Archive | Victoria Quarter

Apartment & cross-lease sell

One of the 3 apartments auctioned at Barfoot & Thompson today, and one of the 3 eastern suburbs cross-leased units auctioned yesterday, were sold under the hammer.

CBD

Federal St

Federal, 207 Federal St, unit 803:
Features: 61m², 2 bedrooms
Outgoings: body corp levy $5240/year
Outcome: sold for $540,000
Agents: Stephen Shin & Rhys Chen

Victoria Quarter

Fiore 2, 168 Hobson St, unit 405:
Features: 44m², one bedroom
Outgoings: rates $1588/year including gst; body corp levy $2428/year
Income assessment: $460-480/week
Outcome: passed in at $460,000
Agents: Selina Zheng & Tommy Zhang

SugarTree Prima, 27 Union St, unit 906:
Features: 75m², 2 bedrooms, 2 bathrooms, balcony, storage locker, option to buy parking space
Income assessment: $650/week, fixed until January
Outcome: passed in at $610,000
Agents: Livia Li & Alan Guo

Isthmus east

Mt Wellington

399 Ellerslie-Panmure Highway, unit 1:
Features: cross-lease, 1/5 share in 1315m², 80m² 2-bedroom unit, garage
Outcome: passed in at $621,000
Agents: Robben Li & Will Liu

Remuera

11 Burswood Crescent, unit 2:
Features: cross-lease, half share in 827m², 3 levels, 4 bedrooms, 3 bathrooms, 2 living rooms, double garage
Outcome: passed in at $3.1 million, back on the market at $4 million
Agent: Paul Studman

9 Armadale Rd, unit 4:
Features: cross-lease, 1/7 share in 1011m², 2-bedroom unit, courtyard, carport,
Outcome: sold for $762,000
Agents: Janice Hamilton-Cox & Philip Cox

Attribution: Auctions.

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2 apartments sell at Ray White auction

2 apartments in the Cintra & Altitude buildings were sold and 2 passed in at Ray White City Apartments’ auction today.

CBD

Learning Quarter

The Whitaker, 2 Whitaker Place, unit 8H:
Features: 29m² studio
Outgoings: rates $1071/year including gst; body corp levy $3817/year
Income assessment: $350/week, fixed until February; appraisal $380-400/week furnished
Outcome: passed in at $200,000
Agents: Damian Piggin & Daniel Horrobin

Crown on Cintra, 3 Whitaker Place, unit 11E:
Features: 30m² fully furnished studio, under hotel management; remediation project pending
Outgoings: rates $929/year including gst; body corp levy $3409/year
Income assessment: $350/week current
Outcome: sold for $198,000
Agents: James Mairs & Lucia Gao

Quay Park

Waldorf Scene 2, 18 Beach Rd, unit 709:
Features: leasehold, 58m², one bedroom, balcony, secure parking space
Outgoings: rates $1461/year including gst; body corp levy $4086/year, ground rent $5564/year
Income assessment: vacant; appraisal $600/week
Outcome: passed in at $125,000
Agents: James Mairs

Victoria Quarter

Altitude, 34 Kingston St, unit 3C:
Features: 40m², 2 bedrooms, balcony
Outgoings: rates $1084/year including gst; body corp levy $3633/year
Income assessment: $460/week, fixed until February; appraisal $460-480/week furnished
Outcome: sold for $337,000
Agents: Damian Piggin & Daniel Horrobin

Attribution: Auction.

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Updated: 2 post-auction sales; strong yields for some, no bid on others as 6 sell at Bayleys’ commercial auction

Published 3 August 2017, updated twice on 9 August 2017
Sale of a small character building at the foot of College Hill at Bayleys’ Total Property commercial auction last Wednesday showed the right property could still sell at a yield under 5%.

That was confirmed by the post-auction sale of a Hurstmere Rd property in Takapuna, at a yield just below 4%. Also sold post-auction was a 2-storey building in East Tamaki occupied by a bar & gaming lounge, sold on a 6.5% yield.

Mind you, sub-5%, or even below 4%, isn’t quite a match for the sub-3% yields 2 old converted houses at the top of College Hill went for at auction in June.

