– A leasehold apartment with harbour views sold for $750,000, exceeding expectations and benefitting Auckland University.
– Proceeds will fund seismic engineering research, aligning with the donor’s interest in earthquake engineering.
– The university had accepted a $550,000 pre-auction offer, but bidding increased the price by $200,000.
A leasehold apartment with harbour views and an RV of $1.725 million has sold under the hammer for $750,000, smashing expectations and delivering a tidy windfall to Auckland University.
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Proceeds from the auction will be used to fund research in seismic engineering at the university.
The overseas owner of the three-bedroom, two-bathroom apartment at Shed 24, on Auckland’s Quay Street, gifted it to Auckland University last year.
The three-bedroom, two-bathroom apartment in Shed 24 is only one of three on the penthouse level. Photo / Supplied
He purchased the penthouse pad when the block of 64 apartments was first built in 2001.
The university had already accepted a pre-auction offer of $550,000 for the property on Monday, but strong bidding from two buyers at the Ray White auction on Wednesday bumped up the price by another $200,000.
Ray White listing agent Gabriela Galateanu said the buyer who submitted the pre-auction offer made the winning bid.
She said the underbidder had originally looked at the apartment for a friend but decided to register for auction at the last minute.
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She said both buyers appeared to want to live in the penthouse and were drawn in by the views and location. “It’s quite a sought-after location. People like being on the penthouse level.”
Other residents in the apartment block packed the auction room, eager to see what the property would sell for. “It was so busy,” Galateanu told OneRoof.
Auckland University director of alumni relations Mark Bentley told OneRoof before the auction that while the gift of an entire apartment was unusual, the donor had previously funded university scholarships in a different area.
“He had a lifelong interest in earthquake engineering, and after developing a relationship with staff in the faculty, he decided this would be a good direction for his legacy support.”
Professor Richard Clarke, dean of engineering and design at the university, added that the money would be used by students to expand their knowledge and help make communities safer in earthquakes.
Galateanu said buyers who turned up to view the apartment were pleased to learn the proceeds from the sale would help fund scientific research.
She previously told OneRoof that the RV of $1.725m was largely “irrelevant” as the apartment was on leasehold land.