Archive | Victoria St

Augusta confirms first sale in Finance Centre package settled

Augusta Capital confirmed settlement of its $30 million sale of Augusta House on Victoria St in the Auckland cbd to Heng Yue Ltd (David (Duoyu) Bei) today.

Augusta managing director Mark Francis said the company would apply $26 million towards debt repayment.

The settlement dates for Augusta’s sale of its remaining 3 properties in the former Finance Centre in Auckland haven’t changed. They are: Podium retail 1 April 2018, Finance Centre podium & Finance Centre carpark 1 April 2019.

Augusta signed its $96 million sale package a year ago and collected a $3 million deposit on Augusta House from Heng Yue, which also paid the additional 10% deposits due last month.

The sale excludes the original Finance Centre office tower at 191 Queen St, now owned by Sir Bob Jones’s Robt Jones Holdings Ltd.

Earlier story:
12 July 2017: Augusta House sale settlement date confirmed

Attribution: Company release.

Continue Reading

Augusta House sale settlement date confirmed

Augusta Capital Ltd confirmed on Monday that it had completed the subdivision of its Finance Centre property in Auckland and new titles had been issued for its 4 parts – Augusta House, the podium retail, the Finance Centre podium and the Finance Centre carpark).

The company therefore confirmed 24 July as settlement date for the $30 million sale of Augusta House to Heng Yue Ltd (David (Duoyu) Bei). The settlement dates for the remaining 3 properties haven’t changed and are: Podium retail 1 April 2018, Finance Centre podium & Finance Centre carpark 1 April 2019.

The sale excludes the original Finance Centre office tower at 191 Queen St, now owned by Sir Bob Jones’s Robt Jones Holdings Ltd.

Augusta signed its $96 million sale package a year ago and collected a $3 million deposit on Augusta House from Heng Yue, which also paid the additional 10% deposits due last month.

Augusta managing director Mark Francis said: “While the delay in finalising the subdivision of the Finance Centre has been frustrating, Augusta has continued to receive all rent during this period and the settlement dates of the remaining 3 titles have not been affected.

“The proceeds will be applied towards debt repayment, with $10 million towards core debt and $17 million toward the facility drawn down for the underwrite of the 33 Broadway syndicate. As a result of this debt repayment, balance sheet capacity for future initiatives is increased.”

Earlier stories:
5 July 2017: Augusta closes Mercury HQ syndication 34% short, underwrites balance
25 July 2016: Finance Centre sale confirms Augusta’s full focus on funds management

Attribution: Company release.

Continue Reading

$500 bids end in $100k raise on acceptable sale price

Small steps can make a journey last a long time, as 3 bidders at Barfoot & Thompson’s apartments auction found this morning.

2 bidders at a time – one joined in and one of the first 2 pulled out – they were chasing a 3-bedroom suburban unit in Onehunga (pictured above). It was taken to what’s called a pre-auction auction – an offer has been deemed acceptable to the vendors but it still goes to auction, brought forward. Bidding started slowly, and in low rises, mostly of $500. It took half an hour, but the price crept up to $101,000 above the acceptable offer before the second bidder gave in.

Another pre-auction property was sold at a slight rise and an uptown apartment was sold on the sole bid.

CBD

Learning Quarter

The Statesman, 1 Parliament St, unit 8:
Features: 93m², 2 bedrooms, parking space
Outgoings: rates $2241/year including gst; body corp levy $4975/year
Outcome: withdrawn from auction
Agents: Stephen Shin & Rhys Chen

Uptown

The Chatham, 70 Pitt St, unit 705:
Features: 72m², 2-bedroom corner apartment, 2 bathrooms, balcony, storage locker, secure parking space
Outgoings: body corp levy $6486/year
Outcome: sold for $750,000, the only bid
Agents: Mike Campbell & Grant Elliott

Victoria Quarter

Marina Park, 146 Fanshawe St, unit 32:
Features: 40m², one bedroom, parking space
Outgoings: body corp levy $3237/year
Outcome: no bid, back on market at $459,000
Agents: Stephen Shin & Zoran Farac

Isthmus east

Onehunga

Norfolk Rise, 110E Grey St:
Features: 3 bedrooms, carport
Outgoings: body corp levy $1195/year
Outcome: taken to auction early after offer of $685,652 was acceptable, sold for $787,500 after a half hour of raises, mostly in $500 steps
Agents: Wayne & Lisa Parfitt

Isthmus west

Eden Terrace

43 Virginia Avenue East, unit 303
Features: 2 bedrooms, 2 parking spaces
Outgoings: body corp levy $5145/year
Outcome: no bid, back on market at $599,000
Agents: Stephen Shin & Zoran Farac

North-east

Devonport

17A Church St, unit 3:
Features: cross-lease, 1/8 share in 1846m², 2 bedrooms, 2 storage sheds, offstreet parking
Outcome: taken to auction early after offer of $905,000 was acceptable, sold for $920,000
Agents: Linda Simmons & Jacquie McDonald

Attribution: Auction.

