Auckland waterfront apartment sells for $84,000

Brian from New Lynn

The two-bedroom, 97-square metre unit located at the Scene One Apartments on 2 Beach Rd features spectacular views across the city's waterfront and harbour and even comes with two car parks, according to interest.co.nz.
Bidding started at $40,000 for the property, with two potential buyers going toe-to-toe before it was eventually sold for $84,000. But according to interest.co.nz, the apartment is not without its issues. The offshore owner of the property was quoted as having said "it needs to go, I've had enough" on Ray White's website. There's a number of unknowns too. Firstly, the unit was sold on a leasehold title, and with the ground rent up for review, but not yet set, there could be a significant increase on the $8316 a year plus operating expenses of $6356 a year and rates of $2078. Secondly, the building, Scene One Apartments, has unresolved remediation issues with the building's owners embroiled in a legal case. The building needs repairs but owners are unable to get clarity on the extent of the remediation work. According to QV.co.nz the unit had been purchased for $420,000 in 2004 and had a 2017 rating valuation (freehold) of $810,000. Last month a one-bedroom unit in the same apartment building sold for $20,000.
==========================================================