Archive | Ellerslie

Auction results, and a market assessment

Amid the noise over a decline in residential sales, it’s important to establish where that’s happening and in what types of market.

In Auckland, it was not at all surprising that a steep rise in prices should be followed by a decline, while Reserve Bank measures tightening borrowing have forced a further decline through the inability to borrow, and the absence of Chinese borrowers this year – compared to auctionrooms last year that were filled with Chinese buyers who appeared to have no limits – has taken further steam out.

The auction results presented below are from Barfoot & Thompson’s cbd apartments auction yesterday – 2 units, one sold – and from residential auctions on Tuesday & Wednesday.

Of the total 13 properties listed below, 8 sold, but the selection I’ve focused on is presented for the geographical mix as much as for the housing type.

Now that Auckland Council’s unitary plan is almost entirely in place, the real estate world has begun presenting more properties for their redevelopment potential, and many of those with such potential at lower prices are in isthmus fringe areas such as Point England & Glen Innes to the east, Mt Roskill & Mt Albert to the west. Unlike the regional fringes where new subdivisions are being developed – on the Hibiscus Coast to the north, across the top of the harbour to the west, and in a number of districts through old Papakura & Franklin to the south – these ones are close to the city centre, within 10km compared to beyond 25km or 40km.

On the isthmus, a house that was once in a bad neighbourhood can now command a price tag above $1 million, and all it’s done is age. Bad neighbourhoods could be defined as having a high state housing ratio, low-decile incomes, large families squeezed into small homes, poorer construction materials, and a general lack of foliage on sections and in streetscapes.

Those new price tags will force the old families out, and little is being created for them to move to. Those price rises in the bad neighbourhoods will also help lift already-soaring prices in the good neighbourhoods – the leafy areas of the eastern suburbs, for example.

Much of the entry-level housing is in cross-leased houses or mostly old brick-&-tile units. The prices for those can be as high as a modern product such as a 3-year-old GJ Gardner home (one in Mt Albert is listed below).

CBD

Learning Quarter:

Forte, 37 Symonds St, unit 505:
Features: 2-bedroom apartment, 2 bathrooms, deck
Outgoings: rates $1253/year including gst; body corp levy $3634/year
Outcome: sold for $540,000
Agents: Justin Choi & Zoran Farac

Longview, 6 Whitaker Place, unit 4D:
Features: 55m², one-bedroom apartment, deck
Outgoings: rates $1278/year including gst; body corp levy $3996/year
Outcome: no bid
Agents: Justin Choi & Stephen Shin

Isthmus east

Ellerslie

50 Amy St, unit 9:
Features: 3-storey townhouse, 3 bedrooms, carport
Outcome: sold for $785,000
Agent: Karin de Leeuw

Epsom

10 Orakau Avenue, unit 2:
Features: 2-bedroom townhouse, internal-access garage
Outcome: sold for $1.32 million
Agents: John Zhang & Louissa Bao

Glen Innes

52 Taniwha St:
Features: 837m² section, 3 bedrooms, study, garage, 4 offstreet parking spaces – in redeveloping Wai O Taiki Bay area bordering Glendowie, zoned mixed housing suburban
Outcome: sold for $1.09 million
Agents: Paul Neshausen & Sam Bowen

Mt Wellington

13A Wilkie Place:
Features: cross-lease, half share in 935m², 5-bedroom house – 3 bedrooms upstairs, separate & consented 2-bedroom flat downstairs with own entrance, carport, 2 offstreet parking spaces
Outcome: sold for $920,000
Agents: Jane Wang & Luke Shi

Stonefields

10 Robert Sale Rise:
Features: 354m² section, 235m² townhouse, 5 bedrooms, 3 bathrooms, 2 family rooms & separate lounge, double garage
Outcome: sold for $1.6 million
Agents: Frances Li & Ian Thornhill

Isthmus west

Mt Albert

60D Taylors Rd:
Features: 291m² section, 4-bedroom house, 3 bathrooms, family room, separate lounge, double internal–access garage, built 3 years ago by GJ Gardner
Outcome: sold for $1.36 million
Agents: Paul Donovan & Sharon Walls

Tremont Apartments, 4 Wagener Place, unit 409:
Features: top-floor apartment, 2 bedrooms, secure parking space
Outcome: passed in
Agents: George Fong & Laura Mc Auley

