Archive | Albert St

Quay West & Metropolis apartments & Onehunga warehouse sell

The cranes for the 39-storey Commercial Bay office tower across the road are encroaching on Quay West harbour views, but the apartment block at the foot of Albert St still carries prestige.

A 12th-floor unit which will retain its north-westerly views across the Wynyard Quarter sold for about $9000/m² (net of an allowance for parking) at Barfoot & Thompson’s city auction today.

A smaller Metropolis apartment also sold, and a small Onehunga warehouse sold for $3661/m² (consented space).

Apartments

CBD

Albert St

Quay West, 8 Albert St, unit 1204:
Features: 132m² north-west corner, air-conditioned, 2 bedrooms, 2 bathrooms including ensuite with a bath, wraparound balcony, secure parking space
Outgoings: body corp levy $12,747/year
Income assessment: $830/week, fixed until January
Outcome: sold for $1.285 million
Agent: Belinda Illingworth

Kitchener St

Metropolis, 1 Courthouse Lane, unit 2615:
Features: one bedroom
Outgoings: body corp levy $4909/year
Outcome: sold for $401,000
Agent: Estee Zeng

Commercial

Isthmus east

Onehunga

10C Hill St:
Features: 183m² roadfront warehouse unit – 168m² warehouse, 15m² ground-floor office plus unconsented 20m² mezzanine, 3.5m stud height, 3-phase power & container access, 2 parking spaces         
Outcome: sold vacant for $670,000
Agents: Nick Wilson & James Marshall

Attribution: Auction.

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SkyCity buys AA Centre to consolidate precinct control

SkyCity Entertainment Group Ltd has bought NPT Ltd’s interest in the AA Centre at 99 Albert St in central Auckland for $47 million.

SkyCity said the acquisition was consistent with its intention to consolidate control over its Auckland precinct as part of the Auckland masterplanning it’s undertaken: “The masterplan, once completed, will incorporate opportunities for further hotels, apartments, food & beverage outlets, entertainment facilities & office spaces, with the aim of having a cohesive & integrated mixed-use entertainment precinct, and will ensure that SkyCity leverages the benefits of the increased pedestrian traffic flows anticipated following completion of the city rail link.”

Image above: The AA Centre is across the Victoria St West intersection from an entrance for the city rail link Aotea Station, one full block up from Queen St and one block from the SkyCity casino & tower (at right).

The rear entrance to the SkyCity Grand Hotel & original convention centre is from Albert St, a few doors along from the AA Centre.

The 2 NZX-listed companies entered a conditional agreement on 31 August and it went unconditional last Thursday, 12 October. Settlement is scheduled for 12 July 2018.

Under the agreement, NPT must complete $2 million of capital improvements, which it began before the agreement was signed.

Bruce Cotterill.

NPT chair Bruce Cotterill said that, after allowing for those capital improvements, the transaction would increase NPT shareholder equity by $2 million over the $40.85 million valuation at 31 March.

The yield was about 7% on rent which wasn’t stated in NPT’s annual report or in this announcement. Occupancy of NPT’s share of the building at 31 March was 91.6%.

NPT owns 15 levels (12,000m²) of the 17 office floors, ground-floor retail, the through-site link to Federal St & 90 parking spaces.

The NZ Automobile Association owns the other 2 office levels, some ground-floor retail and a few parking spaces.

Mr Cotterill said: “The sale of this property represents a first step on the path to repositioning NPT. We have achieved a very good price, as compared with current book value, and the 9-month settlement period allows us to maintain current profit & distribution forecasts through to 31 March 2018 while we progress the board’s broader plans for NPT.

“The board is intending to update shareholders on its proposed strategy for the future of NPT in the coming weeks. The sale proceeds will be used to invest in the purchase of assets where we can see an opportunity to add value.”

SkyCity expected the acquisition to be “marginally earnings accretive” from its 2019 financial year. The company will fund the acquisition from existing bank facilities.

