Recladding triples the value of an apartment in a formerly leaky building

Posted in Property November 21, 2014 - 01:19pm, Greg Ninness

The Argent Hall apartment building.

Recladding a formerly leaky Auckland apartment building saw one of its units almost triple in value in three years.

The apartment was a 41 square metre, one bedroom unit in the Argent Hall complex on Eden Crescent in Auckland's CBD, which was auctioned by Ray White City Apartments on Thursday.

Although it was small, it came with a balcony, a car park and views across the harbour to Devonport and Rangitoto.

However Argent Hall had been affected by weathertightness issues and has recently been reclad and a new code of compliance certificate was issued for the building in July.

That has had a dramatic impact on the prices being achieved for apartments in the building.

According to QV.co.nz the apartment put to auction had been purchased for $130,000 in 2011, before the building was reclad.

At yesterday's auction there were several bidders for the property and it sold under the hammer for $380,000.

It's most recent rating valuation, issued last week was $285,000.

Related Topics

• Property
• Ray White City Apartments
• apartment prices
• Leaky buildings

Another apartment in the same building sold at the same auction for $312,000, although a sales history for that unit was not available.

Its latest rating valuation was $245,000.

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Those results suggests leaky building values can recover strongly once satisfactory remediation work is undertaken.

The full results from the auction are below:

13f/2 Eden Cres. Argent Hall. A 41 square metre, one bedroom unit with a car park and harbour views. Sold under the hammer for $380,000. Rates $1072 and body corporate levy $6095. Vacant with rent assessed at $480-$500 a week (furnished). The agents were Judi and Michelle Yurak.

1D/1905 Anzac Ave. A 61sq m, one bedroom apartment that was owner-occupied. Came with a storage locker. There were multiple bidders but it was passed in for sale by negotiation with a highest bid of $280,000. The agent was Aileen Wu.

8a/2 Eden Cres. Argent Hall. A 43sq m one bedroom apartment. Vacant. Sold under the hammer for $312,000. Rates $926, body corporate levy $4441.The agents were Judi and Michelle Yurak.

503/96 Symonds St. A 36sq m, two bedroom unit leased to the building managers and returning $365 a week. Passed in at $205,000. Rates $943 and body corporate levy $3700. The agent was Victor Liu.

10a Hobson St. An 85sq m office space with four car parks. Vacant. Passed in for sale by negotiation. The agent was Rae Zhang.

224/430 Queen St. The Volt building. A 43sq m, 2 bedroom furnished unit with 3sq m balcony. Rented at $410 a week. Sold for $242,000. Rates $975. Body corporate levy $3945 (for the year ending September 2014). The agent was Dominic Worthington.

2c/113 Vincent St. A 34sq m, partially furnished two bedroom unit, rented at $340 a week. Passed in for sale by negotiation. The agent was Victor Liu.

1221/135 Hobson St. A 34sq m, one bedroom apartment with a car park. Vacant. Passed in or sale by negotiation.The agent was Victor Liu.

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