Mt Eden

706 Mt Eden Rd & 2A Watling St:
Features: 2 houses on 809m² corner section, each with own half-share cross-lease – 80m² 2-bedroom house on Mt Eden Rd, 140m² 3-bedroom house, double garage on Watling St
Income assessment: current rental expectation $1000-plus/week
Outcome: passed in when both offered together, no bid on Watling alone
Agents: Kelly Zhang & Hattie Liu

Mt Roskill

98 Melrose Rd, unit 3:
Features: 2-bedroom unit, carport
Outcome: no bid
Agents: Richard Han

North-west

Henderson

16 Matuhi Rise:
Features: 3-bedroom duplex, garage & workshop, carport, in-ground pool
Outcome: passed in, back on market at $649,000
Agents: Repeka Lelaulu & John Elgar

Te Atatu Peninsula

8 Celsmere Lane:
Features: renovated 2-bedroom house on 528m² section
Outcome: sold for $1.12 million
Agents: Angel Li & Louis Lai

Attribution: City apartments auction, auction documents.

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6 intensive units sell out of 15 offered at Barfoot auctions

One of 3 apartments on offer sold at Barfoot & Thompson’s specialist apartments auction on Thursday, another had sold at an auction brought forward to Monday, and a townhouse sold at mortgagee auction on Wednesday.

Then at the later Thursday auctions sessions, one apartment & 2 townhouses sold.

Those 6 intensive-property sales were among 15 sales out of 43 residential properties (including 2 sold prior & one withdrawn) on the agency’s city branch auction lists over Tuesday-Thursday.

Those auction lists for the 3 days compare with lists of 80 properties/day at the height of the market late last year & early this year. The success rate is well down and, although I can’t be sure of how far vendors have bent to achieve a sale on the day, I’m aware that many vendors have met the tougher market over the last few months.

CBD

Learning Quarter

The Quadrant, 10 Waterloo Quadrant, unit 1612:
Features: 45m² internal, 13m² deck, 2-bedroom corner apartment, parking space
Outcome: sold for $660,000
Agent: Paul Studman

Connaught, 14 Waterloo Quadrant, unit 3F:
Features: 90m², 2-bedroom corner apartment, storage locker, parking space
Outcome: no bid
Agent: Casey Chen

Shortland St

Shortlands, 5C/97 Shortland St, unit 5C:
Features: 54m², one-bedroom corner apartment, balcony
Outcome: sold for $537,500
Agents: Sarah Garlick & Estee Zeng

Uptown

Eclipse, 156 Vincent St, unit 11J:
Features: 41m², fully furnished one bedroom
Outgoings: rates $1215/year including gst; body corp levy $3556/year
Outcome: passed in, back on market at $415,000
Agents: Selina Zheng & Tommy Zhang

Waterfront

Princes Wharf, 137 Quay St, shed 19, unit 21:
Features: leasehold, one bedroom, deck, parking space
Outcome: sold at pre-auction on 3 July
Agents: Ian Waddams & Donna Rugay

Isthmus east

Ellerslie

10 Hawthorne Place, unit 1:
Features: 2 bedrooms, deck, carport
Outcome: sold for $725,000
Agent: Nick Lyus

19 Robert St, apartments 1 & 2:
Features: 4 bedrooms in 2 apartments in villa, 2 bathrooms, separate lounges, carport for 3 cars + 3 offstreet parking spaces
Outcome: no bid, back on market at $1.385 million
Agent: Steve Hood

Epsom

39 Onslow Avenue, unit 3:
Features: m², 3-bedroom townhouse, 2 bathrooms, deck, carport
Outgoings: rates $/year including gst; body corp levy $/year
Income assessment: $/week
Outcome: sold for $1.453 million
Agents: Sara Knight & Vern Hines

Newmarket

Mosman, 4 Sarawia St, unit 1:
Features: 80m², ground-floor end unit, 2 bedrooms, carport
Outcome: no bid
Agent: Liz Derbyshire

Remuera

71 Ngapuhi Rd, unit 2:
Features: 3-bedroom unit, deck, garage
Outcome: no bid, back on market at $829,000
Agent: Jason Li

78 Waiatarua Rd, unit 2:
Features: 2-bedroom garden unit, garage + utility room
Outcome: no bid
Agents: Stanley& Barbara Armon

St Heliers

30K Tarawera Terrace:
Features: 134m², 2-bedroom penthouse apartment, balcony, tandem garage + guest parking
Outcome: no bid, back on market at $875,000
Agent: Kelly Midwood

3 Walmsley Rd, unit 3:
Features: 2-bedroom unit, basement garage, carport
Outcome: no bid, back on market at $785,000
Agents: Margot Torrance & Lynette Boyd

St Johns

20 Simkin Avenue, unit 1:
Features: 100m², 2-level 2-bedroom townhouse, plus basement, deck
Outcome: sold at mortgagee auction for $120,000
Agent: Philip Davis

Attribution: Agency.

