Archive | Eden Terrace

Updated: 5 (now 6) of 14 sell at Bayleys’ Auckland commercial auction, 3 of 3 in Tauranga

Published 25 October 2018, updated 29 October 2018:
5 of the 14 properties were sold at Bayleys’ Total Property commercial auction on Wednesday and 5 attracted no bid.

At the agency’s Tauranga auction, all 3 properties were sold under the hammer.

Update: One property has been sold post-auction – a takeaway outlet in the Wairau Junction retail centre. The outcomes for 2 of the Auckland properties were transposed – for Ellerslie & Blockhouse Bay – and have been corrected below.

CBD

Chancery

Chancery Square, 44 Courthouse Lane, unit A206:
Features: 45m² unit leased to property management company
Rent: $33,500/year net + gst + outgoings
Outcome: sold for $380,000 at an 8.82% yield
Agents: Mike Adams & Jean-Paul Smit

Queen St

Mid-City, 239 Queen St, unit 1Y:
Features: m²,
Rent: $27,360/year net + gst, occupied by hair salon, lease term runs to April 2021 with further rights of renewal
Outcome: withdrawn from auction
Agent: Oscar Kuang

Hauraki Gulf islands

Waiheke Island

Onetangi

The Sands, 141 The Strand, unit 1:
Features: 104m² manager’s unit in the Sands apartment complex
Rent: $28,723/year net + gst + outgoings
Outcome: no bid
Agents: Brian Caldwell & Mana Tahapehi

Isthmus east

Ellerslie

Updated: 101 Main Highway, unit 12:
Features: 272m² Asian supermarket at Ellerslie shopping centre, 10 parking spaces
Rent: $60,000/year net + gst, 5-year lease in place with 2 5-year rights of renewal
Outcome: passed in at $800,000 (2 results transposed – originally posted as $2.7 million)
Agents: Oscar Kuang, Beterly Pan & Nicolas Ching01 Main Highway

Onehunga

222 Onehunga Mall:
Features: 273m² site, 2-storey building, seismic rating 75% new building standard, local town centre zoning has 27m height control
Rent: commercial & residential tenants
Outcome: withdrawn from auction
Agent: Oscar Kuang

Parnell

29B Bath St:
Features: 175m² site, 139m² commercial unit, parking space
Rent: $42,000/year net + gst current contract, 2 2-year rights of renewal
Outcome: no bid
Agent: Millie Liang

Isthmus west

Blockhouse Bay

Updated: 35 Margate Rd, flats 1-6:
Features: 2497m² site, 6 2-bedroom residential units, each of about 55m² & on separate titles, parking space each, offered in one package
Rent: $200,000/year net + gst from 2-year lease
Outcome: passed in at $2.7 million (2 results transposed – originally posted as $800,000)
Agents: Quinn Ngo, Matt Lee & James Chan

Eden Terrace

1 Exmouth St:
Features: 665m² vacant section on Newton Rd corner, leased to Wilson Parking, mixed use zoning
Rent: $21,495/year net + gst, early termination clause
Outcome: withdrawn from auction
Agents: Owen Ding, James Chan & Jarrod Qin

Pt Chevalier

1110 Great North Rd, unit D:
Features: 345m², town centre fruit & vegetable shop + parking, leased to PTC Fresh NZ for 5 years from December 2016 with 2 5-year rights of renewal
Rent: $108,312/year net + gst
Outcome: sold for $1.55 million at a 6.99% yield
Agents: Nicolas Ching, Quinn Ngo & James Chan

350 Pt Chevalier Rd:
Features: 696m² site zoned business – neighbourhood centre, housed greengrocery for over 50 years
Outcome: sold with vacant possession for $1.87 million at a land value of $2686/m²
Agents: John Procter, Alan Elliott & Cameron Melhuish

North-east

Orewa

Tamariki Plaza, 1-19 Cammish Lane, unit J:
Features: vacant 190m² commercial unit, one parking space + share of 35 parking spaces
Outcome: passed in at $700,000
Agents: Mustan Bagasra

