Archive | Uptown

Hereford Residences apartment passed in

An upper-level apartment in the Hereford Residences was passed in at City Sales’ auction on Wednesday.

Tawera Group’s conversion of the former Telecom office tower just off Karangahape Rd to apartments, and the addition of 4 levels, was completed last year.

CBD

Uptown

Hereford Residences, 8 Hereford St, unit 1508:
Features: 115m², 2 bedrooms, 2 bathrooms with underfloor heating, study, ducted air supply, deck, pet-friendly, 2 parking spaces
Outgoings: rates $3742/year including gst; body corp levy $6339/year including gst
Outcome: passed in at $1.415 million
Agents: Trisha Shanaghan& Gus Argyle

Attribution: Auction.

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Newton PO building among 6 sales

The former Newton Post Office building on Karangahape Rd, home to the Artspace NZ gallery, is among 6 sales by Bayleys agents at the top of the cbd and in Mt Eden, Newmarket & Parnell.

CBD

Uptown

292-300 Karangahape Rd:
Features: 934msite zoned city centre on corner of East St, 2-level 1288mformer Newton Post Office building, designed in the early 1970s by architect Ron Sang, seismic assessment 71% new building standard; partially leased to 2 tenants plus 422mof vacant ground level & basement space formerly occupied by NZ Post
Rent: $136,009/year net + gst
Outcome: sold for $6.05 million
Agents: Alan Haydock & Cameron Melhuish

Isthmus east

Newmarket

Rialto Shopping Centre, 153 Broadway, unit 5N:
Features: 38m2 retail premises on level 2
Outcome: sold vacant for $149,000
Agents: Beterly Pan & Nicolas Ching

Parnell

15 Bath St:
Features: 375mcorner site zoned mixed use (height limit 21m), 538m3-level commercial building constructed in the early 1980s providing showroom & office, basement parking for 13 cars; seismic assessment 100% new building standard, fully leased to 2 tenants
Rent: $224,657/year net + gst
Outcome: sold for $4.35 million at a 5.16% yield
Agents: Alan Haydock & Damien Bullick

Isthmus west

Mt Eden

Zone 23, 23 Edwin St, unit  G11:
Features: 169mground floor office unit, streetfront profile, 5 parking spaces
Outcome: sold vacant for $1.1 million
Agents: James Were & Scott Kirk

40 George St:
Features: 446msite zoned mixed use, 716m1980s building offering a combination of warehouse,showroom & office plus a 2-bedroom apartment; partly leased for a further 2 years with no renewal rights
Rent: $40,365/year net + gst
Outcome: sold for $2.75 million
Agents: Scott Kirk, James Were & Genevieve Thompson-Ford

471 Mt Eden Rd:
Features: 273mcorner site zoned mixed use, 113.5m² single-level retail premises, 6 parking spaces; short-term tenancy to a furniture store provides holding income 
Outcome: sold for $2.1 million
Agents: Tony Chaudhary, Janak Darji, Amy Weng & Phil  Haydock

Attribution: Agency release.

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Guardian & Keystone Ridge apartments sell

A studio in the Guardian on Queen St (pictured) and a unit in Keystone Ridge, at the far end of Dominion Rd, were sold at Ray White City Apartments’ auction today.

Leasehold units in Q Central & Scene 3 and a CityZone apartment were passed in.

Bidding was moderately strong on the freehold units. For Q Central there were 2 bids and for Scene 3, with the ground lease still under review, there were none.

CBD

Quay Park

Scene 3, 30 Beach Rd, unit 1007:
Features: leasehold, 45m², one bedroom, balcony, parking space
Outgoings: rates $1381/year including gst; body corp levy $4397/year including gst, ground rent $8759/year but under review – new ground rent will be backdated to review date 2 August 2018
Income assessment: current $565/week unfurnished, fixed until 28 April; appraisal $580-600/week furnished, $560-580/week unfurnished
Outcome: no bid
Agents: May Ma & Mark Li

Queen St

Guardian, 105 Queen St, unit 609:
Features: 32m² furnished studio, high stud, used for airBnB currently at over 90% occupancy
Outgoings: rates $1493/year including gst; body corp levy $3198/year including gst
Outcome: sold for $295,000
Agents: Mitch Agnew & Ryan Bridgman

