A Princes Wharf apartment loses three quarters of its value at auction but provides its new owner with a 28% rental yield

A leasehold apartment on Princes Wharf in Auckland (pictured) sold for less than a quarter of its 2004 purchase price, when it was auctioned by City Sales this week.

The 72 square metre, leasehold, harbourside apartment was rented out at $490 a week, which would have provided its new owners with a gross rental yield of 28%.

However that would reduce to a still generous 12.7% once outgoings such as ground rent, rates and the operating costs were factored in.

This week's City Sales auction was a lively affair, with eight properties being offered for sale and all of them attracting multiple bids, with some spirited bidding on several properties and all eight of them selling under the hammer.

Another highlight was a three bedroom duplex at Henderson in west Auckland that sold for $340,000.

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

• 4G/14 Upper Queen St. The Uptown building. A 40 square metre, one bedroom unit with a car park and balcony. Rented for $450 a week. Rates $1136 and body corporate levy $3057. Sold for $322,000, providing a gross rental yield of 7.3%, reducing to 6% after deducting rates and the body corporate levy. No sales history available. The agent was Tony Kelly.
   
• 1102/152 Hobson St. The Fiore building. A 50 square metre, fully furnished one bedroom unit with a car park and balcony. Rates were $1427 and the body corporate levy $3279. Vacant. Sold for $386,000, No sales history available. The agent was Gabrielle Hoffman.
   
• 2506/1 Courthouse Lane. Metropolis building. A 48 square metre, one bedroom apartment with a car park and northerly aspect giving harbour views. Rates were $1477 and the body corporate levy $6651. Vacant. Sold for $460,000. According to QV.co.nz the unit was last sold for $264,000 in 2003. The agent was Steve Kirk.
   
• 6A/6 Victoria St. The Whitcoulls building. A 63 square metre, one bedroom plus study unit. Rates were $1265 and the body corporate levy $5251. Vacant. Sold for $405,000. According to QV.co.nz the unit was last sold for $265,000 in 2003. The agent was Lucy Piatov.
   
• Unit 5, Shed 22, 147 Quay St. Princes Wharf. A 72 square metre, one bedroom, furnished  unit, rented at $490 a week. Leasehold. Rates $1637; Ground rent $8207; operating expenses $4280. Sold for $90,000, providing a gross rental yield of 28%, reducing to 12.7% after deducting ground rent, operating expenses and rates. According to QV.co.nz the unit was last sold for $400,000 in 2004. The agent was Maryanne Wong.
   
• 19/21 Birdwood Cres, Parnell. A 195 square metre, modern terrace house, with four bedrooms, three bathrooms and a double garage. Rates $3138, body corporate levy $3728. Vacant. Sold for $961,000.  According to QV.co.nz the property was last sold for $866,250 in 2004. The agent was Lucy Piatov.
   
• 1721/21 Whitaker Place. The Empire building. A 57 square metre, three bedroom, two bathroom, furnished student apartment, leased to the building's management company, with rental income dependent on room revenue less outgoings (including the management fee). Sold for $198,000. According to QV.co.nz the unit was last sold for $288,000 in 2006. The agent was Iona Rodrigues.
   
• 11c Sturges Rd, Henderson. A 115 square metre, three bedroom, single level duplex, with a single garage. Vacant. Rates were $1250. Sold for $340,000, compared to its rating valuation of $285,000. The agent was Lucy Piatov.

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