Archive | High St

3 central area buildings & Eden Terrace development property sold

Bayleys agents have sold 3 central area properties on High St (pictured above), Queen St and on Vernon St, plus an Eden Terrace site intended for development.

The Vernon St building is just up from the convergence of Victoria & Wellesley Sts at Victoria Park, and round the corner from some major developments occurring along Sale St.

CBD 

High St

41 High St:
Features: 240m² site, 434m² 2-level character building, ground floor previously occupied by fashion store is vacant while upstairs is leased to tanning clinic with March 2018 final expiry
Rent $61,219/year net + gst
Outcome: sold for $5.9 million
Agents: Cameron Melhuish & Mike Adams

Queen St

239 Queen St:
Features: 38m² retail unit on Queen St frontage of Mid City complex; new 12-year lease to Avanchi kebab takeaway, in occupation for over 10 years
Rent: $150,219/year net + gst
Outcome: sold for $2,935,657 at a 5.13% yield
Agents: Quinn Ngo & James Chan

Victoria Quarter

2A-2D Vernon St: 
Features: 3-level mixed-use unit-titled building comprising 111m2 boutique office floor with monthly tenancy, 3 81-90m2 apartments above, plus basement parking
Rent: $37,080/year net + gst on office space; apartments leased at $700-750/week on monthly residential tenancies
Outcome: sold for $3.2 million at a 4.7% yield
Agents: Cameron Melhuish, Matt Gordon & Genevieve Thompson-Ford

1 Minnie St, Eden Terrace.

Isthmus west

Eden Terrace

1 Minnie St:
Features: underdeveloped 1115m² elevated corner site zoned mixed use, 809m² 3-level building with warehouse, office & showroom space on first 2 levels & 3-bedroom apartment above
Outcome: sold to a developer for $3.888 million with vacant possession on long-term settlement
Agents: Scott Kirk & James Were

Attribution: Agency release.

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3 sales & 2 leases around inner city

Bayleys agents have sold 3 retail & foodcourt spaces in the inner city, and have signed a large lease on a 2-storey building (pictured) off Queen St just above Mayoral Drive and another lease in the former Ports of Auckland building on Princes Wharf.

CBD

Sales

High St

3–7 High St, unit G2:
Features: 88m2 retail outlet, new 5-year lease plus one 5-year right of renewal to Timberland, relocated from Britomart, with 2% annual rental increases from third year of lease
Rent: $95,175/year net + gst
Outcome: sold for $2.115 million at a 4.9% yield
Agents: Sarah Boles & Jim Wana (Bayleys Wellington)

Queen St

115 Queen St, unit C:
Features: 220mformer foodcourt premises at rear of Burger King outlet
Outcome: sold with vacant possession for $1.68 million to offshore Chinese buyer intending to establish restaurant
Agents: Quinn Ngo, Owen Ding & James Chan

Shortland St

3-13 Shortland St, unit 6C:
Features: 30m2 retail unit on ground floor of ex-South British Insurance building, leased to Flight Centre for 6 years from May 2014
Rent: $70,000/year net + gst
Outcome: sold for $1.4 million at a 5% yield to offshore Chinese investor
Agents: James Chan & Matt Lee

Leases:

Uptown

10 Turner St (pictured):
Features: 1361m2 standalone 2-level office building, 27 basement parking spaces, leased for 6 years to education tenant
Rent: $300,000/year net + gst
Agents: Nicolas Ching & Beterly Pan

Waterfront

Princes Wharf, 139 Quay St, unit 1A:
Features: 151m2 ground-floor retail premises, leased to icecream retailer for 10 years from December, with one 10-year right of renewal, 2-yearly reviews to market
Rent: $235,000/year net + gst
Agent: Sarah Boles

Attribution: Agency release.

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7 sub-5% sales at Bayleys commercial auction

Today’s Reserve Bank cut in the official cashrate was well & truly factored into commercial property prices yesterday at Bayleys’ Total Property auction as 6 fully leased properties sold at sub-5% yields. 3 more were sold at yields under 5.6%, and another at sub-5% was achieved at an auction brought forward.

