High Yields From City Apartments – Sales

Sold by Ray White City Apartments:

  • 14b/8 Bankside St. The Waldorf building. A fully furnished, 30sq m studio with rent fixed at $1300 a month until February 2015. Sold for $211,000, providing a gross yield of 7.4%. Body corporate fees $3755 (after prompt payment discount). Rates $850. According to QV.co.nz the property was originally purchased for $205,500 in 2005.
  • A1/43 Anzac Ave. The Cambridge building.  An unusual property comprising a furnished 40sq m one bedroom apartment on the ground floor and two accessory units (one being a reception area for the building) which are rented by the Body Corporate on a casual basis. The body corporate levy for this property also covers the cost of electricity and water for the flat. The flat was rented at $300 a week and the two accessory units at $565 a month. Passed in with a highest bid of $84,000. Body corporate levy $14,400 (after prompt payment discount), rates $1624.
  • 1105/1 Courthouse Lane. The Metropolis building. A vacant 44sq m, north facing, one bedroom apartment offered fully furnished and fitted out, right down to the egg cups in the kitchen and sheets on the bed. Sold for $320,000, compared to the advertised asking price of $343,000. Body corporate levy $3766 a year (before prompt payment discount) plus a special maintenance levy $5160. Rates $1104. According to QV.co.nz the property was originally purchased for $227,500 in 2002 and resold in 2006 for $239,000.

Sold by Bayleys:

  • 25i/16 Gore St. Harbour City building. A vacant, fully furnished one bedroom apartment. Sold for $215,000. Body corporate levy $3437. Rates $1072.
  • 1704/11 Liverpool St. City Zone building. A two bedroom corner unit with city and harbour views. Rented at $365 a week. Sold for $265,000, providing a gross yield of 7.2%. Body corporate levy $3716 (less 15% prompt payment discount). Rates $943.
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