Archive | Greenlane

Goodman takes syndicate units to facilitate Millennium Centre sale

The Goodman Property Trust’s manager said yesterday the trust had taken $12 million of units in the property syndicate that has bought the Millennium Centre at Greenlane (pictured) from it.

Goodman sold the 3 office properties at 600-604 Great South Rd, Greenlane, to syndicator Oyster Management Ltd for $210 million last year and settled yesterday.

Goodman (NZ) Ltd chief executive John Dakin said the trust had taken units in the syndicate to facilitate the transaction, would hold the investment for a maximum 2 years and expected to receive an annual return of 8%.

Mr Dakin said Goodman had also sold the commercial buildings & associated development land at 1 Show Place in Addington, Christchurch, for $14 million as part of its asset recycling programme. The unconditional sale to a local investor is expected to settle before the end of this month.

“An active sales programme is reducing debt and providing funding capacity for the trust’s development activity. It’s a strategy that is improving the quality of the portfolio and increasing investment in the favoured Auckland industrial market, a sector we expect to deliver superior growth,” he said.

The 2 transactions take Goodman’s total value of sales this financial year to almost $280 million.

Earlier stories:
5 October 2016: New leases lift price on Greenlane sale
14 July 2016: Goodman to sell Millennium & Yellow buildings to Oyster
1 July 2010: Goodman buys partner out of Show Place
30 May 2007: Macquarie Goodman buys 50% stake in Addington office park company

Attribution: Company release.

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4 commercial sales on isthmus & Airport Oaks

Bayleys agents have sold 3 business premises in Greenlane, Onehunga & Penrose on the isthmus and another at Airport Oaks.

Isthmus east

Greenlane

G1/G2, 93-95 Ascot Avenue:
Features: 435m2 of ground-floor office space, substantial fitout, in Ascot Business Park adjacent to Greenlane roundabout, previously used as medical premises, 10 parking spaces
Outcome: sold vacant for $2.1 million (at 7.4% yield on previous rental)
Agents: Gordon Gibson & Matt Gordon

Onehunga

51-53 Church St & 2 Fleming St:
Features: 894msite zoned mixed use, 609m2 industrial building, vendor to repaint & recarpet
Outcome: sold vacant for $2.2 million
Agent: James Valintine

Penrose

39 Station Rd (pictured):
Features: 822m2 site, 413m2 single-level retail building occupied by NZ Post/Kiwibank on a lease until August 2018, one 3-year right of renewal, 7 parking spaces
Rent: $63,000/year net
Outcome: sold vacant for $1.185 million at a 5.32% yield on present rent
Agents: Cameron Melhuish & Andrew Wallace

South

Airport Oaks

77 Aintree Avenue:
Features: 3000msite, 900m2 childcare centre, 12-year lease to Bright Sparks Childcare Ltd from January 2008, 2 6-year rights of renewal
Rent: $275,236/year net + gst
Outcome: sold for $4.37 million at 6.25% yield
Agent: Mark Pittaway

Attribution: Agency release.

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Tamaki Drive section sells

A section across Tamaki Drive from Kohimarama Beach, currently in flats, was sold for $5836/m² at Bayleys’ Remuera branch auction this week.

At other auctions around the region, the agency sold a townhouse in Greenlane and a unit in Mangere Bridge. A development site at Riverhead was passed in.

Isthmus east

Greenlane

259A Campbell Rd:
Features: 3-bedroom townhouse, 2 bathrooms, office, storage room, double internal-access garage
Outcome: sold for $1,206,500
Agent: Glenn Baker

Kohimarama

263 Tamaki Drive:
Features: 891m² section across road from beach, in 4 flats of 1-2 bedrooms
Outcome: sold for $5.2 million at $5836/m²
Agents: Murray Wallace & Robert Ashton

North-west

Riverhead

263 Riverhead Rd:
Features: 6.55ha in development location, 4-bedroom house, barn, garage, land leased for strawberry-growing
Outcome: passed in
Agents: Craig Bishop & Ailsa McArthur

South

Mangere Bridge

7 Mona Avenue, unit 3:
Features: 3-bedroom unit, internal-access garage
Outcome: sold for $625,000
Agent: Steve Coppard

Attribution: Agency release.

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The $1 million property, and the intensive auction results

The $1 million property – the average value in Auckland – moves around. It used to be in suburbs like Remuera, but that’s $2 million territory now, even in some cases for a cross-lease with negligible land.

