Apartment resales net modest returns

Sheldons, property consultants and registered valuers, has compiled a list of apartments which it said were sold this decade and have resold this year.

Most of the apartments sold for either the same amounts or slightly more than previous sales, Sheldons said.

It surveyed inner-city units and found the most expensive place sold was in Metropolis where a unit on level 14 sold for $560,000. However this unit sold for the same amount three years ago as it did in May.

The future of a hotel operator for Metropolis is under discussions. Residents said they believed Millennium was interested in returning to the Auckland high-rise tower although resident and businessman Daniel Nicholson has also expressed an interest in managing about 100 apartments to begin with and rebranding the building Hotel Grand Metropolis.

The entire level 37 of The Metropolis is being advertised.

City Sales auctioned a group of Auckland apartments this month. The two-bedroom units fetched between $120,000 and $320,000.

Meanwhile, Ray White City Apartments is selling nine fully furnished Sebel Suites in the Viaduct Harbour. Buyers can either lease the units to the hotel or live in them, said agent Damian Piggin.