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6 units sell under hammer, and Spencer unit sells at last

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  • 6 units sell under hammer, and Spencer unit sells at last

    6 units sell under hammer, and Spencer unit sells at last

    Published 29 October 2010
    City Sales sold 6 apartments under the hammer and one before the auction on Wednesday, and has concluded the sale of a unit in the Spencer on Byron in Takapuna which had been passed in twice at auction.

    Trends are hard to pick at auctions. Sometimes there’s a particular property that has attracted numerous buyers, sometimes nobody wants to bid – perhaps for external reasons such as financing or interest-rate uncertainty – and sometimes the sun comes out and bidders feel prosperous.

    If you measure on internal space, the 39m² unit in the Century on Anzac was firmly priced at $4000/m², but the unit also has a very large deck out the back (ie, not facing the street, but looking out over the port and to the east) to change the equation.

    Other factors weighing on apartment value include remedial work for leaks, ground leases, the availability of parking (versus the premium on street parking in the neighbourhood), decks, the aspect and amenities in or near the building.

    The former Railway Campus, now Grand Central, is getting over its remedial programme but, like other Quay Park properties, faces the introduction of ground leases next year after no payments for the first 15 years. Prices there have been low to take troublesome factors into account.

    At the other end of Quay Park, Mirage is a quality development with onsite facilities but also faces the ground-lease issue.

    Outside the auction room – and outside the cbd, where most of the apartment sale reports on this website have focused - a unit in the Spencer on Byron Hotel in Takapuna has been sold after negotiations following 2 auctions this year. Bidders were tentative in September about this unit & another, among a number released for permanent occupancy from next July, following court action.

    The Spencer unit sold for $4166/m² net of gst, a reasonable price in a market where it’s been hard to push anything over $3500/m² in the auction room, but well down from the heady days and probably lower than desired for maintenance of the perception of central Takapuna as a moderately high-class neighbourhood.

    Over in Kingsland, out by Eden Park, a unit in the Park 401 development was sold for better than $5300/m² net of parking.

    Auction & sale results:

    Learning Quarter

    Century on Anzac, 100 Anzac Avenue, unit 6E, 39m², one bedroom, 29m² of deck, body corp levy $3200/year to September 2010, sold for $195,000 (Georgia Featherstone)

    The Quadrant, 10 Waterloo Quadrant, unit 618, 32m², fully furnished one bedroom, body corp levy $3370/year to February 2011, in hotel pool, passed in at $145,000 (Maryanne Wong)

    Quay Park (ground leases are up for renewal August 2011, to be set at 6% of ground value)

    Grand Central, 26 Te Taou Crescent, unit 127, leasehold, 38m², 2 bedrooms, body corp levy $10,094/year to March 2011 (the property, formerly Railway Campus, is nearing completion of remedial works but also has changes to the services payments structure), current rent $340/week, sold for $30,000 (Andrew Bond & Mark Jones)

    Mirage, 88 The Strand, unit 205, leasehold, 90m², 2 bedrooms, 2 bathrooms, deck, 2 parking spaces, body corp levy $12,128/year to July 2011, current rent $525/week, sold vacant for $200,000 (Krister Samuel)

    The Landings, 8 Ronayne St, unit 1010, leasehold, 75m², 2-bedroom penthouse with 2 bathrooms, tandem parking for 2, body corp levy $3677/year to September 2011, rent better than $500/week anticipated, sold with vacant possession for $178,000 (Brijan Patel)

    Queen St Valley

    Federal City, 207 Federal St, unit 207, 2-bedroom suite, current rent $400/week, body corp levy $3219/year to July 2011, passed in at $180,000 (Maryanne Wong)


    Lighter Quay, 79 Halsey St, unit 207, leasehold, 44m², deck, parking space, body corp levy (including ground rent) $4204/year to April 2010, sold prior for $145,000 (James Graydon & David Parker)

    Victoria Quarter

    Aura, 53 Cook St, corner Nelson St, unit 1111, 48m², 2 bedrooms, deck, body corp levy $3494/year to October 2010, rental assessment $380/week, sold for $180,500 (Andrew Murray)

    Isthmus west

    Kingsland, Park 401, 401 New North Rd, unit 102, 54m², 2 bedrooms, 2 bathrooms, deck, parking space, body corp levy $3169/year to December, rental assessment $430/week, sold for $330,000 (James Mairs)


    Takapuna, Spencer on Byron, 9-17 Byron Avenue, unit 1813, 48m² one bedroom + deck + parking space, rental assessment $400/week, vacant possession, passed in with a top bid of $240,000 (gst inclusive) in April, passed in at $210,000 (gst inclusive) in September, sold for $230,000 this month (Pauline Bridgman & Gabrielle Hoffmann)

    "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx

  • #2
    Would be interested to know how the Sentinal is doing and/or Rick Martin of Cornerstone Group. Last I heard he was washed up, and so was the Sentinal?