Yesterday, at Barfoot & Thompson’s large city residential auction, the $1 million property was in the western isthmus suburb of Avondale, between the back fence of the racecourse and the suburb’s business area on Great North Rd, and it wasn’t ultra-flash. An old kauri villa on a 632m² section, 3 bedrooms, a carport, “a do-up” according to the agent’s promotion, and it sold under the hammer for exactly $1 million.

In these auction columns I note properties which are development prospects, but the house on Elm St isn’t one of those. Nor are most of the properties listed below, largely because 19 of the 31 are cross-leased – the intensification already done, resetting the land price as a consequence and presenting a barrier to real intensification that would be more than filling in backyards with a second dwelling.

Barfoot & Thompson ran 2 residential auctions in 2 rooms at its city office yesterday – back to the heyday of listings, but not of sales. All up, the 4 auctions put 70 homes before buyers, with another 6 sold prior.

27 were sold under the hammer for a 39% clearance rate, or 43% counting the sold priors, and 17 of the auctionroom sales were of intensive properties – apartments, suburban units or on cross-leased land (another couple were development prospects). From an intensive list of 31 properties (the list below), that’s a clearance rate of 55% (I’ve added one since yesterday, reducing the clearance rate from 57%). Results from the intensive offering:

CBD

Learning Quarter

Oxford, 13 Mount St, unit 5K & parking unit 1Q:
Features: 2-bedroom apartment, parking space
Outgoings: body corp levy $4234/year
Outcome: no bid, back on market at $590,000
Agent: Duncan Wu

Quay Park

QuBA, 2 Tapora St, unit 425:
Features: leasehold, expiring 31 July 2046, one bedroom, secure parking space
Income assessment: $490/week current
Outcome: no bid, back on market at $290,000
Agents: Jill Jackson & Emma John

Isthmus east

Ellerslie

126 Marua Rd, unit 4:
Features: cross-lease, 1/6 share in 1398m², 2-bedroom unit, carport
Outcome: sold for $650,000
Agent: Steve Hood

Epsom

38 Epsom Avenue, unit 2B:
Features: 2-bedroom unit, covered parking
Outgoings: body corp levy $3201/year
Outcome: no bid
Agent: Ricky Yap

22 Pah Rd, unit 5:
Features: cross-lease, 1/5 share in 1290m², 2-bedroom unit, study, basement, garage
Outcome: sold for $805,000
Agent: Dee Brennan

10 Penrhyn Rd:
Features: cross-lease, half share in 1271m², 4 bedrooms, double internal-access garage
Outcome: sold for $1.975 million
Agents: Diana Buczkowski & Peter West

11 Woodhall Rd, unit 2:
Features: cross-lease, 1/6 share in 1474m², 2-level 2-bedroom townhouse, study, garage
Outcome: sold for $1.205 million
Agent: Dee Brennan

Glendowie

321 Riddell Rd:
Features: cross-lease, 1/6 share in 2036m², 3 bedrooms + sleepout, double garage
Outcome: passed in
Agents: Grant & Moira Marshall

Greenlane

24 & 26 Garland Rd:
Features: 2 homes on 1705m², one of one bedroom + study and the other of 3 bedrooms
Outcome: passed in
Agents: John Zhang & Louissa Bao

11 Tawera Rd, unit 9:
Features: cross-lease, 1/21 share in 2756m², 2-bedroom unit
Outcome: no bid
Agents: Danny Upton & James Yu

Meadowbank

25A Fancourt St:
Features: cross-lease, half share in 860m², 3 bedrooms,
Outcome: no bid
Agent: Neno Radinovich

Mission Bay

Bay Terraces, 47 Tamaki Drive, unit 4:
Features: 123m², 2-bedroom apartment, 2 bathrooms, deck, 2 secure parking spaces
Outgoings: body corp levy $12,028/year
Outcome: passed in, back on market at $2.2 million
Agents: Amanda Zhou & Yuyu Cao

Mt Wellington

24 Bailey Rd, unit 1:
Features: cross-lease, 1/6 share in 1501m², 2 bedrooms, carport
Outcome: sold for $550,000
Agent: Karin de Leeuw

Onehunga

93J Mays Rd:
Features: 80m², 2 levels, 2-bedroom terrace, 2 parking spaces
Outgoings: body corp levy $579/year, + special levy of $53,685, estimated to be 40% of total funding for remediation, recently reclad
Outcome: sold for $573,000
Agents: Sue Ma & Hattie Huo

Remuera

1 Mainston Rd:
Features: cross-lease, 1/6 share in 1948m², 3 bedrooms, 2 bathrooms, study, 2 parking spaces
Outcome: no bid
Agent: Steve Hood

34B Monteith Crescent, unit C:
Features: 4 bedrooms, 2 bathrooms, 2 parking spaces
Outgoings: body corp levy $3133/year
Outcome: no bid
Agents: Lily Zhang & Jacquie Jia

