This Shoebox Auckland Apartment Is Worth How Much?!

It's 7.9sqm inside, has no kitchen, sink or toilet and fits little more than a single bed... but a buyer has just paid a ridiculous amount for this shoebox living space! Can you guess how much?

$104,000!

The pint-size one-bedroom central Auckland abode- which has an official floor area of 9sqm- is smaller than most car parks and not for the acutely claustrophobic.

The tiny dwelling at 33 Mount St has a CV of $70,000 and sold at auction two years ago for $84,000. But it has just been snapped up by an investor for $104,000- about $11,555 per square metre.

The "fully furnished" mini pad comes with a single bed. Located in the high-rise student accommodation block, Mount Terrace Apartments, it has its own unit title and is subject to annual body corporate fees of $1407.

It's being described as an "apartment" but comes with a catch. Cooking in the unit is strictly prohibited and the toilet, sink, bathroom, laundry and cooking facilities are all communal.

Apartment Specialists managing director Andrew Murray said the freehold property was in the university precinct which allowed a minimum dwelling size of just 9sqm. It could generate an estimated rental income of $240 per week, meaning an investor buyer could theoretically expect a 9% yield after body corp fees and rates, Mr Murray said.

He said it was officially recognised as an apartment.

Source- NZ Herald