Income assessment: $/week
Outcome: sold for $1.325 million
Agent: Luke McCaw

Attribution: Agency release.

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Petrol station sells on 4.6% yield

A Ponsonby petrol station has been sold on a 4.6% yield and a Morningside warehouse has been leased by Colliers agents. In Christchurch, the agency has sold a Riccarton office building at auction.

Sales

Isthmus west

Ponsonby

47 Jervois Rd:
Features: 550m² unit title, BP petrol station
Outcome: sold for $2.285 million at a 4.6% yield
Agents: David Palmer & John Davies

South Island

Canterbury

Christchurch – Riccarton

15 Leslie Hills Drive:
Features: 832m² site, 354m², 2-storey office building, 9 parking spaces
Rent: $80,000/year net + gst + opex from renewed 2-year lease
Outcome: sold at auction for $902,500
Agents: Mark Macauley & Will Franks

Lease

Isthmus west

Morningside

18-20 Morningside Drive:
Features: 1600m² site, 1300m² warehouse owned by Metge Properties Ltd, 15 parking spaces, new long-term lease to Brownies Mattresses Ltd
Agents: Jonathan Lynch & Leroy Wolland

Attribution: Agency release.

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2 cbd apartments & 3 suburban units sell

2 of the 4 central area apartments auction at Barfoot & Thompson on Thursday were sold under the hammer.

Of 12 suburban intensive residential properties auctioned during the week, 3 were sold under the hammer. 4 new townhouses in a group in Mt Albert were all passed in.

CBD

Learning Quarter

Emily, 22 Emily Place, unit 5E (ex-Four Seasons):
Features: 118m², 3 bedrooms, balcony, in 8-storey art deco former office & warehouse building
Outcome: no bid
Agents: Leo Shin & Zoran Farac

Uptown

Amora, 100 Greys Avenue, unit 7F:
Features: one-bedroom hotel unit
Income assessment: management contracted until 2020, hotel pays the body corporate levies & council rates, annual CPI increase in income, owner has 4300 shares in the company, net income just under $9000/year
Outcome: sold for $215,000 at pre-auction on Friday
Agent: Mike Campbell

Victoria Quarter

Imperial Gardens, 135 Hobson St, unit 218:
Features: 2 bedrooms, storage locker, parking space
Outcome: no bid
Agents: Wendy Feng & Jack Li

SugarTree Prima, 27 Union St, unit 412:
Features: 75m², 2 bedrooms, 2 bathrooms, balcony, parking space
Outgoings: body corp levy $/year
Income assessment: $610/week unfurnished current
Outcome: sold for $695,000
Agent: Aaron Cook

Isthmus east

Ellerslie

14 Ballarat St, unit 1:
Features: 116m², 3-bedroom unit garage
Outcome: passed in, back on market at $698,000
Agents: Kelly Midwood

39 Celtic Crescent, unit 3:
Features: 3-bedroom unit, carport
Outcome: sold for $645,000
Agent: Steve Hood

Epsom

1 Epsom Avenue, unit 9:
Features: 3-bedroom unit, balcony, carport
Outcome: passed in, back on market at $765,000
Agents: George Fong & Paul Sun

Mt Wellington

8 Monaco Place:
Features: 364m² section, 2-bedroom duplex unit, internal-access garage
Outcome: sold for $739,500
Agents: Margaret Johnston & Phyllis Brooks

Newmarket

9 Sarawia St, unit 405:
Features: one-bedroom apartment, carport
Outcome: passed in
Agent: Ray Qu

Remuera

171A Portland Rd, unit 2:
Features: 1/6 share in cross-lease, 2-bedroom unit, carport
Outcome: sold for $724,000
Agent: Steve Hood

Isthmus west

Mt Albert

135 Mt Albert Rd, lot 1:
Features: 368m² section, 227m² floor area, 5.2m² balcony, 5 bedrooms, 3 bathrooms, 5.2m² balcony, double internal-access garage
Outcome: no bid
Agents: Jane Wang & Angela Qi

135 Mt Albert Rd, lot 2:
Features: 369m² section, 232m² floor area, 5 bedrooms, 3 bathrooms, 9.4m² balcony, double internal-access garage
Outcome: passed in
Agents: Jane Wang & Angela Qi

135 Mt Albert Rd, lot 3:
Features: 390m² section, 222m² floor area, 5 bedrooms, 3 bathrooms, 12m² balcony, double internal-access garage
Outcome: no bid
Agents: Jane Wang & Angela Qi

135 Mt Albert Rd, lot 4:
Features: 390m² section, 220m² floor area, 5 bedrooms, 3 bathrooms, 11.5m² balcony, double internal-access garage
Outcome: no bid
Agents: Jane Wang & Angela Qi

23A Malvern Rd, units 1, 2 & 3:
Features: 1171m² section, 3 2-bedroom flats fronting Fowlds Park, , each with a carport
Outcome: no bid
Agents: Ashley Tait & Lisa Te Brake

Mt Eden

23 Fairview Avenue, unit 8:
Features: one-bedroom flat, deck, carport
Outcome: passed in, back on market at $548,000
Agent: Kun Hong    

Attribution: Company release.