10A Muir Rd:
Features: cross-lease, half share in 814m², 3 bedrooms, double garage
Outcome: sold for $1.02 million
Agents: Julie Fitzpatrick & Kathy Bower

St Heliers

17 Ashwell St, units 1, 2 & 3:
Features: cross-lease, 3 1/3 shares in 657m², 3 units, total 5 bedrooms, 3 parking spaces
Outcome: sold for $2.36 million
Agents: Thomas & Helen Weber

26A McArthur Avenue:
Features: 317m² + 1/5 share in 578m², 313m² 5 bedroom terrace, 3 bathrooms, 2 parking spaces
Outcome: sold for $1.5 million
Agent: Andy Dye

41 Sylvia Rd, unit 2:
Features: cross-lease, quarter share in 1199m², 4 bedrooms
Outcome: no bid
Agent: Kelly Midwood

St Johns

2 Strong St, unit 3:
Features: cross-lease, 1/3 share in 619m², 2-bedroom apartment, carport
Outcome: sold for $626,000
Agent: Helen McVicar

Isthmus west

Kingsland

4F Don Croot St:
Features: 60m², one-bedroom unit, storage shed, offstreet parking
Outcome: sold for $627,000
Agents: Matt O’Brien & Anah Jordan

Mt Eden

45 Edenvale Crescent:
Features: villa in 3 flats, 2 of one bedroom & one of 2 bedrooms,
Outcome: sold for $1.545 million
Agent: Kathy Bower

Mt Roskill

61A Boyce Avenue, unit 2:
Features: cross-lease, half share in 928m², 3-bedroom duplex, 2 parking spaces
Outcome: no bid
Agents: David Chen & Joey Zhuang

1193A Dominion Rd:
Features: cross-lease, half share in 809m², 3 bedrooms, garage
Outcome: passed in
Agent: Kelly Zhang

78 Haycock Avenue, unit 2:
Features: cross-lease, half share in 685m², 2-bedroom unit, garage
Outcome: sold for $655,000
Agents: William & Simon MacLean

639 & 2/641 Richardson Rd (listed as Avenue):
Features: one 716m² section fee simple and the other on cross-lease, half share in 867m², 2 3-bedroom homes
Outcome: no bid together or separately
Agent: Sunny Yang

Pt Chevalier

5 Kanuka St:
Features: cross-lease, half share in 710m², 3 bedrooms, 2 bathrooms, sleepout, carport
Outcome: passed in
Agents: Andrew Gallagher & Matt O’Rourke

Waterview

6A Alverston St:
Features: cross-lease, half share in 1060m², 4 bedrooms, double internal-access garage
Outcome: sold for $1.216 million
Agents: Stephen Shin & Barry He

North-west

Henderson

15 Universal Drive:
Features: 2 homes on 1158m², one of 3 bedrooms, the other of 2 bedrooms
Outcome: no bid
Agents: George Fong & Maggie Xue

South

Pakuranga

1 Greenhill Crescent, unit 1:
Features: cross-lease, half share in 1060m², 3 bedrooms, garage
Outcome: sold for $934,000
Agents: Dong & Lucca Liu

Attribution: Auctions.

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Argosy leases Bunnings space on Ti Rakau

Argosy Property Ltd has leased the 11,675m² of warehouse space at 320 Ti Rakau Drive before the Bunnings distribution centre lease on the premises expires. It’s also filled vacant Greenlane space.

Argosy chief executive Peter Mence said yesterday: “The Bunnings distribution centre lease was one of Argosy’s key expiries remaining in the current financial year and it is very pleasing that we have been able to successfully lease this space to 2 quality tenants, both on new 10-year lease terms.”

Target International NZ Ltd is to lease 6567m² of the warehouse, plus 447m² of office space, which will serve as its head office.

Gunnersen Ltd, the largest independent Australian-owned distributor of wood-based panel products, timber & decorative surface materials, will lease the remaining 5108m² of warehouse area, plus 150m² of office.

Argosy will undertake $5.2 million of capital works to develop the site to facilitate the warehouse subdivision and to improve truck circulation & yard management.

Mr Mence said Bunnings was expected to remain in the warehouse on a monthly basis until the new year. The Bunnings retail store isn’t affected and will continue to trade as normal.

Greenlane space leased

Argosy has also leased the vacant 1150m² on 2 levels at 308 Great South Rd, Greenlane, to Housing NZ Corp, which has recently extended its lease at Argosy’s 626 Great South Rd property.