11 of the 16 properties on the day’s auction list were sold under the hammer.

CBD

High St

3-7 High St, unit G1:
Features: 173m² retail unit on ground floor of 7-storey character building, new 3-year lease to fashion retailer Flo & Frankie from 1 October + 3 3-year rights of renewal
Rent: $150,000/year net + gst
Outcome: sold for $2.83 million at a 5.3% yield
Agents: Sarah Boles

Learning Quarter

The Waldorf Tetra, 85 Wakefield St.

The Waldorf Tetra, 85 Wakefield St.

Waldorf Tetra, 85 Wakefield St, units E & K:
Features: 15 serviced, fully furnished apartments plus additional space currently used as a common room, totalling 447m² on 2 titles on one floor, lease to Waldorf Group until February 2018 with no right of renewal
Rent: $152,104/year net + gst
Outcome: sold for $2.75 million at a 5.53% yield
Agents: Quinn Ngo, James Chan & Matt Lee

Queen St

115 Queen St, unit C:
Features: 210m² ground-floor retail unit fronting pedestrian lane at foot of Swanson St, for sale with vacant possession
Rent: had holding income of $104,000/year + gst until end of August
Outcome: no bid
Agents: Quinn Ngo & Owen Ding

Isthmus east

Onehunga

6 Newsome St, Onehunga.

6 Newsome St, Onehunga.

6 Newsome St:
Features: 477m² site, 336m² building in Onehunga industrial precinct, recently renewed 4-year lease to Petty Dies & Laser Cutting Ltd, which also occupies interconnected neighbouring property
Rent: $33,000/year net + gst
Outcome: sold for $810,000 at a 4.07% yield
Agents: James Valintine & Greg Hall

93 Selwyn St:
Features: 959m² site (improvements not included) zoned terrace housing & apartment building under proposed unitary plan, holding income from lease to community trust childcare centre until February 2018, with 6-month cancellation clause
Rent: $12,000/year net + gst
Outcome: sold for $1.7 million
Agents: Paul Dixon & Tony Chaudhary

Panmure

24 Queens Rd:
Features: 175m² site in retail strip, town centre zoning under proposed unitary plan, 223m² building, pizza outlet on ground floor & law firm above
Rent: $33,000/year net + gst
Outcome: passed in at $510,000
Agents: Simon Aldridge & Oscar Kuang

Isthmus west

Mt Eden

471 Mt Eden Rd (pictured at top):
Features: 273m² business 1 corner site going to mixed use under proposed unitary plan, 113.5m² retail premises with short-term tenancy, 6 parking spaces
Rent: $87,821.50/year net + gst holding income
Outcome: sold for $1.885 million at a 4.66% yield
Agents: Phil Haydock & Tony Chaudhary

Newton

3 Abbey St, Newton, sold at a 4.31% yield.

3 Abbey St, Newton, sold at a 4.31% yield.

3 Abbey St:
Features: 607m² mixed-use site on corner of Gundry St, 2-level building occupied by Art + Object for 9 years, final 3-year right of renewal from September exercised
Rent: $152,000/year net + gst + outgoings
Outcome: sold for $3.525 million at a 4.31% yield
Agents: Dave Stanley, Alan Haydock & Tony Chaudhary

North-east

Rosedale

42 Constellation Drive:
Features: 121m² ground-floor premises in commercial complex, leased to 3A Copies & Design Ltd
Rent: $30,000/year net + gst
Outcome: sold for $560,000 at a 5.36% yield
Agents: Own Ding, James Chan & Eddie Zhong

9 Orbit Drive, Rosedale, sold at a 4.47% yield.

9 Orbit Drive, Rosedale, sold at a 4.47% yield.

9 Orbit Drive, unit 1:
Features: 664m² roadfront office & warehouse unit, 10 parking spaces, new 6-year lease to Advanced Lighting Technologies (NZ) Ltd
Rent: $95,000/year net + gst, increasing to $110,000/year in 2017
Outcome: sold for $2.125 million at a 4.47% yield
Agents: Matt Mimmack & Ashton Geissler