Uptown

Q Central, 11B City Rd, unit 7D:
Features: leasehold, 62m², 2 levels, 2 bedrooms, tandem parking
Outgoings: rates $1604/year including gst; body corp levy $4221/year including gst, ground rent $9797/year fixed until December 2023, lease expires in 2086
Income assessment: $575/week ($510 for apartment, $65 for parking)
Outcome: passed in at $105,000
Agent: Josh Muriwai

CityZone, 11 Liverpool St, unit 1406:
Features: 44m², 2 bedrooms
Outgoings: rates $1265/year including gst; body corp levy $4094/year including gst
Income assessment: $500-520/week furnished
Outcome: passed in at $327,000
Agents: Susan Woods-Markwick & Liam Kyle

Isthmus west

Mt Roskill

Keystone Ridge, 3 Keystone Avenue, unit 2P:
Features: 48m², fully furnished 2 bedrooms, renovated, parking space
Outgoings: rates $1340/year including gst; body corp levy $5763/year including gst
Outcome: sold for $505,000
Agents: Mitch Agnew & Ryan Bridgman

Attribution: Auction.

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Emily apartment sells, vendor bids prompt value questions on others at auction

An apartment in the Emily, just off Customs St East in downtown Auckland, was sold at Ray White City Apartments’ auction today. 3 others were passed in and the auction of another was postponed a week.

The auction opened with no bid on the first property up, in Nugent Rise, Mt Eden, followed by an auctioneer’s vendor bid putting the value at close to $10,000/m².

The one unit that was sold, in the Emily, went for just under $7400/m². The grand old building (pictured above) was converted from a warehouse to apartments 45 years ago.

At the Amora apartments hotel, at the top of Vincent St, a vacant studio had a lot of price tags put on it this month. The one offer at auction was about $10,000/m² for the internal space, excluding parking, but it was back on the market post-auction at about $11,000/m² internal.

At Nugent Rise in Mt Eden, the auctioneer’s indicator worked out at about $9250/m² internal, or about $1000/m² less if the loggia (internal balcony) is counted as internal space.

All these price variables can occur for a lot of reasons – age, condition (especially remediation & its potential cost), the price of parking, and the gap between new stock & established buildings.

In the decline of the market after the global financial crisis 7-10 years ago, the slide in prices was across the board. At the moment, reasons for price movement are less clear – the availability of finance, exit of Asian buyers and uncertainty about international politics & economics are harder reasons to put precise counts on.

CBD

Learning Quarter

Emily Apartments, 22 Emily Place, unit 5D:
Features: 71m², 2 bedrooms, the building has remediation issues
Outgoings: rates $1711/year including gst; body corp levy $8523/year including gst
Outcome: sold for $525,000 at $7394/m²
Agent: Gillian Gibson

Uptown

Q Central, 11B City Rd, unit 7D:
Features: leasehold, 62m², 2-level 2-bedroom apartment, 2 parking spaces
Income assessment: $575/week current
Outcome: auction postponed to next Thursday, 6 December
Agent: Josh Muriwai

Amora, 100 Greys Avenue, unit 811 (8K):
Features: vacant 36m² studio + 3m² balcony, parking space
Outgoings: rates $1304/year including gst; body corp levy $6526/year including gst
Outcome: bid at $350,000, vendor bid at $400,000, passed in; the unit was bought by the vendor at the end of August for $390,000, was marketed this month with a price tag of $485,000 and was back on the market post-auction at $469,000
Agent: Damian Piggin

Isthmus west

Mt Eden

Mountview, 43 Mary St:
Features: 120m², 3-level 2-bedroom terrace, tandem parking; reclad completed in 2016 & new code compliance certificate issued
Outgoings: rates $2018/year including gst; body corp levy $2973/year including gst
Outcome: passed in at $670,000
Agent: Casey Chen

Nugent Rise, 6A Nugent St, unit 107:
Features: 67m² + 8m² loggia, one bedroom, study, parking space, storage locker
Outgoings: body corp levy $2932/year including gst, $195/year for parking
Outcome: no bid; vendor bid of $700,000 placed to indicate the minimum for a multi-offer backup sale process
Agent: Casey Chen

Attribution: Auction.