The 308 Great South Rd space was fully refurbished after Pacific Brands relocated to an adjoining Argosy building. Housing NZ’s lease on it is for 3½ years from 1 January.

Attribution: Company release.

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19 intensive properties sell at 3 Barfoot sessions

In 3 auction sessions at its city rooms on Wednesday & Thursday, Barfoot & Thompson sold 17 intensive properties out of 28 on offer, and another 2 shortly after the auction – a 68% clearance rate.

12 of those properties are on cross-leases, some of them fullscale houses, but I rate them as intensive because they do intensify land use and certainly affect land values.

The auctionrooms are mostly quieter, and the process much slower as vendors negotiate for an immediate sale or hang in for what might ultimately not be a sale at a higher figure.

I’ve reported separately on the agency’s apartments & commercial auction on Thursday morning, when one of 2 commercial properties and 3 of the 4 apartments were sold.

CBD

Learning Quarter

Silo, 23 Emily Place, unit 4N:
Features: 17m² studio, enclosed courtyard, parking space
Outcome: sold for $395,000 at pre-auction
Agents: Leo & Stephen Shin

Isthmus east

Epsom

30 Gardner Rd, units A & B:
Features: 2 homes totalling 270m², one of 2 bedrooms, the other of 3 bedrooms
Outgoings: body corp levy $2674/year
Income assessment: $1400/week current
Outcome: passed in
Agents: Julia Zhu

228F Green Lane West:
Features: 2-bedroom townhouse, double carport, storage
Outgoings: body corp levy $4956/year
Outcome: sold for $687,000
Agent: Victor Lai

33A King George Avenue:
Features: cross-lease, half share in 776m², 4 bedrooms, 3 bathrooms, study, patio, double internal-access garage
Outcome: no bid, back on market at $1.625 million
Agents: Frank Excell & Ketiesha Elliott

17 Selwyn Rd unit 2:
Features: cross-lease, 1/6 share in 1485m², 2-bedroom unit, deck, internal-access garage
Outcome: sold for $876,000
Agents: Robyn Preece

71 Wheturangi Rd:
Features: cross-lease, 1/3 share in 1434m², 4-bedroom house, 2 bathrooms, 2 parking spaces
Outcome: passed in at $1.75 million
Agents: Wendy Sadd & Helen Lam

Greenlane

8 Korokino Rd:
Features: cross-lease, half share in 870m², 3 bedrooms, 2 bathrooms, deck, double garage
Outcome: sold for $1.15 million
Agents: Cici Wang

Mission Bay

10 Tagalad Rd, unit 6;
Features: one-bedroom apartment, conservatory, storage room
Outcome: sold for $890,000
Agent: Karin Cooper

Onehunga

111H Church St:
Features: cross-lease, 1/5 share in 769m², 2-bedroom townhouse, 2 parking spaces
Outgoings: body corp levy $2183/year
Outcome: sold for $650,000
Agent: Elvira Abdrazakova

76 Galway St, unit 2:
Features: 3-bedroom unit, 2 bathrooms, courtyard, double internal-access garage + 2 offstreet spaces
Outcome: sold for $805,000
Agent: Vicki Du

One Tree Hill

51A Tawa Rd:
Features: cross-lease, half share in 819m², 3 bedrooms, 2 bathrooms, patio, 2 parking spaces
Outcome: sold for $1.16 million
Agent: Wendy Sadd

Parnell

16 Aorere St:
Features: 213m² site, 3 bedrooms, 2 bathrooms, 2 balconies, ground-floor deck, patio, single garage + 2 offstreet spaces
Outcome: no bid, back on market at $1.495 million
Agent: Steve Hood

26 Brighton Rd, unit 3:
Features: 169m², 3-bedroom townhouse, 2 bathrooms, double internal-access garage, garden
Outgoings: rates $3275/year including gst; body corp levy $1376/year
Outcome: sold for $1.515 million
Agent: Cindy Yu

Remuera

171 Portland Rd, unit 2:
Features: 2-bedroom unit
Outcome: no bid, back on market at $898,000
Agent: Julie Fitzpatrick

5A Ventnor Rd:
Features: cross-lease, half share in 852m², 3 bedrooms, 3 bathrooms, office, deck, double internal-access garage
Outcome: passed in at $1.575 million
Agent: Debbie-Lee Wallace

St Heliers

278 St Heliers Bay Rd, unit 2:
Features: 2-bedroom townhouse, balcony for each bedroom, deck
Outcome: sold for $840,000
Agent: Julie Kennedy

St Johns

35 Simkin Avenue, unit 2:
Features: cross-lease, 607m², 82m² 2-bedroom unit, storage, garden, carport
Outcome: no bid, sold post-auction
Agent: Keith Simpson

