Published 7 July 2011
Bob Dey report
City Sales sold 6 apartments under the hammer yesterday, leaving 2 with provisional new Ngati Whatua leases at each end of Quay Park to be passed in. Another unit was sold before auction.
The rise in ground rent for Quay Park properties takes that component of outgoings to 54% of the most optimistic of gross rental returns – for the 2 apartments on the market yesterday, an annual cost in the vicinity of $14-16,000.
Apart from the stock of apartments around the cbd up for sale, City Sales also had a unit in the Spencer on Byron hotel in Takapuna on the market. It was sold under the hammer. Auction results:
Connaught, 14 Waterloo Quadrant, unit 14F, sold prior for $386,500 (Wendy Feng)
Pullman Hotel, 6 Princes /St, unit 951, 70m², one bedroom, deck, parking space, rates & body corp levies $10,595/year, rental assessment $580/week plus $49/week for the parking space (current), sold for $380,000 (Wendy Feng)
8 on Quay, 8 Quay St, unit 10A, leasehold, 90m², split-level 2 bedrooms, deck, 2 parking spaces, rates & body corp levy $3532/year, 3 months’ ground rent (subject to arbitration) $3672, rental assessment $500-520/week, passed in (David Feng)
Hudson Brown, 57 Mahuhu Crescent, unit 216, leasehold, 65m², 2 bedrooms, parking space, rates $1275/year, body corp levy including provision ground rent $7778/6 months, rental assessment $550/week, passed in at $170,000 (Annie Xu)
Avoka, 31 Day St, unit 2C, 69m², 2 bedrooms, deck, parking space, rates & body corp levies $4683/year, current rent $380/week, sold for $261,000 (Gabrielle Hoffmann)
Heritage Farmers, 35 Hobson St, unit 733, one-bedroom suite overlooking the pool, 50m², one bedroom, parking space, rates & body corp levies $7466/year, rent $770/week (under private management), sold for $240,000 (Mark Jones)
Heritage Tower, 22 Nelson St, unit 510, 80m², corner 2 bedrooms, 2 decks, parking space, rates & body corp levies $11,022/year, current rent $65/week, sold for $390,000 (May Ma & Mark Li)
Ascent, 149 Nelson St, unit 207, 40m², one bedroom, deck, rates & body corp levies $3041/year, current rent $250/week, sold for $116,000 (Lucy Piatov)
North-east – Takapuna
Spencer on Byron, 9-17 Byron Avenue, unit 711, 48m², one bedroom, deck, dual hotel/residential use consent, rates & body corp levy $4295/year, no rental assessment given, sold for $160,000 (Gabrielle Hoffmann)