Archive | Neighbourhoods

Silverdale industrial & Onehunga home unit sell

An industrial unit at Silverdale and a refurbished brick & tile unit in Onehunga were sold at Bayleys auctions around Auckland this week.

Commercial

North-east

Silverdale

29 Peters Way, unit B:
Features: 285m² industrial unit 250m² workshop, 35m² first-floor office, mezzanine across rear of workshop, 5 parking spaces
Outcome: vendor vacating, sold for $680,000
Agent: Rosemary Wakeman

Residential units

Isthmus east

Onehunga

66A Cameron St, unit 1:
Features: 2-bedroom unit, garage & workshop
Outcome: sold for $706,000
Agent: John Procter

Royal Oak

2 Raurenga Avenue, unit 2:
Features: 2-bedroom unit, internal-access garage
Outcome: passed in, back on market at $915,000
Agent: John Procter

Attribution: Agency release.

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Kiwi Property settles second Drury site purchase

Kiwi Property Group Ltd settled its acquisition of 30.6ha at Drury on Wednesday, after receiving approval from the Overseas Investment Office a week ago to proceed.

The company intends to create a new town centre next to Stevenson Group Ltd’s mostly industrial 360ha development site.

Kiwi’s 3 greenfield sites are next to the junction of the Southern Motorway, Great South Rd and the North Island main trunk railway line, 35km south of Auckland’s city centre.

Chief executive Chris Gudgeon said: “This brings our total landholdings to 42.7ha, at a purchase price of $39.8 million. A third land parcel of 8.6ha has been secured via a right of first refusal, with the purchase price to be determined with reference to the market when the right is exercised.

Earlier stories:
13 September 2017: Kiwi Property’s Drury buy approved
10 September 2017: Second round for Auranga precinct confirms Drury as major growth centre
7 April 2017: Kiwi Property plans new town centre next to Stevenson’s Drury development
30 August 2013: Drury South industrial area plan change & MUL extension approved

Attribution: Company release.

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H&M to lead retail revival at Queensgate

Swedish fashion & homegoods retailer H&M will open its third New Zealand store in October, leading in to the return & arrival of a large number of other retailers at the quake-hit Queensgate Shopping Centre in Lower Hutt.

Kiwi Property Group Ltd brought the Swedish listed company, H & M Hennes & Mauritz AB, to New Zealand first, opening an H&M store at its Sylvia Park shopping centre in Auckland a year ago. Philip Carter’s The Crossing development in Christchurch, which incorporates offices and food & beverage outlets in a precinct which combines new & restored heritage buildings, opened the second H&M this month.

Queensgate, managed by Stride Investment Management Ltd for the Diversified NZ Property Trust, will open its H&M on Thursday 26 October, in 2700m2 on 2 levels in the Centre Court.

The Diversified trust bought the former Westfield mall from Scentre Group (NZ) Ltd in August 2016. Part of it was closed after the Kaikoura earthquake in November and a portion of the carpark & its cinema complex were demolished. After a partial reopening, the centre was fully reopened in April.

Stride shopping centres general manager Roy Stansfield said on Wednesday the company was also readying sites at Queensgate for other new stores and stores that were returning, relocating & upgrading: “We expect many of these to be completed before the busy Christmas period. These include Skechers, Bed Bath N Table, Health 2000, Portmans, Merchant, Bed Bath & Beyond and Boost Juice.

Earlier story:
9 July 2017: H&M to open at Queensgate

Attribution: Stride release.

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2 apartments sell at Ray White auction

2 of the 5 units auctioned at Ray White City Apartments today were sold under the hammer, one in the Grand Chancellor hotel building and the other in Eden Terrace.

CBD

Learning Quarter

Forte, 37 Symonds St, unit 1302:
Features: 48m² corner unit, 2 bedrooms, balcony
Outgoings: rates $1383/year including gst; body corp levy $4149/year, special levy $703 to fireproof riser shafts
Income assessment: $500/week fixed until 30 April, appraisal $530-560/week furnished
Outcome: passed in after bid at $300,000, vendor bid at $400,000
Agents: May Ma & Mark Li

Uptown

Q Central, 36 Liverpool St, unit 3A:
Features: leasehold, 59m², 2 bedrooms
Outgoings: rates $1188/year including gst; body corp levy $3534/year, ground rent $7173/year, next ground lease review December 2018
Income assessment: $1894/month on Housing NZ lease expiring in March 2019
Outcome: passed in on sole bid from vendor of $100,000
Agents: May Ma & Mark Li

Victoria Quarter

Grand Chancellor, 1 Hobson St, unit 803:
Features: 57m², one bedroom, with a new title excluding the parking space (and reducing rates & body corp levy accordingly)
Outgoings: rates $1812/year including gst; body corp levy $4763/year
Outcome: sold for $612,000
Agent: Josh Muriwai

Waterfront

Sebel Suites, 85 Customs St, unit 610:
Features: leasehold, 57m², one bedroom, study, balcony overlooking Viaduct Basin
Outgoings: rates $1913/year including gst; body corp opex levy $8852/year, ground lease $6806/year
Income assessment: $500/week current, appraisal $620-680/week furnished
Outcome: passed in at $201,000
Agents: Damian Piggin & Daniel Horrobin

Isthmus west

Eden Terrace

10 Ruru St, unit 9:
Features: 114m², 3 levels, 2 bedrooms, deck, tandem internal-access garage, storage
Outgoings: rates $1596/year including gst; body corp levy $2913/year
Income assessment: appraisal $650-700/week
Outcome: sold for $700,000
Agent: Krister Samuel

Attribution: Auction.

