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$10 million Apartment Sold for $900k

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  • $10 million Apartment Sold for $900k

    Dream penthouse sells for a bargain price

    By Lane Nichols
    3:21 PM Saturday Aug 30, 2014


    Property developer David Henderson's penthouse suite above The Hilton Hotel. Photo / Doug Sherring
    A sprawling luxury penthouse on Auckland's waterfront once touted as the country's biggest and most expensive apartment with an asking price of $10 million has been sold for just $900,000.
    The 911sq m pad - nearly five times the size of the average Kiwi home - was formerly owned by former rich-lister and property developer David Henderson. It has a 2011 valuation of nearly $6 million.

    Link
    Squadly dinky do!

  • #2
    i don't understand that last line

    A QV spokesman said the penthouse had a 2011 valuation of $5.925 million and the recorded $900,000 sales price was surprising.
    However, he noted the property was leasehold and said valuations were generally based on freehold title.


    which seems to mean that leasehold valuations are completely meaningless

    and the valuers know it...........
    have you defeated them?
    your demons

    Comment


    • #3
      Still a bargain for $900k for a leasehold the size of >900sqm. On a side note, I wonder how much the annual leasehold and BC is for.
      www.PropertyMinder.co.nz
      # Property Management
      # Ad Hoc Tenancy Services / Rental Inspections / Terminations and Notices

      Comment


      • #4
        I can't see many private buyers willing to pay a price that would have bought this.
        They would be competing with the owner of the hotel who would likely have paid a lot more if there was any competition.

        Comment


        • #5
          Originally posted by BigDreamer View Post
          Still a bargain for $900k for a leasehold the size of >900sqm. On a side note, I wonder how much the annual leasehold and BC is for.
          How do you work that out without knowing how much ground rent needs to be paid? Your paying nearly a million for the right to rent a property for crying out loud.

          Comment


          • #6
            Originally posted by eri View Post
            which seems to mean that leasehold valuations are completely meaningless

            and the valuers know it...........
            Eactly. A $10m apartment wasn't sold at all, just the right to pay the rent for a $10m apartment......

            Comment


            • #7
              The article says the lease costs are $130k p.a.

              So quite the millstone alright.
              Squadly dinky do!

              Comment


              • #8
                Originally posted by Davo36 View Post
                The article says the lease costs are $130k p.a.

                So quite the millstone alright.
                No - the old lease was $130k pa.
                The lease has gone up a lot since then.
                <gulp>
                Plus it's a leaky, isn't it?
                In that photo it looks like something is going on behind the plastic sheeting.

                Comment


                • #9
                  Originally posted by Bob Kane View Post
                  No - the old lease was $130k pa.
                  The lease has gone up a lot since then.
                  <gulp>
                  Plus it's a leaky, isn't it?
                  In that photo it looks like something is going on behind the plastic sheeting.
                  Maybe that was a feature wall...

                  Comment


                  • #10
                    Originally posted by elguapo View Post
                    How do you work that out without knowing how much ground rent needs to be paid? Your paying nearly a million for the right to rent a property for crying out loud.
                    Agreed - bad judgment call.
                    www.PropertyMinder.co.nz
                    # Property Management
                    # Ad Hoc Tenancy Services / Rental Inspections / Terminations and Notices

                    Comment


                    • #11
                      Actually I do think it was a good buy.
                      But only because it was the hotel owner who bought it.

                      Wonder how much the mortgagee lost on it ?

                      Comment

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