Isthmus west

Freemans Bay

148 Howe St, unit 18:
Features: 2 bedrooms, offstreet parking space
Outgoings: body corp levy $4362/year
Outcome: sold post-auction
Agents: Andre Bodde

Hillsborough

55 Aldersgate Rd:
Features: cross-lease, half share in 1542m², 4 bedrooms, 2 bathrooms, double carport
Outcome: sold for $1.2 million
Agents: Anna Copeland

Mt Albert

1 Preston Avenue, unit 4:
Features: 73m² land, 2-bedroom unit, garage
Outcome: passed in
Agents: Wayne Guo & Sammi Huang

Mt Eden

1 Akiraho St, unit 13:
Features: 2-bedroom apartment, 2 bedrooms, balcony, 2 parking spaces
Outgoings: body corp levy $3842/year
Outcome: sold for $728,000
Agents: Sue Saywell

79A Grange Rd:
Features: 3-bedroom villa converted into 3 one-bedroom flats
Outgoings: body corp levy nil
Income assessment: $73,840/year current
Outcome: sold for $1.7 million
Agents: Paul Donovan & Sharon Walls

Mt Roskill

980 Dominion Rd:
Features: 875m² section, ex-state house, 4 bedrooms, carport, zoned business – mixed use under unitary plan
Outcome: sold for $2.252 million
Agent: Kathy Bower

Sandringham

268A Balmoral Rd:
Features: cross-lease, half share in 1586m², 2-bedroom art deco house, garage
Outcome: passed in
Agents: Frank Excell & Ketiesha Elliott

6 Eden View Rd, unit 5:
Features: cross-lease, 1/10 share in 1231m², 57m² 2-bedroom unit, offstreet parking
Outcome: sold for $510,000
Agents: Lucy Liu

Westmere

111 West End Rd:
Features: cross-lease, half share in 721m², 3 bedrooms, 3 bathrooms, office, offstreet parking
Outcome: sold for $1.5 million
Agents: George Damiris & Bruce Murtagh

North-west

Glen Eden

111 Albionvale Rd:
Features: 103m² fee simple section, 3-bedroom townhouse, 2 bathrooms, garage
Outcome: passed in
Agents: Sachin & Naresh Mistry

Sunnyvale

20 Sunshine Boulevard:
Features: 199m² site, 180m² internal space, 4 bedrooms, 2 bathrooms, internal-access garage
Outcome: sold for $726,000
Agents: Stephen Shin & Barry He

Apartments & commercial auction, 3 November 2016: Grey Lynn shops & 3 apartments sell

Attribution: Auctions.

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9 suburban units, cross-leases & development sites sell

5 units & a cross-leased bungalow were sold under the hammer and another 3 post-auction from the 16 intensive residential properties auctioned at Barfoot & Thompson’s city office last Wednesday & Thursday (the apartments session on Thursday morning is in a separate story).

They included 4 cross-leased units on Brixton Rd, Mt Eden (pictured), which were all sold separately. One of the properties sold post-auction was a development site in Pt England with 2 homes on separate titles.

Isthmus east

Greenlane

27 Puriri Avenue, unit 4:
Features: cross-lease, quarter share in 1027m², 2 bedrooms, carport
Outcome: passed in, sold post-auction
Agents: Vern Hines & Sara Knight

Onehunga

131 Grey St, unit 3:
Features: 2-bedroom unit, internal-access garage
Outcome: sold for $803,000
Agent: Kevin Liu

One Tree Hill

119 Paihia Rd:
Features: cross-lease, half share in 781m², 3 bedrooms, parking
Outcome: passed in
Agent: Kelly Zhang

Otahuhu

15 Monterey Avenue, unit 1:
Features: 67m², 2-bedroom unit, tandem parking
Income assessment: $440/week current, fixed until January
Outcome: no bid
Agent: Neno Radinovich

15 Monterey Avenue, unit 2:
Features: 67m² 2-bedroom unit with 25m² sleepout, deck, tandem parking
Income assessment: was rented for $650/week
Outcome: passed in
Agent: Neno Radinovich

Point England

59 & 61 Torino St:
Features: 2 3-bedroom homes on separate titles, 1813m² section
Outcome: passed in, sold post-auction
Agent: Sam Bowen

Isthmus west

Avondale

8 Plane St, unit 2:
Features: cross-lease, 1/17 share in 6762m², 4 bedrooms, 2 bathrooms, deck, double internal-access garage
Outcome: passed in, back on market at $889,000
Agent: Kevin He

