Archive | Neighbourhoods

Sales indicate softening in property markets

The softening in property markets has been evidenced by 2 sales, one in New Lynn passed in at auction in April and sold 4 months later for the same figure, the other a Mt Roskill property (pictured) with a mix of uses and sold $230,000 below the recent asking price.

They were among 5 properties in Kelston, Mt Roskill, New Lynn & Swanson sold by Bayleys agents, and 3 leases in Avondale & New Lynn.

Sales

Isthmus west

Mt Roskill

74 Carr Rd:
Features: 835m² site, 697m² low-stud industrial building constructed in the 1950s
Outcome: sold vacant to an owner occupier for $1.615 million
Agents: Tony Chaudhary & Sunil Bhana

439 Mt Albert Rd:
Features: 2/3 share of 888m² residentially zoned section, 564m² mostly vacant mixed-use building with low seismic assessment (25% new building standard); 3 retail/commercial tenancies totalling 237m² on ground level, 4-bedroom home above
Rent: one commercial tenancy leased at $25,000/year; estimated fully leased rental income of about $100,000/year
Outcome: sold for $1.32 million + gst after being on market at $1.55 million
Agents: Phil Haydock & Alan Haydock

North-west

Kelston

39 Cartwright Rd, Kelston.

39 Cartwright Rd:
Features: 1032m² site zoned mixed use, partially leased 735m² standalone industrial building, recently refurbished externally; front 435m² warehouse plus 81m² of offices & amenities occupied by automotive tenant, 219m² vacant rear warehouse
Rent: $30,000/year net + gst (2017 rental valuation $81,859/year)
Outcome: sold for $950,000
Agents: James Valintine, William Gubb, Sunil Bhana & James Hill

New Lynn

3019 Great North Rd & 2 Bentinck St:
Features: 1458m² corner site in 2 titles; owned & occupied by a family car dealership since the early 1980s, the 647m² Great North Rd title has a 140m² office/workshop building while the 812m² Bentinck St title has a house & shed totalling 120m²
Outcome: passed in at auction in April at $1.625 million, now sold at that price post-auction, vacant possession
Agents: James Were, Scott Kirk, Mike Adams & James Chan

Swanson

260 Swanson Rd, unit E:
Features: 100m² retail unit in suburban retail centre; Ezy Cash (Massey) Ltd has been a tenant for 8 years and renewed for a further 4 years in January 2016, with 3 further 4-year rights of renewal
Rent: $30,000/year net + gst
Outcome: sold for $585,000 at a 5.12% yield
Agent: Mark Pittaway

Leases

Isthmus west

Avondale

14 Copsey Place
Features: 1846m² site, 1273m² standalone older-style industrial building, about 1000m² of warehousing, 3 roller doors, 2 levels of offices; leased to grocery wholesalers for 5 years with 3 5-year rights of renewal
Rent: $125,000/year net + gst
Agents: Mark Preston & Simon Davies

7 Jomac Place
Features: New premium grade industrial premises comprising 1000m² of high stud warehouse, 200m² office & amenities, 110m² canopy plus large yard area, 10 parking spaces; 3-year sub-lease to a pharmaceutical company with no renewal rights
Rent: $135,000/year net + gst
Agents: Mark Preston & Laurie Bell

North-west

New Lynn

13 Crown Lynn Place:
Features: 1500m² standalone medium-stud industrial building, about 100m² of office, leased for 9 months, no right of renewal
Rent: $110,000/year net + gst
Agents: Mark Preston & Laurie Bell

Attribution: Agency release.

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Ratepayers get small court victory in scrap over Mangawhai sewer scheme levies

High Court judge Ailsa Duffy has brought to an end an episode in the scrap over the secretively funded & heavily over cost Mangawhai Ecocare sewerage scheme.

