JLL’s John Davies and Tommy Zhang were engaged to market those 33 unitslate last year. Davies said on December 8 that he had fielded a lot of inquiries from people looking to buy apartments individually but said the majority of buyers wanted the entire parcel of 33 apartments.
Today, Davies said the transaction was settled just before Christmas. Davies and Zhang had sold the properties as the sole agents, acting on the bank’s instructions.
Ray Qu, a Barfoot & Thompson agent who works at a North Shore branch office, said Luxury Living Apartments Trust had bought the properties on Bute Rd in the 64-unit block. Qu said he had now re-listed the properties for sale.
The bank put the units up for mortgagee sale via JLL last year, in a clear sign of repayment distress.
Andrew Shao of lawyers Shao & Co said today he had acted for Luxury Living Apartments Trust but could not confirm the sales. He would seek instructions from his client and say more only if he was allowed, he said.
Qu said settlement occurred on December 21: “The mortgagee sale was very quickly under contract.”
The Companies Office shows Luxury Living Apartments Trust is owned by Yanju Zhang of Parnell. The company was only incorporated in November last year, describing its line of business as “apartment renting or leasing, except holiday apartment”.
The Herald reported on November 3 that the bank’s sale was a sign of distress in the apartment market. Auckland agents at global real estate business JLL said the mortgagee appointed them.
The apartments were planned to be sold by tender and each came with car parking.
A multimillion-dollar penthouse apartment in The Victor apartment complex on Bute Road in Browns Bay.
A title check showed many units in the block were owned by East Tamaki No 70. The directors include Yang Liu, who is also a shareholder.
It’s not the only trouble in the apartment sector.
Ockham Residential repaid deposits on one huge new Auckland block it planned recently. Mark Todd of that business said buyers in the 165-unit, The Feynman, would be repaid.
Inside one of the units at The Victor, Browns Bay. Photo / OneRoof
Auckland’s apartment market has declined sharply, with some projects abandoned partway through and an 83 per cent pre-sale drop in the past six years.
Tamba Carleton of CBRE prepared a chart last year which showed the recent peak in apartment pre-sales was in 2016 when more than 3000 units across the city were pre-sold. She is an associate director within CBRE’s New Zealand research department, specialising in high-density residential research with a focus on the apartment market.
She said 2016′s figure fell 83 per cent to just 500 Auckland apartment pre-sales last year. And the situation is not improving.
Bayleys’ Corey Knapp advertised all places in the never-lived-in, three-level units at 42-44 Byron Ave.
CDF Wealth owns 42 and 44 Byron Ave, with a mortgage over the titles to Brilliant Luna Opportunity V. CDF Wealth is owned by Hong Liu of Pt England. The company was only incorporated in 2019. Brilliant Luna Opportunity is not registered with the Companies Office in this country.
Before the development of units on the Takapuna sites began, older homes now demolished to make way for the units were empty and neighbours complained about copper being stolen.
Anne Gibson has been the Herald’s property editor for 23 years, has won many awards, written books and covered property extensively here and overseas.
