Leasehold apartments Archives | Apartment Specialists

Tag: Leasehold apartments

When selling your apartment, did you know there are more than just commission costs? We know, at Apartment Specialists, that, at the end of the day, you want to know how much you’ll be getting in your back pocket when your apartment has sold. You might be surprised to know that you may even get money back. We’ll help you to get a broader picture of what these other expenses are, understand ALL the costs when selling your apartment,  so you can take them into account.

SUMMARY:

The knowledge of what costs you will incur during the process of selling is so important and it is more than just the agent’s commission.

The costs involved are more than just the commission. There are several others involved but don’t let that deter your choice to sell.

Marketing costs generally are around $600 when a property is selling for under a million and around $2300 for property over and above that price.

Lawyer’s fees can range from anywhere between $800 and $1000 for a property with no mortgage and up towards $1300 for a property with a mortgage. Where there is a sale that is more complicated for example a building that may need more due diligence due to building issues these lawyers’ fees may be upwards to $2000.

Lastly, a cost that is overseen when your property is tenanted during the decision of sale being made, your tenants may leave before settlement date leaving you with no income for several weeks. This is where you need to ensure you are prepared for this and/or bring the settlement date forward if able to.

And the good news; you may sometimes be eligible for money back. If you have covered your Body Corporate fees for the year and sell part way through the year you will receive the overpaid amount back upon settlement. Rates are the same deal and will be reimbursed if any are overpaid.

how much do you need to buy an apartment


Apartment Specialists Podcast No: 156

Summary:

How much do you need to deposit when buying an apartment? What are the restrictions and bank limitations when you are taking out a loan for an apartment purchase? Watch the video and read the article to get more information and insights about getting your financial needs in order when buying an apartment.

How Much Do You Need to Buy an Apartment

As an overview the basics on how much you need to buy an apartment are pretty straight forward and can be put into three different categories.

1) Owner occupiers apartments or apartments with the most capital gain opportunity.

These apartments are not your shoe boxes and so are of a descent size. To buy one of these apartments you will need at least a 20% deposit.

2) Investor Apartments or Income focused apartments.

These are your smaller apartments, income focused and to buy one of these apartments you will need at least a 50% deposit.

3) Lease hold apartments.

These are generally lifestyle purchasers or in some cases high return purchases. To buy a leasehold apartment you will need a deposit of at least 50%

Now, unfortunately it is not that simple. BANK CRITERIA makes it quite confusing as they are all different and cause a lot of buyers to waste a lot of time and energy.

For a buyer, there is nothing more frustrating than finding the perfect apartment only to find out that you can’t buy it because the bank won’t give you the money you need.

For example Banks have restrictions on:

  • Apartment size (i.e. if an apartment is under 40m2 or with another ban 50m2)
  • Apartments in hotel leases
  • Apartments that are in a building that once was used for something else (i.e. an office building that has been converted to an apartment)
  • Apartments that are leasehold
  • Specific Apartment buildings

And plenty more.

This is why I highly recommend seeing a broker who will, for free, match you with the best bank for your needs and at the lowest rate; and in most cases, get you a better deal than if you walked in off the street.

The important thing however is to use a top mortgage broker who knows apartments and has relationships high up in the banks.

What do you need to know about Apartment Buying in Auckland? How do you get the best deals? Download our Buyers Guide to get much sought after insights. You can also email andrew@apartmentspecialists.co.nz or call +6421 424 892 to get the best Auckland apartment expert to help you.

TRANSCRIPTION:

How much do you need to buy an apartment? Andrew Murray from Apartment Specialists here. I’ll be talking about how much money you need to by an apartment.

Everyone is talking about apartments. We all know that finance is different when coming to buy a house compared to buying an apartment. I’m going to first start off with the basics, and you can put apartments into three categories when talking about purchasing.

We’re talking about owner/occupier or capital gain purchases. Number two, being investor apartment purchases. These ones are more income-focused. Then three which is leasehold apartments and  lifestyle purchase or in some cases – very, very high return purchases. All this because of the negative stigma surrounding the leasor.

