The apartments at 30 Westward Ho Rd are undergoing major recladding work. Photo / Google
"This unit is priced low so that you can comfortably afford to pay your share of the rebuild, an estimated $250,000 to $270,000 (including the Financial Assistance Package subsidy)," selling agent Ray White's advertisement states.
So that puts the true cost of the purchase likely above $300,000.
The current build cost estimates were made by a quantity surveyor - a professional, whose job is to figure out construction costs.
The Herald understands banks won't offer home loans to first home buyers interested in buying apartments in the complex, but experienced investors or existing home owners may be able to secure loans.
The reclad programme was expected to kick off next year, possibly in July or September.
While the complex apartments currently have tenants, they may be forced to vacate during the rebuild, meaning potential buyers could endure a period without rental income.
But Ray White Kumeu agent Jolyon Russell was looking at the positives in his marketing of the $49,000 unit at 1C 30 Westward Ho Rd.
"The best part of the exciting project to reclad this building is that the owners have all decided to make the most of their money. A very positive attitude," he wrote.
He said the rebuild would add 8sq m of floor space to the apartment, bringing it to 50sq m in total.
This was due to a reclad material that would cover the entire building and turn balconies into internal rooms.
And Russell's unit wasn't the only one for sale in the complex. Barfoot & Thompson were selling apartment 19E for $65,000 and apartment 7D for $81,000. Last November, the agency also sold 5E for $75,000.
The recladding of the second building in the complex next year will be phase two of the overall rebuild project.
Recladding work on the first building at 30 Westward Ho Rd was recently completed and given Auckland Council code of compliance approval.
The Herald two years ago found Westward Ho Rd was the city's cheapest street, according to Auckland Council's valuations.
The median rateable value (RV) across the street's properties was $103,000 - the vast majority of these were for the apartments at number 30 valued at $110,000 or less.