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Met & Eclipse apartments sell

An apartment in the newly remediated Met building between Queen & High Sts, in the centre of the cbd, and one in the Eclipse at the top of Vincent St sold at Bayleys’ residential auction yesterday. The Met unit went for $9420/m².

A Fiore 2 apartment and a cross-leased townhouse in St Heliers were passed in.

CBD

High St

The Met, 11 Durham St East, unit 2K:

Features: 69m², 2 bedrooms, high stud, new code compliance certificate just issued
Outgoings: rates $1963/year including gst; body corp levy $3550/year including gst
Outcome: sold for $650,000
Agents: Habeeb Urrahman & Chris Cairns

Uptown

Eclipse, 156 Vincent St, unit 12L:
Features: 2 bedrooms, balcony, parking space
Outgoings: rates $1827/year including gst; body corp levy $2999/year including gst
Outcome: sold for $625,000
Agents: Chris Bell & Lucy Piatov

Victoria Quarter

Fiore 2, 168 Hobson St, unit 801:
Features: 53m², one bedroom
Outgoings: rates $1498/year including gst; body corp levy $2999/year including gst
Outcome: passed in at $450,000, back on the market at $519,000
Agents: Chris Bell & Lucy Piatov

Isthmus east

St Heliers

16 Hampton Drive, unit A:
Features: cross-lease, ¼ share in 1239m², 3-bedroom townhouse, 2 bathrooms, double internal-access garage
Outcome: no bid
Agents: Blair Haddow & Jono King

Attribution: Auction.

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QVB apartment sells

One apartment in the QVB building at the corner of Queen & Victoria Sts sold and one at the top of the cbd was passed in at Ray White City Apartments’ auction today.

CBD

Queen St

QVB, 6 Victoria St East, unit 3F:
Features: 63m², fully furnished one bedroom
Outgoings: rates $1595/year including gst; body corp levy $4820/year including gst
Income assessment: $470-500/week furnished
Outcome: sold for $450,000
Agents: Mitch Agnew & Ryan Bridgman

Uptown

Uptown, 14 Upper Queen St, unit 6G:
Features: vacant 40m² + 10m² balcony, one bedroom, parking space
Outgoings: rates $1440/year including gst; body corp levy $3400/year including gst
Income assessment: $530-580/week
Outcome: no bid
Agent: Gillian Gibson

Attribution: Auction.

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Studio pushes to new price level in resale as buyers put pressure on other reserves

3 of the 9 apartments auctioned at Ray White City Apartments yesterday – in 96 on Symonds, the Sapphire & Siena Terraces – were sold under the hammer.

Bidding on the studio in 96 on Symonds (pictured above) ended $31,000 above the price the owner paid at auction just 5 months ago. A number of other traders expressed surprise at the $12,056/m² price paid in June, although units smaller than the minimum that can be built these days often command higher price tags for their superior anticipated cashflow. This sale lifts the price/m² to $13,778.

Bidding on 2 units in the leasehold Landings complex beside the old Auckland railway station, and in the Manhattan on Albert St, fell about $20-30,000 short of adjusted reserves yesterday.

CBD

Albert St

Manhattan, 105 Albert St, unit 5C:
Features: 80m², 2 bedrooms,
Outgoings: rates $1749/year including gst; body corp levy $5122/year including gst
Income assessment: $560/week, fixed unril 12 December
Outcome: passed in at $571,000
Agents: Ron Yang & Adam Gurr

Learning Quarter

96 on Symonds, 96 Symonds St, unit 1004:
Features: 18m² refurbished studio
Outgoings: rates $975/year including gst; body corp levy $2453/year including gst
Income assessment: $370-390/week
Outcome: bought for $217,000 at auction in June, sold this time for $248,000
Agents: Dominic Worthington & Ady Huang

Sapphire, 76 Wakefield St, unit 810:
Features: 53m² + 6m² balcony, 2 bedrooms,
Outgoings: rates $1478/year including gst; body corp levy $4061/year including gst after 10% prompt payment discount
Income assessment: $500/week
Outcome: sold at pre-auction offer of $485,000
Agent: Lucia Gao

