SCHOOL ZONES:
Newton primary, Ponsonby Intermediate, Auckland Girls’ and Auckland Grammar.
CONTACT:
Cheryl Regan, Bayleys, 021 772583.
AUCTION:
Feb 17.
It's funny how fashions come and go in urban design. When the eight-storey block on the bottom corner of Whitaker St, just off Symonds St, was designed in 1985 it was intended to be an office block. However, back then, Auckland Council designated the street as a residential area so there was a bit of finessing to wangle a departure for commercial use.
By the time the building was completed in 1987, the crash put paid to lucrative office tenancies. When investor Chris Cochrane and wife Kaye bought the fifth floor in 2003, five of the eight floors had been converted to residential.
"I realised I'd owned this place for half its life," says Chris.
"Usually I invest in commercial property, so this has been different for me being residential. It's an iconic building, people recognise it from Grafton Gully and the whole neighbourhood is improving."
Like several other buildings higher up the street, number 38 has a distinctive octagonal shape in a pleasing raw concrete finish.
The building is in strata title (Chris is on the body corporate board) and improvements are under way to the lobby and entry area.
Ten years ago Chris and Kaye brought friends Adrienne and Kevin into the investment and three years ago the two couples upgraded the floor into a smart apartment.
Finishing touches to flooring, a smart painted mural and tidying up the kitchen and bathroom have just been completed.
The investors knew they were on to a good thing when the very first agent for potential tenants walked in and took the lease on the spot.
Image 1 of 9: Changing times means this apartment with great views is now at the heart of it all. Photos / Fiona Goodall, Getty Images
From a generous entry area, visitors walk around to the living area and are gobsmacked at the view: on the north, close up is the Domain and Stanley Street, views further out are through the gully to the sea and Rangitoto; to the south, Mount Eden and Grafton.
There are double sliding window panels to keep down noise, but some of them can open for natural breezes.
The floor plan has an open kitchen, two living areas and a dining space on one side of the building and five good sized double bedrooms around the Whitaker Place side of the building.
Each of the bedrooms has lovely tree-top views of the ancient oaks, making them private from neighbouring buildings. All get sunshine, two of them have walk-in closets. The two bathrooms and a laundry are tucked around by the kitchen.
Luckily planners at Auckland Council have caught up with the fashion, so that the building is now consented for both residential and commercial use. The current configuration would be ideal for offices/lobby at the entrance to the floor and still allow three good-sized bedrooms. Chris envisages people might like to better connect bathrooms to bedrooms, or completely gut and renovate the space.
As it is now, it earns $1400 a week in rent, with a further $200 a week from the four covered carparks, highly desirable around the University precinct. Buyers no longer need to be told the benefits of inner city living, with zero transport hassles, convenience stores, and all the restaurants and nightlife of the city, K Rd or Parnell just minutes away.
