Archive | Isthmus east

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Outcome: withdrawn from auction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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3 intensive homes sell at auction

3 of 8 intensive suburban homes – units, townhouses & cross-leases – were sold at Barfoot & Thompson’s city auctions yesterday. Of the total 20 residential properties on offer (including standalone homes), 5 were sold.

Isthmus east

Mt Wellington

80 Banks Rd, unit 4:
Features: cross-lease, 1/6 share in 2612m², 4 bedrooms, garage
Outcome: passed in at $700,000
Agent: Hamish Hargrave

56 Ferndale Rd, unit 9:
Features: 2-bedroom unit, storage shed, carport
Outgoings: body corp levy $2108/year
Outcome: no bid
Agents: Jane Wang & Angela Qi

51 Ireland Rd, unit 20:
Features: 2-level 2-bedroom townhouse, study, offstreet parking
Outgoings: body corp levy $2773/year
Outcome: sold for $570,000
Agent: Sue Su

5 Lynton Rd, unit 4:
Features: cross-lease, quarter share in 1052m², 2-bedroom unit, carport
Outcome: no bid
Agents: Rain Diao

Parnell

65 Gibraltar Crescent:
Features: 3-bedroom townhouse, 2.5 bathrooms, double internal-access garage
Outcome: no bid
Agent: May Zhang

Remuera

10 Ingram Rd:
Features: cross-lease, half share in 807m², 4 bedrooms, double internal-access garage
Outcome: passed in at $1.96 million
Agents: Cici Wang & Carey Liu

Isthmus west

Grey Lynn

2A Wilton St:
Features: 2-level 2-bedroom unit, offstreet parking
Outcome: sold for $880,500
Agent: André Boddé

Mt Roskill

2 Fearon Avenue, unit 2:
Features: 2-bedroom unit, conservatory, carport
Outcome: sold for $652,000
Agents: Jim Liu & Cicy Zhu

Attribution: Auctions.

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Lessor sells 3 Ellerslie titles

The lessor’s interest in 3 Ellerslie titles is among 3 eastern suburbs sales by Bayleys commercial agents. An East Tamaki live/work unit has also been sold.

Isthmus east

Ellerslie

19-23 Kalmia St:
Features: Lessor’s interest in 3 titles totalling 1599m², 20-year perpetually renewable ground lease paid by 3 occupants, with 5-yearly rent reviews calculated by multiplying unencumbered freehold market value of land by 6.5%, next review November 2020; rezoned business – mixed use under the unitary plan with height limit increased to 18m
Rent: $114,000/year net + gst
Outcome: sold for $2.75 million at a 4.16% yield
Agents: Alan Haydock &Damien Bullick

Mt Wellington

284F Marua Rd:
Features: 91m² office/showroom unit with kitchen & amenities
Outcome: sold vacant for $430,000
Agents: Greg Hall & Sunil Bhana

Onehunga

37 Princes St:
Features: 320m² site zoned mixed use, 185m² industrial workshop, 2-year lease to auto tenant, final expiry in June 2018
Rent: $22,000/year net + gst
Outcome: sold for $850,000
Agents: James Valintine & Greg Hall

South

East Tamaki

7 Torrens Rd, unit 4A:
Features: 2-level work/live premises totalling 145m² plus balcony & private courtyard, 3 parking spaces; ground-floor showroom/office and low stud warehouse, 3-bedroom apartment on first floor
Outcome: sold for $650,000 with vacant possession
Agent: Mike Marinkovich

Attribution: Agency release.

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Mairangi Bay townhouse sells at auction

A brick & tile unit in One Tree Hill and a Mairangi Bay townhouse were sold at Bayleys auctions around Auckland last week.

Isthmus east

One Tree Hill

18 Tawhiri Rd, unit 4:
Features: 3-bedroom unit, carport
Outcome: passed in, back on market at $887,000
Agent: Ruth Inwood

North-east

Mairangi Bay

16A Hastings Rd:
Features: 2-bedroom townhouse, internal-access garage
Outcome: sold for $890,000
Agents: Tara Menzies & Malcolm Low

Attribution: Agency release.