The Mangawhai Ratepayers’ & Residents’ Association & its chair, Bruce Rogan, fought the imposition of rates to pay for the sewerage system after its cost blowout was exposed – the district council secretly borrowed $58 million for its capital cost – resulting in a Validation Act being passed as the association was heading to court for a judicial review.

In 2014, Justice Paul Heath found the Validation Act passed to make those rates lawful did just that – made them lawful.

Some ratepayers, led by Mr Rogan, refused to pay Kaipara District Council rates, and refused to pay Northland Regional Council rates when they discovered the regional council had no authority to hire the district council to collect them.

Justice Duffy found in an interim judgment that these regional council rates were unlawful. In a second judgment on that case yesterday, she quashed the regional council’s rates for the rating years 2011-12 to 2015-16 and also set aside the penalties imposed for non-payment.

However, she said the ratepayers’ association & Mr Rogan hadn’t sought reimbursement in their claim and she made no order directing the regional council to refund the relevant rates & penalties.

Attribution: Judgment.

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Apartment & cross-lease sell

One of the 3 apartments auctioned at Barfoot & Thompson today, and one of the 3 eastern suburbs cross-leased units auctioned yesterday, were sold under the hammer.

CBD

Federal St

Federal, 207 Federal St, unit 803:
Features: 61m², 2 bedrooms
Outgoings: body corp levy $5240/year
Outcome: sold for $540,000
Agents: Stephen Shin & Rhys Chen

Victoria Quarter

Fiore 2, 168 Hobson St, unit 405:
Features: 44m², one bedroom
Outgoings: rates $1588/year including gst; body corp levy $2428/year
Income assessment: $460-480/week
Outcome: passed in at $460,000
Agents: Selina Zheng & Tommy Zhang

SugarTree Prima, 27 Union St, unit 906:
Features: 75m², 2 bedrooms, 2 bathrooms, balcony, storage locker, option to buy parking space
Income assessment: $650/week, fixed until January
Outcome: passed in at $610,000
Agents: Livia Li & Alan Guo

Isthmus east

Mt Wellington

399 Ellerslie-Panmure Highway, unit 1:
Features: cross-lease, 1/5 share in 1315m², 80m² 2-bedroom unit, garage
Outcome: passed in at $621,000
Agents: Robben Li & Will Liu

Remuera

11 Burswood Crescent, unit 2:
Features: cross-lease, half share in 827m², 3 levels, 4 bedrooms, 3 bathrooms, 2 living rooms, double garage
Outcome: passed in at $3.1 million, back on the market at $4 million
Agent: Paul Studman

9 Armadale Rd, unit 4:
Features: cross-lease, 1/7 share in 1011m², 2-bedroom unit, courtyard, carport,
Outcome: sold for $762,000
Agents: Janice Hamilton-Cox & Philip Cox

Attribution: Auctions.

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2 apartments sell at Ray White auction

2 apartments in the Cintra & Altitude buildings were sold and 2 passed in at Ray White City Apartments’ auction today.

CBD

Learning Quarter

The Whitaker, 2 Whitaker Place, unit 8H:
Features: 29m² studio
Outgoings: rates $1071/year including gst; body corp levy $3817/year
Income assessment: $350/week, fixed until February; appraisal $380-400/week furnished
Outcome: passed in at $200,000
Agents: Damian Piggin & Daniel Horrobin

Crown on Cintra, 3 Whitaker Place, unit 11E:
Features: 30m² fully furnished studio, under hotel management; remediation project pending
Outgoings: rates $929/year including gst; body corp levy $3409/year
Income assessment: $350/week current
Outcome: sold for $198,000
Agents: James Mairs & Lucia Gao

Quay Park

Waldorf Scene 2, 18 Beach Rd, unit 709:
Features: leasehold, 58m², one bedroom, balcony, secure parking space
Outgoings: rates $1461/year including gst; body corp levy $4086/year, ground rent $5564/year
Income assessment: vacant; appraisal $600/week
Outcome: passed in at $125,000
Agents: James Mairs

Victoria Quarter

Altitude, 34 Kingston St, unit 3C:
Features: 40m², 2 bedrooms, balcony
Outgoings: rates $1084/year including gst; body corp levy $3633/year
Income assessment: $460/week, fixed until February; appraisal $460-480/week furnished
Outcome: sold for $337,000
Agents: Damian Piggin & Daniel Horrobin

Attribution: Auction.

