Archive | Neighbourhoods

2 sales out of 9 auctioned as views diverge on apartment & unit market direction

2 of the 6 cbd apartments and none of the 3 suburban units auctioned at Barfoot & Thompson yesterday sold under the hammer.

The wide margin between the top bids and subsequent pricing of unsold units indicates the divergence between vendor aspirations and the direction buyers think the market is moving in.

CBD

Albert St

Manhattan, 105 Albert St, unit 11A:
Features: 80m², 2 bedrooms
Outgoings: rates $1544/year including gst; body corp levy $8035/year
Outcome: sold for $525,000
Agent: Aaron Cook

CBD east

The Beach, 85 Beach Rd, unit 506:
Features: 49m², one bedroom, balcony
Outgoings: body corp levy $3667/year
Income assessment: $460/week fixed until September
Outcome: passed in at $350,000, back on market at $479,000
Agents: Bett Shao & Rico Zhao

Learning Quarter

Silo, 23 Emily Place, unit 4L:
Features: 2-bedroom loft, secure parking space
Outgoings: body corp levy $829/year
Outcome: passed in at $500,000, back on market at $699,000
Agents: Stephen & Leo Shin

Uptown

Urba, 5 Howe St, unit 603:
Features: 55m² including balcony, 2 bedrooms
Outcome: passed in at $450,000, back on market at $625,000
Agent: Stephen Chang

Victoria Quarter

Heritage Farmers, 35 Hobson St, unit 628:
Features: 32m² air-conditioned studio
Outgoings: body corp levy $1833/year
Outcome: sold for $255,000
Agent: Livia Li

Imperial Gardens, 135 Hobson St, unit 218:
Features: 2 bedrooms, storage locker, parking space
Outcome: auction postponed until 29 June
Agents: Wendy Feng & Jack Li

Isthmus east

Onehunga

97J Mays Rd:
Features: 2-bedroom unit, garage
Outcome: withdrawn from auction
Agents: Paula Boontueng & Young Kim

Isthmus west

Eden Terrace

Fleetwood, 19 Fleet St, unit C6:
Features: 95m², 2 bedrooms, separate dining & living spaces, deck, storage unit, covered parking space, post-remediation code compliance certificate issued April 2016
Outgoings: body corp levy $3982/year
Outcome: passed in at $650,000, back on market at $719,000
Agents: Zoran Farac & Stephen Shin

Mt Albert

51 Seaview Terrace:
Features: cross-lease, quarter share in 1195m², 60m² one-bedroom unit, deck, carport
Outcome: no bid
Agents: Samantha Chaudhry & Leo Perera

Sandringham

22 Coyle St, unit 3:
Features: 2-bedroom unit, garage
Outgoings: body corp levy $789/year
Outcome: passed in at $825,000
Agent: Helen Lam

North-west

Glendene

33 Butterworth Drive, unit 1:
Features: cross-lease, half share in 616m², 2-bedroom unit, study, garage
Outcome: no bid
Agent: Tristan Young

Attribution: Auctions.

Continue Reading

2 sell, and then the auction success stopped

A leasehold unit in the Scene 2 apartment block on the eastern fringe of the Auckland cbd and a unit up the hill in the Quadrant sold at Ray White City Apartments’ auction yesterday, and then the other 5 on the auction list were passed in.

Those not sold included 2 units in the new Ramada Suites across the road from the park-&-ride at the Albany bus station, and a unit in City Gardens, where work is yet to start on a remediation project.

CBD

Albert St

City Gardens, 76 Albert St, unit 9F:
Features: 59m², 2 bedrooms, balcony, remediation programme still to be undertaken
Outgoings: rates $1227/year including gst; body corp levy $3706/year
Income assessment: $360/week current
Outcome: passed in at $360,000
Agent: James Mairs

Learning Quarter

Pinnacle, 18 St Martins Lane, unit 1401:
Features: 69m² unfurnished sub-penthouse, 2 bedrooms, balcony, parking space
Outgoings: no rates assessment yet; body corp levy $4416/year
Income assessment: $650-680/week furnished
Outcome: sole bid was $650,000 from vendor as an indicator, passed in
Agents: May Ma & Mark Li

The Quadrant, 10 Waterloo Quadrant, unit 1014:
Features: 32m², one bedroom, balcony, parking space on separate title, unit out of the hotel pool & vacant
Outgoings: rates $1173/year including gst for unit, $127/year for parking; body corp levy $3687/year for unit, $1166/year for parking
Income assessment: $500-550/week furnished
Outcome: sold for $463,000
Agents: May Ma & Mark Li