Number one, being an owner/occupier or a capital gain purchase. Now, your finance is generally restricted to give a blanket rule to about 80%. These are apartments of a decent size. If you’re going to buy an apartment that’s $400,000, you’re going to need an $80,000 deposit. If you’re going to buy an apartment that’s $500,000, you’re going to need $100,000 deposit and so on.

Number two, your investor apartments which are focused more on income. These are your small apartments. Because they’re restricted by bank criteria, that means the prices are lower and the rents are higher compared to the prices. This means you’ll get a higher return.

These apartments are restricted by the banks that’s why the finance is only 50%. If you’re going to buy an investor apartment, say as a smaller apartment, then that means you only need it financed for around about 50%. However, if you’re buying a $300,000 apartment, you’re going to need $150,000, which is quite restrictive. That’s why it’s generally an apartment you buy later in life when income’s more important than capital gain.

Number three, our leasehold apartments. This is your lifestyle purchase or your purchase with a view to high return, because it’s a smaller apartment. It’s leasehold but because of the stigma and the lack of people being able to purchase, less people purchase them. Leasehold across the board, generally speaking, is 50%. If you buy a leasehold apartment and they ask a million dollars, you’re going to have a $500,000 deposit. If you buy a leasehold apartment that’s $300,000, and you’re going to need $150,000 deposit.

Those are the basics and this is where it gets confusing. Every bank is different. One apartment that could be under the owner/occupier or capital gain purchase category in one bank, in another bank it could be an investor purchase. This is because of their size criteria. For example, ASB Bank will lend 80% on apartments 40 square metres or higher, where say Westpac will lend only 80% to apartments that are 50 square metres or higher. I’ll cover the actual current bank criteria in a different podcast, but that gives you an idea.

There’s nothing more frustrating than a purchaser coming to purchase an apartment to find out that their bank won’t give them the money they need. Put yourself in that situation. You’ve found that apartment and all of a sudden you can’t get finance. Now, on top of this, they also have restrictions on apartments and hotel leases.

Apartments that have been converted, for example, a used office blocks or used for something else, and it has been converted into apartments, it will often go for 65%, a common figure in most of the banks. And then they’ll also not lend on specific buildings if they’ve lent to too many people in that building. So, that’s another one you need to know from your banks – which apartments they won’t lend to.

Now that doesn’t mean that’s a bad apartment complex. It just means they’ve got too many clients that they’ve lent to in that building. I must agree, it does get confusing and there are plenty more rules when you get into finance. That’s why I do not advise going straight to a bank. I’d advise going to a broker, and make sure you go to one of the top brokers that specialise on apartments.

I can recommend you to some – just flick me an email. These are the ones that have relationships up high, and will get you better rates and better deals. You can get them free and what they do is they put them out to all the banks and see who will give you the best deal. They will also match the apartment you’re looking for, or what you’re looking for with the sizes.

I hope that helps. Andrew Murray talking about how much you need to purchase an apartment.

Cheers!

What do you need to know about Apartment Buying in Auckland? How do you get the best deals? Download our Buyers Guide to get much sought after insights. You can also email andrew@apartmentspecialists.co.nz or call +6421 424 892 to get the best Auckland apartment expert to help you.

Summary:

There is a negative stigma when buying Leasehold apartments however they can be a great way to own an apartment.

On Ngati Whatua land down by the Viaduct the apartments are leasehold and undervalued. Their value will continue to increase over time. This is with many other areas around the water in Auckland.

One of the reasons why they are often a good price is because there are less buyers interested in Leasehold.

They do need to suit your purchase though; they tend to be a lifestyle choice or using your money on other ways they are a great investment.

TRANSCRIPTION:

Are leasehold apartments in Auckland undervalued? This is a question I get asked by leasehold apartment owners, people looking to purchase leasehold apartments, obviously. But it came to me really, all of a sudden. Accountants started purchasing leasehold apartments off us, and other Real Estate Agents. It made me realise because even I thought, “Why leasehold?” It was because of the stigma.

