Australian investors have quickly recognised the great value to be found in The Statesman, a $60 million apartment building opposite the High Court in Auckland. Martin Dunn, of marketing agent City Sales, says his company has sold 15 apartments to Australians, many of whom have bought without ever visiting after
seeing the dwellings promoted on the company's website.
The building, on the corner of Parliament St and Anzac Ave, was completed in June this year, yet already a number have been on-sold for a profit, says Dunn.
He says The Statesman has been offered to buyers to allow for fine profit margins. "These suites could not be offered again at this pricing level. We are at risk of seriously becoming Sydney and Melbourne tenants as our Australian neighbours flood into Auckland. They can't believe the returns. City Sales is starting Melbourne and Sydney road shows in August."
Of the 229 suites in The Statesman, designed by architects Peddle Thorpe & Aitkin, there are 23 two-bedroom units, 34 studios and a two-bedroom-plus-study dwelling for sale. The studios are under $200,000 with the last sale at $165,000. They are achieving rentals of $300 per week, which, after costs, equates to over 8 percent net return. Dunn says such pricing has made them popular among investors.
At the moment the buyer ratio is 70 percent investors, says Dunn, although a significant proportion of apartments are being sold "to mums and dads out of town who have put their kids into the suites while at varsity. It's a huge extravagance in our opinion, but quite smart investment-wise".
The building has three road frontages, giving never-to-be-built-out views from many aspects. Most apartments look east to Waiheke Island and Okahu Bay, some north to the Auckland Harbour Bridge and others take in Auckland Museum and Parnell.
Dunn believes the perfect mix of 40 percent studios, 17 percent one-bedroom and 38 percent two-bedroom units creates a balanced culture in the building. Unlike many of the inner-city apartment complexes, there is a wide variety of people living here. "It's not a student hostel," says Dunn.
Close to Queen St and next door to the university's Law School, The Statesman provides good security with a live-in manager plus great facilities, including a pool, gym and spa.
For further information, contact Martin Dunn, City Sales, ph 0274 984 097 mob, or see www.citysales.co.nz
Australian investors have quickly recognised the great value to be found in The Statesman, a $60 million apartment building opposite the High Court in Auckland. Martin Dunn, of marketing agent City Sales, says his company has sold 15 apartments to Australians, many of whom have bought without ever visiting after
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