Life of luxury at affordable price

Apartment for sale at Halsey Street, Auckland, New Zealand. Photo / Getty Images

415, 77 HALSEY ST, AUCKLAND CITY

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2

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SIZE: 63sq m.

PRICE INDICATION: $315,000.

INSPECT: Sat/Sun noon-12.30pm.

ON THE WEB: bayleys.co.nz/1651250

CONTACT: David Anderson, Bayleys, 021 422 277; Carl Russell, 021 896 7832.

This leasehold apartment in the Halsey at Lighter Quay complex will appeal to two sectors of the apartment buying market.

Investors will appreciate the current weekly rental appraisal of $680 to $780. Frustrated first home owners, too, will be considering an apartment such as this as an affordable foot-in-the-door option after experiencing being outbid auction after auction for homes in the suburbs.

The 63sq m, two-bedroom, two-bathroom apartment is on level four of the five-level complex at Halsey St, close to the Vodafone and Fonterra offices, the Viaduct and Wynyard Wharf, and an easy walk to the CBD.

Jeremy bought the east-facing apartment with the view of the city skyline, including the Sky Tower, around 2007. He felt that the Lighter Quay project concept, which won a 2006 NZIA Award and Property Council Building Award for Multi-Unit Residential Property, also in 2006, was amazing.

"There are several distinctive buildings with a man-made marina in the centre, and luxurious facilities," says Jeremy.

"The tasteful architecture and innovative engineering added to its appeal. This apartment has a very efficient layout with circulation space well planned."

Adding to the appeal was that the apartments are built on the site of the syndicate bases where the racing teams of the America's Cup kept their competition boats and equipment.

Jeremy bought the apartment with the intention of being a landlord. "The property has been terrific. In my years of ownership the property has generated high rental income with hardly any lapses.

"Judging from my tenants, the property appeals well to professional singles, couples and small families who love living close to the marina and having the city within a few footsteps."

The apartment is configured with en suited bedrooms on each side of the living space. The kitchen has stainless steel bench, F&P oven and benchtop elements, dishwasher and fridge freezer.

Bedrooms and living space have floor-to-ceiling windows, allowing natural lighting and ventilation.

"The good-size balcony acts as an extension to the living room," says Jeremy. "I like the layout because it is well planned with efficient usage and movement around the apartment. There are no long narrow corridors which are a waste of apartment space."

The sale does not include a car park but basement parks can be leased for around $50 a week. There is also visitor car parking that guests can use for up to three hours.

"My tenants have mostly walked to work, but some have rented car lots separately," says Jeremy.

Residents have use of the building's gym, changing rooms, and the lap and spa pools which look out to the marina.

Jeremy has no problem with the property being leasehold. "Leasehold properties are usually less expensive than freehold. As an investor, there is no difference in rental per week for leasehold and freehold property."

He is selling as he is repositioning his investment portfolio and raising capital for his business.