I’m actually going to cover this podcast in two parts because there are two major types of leasehold in the Auckland CBD. There’s some small other pockets that I can talk to you in detail, in and around the CBD. A good example is in Symonds Street and well it goes down Anzac, as well as up Queen Street and in Byron Court. The major two types are the Maori Ngati Whatua Land. There is about 11 complexes, and your Haka Viataba Holdings Limited Land, which is around in Nubiotic Place.

The first one, I’m actually going to talk about is your Maori Leasehold Land, where there are 11 complexes and that’s specific area. In my opinion, it’s undervalued. Do I think it’s going to keep on increasing? In a short answer, yes  but there are a few different buildings in there and each building has it’s own little market.  It’s own little working site and so you really need to look at each individual building in it’s own case.

Overall speaking,  the reason for that is quite interesting. It’s because of that actual negative stigma that it had with New Zealanders. That’s because all the original owners paid the freehold value or the freehold what-it-should-be-worth, because it was freehold at the time. The apartment buildings are leasehold. A lot of them were unaware that it was leasehold or unaware how leasehold worked in New Zealand or underneath this lease structure. So they’ve paid $600,000 for apartments that are selling for $200,000/$250,000 now.

Then what happened is we let it happen. When they came onto what’s called the Secondary Market. They needed to sell or they were forced to sell, then there was a huge uproar. Within the papers, values have gone down 300% on resale, people losing hundreds-and-thousands of dollars.  Of course everybody goes, “whoa, don’t go near leasehold,” but once that’s done – It’s taken out your mum and your dad buyers. It’s taken your normal, most of your market, to only a few that are your deal punters. And the more buyers you take out of a market the lower the price goes. So that’s why your Ngati Whatua Leasehold Apartments are undervalued? Well, they’ll find their market in the next couple of years, and this is obviously my opinion. I’ve seen that number of buildings, where values have been raised recently, and as I said Accountants and Real Estate Agents are actually buying, they’d stop.

If you are looking at leasehold and first of all, leasehold apartments are something that needs to suit your purpose. The reason why your purchasing has to suit leasehold, for example, freehold apartments have more of a capital gain sort of moral to you, and if that’s your number one focus then leasehold probably doesn’t suit you. But if leaseholds for a lifestyle, for using your money in other ways and putting it into a business or putting into other types of property to make more money.  You want to be able to move into an apartment which would normally cost you three, four, five times the amount. Well then it definitely suits you, and I’d look into it and work out those numbers and talk to advisers as well.

Anyway, the next podcast I will be talking about the Viaduct Holdings Limited Land. That’s your Viaduct Basin or Viaduct Property. If you want to buy Viaduct Apartments, which is on the other side of  and talk about that area and what I think’s going to happen in that market. Anyway, hope this helps and I’ll speak to you soon.

Cheers. Bye.


Apartment Specialists Podcast No: 100

Summary:

Fees and charges concern many apartment buyers and investors. One such charge that many fail to look into is the leasehold apartment fee. How do you calculate it? Watch this video to get an idea.

TRANSCRIPTION:

How is a leasehold levy decided for an apartment? How is it worked out how much an apartment has to pay for the leasehold portion of the land for the apartment? Why does this apartment differ to that apartment?

Good day! Andrew Murray here from the Apartment Specialists, talking about leasehold properties or leasehold apartments, and why apartment levies are different throughout the building. Or why does this apartment have this levy, and that apartment have that levy.

It all comes down to an apartments unit entitlement. It comes down to the percentage that a particular apartment has to pay of the overall budget. It’s what’s called your unit entitlement. When you’re looking at an apartment, it will have a body corporate fee, and that body corporate fee is dependent on the value of the apartment.

Just to make it more simple. If you think about it, let’s say you have 100 apartments. The overall budget of the apartment complex is a million dollars. Every single apartment is not going to have a $10,000 levy. It’s going to be different. It comes down to the value of the apartment, which often depends on or comes down to, generally, in terms of the size and the position – where the apartment is in the building. For example, a penthouse owner may have to pay a $30,000 levy.

Where a studio on the second floor may only have to pay a $3000 levy. That’s exactly the same as how the leasehold fee per apartment is calculated. The higher you go up, and the larger the apartment, the more you have to pay on the said terms of the overall fee – of the leasehold fee you have to pay to the lessor each year, which as a building collectively is paid.