Cintra, 3 Whitaker Place, unit 17C:
Features: 57m², one bedroom,
Outgoings: rates $1797/year including gst; body corp levy $5114/year
Income assessment: under Crown on Cintra Lane hotel management, appraisal $480-520/week furnished
Outcome: passed in at $210,000
Agents: Simon Harrison, Damian Piggin & Daniel Horrobin

Quay Park

Waldorf on Scene, Scene 2, 18 Beach Rd, unit 1406:
Features: leasehold, 75m², 2 bedrooms, parking space
Outgoings: rates $1683/year including gst; body corp levy $5285/year, ground lease $7249/year
Outcome: sold for $201,000
Agent: James Mairs

North-east

Albany

Ramada Suites, 254 Cornerstone Drive, unit 205:
Features: 34m², one bedroom, parking space
Outgoings: no rates assessment yet; body corp levy $1791/year
Outcome: passed in at $335,000
Agents: Simon Harrison, Damian Piggin & Daniel Horrobin

Ramada Suites, 254 Cornerstone Drive, unit 301:
Features: 74m², 2 bedrooms, 2 bathrooms, parking space
Outgoings: no rates assessment yet; body corp levy $3180/year
Income assessment: vacant
Outcome: passed in at $610,000
Agents: Simon Harrison, Damian Piggin & Daniel Horrobin

Attribution: Auction.

Continue Reading

3 intensive homes sell at auction

3 of 8 intensive suburban homes – units, townhouses & cross-leases – were sold at Barfoot & Thompson’s city auctions yesterday. Of the total 20 residential properties on offer (including standalone homes), 5 were sold.

Isthmus east

Mt Wellington

80 Banks Rd, unit 4:
Features: cross-lease, 1/6 share in 2612m², 4 bedrooms, garage
Outcome: passed in at $700,000
Agent: Hamish Hargrave

56 Ferndale Rd, unit 9:
Features: 2-bedroom unit, storage shed, carport
Outgoings: body corp levy $2108/year
Outcome: no bid
Agents: Jane Wang & Angela Qi

51 Ireland Rd, unit 20:
Features: 2-level 2-bedroom townhouse, study, offstreet parking
Outgoings: body corp levy $2773/year
Outcome: sold for $570,000
Agent: Sue Su

5 Lynton Rd, unit 4:
Features: cross-lease, quarter share in 1052m², 2-bedroom unit, carport
Outcome: no bid
Agents: Rain Diao

Parnell

65 Gibraltar Crescent:
Features: 3-bedroom townhouse, 2.5 bathrooms, double internal-access garage
Outcome: no bid
Agent: May Zhang

Remuera

10 Ingram Rd:
Features: cross-lease, half share in 807m², 4 bedrooms, double internal-access garage
Outcome: passed in at $1.96 million
Agents: Cici Wang & Carey Liu

Isthmus west

Grey Lynn

2A Wilton St:
Features: 2-level 2-bedroom unit, offstreet parking
Outcome: sold for $880,500
Agent: André Boddé

Mt Roskill

2 Fearon Avenue, unit 2:
Features: 2-bedroom unit, conservatory, carport
Outcome: sold for $652,000
Agents: Jim Liu & Cicy Zhu

Attribution: Auctions.

Continue Reading

3 ex-Masala restaurants nearly make $8 million forfeiture order price tag at auction

3 restaurants in the former Masala chain were sold for $7.875 million at Bayleys’ auction yesterday, just short of a forfeiture order made in February.

Image above: Dining room of the former Masala restaurant in Mt Eden.

A Glen Eden shop with the Mad Butcher as tenant and a Dilworth apartment at the foot of Queen St were also sold under the hammer.

The restaurants, owned by JKK Holdings Ltd (Supinder Singh & Daisy Kaur) were taken to auction by the Official Assignee under the Criminal Proceeds (Recovery) Act after Justice Rebecca Edwards agreed in the High Court to an $8 million assets forfeiture order between the Commissioner of Police and 8 companies & 2 individuals associated with the Masala restaurant chain.

Justice Edwards said in her decision approving the settlement: “The settlement sum of $8 million represents almost all of the unlawful benefit said to have been derived from the tax evasion offending. The settlement sum is expected to be met in full through the sale of restrained properties.”

The 2 individuals, Joti Jain & Rajwinder Singh Grewal, were sentenced in 2015 to home detention and ordered to pay reparations on a long list of immigration & exploitation charges.

