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Wynyard Quarter a "Dumb Investors" Haven

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  • Wynyard Quarter a "Dumb Investors" Haven

    http://www.nzherald.co.nz/business/n...ectid=11165888
    Apartment village
    * Wynyard Central to be built on 2.76ha of waterfront land.
    * Site between Halsey St, Daldy St, Madden St and Pakenham St.
    * Area to have about 4000 residents and 12,000-15,000 workers.
    * All residential properties will be sold as leasehold only.
    *
    Prices expected to be $500,000-$1m+ per residence.


    When I read the point highlighted above, I thought:

    Wynyard Quarter a "Dumb Investors" Haven


    Who in their right mind would buy a part of a building for $500k to $1mil, yet you don't even own the land?????

    Stupid.

  • #2
    Well it is another council idea. The organisation you work for.

    No cars allowed. How lovely. How idyllic.

    Oh and at $500k to $1million, where's the affordable housing? The council are such hypocrites.
    Squadly dinky do!

    Comment


    • #3
      Wynyard Quarter/Central is an up market place I would imagine, so I don't think the affordable housing would work there.

      As for the no cars allowed, I guess it will turn into a studen accomodation area who knows.

      Rich people need their cars, that ain't the place.

      Comment


      • #4
        Btw, people who can barely afford an affordable house would struggle to pay the ground lease.

        Comment


        • #5
          Originally posted by Gary Lin View Post
          As for the no cars allowed, I guess it will turn into a studen accomodation area who knows.
          Where did the "no cars allowed" come from ?

          Comment


          • #6
            for centuries churches have used leasehold land as a way to secure funding into the future

            it also has obvious attractions to traditional land owners who don't necessarily trust the current generation to make the right investment decisions to ensure perpetual funding for future generations

            but there is NOTHING in it for investors to buy buildings on leasehold land

            businesses perhaps

            live in owners (imho short sighted +greedy) perhaps

            but not investors

            not here

            not now
            have you defeated them?
            your demons

            Comment


            • #7
              The buildings will have car parking below ground. All of the new buildings in Wynyard Quarter are interesting because the water table is just 2 metres below ground level I'm told. (You're an engineer aren't you Gary?)

              I believe these will be really good developments. That whole space has been done very well and living there will provide a fabulous lifestyle. High quality accommodation, in close vicinity to work and play - restaurants, bars, night-life etc. You can have your boat a few minutes away - in the dry docks maybe ready to depart and loaded up when you get there. It should be the best apartment living in Auckland.

              It's not for me but I can see it appealing to a lot of people - business execs, retirees, Sydney-siders looking for an affordable apartment near the waterfront..
              “Our favorite holding period is forever.”

              Comment


              • #8
                On a related issue:
                Does any one know what the church leaseholders do with the leasehold money?
                St Johns, Mission Bay and Kohimarama every third house appears to be leasehold - must be getting bucket loads of money

                Comment


                • #9
                  same question for cornwall park trust
                  have you defeated them?
                  your demons

                  Comment


                  • #10
                    Originally posted by eri View Post
                    same question for cornwall park trust
                    Not really - the Cornwall Park trust money is used to manage the Park itself.

                    Comment


                    • #11
                      Originally posted by gavinc View Post
                      On a related issue:
                      Does any one know what the church leaseholders do with the leasehold money?
                      St Johns, Mission Bay and Kohimarama every third house appears to be leasehold - must be getting bucket loads of money
                      Well I think they do their 'good works', you know, ministering to the public, helping the needy etc. Along with paying their staff, maintaining buildings and so on.
                      Squadly dinky do!

                      Comment


                      • #12
                        they make their investments work for them.
                        Maybe I missed something but it seems only in recent years that the bleating started over how unfair leasehold is.

                        Comment


                        • #13
                          We are leasing a building here in Tauranga on leasehold land - commercial rents across the town have fallen however the lease came up for review a year or two ago and was increased by 36-40%. Loads of for lease / sale signs.

                          Comment


                          • #14
                            The success or otherwise will in a large part come down to the quality or otherwise of the lease.

                            If done properly, it will be attractive to enough owner occupiers and wealthy overseas people to make it a success I reckon.
                            Much as donthatetheplayer describes.

                            Comment


                            • #15
                              Originally posted by speights boy View Post
                              Where did the "no cars allowed" come from ?
                              The article says no cars in the first sentence.

                              Comment

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