9 Parkhead Place, unit B:
Features: 246.5m² industrial unit – high stud warehouse 208.5m², office & amenities 38m²
Rent: $29,000/year net + gst, leased until March 2017
Outcome: sold for $655,000 at a 4.43% yield
Agents: Matt Mimmack & James Kidd

Wairau Valley

15 Kaimahi Rd:
Features: 1011m² industrial site – 404m² yard, 521m² warehouse, established tenant Geovert Ltd has renewed for 5 years from 1 August
Rent: $64,752/year net + gst
Outcome: sold for $1.369 million at 4.73% yield
Agent: Matt Mimmack

North-west

Henderson

260 Swanson Rd, unit E:
Features: 100m² retail unit, established tenant Ezycash on renewed 4-year lease + 3 further terms of 4 years
Rent: $30,000/year net + gst
Outcome: passed in at $610,000
Agents: Mark Pittaway

New Lynn

80 Delta Avenue:
Features: 1142m² site, 1469m² 2-level warehouse & office building, part-tenanted, vendor occupying the balance
Rent: $54,050/year net + gst
Outcome: sold for $1.7 million
Agents: Grant Miller, Laurie Bell & Mike Adams

2-6 Todd Plaza:
Features: 377m² town centre site, 313m² single-level character building fully leased to 3 tenants – Thai restaurant, Glover Real Estate & dairy
Rent: $105,420/year + gst + outgoings
Outcome: sold for $2.11 million at a 4.99% yield, auction brought forward with declared reserve of $1.975 million
Agents: Tony Chaudhary, Amy Weng & Mike Adams

South

Highland Park

20-22 Dunrobin Place, unit 7:
Features: 180m² unit, 8-year lease to Flow Academy of Motion from June 2014, has had seismic upgrade to A+
Rent: $54,000/year net + gst
Outcome: passed in at $880,000
Agents: Eddie Zhong & Ranjan Unka

Papakura

61-63 O’Shannessey St:
Features: 500m² site in 2 titles, refurbished 957m² building, Veolia Water NZ Ltd head office
Rent: $149,062/year net + gst
Outcome: no bid
Agents: Graeme Moore

South of Bombays – Coromandel

Hahei

404 Lees Rd:
Features: 21ha of waterfront land, full coastal access
Outcome: withdrawn from auction
Agents: John Greenwood & Belinda Sammons

Attribution: Auction.

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2 central commercial sales for Barfoots

Barfoot & Thompson Commercial agents have sold 2 central city properties, one a retail unit on High St and the other an office building just off Queen St above Mayoral Drive.

CBD

High St

13 High St:
Features: 98m² retail unit
Outcome: sold vacant in July for $800,000
Agents: John Stringer & Scott Whitten

Uptown

16 Waverley St (pictured):
Features: 731m² site, 2157m² 7-level commercial building plus 33 basement parking spaces, 50m height limit
Rent: $252,934 with some vacancy
Outcome: sold in May for $6,507,500
Agents: John Stringer, Murray Tomlinson & Reese Barragar

Attribution: Agency release.

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Bayleys agents sign 9 sales & 13 leases

Bayleys agents have signed 9 sales & 13 leases in the cbd to finish the year off in style. They include apartment management rights & several land sales on the eastern fringe, and a number of smaller leases sprinkled around the cbd.

CBD sales:

Albert St

17 Albert St, unit 10C:
Features: 98moffice.
Outcome: sold vacant for $300,000
Agent: Andrew Wallace

CBD east

16-22 Anzac Avenue:
Features: Tasman House, 2556m2 8-level office building on 410m2 SMA2-zoned site, mix of short-term tenancies, one floor vacant
Rent: $387,853/year net + gst
Outcome: sold for $6.4 million at a 6.1% yield, purchaser plans to redevelop into either upgraded office space or student accommodation
Agent: Nigel McNeill

29 Beach Rd:
Features: 245m2 development site, 3-level commercial building with short-term tenancies; current SMA2 zoning will be enhanced under the proposed unitary plan with increased height limit of 50m & 4:1 site coverage
Outcome: sold for $2.55 million at a land value of $10,408/m2
Agent: Nigel McNeill

