Mid-century apartment in Roseneath could be the bargain of the decade

Knock your socks off Auckland. An apartment in the Gateway apartment building on top of the hill in Roseneath, ...
LOWE & CO

Knock your socks off Auckland. An apartment in the Gateway apartment building on top of the hill in Roseneath, Wellington, is open to offers over $429,000.

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.

This 65 square-metre, two-bedroom apartment in the complex has expansive views of the harbour and city.
LOWE & CO

This 65 square-metre, two-bedroom apartment in the complex has expansive views of the harbour and city.

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.

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Because of the age of the building, the units are under a company share arrangement, whereby purchasers buy shares in ...
LOWE & CO

Because of the age of the building, the units are under a company share arrangement, whereby purchasers buy shares in the company that owns the building, giving them exclusive rights to 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.

What a view to wake up to.
LOWE & CO

What a view to wake up to.

"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."

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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.

The apartment is for sale by tender.
LOWE & CO

The apartment is for sale by tender.

There are grandstand views of Wellington Harbour.
LOWE & CO

There are grandstand views of Wellington Harbour.

And sometimes, even a perfect sunset.
LOWE & CO

And sometimes, even a perfect sunset.

Architectural legacies are juxtaposed in Roseneath, reinforcing the character of the suburb.
LOWE & CO

Architectural legacies are juxtaposed in Roseneath, reinforcing the character of the suburb.

Even the kitchen has a stunning view.
LOWE & CO

Even the kitchen has a stunning view.

Both bedrooms are doubles.
LOWE & CO

Both bedrooms are doubles.

In a company share apartment, the units are generally owner occupied.
LOWE & CO

In a company share apartment, the units are generally owner occupied.

 - Stuff

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