Continue Reading

Title delay holds up Augusta House sale settlement

Augusta Capital Ltd said today the settlement date for the sale of Augusta House (ex-Brookfield House) had been delayed due to a delay in the issue of new titles following the subdivision.

Augusta managing director Mark Francis said today the title delay arose as a result of the sale of an adjoining property which wasn’t part of the Finance Centre.

Settlement is contracted to occur 10 working days after the new titles are issued and Augusta expects this to occur by mid to late November. Until settlement occurs, Augusta continues to receive all rental income from Augusta House.

The Finance Centre sale price is broken into 4 components – $30 million for Augusta House (the former Brookfield House at 19 Victoria St West), $25 million for the Finance Centre retail, $11 million for the Finance Centre podium & $30 million for the Finance Centre carpark – and settlement will be spread through to 2019. First settlement is scheduled for tomorrow, 1 October (podium retail), followed by the podium on 1 April 2018 and the last 2 components on 1 April 2019.

Earlier stories:
25 July 2016: Finance Centre sale confirms Augusta’s full focus on funds management
6 July 2016: Augusta outlines rationale for funds management focus
17 June 2016: Augusta gets new sale agreement on Finance Centre complex

Attribution: Company release.

Continue Reading

Augusta gets new sale agreement on Finance Centre complex

Augusta Capital Ltd has sold the Finance Centre in Auckland for $96 million, 8 months after an $87 million sale fell over.

The buyer’s identity wasn’t disclosed on either occasion. However, I understand the buyer this time is a private Hong Kong investor with New Zealand residency.

Augusta managing director Mark Francis said on Wednesday the new transaction was unconditional from the buyer’s perspective, and only conditional on Augusta shareholders’ approval. That will be sought at a special meeting in late July.

The new deal follows separation of the centre’s components on to 4 titles. Mr Francis said settlement dates were subject to new titles from the current subdivision being issued, which Augusta expected to happen within the next month.

The property fronts Albert St, Victoria St West & Durham St West. The Queen St building originally named as the Finance Centre when Chase Corp Ltd built the complex in the 1980s is now the Crombie Lockwood Tower and is owned by Robt Jones Holdings Ltd.

Augusta’s new transaction will be staged, each of the 4 components of the Finance Centre being sold in different tranches between October 2016 & April 2019. Those stages are:

Augusta House, 19 Victoria St, price $30 million, deposit $3 million upon shareholder approval being obtained, settlement date 1 October 2016
Podium retail, 22 Durham St, West, $25 million, $2.5 million payable upon shareholder approval being obtained, $2.5 million payable on 1 June 2017, settlement date 1 April 2018
Carpark, 22 Durham St West, $30 million, $3 million payable upon shareholder approval being obtained, $3 million payable on 1 June 2017, settlement date 1 April 2019
Podium, 22 Durham St West, $11 million, $1.1 million payable upon shareholder approval being obtained, $1.1 million payable on 1 June 2017, settlement date 1 April 2019.

Under the agreements, Augusta has committed to $1.16 million of capital expenditure on the podium retail, carpark and podium properties, with no further liability for capex. Taking into account the capex & other sale costs & fees, the effective net sale price represented a 3.8% gain on the current carrying book value of the Finance Centre. The gross purchase price represented an effective capitalisation rate of 6.5%, based on current market rents.

Mr Francis said Augusta intended to reinvest the net sale proceeds in its funds management business: “Augusta believes the staged nature of the transaction provides a timeframe over which the proceeds can be invested in the funds management business, while maintaining a level of recurring income from the Finance Centre properties, while that transition/investment occurs.

“The sale will create material balance sheet capacity to enable the warehousing of assets for future syndication, greater levels of underwriting with respect to new deals as well as the ability to make a direct investment in new fund initiatives, as has been previously signalled to the market.”

