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Scene One apartment owner gets 133% rent shock
5 Apr, 2021 12:00 AM
5 minutes to read
Which one will leave you financially better off? OneRoof.co.nz finds out.
An Auckland apartment owner is frustrated and angry about a 133 per cent leasehold ground rent rise and is pleading for lower charges.
Richard Cordell owns a one-bedroom 47sq m level-seven unit in the waterfront
Scene One between Beach Rd and Quay St.
His ground rent from 2011 until May this year was $5898/year.
Richard Cordell, paying more than $22,000 in ground lease backrent. Photo / Dean Purcell
But due to rapidly escalating land values and seven-yearly reviews on the block with more than 100 apartments, that now jumps 133 per cent to $13,700 annually until 2025, he said. ....

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