85 Beach Rd, unit G:
Features: 420m2 retail outlet
Outcome: sold vacant for $1.18 million
Agents: Phil Haydock & Jean-Paul Smit

163-165 Beach Rd (pictured):
Features: 1330m2 site, one-level 1162m2 warehouse split into 2 occupied tenancies; current SMA2 zoning, proposed unitary plan will increase height limit to 30m and allow 4:1 site coverage
Rent: $233,243/year net + gst holding income from 2 tenants
Outcome: sold for $6.7 million at $5058/m2 land value & 3.5% yield
Agents: Nigel McNeill & Colin McKenna

Learning Quarter

82A Symonds St:
Features: 128m2 office unit
Outcome: sold vacant for $700,000
Agents: Kate Kirby & Stephen Scott

Quay Park

30 Beach Rd:
Features: Management rights for Scene 3 apartments complex comprising 163 leasehold apartments, 104 managed units on long-term residential rental leases with 100% occupancy, 3 commercial units, 156m2 manager’s residence, 12mmanager’s office & 4 parking spaces
Management revenue: $115,136.45/year
Outcome: sold for $1.46 million
Agents: Paul Dixon & John Greenwood

Queen St

300 Queen St, units 5E & 6A:
Features: 114m2 & 95m2 offices
Outcome: sold vacant for $660,000
Agent: Millie Liang

Victoria Quarter

192 Victoria St West, unit 5:
Features: 144m2 office unit split over 2 levels, parking space
Outcome: sold with vacant possession for $530,000
Agents: Andrew Wallace & Cameron Melhuish

CBD leases

Albert St

63 Albert St, part level 12:
Features: 204moffice leased at $350/m2, annual rent reviews to CPI
Rent: $71,456/year net + gst
Agent: Brendan Graves

Commerce St

8 Commerce St, shop 8:
Features: 90mleased for 6 years at $1222.22/m2, one 6-year right of renewal
Rent: $110,000/year net + gst
Agent: Sarah Boles

Federal St

Telco Building, 16 Kingston St, level 9 (corner Federal St):
Features: 197moffice lease renewed at $371/m2 gross, plus one parking space, for 3 years from January 2016
Rent: $78,194/year gross + gst (including parking space @ $96.5 a week)
Agent: Matt Gordon

High St

5-7 High St:
Features: 30mcafe lease assigned until August 2020 at $1333/m2 with one 6-year right of renewal
Rent: $40,000/year net + gst
Agent: Sarah Boles

42C High St:
Features: 113mretail unit leased for 5 years at average of $839/m2, 5 2-year rights of renewal
Rent: $95,000/year net + gst
Agent: Sarah Boles

Learning Quarter

90 Symonds St, part level 3:
Features: 230moffice leased at $200/m2, 4 parking spaces at $65/week for 3 years, 3%/year increase & one 3-year right of renewal
Rent: $59,546/year net + gst
Agent: Ben Wallace

Quay Park

15 Dockside Lane:
Features: 147moffice leased at $450/m2 gross, fixed 3%/year rent increases, 4 parking spaces
Rent: $81,750/year gross + gst (including parking spaces @ $75/week)
Agent: Brendan Graves

17 Dockside Lane:
Features: 123moffice leased at $400/m2 gross, fixed 3%/year rent increases, one parking space
Rent: $53,100/year gross + gst (including parking space @ $75/week)
Agent: Brendan Graves

Queen St

205 Queen St, part level 8:
Features: 193moffice leased at $320/m2, annual rent increases of 3%, plus parking space
Rent: $73,854.65/year net + gst (including parking space @ $140/week & fitout rent of $25/m2)
Agent: Brendan Graves

Shortland St

Blacketts Building, 1 Shortland St:
Features: 151m2 character office space
Rent: $60,000/year net + gst at $397/m2
Agents: Brendan Graves & Ben Wallace

Waterfront

Princes Wharf, Shed 19, level 2:
Features: 377moffice leased at $300/m2, fixed 3% annual increases for first 5 years of 9-year lease
Rent: $113,100/year net + gst
Agent: Robert Scott & James Appleby

10 Viaduct Harbour Avenue:
Features: 346moffice, lease terms confidential
Rent: $201,865/year net + gst (including $18,000 for deck & parking spaces)
Agents: Ben Wallace & Brendan Graves

14 Viaduct Harbour Avenue, level 1:
Features: 286moffice leased at $525/m2 gross for 3 years 6 months, 4 parking spaces (2 stacked/2 free access), annual 3% rent increases, no right of renewal
Rent: $168,455/year gross + gst (including parking spaces, 2 @ $100, 2 @ $75/week)
Agent: Stephen Scott

Attribution: Agency release.

