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Recladding a formerly leaky Auckland apartment building saw one of its units almost triple in value in three years. The apartment was a 41 square metre, one bedroom unit in the Argent Hall complex on Eden Crescent in Auckland's CBD.

Argent Hall had been affected by weathertightness issues and has recently been reclad and a new code of compliance certificate was issued for the building in July.

That has had a dramatic impact on the prices being achieved for apartments in the building.

According to QV.co.nz the apartment put to auction had been purchased for $130,000 in 2011, before the building was reclad. At yesterday's auction there were several bidders for the property and it sold under the hammer for $380,000. It's most recent rating valuation, issued last week was $285,000.

Another apartment in the same building sold at the same auction for $312,000, although a sales history for that unit was not available. Its latest rating valuation was $245,000.

Those results suggests leaky building values can recover strongly once satisfactory remediation work is undertaken.

Source: Interest.co.nz

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