Archive | Chancery

Corrected: 3 sales & 7 leases signed by Shore agents

Bayleys agents on the Shore have made 3 sales and signed 7 lease agreements, including one for a shop in Chancery, in the Auckland cbd. One lease address below has been corrected.

Sales:

North-east

Albany

14 Corinthian Drive, unit 10:
Features: 102m² retail unit – retail 85m², 17m² other area
Rent: $45,000/year net
Outcome: sold in August for $910,000 + gst at a 4.95% yield, $8835/m²
Agent: James Yu

Rosedale

9 Piermark Drive, unit A:
Features: 579m² unit – office 393.1m², warehouse 185.9m², 14 parking spaces
Rent: $56,000/year net
Outcome: sold in August for $1.155 million + gst at $2677/m²
Agents: Laurie Burt & James Kidd

19-21 Triton Drive, unit F:
Features: 700m² industrial building occupied by Global Survey Ltd, 14 parking spaces
Rent: $144,000/year net
Outcome: sold in September for $2.467 million + gst at a 5.8% yield
Agents: Michael Nees & Laurie Burt

Leases:

CBD

Chancery

50 Courthouse Lane:
Features: 34m² shop
Rent: leased in August for $29,000/year net + gst
Agent: Trevor Duffin

North-east

Albany

42 Tawa Drive, building E, suite E:
Features: 89m² office, 3 parking spaces
Rent: leased in September for $26,820/year net + gst, $23,700 excluding parking, parking $20/space/week, premises rental $266/m²
Agents: James Kidd, Ryan Dannhauser & Ashton Geissler

Devonport

2 Queens Parade, unit C:
Features: 153m² retail
Rent: leased in August for $56,000/year net + gst, premises rental $366/m²
Agents: Chris White & Tonia Robertson (Bayleys) and Ted Hill (Barfoot & Thompson)

Rosedale

63 Apollo Drive, unit H2:
Features: 166m² office, 3 parking spaces
Rent: leased in August for $44,700/year net + gst, including parking at $20/space/week, premises rental $250/m²
Agent: Alex Strever

26 Arrenway Drive, unit B:
Features: 465m² unit – warehouse 376m², 89m² office, 7 parking spaces
Rent: leased in August for $65,000/year net + gst
Agent: Laurie Burt

9 Tait Place, unit A5:
Features: 127m² unit – 97m² warehouse, 30m² office
Rent: leased in September for $23,000/year net + gst, premises rental $180/m²
Agent: Laurie Burt

Takapuna

Correction: 20 Northcroft St, part level 2 (originally written as part level 1):
Features: 64m² office, 2 parking spaces
Rent: leased in September for $24,000/year net + gst, $20,360 excluding parking, parking $35/space/week, premises rental $274/m²
Agent: Dean Gilbert-Smith

Attribution: Agency release.

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Spark Building D price settles at 7% yield

The price Shanghai Pengxin (Zhaobai Jiang) has paid for Spark City Building D (pictured) yoyo-ed for months before settling at a 7% yield.

Development company Mansons TCLM Ltd originally sold Building D last November at a 7.25% yield on the $4.92 million/year rent, pricing the deal at $67.86 million. However, real estate agency Bayleys put the building back on the market again briefly in March with a price tag of $72.88 million on it, representing a 6.75% yield, before the sale to Pengxin was confirmed at $70.15 million and a yield of 7% flat.

When the Overseas Investment Office released its decision consenting to Pengxin subsidiary Pengxin Holdings (HK) Co Ltd’s application to buy the building in March, the office withheld the consideration.

Building D was originally sold along with buildings A & B in a price range from just under $50 million to just under $70 million. The 2 buildings with leases to Spark, buildings A & D, both sold at 7.25% yields while building B, with a shorter lease to TVNZ, sold at an 8.5% yield. Augusta Funds Management Ltd bought the fourth building, C, last April for $65.2 million and has syndicated it.