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2 cbd apartments & 3 suburban units sell

2 of the 4 central area apartments auction at Barfoot & Thompson on Thursday were sold under the hammer.

Of 12 suburban intensive residential properties auctioned during the week, 3 were sold under the hammer. 4 new townhouses in a group in Mt Albert were all passed in.

CBD

Learning Quarter

Emily, 22 Emily Place, unit 5E (ex-Four Seasons):
Features: 118m², 3 bedrooms, balcony, in 8-storey art deco former office & warehouse building
Outcome: no bid
Agents: Leo Shin & Zoran Farac

Uptown

Amora, 100 Greys Avenue, unit 7F:
Features: one-bedroom hotel unit
Income assessment: management contracted until 2020, hotel pays the body corporate levies & council rates, annual CPI increase in income, owner has 4300 shares in the company, net income just under $9000/year
Outcome: sold for $215,000 at pre-auction on Friday
Agent: Mike Campbell

Victoria Quarter

Imperial Gardens, 135 Hobson St, unit 218:
Features: 2 bedrooms, storage locker, parking space
Outcome: no bid
Agents: Wendy Feng & Jack Li

SugarTree Prima, 27 Union St, unit 412:
Features: 75m², 2 bedrooms, 2 bathrooms, balcony, parking space
Outgoings: body corp levy $/year
Income assessment: $610/week unfurnished current
Outcome: sold for $695,000
Agent: Aaron Cook

Isthmus east

Ellerslie

14 Ballarat St, unit 1:
Features: 116m², 3-bedroom unit garage
Outcome: passed in, back on market at $698,000
Agents: Kelly Midwood

39 Celtic Crescent, unit 3:
Features: 3-bedroom unit, carport
Outcome: sold for $645,000
Agent: Steve Hood

Epsom

1 Epsom Avenue, unit 9:
Features: 3-bedroom unit, balcony, carport
Outcome: passed in, back on market at $765,000
Agents: George Fong & Paul Sun

Mt Wellington

8 Monaco Place:
Features: 364m² section, 2-bedroom duplex unit, internal-access garage
Outcome: sold for $739,500
Agents: Margaret Johnston & Phyllis Brooks

Newmarket

9 Sarawia St, unit 405:
Features: one-bedroom apartment, carport
Outcome: passed in
Agent: Ray Qu

Remuera

171A Portland Rd, unit 2:
Features: 1/6 share in cross-lease, 2-bedroom unit, carport
Outcome: sold for $724,000
Agent: Steve Hood

Isthmus west

Mt Albert

135 Mt Albert Rd, lot 1:
Features: 368m² section, 227m² floor area, 5.2m² balcony, 5 bedrooms, 3 bathrooms, 5.2m² balcony, double internal-access garage
Outcome: no bid
Agents: Jane Wang & Angela Qi

135 Mt Albert Rd, lot 2:
Features: 369m² section, 232m² floor area, 5 bedrooms, 3 bathrooms, 9.4m² balcony, double internal-access garage
Outcome: passed in
Agents: Jane Wang & Angela Qi

135 Mt Albert Rd, lot 3:
Features: 390m² section, 222m² floor area, 5 bedrooms, 3 bathrooms, 12m² balcony, double internal-access garage
Outcome: no bid
Agents: Jane Wang & Angela Qi

135 Mt Albert Rd, lot 4:
Features: 390m² section, 220m² floor area, 5 bedrooms, 3 bathrooms, 11.5m² balcony, double internal-access garage
Outcome: no bid
Agents: Jane Wang & Angela Qi

23A Malvern Rd, units 1, 2 & 3:
Features: 1171m² section, 3 2-bedroom flats fronting Fowlds Park, , each with a carport
Outcome: no bid
Agents: Ashley Tait & Lisa Te Brake

Mt Eden

23 Fairview Avenue, unit 8:
Features: one-bedroom flat, deck, carport
Outcome: passed in, back on market at $548,000
Agent: Kun Hong    

Attribution: Company release.

