A sign that the property market is on the road to recovery is the sales record of shoe box apartments which are steadily becoming the new the “darlings” of the market. I have said on many occasions that the cheap apartment market was once hopelessly over priced and is now hopelessly under priced. For those of you who have a strong stomachs and want income and a punt on capital gain, then these types of investments maybe for you.
Published 2 June 2011
City Sales sold 7 apartments under the hammer and one shortly after the auction yesterday.
They included a large (70m²) one-bedroom unit in the Princes St apartments attached to the Pullman Hotel (ex-Hyatt Regency), one sub-penthouse unit in the Spencer on Byron Hotel in Takapuna which has consent for both hotel & residential use, and 3 Princeton units taken out of the hotel pool. Auction results:
Princeton, 30 Symonds St, 3 units each of 27m², all taken out of the hotel pool, all 2 bedrooms, rates & body corp levy $4572/year for units 4F & 4B, $4520/year for unit 2F, rental assessment $300-330/week, unit 4F sold for $103,500, unit 4B sold for $105,500 and unit 2F sold for $102,500 (Wendy Feng & Andrew Bond)
The Pullman Hotel, 6 Princes St, unit 15F, 70m², one bedroom, deck, parking space, rates & body corp levy $11,000/year, vacant possession, rental assessment $650-750/week, sold for $433,000 (Wendy Feng)
The Quadrant, 10 Waterloo Quadrant, unit 1007, 42m², 2 bedrooms, deck, rates & body corp levy $5228/year, under hotel management, current rent $400/week, sold for $217,000 (May Ma & Mark Li)
The Docks, 8 Dockside Lane, unit 238, leasehold, 60m², 2 bedrooms, parking space, rates & body corp levy $10,814/year (including $2400/year ground rent), current rent $500/week, sold for $165,000 (Hilary Seagrave)
Victopia, 135 Victoria St West, unit 13M, 33m², 2 bedrooms, deck, rates & body corp levy $3036/year, current rent $315/week, sold for $163,000 (Mark Jones)
Takapuna, Spencer on Byron, 9-17 Byron Avenue, unit 1901, 48m² sub-penthouse one bedroom, deck, parking space, the unit has consent for dual hotel or residential use, vendor to remain a plaintiff in remedial works litigation, rates & body corp levy $4707/year, vacant possession, sold post-auction for $240,000 (Gabrielle Hoffmann)
Attribution: Auction, story written by Bob Dey for the Bob Dey Property Report.