Kingsland

65H Third Avenue:
Features: cross-lease, quarter share in 1131m², 3 bedrooms, deck, carport
Outcome: no bid, back on market at $979,000
Agents: Ross Goodall & Nanette Graham

Mt Albert

1 Beagle Avenue:
Features: cross-lease, half share in 809m², 3-bedroom bungalow, offstreet parking
Outcome: sold post-auction
Agents: Christine Wooding & Joanne Yu

Mt Eden

32 Brixton Rd (pictured):
4 cross-leased units offered separately – all having a 1/5 share in 809m², one bedroom, renovated, with fenced garden & parking space:
Unit 5: sold for $547,500
Unit 4: sold for $540,000
Unit 3: sold for $543,500
Unit 2: sold for $544,000
Agent: Robyn Preece

North-west

New Lynn

14 Ambrico Place, unit 23:
Features: 3-bedroom townhouse, deck, internal-access garage
Outgoings: body corp levy $2276/year
Outcome: passed in
Agents: Aden Xu & Annie Hao

3169 Great North Rd:
Features: cross-lease, half share in 1012m², 3-bedroom bungalow
Outcome: sold for $805,000
Agent: Anna Lechtchinski

South

Pakuranga

304 Pakuranga Rd, unit 1:
Features: cross-lease, half share in 1022m², 3 bedrooms, deck, rumpus, garage
Outcome: no bid, back on market at $699,000
Agents: Neil Dayal & Tanzi Rose

Attribution: Auctions.

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New leases lift price on Greenlane sale

Published 3 October 2016, additional material at foot 4 October 2016:
Goodman Property Trust’s sale of 3 office properties at 600-604 Great South Rd, Greenlane, to syndicator Oyster Management Ltd has gone unconditional, and at a slightly higher price. The sale is contracted to settle on 28 February 2017.

The properties are the 2 Millennium office estates & the Yellow HQ building.

Goodman management company chief executive John Dakin said today the price had been revised, from $206 million to $210 million – determined on a passing yield of 7.25% – to reflect new leases secured during Oyster’s due diligence period.

Mr Dakin said Goodman would provide an equity underwrite to Oyster of up to $12 million to facilitate the transaction. The underwrite will extend for a maximum 2 years, and any amount drawn will receive an annual return of 8%, consistent with other investors.

Mr Dakin added: “This is an important transaction for the trust and part of an asset recycling programme that is providing significant balance sheet capacity. With sales proceeds of around $300 million expected this financial year, the trust’s loan:value ratio is at the bottom of the target band of 30-35%. It’s part of an organic growth strategy that is focused on delivering the trust’s development programme and rebalancing the portfolio, with increased investment in the Auckland industrial sector.”

Oyster chief executive officer Mark Schiele said the funds management company intended to structure investment in the Millennium Centre as a wholesale syndication.

Earlier story:
14 July 2016: Goodman to sell Millennium & Yellow buildings to Oyster

Attribution: Company releases.

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5 units sell at Barfoots

Barfoot & Thompson sold 4 apartments at its apartments auction yesterday, out of 8 offered.

CBD

Learning Quarter

Tower Hill, 1 Emily Place, unit 13D (pictured):
Features: 54m², one bedroom, storage locker, covered parking space
Outgoings: body corp levy $4126/year
Outcome: passed in at $700,000
Agents: Ashlee Zhang & Ocean Shao

Oakwood Hall, 81 Wakefield St, unit 5A:
Features: studio, balcony
Outgoings: body corp levy $3384/year
Outcome: sold for $240,000
Agents: Ashlee Zhang & Ocean Shao

The Quadrant, 10 Waterloo Quadrant, unit 1314:
Features: one bedroom, 2 balconies
Outgoings: body corp levy $4167/year
Outcome: sold for $430,000
Agents: Romelle Smith & Alan Vessey

Uptown

6H Scotia Place:
Features: 4-level townhouse, 2 bedrooms, deck, garage
Outgoings: body corp levy $3060/year
Outcome: no bid, back on market at $749,000
Agents: Selina Zheng & Tommy Zhang

Victoria Quarter

Columbia on Nelson, 15 Nelson St, unit 3X:
Features: 52m², one bedroom, parking space
Outgoings: body corp levy $3090/year
Income assessment: $470/week current
Outcome: no bid, back on market at $525,000
Agents: Livia Li & Alan Guo

Isthmus east

Greenlane

2 Atarangi Rd, unit 2:
Features: 77m², 2 bedrooms, deck, 2 parking spaces
Outgoings: body corp levy $2450/year
Outcome: passed in, back on market at $569,000
Agents: Aaron Cook & Betty Shao

Parnell

30 Heather St, unit 2C:
Features: 65m², 2 bedrooms, balcony, parking space
Outgoings: body corp levy $3941/year
Outcome: sold for $710,000
Agents: Annie Xu & Sean Zhang

Isthmus west

Herne Bay

5 Curran St, unit 3:
Features: 3-level townhouse, one bedroom, balcony, carport
Outgoings: body corp levy $2879/year
Outcome: sold for $800,000
Agents: Louise Stringer & Jim Liu

Attribution: Auction.