Rosedale

101 Apollo Drive, unit D:
Features: vacant 120m² ground-floor office unit, 4 parking spaces
Outcome: auction postponed
Agents: Tonia Robertson & Jane McKee

Rosedale Retail Centre, 94 Rosedale Rd, unit 2:
Features: 73m² shop at entrance to zero-vacancy retail centre
Rent: $37,520/year net + gst + outgoings
Outcome: sold prior
Agents: Eddie Zhong, Steven Liu & Meng He

Wairau Valley

18 Ashfield Rd, unit D:
Features: industrial unit, 110m² ground floor, 30m² storage above, monthly tenancy
Outcome: sold for $440,000
Agents: Trevor Duffin & James Yu

65-71 Porana Rd, unit E:
Features: 133m² unit occupied by Hollywood bakery
Rent: $55,000/year net + gst + opex, new 6-year lease
Outcome: auction postponed
Agents: Adam Curtis, Damian Stephen & Steven Liu

Updated: Wairau Junction, 162-178 Wairau Rd, unit 7:
Features: 45m² kebab outlet
Rent: $30,600/year net + gst + outgoings
Outcome: passed in at $500,000, sold post-auction for $550,000 at a 5.56% yield
Agents: Andrew Lin & Ranjan Unka

North-west

Henderson

192 Universal Drive, unit A1:
Features: 756m², corner store in Lincoln North Shopping Centre, 7-year lease to Super Cheap Auto NZ from July 2016, annual fixed 3% rental increases & one 5-year right of renewal
Rent: $225,221/year net + gst, 3% annual increases
Outcome: sold for $3.93 million at a 5.73% yield
Agents: Matt Lee, James Chan, Quinn Ngo, Terry Kim & David Han

South

Clendon Park

439 Roscommon Rd, unit 2:
Features: 97m² retail unit, tenant Clendon Foodmarket
Rent: $41,600/year net + gst, 6-year lease from 2015
Outcome: no bid
Agents: Matt Lee, Quinn Ngo & Piyush Kumar

439 Roscommon Rd, unit 3:
Features: 97m² retail unit, tenant Crown Liquor
Rent: $43,201/year net + gst, 4-year lease from 2016, rights of renewal
Outcome: no bid
Agents: Matt Lee, Quinn Ngo & Piyush Kumar

South of the Bombays

Bay of Plenty

Bethlehem

272A State Highway 2:
Features: 809m² site, 305m² 2-level commercial building, anchor ground-floor pharmacy tenancy, smaller dental tenancy above on leases renewed until 2021 plus further renewals
Rent: $62,730/year net + gst
Outcome: sold for $1.26 million at a 4.98% yield
Agent: Myles Addington

Judea

66 Koromiko St:
Features: 2536m² industrial site, 1519m² standalone building comprising 1123m² of warehouse & workshop space, 4 large roller doors; the balance 2 levels of offices, showroom, storage & amenities; tenant Paramount Stainless has recently renewed for the next 3 years with one final right of renewal to 2024
Rent: $122,000/year net + gst
Outcome: sold for $1.8 million at a 6.78% yield
Agent: Graeme Coleman

Tauranga:

199, 207 & 213 Cameron Rd:
Features: 2192m² redevelopment site zoned city centre, allowing 19m² building height, next to central fire station on main arterial, car dealers have operated from site since the early 1970s, 2 tenancies expiring in August 2020
Rent: $190,715/year net + gst
Outcome: sold for $6.25 million + gst at a 3.05% yield, land value $2851/m²
Agents: Lloyd Davidson & Laura Taylor

Coromandel

Thames

517 Pollen St:
Features: 1521m² site, 1410m² building occupied by multiple tenants including NZ Post Ltd on long-term lease, 16 parking spaces
Rent: $107,717.53/year net + gst, multiple tenants
Outcome: no bid
Agents: Millie Liang & Josh Smith

Attribution: Agency release.

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Sales trio score all 4 deals at apartments auction

The apartment sales team of Steve Kirk, Habeen Urrahman & Chris Cairns scored 4 sales out of 4 properties on offer at Bayleys’ auction yesterday, where 19 apartments, townhouses & standalone homes were listed.

