An apartment that used to be factory gets top dollar but a hotel unit sells for less than half its previous selling price

The prices of two Auckland apartments headed in different directions at this week's auction by Ray White City Apartments.

Both were located in CBD fringe suburbs but each was aimed at a different sector of the market.

A large apartment in Grey Lynn (pictured above and the interior below) which was a high quality conversion from its former industrial use, sold for more than double its 1999 purchase price, while a studio apartment that was managed as part of a Parnell serviced apartment complex sold for less than half its previous purchase price.

In between the two, a studio unit that would usually be typical investor fare was passed without receiving a single bid.

The full results are below.

• 2/3 Wallingford St Grey Lynn.  A 146sq m, three bedroom apartment set over three levels, with internal garage, two bathrooms and an extra toilet.This was a high quality conversion from the building's former industrial use. There was keen bidding from several potential buyers for this property and after a tight contest it sold under the hammer for $825,000. According to QV.co.nz the unit last sold for $345,000 in 1999.
   
• 314/6 Heather St, Parnell. A 30sq m studio that is managed under lease as part of a Quest serviced apartments complex. There were several bidders for this property and it sold under the hammer for $90,000. According to QV.co.nz the unit was last sold for $245,000 in 2007.
   
• 321/184 Symonds St. Citta building. A 28sq m studio offered with vacant possession and a rent appraisal of $300-$320 a week. Passed in with no bids.