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3-apartment auction attracts no bid

All 3 apartments taken to auction at Barfoot & Thompson’s city office this morning were passed in without a bid being offered.

Image above: The Wiltshire, across Victoria St from the SkyCity casino & hotel, is unusual for providing owners with extra income from a billboard on the western side. Behind it in the picture, Conrad Properties’ Victoria Residences apartment development is nearing completion.

CBD

Uptown

Eclipse, 156 Vincent St, unit 7C:
Features: 62m², 2 bedrooms
Outgoings: body corp levy $5079/year
Outcome: no bid, back on the market at $590,000
Agents: Bett Shao & Rico Zhao

Victoria Quarter

Wiltshire, 89 Victoria St West, unit 8A:
Features: 88m², 2 bedrooms, 2 bathrooms, balcony; the building earns owners $125,775/year + gst from a billboard up the western side
Outgoings: body corp levy $4237/year
Income assessment: $630/week, fixed until 28 February
Outcome: no bid
Agent: Jason Buckwell

Lord on Nelson, 11 Nicholas St, unit 7A:
Features: 131m², corner 3 bedrooms, 2 bathrooms, enclosed balcony, tandem carpark; the building is leaky and owners launched proceedings against the developer & Auckland Council in 2011; the vendor has agreed to assign rights & obligations from that claim; based on a $6 million remediation estimate (tenders to go out soon), this unit’s repair share would be $294,000
Outgoings: body corp levy $8689/year
Outcome: no bid
Agents: Livia Li & Alan Guo

Attribution: Auction.

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Notification sets Whenuapai on course for urbanisation

Auckland Council will publicly notify the proposed plan change tomorrow to rezone 124ha at Whenuapai from the future urban zone to urban zones. The submission period will close on Thursday 19 October and independent commissioners will hear submissions in the first half of 2018.

In the map: The central purple zones are for light industry. The yellow to brown zones are for a range of residential intensities.

It’s the first step in urbanisation of rural Whenuapai and is in the first batch of plan changes under the new unitary plan, now operative in part. Others approved for notification by the council’s planning committee on 5 September were for extension of the Auranga subdivision at Drury and for Fletcher Residential Ltd’s subdivision at the Three Kings quarry.

The plan change for stage 1 development in the south-east corner of Whenuapai provides for 124ha of light industrial land and capacity for 4-5000 homes.

Planning committee chair Chris Darby said a large amount of infrastructure was required for the greenfield area, and the plan change aimed to ensure infrastructure was in place to support all development.

Issues it addresses include managing stormwater run-off and ensuring there are opportunities to enhance the degraded stream & coastal environment, mostly through planting along streams.

The proposed plan change would also protect an historic heritage area in Clarks Lane and an anti-aircraft battery site on Spedding Rd.

Assuming plan change approval, stage 1 construction is likely to occur between 2018-28.

Stage 2 of the larger Whenuapai area is constrained by the new Northern Interceptor wastewater pipeline due to be built in 2026, and transport infrastructure outlined in the supporting growth strategy, which is necessary to support development. A further plan change will be required for stage 2.

Cllr Darby said: Notification of the plan change for stage 1 is a positive sign, showing that we’re moving from the planning phase to actually making land available for real homes that people can live in.

“It follows successful structure planning for the area – the first in a number of structure plans that will eventually pave the way for up to 137,000 new homes in north, north-west & southern greenfield areas.”

Attribution: Council release & committee agenda.

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Spread of sales & leases by Shore agents

Latest transactions signed by Bayleys’ North Shore agents included sale of a hostel in the university precinct of downtown Auckland, the lease on a Ranui shop and a sale & 2 leases in the Rosedale area of Albany.

Sales

CBD

Uptown

47 St Paul St, unit 2B:
Features: 179m² 10-room Central Hostel, parking space
Outcome: sold in September for $1.18 million + gst
Agent: David Han

North-east

Rosedale

27-29 William Pickering Drive, unit F4:
Features: 210m² office, 6 parking spaces
Rent: about $55,600/year net + gst
Outcome: sold in September for $765,000 + gst at a 7.27% yield
Agents: Ildy Meixner & Alex Strever

Leases

North-east

Rosedale

1-3 Parkhead Place, unit 2:
Features: 448m² office unit, 9 parking spaces
Rent: leased in September for $95,000/year net + gst, parking $16/space/week      
Agents: Alex Strever, Laurie Burt & Matt Mimmack

10 Vega Place, unit G:
Features: 330m² industrial unit – warehouse 190m², showroom 70m², office 70m², 6 parking spaces
Rent: leased in September for $53,000/year net + gst, premises rental $160.61 (including parking)
Agents: Alex Strever & Laurie Burt

North-west

Ranui

20B Pooks Rd:
Features: 90m² retail
Rent: leased in August for $20,000/year net + gst, premises rental $222/m²
Agents: Dev Choudhury & Damian Stephen

Attribution: Agency release.