The other 3 apartments on the auction list were passed in, 2 without receiving a bid.

CBD

Quay Park

Scene 1, 2 Beach Rd, unit 1305:
Features: leasehold, 2-level 2-bedroom apartment, 2 parking spaces, remediation works identified – costs would fall to buyer, proceeding lodged in Weathertight Homes Tribunal, court claim lodged in 2014
Outgoings: rates $1808/year including gst; body corp levy $6800/year, ground rent $9704 pending new rate in November
Income assessment: $710/week
Outcome: sold for $130,000
Agents: Steve Kirk, Habeen Urrahman & Chris Cairns

Uptown

Nova en Scotia, 18 Scotia Place, unit 1A:
Features: 2 bedrooms
Outgoings: rates $1304/year including gst; body corp levy $4066/year
Income assessment: $520-550/week
Outcome: sold for $400,000
Agents: Chris Cairns, Steve Kirk & Habeen Urrahman

Park Terraces, 20 Upper Queen St, unit 401:
Features: 2 bedrooms, balconies, parking space
Outgoings: rates $1653/year including gst
Outcome: passed in at $450,000
Agent: Stephen Bidwell

126 Vincent St, unit 16:
Features: 256m², full-floor penthouse in mostly commercial building, 3 bedrooms, 2 lounges, 2 bathrooms, 3 parking spaces
Outgoings: body corp levy $25,018/year
Outcome: the apartment was sold for $1.2 million in September 2015; no bid this time
Agents: Julie Quinton & Jo Darbyshire

Isthmus east

Newmarket

23 George St, unit 5C:
Features: 3-bedroom penthouse, 2 bathrooms, balcony, 2 parking spaces
Outgoings: body corp levy $9472/year
Outcome: sold for $1.06 million
Agents: Chris Cairns, Steve Kirk & Habeen Urrahman

Isthmus west

Eden Terrace

43 Virginia Avenue East, unit 104:
Features: 61m², 2 bedrooms, parking space
Outgoings: body corp levy $4348/year
Outcome: sold for $550,000
Agents: Chris Cairns, Habeen Urrahman & Steve Kirk

Grey Lynn

1 Vinegar Lane, unit 201:
Features: 2-level penthouse, 2 bedrooms, 2 bathrooms, deck, 2 basement parking spaces
Outgoings: body corp levy $11,914/year including water
Outcome: no bid
Agent: Blair Haddow

Attribution: Auction.

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5 apartments out of 12 sell at auction

5 of the 12 apartments auctioned at Ray White City Apartments yesterday sold under the hammer.

2 vendors had 2 apartments each up for sale and none of them sold first time round. 2 of those units in the leasehold Landings at Quay Park (pictured) sold when offered together, but the other vendor’s pair, in the Zest complex, remained unsold.

Units sold in Kiwi on Queen, Mount Terrace and at Thompson Park in Mt Wellington.

At the bottom of the market, a unit in the Unitec student accommodation village, where remediation is required, attracted just 2 bids and was passed in at $2000.

CBD

Kitchener St

Metropolis, 1 Courthouse Lane, unit 1101:

Features: 35m², one bedroom, storage unit
Outgoings: rates $1265/year including gst; body corp levy $3516/year
Income assessment: $475/week, fixed until 16 January
Outcome: passed in at $402,000
Agents: Ron Yang & Adam Gurr

Learning Quarter

Mount Terrace Apartments, 33 Mount St, unit 15A:
Features: 61m², fully furnished 2 bedrooms
Outgoings: rates $1440/year including gst; body corp levy $7716/year including water
Outcome: sold vacant for $390,000
Agent: Victor Liu

The Wakefield, 18 Wakefield St, unit 7F:
Features: 56m², vacant one bedroom
Outgoings: rates $1362/year including gst; body corp levy $2895/year
Income assessment: $550-580/week furnished
Outcome: no bid
Agents: Dominic Worthington & Ady Huang

