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Heritage Hotel Apartment Auckland

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  • Heritage Hotel Apartment Auckland

    Hi, new to this site. What do people think about investment in this building?.
    Looks appealing and well done up but it is an old building. As good and safe as any others?

  • #2
    imho

    not as good and safe as new buildings

    and inherently more expensive to run

    so higher BC etc.

    i'd stay away
    have you defeated them?
    your demons

    Comment


    • #3
      I think all the councils will be bringing tougher earthquake strengthening requirements in and you may be forced to pay for them. Factor it into the price if it isn't greater than current code already. Also check out wiring, plumbing have been upgraded and fire systems vs current requirements.

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      • #4
        Thanks for your thoughts. It is a consideration. I wonder though, if some of these new buildings have the same issues

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        • #5
          Hi there, I can't resist putting my two cents in.

          First off though my opinion could be a little bias given that I sell a lot of apartments in the Heritage Building . That being said I believe the apartments are some of the best value for money apartments available.

          The Auckland City Council have carried out a survey of many of the buildings in Auckland City, this report however is limited to specifying the urgency/timeline of any upgrades necessary, not what upgrades may need to take place. If there is a need for earthquake strengthening then the time frame for most buildings is 25 Years, this should avoid any spike in the building corp levies (unlike a leaky building which needs to be done almost immediately).

          The body corporate levies are about $5,000 on average for the 50m2 apartments with favorable orientation (less for lower level internal apartments). Compare that levy to other buildings of similar quality and facilities (Quay West, Stanford Residences, Metropolis) and you levies are in fact very reasonable.

          I would say, stay open to the Heritage Hotel. It is in an excellent location, being a heritage building it cannot be replicated like other modern buildings, it offers probably the best facilities of any apartment building (2 Gyms, 2 Pools one being rooftop with amazing views, 2 Spas, tennis court, Sauna). The lifestyle on offer is excellent and I have a number of very experienced investors buying multiple apartments in this building.

          Just do your research and calculate any potential cost/risk.

          Cheers

          Oliver

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          • #6
            do you have any investment props of your own Oliver?
            have you defeated them?
            your demons

            Comment


            • #7
              It is basically the old 1920s Farmers Trading Co department store building, one of my favorites as a kid.

              I'd run not walk.

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              • #8
                Oliver, how come the Body Corp fees are lower than average?

                Comment


                • #9
                  Hi Eri, yes I do.

                  Comment


                  • #10
                    Hi Kaptitibeanman

                    I definitely wouldn't say the body corp levies are lower than average, they are higher than the average. When you compare the body corp levies with other high end apartments however the levies are very reasonable. The difference is the unit entitlement share is lower for each unit.

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                    • #11
                      Originally posted by Oliver Mitch View Post
                      Hi Eri, yes I do.
                      any in farmers?
                      have you defeated them?
                      your demons

                      Comment


                      • #12
                        I don't, I would love to get in before the prices go up though.

                        Comment


                        • #13
                          if you did

                          would it be a buy and hold

                          or a buy and flick?
                          have you defeated them?
                          your demons

                          Comment


                          • #14
                            Although buy and flick can make you a bit of cash in the short term, by the time you pay tax you are far better to hold in my opinion. Everyone has their strategy though.

                            My boss has done well with a buy and flick through starting the company ICONiCITY but his buy and hold is what will give him a cosy retirement.

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                            • #15
                              does he have any buy and holds in heritage buildings?

                              i think they are too risky

                              not so much for quakes

                              but hugely expensive strengthening work

                              very expensive insurance

                              and increased BC costs

                              even when heritage buildings are strengthened

                              it doesn't seem to be 100% to current code

                              that's just not possible without knocking them down

                              rather up to 30%? of current code, or some similar low%

                              which international insurers just laugh at

                              even if auckland and northland are low risk

                              as they are about half of nz

                              they MUST be charged more

                              to reflect the real cost of insurance risk for the rest of the country

                              a tenant is not going to pay more just because the LL is subsidization other building's insurance
                              have you defeated them?
                              your demons

                              Comment

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