PHOTO: Repairs on the flood-damaged townhouse in Parnell are underway. SUPPLIED
Flood-Damaged Auckland Townhouse for Sale “As Is, Where Is” – Repairs Nearing Completion
Overview
A downtown Auckland townhouse, which suffered flood damage, is now available for sale in its current condition, “as is, where is.” Although repairs on the property are close to completion, the seller has decided to put it on the market due to delays and communication issues.
Property Details
The three-bedroom, two-bathroom leasehold property is situated in the Cotesmore Way complex in Parnell. Unfortunately, all homes in the complex were rendered uninhabitable by the recent Auckland Anniversary weekend floods. During inspections for flood damage, contractors discovered that the remedial work carried out in 2015 to fix leaky home issues did not meet standards and required correction.
As a result, the repair time was doubled, and the property owners had to bear the burden of paying rates, body corporate levies, and ground rent each week during this period. Some owners are struggling financially and have even ceased paying outgoings as a form of protest.
Unique Opportunity
Despite the challenges, the townhouse offers unique features, being an end unit with ample natural light on three sides and a generous courtyard area. Once the rebuild is complete, the entire ground floor will be virtually brand new.
Prospective buyers have a limited window to take advantage of a discounted purchase, as the code compliance certificate (CCC) has not yet been awarded. The property, previously sold in 2018, could appeal to existing owners in the complex or leasehold investors, although cash buyers would be ideal.
Auction and Pricing
The property is scheduled for auction on Wednesday, August 23, with the reserve price yet to be set. The reserve will consider the townhouse’s “as is, where is” condition and status. Although the 2021 Rating Valuation (RV) stands at $1 million, it’s essential to note that RVs are typically more relevant to freehold properties and may not accurately reflect leasehold property values.
In recent transactions, a three-bedroom townhouse in Cotesmore Way sold for $162,000 last August, and another sold for $158,000 in January.
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Important Note
Potential buyers should be aware that until access is granted after repairs are completed, they may not be able to inhabit or rent out the property for a period of time. However, access is anticipated to be granted in the coming weeks.
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