2 other cbd sales Bayleys agents have completed are the long-vacant development site at 85 Customs St, to another Chinese developer, and a vacant showroom at Chancery.

CBD

Chancery

19 & 21 Chancery St:
Features: 76m2 showroom
Outcome: sold with vacant possession for $510,000
Agents: James Appleby, William Coates & Damien Bullick

Customs St

85 Customs St:
Features: 1667m2  north-facing site in 2 titles with dual access off Gore St; resource consent valid until 2017 for highrise commercial &/or residential development with a gross floor area of up to 35,305mplus just over 200 parking spaces; mostly undeveloped land plus the vacant Seatrans House, has been leased by Wilsons Parking for a number of years
Rent: holding income
Outcome: sold for over $30 million to mainland Chinese developer
Agents: John Halstead & James Chan

Victoria Quarter

Spark City, Building D, 167-169 Victoria St West, corner Hardinge St:
Features: 7592m6-level building, 75 underground parking spaces, fully occupied by Spark NZ Ltd on 10-year lease from 1 June 2014, contains a 300-person function venue & theatre; part of a strata-titled 4-building complex purpose-built by Mansons TCLM Ltd for Telecom NZ Ltd (now Spark) ­in 2010; 10-year defects & capex warranty
Rent: $4.92 million/year net + gst, with 3% annual increases
Outcome: sold for $70.15 million
Agent: Paul Hain

Earlier stories:
20 March 2015: One Spark City building back on market
10 November 2014: 3 remaining Spark City buildings sold
16 March 2011: AMP Office keeps ANZ & plans ANZ Centre refurb, lifts 21 Queen St leasing
27 January 2010: Developer looks for speedy rise of new Customs St bank building

Attribution: Agency release.

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Leases signed on isthmus & Albany

Bayleys agents have completed a number of leasing transactions over the summer, on the isthmus and in Albany.

One Takapuna property passed in at the agency’s December Total Property auction has also been sold.

Leases

CBD

Queen St valley

Chancery, 8 Courthouse Lane:
Features: 36mretail building, leased for 3 years, 3-yearly rent reviews & 2 3-year rights of renewal
Rent: $30,000/year net + gst at $833/m2
Agent: Millie Liang

15-23 O’Connell St, shop 2.

15-23 O’Connell St, shop 2.

15-23 O’Connell St, shop 2:
Features: 58mretail, leased for 3 years, rent reviews every 18 months to cpi, 2 3-year rights of renewal
Rent: $42,672/year net + gst at $736/m2
Agent: Leah Lahood

Victoria Quarter

City Works Depot, Shed 15.4, corner Wellesley, Nelson & Cook Sts:
Features: 217mretail, one parking space, leased for 4 years with no right of renewal
Rent: confidential
Agent: Leah Lahood

Isthmus east

395 Manukau Rd, Epsom.

395 Manukau Rd, Epsom.

Epsom

395 Manukau Rd, unit B:
Features: 290mretail premises, 4 parking spaces, leased for 4 years with rent reviews yearly to cpi, 2 4-year rights of renewal
Rent: $78,000/year + gst
Agent: Leah Lahood

Newmarket

21 Davis Crescent:
Features: 478mshowroom, leased for 3 years from February, 2-yearly rent reviews to cpi, 2 3-year rights of renewal
Rent: $120,000/year net + gst at $251/m2
Agent: Jean-Paul Smit

2-8 Short St
Features: 1567m2 – 978m2 retail, 588mfor 20 parking spaces leased to Asian supermarket for 3 years from January 2015, 5 3-year rights of renewal
Rent: $220,000/year net + gst for 2 years, increasing to $240,000/year + gst at year 3
Agent: Millie Liang

Parnell

46 Parnell Rd, ground floor:
Features: 585mshowroom, 4 parking spaces, leased for 6 years from March 2015, one 4-year right of renewal
Rent: $286,450/year net + gst at $425/m2, $65/parking space
Agent: Matt Gordon