It is a little bit confusing, but really it’s just the same as the body corporate levy. It comes down to a unit entitlement, and that’s the entitlement to the costs of the building, and the costs of the lease. Hope that helps. Give me a ring on 021424892. This can be a bit confusing, and I don’t mind having a chat and explaining further with you.

Cheers, bye.

Summary:

The benefits of having an apartment in hotel lease are:

  1. There is less wear and tear as the people only stay for short periods of time and generally are corporates
  2. You don’t have to pay for the damage should any occur, this is the hotels costs
  3. Maintenance like painting is less as the apartment is continually being cleaned
  4. You have a hands off role and don’t need to worry about having your place vacant

As a long term investment you can make this way of purchasing work in your favour.

TRANSCRIPTION:

Good day. My name’s Andrew Murray from The Apartment Specialists and today I’m talking about the benefits of having  Auckland apartments in a hotel lease.

Now, there are five main benefits. The first thing is less wear and tear. Because you’ve got hotel guests or short term people staying in your apartment complex, that means you don’t have your general tenants, you don’t have your risks of having parties and all that kind of thing. You’re generally going to be having corporate tenants in there or ones staying for a very short period of time, so there’s less wear and tear.

Another one is damage. Now, you don’t have to pay for any damage, you don’t get caught out with tenants because under the hotel lease or the lease, they all cover any damage to the unit so the only thing you’re going to have pay for is if in a couple of years, it needs new carpet because of that general wear and tear, which is less anyway.

Thirdly is maintenance of the unit. Now, if you notice if you don’t clean a unit for a long period of time, you’re more likely to get things like flies which means you’re more likely to have to paint the unit or obviously more likely to get mold which destroys the paint and the furniture. Well, having it in a hotel lease means it’s constantly cleaned and maintained to the standard of the hotel so that also contributes to the condition of your apartment.

Now, I think the biggest one is the hands-off, as in you don’t have to do anything. You don’t have to deal with a property manager. You don’t have to worry about vacancies because let’s face it, there are times when tenants move out and over that Christmas period, it can be quite stressful because it’s hard to find tenants when everybody’s on holiday. So I think the biggest bonus is really the hands-off investment and a long term investment where your income, okay, it is a focus but maximising it isn’t so much; it’s more stress-free and that’s why it suits a lot of overseas owners.

That’s your benefits generally with buying Auckland apartments in hotel leases. Now, what you’ll find is generally, though, as you’ll see in my next podcasts, the downsides of being in a hotel lease. It’s something you really want to be aware of before you a, purchase or b, continue having your apartment in that lease.

Thank you, cheers.

Apartment Specialists Podcast No: 57

Summary:

This is the fifth podcast about leasehold land in Auckland CBD. This podcast covers the university leasehold apartments, where you can find these apartments, and what these apartments look like.

TRANSCRIPTION:

Andrew Murray, from Apartment Specialists. Today, I’m talking to you about leasehold lands, the Auckland CBD apartment market and the fifth area in the series  – the University area.

There are units built here which are basically apartments for university students. It is called “Uni Lodge”and that’s off Anzac Ave down here. You can see up in that little red block and Beach Road. There are 319 apartments here and 2 different complexes. So lets go further, so you can have a look.

So you can see you’ve got Beach Road here. All of this is Maori leasehold land. This is not the leasehold land we’re talking about. If you do want this, go to my first video on leasehold land. Then all these here are freehold except for these two buildings here, which is Uni Lodge. So 319 apartments here are all university stock. And we’re going further. You can see them – I call this one a “cake tin” because it kind of looks like that. And there are no balconies or anything like that. And you can see you’ve got an actual corridor and shared facilities, you’ve got a movie theatre in there – all kinds of things. Now they’re very small. They’re a range of very small rooms down to 12 square meters.