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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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7 of 19 intensive homes sell at Barfoots

7 intensive properties sold out of 19 auctioned at Barfoot & Thompson’s city office over the last 3 days. They include apartments, suburban units, townhouses & homes on cross-leases.

At times the auctionroom was busy, more often quiet – not surprisingly so, given that the agency is putting through about the same number of properties in a week as it was pumping through in a day at the frenzied height of the market last year & briefly this year.

The properties listed below were auctioned between Tuesday afternoon & Thursday morning.

CBD

Learning Quarter

Silo, 23 Emily Place, unit 11H:
Features: 3-bedroom apartment, deck, 2 parking spaces
Outgoings: body corp levy $8677/year for the unit, $746/year for each parking space
Outcome: passed in at $900,000
Agents: Aaron Cook & Leo Shin

Argent Hall, 2 Eden Crescent, unit 14F:
Features: one-bedroom apartment, storage unit, parking space
Outgoings: body corp levy $6183/year
Outcome: passed in at $540,000, sold shortly after the auction for $557,000
Agents: Zoran Farac & Justin Choi

Isthmus east

Ellerslie

22 Marua Rd, unit 3:
Features: cross-lease, quarter share in 1214m², 4 bedrooms, double carport
Outcome: sold for $858,000
Agents: Alex Yang & Xia Wang

Mt Wellington

16 Bertrand Rd, unit 4:
Features: 2-bedroom unit, carport
Outcome: no bid
Agents: Robben Li & Will Liu

Newmarket

Queens Lodge, 176 Broadway, unit D505:
Features: one-bedroom apartment, secure parking space
Outgoings: body corp levy $1353/year for unit, $638/year for parking
Outcome: no bid, back on market at $580,000
Agent: Duncan Wu

Onehunga

90 Victoria St, unit 2:
Features: cross-lease, 1/9 share in 2056m², 2 bedrooms, garage
Outcome: no bid, back on market at $589,000
Agents: Leonie Stabler & Di Lynds

Parnell

4 Churton St, unit 4:
Features: 3-bedroom townhouse, 2 bathrooms, 2 parking spaces
Income assessment: appraisal $1350/week
Outcome: no bid, back on market at $1.775 million
Agent: Linda Galbraith

4 Churton St, unit 5:
Features: 3-bedroom townhouse, 2 bathrooms, 2 parking spaces
Income assessment: appraisal $1350/week
Outcome: no bid, back on market at $1.775 million
Agent: Linda Galbraith

4 Churton St, unit 7:
Features: 3-bedroom townhouse, 2 bathrooms, 2 parking spaces
Income assessment: appraisal $1350/week
Outcome: no bid, back on market at $1.775 million
Agent: Linda Galbraith

Isthmus west

Grey Lynn

23A Pollen St, unit 102:
Features: one-bedroom apartment, study nook, balcony, storage unit, secure parking space
Outgoings: body corp levy $3382/year
Outcome: sold for $741,000
Agents: George Damiris & Carl Madsen

Herne Bay

27 Wallace St, unit 1:
Features: one-bedroom apartment, parking space
Outgoings: body corp levy $3193/year
Outcome: passed in
Agents: Ashley Tait & Andre Bodde

Kingsland

52 Aitken Terrace, unit 1A:
Features: one-bedroom apartment, double garage
Outgoings: body corp levy $4743/year
Outcome: sold for $930,000
Agents: George Damiris & Carl Madsen

Mt Roskill

41A Marion Avenue:
Features: cross-lease, half share in 839m², 4 bedrooms, carport
Outcome: no bid
Agents: Denis Dias & Calvin Roche

25A Rogan St:
Features: cross-lease, half share in 813m², 3 bedrooms, 2 bathrooms, garage
Outcome: passed in
Agent: Tanzi Rose

Sandringham

32 Fowlds Avenue, unit 3:
Features: cross-lease, quarter share in 655m², 2-bedroom unit, garage
Outcome: sold for $687,000
Agent: Felix Bogdanovic

24 Morningside Drive, unit 4:
Features: 2-bedroom unit, garage
Outgoings: body corp levy $591/year
Outcome: sold for $639,000
Agent: Repeka Lelaulu

St Marys Bay

101 Shelly Beach Rd, unit 1:
Features: cross-lease, 1/6 share in 695m², 2-bedroom unit, deck, private courtyard
Outcome: passed in at $800,000
Agents: Carl & Rosanne Madsen

117 Shelly Beach Rd, unit 9:
Features: 3-bedroom terrace, 3 bathrooms, balcony, double garage
Outgoings: body corp levy $5418/year
Outcome: no bid
Agents: Carl & Rosanne Madsen

North-west

Henderson

85 Edmonton Rd, unit 18:
Features: 2-bedroom unit, offstreet parking
Income assessment: $360/week fixed until August
Outcome: sold for $489,000
Agent: Rosemary Giborees

Attribution: Auctions.