225 Parnell Rd:
Features: 175mretail premises, one parking space, leased for 3 years, 2 3-year rights of renewal
Rent: $45,600/year net + gst at $245/m2, $50/parking space
Agents: Damien Bullick, Phil Haydock & Millie Liang

Isthmus west

5 Newton Rd.

5 Newton Rd.

Grey Lynn

5 Newton Rd, level 1:
Features: 132mretail premises, 3 parking spaces, leased for 2 years & one month with 2-yearly rent reviews & 3 2-year rights of renewal
Rent: $31,000/year + gst
Agent: Leah Lahood

Mt Eden

284 Dominion Rd:
Features: 270.75mretail outlet, leased for 10 years from February, 5-yearly rent reviews to market & annually to cpi, 2 5-year rights of renewal
Rent: $110,000/year net + gst
Agents: Jean-Paul Smit & Phil Haydock

Newton

258-264 Karangahape Rd:
Features: 370mlicensed nightclub premises, leased for 3 years with 3 3-year rights of renewal
Rent: $42,800/year + gst
Agents: Leah Lahood & Terry Kim

Ponsonby

202 Ponsonby Rd, level 1:
Features: 216m2 showroom, 2 parking spaces, leased for 5 years with 2 5-year rights of renewal
Rent: stepped rental increases from $50,000 to $56,240/year net + gst
Agent: Leah Lahood

North-east

Albany

63 Apollo Drive, unit E1:
Features: 150m² office, 4 parking spaces
Rent: leased in January for $30,000/year + gst + opex
Agent: Alex Strever

66 Apollo Drive:
Features: 1512m² – office 356m², warehouse 1051m², other area 105m²
Rent: leased in December for $215,000/year net at $142.20/m²
Agent: Matt Mimmack

12 John Glenn Avenue, unit B:
Features: 545m² – office 71m², warehouse 412m², showroom 62m²
Rent: leased in December for $78,000/year net at $143/m²
Agent: Laurie Burt

27-29 William Pickering Drive, unit B3:
Features: 200m² office, 6 parking spaces
Rent: leased in January for $40,000/year + gst + opex
Agent: Tonia Robertson

Sale

A Takapuna retail unit was sold after Bayleys’ December Total Property auction.

North-east

Takapuna

106-108 Hurstmere Rd, unit B:
Features: 133m² retail unit occupied by a homeware & gift shop and a fashion retailer on short-term leases
Rent: $79,500/year net + gst
Outcome: passed in at $1,366,000, sold post-auction for $1.37 million at a 5.8% yield
Agents: Simon Aldridge & Damian Stephen

Attribution: Agency release.

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Updated: 2 sell at Colliers auction, another post-auction

Published 24 July 2014, updated 25 July 2014:
2 properties sold under the hammer at Colliers International’s commercial auction yesterday, another was sold prior, and a fourth was sold last night.

The first property offered, a near-new industrial property (in photo) with a long-term lease on Crooks Rd, East Tamaki, achieved a 5.9% yield. The second to sell, a development option on Great South Rd, Penrose, achieved a strong land price of $797/m².

The post-auction sale was of 50 Pavilion Drive at Airpark 2, sold for $3.75 million at a 6.7% yield.

The other 4 properties on the auction list were passed in, and 2 others were withdrawn.

CBD

Learning Quarter

20 Waterloo Quadrant, unit 12:
Features: 158m² open plan office, offered vacant, 58m² of accessory unit parking
Outcome: top bid of $300,000, passed in at vendor bid of $500,000
Agents: Oscar Kuang & Jasmine Yao

Queen St valley

Chancery, 36 Courthouse Lane:
Features: 83m² liquor store
Rent: $50,000/year + gst + opex, new 6-year lease, 3 4-year rights of renewal
Outcome: passed in at $500,000
Agents: Dhoti Patel, Ash Vincent & Oscar Kuang