I remember when I was at university and meeting a girl in one of those rooms. And anyway if we go closer, you can see basically, they’re very compact. You’ve got two, three, four bedroom units. Now, this building has the most, which is 138. Anzac Ave having 156 apartments. And this one being at 133 Beach Road, having 163 apartments. So this one’s actually got more, but you wouldn’t think it.

Anyway, hope this helps you realise where a very small leasehold land is in the Auckland CBD. So just coming out there and you’ll see where you actually are – the Vector Arena, obviously Beach Road, and toward the CBD here. And it goes out about there.

Anyway, that covers the leasehold land. Feel free to look at the other podcasts I’ve done on where Auckland apartment leasehold lands are.

Thank you. Cheers!


Apartment Specialists Podcast No: 56

Summary:

Where is the Churchland leasehold land? Why is it necessary to know what leasehold land is in the area? Which apartments in Churchland are leasehold? These are just a few of the questions answered by Apartment Specialists.

TRANSCRIPTION:

Good day. My name’s Andrew Murray. Today,  I’m talking to you about leasehold apartments and specifically Methodists Church leasehold apartments in Auckland CBD.

It’s located here, as you can see by the red mark I’ve got up here. You’ve got Queen Street, which is New Zealand’s main street coming through the CBD, all the way up here. So you’re going up the hill here past Real Groovy, and you can see this little area here. We have 260 apartments made up of two complexes. Now, it’s got a bit of a history, but I will go in a bit more, so we can see it closer.

Here, you can see Queen Street. Then you can see this is where the Methodists Church leasehold land of the apartments are built on. As we go in further, you can see it here. Basically, we’ve got two complexes. You’ve got Q City which is this one. This is made up of 90 apartments. And you’ve Q Central here, which made up of 170 apartments. Now, these are all leasehold land. It’s owned by the Methodists Church and the rights have been sold off to developers to, obviously, develop the apartments.

The interesting thing about these apartments is, on top of being leasehold, they actually have no lifts. So, they go up about six floors. You get on the sixth floor, a bit more. Basically, every floor you’ve got to go up by stairs, which creates quite a bit of exercise.  You’ve got City Road here, Liverpool Street here, which is actually very steep. This is at the bottom of the city zone, that’s freehold, so it’s just this gap here. Now, the history behind it, is before this was developed, it was actually a hotel that burnt down. Then it stood vacant for a long time, and it was bought by the Virginia Group, which is associated with Mainzeal.

Then after that, it was then purchased by David Henderson, Henderson’s Group. Then in 2004, we had these apartments pop up, basically. Then before this it was actually a Salvation Army, and then before that it was Auckland Girl’s Grammar, and then the Methodists’ Church College which was built in 1840. It’s actually got quite a history, this site. This is a patch that most people don’t realise is leasehold, because it’s sort of in the middle of nowhere. Everything around it is freehold in regards to apartments, except for this little area.

I hope this helps you understand a little bit more of what leasehold apartments are in the CBD. As I mentioned, there are five places, and this is the fourth one. The next one I’ll be talking about is down on Anzac and Beach Road, where you’ve got unique lodge apartments.

Cheers!

Apartment Specialists Podcast No: 55

Summary:

Knowing where the Freehold and Leasehold apartments in Beaumont Quarter is important because of the significant difference in apartment prices.

TRANSCRIPTION:

Good day, my name is Andrew Murray from the Apartment Specialists. Today, I’m talking to you about leasehold apartments and specifically Beaumont Quarter.

Beaumont Quarter is an area of leasehold apartments. As you can see, I’ve outlined this in red and there’s approximately 258 apartments in this area and they are a mixture of leasehold and freehold apartments. They originally were all leasehold and then buyers had the option to make them freehold. So there is a bit of a mixture. So when purchasing in here make sure you know the difference as the values will differ considerably.

This site is actually 2.4 hectares. It was bought for more than 14 million in the year 2000. In 2009, it was revalued at about 60 million. There was a bit of toing and froing there with the owners and that came down to $45 million. Here, I’ll go over it in a bit more detail. So you’ve got Beaumont Quarter here, Victoria Park here, College Hill which goes up to Ponsonby, then you’ve got Queen Street here, your main CBD et cetera.

