Block of Auckland CBD apartments for auction

5:00 AM Saturday July 30, 2016 True Commercial

The Waldorf Apartment building at 85 Wakefield St, Auckland.

Fifteen central Auckland serviced apartments leased by the Waldorf Apartments Group are for sale offering the next owner net annual rental income of $152,104 along with future options when the current lease expires.

The 13 studio and two one-bedroom room apartments, plus additional space used as a common room, are located on two titles on one floor of the Waldorf Tetra Apartment building at 85 Wakefield St in Auckland’s central business district. They are being marketed as one lot by Matt Lee, Quinn Ngo and James Chan of Bayleys’ International Division and will go up under the hammer on August 10 at Bayleys’ central Auckland auction rooms as one of 18 commercial and industrial offerings at the Total Property portfolio auction - unless the apartments sell earlier by negotiation.

Lee says the apartments range in size from 19sq m to 42sq m and are among 175 in the three-and-a-half star apartment hotel complex which offer both short and long-term accommodation options.

“The apartments have recently undergone a major renovation and provide well-established budget accommodation, having operated under the Waldorf brand since 2011. Their current lease on these apartments expires in February 2018 with no right of renewal. This provides an opportunity for the new owner to either extend the lease and enjoy a passive investment or take over the property with furniture and equipment, and look to add further value.”

Ngo says the property is very well positioned close to Symonds St and in the heart of the CBD’s education hub near both the Auckland University of Technology and the University of Auckland.

“Being fully-furnished and self-contained, the apartments attract a good number of long-stay student occupants who are either studying at one of the universities or with one of the many other tertiary education providers which are also located in this precinct.

“The apartments are also popular with visiting academics, business clientele as well as both international and local tourists because they provide a good standard of affordable accommodation with self-catering facilities, at a reasonable price.”

The apartments come with kitchenettes complete with a stovetop, microwave, fridge and kettle as well as crockery and cutlery and cooking utensils. Additional amenities in the building include a laundry room and multi media facilities including high speed internet and Sky TV.
The ground floor of the building contains the reception area and foyer as well as number of complementary retailers including a liquor shop, convenience store and a cafe.

Chan says Waldorf is a well-established apartment hotel brand with five other mostly 4.5 star serviced apartment operations in the Auckland CBD plus another at Botany Downs. It also manages 14 accommodation complexes in Australia.

Bayleys’ International Division recently sold a retail property in Henderson after a Total Property auction in June. The 250sq m building on a 491sq m site at 240 Great North Road with three retail tenancies, which was marketed by Oscar Kuang and James Chan, sold for $810,000.

 The property is partially tenanted by a kebab shop and a hair salon which are producing annual rental income of $32,000. The vacant tenancy was previously occupied by a restaurant and has a fully fitted commercial kitchen.

Matt, Quinn, James.jpg

(From left to right) Matt Lee, Quinn Ngo and James Chan of Bayleys.