Earlier story:
28 August 2015: Finance Centre sale falls through

Attribution: Company release.

Continue Reading

6 apartments sell at Barfoots auction

A unit in the Celestion all-suites hotel (pictured) at the bottom of Anzac Avenue – but out of the hotel pool – was one of 6 apartments to sell under the hammer at Barfoot & Thompson’s auction today.

Units in the Oxford, QVB & Nova en Scotia also sold, but neither the new Urba Residences at the top of Hopetoun St nor a unit in HarbourCity on Gore St could attract a bid.

CBD

Commerce/Gore

HarbourCity, 16 Gore St, unit 7M:
Features: 39m², one bedroom
Outgoings: rates $1102/year including gst; body corp levy $2648/year
Income assessment: $425/week
Outcome: no bid, back on market at $349,000
Agents: Stephen & Leo Shin

Learning Quarter

Celestion, 19 Anzac Avenue, unit 703:
Features: 65m², fully furnished 2 bedrooms, deck
Outgoings: body corp levy $6165/year
Income assessment: out of hotel management
Outcome: sold for $558,000
Agents: Selina Zheng & Tommy Zhang

Oxford, 13 Mount St, unit 4I:
Features: 42m², one bedroom, balcony
Outgoings: body corp levy $2629/year
Income assessment: previously $370/week
Outcome: sold for $356,000
Agents: Estee Zeng & Sarah Garlick

Queen St

QVB Building, 6 Victoria St East, unit 3M:
Features: Farmers (ex-Whitcoulls) building at corner of Queen St, one bedroom
Outgoings: body corp levy $4601/year
Outcome: sold for $445,000
Agents: Alex Allan & Rita Herceg

Uptown

Urba, 5 Howe St, unit 113:
Features: one bedroom
Outgoings: body corp levy $1779/year
Outcome: no bid, back on market at $355,000
Agents: Sam Yang

Nova en Scotia, 18 Scotia Place, unit 3C:
Features: 2 bedrooms, parking space
Outgoings: body corp levy $4477/year
Outcome: sold for $565,000
Agent: Jason Buckwell

Victoria Quarter

88 Cook St, unit 19:
Features: 3 bedrooms, 2 bathrooms, 2 lounges, courtyard, 2 parking spaces
Outgoings: body corp levy $2816/year
Outcome: sold for $576,000
Agents: Wendy Feng & Jack Li

Imperial Gardens, 135 Hobson St, unit 113:
Features: 30m², one bedroom
Outgoings: body corp levy $2680/year, levies for remedial works have been paid
Outcome: sold for $144,000
Agents: Wendy Feng & Jack Li

Imperial Gardens, 135 Hobson St, unit 201:
Features: 63m², 3 bedrooms, 2 bathrooms, 2 parking spaces
Outcome: auction postponed
Agents: Wendy Feng & Jack Li

Attribution: Auction.

Continue Reading

6 apartments sell at Ray White auction

6 apartments were sold under the hammer at Ray White City Apartments’ auction today, 2 of them at pre-auction bid prices.

CBD

Commerce/Gore Sts

HarbourCity, 16 Gore St, unit 31D (pictured above):
Features: 39m², furnished one bedroom, under Harbour Oaks hotel management
Outgoings: rates $2838/year including gst; body corp levy $2773/year + $911 remedial levy; the body corporate has filed a High Court claim for building defects causing leaks
Outcome: sold for $375,000
Agents: Damian Piggin & Daniel Horrobin

Queen St

Kiwi on Queen, 421 Queen St, unit 606:
Features: 45m², fully furnished 3 bedrooms, parking space
Outgoings: rates $1299/year including gst; body corp levy $6681/year
Income assessment: $450/week apartment, $50/week parking
Outcome: sold for $480,000
Agent: Aileen Wu

Victoria Quarter

Columbia on Nelson, 15 Nelson St, unit 2W:
Features: 52m², one bedroom, parking space
Outgoings: rates $793/year including gst; body corp levy $2999/year, defect levies all paid
Income assessment: $500-550/week
Outcome: passed in at $490,000
Agent: Donald Gibbs

Ascent, 149 Nelson St, unit 619:
Features: 56m², 2 bedrooms, secure parking space
Outgoings: rates $1101/year including gst; body corp levy $3734/year
Income assessment: $400/week fixed until August
Outcome: sold for $406,000
Agents: Simon Harrison & Cameron Brain