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Off-Queen commercial unit & Bunnings centre sold

Colliers International agents have completed 2 sales.

CBD

High St

55-57 High St, unit 1C:
Features: 221m² commercial unit in Met/Soho complex, entry through Little High St arcade off Durham St East; architectural & masterplanning group, the Buchan Group, which occupies an adjoining unit, will expand into this unit
Outcome: sold for $800,000
Agents: Jasmine Yao & Roger Seavill

Isthmus west

Avondale

494A Rosebank Rd:
Features: 1.6ha site occupied by 7981m² Bunnings trade centre on a new 10-year lease
Outcome: sold for $7.58 million, representing a yield of 6.45%
Agents: Jason Seymour, John Green & Greg Goldfinch

Attribution: Agency release.

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Fringe double frontage sold, long list of cbd leases

A cbd fringe pair of buildings with double frontage to Anzac Avenue & Beach Rd have been bought by an owner-occupier/investor.

Bayleys agents have also completed a number of new cbd leases over the summer.

Sales

CBD

Learning Quarter

69-71 Beach Rd & 64-68 Anzac Avenue:
Features: 2 5-storey interconnecting character office buildings constructed in the early 1920s on 2 freehold titles totalling 805m², comprising a 1418m² building on Beach Rd and a 911m² building on Anzac Avenue; IEP seismic ratings of 55-65% of new building standard, partially leased to various office, retail & parking tenants
Rent: about $480,000/year + gst
Outcome: sold for $5.8 million to an owner-occupier investor who will occupy some of the vacant space and try to lease up the balance
Agents: Mike Adams. Nigel McNeill & Quinn Ngo

Leases

CBD

Albert St

West Plaza Building, 3 Albert St, level 5:
Features: 425m2 office, 3 parking spaces, leased for 6 years with 2 3-year rights of renewal
Rent: $106,250/year net + gst at $250/m2
Agents: Brendan Graves & Ben Wallace

High St

9 High St, level 5:
Features: 90.85moffice, leased for 3 years, 3-yearly rent reviews, 2 3-year rights of renewal
Rent: $25,438/year net + gst at $280/m2
Agent: Brendan Graves

48 High St, level 1:
Features: 225moffice, leased for 3 years with 2 one-year rights of renewal
Rent: $78,750/year gross + gst at $350/m2, 3% annual fixed rent increases
Agents: Brendan Graves & Ben Wallace

O’Connell St

12 O’Connell St, part level 4:
Features: 242moffice, leased for 6 years with one 3-year right of renewal
Rent: $84,000/year gross + gst at $347.11/m2, 2% annual fixed rent increases
Agents: Brendan Graves & Ben Wallace

Queen St

205 Queen St, level 5:
Features: 173.5moffice, leased for 3 years, 3% fixed rent reviews & no right of renewal
Rent: $50,147/year net + gst at $289/m2
Agent: Rob Cross

441 Queen St, office 103:
Features: 418.89moffice, 2 parking spaces, leased for 2 years, rent reviews upon renewal and one 2-year right of renewal
Rent: office $113,880/year gross + gst at $271.80/m2, parking $50/week/space
Agent: Phil Haydock

Victoria Quarter

9C Union St, ground level:
Features: 136moffice, 3 parking spaces, leased for 3 years, 2-yearly rent reviews & one 3-year right of renewal
Rent: office $44,111/year net + gst at $205/m2, parking $60/week/space
Agent: Ben Wallace