Now, looking more closely at those apartments – I will go into Beaumont Quarter which is this area here – if you follow my mouse along Beaumont Street, up College Hill and actually it comes up through here. So there’s Beaumont Quarter, up here – Hargreaves Street, along here you can see the apartments here, up on this quarter here, along the Boardwalk and then down through here and its where all the apartments are. If I go in closer you’ll be able to see a good view of the complex.

There are 12 different types of apartments here. They kept the character front which is actually commercial and there is a pool and a gym and series of alcoves which is the original brickwork and all the rest has been redeveloped. You’ve got some really interesting apartments in here, some have two or three levels, especially these ones here, actually the Boardwalk won quite a few architectural awards and has had quite a bit of publicity.

You’ve also got these ones here which are third levels. You’ve got a nice little pool in this area, but it’s quite an owner-occupied area. As you can see it’s quite quiet, you’ve got small streets, you’ve got your Brickfield Way, your Telpher Street, your Fisher Point Drive et cetera. And yes, it’s quite a nice community in that area now that you’re allowed animals in a lot of those apartments. There’s also been a Quest which has just been built here which has 34 apartments, that’s brand new and mainly get sold overseas to the French.

That gives a pretty idea of a quick go-around so you can see the whole configuration. The really best way to see it is facing north so its been designed obviously to pick up as much sun as possible. We can look – this is north facing this way and you can see all the apartments have been designed to get as much light as possible. Coming in from the east you can see here that character building and then back to north and if you back up you’ll see where it is – Victoria Park here, Beaumont Quarter.

So hopefully that gives you more of an idea of where the leasehold apartments are, this being number three Beaumont Quarter and then next I’ll be going over the church land up on Queen Street.

Cheers.

leasehold apartments in the viaduct basin auckland cbd

Apartment Specialists Podcast No: 54

Summary:

The Viaduct Basin is a sought-after location in the Auckland CBD. It is a large waterfront area with many different leasehold apartment buildings available to buy.

TRANSCRIPTION:

Good day, my name’s Andrew Murray from the Apartment Specialists. Today I am talking about Auckland’s famous Viaduct Basin where over 1100 leasehold apartments are. It’s one of the best places to live in the Auckland CBD because, as you can see by the photos here, you’ve got the lifestyle. You’ve got parks. You’ve got some of the hottest bars and restaurants in town and people can literally drive their boat to their doorstep.

Anyway, I thought I would just show you where this is in Auckland. This is my second podcast in regards to showing you where leasehold apartments are in the Auckland CBD and I will just go through that now. As you can see here, this is Auckland. You’ve got Freemans Bay and you’ve got Parnell over here, Queen Street – New Zealand’s biggest city – and then you’ve got the Viaduct Basin.

Now this is where over 1100 of 3000 leasehold apartments in the CBD lie and it’s called the Viaduct Basin. It was owned by Ports of Auckland. Now, it’s owned by Viaduct Harbour Holdings Limited which was bought by Trevor Farmer, a former owner of Freightways years back in the late 90s. His land actually continues. He owns all of this here, and then goes further to about here. Then you can see here in green which is called Wynyard Quarter. Now there aren’t any leasehold apartments on there yet but there will be and it’s going to be really exciting times in the next five-ten years to see this whole area full of parks and apartments that are selling on average for $500,000 and that’s the starting price. So this whole area is really going to become an amazing part of Auckland as you can already see it partly is.

So getting back into the Viaduct Basin, what I’m going to do is take you through that area and just show you strictly dealing with apartments, not the commercial buildings, the commercial buildings that lie in the Viaduct Basin or the second largest area where leasehold apartments are in Auckland. I’ll zoom up here and I’ll run that again. So what I’m going to do is start from Princess Wharf and go all the way through here and right back to the lower Quay and show you those buildings. There are about 20 buildings that have apartments through here, or 20 complexes, and so maybe it will be a little long one. But I hope you find it helpful.