Quay Park

The Landings, 10 Ronayne St, units 410 & 510:
Features: both leasehold, each 53m², 2 bedrooms, parking space
Outgoings: unit 410 – rates $1362/year including gst; body corp operational levy $4035/year, ground rent $5800/year; unit 510 – rates $1381/year including gst; body corp operational levy $4172/year, ground rent $5998/year
Income assessment: both $550/week current
Outcome: each passed in at $205,000; both units sold together for $450,000
Agents: Dominic Worthington & Ady Huang

The Landings, 8 Ronayne St, unit 1002:
Features: leasehold, 51m², 2 bedrooms, 2 bathrooms, balcony, tandem parking
Outgoings: rates $1498/year including gst; body corp operational levy $4768/year, ground rent $6955/year
Outcome: passed in after bid at $210,000 & vendor bid at $225,000
Agents: Dominic Worthington & Ady Huang

Uptown

Kiwi On Queen, 421 Queen St, unit 211:
Features: 45m², fully furnished 2 bedrooms
Outgoings: rates $1265/year including gst; body corp levy $4973/year including water
Income assessment: $500-520/week furnished
Outcome: sold vacant for $420,500
Agents: May Ma & Mark Li

Victoria Quarter

Zest, 72 Nelson St, units 214 & 415:
Features: each 23m², fully furnished one bedroom
Outgoings: unit 214 – rates $926/year including gst, body corp levy $2014/year; unit 415 – rates $936/year including gst, body corp levy $2071/year
Income assessment: each $300/week, current
Outcome: unit 214 – passed in at $160,000; unit 415 – passed in at $155,000; units 415 & 214 together – passed in after bid at $300,000, vendor bid at $400,000
Agent: Victor Liu

Isthmus east

Mt Wellington

Thompson Park Apartments, 8 Thompson Park Rd, unit 32:

Features: 98.26m² including 11.42m² of balconies, 2 bedrooms, 2 bathrooms, study, storage locker, 2 parking spaces
Outgoings: rates $1844/year including gst; body corp levy $3395/year
Income assessment: $650-700/week
Outcome: sold for $740,000
Agent: Steve King

Isthmus west

Eden Terrace

Uptown on New North Rd, 83 New North Rd, unit GB:
Features: 83m² ground-floor apartment on 113m², 2 bedrooms, patio, 2 parking spaces
Outcome: no bid
Agent: Andrew Bond

Pt Chevalier

125 Carrington Rd, Building 310, door 9:
Features: leasehold, 2 bedrooms, 2 bathrooms, one of 45 apartments containing 130 rooms under management in Unitec student accommodation village, remedial work for weathertightness issues not yet completed – body corporate approved for financial assistance under an MBIE (Ministry of Business, Innovation & Employment) claim
Outgoings: rates $1607/year including gst; body corp levy $6210/year – ground rent being reviewed to market after initial period of 10c/year peppercorn rent, negotiation range $3621-5965/year + gst; buyer to pay any levy to cover new ground rent
Income assessment: each room $245/week during 2 semesters in pooled scheme; owner also benefits from share of rental pool; gross rent for both units $13,423/year in April 2018 year, net $6726/year
Outcome: property offered on an ‘as is, where is’ basis, passed in at $2000
Agents: James Mairs & Andrew Bond

Attribution: Auction.

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Market café & 2 western fringe properties sell

Published 30 August 2018

A former café in Victoria Park Market (pictured) has been sold vacant and, on the western fringes of the cbd, Bayleys agents have sold 2 properties with development opportunities.

CBD

Victoria Quarter

Victoria Park Market, 210-218 Victoria St West, unit 10A:
Features: 147m² character high stud commercial premises in Victoria Park Market, most recently occupied by a café but suitable for a range of uses including office & retail; grade A seismic rating
Outcome: sold with vacant possession for $1.075 million
Agent: Cameron Melhuish

Isthmus west

Eden Terrace

19 Virginia Avenue East:
Features: 325m² site zoned mixed use, 21m height overlay & 337m² standalone warehouse & office building
Outcome: sold with vacant possession for $1.35 million
Agents: Andrew Wallace & Cameron Melhuish

Grey Lynn

12 Maidstone St:
Features: Underdeveloped 508m² site zoned business – mixed use, single-level 585m² showroom & warehouse building; fully leased to longstanding tenant until December 2022
Rent: $120,000/year net + gst
Outcome: sold for $3.32 million at a 3.61% yield
Agent: Cameron Melhuish

Attribution: Agency release.