Victoria St

62 Victoria St West, part level 3:
Features: 132.7moffice, sub-leased for 10 months & 19 days with no right of renewal
Rent: $37,800/year + gst at $285.85/m2
Agent: Brendan Graves

Waterfront

Mastercard House, 136 Customs St West, level 1:
Features: 383moffice, 4 parking spaces, leased for 2 years with one 2-year right of renewal
Rent: office $156,235/year + gst at $356.33/m2, parking $95/week/space
Agents: Brendan Graves & Andre Siegert

Princes Wharf, 139 Quay St, Shed 20:
Features: 400moffice leased for 3 years with 2-yearly rent reviews and one 3-year right of renewal
Rent: $124,000/year + gst at $310/m2, outgoings capped at $120/mfor 3 years, no ground rent payable
Agent: Brendan Graves

10 Viaduct Harbour Avenue, level 3:
Features: 522.7m2 office, 2 parking spaces, leased for 3 years with one 3-year right of renewal
Rent: $261,915/year net + gst
Agent: Bill Fenton

Wellesley St

119 Wellesley St West, part level 1:
Features: 129moffice, one parking space, leased for 18 months, 5% fixed rent review in October and no right of renewal
Rent: office $52,015/year net + gst at $375/m2, parking $70/week/space
Agents: Brendan Graves & Ben Wallace

Isthmus east

Grafton

89 Grafton Rd:
Features: 168moffice, leased for 3 years, 2 3-year rights of renewal
Rent: $51,593/year gross + gst, annual rent reviews of 3%
Agents: Matt Gordon & Brendan Graves

Attribution: Agency release.

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Weiti site & 2 northern consented subdivisions sold

88.5ha of the former Weiti station at Redvale and 2 consented residential subdivision sites at Kaukapakapa & Orewa have been sold in the latest sales report from Bayleys (which would have appeared earlier if I hadn’t lost it somewhere between the space bar & the mouse).

Sales 

North

Mangawhai

The Hub, Molesworth Drive:
Features: 1381m2 commercial building, ground-floor retail & offices above, constructed in 2 stages in 2006 & 2008 on 4824m2, 42 parking spaces; 12 of the 14 tenancies are leased, with Kaipara District Council the anchor tenant
Outcome: sold for $2.9 million
Agent: Duncan Napier

North-east

Albany

Orchard Park, Corinthian Retail Centre, 14 Corinthian Drive, unit 12B:
Features: 149m² site – retail 85m², front yard 38m², rear yard 26m², shared parking
Outcome: sold in October for $715,000 + gst
Agents: Eddie Zhong, Michael Block & Damian Stephen

27-29 William Pickering Drive, unit B1:
Features: 155m² office, 4 parking spaces
Rent: $38,152/year net
Outcome: sold in October for $440,000 + gst at $2838/m² land & building on an 8.6% yield
Agents: Ranjan Unka, Tonia Robertson & Deep Purohit

Orewa

46 Maire Rd:
Features: 2ha with resource consent for a 46-lot residential subdivision
Outcome: sold for $5.25 million at $262.50/m2
Agent: Stephen Scott

Redvale

Part of the former Weiti station, 1575-1595 East Coast Rd:
Features: 88.5ha of bare land
Outcome: sold for $8.8 million at $99,424/ha
Agents: Brian Caldwell, Ranjan Unka & Daryl Devereux

Silverdale

30 Anvil Rd:
Features: 1705m² industrial site, 11 parking spaces
Rent: $115,000/year + gst + opex
Outcome: sold in October for $1.18 million + gst
Agents: Rosemary Wakeman

Takapuna

43 Anzac St:
Features: 21-unit Anzac Court Motel complex with 3-bedroom manager’s home on 1677m2
Outcome: sold post-auction as a freehold going concern for $3.79 million
Agents: Shiona Dyer & Paul Dixon

Wairau Valley

84-90 Hillside Rd, unit E:
Features: 510.1m² building – warehouse 273.3m², office 128.7m², mezzanine 10.1m², shared parking
Outcome: sold in October for $581,000 + gst at $1139/m² land & building
Agents: Trevor Duffin & Laurie Burt

