This week's Auckland apartment auction at City Sales got off to flying start even before things got underway, with three of the eight apartments that were to have been offered selling prior to the event.
That left five to go under the hammer, a luxury penthouse bang in the middle of town which sold for nearly twice as much as it was purchased for four years ago, two leasehold units, one of which sold and the other which didn't, a unit leased to a hotel operator and bringing up the rear, one of those investor mainstays, a shoebox.
The full results are below:
9a/9 Victoria St East. The Lister building. This 4-5 bedroom penthouse in the historic Lister building was firmly in luxury territory with 104 sq m of floor space and a massive 84 sq m outdoor terrace looking out towards Albert Park at one end and up Victoria St towards the Sky Tower at the other. There were several bidders and it sold under the hammer for $650,000. Rates were $2310 and body corporate levy $11,600. According to QV.co.nz it was last sold for $345,000 in 2010.
105/57 Mahuhu Cres. Hudson Brown building. A two bedroom/two bathroom unit with a car park and 75sq m of floor space and two outdoor courtyards. This would have been apartment heaven for many inner city hopefuls except that it was on a leasehold title which kept the buyers away in droves. The auctioneer asked for an opening bid from the floor and when none was received, kicked things off himself with a vendor bid of $200,000. When no else was prepared to put their hand up with a higher offer he had no choice but to pass it in for sale by negotiation. Rates were $1508 and the body corporate levy was $9263 a year which included ground rent. According to QV.co.nz the property was originally purchased for $530,000 in 2006 and resold for $220,000 in 2009.
207/57 Mahuhu Cres. Hudson Brown building. A 60sq m one bedroom unit with a car park. Its leasehold title didn't deter potential suitors from chasing this hot downtown babe and it sold under the hammer for $145,000 which was less than half its original purchase price. Rates were $1104 and the body corporate levy of $6870 a year included the ground rent. According to QV.co.nz it was originally purchased for $317,235 in 2006 and resold for $135,000 in 2009.
5g/6 St Martins Lane. St Martins Apartments. A 52sq m, fully furnished, one bedroom unit with car park, with a management contract to hotel operator Waldorf providing rent of $475 a week, fixed until 2019. Passed in with no bids.
9n/135 Victoria St, west. Victopia building. A 36sq m, fully furnished, two bedroom shoebox. Rented at $370 a week. Passed in with no bids.
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