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3 of 13 apartments & units sell at auctions

3 of the 13 intensive residential properties – city centre apartments, suburban units & townhouses – auctioned at Barfoot & Thompson’s city branch at sessions on Wednesday & Thursday sold under the hammer.

Of the 36 residential properties, including standalone homes, auctioned over the 2 days, 17 sold at the auction.

CBD

Albert St

Stamford Residences, 26 Albert St, unit 1511:
Features: 127m², 2 bedrooms, 2 bathrooms, conservatory, parking space
Outgoings: body corp levy $8475/year
Outcome: passed in at $1.3 million
Agents: Stephen & Leo Shin

Learning Quarter

Waldorf Celestion, 19 Anzac Avenue, unit 502:
Features: 2 bedrooms, balcony
Outgoings: body corp levy $4410/year
Outcome: passed in at $440,000
Agent: Jason Buckwell

Victoria Quarter

Fiore, 152 Hobson St, unit 408:
Features: 40m², one-bedroom apartment
Outgoings: body corp levy $2907/year
Outcome: passed in at $250,000
Agents: Andre Volkov & Mike Ma

Isthmus east

Meadowbank

21 Houghton St, unit 1:
Features: 2-bedroom unit, patio, raised deck, garage
Outcome: sold for $660,000
Agent: Steve Hood

Onehunga

279A Onehunga Mall:
Features: 3-bedroom loft, 2 bathrooms, balcony, tandem parking
Outcome: sold for $720,000
Agents: Wendy Sadd & Ron Maman

151 Selwyn St, unit 7:
Features: 2-bedroom unit, carport
Outcome: sold for $775,000
Agent: Digna Clark

St Heliers

40 Devore St:
Features: 3-bedroom refurnished penthouse with internal lift, 2 bathrooms, 2 conservatories
Outcome: passed in
Agent: Karin Cooper

Isthmus west

Coxs Bay

Bayside Lofts, 571 Livingstone St:
Features: 2-bedroom loft, 2 bathrooms, 2 parking spaces
Outcome: passed in at $900,000
Agents: Carl & Roseanne Madsen

Grey Lynn

M-One, 250 Richmond Rd, unit 3N:
Features: 42m², one-bedroom apartment, patio, storage locker, secure covered parking space; remedial work planned
Outcome: passed in at $240,000
Agents: Sheryl Jones & Jack Atherton

Herne Bay

3 Hamilton Rd, unit 10:
Features: one-bedroom apartment, storage locker, secure parking space
Outcome: passed in at $770,000
Agent: Felicity Scott

Sandringham

43 Kingsway Avenue, unit 6:
Features: 3-bedroom unit, 2 bathrooms, garage
Outcome: passed in at $730,000
Agents: Yi Wei Lowndes & Tian Qiu

North-west

New Lynn

1 Briar Way, unit 19:
Features: 3-bedroom terrace, 2 bathrooms, internal-access garage, reclad & redecorated
Outcome: no bid
Agent: Isabella Li

43A Rata St:
Features: 135m² site, 3 bedrooms, 2 bathrooms, study, internal-access garage
Outcome: no bid
Agent: Michelle Zhang

Attribution: Auctions.

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Shop & small industrial unit sell at auction

Barfoot & Thompson agents sold 2 commercial properties at auction yesterday, one a Mt Roskill liquor store and the other an industrial unit in Mt Wellington.

Isthmus east

Mt Wellington

84 Elizabeth Knox Place, unit 2:
Features: 140m² air-conditioned industrial unit – 2 offices, showroom, unconsented mezzanine floor, camera security system, 3 parking spaces
Outcome: sold vacant for $706,000
Agent: Mike Jensen

Isthmus west

Mt Roskill

1228 Dominion Rd:
Features: 159m² site, dual access, 238m² building, liquor store & basement,
Rent: $42,000/year + gst + outgoings, next rent review August 2018
Outcome: sold for $815,000 at a 5.15% yield
Agents: Nick Wilson & Cam Paterson

Attribution: Auction.