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Auction raises more questions than bidders’ hands

Barfoot & Thompson’s apartments auction today raised more questions than bidders’ hands.

In a sparsely population city auctionroom, the 4 properties on offer were a cbd apartment, a cross-lease in Ellerslie, a unit in Papatoetoe where the unit title wasn’t yet issued, and a Glen Innes house on a section – like thousands around Auckland now – with subdivision potential following rezoning.

The Connaught apartment had a bidder, but the margin between them and the vendor was about $200,000, setting the vendor’s target about $20,000 above the price achieved for a larger unit last July, when the market was far more active.

Excluding parking & balcony, the vendor would have been seeking about $14,000/m² internal, compared to a bid set at about $9000/m².

New apartment developments’ prices have moved well above the $10,000/m² that was a benchmark 2 years ago – construction costs have helped push some about $15,000/m² – but for older buildings those sorts of returns raise a question of how much of the windfall arising from price rises over the last 4 years is acceptable or readily achievable.

The Ellerslie cross-lease sold under the hammer after the vendor edged down but the other 2 properties attracted no bid.

A unit where the unit paperwork hadn’t been completed presented a risk most wouldn’t take in a declining market.

And, while the far eastern Tamaki suburbs on the isthmus started to attract more interest late last year, the unitary plan has opened thousands of residential properties up for potential subdivision, negating windfall opportunities and (in theory at least) opening suburbia up to cheaper new housing.

The mindset of cheaper new suburban development hasn’t set in yet, and may need a council push in terms of infrastructure provision & pricing, but the number of sections starting to come to the market indicates enough willingness to sell, and for intensification to gradually get underway.

CBD

Learning Quarter

The Connaught, 14 Waterloo Quadrant, unit 5I:
Features: 50m² including balcony, one-bedroom apartment, parking space
Outgoings: body corp levy $4455/year
Income assessment: $400/week
Outcome: passed in at $450,000
Agent: Bernard Scahill

Isthmus east

Ellerslie

141 Celtic Crescent, unit 5:
Features: cross-lease, 1/5 share in 1760m², 3-bedrooms, 2 bathrooms, internal-access garage
Outcome: sold for $800,000
Agent: Paul Studman

Glen Innes

16 Epping St:
Features: 688m² site in terrace housing & apartments zone under the unitary plan, 4 bedrooms
Outcome: no bid
Agent: Jack Hu

South

Papatoetoe

81A Huia Rd, unit 2:
Features: 69m² 3-bedroom unit, 25m² sleepout with own bathroom, double carport – unit title yet to issue and body corporate levy yet to be determined
Outcome: no bid
Agent: Neno Radinovich

Attribution: Auction.

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10 sell at Bayleys’ commercial auction

9 properties were sold under the hammer and one post-auction of the 17 in Bayleys’ commercial auction yesterday. Another 3 were sold prior.

[Today’s report is short on some detail.]

CBD

Learning Quarter

5 Eden Crescent, units A & B:
Features: 600m² strata title, renovated, licensed karaoke bar & restaurant
Rent: $161,000/year net + gst
Outcome: passed in at $2.5 million
Agents: Oscar Kuang & Nicolas Ching

Queen St

239 Queen St, unit 1A:
Features: new 12-year lease
Rent: $150,657/year net + gst
Outcome: withdrawn from auction
Agents: Quinn Ngo & James Chan

Isthmus east

Ellerslie

38 Eaglehurst Rd, unit 7:
Features: warehouse
Outcome: declared reserve of $600,000, sold for $800,000
Agents: Andrew Wallace & Cameron Melhuish

Epsom

206 Manukau Rd:
Features: 898m² corner section,
Rent: $67,340/year holding income
Outcome: passed in at $3.55 million
Agents: Owen Ding & James Chan

