Apartment portfolio placed up for sale

5:32 PM Monday September 2, 2019 True Commercial

The Sargeson development at 74-80 Anzac St, Takapuna. Photo / Supplied

A portfolio of 23 new apartments on land previously occupied by homes built for the reality TV series The Block NZ are on the market. 
The  units are within the 92-unit Sargeson development at 74-80 Anzac St,  Takapuna. The company behind the Sargeson project, Auburn Developments, was placed into voluntary administration last month.
Some 69 apartments have been sold. The remaining 23 on the market are spread across various floors within the two  six-storey towers, which are joined by an atrium walkway.
Residents have access to a swimming pool, children’s playground, and BBQ area. The apartments are serviced by an underground carpark, with both towers having two lifts each. 
The Sargeson block sits on the fringe of Takapuna’s central business district and 1km away from the Northern Motorway. 
The portfolio of 23 units is being marketed for sale by tender through Bayleys Real Estate, with tenders closing at 4pm on September 25. 
Specialist brokers Duncan Ross, Gerald Rundle and Suzie Wigglesworth said the portfolio consists of 14 studio units, three one-bedroom apartments, and six with one-bedroom plus study. All are ready to be occupied. 
The 69 apartments sold before voluntary administration were priced from $495,000 for a one-bedroom unit, to $860,000 for a two-bedroom ground floor apartment, and up to $990,000 for a two-bedroom top floor apartment. 
Ross said immediate sales were requirement to clear the developer’s debt. 
“Any purchaser looking to buy the entire portfolio, or multiple units in smaller parcels, should register their interest,” he said.
“With a range of apartment configurations available on various floors, with different outlooks, and available to potentially purchase in any number, the tender process offers considerable flexibility for buyers.”
Rundle said 10 of the apartments for sale were subject to affordability covenants. “Covenants have been registered against the titles of these units. A wholesale purchaser of any of the  apartments will be subject to these covenants when on-selling them as retail offerings.”
The Sargeson  block is named after noted  writer Frank Sargeson. The land at 74-80 Anzac St — bordered on two sides by green spaces — housed four stand-alone houses  built in 2012, the first season of The Block NZ.