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2 commercial sales but homes passed in at auction

2 of the 3 commercial properties auctioned at Bayleys yesterday were sold under the hammer.The other, an Avondale development site (pictured), was passed in at $5.3 million.

Both apartments & a cross-leased Grey Lynn home in the auction were passed in.

Apartments

CBD

Learning Quarter

Celestion Waldorf, 19 Anzac Avenue, unit 1502:
Features: furnished 2 bedrooms
Outgoings: body corp levy $4725/year
Income assessment: in hotel pool, lease 2020 + 2 10-year rights of renewal
Outcome: passed in at $265,000
Agents: Caleb Rufer & Julie Prince

Isthmus west

Grey Lynn

14A Westmoreland St:
Features: leasehold (999-year lease), cross-lease, half share in 697m², 3 bedrooms, study; neighbouring property at 16-18 Westmoreland St a potential development site in business local centre zone
Outcome: passed in at $1.1 million
Agents: Robyn Clark & Peter Tanner

St Marys Bay

117 Shelly Beach Rd, unit 1:
Features: 4 bedrooms, 2 bathrooms, 2 living rooms, central vac system, 2 parking spaces
Outgoings: body corp levy $7206/year
Outcome: passed in at $1.5 million
Agents: Sally Ridge & Daryl Spense

Commercial

Isthmus east

Mt Wellington

132D Marua Rd:
Features: 170m² industrial unit – high stud warehouse, office, mezzanine & amenities, 3 parking spaces
Outgoings: body corp levy $2449/year for year ending today
Outcome: sold for $675,000
Agents: Greg Hall & James Valintine

Isthmus west

Avondale

1843 Great North Rd:
Features: 2309m² site, 250m² floor area – café & villa; height limit under unitary plan 32.5m in business town centre zone 
Outcome: passed in at $5.3 million
Agents: Laurie Bell & Kate Kirby

Mt Roskill

58 & 60 Dornwell Rd:
Features: 2 properties offered together, vacant, each of 825m², zoned business – light industry, No 60 on corner of Carr Rd, floor area 1088m² contains warehouse showroom & office
Outcome: sold for $2.8 million
Agents: Mike Adams, Genevieve Thompson-Ford, Cameron Melhuish

Attribution: Company release.

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Henderson industrial unit sells at 5.6%

A roadfront unit in a 15-unit industrial block on Te Pai Place, between Lincoln Rd & Central Park Drive in Henderson, was sold on a 5.59% yield at Colliers’ auction today.

North-west

Henderson

20 Te Pai Place, unit 1:
Features: 650m² unit split into 3 separate tenancies, onsite parking for 18 cars, 100% seismic rating
Rent: $70,450/year net + gst       
Outcome: sold for $1.26 million at a 5.59% yield
Agents: Euan Stratton, Matt Prentice & Dhiru Patel

Attribution: Auction.

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Christchurch convention centre tender introduces Cimic to major NZ projects

When the Government awarded the $240 million contract to complete the design & construction of the Christchurch Convention & Exhibition Centre to CPB Contractors Pty Ltd last Thursday, few people outside the industry would have been much the wiser. CPB?

Except that, whoever this contractor was, it needed close watching, as the Minister supporting Christchurch Regeneration, Nicky Wagner, confirmed in her release: “CPB has committed to completing construction in the first quarter of 2020 and the Government will be closely monitoring its progress,” she said.