Okay, we are going to start at Princess Wharf. Now this has six different sheds. You can count them, one, two, three, four, five, six with the Hilton at the end. I quite like this view. You can see at the end where you’ve got the swimming pool here – but the apartments – the views are just phenomenal. You literally wake up and you’re looking out to the harbour, Rangitoto, and that kind of thing. Then along here you’ve got restaurants and bars all the way down the side and you’ve got parking in the middle. So it is really a stunning place to live. Then you come down here, now this is – Quay Street actually extends down here, so Quay Street extends through here.  I’m just going to turn that around to save confusion.

Quay Street actually extends down here and Princess Wharf having 300 apartments actually has an address of 137 to 143 Quay Street. Then we head along to where all the parties happen. You’ve got all the bars here, Soul Bar, you’ve got a lot of different bars and really nice restaurants. You’ve got Kermadec up the top, which is a really nice seafood restaurant, then you’ve got the Sebel Suites. Now the Sebel Suites is on 85 Customs Street which is coming along here and that has 144 apartments. The majority of them in the hotel leases but you are able to take them out and use them as your personal crash pad, but obviously extremely central especially since this is where party happens.

Then the next to it you have The Quays. Now that’s another hotel complex which has about 99 apartments give or take. And they again can be purchased and you can actually take over the lease and have a crash pad as well and they’re all very spacious and very well designed. Now, through here you can see this is all commercial. You’ve got the Tepid Baths here and then as you go along here. This is one of my favourite complexes. This is called The Parc. For obvious reasons – there’s a park in the middle and we actually go into these apartments. They’ve got olive trees, they’ve got fruit trees and you can actually smell it in there. You don’t feel like you’re in the middle of the CBD. You feel like you’re out in the country and that’s what I really love about it. This is talked about as one complex but it is actually made up of quite a few. You’ve got 132 Customs Street here, you’ve got 128, 124 Customs Street West all the way through. So each one of these has its own address and has about eight, ten, or six apartments in each one of these blocks and actually have views on both sides. There are about 122 apartments in The Parc, which is actually spelt with a ‘c’ interestingly enough, and yet because of their size that’s the only reason why there is only 122.

The largest blocks are your Lumina which is 21 units on 11 Pakenham Street which is this here. Then you have your Vibe apartments which is this whole corner here which has 61 apartments and is on Market Place, specifically 16 Market Place. Now, I’ll give you an opposite view of that park so you can see its also got a beautiful tennis court here and some really wealthy New Zealanders live in here. I won’t mention names as they probably won’t want me mentioning them.

I’ll just turn around here, now here you’ve got The Point site at 121 Customs Street West here and it has 83 apartments. Then you’ve got Viaduct Point which is 125 Customs Street West and has 78 apartments. They’ve got a little park in the middle here which is quite nice. They’ve got lovely views on these corner units, they overlook obviously the harbour. Then here you’ve got Latitude 37, now that is on Pakenham Street again and there’s actually 95 apartments in here. This is the west side. This is to the east, one’s got 44 the other’s got 50 apartments but basically the same, very well designed, very large and very spacious and a great place to live.

Now, then you carry on here and this is all commercial, you’ve got carparks here, you’ve got your Microsoft, you’ve got your KPMG and as you can see as we come along here you’ve got your Vodafone building which won awards. And this is specifically where your Viaduct Basin stops. You’re also getting here though there’s Fonterra’s head office which is New Zealand’s largest company. It’s just in the process of being constructed here. As we move along here you’ve got Sofitel Hotel, this is a private hotel and you can’t buy the apartments in here. And then you’ve got Lighter Quay.

Now, Lighter Quay is a beautiful complex. I’ll show you from this side here. There are three blocks. You’ve got your Halsey block, you’ve got your Stratis block and you’ve got your North block. They’re all very spacious and are seen as one of the best complexes in Auckland, as well as the other ones I’ve showed you. But this is a little better quality standard and you’ll know when you see the facilities and the walkway. It’s a really nice place to live. As you go along here, now Lighter Quay apartments is at 75 to 89 Halsey Street and this pretty much wraps up all the apartments that are in this basin area. As you can see this whole area here is just waiting to be developed and is in the process of being done so which is all going to be turned into parks so it’s going to be really exciting.

