75 Halsey St, Auckland City Water Front Viaduct, 1 Bedroom Apartment. 11% Net Return.

Att: Buy & Hold Investors and Traders. This is one of the cheapest 60m2 Lighter Quay’s I have ever seen. Mortgage sale.

75 Halsey St, Auckland City Water Front Viaduct, 1 Bedroom Apartment. 11% Net Return.

Price $155,000.

Lighter Quay with its 5 Star facilities is considered the best apartment complex in the viaduct precinct area. With Some of New Zealand’s wealthiest owning apartments in this complex.

Lighter Quay
75 Halsey St,
Auckland City Viaduct

1 Bedroom
1 Barthroom
1 carpark
Sub Penthouse Level 4
Possibly a Balcony (I have not seen in this unit yet 🙂 with or with, who cares its dam cheap )
Government Value $420,000
Last owner paid $434,000. 2006
Floor Area:  50-60m2 approximately (but at least over 50m2)
Views over Lighter Quay to the Auckland City skyline.
No Leaky Stuff
Perpetual leasehold property. So it never expires, Unlike some Leasehold property.
Very High quality build and fit out.
5 Star facilities, You really have to see the facilities.
Large indoor Pool
Spa
Suna
Gym

Income:
Currantly Rent  $400 per week – current tenant until July 2012
Rent should be $440 per week as is.
NET Return with market rent and with the new ground rent in place is 9.1% as is in your hand.

Rent With New Furnisher $500-$550 per week (cost to furnish apx $7-9K “High End”)

Return with new Furnisher 11.8% Net in your hand.

Outgoings:
Rates  $1,685.00
BC $5,618 (includes ground rent $2,434.26pa)
Total $7,303.00*
*The Ground rent is about to go up 55% so an increase of “$1,338.84”
This will make the total out goings $8,,641.84This apartment is on the Private Lighter Quay Marina side of the building. Some Apartments are on the road side.

Lighter Quay is in Auckland’s newest hot spot Wynyard Quarter, a neighbourhood of Parks, Restaurants and visiting Super Yachts.  The new walkway and bridge makes it a hop skip and jump to the Viaduct playground and the CBD.

Lighter Quay with its 5 Star facilities is considered the best apartment complex in the viaduct precinct area. With Some of New Zealand’s wealthiest owning apartments here.

This leasehold is not like others which are created to mature on a certain date, this one is “in perpetuity” ie. it has no end date so is similar to buying freehold with a interest only mortgage of 6%.

Can be owner occupied or rented. The unit is NOT currently under a hotel lease.