That’s not the kind of public warning you issue to someone you’ve supposedly had sufficient confidence in to award them a very large contract – unless the recent performance of New Zealand’s biggest contractor, The Fletcher Construction Co Ltd, is making you extra-jittery about every contractor. [Fletcher Building Ltd, Fletcher Construction’s parent, reports its annual result Wednesday morning.]

Ms Wagner said work would start soon on what would be “a world-class boutique facility, capable of hosting international conferences as well as community meetings, balls, galas & weddings.”

It will offer options of:

  • an auditorium for 1400 delegates (divisible into 2 700-person auditoriums)
  • a 1250-person banquet hall
  • 14 interconnected meeting rooms for up to 1400 people
  • 4400m² of pre-function spaces for up to 1400 people, and
  • a 3600m² multi-use exhibition hall for 200 exhibition stalls.

“The convention centre will be a cornerstone of the revitalised central city and help bring domestic & international visitors back to the central business district.

“The direct economic benefit of the convention centre is estimated to be more than $320 million in the first 8 years, and $57 million every year after that.

“It’s also expected to increase private sector investment, open up business networks & opportunities and create new jobs.”

The contract was let by Otakaro Ltd, a Government-owned company whose job is to deliver Crown-led anchor projects in central Christchurch and divest the balance of Crown land. The company bears the Ngai Tuahuriri name for the Avon River that runs through Christchurch.

Who is CPB?

As for the main works contractor, CPB changed its name from Leighton last year. The New Zealand company is a subsidiary of Cimic Group Ltd, which is 73% owned by Hochtief AG of Germany, which in turn is now 71.8% owned by ACS Group SA of Spain. Those stakes make the Spanish group 52.2% owner of Cimic.

All are big names in construction internationally, with current heavy focus on major infrastructure projects, especially through public-private partnerships.

Other international contractors have looked at New Zealand but uncertainty over the future order book has been a deterrent.

Attitude talks inclusion

Cimic Group chief executive Adolfo Valderas.

For the Christchurch job, Cimic Group chief executive Adolfo Valderas said: “Cimic & CPB Contractors’ market-leading & cost-effective capabilities in delivering major commercial & social infrastructure position us strongly for projects such as the Christchurch Convention & Exhibition Centre.

“Cimic is committed to delivering this project as part of the rebuilding of Christchurch. The project will deliver a vibrant & world-class piece of infrastructure supporting sustained economic & cultural benefits for the Christchurch community.”

CPB Contractors managing director Román Garrido said: “By utilising our international expertise & local project experience in Christchurch, our team consistently delivers value-for-money design & construction methodologies that ensure quality outcomes.

“We are focused on providing opportunities for local businesses, a socially inclusive procurement strategy to broaden community benefits, and enhancing local workforce capabilities to the benefit of future building & infrastructure projects in the region.”

Business model transformed

Cimic reported a strong first-half result last month and said it would lead to improved outcomes. The company lifted first-half revenue by 28% to $A6.3 billion, net profit after tax by 22% to $A323 million and operating cashflows up $A523 million. It has $A35.2 billion of work in hand.

ACS Group executive chair Marcelino Fernández Verdes.

Group executive chair Marcelino Fernández Verdes said: “The compelling numbers we reported today are a testament, not only to the transformation of our business model which we commenced in 2014, but also to the ongoing drive of our people to improve, innovate & grow.

“Through continually evolving how we deliver projects, we are achieving favourable outcomes for clients, which improves the position of our group to win further work. We have also substantially increased our net cash position, which allows us to better reward shareholders and more efficiently allocate capital.”

And group chief executive Adolfo Valderas added: “By securing new work of $8.9 billion during the period, we have brought work in hand to $35.2 billion – a level equivalent to more than 2 years’ revenue.

“We are in an ideal position to build on our strategy of providing clients with end-to-end solutions – from financing to engineering, construction, mining, operations & maintenance. Doing so will further diversify our income streams and add more recurring revenue through the expansion of our services business with the successful integration of UGL.”

