New Zealand serviced apartment units up for auction

George Sell By George Sell
31 July 2016 | Updated 31 July 2016

New Zealand: A block of 15 serviced apartments in Auckland will be auctioned on August 10.

Currently leased by the Waldorf Apartments Group, the apartments offer a net annual rental income of NZ$152,104, along with future options when the lease expires.

The 13 studio and two one-bedroom room apartments, plus additional space used as a common room, are located 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 Bayleys' International Division and will go for auction 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.

The apartments range in size from 19 to 42 square metres and are among 175 in the aparthotel complex which offer both short and long-term accommodation options.

Matt Lee of Bayleys said: "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."

www.bayleys.co.nz

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