Oaks on Hobson, 188 Hobson St, unit 405:
Features: 30m², fully furnished studio, balcony, under hotel management
Outgoings: rates $2277/year including gst; body corp levy $5110/year
Income assessment: $14-16,000/year
Outcome: no bid
Agents: Nadine & Norman Markgraaff

Victoria St

Lister Building, 9 Victoria St East, unit 6B:
Features: 74m², 2 bedrooms, new configuration
Outgoings: rates $1695/year including gst; body corp levy $6199/year + water
Outcome: passed in at $750,000
Agents: Judi & Michelle Yurak

Isthmus east

Parnell

Carlaw Park Apartments, 30 Heather St, unit 2C:
Features: 78m², 2 bedrooms, balcony, secure parking space, storage locker
Outgoings: rates $2045/year including gst; body corp levy $3941/year
Income assessment: $650-700/week unfurnished
Outcome: pre-auction offer of $660,000 accepted, sold at that price
Agents: Damian Piggin & Daniel Horrobin

Isthmus west

Eden Terrace

The new Parkview Apartments on Rendall Place, Eden Terrace (unit for sale arrowed).

The new Parkview Apartments on Rendall Place, Eden Terrace (unit for sale arrowed).

Parkview, 15 Rendall Place, unit 104 (arrowed):
Features: 56m² + 11m² courtyard, one bedroom, newly developed, title not yet issued
Outgoings: body corp levy about $2845/year
Outcome: no bid
Agent: Mohan Ball

North-east

Takapuna

Shoalhaven, 130 Anzac St, unit B206:
Features: 68m², 3 bedrooms, 2 bathrooms, 2 parking spaces
Outgoings: rates $1747/year including gst; body corp levy $5111/year
Income assessment: $750-800/week
Outcome: pre-auction offer of $709,000 accepted, sold at that price
Agent: Donald Gibbs

Spencer on Byron, 9-17 Byron Avenue, unit 1804:
Features: 49m², furnished one bedroom, parking space, under hotel management but can be taken out on 6 months’ notice
Outgoings: rates $2554/year including gst; body corp levy $3463/year
Outcome: sold for $479,000 including gst (normally excluding)
Agents: Gillian Gibson & James Mairs

Attribution: Auction.

Continue Reading

Augusta to syndicate NZME building

Augusta Capital Ltd has entered an unconditional agreement to buy NZME House on Victoria St West from developer Mansons TCLM Ltd for syndication.

Augusta’s purchase price is $115,818,265. Its subsidiary, Augusta Funds Management Ltd, will offer $70 million of syndicated equity in $50,000 parcels, and Augusta Capital will underwrite $25 million of the offer. It will use new debt facilities to fund the 40% balance of the purchase price.

Mansons developed the NZME building next to the NZ Post building at 151 Victoria St West, in the block up the slope from the 4-building Spark complex, which it also developed.

Augusta bought one of the Spark buildings (Building C) in 2014 and syndicated it, and has included the NZ Post building in an unlisted wholesale fund promoted at Christmas and closed 3 weeks ago, the Augusta Value Add Fund No 1.

The new acquisition, address 4 Graham St, has NZME in the bottom half of the 6-storey building, Pernod Ricard & law firm Meredith Connell on a floor each and the fourth floor is vacant.

Mansons will lease the fourth floor for a 9-year term as a condition of settlement and is negotiating with prospective tenants.

Augusta managing director Mark Francis said today he expected the syndication offer to open at the start of June, ahead of the scheduled 15 August settlement date.

Links:
Augusta Capital
Mansons TCLM

Earlier stories:
15 April 2016: New Finance Centre retail title boosts Augusta valuation, next syndication revealed
1 April 2016: Augusta oversubscribes short-term as wholesale fund closes
2 December 2015: Augusta to offer unlisted wholesale fund focused on enhancing value
3 October 2014: Augusta settles Telecom Place purchase, syndication nears completion

Attribution: Company release.

Continue Reading

6 sales through Barfoots’ apartments & commercial auction

Barfoot & Thompson’s combined apartments & commercial auction session yesterday brought 6 sales. Of the 6 apartments, 2 were sold prior and 2 under the hammer, and the other 2 were passed in. 2 of the 3 commercial properties were sold.

