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Auckland harbour view apartment sells for just $20k

Newshub logoNewshub 4/07/2019 Albert Redmore
a large empty room: The apartment's living area. © City Sales The apartment's living area.

An apartment with unrestricted harbour views in Auckland's CBD has been sold for just $20,000.

The unit on the 13th floor of the Scene 1 building - just one street back from the waterfront - was listed by City Sales as having one bedroom, a study, a large open-plan living area and a car park.

However, the auction for the apartment - listed with the headline "Vacant and abandoned!" - attracted just one bidder. So what was the catch?

It turns out there are a number of them.

Firstly, the sale is leasehold and each year the new owner will have to pay $17,965 in rent, levies, rates and expenses according to NZME.

The building itself also needs repairs and its owners are currently involved in a legal case to determine the extent of work required.

Finally, this apartment building does not operate under a traditional body-corporate management structure, meaning apartment leaseholders have limited powers. 

The real estate listing aptly summed up the situation by saying "this apartment is not for the fainthearted but risk takers could be handsomely rewarded.''

With all this risk on the table, it's no surprise the new owner is someone familiar with the whole situation. In fact, City Sales told NZME the auction-winner already owns another apartment in the same building.

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