"I seem to get the ones no one wants," complains developer Andy Davies of his latest do-up, this time in Auckland CBD, buying rundown premises.
The developer has previously renovated older buildings to create Ponsonby Central and Grey Lynn's The Convent.
Now, he has now finished renovating an old twin-gableweatherboard-fronted residential building opposite the new City Rail Link tunnels off Mercury Lane.
Outdated, unclean bathrooms in the building as it was. Photo / supplied
At 25-27 East St off Karangahape Rd, across the road from the pink and black glass Electric Bike Team premises and backing on to the busy CRL site, Davies engaged Astute Build to strip the premises out.
Kitchen facilities were outdated before Astute moved onto the site. Photo / supplied
His East St Holdings bought the dilapidated building with adjoining premises for $3.3m. He spent more than $1m and he expects an end valuation "in the late 4s" - indicating a price tag close to $5m.
Rear apartments off the no-exit South St pre-renovation. Photo / supplied
When he bought it about 18 months ago, it was four residential units: two two-bedroom townhouses with front upper verandas facing East St and two apartments or flats facing the no-exit South St.
"It had nothing done to it in 30 years. The Convent went three times over budget," Davies admits of how older buildings are often money pits.
Andy Davies at The Convent, Grey Lynn two years ago. Photo / Babiche Martens
But he's sanguine about the process saying jobs like this and the others are not easy. Often, what's expected at the start is not what's uncovered during the process, he says.
Commercial uses now possible in the building post-renovation. Photo / supplied
What were four residential dwellings have now become a two-level showroom with offices with a net lettable area of 232sq m as well as two two-bedroom townhouses, although the exact configurations are flexible.
New kitchen/dining in the building post-renovation. Photo / supplied
The adjoining two-level rear building off South St has 105sq m of showroom space off the ground floor level, carparking and a roller door for goods deliveries. The first floor is 127sq m of open plan kitchen/office space with bathroom, a shower and laundry space.
Stylish, fit-for-purpose bathroom facilities have been installed. Photo / supplied
The site is 362sq m with city centre zoning and agents at JLL assessed market rent as being around $186,680 annually.
Jason Armstrong of JLL is marketing the property at 25-27 East St. Photo / supplied
JLL's Jason Armstong and Alex Wefers are marketing it for sale via a private deadline treaty. A three-week campaign is planned, launching on September 15.
Entry to the refurbished premises off East St. Photo / supplied
Armstrong says the building might date back to the 1920s but he's unsure.
"It was just an absolute mess. It was disgusting. It wasn't clever. I couldn't even believe people lived in there. You've only got to see the pictures of the finished job to see what a beautiful space it is now," Armstrong said.
Now, it could be commercial and/or residential use but he says it's flexible enough that people could live there as well as have the option of working from the done-up buildings.
As for Davies, he lives far from East St. He's on Auckland's outskirts in a rural property where Armstrong says the developer has for many years run a dog and animal rescue operation - Last Lampost.