42-44 Porana Rd, unit C:
Features: 560m² industrial building – 420m² warehouse, 140m² office, 7 parking spaces
Outcome: sold in October for $950,000 + gst at $1696/m² land & building
Agents: Ranjan Unka & Trevor Duffin

North-west

Kaukapakapa

34 Peak Rd:
Features: 10ha in 2 titles with consents in place for a 51-lot residential subdivision
Outcome: sold for $3.6 million at $36/m2
Agent: Stephen Scott

Kumeu

4 Shamrock Drive:
Features: 300m2 of office space
Outcome: sold vacant for $635,000
Agent: Grant Miller

Massey

2-10 Triangle Rd, unit 2:
Features: 527m2 retail property forming part of a retail development, fully-leased to Mad Butcher franchise, which has occupied premises for 8 years and has a further right of renewal of 5 years
Outcome:  sold for $1.05 million at a 9.15% yield
Agent: Damien Bullick

New Ly

3029 Great North Rd: 
Features: 868m2 unit in modern building opposite Lynmall, previously occupied by ANZ Bank, quality fitout, high seismic rating, onsite parking
Outcome:  bought by an owner occupier for $4.08 million at $4700/m², for use as office
Agents: Mike Adams, Grant Miller, William Coates & James Appleby

Leases

CBD

Queen St valley

55-57 High St, shop 1A:
Features: 44m² shop
Rent: leased in October at $22,000/year + gst + opex at $500/m²
Agents: Terry Kim

Attribution: Agency release.

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Jones buys fourth Auckland building

Published 19 November 2007Property magnate Sir Bob Jones has bought his fourth Auckland property, increasing the portfolio of his private company, Robt Jones Holdings Ltd, to $700 million across Australia & New Zealand.

Robt Jones Holdings’ Auckland-based director, Greg Loveridge, said the company sealed its purchase of the Southern Cross Building Society office block, on the corner of High & Victoria Sts, for $19 million on 31 October.

The Oceania & Eastern Ltd trio of Geoff Ricketts, Robin Congreve & Chris Mace took control of the building society on 28 June, effectively privatising it.

Mr Loveridge said the building was “ostensibly a C grade building, but we would turn that into a B. It has good bones, it’s built solidly, but the reason we bought it was its location.”

The 13-storey building was completed in 1970. It has 6400m² of office space occupied by about 70 small professional tenants, particularly lawyers, and 1062m² of retail space, including the semi-basement Asta nightclub on Victoria St. It has no parking, but is across the street from Auckland City Council’s Victoria St parking building.

Mr Loveridge said Robt Jones Holdings would upgrade all the common areas. “We want to make it look modern. We are getting architectural firms to submit designs. We’d like to build out to the footpath (the building has a walkway separated by pillars from the footpath on its High St frontage) – we’ve done that in Wellington quite successfully, upgrading 3 Featherston St corner buildings.”

The acquisition was on a yield of about 7.5%, but that’s not the most important aspect for the company – under the Jones philosophy, it buys on price/m² (or, in Sir Bob’s case, price/ft²). This building cost $2567/m² and its previous Auckland acquisition, the Telco building on the corner of Federal & Kingston Sts, cost $2692/m². Including a very large pool hall on Federal St, that $21 million acquisition added 7800m² to the portfolio.

Robt Jones Holdings bought the Qantas building on Queen St 3 years ago and also owns the Takapuna Finance Centre on Hurstmere Rd. The rest of the company’s New Zealand portfolio is in Wellington and it has a portfolio in Australia.

Want to comment? Click on The new BD Central Forum or email [email protected].

Attribution: Company statement, story written by Bob Dey for this website.

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City offices passed in

Local results from Bayleys’ Total Property auction on Wednesday 4 April 2006:


 


Published 9 April 2007


CBD, 55-57 High St, levels 2 & 3, office earning net $75,000/year plus gst & outgoings, lease renewed for 6 years, passed in at $800,000 (Jack Downer)


 


Full auction results: Just 3 sales under the hammer, 5 prior at Total Property auction


 


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Attribution: Auction, book & schedule, story written by Bob Dey for this website.

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