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Quay St apartment sells, new Citizen unit & Te Atatu shops passed in

A waterfront apartment on Quay St sold at Bayleys’ auction today, but a new penthouse unit in Urban Collective Ltd (Kelly McEwan)’s The Citizen, across the road from Basque Park in Eden Terrace, attracted no bid.

A fully leases Te Atatu investment of 4 shops was also passed in.

Apartments

CBD

Waterfront

148 Quay St, unit 6A:
Features: 111m², 2 bedrooms, 2 bathrooms, parking space
Outcome: sold for $1.6 million
Agents: Cheryl Regan

Isthmus west

Eden Terrace

The Citizen, 10-12 Exmouth St, unit 601W:
Features: 2m ceilings, 2 bedrooms, 2 living rooms, 2 bathrooms, full-width balcony, 2 parking spaces, 2 storage cupboards
Outcome: no bid
Agents: Julie Quinton & Ellie Prince

Retail

North-west

Te Atatu Peninsula

570 Te Atatu Rd:
Features: 1229m² site, 387m² total floor area, 4 separate shops, rear access, 18m height limit
Outgoings: body corp levy $5660/year
Rent: $89,893/year net + gst
Outcome: passed in at $2.085 million
Agents: Scott Kirk & James Were

Attribution: Auction.

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4 inner-western isthmus commercial sales

Bayleys agents have sold 4 mostly commercial properties through the inner-western isthmus suburbs of Eden Terrace, Freemans Bay (pictured), Kingsland & Mt Eden.

Isthmus west

Eden Terrace

19 Virginia Avenue East:
Features: 325m² site zoned mixed use with 21m height overlay, 337m² standalone warehouse & office building
Outcome: sold with vacant possession for $1.35 million
Agents: Andrew Wallace & Cameron Melhuish

Freemans Bay

87 College Hill:
Features: 312m² site zoned mixed use, 244m² partly leased building comprising 2 self-contained tenancies – 113m² of streetfront office space, where tenant has exercised the first of 2 2-year rights of renewal; and vacant rear 131m² 3-bedroom apartment or workspace with a courtyard, one stacked parking space, garage & storage unit
Rent: $48,250/year net + gst from office tenancy
Outcome: sold for $2.025 million
Agents: James Were & Scott Kirk

Kingsland

2 Kingsland Terrace:
Features: 941m² site zoned mixed use, bordering Nixon Park, 1297m² warehouse & office building, 13 parking spaces
Rent: $169,533/year net + gst from multiple, mostly monthly tenancies; estimated potential net income following refurbishment of $260-300,000/year net + gst
Outcome: sold for $3.47 million
Agents: James Were & Scott Kirk

Mt Eden

19 Edwin St, unit 7B:
Features: 226m² level 1 office unit in north-facing corner position, 5 parking spaces
Outcome: sold with vacant possession for $875,000
Agents: Jean-Paul Smit & Phil Haydock

Attribution: Agency release.

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City fringe, Lighter Quay & Eclipse units sell at auction

An Eden Terrace apartment (pictured), a leasehold unit in Lighter Quay and one in the Eclipse were sold at Ray White City Apartments’ auction today. 3 other units were passed in.

