Mid-century apartment in Roseneath could be the bargain of the decade
Don't like Auckland prices? Try Wellington.
This sunny two-bedroom apartment in a Mid-century apartment complex in Roseneath may just have the best views in the city – and the best price.
It is open to offers over $429,000, says listing agent Sophie Nunns of Lowe & Co.
If the price seems a steal, especially considering it's just minutes from the city, it may be because it is a company share apartment. Like most older apartment buildings in the city – this one dates back to the 1960s – the freehold Gateway complex is owned by a company and new owners buy shares in the company, which entitles them to the exclusive occupancy of their apartment.
"The arrangement predates the standard unit titles we see today," says Nunn. "Because it is a bit different from the usual freehold title, the apartments generally offer very good value. However, they don't appeal to investors looking for an apartment to rent out, as the unit needs to be owner occupied. That is a condition of sale."
Future owners also need to be vetted by the directors of the company, presumably to avoid potential "undesirables".
Nunn says there can be an exemption that allows owners to rent out the apartment if they take an extended overseas holiday for up to a year. But even then the proposed tenants would need to be screened by the directors.
"The company runs the building, similar to a body corporate. There are regular meetings, a shared bank account for the annual levy, and a long-term maintenance plan. The annual levy on this apartment is $7573 and that includes the rates and building insurance."
Nunn says a lot of the apartments along Oriental Parade, and in Mt Victoria, Thorndon and Brooklyn also have company share titles.
The agent says such apartments are especially appealing to empty-nesters who may like the security and community aspects of the arrangement.
This apartment shouldn't need much "selling". In addition to the unit being inexpensive, sunny and having spectacular harbour and city views, the building, while modernised, retains many of its original retro features.
Nunn says tenders for the apartment close on Wednesday, July 19.