New projects

Among its early scores in New Zealand is the design, construction & financing of a New Zealand schools public-private partnership – a $103 million project for CPB Contractors & Pacific Partnerships Pty Ltd. Cimic is also tendering for major Sydney rail & road projects and the deep tunnel sewerage system in Singapore.

In its half-year report, Cimic said it had won one of Australia’s biggest public infrastructure projects: “CPB Contractors is in charge of stage 2 of the Metro expansion in Sydney. Cimic’s share of the overall contract value of $NZ3 billion is 45%. The trust our customers place in us with major infrastructure projects was yet again confirmed by CPB Contractors’ recent selection as the preferred proponent to deliver a part of the Melbourne Metro tunnel, Victoria’s largest-ever public infrastructure project.”

Links:
Cimic Group
ACS Group
Hochtief
Otakaro

Attribution: Company & ministerial release, group websites.

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Wellington industrial property & development prospect sold

Bayleys agents in Wellington have sold a Ngauranga industrial property and 3 sites with development potential in Hopper St, Te Aro.

South of the Bombays

Wellington

Ngauranga

1 Lower Tyers Rd:
Features: 7138m² site, modern 4662m ² high-stud industrial building, 100% new building standard seismic rating, 30 parking spaces; leased to The Information Management Group (NZ) Ltd (a Freightways Ltd subsidiary) for 12 years until April 2021, with 4 5-year rights of renewal
Rent: $741,943/year net + gst
Outcome: sold for $9,893,000 at a 7.5% yield
Agent: Grant Young

Te Aro

7, 9 & 11 Hopper St:
Features: 1424m² site in 3 titles, 966m² 2-level 1970s warehouse & showroom; 2 bare land titles have residential development potential (height limit 27m)
Outcome: sold to an owner-occupier for $3,601,111 with vacant possession
Agents: Mark Walker & James Higgie

Attribution: Agency release.

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Silverdale lease

Colliers agents on the Shore and in South Auckland were involved in securing the agency’s latest Auckland result, a Silverdale industrial lease.

Leased

North-east

Silverdale

168 Foundry Rd:
Features: 3319m² sealed fenced yard, leased to scaffold company
Rent: $93,900/year net + gst        
Agents: Colliers North Shore & Highbrook offices

Attribution: Agency release.

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Flats, townhouse & apartment sell

3 of the 4 intensive homes auctioned at Bayleys this week were sold under the hammer – a Takapuna development site currently in 2 flats (outlined), a Scotia Place apartment with remedial work set to start, and a Mt Albert townhouse.

A Hopetoun Residences apartment was passed in and the auction of an Avondale property was postponed.

CBD

Uptown

Hopetoun Residences, 15 Hopetoun St, unit 402:
Features: 2-bedroom corner apartment, 2.7m ceilings, 2 bathrooms, covered balcony, 2 parking spaces
Outcome: passed in, back on market at $1.395 million
Agents: Trent Quinton & Julie Prince

Scotia Tower, 8 Scotia Place, unit 7C:
Features: one bedroom, parking space, remedial work set to start in 2018
Outcome: sold for $156,000
Agent: Marcus Fava

Isthmus west

Avondale

1843 Great North Rd:
Features: 2309m² site, 250m² floor area – café & villa; height limit under unitary plan 32.5m in business town centre zone 
Outcome: auction postponed
Agents: Laurie Bell & Kate Kirby

Mt Albert

8 Soljak Place, unit 36:
Features: 84m², 2-level terraced townhouse, 2 bedrooms, courtyard, balcony, 2 parking spaces, gated entrance
Outcome: sold for $575,000
Agents: Gay Kelly & Peter Cashmore

North-east

Takapuna

8 The Terrace:
Features: 2 flats, one of 3 bedrooms with double garage, the other of 2 bedrooms, conservatory, parking space, listed as a development site with holding income
Outcome: sold for $2.508 million
Agents: Allan Boot

Attribution: Agency release.

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