The Viaduct Harbour: reviews on leasehold land are conducted every seven years.
The Viaduct Harbour: reviews on leasehold land are conducted every seven years.
Seven-yearly rent reviews on fees for 18 buildings on waterfront leasehold land surrounding Auckland’s popular Viaduct Harbour rose by between 90% and 134% at their last review, according to data supplied to the Herald.
The area is home to some of the city’s best apartments, restaurants, bars and hotels andmany are up for their next seven-yearly reviews soon.
Buildings like The Point apartments are on just over 20 hectares of land owned by the low-profile Viaduct Harbour Holdings (VHHL), which leases the land to the owners of those buildings.
Kym Bunting, VHHL chief executive, said the business had no comment to make about ground rent reviews, meaning it would not confirm nor refute the information supplied.
A person who has ongoing financial dealings with those in the buildings compiled the information for the Herald.
Companies Office records show VHHL directors are wealthy businessmen Justin Wyborn, Dean Farmer and Ross Green, along with lawyer Greg Horton and architect Noel Lane, son-in-law of Alan Gibbs, who is a former director.
VHHL was incorporated in 1996, lists Tramco as its office number and is based at Tramco’s headquarters on Viaduct Harbour Ave.
Tramco was founded by a group including richlister Trevor Farmer, whose son Dean is a VHHL director.
Mark Wyborn is a former VHHL director and founder. Current director Justin Wyborn is his son.
Apartment buildings built right next to boat berths of Viaduct Harbour in Auckland downtown.
Reviews of the annual fees for buildings and their residents or tenants occupying VHHL land are conducted every seven years.
Those are based on the valuation of the land and changes in valuations in the property market.
Although Auckland residential prices have fallen in the past two years, they rose overall in the past seven years.
Auckland's Viaduct Harbour Basin with upscale apartments, office space and restaurants.
The Point, Stratis, Lighter Quay North, The Sebel, Lumina and The Vibe are some of the apartment blocks on the land.
Historic rent review percentage increases were supplied to the Herald for 18 properties occupying VHHL land.
All leases are in perpetuity, meaning that, unlike those on Princes Wharf, they do not expire.
One source said the next leasehold rent increases on the 18 buildings were not expected to be as much as the previous ones and could be only 20% to 50%.
Predictions of lower increases are due to the housing market downturn.
The Sebel Auckland Viaduct Harbour in the city's CBD.
The largest previous leasehold land fee rise of 134% was for 85-87 Customs St West. That is The Sebel Auckland Viaduct Harbour.
Its leasehold fees are due to be reset in January 2026.
The building is partly residential, partly a hotel and has Soul Bar at the ground level.
Apartment at The Point, 415/121 Customs St West: built on land owned by Viaduct Harbour Holdings.
The Point apartment building is in a prime position at 121 Customs St West.
Its next seven-year rent review is due on October 2, 2026.
The last increase was approximately 100%, information supplied to the Herald showed.
Latitude Apartments’ leasehold fees are due to be reviewed on this block in February 2027. The apartments occupy a site of 2183sq m.
Fee rises here were at the lower end of the scale, at 90% when last reviewed, according to the information supplied.
Latitude East apartments are at 20 Pakenham St East, while Latitude West apartments are at 22 Pakenham St East.
Philanthropist, arts donor and heavyweight businessman Adrian Burr, who died in 2020.
One of VHHL’s founders, Adrian Burr, died in 2020 after a long illness. He was a philanthropist, arts donor and businessman who lived in Herne Bay.
Burr gave a rare interview to the Herald in 2006 when he changed his lifestyle and bought a country home.
“In the past few years, I’ve put a lot of effort into the business and the time has come to balance the books and charge up the emotional bank account,” he said.
VHHL says it is a “world-class hospitality offering, home to the boutique Viaduct Harbour Marina. The marina also serves as the hub for charter boats that regularly take visitors out to explore the Waitematā Harbour and its surrounding islands”.
Charter boats are available to go to Waiheke Island and elsewhere and superyachts tie up at the marina.
Viaduct.co.nz’s directory lists some of the many tenants including Park Hyatt Auckland, Soul Bar & Bistro, Sofitel, Oyster & Chop, Holey Moley, Headquarters, Grand Harbour Chinese, Dr Rudi’s, QT Auckland, Sierra Cafe, Swashbucklers and many others.
Anne Gibson has been the Herald’s property editor for 24 years, written books and covered property extensively here and overseas.