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Wigram sale, 6 commercial leases in Auckland & Canterbury

Knight Frank agents have reported a Wigram warehouse sale in Canterbury and 6 commercial leases in Auckland & Christchurch.

Sale

South Island – Canterbury

Wigram

22 Sonter Rd, unit 1:
Features: 470m² warehouse, 180m² office/showroom
Outcome: sold for $1.45 million at a 5.4% yield (market yield 6.5%)
Agent: Craig Edwards

Leases

South

Favona

70 Favona Rd:
Features: 1500m² industrial yard
Agent: Scott Worrall

Papakura

14B Vernon St:
Features: 250m² warehouse unit
Rent: $34,000/year + gst + opex 
Agent: Josh Franklin

South Island – Canterbury

Burnside

41 Sir William Pickering Drive, unit 5:
Features: 74m² ground-floor office unit, 3 parking spaces
Rent: $21,990/year net + gst + opex      
Agent: Campbell Taylor

CBD

48 Fitzgerald Avenue, unit 11:
Features: 347m² warehouse, 246m² showroom, 8 parking spaces
Rent: $82,000/year net + gst + opex      

Agents: Sam Stone & Elliot Clayton

68 Fitzgerald Avenue, part level 1:
Features: 159m² first-floor office tenancy, 4 parking spaces
Rent: $47,909/year net + gst + opex      
Outcome:
Agent: Tom Lax

Innovation Precinct, 181 High St, unit D3:
Features: 99² ground-floor retail tenancy
Rent: $49,005/year net + gst + opex
Agent: Tom Lax

Attribution: Agency release.

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Summit on Symonds commercial units & Grey Lynn demolition yard sell

3 commercial units on the ground floor of the Summit on Symonds building (pictured), at the corner of Karangahape Rd & Symonds St at the top of the cbd, have been sold by Bayleys agent Millie Liang.

Also sold is a Grey Lynn property currently used as a demolition yard.

CBD

Uptown

Summit on Symonds, 103-105 Symonds St, new retail units on ground floor of apartment building on the corner of Karangahape Rd:

105 Symonds St, unit 9:
Features: 43m² unit occupied by Wash Station NZ laundromat
Rent: 8-year lease from March 2016, 2 4-year rights of renewal, 2% annual rental increases & reviews to market every 4 years       
Outcome: sold for $570,000 at a 5.33% yield
Agent: Millie Liang

103 Symonds St, unit 10:
Features: 40m² unit, parking space, occupied by physiotherapist
Rent: 3-year lease from August, 2 3-year rights of renewal, 2% annual rental increases & reviews to market at renewal
Outcome: sold for $600,000 at a 5.2% yield
Agent: Millie Liang

105 Symonds St, unit 11:
Features: 68m² unit occupied by The Corner Café
Rent: 8-year lease from March 2016, 2 4-year rights of renewal, 2% annual rental increases & reviews to market every 4 years
Outcome: sold for $890,000 at a 5.37% yield
Agent: Millie Liang

Isthmus west

Grey Lynn

18 Westmoreland St:
Features: 2782m² development site zoned mixed use (18m height limit), warehouse & office building of about 1850m², currently used as demolition sales yard
Outcome: sold with vacant possession for $8.5 million at $3055/m²
Agent: Alan Haydock

Attribution: Agency release.

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Takapuna campground lease process decision Tuesday

The Devonport-Takapuna Local Board will decide on Tuesday whether to lease the campground on the Takapuna Beach reserve and, assuming it goes with majority public input & a commissioner’s recommendation, should have an operator chosen by the end of March 2018.

Independent commissioner Gerald Rowan heard submissions on the campground proposal in July and his recommendations are up for debate at the local board meeting.

Council property organisation Panuku Development Auckland would start the process toward a new lease by holding a workshop for the board on the expressions of interest process and would run a tender through November.

Panuku would analyse returns over Christmas, shortlist potential operators and run a request for proposal process to the end of February. Panuku would then negotiate & award the lease.

Links:
Devonport-Takapuna Local Board agenda items for meeting Tuesday 19 September at 4pm, Takapuna, council service centre, 1 The Strand:
18, Recommendations regarding proposal to issue a lease on Takapuna Beach Reserve – report from independent commissioner
Report from independent commissioner – proposal to lease part of Takapuna Beach Reserve for a campground
Takapuna Beach Reserve management plan 2013

Earlier stories:
19 February 2017: Next Takapuna Beach reserve decision – how to run a camping ground
14 December 2015: Takapuna Beach campground up for debate again

Attribution: Local board agenda.

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