Still, there was a buzz in the auctionroom which has been missing from most auctions in recent months, as auctioneers have tried to squeeze an offer from a smattering of mostly reluctant bidders.

6 properties were sold under the hammer at yesterday’s commercial auction. 4 attracted no bid out of the 7 passed in. Another 2 properties on the list had their auctions postponed and one was withdrawn completely.

Finance has become a central issue in all forms of property transaction, and agents told me of numerous new barriers in the way of a sale, such as insistence on tighter lease terms where those terms had previously not even been raised.

Scores of properties have been passed in without attracting a bid at auctions around Auckland this year, but the absence of a bid on the ANZ premises in the Lincoln North shopping centre in Henderson yesterday was in stark contrast to the frenzy of bidding that occurred when developer Frank Reynolds sold the centre down in 2009.

That was about 18 months into the global financial crisis, a time when caution abounded, but it was also a time when there were plenty of Chinese buyers keen on small retail & fast-food premises and willing to bid strongly. With a new 9-year lease in place, the ANZ premises sold in 2009 for $3.03 million at a 5.47% yield. On that day, all 22 units in the centre sold under the hammer.

CBD

Victoria Quarter

20 Centre St:
Features: 260m² – 83m² café, 177m² office & showroom,
Rent: $100,000/year net + gst
Outcome: no bid
Agents: Oscar Kuang, Ben Wallace & James Chan

Isthmus east

Otahuhu

21 Hall Avenue:
Features: 397m² site zoned business town centre, vacant 269m² building previously occupied by a bank, 5 rear parking spaces  
Outcome: sold for $1.23 million
Agents: Piyush Kumar Peter Migounoff, Tony Chaudhary & Janak Darji

Parnell

11 Farnham St:
Features: 269m² site, standalone building with 4 levels built 10 years ago, 659m² floor area, private lift to penthouse on top 2 floors, conservatory, 4 bedrooms, 5/6-car garage + secured yard parking on ground floor, partitioned office & amenities on level 1, air-conditioned on levels 1-3
Outcome: auction postponed
Agents: Millie Liang

Isthmus west

Avondale

1843 Great North Rd:
Features: 2309m² site zoned multi-use commercial with 32.5m height limit, café & villa with 250m² floor area
Rent: $42,898/year net + gst
Outcome: auction postponed
Agents: Laurie Bell & Kate Kirby

Freemans Bay

3 College Hill:
Features: 276m² site, fully leased 592.5m² 3-level character building, retailer Boardertown occupies basement & ground floor, office tenant above, on leases running to 2023 & 2024 plus signage lease
Outcome: sold for $3.075 million at a 4.92% yield
Agents: Cameron Melhuish, Andrew Wallace & Genevieve Thompson-Ford

North-east

Rosedale

100 Bush Rd, units C & D:
Features: unit C 245m², Unit D 167m², corner office building, new 6-year lease from 1 June, 15 parking spaces
Rent: $118,575/year net + gst
Outcome: withdrawn from auction
Agents: Laurie Burt & Dean Gilbert-Smith

1 Cebel Place, unit B:
Features: 668m² warehouse, showroom & office unit, 15 parking spaces, Wesfarmers subsidiary NZ Safety Blackwoods renewed its lease for 4 years in June, with one further 4-year right of renewal
Rent: $134,000/year net + gst + opex
Outcome: sold for $2.38 million at a 5.63% yield
Agents: Laurie Burt, Matt Mimmack, Tony Chaudhary & Amy Weng

8 Piermark Drive, unit D:
Features: 401m² industrial unit in modern unit-title development with drive-round access, 265m² of high stud warehousing, 2 levels of showroom & office space, 7 parking spaces
Outcome: sold vacant for $1.3 million
Agents: Laurie Burt & Matt Mimmack

Takapuna

Updated: 178 Hurstmere Rd:
Features: 567m² site, 995m² building with dual frontage to Hurstmere Rd & Killarney St, 2 ground-floor shops, first-floor restaurant & hairdressing salon
Rent: $269,117.76/year net + gst + opex current from 4 tenancies after a lease on vacant space was concluded, (originally I used the rental figure used at the start of the campaign, $159,118, plus potential for further $120,000/year)
Outcome: passed in at $6.5 million, sold post-auction for $6.8 million at a 3.96% yield
Agents: Brian Caldwell, Ashton Geissler & Damian Stephen