Attribution: NPT & SkyCity releases, NPT annual report.

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All 3 apartments passed in

Only one of the 3 apartments auctioned at Barfoot & Thompson today attracted a bid, and it was eventually passed in too.

CBD

Albert St

Quay West, 8 Albert St, unit 1705:
Features: 74m², one bedroom, balcony, secure parking space
Outgoings: body corp levy $7104/year + gst (total $8170)
Outcome: passed in at $695,000
Agent: Lily Zhang

Learning Quarter

Darlinghurst, 50 Eden Crescent, unit 1C:
Features: 54m², one-bedroom corner apartment, 3m ceilings, balcony, secure storage locker
Outgoings: body corp levy $4182/year
Outcome: no bid
Agent: Grace Dong

Victoria Quarter

Fiore 2, 168 Hobson St, unit 406:
Features: 67m², 2 bedrooms, 2 bathrooms, balcony
Outgoings: rates $1952/year including gst; body corp levy $3265/year
Income assessment: $680/week current, fixed until 28 February
Outcome: no bid
Agents: Stephen Shin & Yasu Ka

Attribution: Auction.

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Slow, but a 61% success rate at auctions

Image above: The Oxford on Mount St – one apartment sold, one passed in.

It took auctioneer Murray Smith 30 minutes & much twiddling of his thumbs this morning before he banged his hammer down for the sale of one apartment. Next up, there were 3 bidders and a sale ensued in a few minutes.

In 5 sessions this week, auctioneers at Barfoot & Thompson’s city office put through 41 residential properties, 16 of them which I categorise as intensive (apartments, townhouses, suburban units – I wasn’t at all sessions and don’t know if any others were cross-leased).

A year ago, that would have been the throughput on a Wednesday or Thursday morning, so volume is well down.

But the sales ratio under the hammer this week was strong – 25 sold out of 41 homes offered, a 61% success rate. For the intensives, 9 sold out of 16 offered, a 56% success rate.

CBD

Albert St

Quay West, 8 Albert St, unit 1202:
Features: 74m², one-bedroom apartment, balcony, parking space
Outcome: sold for $695,000
Agents: Cici & Miro Wang

Commerce/Gore

HarbourCity, 16 Gore St, unit 28I:
Features: 38m², one-bedroom apartment
Outgoings: body corp levy $2851/year, $5099 special levy for leaks remediation
Outcome: sold for $279,000
Agent: Jason Buckwell

Federal St

207 Federal St, unit 506:
Features: 61m², 2-bedroom apartment, balcony
Outcome: sold for $536,000 at auction brought forward
Agents: Cici & Miro Wang

Learning Quarter

Celestion, 19 Anzac Avenue, unit 1002:
Features: 55m² apartment including balcony, 2 bedrooms
Outgoings: body corp levy $4536/year
Outcome: sold for $535,000
Agents: Zoran Farac & Leo Shin

Oxford, 13-15 Mount St, unit 4H:
Features: 34m² studio, deck
Outgoings: body corp levy $2147/year
Outcome: sold for $290,000
Agents: Leo & Stephen Shin

Oxford, 13 Mount St, unit 13F:
Features: 42m², one-bedroom apartment
Income assessment: $360/week current
Outcome: passed in
Agent: Yuyu Cao

Victoria Quarter

Marina Park, 146 Fanshawe St, unit 12:
Features: one-bedroom apartment, garage
Outcome: withdrawn from auction
Agents: Bella Stefano & Sherry Shao

Waterfront

Princes Wharf, 137 Quay St, unit 10:
Features: leasehold, 57m², one-bedroom apartment, balcony
Outgoings: 5-yearly ground rent review has been replaced with a fixed annual increase of 3% or CPI, whichever is greater
Outcome: no bid, back on market at $228,000
Agent: Anah Jordan

Isthmus east

Ellerslie

178A Ladies Mile:
Features: 3-bedroom standalone townhouse, deck, carport
Outcome: passed in at $730,000
Agents: Anna Stephens-Brown

