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Buyers eye options for ‘as is, where is’ city fringe apartments

An apartment complex for sale “as is, where is” offers a unique chance to add value or redevelop in a hotly sought-after residential location on Auckland’s CBD fringe.

The Seafield View Terraces complex in Grafton is superbly positioned to cater to demand for rental accommodation a few doors from the University of Auckland and Auckland Hospital, and in zone for Auckland Grammar School.

The complex encompasses 13 fully self-contained apartments with car parking on a freehold landholding of more than 730 square metres.

The two-level building has various defects that will need remediation in coming years. Alternatively, the site could be subdivided or redeveloped more intensively to fully tap burgeoning residential demand.

With all but one of its units tenanted and earning rents of between $300 and $500 per week, the property offers new owners a potential holding income while consents are sought.

The property at 49 Seafield View Road, Grafton, Auckland, is being offered for sale through James Were and Cameron Melhuish of Bayleys Auckland Central.

Sale is by way of a tender closing on Tuesday 9 July, unless the site is sold prior.

The more than 450-square-metre building sits on a freehold site of some 737 square metres with eight car parks.

It contains 12 one-bedroom units with open plan living areas, separate bedroom and ensuite bathroom, while one of the ground-floor units has two bedrooms. The units range in size from approximately 35 to 45 square metres.

Were said the building was originally constructed in the 1960s, with additions and alterations carried out in the 1990s and early 2000s. It was used for a time as a motel and later a backpackers before returning to its original status as an apartment building.

“The complex has various defects requiring remedy and will be sold in an ‘as is, where is’ condition. Reports are available as part of a due-diligence package for potential buyers,” he said.

Buyers would weigh options to repair and reinstate, landbank or redevelop the site.

“Undertaking remediation works will give new owners the opportunity to sell down the upgraded apartments for profit, or to rent them out for an ongoing return,” Were said.

Melhuish said buyers could, alternatively, consider redeveloping the site with a more intensive residential complex.

Seafield View Terraces sits within the Residential – Single House zone under the Auckland Unitary Plan.

“A new owner could explore the potential to subdivide or redevelop to a height of up to eight metres, subject to obtaining necessary planning approvals.

“These opportunities would be underpinned by a strategic location with heavy residential rental demand from workers and students at nearby Auckland Hospital, the University of Auckland and AUT.

“The site for sale is also within comfortable walking distance of the city centre and a few minutes’ walk from Auckland Domain. Transport is another strong point with handy access to multiple bus and train services and the motorway network,” Melhuish said.

Click here for more information on the listing.

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