In March, Ms Jain was reported to have left New Zealand ahead of an appeal against being deported, but she was in the auctionroom yesterday.

All 3 restaurants in Mt Eden, Stanmore Bay & Birkenhead attracted multiple bidders. The properties were marketed for sale on an “as is where is” basis and subject to occupancy.

Apartments

CBD

Queen St

Dilworth, 22 Queen St, unit 5L:
Features: one bedroom, high stud
Outcome: sold for $530,000
Agents: Julie Prince & Diane Jackson

Commercial

Isthmus west

Mt Eden

510 Mt Eden Rd:
Features: 554m² section, 200m² restaurant in converted villa at corner of Disraeli St in Mt Eden village, additional 206m² downstairs area gives potential to split risk
Outcome: sold for $3.61 million on “as is where is” basis, subject to occupancy
Agents: Scott Kirk, Adam Curtis, John Algie

North-east

Birkenhead

188-192 Hinemoa St:
Features: 835m² site, development potential, 280m² restaurant in converted villa, wraparound covered deck, vacant office area below restaurant previously used as accommodation
Outcome: sold for $2.535 million on “as is where is” basis, subject to occupancy
Agents: Adam Curtis, John Algie & Damian Stephen

Stanmore Bay

195 Brightside Rd:
Features: 1783m² site, 276m² restaurant
Outcome: sold for $1.73 million on “as is where is” basis, subject to occupancy
Agents: Jeremy Milton, John Algie & Adam Curtis

North-west

Glen Eden

5 Oates Rd, unit 5:
Features: 292m² corner unit in block of 13 shops, dual access, split internally between retail, office storage, meat processing & cool storage, opportunity to split or occupy the tenancy
Rent: $92,040/year net + gst from established tenant, the Mad Butcher
Outcome: sold for $1.375 million at a 6.7% yield
Agents: Adam Curtis, Adam Watton & Oscar Kuang

Earlier story:
28 February 2017: $8 million Masala assets forfeiture agreed

Attribution: Auction.

Continue Reading

2 apartments sell at City Sales auction

An apartment in The Peaks on Victoria St (pictured) was sold under the hammer at City Sales today, and one in the Harvard on Hobson St was sold shortly after the auction. An Eden Terrace unit was passed in.

CBD

Victoria Quarter

Harvard, 147 Hobson St, unit 3I:
Features: 37m², 2 bedrooms
Outgoings: rates $1101/year including gst; body corp levy $4003/year
Outcome: passed in at $342,500, sold shortly after auction for $345,000
Agents: Habeeb Urrahman & Steve Kirk

The Peaks, 117 Victoria St West, unit 5B:
Features: 145m², 3 bedrooms, 2 bathrooms, wraparound deck, storage locker, parking space
Outgoings: rates $2292/year including gst; body corp levy $7153/year
Outcome: sold for $1.14 million
Agent: Iona Rodrigues

Isthmus west

Eden Terrace

Virginia, 43 Virginia Avenue East, unit 203:
Features: 48m², 2 bedrooms, deck, parking space
Outgoings: rates $1232/year including gst; body corp levy $4458/year
Income assessment: $475-500/week
Outcome: passed in at $460,000
Agent: Trisha Shanaghan

Attribution: Auction.

Continue Reading

Neales Rd building sells

Colliers agents have sold an industrial building on Neales Rd, East Tamaki.

South

East Tamaki

11 Neales Rd:
Features: 2693m² industrial site, 1454m² building, 2 tenancies – 694m² front unit with mix of high & low stud, 760m² rear unit has factor & office/amenity space, yard
Outcome: sold for $2.385 million + gst
Agents: Jolyon Thomson & Paul Higgins

Attribution: Agency release.

Continue Reading

Lessor sells 3 Ellerslie titles

The lessor’s interest in 3 Ellerslie titles is among 3 eastern suburbs sales by Bayleys commercial agents. An East Tamaki live/work unit has also been sold.