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2 sales out of 9 auctioned as views diverge on apartment & unit market direction

2 of the 6 cbd apartments and none of the 3 suburban units auctioned at Barfoot & Thompson yesterday sold under the hammer.

The wide margin between the top bids and subsequent pricing of unsold units indicates the divergence between vendor aspirations and the direction buyers think the market is moving in.

CBD

Albert St

Manhattan, 105 Albert St, unit 11A:
Features: 80m², 2 bedrooms
Outgoings: rates $1544/year including gst; body corp levy $8035/year
Outcome: sold for $525,000
Agent: Aaron Cook

CBD east

The Beach, 85 Beach Rd, unit 506:
Features: 49m², one bedroom, balcony
Outgoings: body corp levy $3667/year
Income assessment: $460/week fixed until September
Outcome: passed in at $350,000, back on market at $479,000
Agents: Bett Shao & Rico Zhao

Learning Quarter

Silo, 23 Emily Place, unit 4L:
Features: 2-bedroom loft, secure parking space
Outgoings: body corp levy $829/year
Outcome: passed in at $500,000, back on market at $699,000
Agents: Stephen & Leo Shin

Uptown

Urba, 5 Howe St, unit 603:
Features: 55m² including balcony, 2 bedrooms
Outcome: passed in at $450,000, back on market at $625,000
Agent: Stephen Chang

Victoria Quarter

Heritage Farmers, 35 Hobson St, unit 628:
Features: 32m² air-conditioned studio
Outgoings: body corp levy $1833/year
Outcome: sold for $255,000
Agent: Livia Li

Imperial Gardens, 135 Hobson St, unit 218:
Features: 2 bedrooms, storage locker, parking space
Outcome: auction postponed until 29 June
Agents: Wendy Feng & Jack Li

Isthmus east

Onehunga

97J Mays Rd:
Features: 2-bedroom unit, garage
Outcome: withdrawn from auction
Agents: Paula Boontueng & Young Kim

Isthmus west

Eden Terrace

Fleetwood, 19 Fleet St, unit C6:
Features: 95m², 2 bedrooms, separate dining & living spaces, deck, storage unit, covered parking space, post-remediation code compliance certificate issued April 2016
Outgoings: body corp levy $3982/year
Outcome: passed in at $650,000, back on market at $719,000
Agents: Zoran Farac & Stephen Shin

Mt Albert

51 Seaview Terrace:
Features: cross-lease, quarter share in 1195m², 60m² one-bedroom unit, deck, carport
Outcome: no bid
Agents: Samantha Chaudhry & Leo Perera

Sandringham

22 Coyle St, unit 3:
Features: 2-bedroom unit, garage
Outgoings: body corp levy $789/year
Outcome: passed in at $825,000
Agent: Helen Lam

North-west

Glendene

33 Butterworth Drive, unit 1:
Features: cross-lease, half share in 616m², 2-bedroom unit, study, garage
Outcome: no bid
Agent: Tristan Young

Attribution: Auctions.

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3 intensive homes sell at auction

3 of 8 intensive suburban homes – units, townhouses & cross-leases – were sold at Barfoot & Thompson’s city auctions yesterday. Of the total 20 residential properties on offer (including standalone homes), 5 were sold.

Isthmus east

Mt Wellington

80 Banks Rd, unit 4:
Features: cross-lease, 1/6 share in 2612m², 4 bedrooms, garage
Outcome: passed in at $700,000
Agent: Hamish Hargrave

56 Ferndale Rd, unit 9:
Features: 2-bedroom unit, storage shed, carport
Outgoings: body corp levy $2108/year
Outcome: no bid
Agents: Jane Wang & Angela Qi

51 Ireland Rd, unit 20:
Features: 2-level 2-bedroom townhouse, study, offstreet parking
Outgoings: body corp levy $2773/year
Outcome: sold for $570,000
Agent: Sue Su

5 Lynton Rd, unit 4:
Features: cross-lease, quarter share in 1052m², 2-bedroom unit, carport
Outcome: no bid
Agents: Rain Diao

Parnell

65 Gibraltar Crescent:
Features: 3-bedroom townhouse, 2.5 bathrooms, double internal-access garage
Outcome: no bid
Agent: May Zhang

Remuera

10 Ingram Rd:
Features: cross-lease, half share in 807m², 4 bedrooms, double internal-access garage
Outcome: passed in at $1.96 million
Agents: Cici Wang & Carey Liu

Isthmus west

Grey Lynn

2A Wilton St:
Features: 2-level 2-bedroom unit, offstreet parking
Outcome: sold for $880,500
Agent: André Boddé

Mt Roskill

2 Fearon Avenue, unit 2:
Features: 2-bedroom unit, conservatory, carport
Outcome: sold for $652,000
Agents: Jim Liu & Cicy Zhu

Attribution: Auctions.

