Sitting high on the Nelson St ridge the Zest is one of Auckland's best known CBD apartment buildings and with 512 apartments in the complex its has been a mainstay with investors for many years.
Apartment 802, which went to auction last week, had two bedrooms and a car park, but with a floor area of just 38 square metres plus a four square metre balcony it was definitely compact.
However it looked out over Victoria Park to the harbour bridge and had good city and harbour views.
Michelle Yurak of Ray White City Apartments who marketed the property, said most of the buildings' tenants are either students or inner city workers and it is particularly popular with workers at nearby Sky City.
The building is also increasingly popular with owner-occupiers and about 15% of its apartments are owner-occupied, she said.
However all of the potential buyers who were interested in this particular apartment were investors, she said.
When it went to auction last week there were multiple bidders for it and it sold under the hammer for $395,000.
The apartment was furnished and rented at $450 a week (fixed until November this year) and the car park was rented separately for $55 a week, which would give gross rent of $26,260 a year, providing its new owners with a gross rental yield of 6.65% a year.
Rates were $1266 a year and the Body Corporate Levy $4150, which would reduce rental income to $20,844, giving a net rental yield of 5.28%, (before allowing for any vacancies or mortgage payments).
You can check out the results of many property auctions held around the country on our Residential Auction Results page, which allows you to search for auction results by location and agency.
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