Isthmus east

Mt Wellington

8A Sylvia Park Rd:
Features: 1019m² office & clearspan warehouse, 20 parking spaces
Outcome: withdrawn
Agents: Ben Herlihy & Hamish West

Penrose

27 Cain Rd, unit 1:
Features: multi-tenancy unit
Outcome: sold prior
Agents: Hamish West & Andrew Hooper

818 Great South Rd:
Features: 4330m² site zoned business 5, 2381m² of buildings, more than 2 years’ holding income, occupied by Hirepoool Ltd, which is looking to sublet
Rent: contract rent $245,984/year
Outcome: sold for $3.45 million at $797/m² of land
Agents: Andrew Hooper & Hamish West

Isthmus west

Onehunga

323 Neilson St:
Features: 2320m² of business 6-zoned land, 1335m² warehouse, 3 north-facing roller doors, offered vacant or with holding income
Rent: contract rent $149,480/year
Outcome: passed in at $1.55 million
Agents: Tim Wylie, Hamish West & Ben Herlihy

South

Airport Oaks

Updated: Airpark 2, 50 Pavilion Drive:
Features: 3211m² business 5 site, 1190m² high-stud clearspan warehousing, 224m² yard, 211m² canopy
Rent: $252,070/year + gst
Outcome: passed in at $3.675 million, sold post-auction for $3.75 million at a 6.7% yield
Agents: Andrew Hooper & Brad Johnston

113 Pavilion Drive, unit 3:
Outcome: withdrawn
Agents: Ash Vincent & Andrew Hooper

East Tamaki

40 Crooks Rd:
Features: 4706m² site, near-new 2375m² purpose-built warehouse, 430m² of office & amenities, dual access, occupied by ISL Industrial Ltd
Rent: $360,000/year net + gst, 8-year term from 1 July, 2 6-year rights of renewal
Outcome: sold for $6.1 million
Agents: Greg Goldfinch & Paul Higgins

South of the Bombays

Tirau

21 Main Rd, unit 21:
Features: 611m² site, 166m² floor area in early 1900s weatherboard cottage with open plan retail & showroom extension, 25m frontage to State Highway 1
Outcome: passed in at $350,000
Agent: John Hagar

Attribution: Auction.

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Chancery carpark sold

Published 15 July 2011

The 1093-space carpark under the Chancery development in central Auckland has been sold for $38.5 million to an as-yet-undisclosed buyer.

The 8 parking floors were built under what was to have been NZ Insurance Ltd’s triple-tower headquarters site between Freyberg Square & Albert Park. That project stopped after the 1987 sharemarket crash with only the parking completed.

Richard Kroon & Brian Mead developed the $40 million first stage of Chancery – the office, retail & café development round a courtyard on the bottom part of the 9413m² site – in 2000, but didn’t proceed with further development despite comprehensive plans being drawn up.

The main Chancery carpark contains 865 spaces on 2 basement floors and 6 levels rising up to Bankside St, behind the Northern Club. The other 228 spaces, a mixture of short-term & permanent parking, are I the 2-level basement beneath the Chancery retail development.

Parking revenue for the March 2011 year was estimated at $3.6 million, net $2.7 million plus gst, giving a 7.1% yield on the sale price.

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Attribution: Confidential sources, marketing information, story written by Bob Dey for the Bob Dey Property Report.

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2 Chancery shops sell

Published 19 April 2010

2 shops at Chancery Square were sold before the Ray White auction on Thursday at a 6.75% return on current rent. That’s set to change in the next 6 months, with 2 rental rises scheduled, pushing the yield out at 1 October to 7.7%.

 

The 2 shops – La Boutique & Top Fashionist.com – occupy just under 85m² in unit B114 at 15 Chancery St, on current rent of $56,000, rising to $64,000 in October. The premises were sold to a local Asian investor for $830,000.

 

The agent, Ray White Commercial Parnell senior manager James Law, has leased Chancery property before but said this was his first sale there.

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Attribution: Agent, auction, story written by Bob Dey for the Bob Dey Property Report.

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