Leasehold apartments selling at bargain rates
It was reported today that a three-bedroom penthouse apartment on leasehold land on the waterfront of the Auckland CBD was sold of $330,000 – roughly half its CV of $625,000.
It was part of apartment block Scene 3, the owners of which are waiting to find out what ground rents they will have to pay to the Ngati Whatua o Orakei Maori Trust Board.
A rent holiday finished last year and the owners may be set to pay nearly $30,000 each in ground rent.
City Sales managing director Martin Dunn said leasehold apartments were going for about half the price they'd get as freehold properties.
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