Epsom

22 Rangiatea Rd, unit 3:
Features: 98m², 2-bedroom unit, garage, storage, 2-year-old roof, ceiling insulated
Outcome: passed in at $880,000
Agent: Helen Lam

Mt Wellington

51 Ireland Rd, unit 41:
Features: 2-bedroom terrace, study, carport, in gated complex
Outcome: passed in at $480,000, back on market at $560,000
Agent: Kevin Liu

Panmure

10B Allenby Rd:
Features: 2-bedroom upstairs end unit, garage, storage
Outcome: no bid
Agents: George Fong & Paul Sun

Parnell

28C Stanwell St:
Features: 2-bedroom garden apartment, 2 bathrooms, study, courtyard, 2 parking spaces
Outcome: sold for $775,000
Agent: Cindy Yu

St Johns

35 Simkin Avenue, unit 2:
Features: 2-bedroom unit, carport, basement workshop
Outcome: passed in, back on market at $698,000
Agent: May Long

Isthmus west

Mt Eden

14 Lovelock Avenue, unit 10:
Features: 2-bedroom apartment, balcony, parking space
Outcome: sold for $640,000
Agent: Prasanna Kumar & Aaron Julian

Waterview

1510 Great North Rd, unit 15:
Features: 88m², 3-bedroom apartment, 2 bathrooms, parking space, newly reclad & code compliance certificate issued in January
Outcome: sold for $380,000
Agents: David Dowse & Susie Calderwood

North-west

Henderson

16 Buscomb Avenue:
Features: 1033m² site, 3-bedroom house + 2 separate 2-bedroom units, all redecorated, new kitchens & bathrooms; house has basement garage, carport, storage; units have their own entrance from Sel Peacock Avenue, offstreet parking; zoned terrace housing & apartments
Outcome: sold for $1.771 million
Agent: Jim Murray

Attribution: Auctions, auction documents.

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Cotterill sees opportunity for NPT as tenants quit

Image above: The AA Centre on the corner of Albert & Victoria Sts in downtown Auckland, between the bungy jumps of the Royal International site & Sky Tower, and with works underway at the corner for the city rail link tunnel & station.

Listed property investor NPT Ltd has tenants leaving 2 of its 5 properties – one of them quitting 6 office floors – and the new board sees opportunity.

Bruce Cotterill.

New chair Bruce Cotterill was dying to tell shareholders about impending investment activity at the annual meeting in Auckland on Friday, but didn’t quite have everything in place to make the revelations.

“While we aren’t in a position to provide any detail at this time, we are working on a number of initiatives that we expect will deliver better returns to our shareholders and would set us on a clear path to growth. Although it is early days in our tenure as directors, this board has made rapid progress and shareholders may expect an update in the coming weeks as some of our initiatives come to fruition,” he said.

NPT has had a chequered history since its inception as the National Property Trust in 1994, but one thing about it hasn’t changed: it started small and has remained so, getting its portfolio over $200 million in value for a while but now down at $174 million.

Its change in prospects began last September when Augusta Capital Ltd bought 9.26% of its shares from the Accident Compensation Corp, then proceeded to make an offer for its management contract. In October, Augusta said it also wanted NPT to buy a portfolio of 3 unidentified properties valued at $329 million, and it wanted to help NPT grow its portfolio to improve returns.

This latter was odd, because Augusta had whittled down its own portfolio in favour of managing syndicates. NPT’s board baulked, and so began a struggle for control that cost NPT $2 million.

The loser, at a special shareholder meeting in April, was Kiwi Property Group Ltd, which also wanted NPT to buy properties – 2 assets valued at $230 million, the Majestic Centre in Wellington & North City Centre at Porirua, now on the market through an expressions of interest process.

Augusta won the fight for control after lifting its holding to 18.85% and the total  vote against Kiwi’s proposal was 54.85%.