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3 ex-Masala restaurants nearly make $8 million forfeiture order price tag at auction

3 restaurants in the former Masala chain were sold for $7.875 million at Bayleys’ auction yesterday, just short of a forfeiture order made in February.

Image above: Dining room of the former Masala restaurant in Mt Eden.

A Glen Eden shop with the Mad Butcher as tenant and a Dilworth apartment at the foot of Queen St were also sold under the hammer.

The restaurants, owned by JKK Holdings Ltd (Supinder Singh & Daisy Kaur) were taken to auction by the Official Assignee under the Criminal Proceeds (Recovery) Act after Justice Rebecca Edwards agreed in the High Court to an $8 million assets forfeiture order between the Commissioner of Police and 8 companies & 2 individuals associated with the Masala restaurant chain.

Justice Edwards said in her decision approving the settlement: “The settlement sum of $8 million represents almost all of the unlawful benefit said to have been derived from the tax evasion offending. The settlement sum is expected to be met in full through the sale of restrained properties.”

The 2 individuals, Joti Jain & Rajwinder Singh Grewal, were sentenced in 2015 to home detention and ordered to pay reparations on a long list of immigration & exploitation charges.

In March, Ms Jain was reported to have left New Zealand ahead of an appeal against being deported, but she was in the auctionroom yesterday.

All 3 restaurants in Mt Eden, Stanmore Bay & Birkenhead attracted multiple bidders. The properties were marketed for sale on an “as is where is” basis and subject to occupancy.

Apartments

CBD

Queen St

Dilworth, 22 Queen St, unit 5L:
Features: one bedroom, high stud
Outcome: sold for $530,000
Agents: Julie Prince & Diane Jackson

Commercial

Isthmus west

Mt Eden

510 Mt Eden Rd:
Features: 554m² section, 200m² restaurant in converted villa at corner of Disraeli St in Mt Eden village, additional 206m² downstairs area gives potential to split risk
Outcome: sold for $3.61 million on “as is where is” basis, subject to occupancy
Agents: Scott Kirk, Adam Curtis, John Algie

North-east

Birkenhead

188-192 Hinemoa St:
Features: 835m² site, development potential, 280m² restaurant in converted villa, wraparound covered deck, vacant office area below restaurant previously used as accommodation
Outcome: sold for $2.535 million on “as is where is” basis, subject to occupancy
Agents: Adam Curtis, John Algie & Damian Stephen

Stanmore Bay

195 Brightside Rd:
Features: 1783m² site, 276m² restaurant
Outcome: sold for $1.73 million on “as is where is” basis, subject to occupancy
Agents: Jeremy Milton, John Algie & Adam Curtis

North-west

Glen Eden

5 Oates Rd, unit 5:
Features: 292m² corner unit in block of 13 shops, dual access, split internally between retail, office storage, meat processing & cool storage, opportunity to split or occupy the tenancy
Rent: $92,040/year net + gst from established tenant, the Mad Butcher
Outcome: sold for $1.375 million at a 6.7% yield
Agents: Adam Curtis, Adam Watton & Oscar Kuang

Earlier story:
28 February 2017: $8 million Masala assets forfeiture agreed

Attribution: Auction.

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2 apartments sell at City Sales auction

An apartment in The Peaks on Victoria St (pictured) was sold under the hammer at City Sales today, and one in the Harvard on Hobson St was sold shortly after the auction. An Eden Terrace unit was passed in.

CBD

Victoria Quarter

Harvard, 147 Hobson St, unit 3I:
Features: 37m², 2 bedrooms
Outgoings: rates $1101/year including gst; body corp levy $4003/year
Outcome: passed in at $342,500, sold shortly after auction for $345,000
Agents: Habeeb Urrahman & Steve Kirk

The Peaks, 117 Victoria St West, unit 5B:
Features: 145m², 3 bedrooms, 2 bathrooms, wraparound deck, storage locker, parking space
Outgoings: rates $2292/year including gst; body corp levy $7153/year
Outcome: sold for $1.14 million
Agent: Iona Rodrigues

Isthmus west

Eden Terrace

Virginia, 43 Virginia Avenue East, unit 203:
Features: 48m², 2 bedrooms, deck, parking space
Outgoings: rates $1232/year including gst; body corp levy $4458/year
Income assessment: $475-500/week
Outcome: passed in at $460,000
Agent: Trisha Shanaghan

Attribution: Auction.

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