Ha portfolio sale includes rentals with ‘solid returns’

A portfolio of 10 properties – eight of them with tenancies in place – will be auctioned by Bayleys in what the estate agent has described as one of Auckland’s biggest residential portfolio sales.

Wednesday, November 16th 2011, 12:00AM

by The Landlord

The South Auckland properties were formerly owned by real estate mentor Don Ha and include one two-bedroom home, five three-bedroom homes, one four-bedroom home and two 10-bedroom boarding house properties.

Bayleys Central Auckland residential mortgagee manager Hayden Butler said the properties were being auctioned individually on November 30, and while he believed the portfolio would most likely be broken up by investors, owner/occupiers or first time buyers, the mortgagee would consider bids for the whole portfolio.

He said eight of the homes already have tenants in place and that Bayleys could assist any potential buyer through the process of either renewing those tenancies or taking possession for the homes for owner occupation.

"To underpin their attraction as rentable homes, all of the properties are low maintenance traditionally-styled dwellings which have been well maintained over a number of years," he said.

"As part of the mortgagee process, all tenancy rentals have now been benchmarked against the market – and have been shown to be delivering solid returns."

Many of the properties were on substantial sections and three are positioned on the front of very large sites, making them suitable for subdivision and for second homes to be built on the rear of the sections.

Butler said that when Ha had built the portfolio he had been careful to select properties close to parks, reserves, sports amenities and employment and transport hubs.

"The same features and requirements now make these properties equally attractive for new buyers."

Butler also said the two 10-bedroom properties had already attracted considerable interest given the rarity of properties with that number of bedrooms.

He said the properties were designed for either multiple individual tenancies or to accommodate a large family.

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