Mr Cotterill was installed as independent chair; a recently appointed member of the old board, Carol Campbell, remained as an independent (and had her position confirmed at Friday’s meeting); and Augusta’s new chair, Paul Duffy, and another independent, Allen Bollard, were elected.

AA moving to Sale St

Mr Cotterill told shareholders AA Insurance had recently informed the company it intended to relocate to a new office building under construction by Mansons on Sale St in February 2018, although its lease on its 6 floors in the AA Centre – right above the Aotea station being constructed beneath its Albert-Victoria St windows – runs until June 2019.

Said Mr Cotterill: “This departure will provide us with a further opportunity for refurbishment & repositioning of the building in the Auckland City office leasing market. Leasing inquiry for the floors that are to become vacant is very strong and we expect to be able to lease them relatively quickly.”

He said NPT had been working on leasing the AA space for a couple of months: “We don’t have signatures on paper but we do have good inquiry.”

Print Place – repositioning or disposal?

In Christchurch, NPT’s property at 17 Print Place, Middleton, recently lost one of its 3 tenants and will lose another in December. On this, Mr Cotterill told shareholders the vacancy & shortening weighted average lease term had resulted in the value of the property easing. But again Mr Cotterill saw opportunity: “This vacancy may provide us with an opportunity to reposition the property.”

Mr Duffy said it was over-rented and had too much office space relative to its warehousing.

One shareholder questioned the board about NPT being an absentee landlord, but Mr Cotterill responded: “We agree with you, and we’ve appointed Colliers [as manager of its Christchurch properties]. They haven’t got any tenants yet because we only agreed to appoint them this morning.”

Mr Cotterill agreed with another shareholder that selling Print Place was also an option. He said the new board had 2 strategies to focus on – growing the portfolio, and repositioning what it already owned.

He cautioned that growth wouldn’t be easy: “We’re trying to rebuild when prices are at their peak. That’s not the easiest thing to do.”

He said the board recognised that “mum & dad” shareholders relied heavily on dividends and the board intended to maintain dividends at their present level. On Friday afternoon the board announced a 0.9c/share first-quarter cash dividend, carrying 0.1544c/share of imputation credits, and gave full-year guidance that total dividends would be at least the same as last year, 3.6c/share.

Again, Mr Cotterill presented the optimistic outlook: “This represents a conservative approach to 2018 financial year distributable profit while the board considers a number of options before it for NPT’s future direction. A further update can be expected on the board’s plans for NPT in the coming weeks.”

At the moment, NPT’s management remains internal – Kiwi’s proposal to buy it was defeated in April and Augusta’s proposal wasn’t put to that meeting, but Mr Cotterill said the outcome of the April meeting had raised interest in taking over the contract. One party had turned its talks into a proposal and the board was discussing the possibility with another: “There’s nothing concrete,” he said.

Earlier stories:
2 June 2017: NPT profit eaten up in battle over its future
26 April 2017: Cotterill takes chair at NPT
21 April 2017: Augusta wins fight for NPT
7 April 2017: Augusta lifts stake in fight for NPT
31 March 2017: An unlikely twist could still derail NPT’s Kiwi deal
31 October 2016: Fourth era for NPT a hard option to combat
27 September 2016: Augusta buys 9% of NPT

Attribution: Annual meeting.

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4 apartments, units & townhouses sold

One of the 3 apartments auctioned at Barfoot & Thompson’s city office yesterday – in the Queens Residences on Queen St (pictured) – was sold under the hammer. In the afternoon session, 3 of the 5 suburban units & townhouses were also sold.