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Auction room at half the previous frenetic pace

In 4 auction sessions over 2 days at its city office this week, Barfoot & Thompson put up 58 residential properties, sold 25 and got no bid on 21. Another 10 properties were sold before auction, taking the total close to the volume the agency had been handling in a single day in its busiest periods in the last year.

In other words, business was down to about half speed – or back closer to the old normal.

Last week, in one day, Barfoots put 71 residential properties up for auction at 3 sessions, 2 rooms operating simultaneously in the afternoon. There was a large influx of Chinese investors for most of the afternoon, but less of the gung ho approach of last year, when the willingness to outbid all-comers defeated any thought of matching price to local market returns.

In the auction rooms on Wednesday last week, 12 of the 29 intensive residential properties were sold under the hammer and 9 were passed in without a bid being made. All up, 28 of the 71 properties were sold.

Forward to this week, and 22 intensive properties were auctioned – central-city apartments, suburban townhouses & flats, and cross-leased properties (which vary from small units to large houses on tight sections). Of those, 12 were sold under the hammer – a far better clearance rate.

Questions arise

2 questions arise in the changed circumstances of less frenetic auction rooms. The first is why, in what is still widely deemed to be a housing crisis, buyers weren’t there to take advantage of this opportunity. The second is whether Reserve Bank measures have taken the wrong people out of the market, or perhaps the heady atmosphere was due to run out of steam anyway.

There are other economic questions concerning the construction industry, too. There is a widespread assumption that builders will build – for the good of the nation – they just have to temper their price expectations. But builders are being expected to build in an increasingly uncertain economic climate: the Reserve Bank’s measures can reduce the ability of locals to buy and could snuff out sales to foreign investors, who have been the mainstay of apartment developments internationally for 20 years.

The last piece of land bought at a ridiculous price as a boom is about to end is, inevitably, not going to be built on for a very long time. The buyer will go bust as potential returns evaporate, the market will have disappeared, tradesmen will head to Australia. We’re probably some way from that, but markets can turn quickly.

In that light, the auctioneers did well to get the level of sales they achieved, and not just at Barfoots – apartment specialists City Sales scored 5 sales out of 5 on Wednesday, and Ray White City Apartments scored 4 out of 6 yesterday.

Barfoots’ Wednesday-Thursday auction results:

CBD

Learning Quarter

Tower Hill, 1 Emily Place, unit 4BS:
Features: fully furnished studio, balcony
Outgoings: body corp levy $2013/year
Outcome: sold for $325,000
Agents: Estee Zeng & Sarah Garlick

St Paul’s, 4 St Paul St, unit 15C (pictured):
Features: 115m², 3-bedroom penthouse, 2 bathrooms, 3 balconies; remediation of defects & leaky issues to be carried out, vendor to transfer $40,000 net settlement proceeds to buyer, and buyer to carry all future liability
Outgoings: body corp levy $12,279/year
Outcome: passed in at $400,000; 2 other units owned by the same investor have already been sold – unit 15A, 34m², fully furnished, one bedroom, balcony, rent $360/week; unit 15B, one bedroom, vacant
Agent: Elvira Abdrazakova

St Paul’s, 4 St Paul St, units GB & GC:
Features: manager’s office, rubbish & laundry rooms
Outgoings: body corp levy $2896/year + $1146/year
Income assessment: rented to body corporate for $30,000/year
Outcome: no bid
Agents: Elvira Abdrazakova

Uptown

Urba, 5 Howe St, unit 711:
Features: 2 bedrooms
Outgoings: body corp levy $2757/year
Outcome: no bid
Agents: Alastair Brown & Hayley Sok

Eclipse, 156 Vincent St, unit 11H:
Features: one bedroom
Outcome: passed in at $379,000
Agents: Sharlene Huang

Victoria Quarter

Marina Park, 146 Fanshawe St, unit 54:
Features: one bedroom, private balcony, secure basement parking space, storage unit; proposed neighbouring Saba apartment development might affect outlook
Outgoings: body corp levy $3142/year
Outcome: sold for $419,000
Agents: Liz Derbyshire & Leo Shin