Hopefully that gives you an idea of this whole area of leasehold apartments known as the Viaduct Basin and/or Auckland Waterfront Apartments. Next I’ll be talking to in the next podcast will be the next lot of leasehold apartments which are in Beaumont Quarter which is this area here.

Thank you. I hope this helps. If you’re wondering what your apartment in this area may be worth at the moment or you’re thinking of buying apartments in this area, just let me know. Contact me through my website or at andrew@apartmentspecialists.co.nz.

Cheers!

leasehold apartments in auckland city

Apartment Specialists Podcast No: 52

Summary:

Location of leasehold and freehold apartments in Auckland city (CBD).

TRANSCRIPTION:

Good Day, my name is Andrew Murray from the Apartment Specialists. Today I’m talking to you about leasehold apartments.

Now there are over 20,000 apartments in the Auckland Central area and over 3,000 of them are leasehold. So you need to know where they are. As you can see in front of you, there’s a map of Auckland. I’m just going to show you exactly where the leasehold land is and where those leasehold land apartments in Auckland city are. One of the reasons why I need to do this webcast, is because nearly every single apartment I sell, I always get asked, is it freehold or is it leasehold? So I thought about educating everybody and showing you exactly where the leasehold apartments are, so you know where to look if you want leasehold or freehold.

First of all, we’ve got a map of Auckland as you can see here. Now you’ve got Queen Street right down here – that’s obviously New Zealand’s main street. You’ve got Freeman’s Bay, Parnell, Spaghetti Junction, where all of the motorways are. You’ve got the motorway here, which goes to the Harbour Bridge. Then you’ve your bearings, obviously this is the Auckland CBD. I’ve split it up into five main areas where there’s basically all the leasehold apartments. The first one is where your Maori leasehold land is. That’s through Ngati Whatua, which is this land here, which goes down Beach Road, and then along The Strand, and then back down Quay Street.

Leasehold Apartments Auckland | Apartment Specialists

Now I started with the Maori leasehold land because this is the largest and has over 1,500 apartments just in this area that are leasehold. And there are over 10 different buildings or complexes that are housing those apartments. Going from your Landings, your Scene apartments, your Mirage, etc.

The next biggest is Viaduct Basin. Your Viaduct Basin was actually Ports of Auckland land and got sold in the 90’s to Mr. Farmer who represents Viaduct Holdings. So if we move up here, this is where the Viaduct Basin is. Where your leasehold apartments are. As you can see here, you’re going passed Lighter Quay apartments now, round here, round the Basin, passed Viaduct Point, up through here. Then obviously here, you’ve got Princes Wharf. So that’s where about 1,100 leasehold apartments are.

And then, number three is you’ve got Beaumont Quarter. This is where 248 apartments are. Where there’s about 12 different types of apartments and they started out being completely leasehold and then there was an option to buy. So some of these are actually freehold but a majority of them are still leasehold. And that goes up here.

The next largest is actually a small little pocket called UniLodge where there’s two buildings which is University Student Accommodation and that is right here. That’s got 319 apartments.

One that not many people know about is the old Methodist Church land. Although it has sold the lease on to Dave Henderson, and that’s up on Queen Street and it’s just off Liverpool Street and City Road, so that is right here I’ve actually drawn over. And this little pocket here. There’s about 260 apartments there that are leasehold.

So basically you’ve got your one, two, three, four, five areas of leasehold land and on that there are commercial buildings and apartments. And that’s where you find all the leasehold apartments in the Auckland CBD. So you know if you’re looking for leasehold apartments that’s where you’re going to find them. So hopefully that will help you know where. If it’s in this area, obviously it’s leasehold. If it’s in this area it’s obviously freehold, type of thing.

You know what I’d do next though. I thought I’d go over each of these areas individually and point out different buildings. Your Maori leasehold land, your Viaduct Holdings, your Beaumont Quarter etc, in an individual podcast reach, because I think it deserves it. I hope this has helped and if you have any questions around the value of your apartment that sits in this area or the value of apartments that you’re looking at, just flick me and email andrew@apartmentspecialists.co.nz or give me a ring anytime.

Talk soon. Cheers.