Isthmus east

Ellerslie

19-23 Kalmia St:
Features: Lessor’s interest in 3 titles totalling 1599m², 20-year perpetually renewable ground lease paid by 3 occupants, with 5-yearly rent reviews calculated by multiplying unencumbered freehold market value of land by 6.5%, next review November 2020; rezoned business – mixed use under the unitary plan with height limit increased to 18m
Rent: $114,000/year net + gst
Outcome: sold for $2.75 million at a 4.16% yield
Agents: Alan Haydock &Damien Bullick

Mt Wellington

284F Marua Rd:
Features: 91m² office/showroom unit with kitchen & amenities
Outcome: sold vacant for $430,000
Agents: Greg Hall & Sunil Bhana

Onehunga

37 Princes St:
Features: 320m² site zoned mixed use, 185m² industrial workshop, 2-year lease to auto tenant, final expiry in June 2018
Rent: $22,000/year net + gst
Outcome: sold for $850,000
Agents: James Valintine & Greg Hall

South

East Tamaki

7 Torrens Rd, unit 4A:
Features: 2-level work/live premises totalling 145m² plus balcony & private courtyard, 3 parking spaces; ground-floor showroom/office and low stud warehouse, 3-bedroom apartment on first floor
Outcome: sold for $650,000 with vacant possession
Agent: Mike Marinkovich

Attribution: Agency release.

Continue Reading

Mairangi Bay townhouse sells at auction

A brick & tile unit in One Tree Hill and a Mairangi Bay townhouse were sold at Bayleys auctions around Auckland last week.

Isthmus east

One Tree Hill

18 Tawhiri Rd, unit 4:
Features: 3-bedroom unit, carport
Outcome: passed in, back on market at $887,000
Agent: Ruth Inwood

North-east

Mairangi Bay

16A Hastings Rd:
Features: 2-bedroom townhouse, internal-access garage
Outcome: sold for $890,000
Agents: Tara Menzies & Malcolm Low

Attribution: Agency release.

Continue Reading

Ryman plans retirement village for Lincoln Rd

Ryman Healthcare Ltd announced plans on Friday for a new retirement village on a 4.5ha Lincoln Rd site in Henderson.

The land is part of Laidlaw College’s Henderson campus, but is surplus to the college’s needs. Laidlaw College is an evangelical theological college, formerly the Bible College of NZ.

Laidlaw College Foundation chair Graham Burt said: “Ryman is an ideal organisation to become our new neighbour. We feel very much part of the Henderson area having been here for over 50 years and we’re keen to ensure a good fit for both ourselves & the community as a whole.’’

Ryman Healthcare group development manager Andrew Mitchell said the company intended to redevelop the site as a resort-style retirement village which would be home to over 400 residents.

The village would offer independent retirement housing, a full range of aged care services including serviced apartments, and resthome, hospital & dementia care.

Ryman group sales & community relations manager Debbie McClure said the village would be named in honour of a West Auckland local and suggestions were welcome.

The village will be Ryman’s 11th in Auckland. The company is developing villages at Hobsonville, Greenlane, Lynfield & Devonport and has existing villages in St Heliers, Remuera, Howick, Pukekohe, Birkenhead & Orewa.

Attribution: Company release.

Continue Reading

2 mixed-use buildings and a childcare centre sell

Bayleys agents have sold 2 buildings zoned mixed use in Kingsland & Glen Eden, and a new childcare centre at Westgate.

Isthmus west

Kingsland

343 New North Rd:
Features: 372m² site zoned mixed use (height limit 21m), 222m² industrial building with mezzanine storage, constructed in mid 1970s; automotive tenant in occupation for over 20 years, now on month-to-month lease
Rent: $36,000/year net + gst
Outcome: sold for $1.65 million at a 2.18% yield
Agents: Kate Kirby & Stephen Scott

North-west

Glen Eden

41 Cartwright Rd:
Features: 2062m² site zoned mixed use, 3 industrial buildings of 345m², 372m² & 527m², one tenanted & 2 vacant, both vacant premises refurbished & ready for occupation; 3-year lease on 372m² building to automotive tenant until August 2019, 2 3-year rights of renewal; residential redevelopment potential longer term
Rent: $24,000/year net + gst
Outcome: sold for $1.7 million
Agents: James Valintine & William Gubb

Westgate

575 Don Buck Rd, unit 6:
Features: 3998m² site, new 1159m² childcare centre licensed for 110 children; one of 6 units in recently built commercial complex near intersection with Fred Taylor Drive, leased to Learning Tree Childcare Centre for 15 years plus 2 10-year rights of renewal
Rent: $286,000/year net + gst, 3% fixed rental increases every 2 years from November 2020
Outcome: sold for $4.7 million at a 6.08% yield
Agents: Tony Chaudhary, Janak Darji, James Chan & Matt Lee

Attribution: Company release.

Continue Reading
WordPress Appliance - Powered by TurnKey Linux