Mission Bay

2 Atkin Avenue, unit 1:
Features: 374m² site zoned mixed use (up to 18m) under unitary plan, 3-bedroom unit, garage
Outcome: sold for$1.955 million
Agents: Phil Haydock & Angela Yang

Onehunga

18 George Terrace:
Features: 342m² site zoned mixed use, warehouse, office, amenities
Outcome: sold for $1.072 million
Agents: James Valintine & William Gubb

4 Newsome St:
Features: 493m², permissible height 20m
Outcome: no bid
Agents: Tony Chaudhary & James Valintine

Panmure

100 Queens Rd:
Features: town centre zone under unitary plan
Rent: $121,000/year net + gst
Outcome: passed in at $1.6 million
Agents: Mark Pittaway

Isthmus west

Eden Terrace

12 Fleet St:
Features: 336m² site
Rent: $52,260/year
Outcome: sold prior at declared reserve of $1.25 million
Agents: James Were & Scott Kirk

Mt Roskill

439 Mt Albert Rd:
Features: corner site, 4-bedroom home, internal garage, 3 commercial tenancies on ground floor
Outcome: auction postponed
Agents: Phil Haydock & Angela Yang

Ponsonby

91 College Hill:
Features: 337m² site zoned mixed use, 275m² gross floor area, 5 secure parking spaces
Outcome: sold for $2,577,500
Agents: Nigel McNeill & Meredith Graham

Sandringham

513 Sandringham Rd:
Features: retail + refurbished 3-bedroom flat
Rent: $88,060/year
Outcome: sold for $1.75 million
Agents: Scott Kirk & Damien Bullick

North-east

Northcote

44 Akoranga Drive:
Features: 946m² corner site, mixed use zone next to AUT
Outcome: sold for $2.5 million
Agents: Michael Nees & Simon Aldridge

Takapuna

6 & 6A Blomfield Spa:
Outcome: withdrawn from auction
Agents: Simon Aldridge & David Huang

Wairau Valley

170 Wairau Rd, unit 18:
Features: Hell Pizza on long-term lease
Rent: $54,000/year net + gst + outgoings
Outcome: sold for $990,000
Agents: Paul Dixon & Tony Chaudhary

North-west

Glendene

3 Bancroft Crescent:
Features: 3584m² site, long-term tenant, 6-year lease term with renewal rights
Rent: $225,000/year net + gst
Outcome: passed in at $2.775 million
Agents: Dave Stanley & Stuart Bode

New Lynn

3019 Great North Rd & 2 Bentinck St:
Features: 1459m² corner site in 2 titles, vacant possession
Outcome: passed in at $1.625 million at $1114/m²
Agents: Mike Adams & Scott Kirk

South

Botany Downs

286 Cascades Rd:
Features: 7493m² site opposite Pakuranga golfcourse, 70m frontage to Cascades Rd
Outcome: sold for $6.1 million
Agents: Dave Stanley & Graeme Sun

Botany South

Bishopsgate business centre, 2 Bishop Dunn Place, unit 32:
Features: 134m² first-floor office, storage, 2 parking spaces
Outcome: sold for $465,000
Agents: Geoff Wyatt & Dave Stanley

Takanini

292 Great South Rd:
Features: 2209m² site, standalone office & warehouse building anchored by long-term office lease + 2 warehouse tenants
Rent: $152,592/year net + gst
Outcome: sold for $2.68 million
Agents: Sunil Bhana & Peter Migounoff

South of the Bombays

Gisborne

412 Gladstone Rd:
Features: 670m² store, seismic rating 100% new building standard, 6-year lease term
Rent: $122,569/year
Outcome: passed in at $1.5 million, sold post-auction for $1.52 million at an 8% yield
Agents: Paul Garland & Colin McNab

Attribution: Auction.

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Corrected: Ellerslie development site & Freemans Bay apartments site sell

Corrected 13 April 2017:
A development site on the Ellerslie side of the Ellerslie-Panmure motorway roundabout (pictured) has been sold by Colliers agents at $880/m², and a site in Freemans Bay has been sold with consent for 29 apartments in place. The size of the Hargreaves St site and an agent’s name have been corrected.