CBD

Albert St

Stamford Residences, 26 Albert St, unit 2108:
Features: 233m², 3 bedrooms, 3 bathrooms, study, storage locker, 2 secure parking spaces
Outgoings: body corp levy $20,108/year
Income assessment: fixed–term tenancy until June 2019
Outcome: passed in at $2.12 million
Agent: Aaron Cook

Uptown

Queens Residences, 8 Airedale St, unit 1302:
Features: 45m² including balcony, one bedroom, study
Outgoings: body corp levy $2193/year
Outcome: sold for $497,000
Agents: Selina Zheng & Tommy Zhang

Isthmus east

Epsom

218 Green Lane West, unit 44:
Features: 2-bedroom townhouse recently reclad & refurbished with new code compliance certificate, carport, in secure gated complex
Outcome: passed in at $895,000
Agents: Yi Wei Lowndes & Tian Qiu

Greenlane

27 Puriri Avenue, unit 2:
Features: 2-bedroom unit, carport
Outcome: sold for $732,000
Agents: Wendy Sadd & Helen Lam

Onehunga

85 Victoria St:
Features: 417m² section, villa in 2 one-bedroom flats, 4 parking spaces, zoned mixed housing, terraced & apartment
Outcome: sold for $705,000
Agent: Paul Hodgman

Parnell

13 Cheshire St, unit 407:
Features: 2 bedrooms, 2 bathrooms, balcony, tandem internal-access parking
Outgoings: body corp levy $3242/year
Outcome: passed in at $874,000
Agents: Anne-Marie & Victoria Koszegi

Remuera

725A Remuera Rd, unit 1:
Features: m², 2-level 3-bedroom townhouse, courtyards, garage with workshop, 2 offstreet parking spaces
Outcome: no bid
Agents: Paul Earl-Peacock

North-west

New Lynn

13 Seabrook Avenue, unit 2:
Features: 2-bedroom unit, garage
Outcome: sold for $478,000
Agents: Leigh Walford & Antonio Bosu

Attribution: Auction.

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5 intensive homes, 4 standalones sell at auctions

Out of 18 intensive homes (apartments, suburban flats & homes on cross-leased sites) auctioned at Barfoot & Thompson’s city office over 5 sessions this week, 3 apartments & a cross-lease were sold under the hammer, and another cross-lease was sold post-auction.

Both apartments taken to mortgagee auction were sold. The auction of one apartment was postponed.

All up, 32 residential properties were offered at those 5 sessions (from Tuesday afternoon to Thursday morning). On top of the 5 intensive homes sold, 4 standalone homes were sold out of the 14 auctioned.

CBD

Albert St

Quay West, 8 Albert St, unit 2703:
Features: 3 bedrooms, 2 bathrooms, 2 covered parking spaces
Outgoings: body corp levy $19,999/year + gst ($13,888 opex, $6111 reserve)
Outcome: passed in at $1.73 million, back on market at $1.79 million
Agents: Helen Lin & Cici Wang

Learning Quarter

UniLodge, 138 Anzac Avenue, unit 201:
Features: leasehold, one-bedroom student apartment
Outgoings: body corp levy $7520/year ($3014 operating fund, $4507 ground rent), $18,274 of arrears owed at 30 June
Outcome: sold for $58,000 at mortgagee auction
Agent: Philip Davis

Uptown

C-Vu, 36 Day St, unit 6G:
Features: 2 bedrooms, deck, parking space; building is undergoing remediation, this apartment now ready for occupation
Outgoings: I don’t have these details, which would affect price
Outcome: sold for $461,000 at mortgagee auction
Agent: Philip Davis

Chatham, 70 Pitt St, unit 702:
Features: 50m², one-bedroom apartment, parking space, storage locker
Outgoings: body corp levy $6487/year
Outcome: auction postponed
Agents: Wendy Feng & Jack Li

132 Vincent St, unit 3C:
Features: 81m², 2-bedroom apartment, 2 bathrooms (both with underfloor heating), balcony, parking space, high stud ceilings
Outcome: passed in at $760,000
Agents: Stephen Shin & Justin Choi