Wairau Valley

7 Porana Rd, unit C:
Features: vacant 245m² industrial unit, 5 parking spaces        
Outcome: no bid
Agents: Ashton Geissler & Matt Mimmack

135 Sunnybrae Rd:
Features: 1257m² roadfront site, 683m² partly earthquake-prone warehouse & workshop building, longstanding upholstery tenant recently exercised final 2-year right of renewal, smaller rear tenancy on short lease       
Outcome: sold for $1.625 million at a 5% yield to a car sales business
Agents: Ashton Geissler & James Kidd

North-west

Henderson

The Lincoln North shopping centre.

Lincoln North shopping centre, 192 Lincoln Rd, unit 4A:
Features: 503m², ANZ Bank branch on 6-year lease from December 2015, 3 3-year rights of renewal
Rent: $167,550/year net + gst
Outcome: no bid
Agents: Oscar Kuang & James Chan

Westgate

7 Maki St, unit 3:
Features: retail unit, NZ Post as tenant
Rent: $112,513/year net + gst
Outcome: no bid, back on the market at $1.725 million + gst
Agents: Andrew Wallace, Cameron Melhuish & Genevieve Thompson-Ford

South

East Tamaki

Botany South, 8 Bishop Lenihan Place, unit H:
Features: 158m², vacant retail unit in 19-unit complex, 7 allocated parking spaces
Outcome: sold for $580,000
Agents: Terry Kim, Tony Chaudhary & Steven Liu

Updated: 272 Ti Rakau Drive, unit B:
Features: 443m² 2-storey building, 9 parking spaces, bar & gaming lounge on 10-year lease starting in March
Rent: $118,000/year net + gst + opex
Outcome: passed in at $1.6 million, sold post-auction for $1.825 million at a 6.5% yield
Agents: Tony Chaudhary, Janak Darji & Amy Weng

Takanini

88-94 Great South Rd, unit F:
Features: 1191m² floor area, 6 tenancies fully leased
Rent: $242,000/year net + gst     
Outcome: passed in at $3.5 million
Agents: Piyush Kumar & Peter Migounoff

Earlier stories:
13 June 2017: Sub-3% yields on College Hill, and Queen St office sells
8 July 2009: 22 out of 22 shops go at auction

Attribution: Auction.

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6 intensive homes sell at auction but “no bids” raise questions

6 of the 10 intensive homes auctioned at Barfoot & Thompson’s city office yesterday were sold under the hammer.

Out of a total residential offering of 20 properties at 2 auctions, 8 were sold, so a strong outcome on intensive dwellings, weaker on standalone homes.

But the more interesting factor arose at the end of the second auction. Of the 7 properties, 2 had sold just short of $1.5 million, 2 had sold below $1 million, one was passed in, and remaining were a cross-leased townhouse at Bucklands Beach and a modest 3-bedroom standalone in Glen Eden. Neither attracted a bid, with the auctioneer closing after seeking a $550,000 start for the Glen Eden home.

In a short few months, the residential market has gone from overpricing enthusiasm to underpricing by neglect, the inability to finance at lower levels or exclusion of likely bidders by regulation.

CBD

Victoria Quarter

The Galleries, 23 Graham St, unit 26:
Features: 200m², 3 bedrooms, 3 bathrooms, study, balcony, 2 parking spaces, storage locker
Outcome: no bid
Agents: Louise Allan & Alex Allan

Isthmus east

Ellerslie

3 Ellerslie Park Rd, flats 2 & 3:
Features: 2 2-bedroom flats, parking space each
Outcome: sold for $1.16 million
Agents: Barry Saxon

Epsom

26 Orakau Avenue, unit 2:
Features: cross-lease, 1/3 share in 839m², 2-bedroom unit, garage
Outcome: sold for $951,000
Agent: Dee Brennan

Greenlane

24 Puriri Avenue, unit 4:
Features: 88m², 2-bedroom unit, internal-access garage
Outcome: sold for $860,000
Agents: Janice Hamilton-Cox & Philip Cox

Mission Bay

21A Comins Crescent:
Features: 3-bedroom townhouse, 2 bathrooms, courtyard, terrace, carport
Outcome: no bid
Agents: Alex Baker