CBD

Learning Quarter

The Quadrant, 10 Waterloo Quadrant, unit 1222:
Features: 22m² furnished studio + 3m² balcony
Outgoings: rates $3686/year including gst; body corp levy $2877/year
Outcome: passed in at $240,000 + gst
Agent: Damian Piggin

Uptown

Eclipse, 156 Vincent St, unit 5C:
Features: 62m² + 10m² deck, refurbished 2 bedrooms
Outgoings: rates $1552/year including gst; body corp levy $5458/year
Outcome: passed in at $550,000, sold post-auction for $570,000
Agent: Keisha Gutierrez

Victoria Quarter

Kingsbridge, 72 Wellesley St, unit 3G:
Features: 60m², one bedroom, balcony, parking space
Outgoings: rates $1565/year including gst; body corp levy $6236/year
Outcome: passed in at $575,000
Agent: Damian Piggin

Waterfront

The Parc, 24 Market Place, unit 5B:
Features: 138m², 2 bedrooms, 2 bathrooms, terrace, 2 parking spaces, 2 storage lockers
Outgoings: rates $2864/year including gst; body corp levy $11,649/year, ground rent $11,890/year (lease in perpetuity, 7-yearly ground rent reviews, next review January 2019)
Income assessment: $950-1050/week fixed term
Outcome: passed in after bid at $450,000, vendor bid at $500,000
Agent: Ann Bennett

Wynyard Quarter

Lighter Quay, 77 Halsey St, unit 515:
Features: leasehold, 62m² + balcony, 2 bedrooms, 2 bathrooms
Outgoings: rates $1838/year including gst; body corp levy to April 2018 $8772/year including $4255/year ground rent
Income assessment: $640/week fixed until 19 October, appraisal $640-660/week unfurnished, $$660-700/week furnished
Outcome: sold for $255,000
Agents: May Ma & Mark Li

Isthmus west

Eden Terrace

19 Fleet St, unit F4:
Features: 75m² + 15m² covered deck, 2 bedrooms, parking space, storage locker
Outgoings: rates $1558/year including gst; body corp levy $4319/year
Income assessment: $600-650/week furnished
Outcome: sold for $670,000
Agents: Dominic Worthington & Ady Huang

Attribution: Auction.

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Update: C-Vu & Statesman units sell, then 4 others passed in

Published & updated 26 July 2018
The first 2 apartments on City Sales’ auction list yesterday, in C-Vu & the Statesman (pictured), were sold but the remaining 4 were passed in. The uncertainty of pending remediation works reduced bidding on 2 of them, in the Memphis & Imperial Gardens.

2 units in C-Vu were up for auction, following completion of remediation but before issuing of the code compliance certificate. Update: The second of those 2 units has been sold post-auction, price undisclosed.

The Statesman studio was by far the most popular unit, attracting 6 bidders.

CBD

Learning Quarter

Bankside, 8 Bankside St, unit 9E:
Features: 30m², fully furnished one bedroom, deck
Outgoings: rates $1149/year including gst; body corp levy $4278/year after prompt payment discount
Income assessment: $370-410/week
Outcome: passed in at $235,000 + gst
Agents: Haytham Nasr & Tony Kelly

The Statesman, 1 Parliament St, unit 1311:
Features: 30m² studio, deck, secure storage
Outgoings: rates $1304/year including gst; body corp levy $2652/year after prompt payment discount
Income assessment: $400-420/week
Outcome: sold for $355,000
Agent: Scott Dunn

Uptown

C-Vu, 36 Day St, unit 5A:
Features: 26m², one bedroom, deck, remediation completed, code compliance certificate still to be issued
Outgoings: rates $810/year including gst; body corp levy $2388/year
Outcome: sold for $264,000
Agents: Haytham Nasr & Trisha Shanaghan

Updated: C-Vu, 36 Day St, unit 12H:
Features: 43m², 2 bedrooms, deck, remediation completed, code compliance certificate still to be issued
Outgoings: rates $1052/year including gst; body corp levy $3950/year
Income assessment: $460-500/week
Outcome: passed in at $391,000; sold post-auction, price undisclosed
Agent: Trisha Shanaghan

Victoria Quarter

Imperial Gardens, 135 Hobson St, unit 717:
Features: 51m², 2 bedrooms, 2 bathrooms, deck, parking space
Outgoings: rates $1188/year including gst; body corp levy $5049/year, building about to undergo remediation
Income assessment: $560-595/week
Outcome: passed in at $220,000
Agents: Haytham Nasr & Maggie Sun

Isthmus west

Eden Terrace

Memphis, 4 Rendall Place, unit 4C:
Features: 61m², 2 bedrooms, deck, 2 parking spaces, storage locker
Outgoings: rates $1592/year including gst; body corp levy $4863/year
Income assessment: $420/week current, appraisal $560-590/week
Outcome: passed in at $400,000
Agent: Maggie Sun

Attribution: Auction.