Isthmus east

Ellerslie

43 Wilkinson Rd:
Features: 4547m² commercial development site, consent in place for an office development comprising over 6000m² of lettable floor space plus 140 parking spaces
Outcome: sold for $4 million, at $880/m²
Agents: Gareth Fraser, Kris Ongley & Charlie Oscroft

Isthmus west

Freemans Bay

Corrected: 25 Hargreaves St:
Features: 1219m² mixed use site with consent for 29 apartments, 4 retail units & 33 parking spaces
Rent: $241,341.27/year + gst net current from several tenants, vacant possession available with 6 months’ notice
Outcome: sold for $5.4 million + gst
Agents: Kris Ongley (Colliers) & Scott Kirk (Bayleys)

South of the Bombays

Manawatu – Palmerston North

433-441 Rangitikei St:
Features: 1.32ha heavy industrial site, floor area 2727m²
Rent: holding income $305,000/year
Outcome: sold for $2.8 million
Agents: Grant Lloyd, Phil Nevill & Doug Russell

Attribution: Agency release.

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3 suburban commercials sell but Vic Park Market premises all passed in

2 light industrial properties and an Ellerslie office building were sold at yields ranging from 5% (Airport Oaks) up to 6.9% (Ellerslie) at Colliers’ auction today.

They were followed by the Victoria Park Market (pictured above) management office, which was sold, and 4 restaurant & hospitality premises at the market, none of which received a bid (apart from one vendor bid on the first restaurant).

The market properties were all taken to auction by Drake City Ltd (Shahin Behrooz Kermani).

CBD

Victoria Quarter – 5 premises in the Victoria Park Market

Management office:
Features: 40.25m²
Rent: $15,750 + gst, reviews 2 years to cpi + 2% or market, whichever is higher
Outcome: sold for $292,500 at a 5.4% yield
Agents: Gareth Fraser & Simon Felton

Indian Village, units 4A, 5A, 6 & 7, Drake St:
Features: 207m², original 10-year lease runs until 28 February 2023, 2 5-year rights of renewal
Rent: $134,745/year net + gst, reviews on market soft ratchet
Outcome: no bid
Agents: Gareth Fraser, Simon Felton & Tony Allsop

The White Rabbit, unit 73, Drake St:
Features: 490m², rooftop deck, original 10-year lease runs until 30 April 2022, 2 5-year rights of renewal
Rent: $212,341/year net + gst, reviews to market
Outcome: no bid
Agents: Gareth Fraser, Adam White & Tony Allsop

The Oakroom, unit 74, Drake St:
Features: 224m², original 12-year lease runs until 31 October 2023, 6-year right of renewal
Rent: $100,794/year net + gst, reviews on market soft ratchet
Outcome: no bid
Agents: Gareth Fraser, Adam White & Simon Felton

Hansik Restaurant, unit 75, Drake St:
Features: 303m², original 5-year lease runs until end of 2019, 2 5-year rights of renewal
Rent: $100,000/year net + gst, reviews structured
Outcome: passed in after vendor bid at $1 million
Agents: Gareth Fraser, Tony Allsop & Adam White

Isthmus east

2 Kalmia St, Ellerslie.

Ellerslie

2 Kalmia St:
Features: 2032m² mixed-use site, net lettable area 1477m² in 4-level air-conditioned building, multiple tenants, dual road access, 45 parking spaces
Rent: $373,992.13/year net + gst
Outcome: sold for $5.4 million at a 6.9% yield
Agents: Gareth Fraser, Simon Child & Greg Goldfinch

South

Airport Oaks

46 Andrew Baxter Drive:
Features: 2940m² light industrial site, tenant Aquafit NZ Ltd, net lettable area 1816m² – offices & amenities 253m² at $200/m², warehouse 1031m² at $112/m², canopy 532m² at $60/m²
Rent: $197,992/year net + gst, new 5-year lease, 12-month bank bond
Outcome: sold for $3.9 million at a 5.08% yield
Agents: Brad Johnston & Paul Jarvie

East Tamaki

9 Bostock Place:
Features: 7099m² site, 3526m² floor area, longstanding tenant, potential to split building, large yard, dual road access
Rent: $392,532/year net + gst, 6-year lease
Outcome: withdrawn from auction
Agents: Paul Higgins & Greg Goldfinch

90 Lady Ruby Drive:
Features: 849m² light industrial site, gross lettable area 724m² – office 180m² at $210/m², workshop 38m² at $125/m², mezzanine above workshop 38m² at $60/m², warehouse 505m² at $125/m², canopy 31m² at $55/m², 100% seismic rating, tenant Tex Onsite Ltd
Rent: $109,802/year net + gst, new 5-year lease
Outcome: sold for $1.93 million at a 5.7% yield
Agents: Paul Jarvie & Jolyon Thomson

Attribution: Auction.