132 Vincent St, unit GC:
Features: 81m², 2-bedroom apartment, 2 bathrooms (both with underfloor heating), 11m² covered deck, high stud ceilings, option to buy a parking space
Outgoings: body corp levy $5004/year + $473 lift special levy
Outcome: no bid, back on market at $769,000
Agent: Betty Shao

Isthmus east

Epsom

562B Manukau Rd:
Features: 3-bedroom townhouse, 2 bathrooms, 2 toilets, internal-access double garage
Outgoings: body corp levy zero – owners will maintain their own units
Outcome: passed in, back on market at $1.36 million
Agents: Allen Wang

Meadowbank

7 Hawkins St, unit 1:
Features: 2-bedroom unit
Outgoings: body corp levy $1158/year
Outcome: passed in
Agents: Danny Upton & James Yu

Panmure

43 Kings Rd, unit 5:
Features: cross-lease, 1/5 share in 1230m², 2 bedrooms, deck, carport
Outcome: sold for $644,000
Agents: Margaret Johnston & Phyllis Brooks

Parnell

9-11 Fox St, unit 1:
Features: 95m², 2-bedroom apartment, high stud, parking space, 2 large outdoor living areas, parking space
Outgoings: body corp levy $7707/year
Outcome: sold for $700,000
Agent: Cindy Yu

Remuera

82 Bassett Rd, unit 4:
Features: cross-lease, 7/50 share in 3192m², 2 levels, 3 bedrooms, decks, garage
Outcome: passed in, back on market at $1.39 million
Agents: Cici Wang & Leo Liu

Isthmus west

Mt Albert

101 Richardson Rd, unit 2:
Features: cross-lease, 1/5 share in 1439m², 2 bedrooms, carport
Outcome: no bid, back on market at $659,000
Agents: Christine Wooding & Joanne Yu

101 Richardson Rd, unit 3:
Features: cross-lease, 1/5 share in 1439m², 2 bedrooms, carport
Outcome: no bid, sold post-auction
Agents: Christine Wooding & Joanne Yu

Mt Roskill

14A Glass Rd:
Features: cross-lease, half share in 822m², 4 bedrooms, 2 bathrooms, garage
Outcome: no bid, back on market at $865,000
Agents: Frances Li & Ian Thornhill

Sandringham

11A Watson Avenue:
Features: cross-lease, half share in 1181m², 3 bedrooms, 2 bathrooms, office, deck, internal garage
Outcome: passed in, back on market at $1.565 million
Agents: Kath & Dayle Barnes

North-west

New Lynn

34 Miro St, unit 3:
Features: cross-lease, 1/3 share in 1011m², 67m² unit, 3 bedrooms, 2 bathrooms, carport
Outcome: no bid, back on market at $729,000
Agent: Lawrence Yuan

Attribution: Auctions.

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2 leasehold units plus one in Metropolis sell at auction

2 leasehold apartments – one in the Docks and the other in the Sebel Auckland Viaduct Harbour – plus a unit in the Metropolis were sold at Ray White City Apartments’ auction yesterday, leaving 4 other units unsold.

2 units in the Spencer on Byron hotel in Takapuna were passed in, and a third was withdrawn before the auction started.

CBD

Albert St

Quay West, 8 Albert St, unit 2302:
Features: 74m², one bedroom
Outgoings: rates $1785/year including gst; body corp levy $8433/year
Income assessment: $650-700/week furnished
Outcome: passed in at $565,000
Agent: Ron Yang

Kitchener St

Metropolis, 1 Courthouse Lane, unit 1902:
Features: 52m², corner one bedroom, storage locker, parking space
Outgoings: rates $1595/year including gst; body corp levy $7037/year
Income assessment: $620/week current
Outcome: sold for $616,000
Agent: Dominic Worthington

Quay Park

The Docks, 4 Dockside Lane, unit 224:
Features: leasehold, 30m², one bedroom, remediation of building underway
Outgoings: rates $1037/year including gst; body corp levy $4359/year including ground rent of $1675/year; terminating leasehold from 2011 for 150 years, ground rent reviewed every 7 years, next review November 2018
Income assessment: $390/week current
Outcome: sold for $121,000
Agent: Dominic Worthington

