Pullman puts 23 apartments on market
Twenty-three apartments at Auckland’s Pullman Hotel are being sold in one hit.
The apartments are part of the Pullman Residences, connected to the Pullman Hotel on 6 Princes St, which is currently being used as one of the Government’s Covid-19 isolation facilities.
Bayleys real estate agent Layne Harwood said the properties, which had an average council valuation of about $1 million, were being sold together as vacant properties.
Included in the sale are 13 70sqm onebedroom apartments, nine two-bedroom apartments around 100sqm, and one 134sqm three-bedroom penthouse.
The capital valuations range from $690,000 to about $1.5m.
Body corporate fees start from about $10,000 a year for a one-bedroom apartment and go up to $28,000 for the penthouse.
The vendors were two New Zealand residents who had decided to sell their investment after holding the properties for some time, Harwood said.
The apartments were previously leased to the hotel but that arrangement had ended, as the Pullman Hotel no longer needed them, he said.
The new owner had to buy all 23 apartments together but was then able to sell them individually or lease them out as they wished.
However, they were not allowed to offer them as short-term accommodation in competition with the hotel, Harwood said.
There may be an opportunity in the future for the apartments to be leased back to the hotel, he said.
The removal of the apartments from the hotel pool and their subsequent sale was unrelated to Covid-19, he said.
Developed around 2006, the residences were located in the newer tower of the Pullman Hotel complex which housed about 130 apartments, Harwood said.
About half of those were owner-occupied and half were occupied by hotel guests.
They shared common areas and access with the Pullman Hotel but those areas were currently blocked off due to Covid-19 isolation controls, he said.
The sale includes seven car parks.
The apartments are spread throughout the tower, from level three to level 16.
The Bayleys listing says the Pullman Residences have city views and access to facilities within the hotel, including bar/restaurant, gymnasium and heated pool.
The apartments are for sale by deadline private treaty closing on October 8.