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Townhouse & unit sell

A West Harbour townhouse and a Kohimarama unit were sold at Bayleys auctions last week.

Isthmus east

Glendowie

171 Riddell Rd, unit 8:
Features: 3-bedroom townhouse, 2 bathrooms, double garage
Outcome: passed in
Agent: Murray Wallace

Kohimarama

50 Kohimarama Rd, unit 3:
Features: 2-bedroom unit, deck, 2 garages
Outcome: sold for $975,000
Agents: John Howard & Josie Moon

North-west

West Harbour

11D Clearwater Cove:
Features: concrete tilt-slab construction, 3-bedroom townhouse, 2 bathrooms, no body corporate, parking space
Outcome: sold for $685,000
Agents: Terry & Janet Jones

Attribution: Agency release.

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Churton warns Orakei board of declining standards from relentless intensification

Orakei Local Board member Troy Churton has questioned residential intensification at several spots around the ward in his report to the board’s meeting on Thursday, chiefly for height infringements, being out of character & resultant commuter congestion.

He’s also raised a question over the impact of cycleways on St Stephens Avenue & Gladstone Rd, which Auckland Transport is pursuing.

In his report as the board’s lead member on planning & regulatory matters, Mr Churton said that at a training day & workshop he discussed “‘triggers’ requiring planners to forward files to me for comment as to whether they should be notified or not”.

He went on to list projects where he understood the developer intended to breach the 16m height limit, notably at 29-35 & 37 Coates Avenue, Orakei, and, in one case, the quality of design on a landmark site “where the very best of design standards should be implemented”.

In his report on 29-35 Coates Avenue, Mr Churton said: “I do not accept the assessment of environment effects report at page 10 suggesting it is appropriate to disregard effects below 16m simply because a previous consent may have found there to be no more than minor effects for a 4-storey building previously applied for and of lower height.

“The receiving environment of this development is the area of Coates Avenue that currently has some multi-storeyed development. Overall the proposal is to likely to contribute to an obvious dominant high, built environment. This is said to be consistent with the future character of the area.

“It is, however, currently not the character of the area and there can be no expectation that just because a one’s set of standards enables certain types of development, that the community & landowners suddenly forego concern for the existing state of character or will seek to exploit those activities.

“The future character of the area relies on developments that are designed to meet standards and not infringe them. This proposal may, for want of being designed to meet height & height:boundary standards, therefore disrupts amenity value in the existing neighbourhood of mostly lower level surrounding residential built form & character.

“It will plainly meet many other unitary plan purposes and would not attract a notification trigger if designed to standard as to height & height:boundary.

“If the advice that I received in my training recently was that standards are to be upheld, then this matter presents an adverse effect as to height that is more than minor and should be notified.

“If, however, council planners intend on facilitating an ongoing culture of enabling developers to treat standards they are all very aware of in due diligence for a site and as measures to be willingly infringed, then there is a case to say the positive effects of the proposal in this zone & area may mitigate the potential adverse effects.”

Meadowbank Station & commuter parking

On the development proposal for 4 Koa St, Meadowbank – 14 units on 3 levels plus 10 basement parking spaces – Mr Churton said Housing NZ owned houses in the street and supported the application and the applicant wanted limited notification.

However, he questioned the adequacy of parking provision in a cul de sac which was some distance (450m) from the Meadowbank station but wasn’t exempt from commuter parking because commuters’ cars already saturated the area.

“While I have reservations about the bulk & scale, by itself in this zone it is not such an infringement as to be a special circumstance that would likely meet the requirements for discretionary public notification. However, there is a very high degree of public interest in ensuring quality built environs in this area as a number of other intensification projects are pursued, some from Housing NZ.”

