Heavy bidding saw a Pt England house and a leasehold apartment in The Landings at Quay Park (pictured) sold at Ray White City Apartments’ auction today. An Aucklander apartment was passed in, also after heavy bidding.
Bidding on the house at Pt England opened at $900,000 and finished with a sale at $1.4 million.
The Landings property was a more complicated proposition. It was taken to market by the liquidator of NZHB Properties Ltd, Brenton Hunt (Insolvency Matters Ltd, Christchurch), with a number of clauses relating to vendor liability crossed out.
NZHB, formerly NZ Home Bonds Ltd (director Peter Judkins, of Christchurch) went into liquidation on 5 June.
Bidding on the 8th floor apartment opened at $100,000 and escalated quickly. It sold for $350,000. Auctioneer Ted Ingram said the Landings had recently received a council code compliance certificate after a big remediation project. Next up for owners, however, is negotiation of the 7-yearly review of the Ngati Whatua o Orakei Trust Board ground lease, which came up for renewal on 1 August.
The Aucklander, 25 Rutland St, unit 7D:
Features: 27m² studio
Outgoings: rates $1130/year including gst; body corp levy $3644/year
Income assessment: $400-420/week furnished
Outcome: passed in at $250,000
Agents: Dusan Valenta & Jasmine Chote
The Landings, 8 Ronayne St, unit 811:
Features: leasehold, 71m², 3 bedrooms, 2 bathrooms, parking space, code compliance certificate issued for remediation works
Outgoings: rates $1357/year including gst; body corp levy $10,431/year ($5685 operational levy, $4746/year ground rent); the ground lease review began on 1 August
Income assessment: $640/week
Outcome: sold for $350,000 by the liquidator of the owner, NZHB Properties Ltd; conditions removed from the sale contract included vendor default, late settlement or failure to give possession, vendor warranties & undertakings
Agents: Mitch Agnew & Ryan Bridgman
5 Riki Rd:
Features: 812m² section, 127m² 3-bedroom house, garage
Outgoings: rates $2841/year including gst
Outcome: sold for $1.4 million
Agent: Adam Pearce