Locations of Leasehold Apartments in Auckland CBD

Apartment Specialists Podcast No: 52

Summary:

Location of leasehold and freehold apartments in different parts of Auckland 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 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.

Apartment Building

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 [email protected] or give me a ring anytime.

Talk soon. Cheers.

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Comments (4)

    • Hi Steven,

      The body corporate fees on 30 beach road (Scene Three Apartments) which is called the OPEX are approximately around $4-$5000 and the Lease on average is around $10,000. This does change with the size and level the apartment is on. Scene Three apartments are large in comparison to most CBD apartments however.

      So on the larger two bedroom apartments you are looking at total outgoings of around $20,000 where a freehold apartment would have around $10,000 and the smaller you are looking around $15,000 where a freehold you would be looking at about $5-7,000 given the facilities and each unit having at least one or two car parks.

      The Scene Three apartments are selling way under value in my opinion due to the stigma associated with the initial prices that were paid which were above market value and how owners were mislead in the selling process.

      I hope this helps

  • Dear Andrew,

    I am thinking of buying a 2 bedrooms freehold apartment in Auckland City.
    Target budget is around USD200,000 to USD250,000.
    Is it possible?

    Appreciate your comments.

    Thank and regards

    Andrew Goh
    Singapore
    Handphone : +65 97527073

    • Hi Andrew,

      Auckland Central 2 bedroom freehold apartments do sell in that range but you would be looking at apartments below 45m2 in most cases. This means it comes down to if it is for an investment or for you to live in as these apartments are generally in buildings which are mainly tenanted and are not often the best apartments to live in.

      What is the purpose of your Auckland apartment purchase?

Comments are closed.

Locations of Leasehold Apartments in Auckland CBD