Mr Churton suggested this development go to the council’s urban design panel for approval before a final decision was made on notification.

On a development proposal for 234, 236 & 236A Kepa Rd, on a prominent arterial ridgeline at the top of Mission Bay, Mr Churton said the proposed height infringement of up to 1m might seem small but, in an area where other intensification was also planned, the precaution of notification should be taken: “The cumulative effects of such a mass of multi-storey development where height infringements might be allowed for some is, in my view, a more than minor effect.”

At 9-11 Purewa Rd, Meadowbank, Mr Churton raised the quality objection: “Whilst not adverse [averse, I think] to intensification per se, the board views are to believe this proposed development will have a seriously detrimental effect on what is at present a desirable & sought-after residential area of our ward.”

He said a number of residents in the vicinity objected to “the poor design features”, drastically changed from the initial proposal “to a series of tenement-like structures with outdated features which have long been discarded in modern building practice- ie, external stairways.

“The size, and more importantly the density, of the planned construction has potential for adverse social impacts on an otherwise safe & pleasant community. This area of Meadowbank St Johns is already facing saturation problems with the increased traffic flow & parking overload on local streets from intensification, growing commuter use of the Meadowbank train station and the expansion from the nearby retirement village expansion.”

Mr Churton said the Purewa Rd site next to Hobson Bay & the railway line was a gateway to the Orakei ward via rail: “This is an example of a site where the very best of design standards should be implemented.”

Cycleways

Mr Churton said these cycleways on St Stephens Avenue & Gladstone Rd would eradicate onstreet parking for fringe cbd residents & workers as well as destination parking for tourism to places like the Rose Gardens on Gladstone Rd.

He said they also had “no apparent connection” to changes that might happen along Tamaki Drive or in stage 4 of the shared path crossing.

He wants the board to meet Auckland Transport to discuss the cycleways & stage 4 shared path across Hobson Bay.

Links:
Orakei Local Board agenda
12, Notice of motion, Member Troy Churton – Tamaki Drive & wider cycle route integration
Recommendation
25, Board member report, Troy Churton 
Addendum – examples of notification comments made as portfolio leader
NZ Transport Agency: Auckland urban cycleways programme
Auckland Transport: Cycling & walking programme

Attribution: Board agenda.

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Rosedale unit sells at 4.3%

A Rosedale industrial unit (pictured) was sold at auction by NAI Harcourts on a 4.31% yield on 1 June, but the 2 commercial properties auctioned yesterday were both passed in.

Isthmus east

Onehunga

67 Victoria St:
Features: vacant industrial property, 1359m² site, 788m² floor area
Outcome: passed in
Agents: Jerry Zheng & Ben Liao

Remuera

575 Remuera Rd:
Features: 140m² building being vacated, ground-floor shop & upstairs residential
Outcome: passed in
Agent: Tim Turner

North-east

Rosedale

15C Paul Matthews Rd:
Features: 327.1m² industrial unit – warehouse 201.3m², ground & first-floor offices 125.8m², 5 parking spaces
Rent: $50,000/year net + gst
Outcome: sold for $1.16 million at a 4.31% yield
Agents: Albert Quan & Dave Lane

Attribution: Agency release.

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Epsom office building sells

JLL agents Jarred Hill & Jason Armstrong have sold a Great South Rd building near the Market Rd corner in Epsom with a rent underwrite in place.

Under the mixed-use zone, the site can be developed up to 4 storeys or 18m.

Isthmus east

Epsom

97 Great South Rd:
Features: 1053m² site, 718m² office building, 2 established tenants on leases expiring at the start of 2020, covered parking
Rent: $175,000/year
Outcome: sold for $3.9 million, reflecting a 5.1% yield on underwritten market rental (landlord underwrote rent to market level $200,000 net for the remaining lease term)
Agents: Jarred Hill & Jason Armstrong

Attribution: Agent release.

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