Archive | Mt Wellington

3 apartments & 2 suburban units sell at Barfoots

3 apartments were sold at Barfoot & Thompson’s city auctions yesterday out of 8 on offer, and 2 of the 4 suburban units were sold. The sales included a unit in City Gardens (pictured), where owners have succeeded in leaky building litigation but the work hasn’t been done yet.

A commercial office unit in Mt Wellington didn’t attract a bid.

CBD

Albert St

City Gardens, 76 Albert St, unit 19K:
Features: 42m², one bedroom, parking space
Outgoings: body corp levy $581/year; estimated remediation levy $24,735 on top of payment from litigation claim
Outcome: sold for $306,000
Agents: Sarah Garlick & Estee Zeng

Learning Quarter

Eden Hall, 3 Eden Crescent, unit 6:
Features: 90m², 2 bedrooms, garage
Outgoings: body corp levy $6294/year
Outcome: sold for $960,000
Agents: Liz Derbyshire & Leo Shin

Uptown

Avoka, 31 Day St, unit 4C:
Features: 81m², fully furnished one bedroom, parking space
Outgoings: body corp levy $7370/year
Outcome: no bid
Agents: Selina Zheng & Tommy Zhang

Chatham, 70 Pitt St, unit 506:
Features: 67m², 2 bedrooms, storage locker, parking available
Outgoings: body corp levy $4837/year
Outcome: passed in
Agents: Luke Shi & Alexander Kramarenko

Bianco off Queen, 8 White St, unit 9C:
Features: 54m², 2 bedrooms, balcony
Income assessment: not in hotel management, rent assessment $600/week
Outcome: auction postponed until Thursday 23 March
Agents: Annie Xu & Sean Zhang

Victoria Quarter

Grand Chancellor, 1 Hobson St, unit 603:
Features: 57m², one bedroom, parking space, storage locker
Outgoings: body corp levy $4592/year
Outcome: sold for $633,000
Agent: Aaron Cook

Grand Chancellor, 1 Hobson St, unit 704:
Features: 56m², fully furnished 2 bedrooms, storage locker
Outgoings: body corp levy $4169/year
Outcome: no bid, back on market at $595,000
Agent: Aaron Cook

Hobson Gardens, 196 Hobson St, unit 11B:
Features: 100m² sub-penthouse, 2 bedrooms, 2 bathrooms, enclosed balcony, 2 parking spaces
Outgoings: body corp levy $10,070/year, special levy set for further remedial works
Outcome: no bid, back on market at $868,000
Agent: Michele Ballinger

Regatta Court, 92 Nelson St, units A & B:
Features: 2 units on ground floor, no bedrooms or bathrooms, leased to hotel management
Outgoings: body corp levy $1615/year
Income assessment: $20,224.80/year net + gst
Outcome: passed in, back on market at $425,000
Agents: Wendy Feng & Jack Li

Isthmus east

Mt Wellington

6 Faber Avenue, unit 1:
Features: cross-lease, half share in 1168m², 2-bedroom duplex, deck, double garage & carport
Outcome: no bid
Agents: Samantha Chaudhry & Leo Perera

Panmure

68 Ireland Rd, unit 2:
Features: 3-bedroom unit, parking space
Outgoings: body corp levy $1268/year
Outcome: sold for $582,500
Agents: Mark Tung & Michelle Mi

Isthmus west

Mt Albert

17 Owairaka Avenue, unit 3:
Features: cross-lease, 1/3 share in 766m², 2-bedroom unit, garage
Outcome: sold for $735,000
Agent: Les Walbridge

North-west

New Lynn

11B Akehurst Avenue:
Features: cross-lease, 1/3 share in 1011m², 2-bedroom unit, deck, carport
Outcome: no bid
Agent: Ricky Fan

Commercial

Isthmus east

Mt Wellington

161 Marua Rd, unit 2:
Features: 113m², first-floor office & showroom, kitchen, storage, 3 parking spaces
Outcome: no bid
Agents: Mike Jensen

Attribution: Auctions.

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George Court unit sells, then all quiet

City Sales’ apartments auction started well yesterday, with the sale of a unit in the George Court building on Karangahape Rd (pictured) at over $8800/m². Then things went quiet, 2 of the remaining 5 units on offer were passed in on the sole bid of the vendor and only a few bids were made on the remaining 3.

CBD

Queen St

Portland Tower, 62-64 Queen St, unit 6C:
Features: 41m², one bedroom, 6m² deck
Outgoings: rates $1139/year including gst; body corp levy $5720/year
Outcome: passed in at $490,000
Agents: Steve Kirk & Habeeb Urrahman

Uptown

George Courts, 238 Karangahape Rd, unit 3H:
Features: 68m², one bedroom, parking space
Outgoings: rates $1734/year including gst; body corp levy $5924/year
Outcome: sold for $601,000
Agents: Gabrielle Hoffmann & Nicola Hunt

City Zone, 11 Liverpool St, unit 17K (door 1701):
Features: 45m², 2 bedrooms, deck
Outgoings: rates $1177/year including gst; body corp levy $3331/year
Outcome: passed in at $370,000
Agents: Steve Kirk & Habeeb Urrahman

