Even apartments in buildings that leak or that require other remediation work are finding buyers – at a price

All five of the Auckland apartments put up for auction at the two biggest apartment agencies this week were either buildings that were leaky or had other issues that required remedial work to be carried out.

However that didn’t deter buyers and three of the five attracted competitive bids and were sold under the hammer, with prices varying according to each building’s situation.

See below for the results of the latest auctions at City Sales and Ray White City Apartments.

Auction at City Sales on June 15:

  • 213/149 Nelson St. Ascent building. A 50 square metre, two bedroom, furnished unit, with a storage locker and balcony in a building undergoing remediation work for construction defects. Rented at $500 a week. Sold for $360,000. According to QV.co.nz it had been purchased for $325,000 in 2007. Rates were $1064 and the body corporate levy $3504. The agents were Lucy Piatov and Chris Bell.
  • 3E/135 Victoria St East. Victopia building. An 85 square metre, three bedroom, two bathroom, furnished unit with a 27 square metre.balcony and car park. This building is the subject of a weathertightness claim with repairs estimated to cost more than $40 million. It is estimated that remediation work on the building will take 110 weeks and residents will need to vacate the building for 29 weeks. Vacant. Passed in at $210,000. According to QV.co.nz it had been purchased for $448,000 in 2005. The agent was Tania Toparea.
  • 4D/23 Upper Queen St. Westmount building. An 85 square metre, two bedroom/two bathroom, furnished unit with a car park, in a building requiring remediation work. Rented at $580 a week. Sold for $352,000. According to QV.co.nz it had been purchased for $327,000 in 2007. Rates were $1397 and the body corporate levy $5593. The agents were Lucy Piatov and Chris Bell. 

Auction at Ray White City Apartments on June 16:

  • 709/9 Byron Ave, Takapuna. Spencer on Byron building. A 30 square metre, furnished studio leased to the hotel. The building is subject to a weathertightness claim. Sold for $170,000. According to QV.co.nz it had been purchased for $153,000 in 1999. The agents were Gillian Gibson and James Mairs.
  • 528/149 Nelson St. Ascent building. A 48 square metre, two bedroom, furnished unit in a building undergoing remediation work. There were no bids on the property and it was passed in. The agents were Damian Piggin and Daniel Horrobin. 

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