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All 3 apartments sell at auction

All 3 apartments sold under the hammer at Ray White City Apartments’ auction today, all after strong bidding.

CBD

Victoria Quarter

One Hobson Residences, Grand Chancellor, 1 Hobson St, unit 1309:
Features: 57m² + 12m² balcony, fully furnished one-bedroom sub-penthouse
Outgoings: rates $1591/year including gst; body corp levy $4223/year
Income assessment: $600-650/week
Outcome: sold for $590,000
Agents: Adam Gurr & Josh Muriwai

Wynyard Quarter

Lighter Quay, 77 Halsey St, unit 513:
Features: leasehold, 41m², furnished one bedroom
Outgoings: rates $1487/year including gst; body corp levy $5676/year for last year including $2753 ground rent; ground rent has gone to arbitration; residents society levy $1513/year
Income assessment: was $520/week, sold with vacant possession, appraisal $550-580/week
Outcome: sold for $164,000
Agents: Mitch Agnew & Ryan Bridgman

Isthmus west

Eden Terrace

Montpellier Square (pictured), 30 Randolph St, unit 2B:
Features: 54m², one bedroom, tandem parking, storage locker
Outgoings: rates $1168/year including gst; body corp levy $3082/year
Income assessment: $450-500/week
Outcome: sold for $438,000
Agents: Mitch Agnew & Ryan Bridgman

Attribution: Auction.

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City apartments sell in $9-10,000/m² range at auction

An apartment on St Patrick’s Square (building pictured) and another at the top of the Auckland cbd, in Scotia Place, sold under the hammer at Ray White City Apartments’ auction yesterday. 3 others were passed in at an auction which attracted multiple bidders on 2 properties, none on another.

Assuming a 5% return on current parking price, the 1950s Madison on the Square apartment – across the square from the brand-new Park Residences – was priced at about $9750/m².

At the top of the hill, the Nova en Scotia apartment, with no parking, was priced at $9000/m².

CBD

Federal St

Madison on the Square, 37 Federal St, unit 3D:
Features: 44m², one bedroom, secure basement parking space
Outgoings: rates $1526/year including gst; body corp levy $4668/year
Income assessment: $435/week current, parking $60/week fixed until 23 August; apartment appraisal $500-600/week fully furnished
Outcome: sold for $491,500
Agent: Krister Samuel

Uptown

Volt, 430 Queen St, unit 1607:
Features: 72m², 3 bedrooms, 2 bathrooms, balcony, secure basement parking space
Outgoings: rates $1669/year including gst for apartment, parking $182/year; body corp levy $8383/year including hot & cold water
Income assessment: $650-700/week furnished
Outcome: passed in at $640,000
Agents: Judi & Michelle Yurak

Nova en Scotia, 18 Scotia Place, unit 7G:
Features: 50m², 2 bedrooms
Outgoings: rates $1396/year including gst; body corp levy $4049/year
Income assessment: $490/week current
Outcome: sold for $452,000
Agent: Bain Duigan

Isthmus east

Grafton

Bridgeside, 127 Grafton Rd, unit P1:
Features: 65m², one bedroom, 2 separate basement parking spaces, storage locker
Outgoings: rates $1519/year including gst; body corp levy $5478/year
Outcome: passed in at $535,000
Agents: Mitch Agnew & Ryan Bridgman

Isthmus west

Eden Terrace

Memphis, 4 Rendall Place, unit 4A:
Features: 66m², 2 bedrooms, 3 parking spaces, storage locker
Outgoings: rates $1454/year including gst; body corp levy $5488/year
Outcome: no bid
Agent: Anna Birkenhead

Attribution: Auction.

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