Remuera

117 Grand Drive, unit 2:
Features: refurbished 3-bedroom townhouse, 2 bathrooms, 2 carport spaces, pool, bordering Waiatarua Reserve
Outcome: sold for $1.05 million
Agents: Stephen Rendell

Royal Oak

13C Raurenga Avenue:
Features: 419m² section, 4-bedroom townhouse, 3 bathrooms, double internal-access garage
Outcome: sold for $1.461 million
Agents: Frances Li & Ian Thornhill

North-east

Takapuna

9B Puriri St:
Features: cross-lease, half share in 1012m², 3 bedrooms, garage
Outcome: sold for $875,000
Agents: Will Gluestein

South

Bucklands Beach

119 Bucklands Beach Rd, unit 1:
Features: cross-lease, 1/5 share in 1618m², 4-bedroom townhouse, 2 bathrooms, internal-access garage
Outcome: no bid
Agents: Frances Li & Raymond Chan

Papatoetoe

81A Huia Rd, unit 1:
Features: 69m², 2-bedroom unit, tandem carport
Income assessment: $440/week current
Outcome: no bid
Agents: Neno Radinovich

Attribution: Auctions.

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After considerable haggling, third apartment sells at auction

3 of the 4 apartments auctioned at Ray White City Apartments today were sold under the hammer.

The third sale, of a unit in the Altitude on Kingston St (picture shows view from balcony), followed what auctioneer Ted Ingram said was a considerable drop in the “want price”, and considerable haggling between auctioneer & several bidders after Mr Ingram entered a vendor bid at $350,000.

But he was unable to perform the same magic for the last property on offer, a dual-key unit in the Bianco off Queen whose owner wanted to pass all liability for future remediation to the buyer.

A fifth unit, in the Sebel Suites at the Viaduct Basin, was withdrawn from the auction.

CBD

Learning Quarter

Celestion, 19 Anzac Avenue, unit 1103:
Features: 60m², 2 bedrooms, 16m² deck, no parking but available in area to rent at $75-100/week
Outgoings: rates $6879/year including gst; body corp levy $5670/year
Outcome: sold vacant for $527,000
Agent: Dominic Worthington

Uptown

Bianco off Queen, 8 White St, unit 9E:
Features: 84m², furnished dual-key apartment – 2-bedroom & studio, bathroom each part, parking space; the apartment was auctioned without a warranty for weathertightness or structural integrity, for which the buyer would take on liability
Outgoings: rates $1747/year including gst; body corp levy $9561/year
Income assessment: under hotel management, current rent $2800/month; appraisal: 2-bedroom $560-580/week furnished, studio $350-370/week furnished
Outcome: sole bid by vendor at $600,000, passed in
Agents: Simon Harrison, Damian Piggin & Daniel Horrobin

Victoria Quarter

Hobson Heights, 208 Hobson St, unit 6D:
Features: 42m², corner 2 bedrooms, 10m² balcony
Outgoings: rates $1126/year including gst; body corp levy $4605/year
Income assessment: $400/week fixed until 30 September under management agreement, which can be terminated on 6 months’ notice
Outcome: sold for $350,000
Agents: Judi & Michelle Yurak

Altitude, 34 Kingston St, unit 18D:
Features: 40m², 2 bedrooms
Outgoings: rates $1214/year including gst; body corp levy $4920/year
Income assessment: $410/week, increase to $450/week set for 9 October, appraisal $460-490/week furnished
Outcome: sold for $360,000
Agents: Simon Harrison, Damian Piggin & Daniel Horrobin

Waterfront

Sebel Suites, 85 Customs St West, unit 210:
Features: one bedroom, parking space
Outcome: withdrawn from auction
Agents: Damian Piggin & Daniel Horrobin

Attribution: Auction.

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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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All 3 apartments passed in at auction

All 3 apartments auctioned at Ray White City Apartments today were passed in. The bidding on all 3 was supported by vendor offers (erroneously called bids, though they’re really indicators to bidders of the level the vendor thinks they need to reach).