Uptown

Oxford, 13-17 Mount St, unit 5K:
Features: 54m², 2 bedrooms, parking space
Outgoings: rates $1278/year including gst for unit, $1262/year for parking; body corp levy for unit $3624/year, parking $626/year
Income assessment: $650-700/week furnished
Outcome: passed in after the sole bid, from the vendor, at $600,000
Agents: May Ma & Mark Li

Waterfront

Sebel, 85 Customs St West, unit (door) 615:
Features: leasehold, 57m², one bedroom, study area, 7m² balcony
Outgoings: rates $/year including gst; body corp levy $18,038/year, including $7840/year ground rent
Outcome: sold for $300,000
Agents: Judi & Michelle Yurak

North-east

Takapuna

Spencer on Byron, 9-17 Byron Avenue, unit 501:
Features: 59m², fully furnished one bedroom
Outgoings: rates $2190/year including gst; body corp levy $2982/year excluding gst
Income assessment: in hotel management pool
Outcome: passed in at $175,000 + gst
Agents: James Mairs & Gillian Gibson

Spencer on Byron, 9-17 Byron Avenue, unit 612:
Features: 48m², fully furnished one bedroom, parking space
Outgoings: rates $1195/year including gst; body corp levy $3140/year
Income assessment: $550/week, fixed until 30 September
Outcome: passed in at $275,000 + gst
Agents: James Mairs & Gillian Gibson

Spencer on Byron, 9-17 Byron Avenue, unit 712:
Features: 2 bedrooms
Outcome: withdrawn from auction
Agents: James Mairs & Gillian Gibson

Attribution: Auction.

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Tunnel dig starts on Albert St

Work began on Monday on bulk excavation for the city rail link cut-&-cover rail tunnels under Albert St in downtown Auckland.

City Rail Link Ltd project director Chris Meale said it was a milestone for the project: “This work marks a significant point in the construction process as we will start to see the tunnels taking shape. It will be exciting & challenging work from an engineering perspective, as we build rail tunnels below groundwater level, while maintaining surface-level access to Albert St for foot & vehicle traffic.

“The bulk excavation is also providing employment opportunities with about 50 people working on site. This is likely to increase to 80 by the end of the year, once tunnel box construction & waterproofing works are underway, with many being workers employed by local sub-contractors.”

The excavation represents about 10% of the 3.45km length of the twin-tunnel underground rail link, and involves digging 18m (about 5 storeys) at the deepest (southern) point, using long-reach excavators above ground and smaller machinery inside the reinforced trench. The tunnels will then be constructed with a cast concrete floor, walls & roof before the trench is backfilled.

The work will be undertaken progressively from Wyndham St at the southern end to Customs St at the northern end. Excavation at the southern end is expected to be complete by October this year and the northern by the middle of next year.

Construction of the tunnel box is expected to start late this year and be completed by late 2018.

By spring 2019, this section of Albert St will be reinstated with a new road surface, bus lanes, widened footpaths & street furniture.

For those interested in watching the big dig, CRL & contractors the Connectus joint venture (McConnell Dowell & Downer) have provided viewing windows at the Wyndham St pedestrian crossings.

Cut-&-cover construction is being used at each end of the CRL tunnels – between Britomart Station and the future Aotea Station and, later, where it connects to the western line at Mt Eden. Between Aotea & Mt Eden stations, the tunnels will be between 13-42m below ground and bored using a 7m-diameter tunnel boring machine.

The city rail link is jointly funded by the Government & Auckland Council and is expected to be completed in 2023-24. Their joint venture company, City Rail Link Ltd, took over the project on 1 July.

Image above: Looking north along the CRL tunnel route on Albert St.

Link: CRL cut-&-cover tunnel excavation

Attribution: Company release.

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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.

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