The only bids at this week's City Sales apartment auction were made by the auctioneer on behalf of the vendors

The Gladstone Apartments in Parnell have significant weathertightness issues that could cost $10.5 million to fix.

There was not a single bid on any of the apartments auctioned by City Sales this week, and with no bids from the floor the auctioneer was forced to open the bidding on all four units with a vendor bid to try and kick things along.

But in each case there were no further bids and all four units were passed in without a bid from a genuine buyer.

One of the apartments was leasehold and another was in a leaky building which requires substantial remediation work, which would have affected the interest from potential buyers for those units, but the others were in buildings which have proved popular with buyers in the past and there were serious investors in the room who would have been capable of settling a purchase.

However on the day they preferred to sit on the sidelines, or to wait until the properties were passed in and then negotiate a price.

See below for the full results of this week’s auction:

  • 108/57 Mahuhu Cres. Hudson Brown building. Leasehold. An 80 square metre, two bedroom unit with a car park and courtyards at the front and rear. Rented at $560 a week. Rates were $1705 and the body corporate levy was $10,720 including ground rent. According to QV.co.nz the unit had been purchased in May 2014 for $200,000.  When there was no opening bid the auctioneer got proceedings started with a vendor bid of $230,000 but when there were no further bids it was passed in. The agent was Habeeb Urrahman.
  • 903/207 Federal St. Federal City building. A 60 square metre, two bedroom unit with balcony. Vacant. Rates were $1422 and the body corporate levy $5306. According to QV.co.nz the unit had been purchased in July this year for $430,000. When there were no bids from the floor the auctioneer opened with a vendor bid of $420,000 and when there were no further bids it was passed in. The agent was Habeeb Urrahman. 
  • 9A/9 Victoria St East. The Lister building. A 104 square metre, three bedroom penthouse apartment with an 80 square metre rooftop terrace in a character building. Rates were $2571 and the body corporate levy $12,160. According to QV.co.nz the apartment had been purchased in October last year for $650,000. When there were no bids from the floor the auctioneer opened with a vendor bid of $650,000 and when there were no further bids it was passed in.  The agent was Gabrielle Hoffman.
  • 3G/118 Gladstone Rd. Gladstone Apartments. A 64 square metre, one bedroom unit with a car park, storage locker and balcony, in a leaky building that faces substantial remediation work that could cost up to $10.5 million to complete. Rates were $1364 and the body corporate levy $4872 plus a special remediation levy of $36,539 for the first stage of remediation work. According to QV.co.nz the unit had been purchased in 2007 for $390,000. When there were no bids form the floor the auctioneer opened with a vendor bid of $275,000 and when there were no further bids it was passed in. The agent was Georgia Featherstone.