High-profile property investor's portfolio up for mortgagee sale

A substantial portfolio of residential properties previously owned by a self-proclaimed mentor on real estate investment is on the market for sale through a mortgagee process.

The 10-home portfolio of homes scattered across South Auckland, was formerly owned by high profile real estate salesman Don Ha. The properties are located in the suburbs of Manurewa, Papakura, Goodwood Heights, Favona, and Pukekohe.

The portfolio includes:

* One two-bedroom home on a sub-dividable section overlooking the Manukau Harbour

* Five three-bedroom homes

* One four-bedroom home

and

* Two10-bedroom boarding house properties set up as a commercial accommodation business activities.

The portfolio of nine South Auckland homes is being marketed by Bayleys Real Estate – with auctions of the individual properties being held on November 30. Bayleys Central Auckland residential mortgagee manager Hayden Butler said it was one of the city’s biggest residential portfolios to be brought to the market in recent years.

Mr Butler believed the portfolio would most likely be broken up and bought as individual properties by either smaller investors or owner/occupiers – including first home buyers.

“However, the mortgagee is willing to listen to any offers to buy the portfolio as one singular offering,” Mr Butler said.

“To underpin their attraction as rentable homes, all of the properties are low maintenance traditionally-styled dwellings which have been well maintained over a number of years.

Vegetation and landscaping have been kept to a minimum – giving any new owner a virtual blank canvas to work with.

“Many of the dwellings are on substantial sections suitable for family use, while three are positioned on the front portion of very large sites – lending themselves on the face of it to potentially be subdivided, and second homes to be built on the rear sections.”

Mr Butler said that when compiling the residential portfolio over a number of years, Don Ha obviously looked for homes which were close to parks, reserves and sports amenities, while also being located close to employment hubs and transport infrastructure.

“The same features and requirements now make these properties equally attractive for new buyers,” he said.

Eight of the homes are being sold with tenancies in place, while the remaining dwelling is vacant. Mr Butler said Bayleys could assist potential buyers through the process of either renewing those tenancies in a seamless transaction, or taking possession of the dwellings for owner occupancy.

“As part of the mortgagee process, all tenancy rentals have now been benchmarked against the market – and have been shown to be delivering solid returns,” he said.

“The 10-bedroom properties were designed to cater for either multiple individual tenancies, or to accommodate one large family. Homes with this number of bedrooms are certainly few and far between, and we have already had considerable interest from a number of ‘clans’ with extended families, looking at the opportunities from an owner/occupier perspective.”