Quay Park

The Landings, 8 Ronayne St, unit 810:
Features: 71m², 3 bedrooms, 2 bathrooms, parking space; building has new code compliance certificate after remediation
Outgoings: rates $1633/year including gst; body corp levy $5548/year opex including gst, ground rent $7976/year
Income assessment: $680/week, fixed until March 2019
Outcome: passed in at $270,000
Agents: Dominic Worthington & Ady Huang

The Landings, 10 Ronayne St, unit 415:
Features: 47m² + 8m² balcony, 2 bedrooms, parking space
Outgoings: rates $1323/year including gst; body corp levy $3118/year opex including gst, ground rent $4482/year
Income assessment: $500/week, fixed until August 2019
Outcome: passed in at $204,000
Agents: Mitch Agnew & Ryan Bridgman

Uptown

SkyView, 7 Scotia Place, unit 8C:
Features: 71m², new 2 bedrooms, parking space
Outgoings: rates $1904/year including gst; estimated body corp levy $4399/year including gst
Income assessment: $750-800/week furnished
Outcome: passed in at $600,000
Agents: May Ma & Mark Li

Bianco off Queen, 2 White St, unit 12B:
Features: 57m², one bedroom, under hotel management, building has remediation issues
Outgoings: rates $6571/year including gst; body corp levy $2216/year opex including gst + special levy $5192
Income assessment: $800/week
Outcome: passed in on sole bid of $60,000
Agents: Ron Yang & Adam Gurr

Victoria Quarter

Altitude, 34 Kingston St, unit 5L:
Features: 27m², one bedroom
Outgoings: rates $1013/year including gst; body corp levy to be confirmed
Income assessment: $340/week
Outcome: passed in at $205,000
Agent: Damian Piggin

Ascent, 149 Nelson St, unit 303:
Features: one bedroom
Outcome: withdrawn from auction
Agent: Damian Piggin

Isthmus west

Grey Lynn

Siena Terraces, 6 Burgoyne St, unit 2N:
Features: 51m², one bedroom, balcony, tandem parking spaces
Outgoings: rates $1321/year including gst; body corp levy $3769/year including gst
Outcome: sold for $490,000
Agents: Judi & Michelle Yurak

Attribution: Auction.

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Perspective apartment sells post-auction

An apartment in Perspective on College Hill (pictured above) was sold shortly after today’s auction at City Sales. 3 other units – one cross-leased, one on Ngati Whatua leasehold and an apartment in the 2-year-old Urba off Karangahape Rd – were all passed in.

CBD

Learning Quarter

Century on Anzac, 100 Anzac Avenue:
Features: 2 bedrooms, 2 bathrooms, parking space
Outcome: auction postponed
Agents: Grant Elliott & Tony Kelly

Quay Park

30 Cotesmore Way:
Features: 115m², 3 bedrooms, 2 bathrooms, deck, tandem garage; code compliance certificate issued in 2015 after complete reclad & roof reconstruction
Outgoings: rates $2195/year including gst; body corp operational levy $3224/year including gst, ground lease $17,500/year, new Ngati Whatua o Orakei Trust ground lease will date from 2 August but hasn’t been agreed yet
Income assessment: $775/week
Outcome: no bid
Agents: Maryanne Wong & Scott Dunn

Uptown

Urba, 5 Howe St, unit 615:
Features: 42m², one bedroom + flexi-room, deck
Outgoings: rates $1398/year including gst; body corp levy $3933/year including gst
Income assessment: $490/week, fixed until May 2019
Outcome: passed in at $300,000
Agents: Trisha Shanaghan & Gus Argyle

Isthmus west

College Hill

Perspective, 28 College Hill, unit 425:
Features: 140m², 2 bedrooms, 2 bathrooms, deck, 2 parking spaces, storage locker
Outgoings: rates $3123/year including gst; body corp levy $11,040/year including gst
Outcome: passed in at $1.3 million, sold post-auction, price undisclosed
Agent: Scott Dunn

Mt Eden

Grange Hall, 492 Mt Eden Rd, unit 3:
Features: cross-lease, 1/7 share in 1039m², 70m² unit, 2 bedrooms, garage with workspace, offstreet parking
Outgoings: rates $2207/year including gst
Outcome: passed in at $710,000
Agents: Grant Elliott & Tony Kelly

Attribution: Auction.