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3 auction sessions, 4 sales

12 homes were auctioned for 4 sales at Barfoot & Thompson’s city office this week, short of an active audience each time.

On Wednesday: 8 homes, 3 sold at auction. 2 units on cross-leases, 6 standalone houses.

This morning: One CityLife apartment, a 29-minute auction with little bidding and resulting in sale at a price the vendor had been offered over 3 months ago. It was also the same price as an identical unit 6 storeys up the building was sold for at auction last September. After stalling at $415,000, it was declared on the market and sold after a quick series of $500 raises.

This afternoon: 2 cross-leased suburban units & a house, one of the units sold.

My focus

I report on the general residential auctions primarily from an intensification perspective – apartments as an investment sector, which they largely still are, but last year I added details of cross-leases to these reports because the cross-lease seems both a way of intensifying land coverage and raising land prices while making it harder to extend more intensive uses such as apartment blocks.

Looking at yesterday’s selection of 8 properties, you will see 2 suburban units, one in a single-storey block, the other 2 storeys, effectively “sausage blocks” but on cross-leases.

2 of the houses are on very small sections – 300m² & 344m², and another sits on 475m², all heading towards the modern section of 2-300m², which limits both storage & building expansion.

2 were in the range of the traditional quarter or fifth of an acre (1012 or 809m²), which are often regarded these days as development prospects and priced on that basis. And those land prices vary widely, at yesterday’s auction from about $700/m² up to $4800/m² (ignoring the value of improvements), the differences depending on the suburb they’re in.

Little of that has the young owner-occupier as the next buyer, which means suburban infill will continue as it’s been happening for the last 30 years. If the courts confirm the unitary plan provision of the ability to intensify over a wide swathe of Auckland suburbia, more intensive infill will speed up, competing at times with larger development proposals.

CBD

Queen St

CityLife, 171 Queen St, unit 1310:
Features: 48m², fully furnished one-bedroom apartment
Outgoings: body corp levy $5922/year
Outcome: sold for $420,000
Agents: Livia Li & Alan Guo

Isthmus east

Ellerslie

9 Arron St:
Features: 300m² section, 3-bedroom bungalow, basement storage, garage
Outcome: passed in at $1.1 million
Agents: Di Lynds & Leonie Stabler

16 Lonsdale St, unit 1:
Features: cross-lease, 1/6 share in 1992m², 2 bedrooms, 2 bathrooms, internal-access garage
Outcome: sold for $925,000
Agents: Debbie-Lee Wallace

Epsom

149A The Drive:
Features: 344m² section, 4-bedroom house, office, covered deck, garage
Outcome: sold for $1.65 million
Agents: George Fong & Laura McAuley

Onehunga

181A Arthur St, unit 1:
Features: cross-lease, 1/5 share in 1844m², renovated ex-state house duplex, 2 bedrooms, deck
Outcome: no bid
Agents: Elvira Abdrazakova

Isthmus west

Hillsborough

40 Aldersgate Rd:
Features: 690m² section, 5 bedrooms, 4 bathrooms, study, patio, double carport, pool, overlooking Manukau Harbour
Outcome: no bid
Agent: Helen Lam

Mt Eden

5 Atanga Avenue:
Features: 531m² section, 3-bedroom house, study, internal-access garage
Outcome: passed in at $2.125 million
Agents: Frank Excell & Ketiesha Elliott

91 Valley Rd, unit 2:
Features: cross-lease, 1/5 of 999m², 2-bedroom unit, garage
Outcome: no bid
Agents: Frank Excell & Ketiesha Elliott

Mt Roskill

20 Gilletta Rd:
Features: 475m² section, 3-bedroom bungalow, deck
Outcome: sold for $875,50
Agents: Kevin He & Gail Beaton

New Windsor

160 Methuen Rd:
Features: 911m² section, 3-bedroom house
Outcome: no bid
Agent: Kelly Zhang

Sandringham

255 Balmoral Rd, unit 6:
Features: cross-lease, 1/6 of 911m², 2-bedroom unit, garage
Outcome: sold for $702,000
Agents: Leonie Stabler & Di Lynds

North-west

New Lynn

6 Cutler St:
Features: 1115m² section, 4-bedroom house, basement garage, storage
Outcome: passed in at $800,000
Agent: Jennifer Peary

Attribution: Auctions.

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