Apartments

CBD

Federal St

Federal, 207 Federal St, unit 1210:
Features: 61m² corner unit, 2 bedrooms, secure parking space
Outcome: sold for $620,000
Agents: Stephen Shin & Rhys Chen

Learning Quarter

Forte, 37 Symonds St, unit 1502:
Features: corner penthouse, 2 bedrooms, 2 bathrooms
Outcome: sold prior
Agent: Casey Chen

Victoria Quarter

Harvard, 147 Hobson St, unit 13M:
Features: 2 bedrooms
Outcome: sold prior
Agents: Livia Li & Alan Guo

Hobson Gardens, 205 Hobson St, unit 11A:
Features: 160m² corner sub-penthouse, 3 bedrooms, 2 parking spaces
Outcome: passed in
Agents: Stephen Shin & Yasu Ka

Victoria St

Victoria, 77 Victoria St, unit 5E:
Features: studio
Outcome: sold for $285,000
Agents: Alex Allan & Rita Herceg

Isthmus west

Mt Eden

Station R, 206 Fenton St, unit 206:
Features: 77m², 2 bedrooms, 2 bathrooms, parking space
Outcome: no bid
Agents: Stephen Shin & Rhys Chen

Commercial

CBD

Albert St

17 Albert St, unit 5A:
Features: 230m² office
Outcome: passed in
Agents: Wayne Muir & Jane Tang

Isthmus east

Onehunga

181 Captain Springs Rd:
Features: 766m² site, 634m² office/warehouse building + adjoining warehouse, gantry crane
Outcome: sold for $1.4 million
Agents: David Palmer & Graeme McHoull

St Johns

82A Elizabeth Knox Place:
Features: 276m² roadfront unit, 2 separate roller doors, 2 sets of amenities
Outcome: sold for $868,000
Agent: Mike Jensen

Attribution: Auction.

Continue Reading

Solitary bid secures Scene 1 commercial space

A commercial unit in the Scene 1 apartment building was sold after a solitary bid and 2 cbd apartments were also sold under the hammer at Ray White City Apartments’ auction on Thursday. 2 other units were passed in.

Ray White Ponsonby sold a Grey Lynn apartment at auction on Wednesday.

CBD

Kitchener St

Metropolis, 1 Courthouse Lane, unit 808:
Features: 44m², one bedroom
Outgoings: rates $1175/year including gst; body corp levy $3886/year
Income assessment: $450/week
Outcome: sold for $415,000
Agents: Damian Piggin & Daniel Horrobin

Learning Quarter

The Quadrant, 10 Waterloo Quadrant, unit 1816:
Features: 22m² studio, deck, parking space on separate title
Outgoings: rates $1110/year including gst for unit, $6980 for parking; body corp levy $/year
Income assessment: unit $370/week fixed until 19 May, parking $50/week fixed until 11 September
Outcome: sold for $337,000
Agents: May Ma & Mark Li

Quay Park

Scene 1, 2 Beach Rd, unit CU5:
Features: leasehold, 60m² vacant commercial unit – 3 air-conditioned consulting rooms, 2 secure basement parking spaces
Outgoings: rates $2665/year including gst; body corp levy $2947/year including gst, ground rent $5977/year including gst (next ground rent review August 2018)
Outcome: sold at only bid of $49,000
Agents: Dominic Worthington

Victoria St

Lister, 9 Victoria St East, unit 7D:
Features: 40m², 2 bedrooms
Outgoings: rates $1411/year including gst; body corp levy $4136/year excluding water levy
Income assessment: $500-550/week furnished
Outcome: one bid at $300,000, vendor bid at $350,000, passed in
Agents: Judi & Michelle Yurak

Isthmus west

Grey Lynn

Ivory, 16 Chapman St, unit 5G:
Features: 80m², 2 bedrooms, 2 bathrooms, north-east-facing deck, 2 basement parking spaces
Outcome: sold for $682,000
Agents: Pamela Grant (Ray White Ponsonby)

One on Ophir, 1 Ophir St, unit 1G:
Features: 65m², 3 bedrooms, 2 bathrooms, patio, basement parking space & storage locker
Outgoings: rates $1476/year including gst; body corp levy $4092/year
Income assessment: $680-720/week furnished
Outcome: passed in at $620,000
Agents: Judi & Michelle Yurak

Attribution: Auction.

Continue Reading
WordPress Appliance - Powered by TurnKey Linux