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City loft & Onehunga section sell

A city loft and an Onehunga property zoned for intensification sold at Bayleys’ residential auctions last week.

CBD

Queen St

QVB Building, 6 Victoria St East, unit 6B:
Features: 2-level loft, mezzanine bedroom
Outcome: sold for $511,000
Agents: Julie Quinton & Wendy Nichols

Uptown

Highgate Towers, 8 Howe St, unit 3A:
Features: 2 bedrooms, 2 bathrooms, 2 balconies, 2 parking spaces
Outcome: passed in
Agents: Julie Quinton, Trent Quinton & Ellis Prince

Isthmus east

Onehunga

53 Spring St:
Features: 989m² site, 4-bedroom villa in terraced house & apartment buildings zone
Outcome: sold for $1.95 million
Agent: John Procter

Parnell

258 Parnell Rd, unit 43:
Features: studio, parking space
Outcome: auction postponed
Agent: Trisha Vincent

Isthmus west

Avondale

76 Riversdale Rd, unit 4:
Features: one-bedroom unit, carport
Outcome: up for sale by mortgagee, withdrawn from auction
Agents: Cherry Killgour & Steve Leyland

South

Manurewa

2 Totara Rd:
Features: 1042m² section, 3-bedroom house, basement garage, resource consent approved for 3-lot subdivision
Outcome: passed in, back on market at $799,000
Agents: Vanessa Nash, Ginny Cheyne & Stefni Baigent

Attribution: Auction documents.

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Mairangi Bay sale heads Shore transactions

Bayleys commercial agents on the North Shore have sold a fully tenanted Mairangi Bay site (pictured) which has consent for apartment development, and a Rosedale industrial unit, and have signed 5 leases around the Shore and one for a Karangahape Rd shop.

Sales

North-east

Mairangi Bay

368 Beach Rd:
Features: 836m² site, 644.77m² mixed use building, 6 tenancies, local centre-zoned site has conent for an apartment development
Rent: $210,314/year net + gst
Outcome: sold in October for $4.175 million + gst at $4994/m² land, 4.9% yield with current small vacancy, 5% fully tenanted
Agents: Michael Nees & Dean Gilbert-Smith

Rosedale

BizPark North Shore, 63 Arrenway Drive, unit 2:
Features: 118m² industrial unit – office 50m², warehouse 68m², 2 parking spaces
Outcome: sold vacant in November for $585,000 + gst
Agent: Ian Waddams

Leases

CBD

Uptown

258 Karangahape Rd, shop B:
Features: 130m² shop – retail 110m², warehouse 20m²
Rent: leased in November for $45,000/year net + gst, premises rental $346/m²
Agent: Terry Kim

North-east

Rosedale
156 Bush Rd, unit B:
Features: 229.4m² industrial unit – office 122.9m², warehouse 69.6m², other area 37.4m², 4 parking spaces
Rent: leased in November for $39,000/year net + gst
Agent: James Kidd

23 Canaveral Drive, unit B:
Features: 513m² industrial unit – retail 184.5m², warehouse 300m², other area 28.5m², 8 parking spaces
Rent: leased in November for $87,000/year net + gst
Agent: Matt Mimmack

12 Parkhead Place, unit B:
Features: 545m² industrial unit – warehouse 412m², office 133m², 12 parking spaces
Rent: leased in November for $107,000/year net + gst
Agents: Laurie Burt & Matt Mimmack

Sunnynook

20 Tonkin Drive, shop 2:
Features: 56m² shop
Rent: leased in November for $16,000/year net + gst, premises rental $286/m²
Agent: Dev Choudhury

Wairau Valley

18 Link Drive, unit C:
Features: 500m² retail unit – retail 350m², mezzanine 50m², other area 100m²
Rent: leased in November for $130,000/year net + gst, premises rental $260/m²
Agent: Trevor Duffin

Attribution: Agency release.

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