CBD

Learning Quarter

The Whitaker, 2 Whitaker Place, unit 3D:
Features: 41m², one bedroom, parking space
Outgoings: rates $1101/year including gst; body corp levy $5207/year
Income assessment: $430-460/week furnished
Outcome: passed in after an opening at $300,000 & vendor bid at $350,000; option to buy fully furnished or whiteware only
Agents: Mitch Agnew & Ryan Bridgman

Uptown

Queens Residences, 8 Airedale St, unit 606:
Features: 50m², 2 bedrooms, flexi-room, 5m² deck
Outgoings: rates $1709/year including gst; body corp levy $2311/year
Income assessment: $540/week current, terminating on 18 September
Outcome: passed in at $525,000
Agents: May Ma & Mark Li

Victoria Quarter

The Galleries, 23 Graham St, unit 7:
Features: 101m², 2 bedrooms, 2 bathrooms, 14m² balcony, tandem parking
Outgoings: rates $2240/year including gst; body corp levy $6772/year
Outcome: passed in after an opening bid of $850,000 & 2 vendor bids at $950,000 & $1 million
Agents: Damian Piggin & Daniel Horrobin

Attribution: Auction.

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Convention centre project delayed but “on budget”

Aside from the financial upheaval in the construction division of Fletcher Building Ltd, subsidiary company The Fletcher Construction Co Ltd told SkyCity Entertainment Group Ltd last Thursday that completion of its NZ international convention centre would be delayed.

When work on site, between Hobson & Nelson Sts, began in February 2016, the total project cost of the convention centre plus associated hotel, laneway & extra carparks was $700 million, with an opening date in 2019.

SkyCity said on Thursday an updated programme of works was still being reviewed, but it currently indicated practical completion for both the convention centre and the Hobson St hotel around the middle of 2019.

SkyCity said it remained comfortable with the contractual arrangements with Fletcher Construction and the project remained on-budget. It said the slight delay wouldn’t impact on any of the convention centre’s confirmed bookings.

Attribution: Company release.

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Alpha unit sells at auction

An Alpha apartment was sold and one in the Hobson was passed in at Ray White City Apartments’ auction on Friday – delayed a day because of the America’s Cup parade through the city on Thursday.

CBD

Victoria Quarter

The Hobson, 196 Hobson St, unit 4E:
Features: 100m², one bedroom, secure basement parking space
Outgoings: rates $1635/year including gst; body corp levy $5736/year
Income assessment: $595/week until 1 November, appraisal $600-650/week unfurnished
Outcome: passed in at $540,000
Agent: Krister Samuel

Alpha, 17 Vogel Lane, unit 1306:
Features: 2 bedrooms, parking space
Outgoings: rates $1481/year including gst; body corp levy $4616/year
Income assessment: $470/week for unit, $80/week for parking space, current until February 2018, appraisal for unit $500/week
Outcome: sold for $490,000
Agent: Rochelle Henderson

Attribution: Agency.

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One unit sells, 2 passed in well short of asking price

A vacant Quadrant apartment was sold under the hammer and 2 other city apartments were passed in at City Sales’ auction on Wednesday.

The pass-ins went back on the market at substantial premiums to the top bids. A 7th-floor Aura unit was passed in at 6939/m² internal, against $8673/m² sought subsequently. A CityZone unit was passed in at $7727/m² internal, against $9068 sought subsequently. Both had a deck, neither had parking.

CBD

Learning Quarter

The Quadrant, 10 Waterloo Quadrant, unit 1710:
Features: 42m², 2 bedrooms, 15m² deck
Outgoings: rates $1427/year including gst; body corp levy $5105/year
Outcome: sold for $485,000
Agents: Steve Kirk, Habeeb Urrahman & Chris Cairns

Uptown

CityZone, 11 Liverpool St, unit 2005 (20B):
Features: 44m², 2 bedrooms, deck
Outgoings: rates $1240/year including gst; body corp levy $3936/year
Outcome: passed in at $340,000, back on market at $399,000
Agent: Tony Kelly

Victoria Quarter

Aura, 53 Cook St, unit 702:
Features: 49m², 2 bedrooms, deck
Outgoings: rates $1227/year including gst; body corp levy $4738/year
Outcome: passed in at $340,000, back on market at $425,000
Agent: Tony Kelly

Attribution: Auction documents.

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