SugarTree, 27 Union St, unit 613:
Features: one bedroom, balcony, secure parking space, storage
Outgoings: body corp levy $3762/year
Outcome: auction postponed until next Thursday, 15 September
Agents: Jason Li

Isthmus east

Epsom

39 Onslow Avenue, unit 1:
Features: cross-lease, one-third share in 865m², 2-bedroom unit, garage
Outcome: sold for $1.102 million
Agents: Diana Buczkowski & Peter West

Greenlane

187I Great South Rd:
Features: 3 bedrooms, 2 bathrooms, garage + offstreet parking, in private gated complex
Outgoings: body corp levy $4100/year
Outcome: sold for $1.01 million
Agents: Di Martens & Justin Coleman

17 Karetu Rd:
Features: cross-lease, half share in 1012m², 4-bedroom house, 2 living areas, backyard, garage, carport
Outcome: passed in
Agents: Helen Lam

Kohimarama

19 John Rymer Place:
Features: cross-lease, 237m² house, 5 bedrooms, 3 bathrooms, wraparound deck, double garage + offstreet parking space
Outcome: no bid, back on market at $1.65 million
Agent: Kelly Midwood

Meadowbank

9A Archdall St:
Features: cross-lease, half share in 690m², 2-level townhouse, 3 bedrooms, 2 bathrooms, deck, double garage
Outcome: sold for $1.242 million
Agents: Verena Lobb & Lisa MacQueen

Mt Wellington

35D Harding Avenue:
Features: cross-lease, quarter share in 1500m², 3 bedrooms, 2 bathrooms, double internal-access garage
Outcome: withdrawn from auction
Agents: May Zhang

19 Wilkie Place, unit 2:
Features: cross-lease, half share in 800m², 6 bedrooms, 2 bathrooms, double carport
Income assessment: $1010/week current
Outcome: sold for $867,000
Agents: Kai Deng & Titus Lu

Onehunga

93A Mays Rd:
Features: 2-bedroom reclad terrace, courtyard, 2 parking spaces
Outgoings: body corp levy $595/year
Outcome: sold for $553,500
Agent: Susan Palmer

134A Selwyn St, unit 3:
Features: cross-lease, quarter share in 1351m², 2-bedroom duplex, patio, internal-access garage + offstreet parking
Outcome: sold for $830,000
Agents: Kay Jagusch

Isthmus west

Avondale

32 Canal Rd, unit 3:
Features: 2-bedroom flat, 2 bathrooms, sleepout, garage; taken to auction by the Official Assignee under the Criminal Proceeds (Recovery) Act
Outcome: passed in at $476,000
Agents: Roger Franklin

Mt Albert

156 Hendon Avenue, unit 3:
Features: cross-lease, 1/5th share in 931m², 2-bedroom unit, balcony, storage unit
Outcome: passed in, back on market at $469,000
Agents: Kevin Liu

Ponsonby

1C John St:
Features: 3-bedroom apartment, 2 bathrooms, 3 levels, rooftop entertaining area, garage
Outgoings: body corp levy $4569/year
Outcome: sold for $1.25 million
Agents: Neil Dayal

Western Springs

130A Western Springs Rd:
Features: cross-lease, half share in 1009m², 3 bedrooms, deck, double carport + offstreet parking
Outcome: sold for 1.191 million
Agents: Felicity Scott

North-west

Glen Eden

66 West Coast Rd, unit 2:
Features: cross-lease, half share in 1538m², 3 bedrooms, deck
Outcome: sold for $737,000
Agents: William & Simon MacLean

New Lynn

36 Arawa St, unit 1:
Features: cross-lease, half share in 808m², 3-bedroom cottage
Outcome: no bid, back on market at $689,000
Agents: Neer Mehta

31 Nikau St, unit 2:
Features: 2-bedroom unit, large basement, single garage; taken to auction by the Official Assignee under the Criminal Proceeds (Recovery) Act
Outcome: passed in at $400,000
Agents: Roger Franklin

14 Pamela Place, unit 1:
Features: cross-lease, one-third share in 1282m², 2-bedroom unit, study, conservatory, garage, carport
Outcome: sold for $648,000
Agents: Ann Lepper & Steve Bristow

Image above: St Paul’s Apartments in the Learning Quarter.

Earlier stories:
8 September 2016: 4 sell at Ray White apartments auction
8 September 2016: All 5 units sell at City Sales auction
6 September 2016: Barfoots chief says house price slowdown more apparent
1 September 2016: One apartment out of 5 sells at Barfoots auction
1 September 2016: 12 intensive properties sell at Barfoots as 71 homes on offer

Attribution: Auctions, own comment.

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