Victoria Quarter

Aura, 53 Cook St, unit 310:
Features: 49m², 2 bedrooms, deck
Outgoings: rates $1113/year including gst; body corp levy $3685/year
Outcome: passed in at $380,000
Agents: Steve Kirk & Habeeb Urrahman

Waterfront

Lighter Quay, 83 Halsey St, unit 407:
Features: leasehold, 49m², one bedroom, deck
Outgoings: rates $1722/year including gst; body corp levy $2293/year, ground rent $3619/year, residents’ society levy $2312/year
Outcome: passed in after sole bid from vendor at $150,000
Agents: Gabrielle Hoffmann

Isthmus east

Mt Wellington

Ellerslie Court, 3A Harrison Rd, unit 1:
Features: 42m², one bedroom, deck, parking space
Outgoings: rates $1080/year including gst; body corp levy $2977/year
Outcome: passed in after sole bid from vendor at $300,000
Agents: Chris Bell & Lucy Piatov

Attribution: Auction.

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Warehouse, 2 cross-leases & a multi-unit property sell

A Mt Wellington warehouse, 2 residential cross-leases and property with 4 units on the one title were sold at Barfoot & Thompson auctions over the last 2 days.

Units in City Gardens & the Celestion were passed in, one in Tower Hill was sold prior and one in the Metropolis was withdrawn from auction.

Commercial

Isthmus east

Mt Wellington

48 Elizabeth Knox Place:
Features: 1937m² section, 811m² warehouse with about 500m² of mezzanine storage, 67m² ground-floor amenities & office, 42m² mezzanine amenities
Outcome: sold for $2.15 million
Agent: Mike Jensen

Apartments

CBD

Albert St

City Gardens, 76 Albert St, unit 23A:
Features: 59m², 2-bedroom corner apartment
Outgoings: body corp levy $4518/year; special remediation levies have been paid in full and the unit has an indicative settlement share of $133,889 to cover further costs; current ballpark estimates of remediation are about $22 million including gst
Outcome: passed in, back on the market at $449,000
Agents: Livia Li & Alan Guo

Kitchener St

Metropolis, 1 Courthouse Lane, unit 1010:
Features: one bedroom
Outgoings: body corp levy $4072/year
Outcome: withdrawn from auction
Agent: Paul Neshausen

Learning Quarter

Celestion, 19 Anzac Avenue, unit 302:
Features: 56m², air-conditioned 2-bedroom apartment, 11m² balcony
Outgoings: body corp levy $4284/year
Outcome: passed in
Agent: Jason Buckwell

Tower Hill, 1 Emily Place, unit 10C:
Features: 2 bedrooms, parking space, storage locker
Outcome: sold prior
Agent: Aaron Cook

Isthmus east

Grafton

31 Boston Rd:
Features: 151m² 4-bedroom apartment, mezzanine lounge, private courtyard; 112m² 2-bedroom apartment, balcony; 87m² 3-room office space; 158m² warehouse, 7 offstreet parking spaces; total 530m²
Outcome: auction postponed until Thursday 9 March at 10am
Agents: Ross & Joss Goodall

Mission Bay

63 Selwyn Avenue, unit 5:
Features: cross-lease, 1/6 share in 1038m², 2-bedroom unit, carport
Outcome: sold for $696,500
Agents: Jane & David Wang

Mt Wellington

36A Harding Avenue:
Features: 1149m² section, 4 one-bedroom units on one title, 4 carports
Income assessment: $66,560/year appraisal in present condition
Outcome: on the market at $1.21 million, sold for $1.76 million
Agent: Rain Diao

Onehunga

95N Mays Rd:
Features: 80m² 2-bedroom terrace, patio, 2 parking spaces
Outgoings: body corp levy $561/year, but $66,792 in special remediation levies was raised last year, estimated to be 60% of remediation costs; the body corporate has a claim before the Weathertight Home Resolution Service
Outcome: passed in, back on market at $598,000
Agents: Su Ma & Hattie Huo

Parnell

15 Augustus Terrace, unit 2C:
Features: one bedroom, parking space, storage unit
Outcome: no bid, back on market at $495,000
Agents: Jill Jackson & Emma John

25 Cheshire St, unit A3:
Features: one-bedroom apartment, balcony, tandem parking
Outgoings: body corp levy $4296/year
Outcome: no bid
Agents: Michael & Tatyana Ataman

Isthmus west

Avondale

6 Elm St:
Features: 1012m² section, 3-bedroom villa & adjoining 12-bedroom extension, 2 bathrooms, 3 living areas, 6 offstreet parking spaces
Outcome: no bid, back on market at $1.999 million
Agent: Jason Li

Grey Lynn

34 Prime Rd:
Features: cross-lease, half share in 617m², 5-bedroom bungalow, 2 bathrooms, 2 parking spaces
Outcome: auction brought forward after $1.52 million offer was acceptable, sold under the hammer for $1.647 million
Agents: Repeka Lelaulu

South

Pakuranga

25 Pandora Place:
Features: 726m² section, 2 one-bedroom units & one 2-bedroom unit, garage, 2 carports, 3 other parking spaces
Outcome: passed in
Agent: Rain Diao

Attribution: Auction.

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Sales at auction getting harder

3 of the 10 residential properties auctioned by Barfoot & Thompson at its city office yesterday afternoon were sold on the spot, and just one of the 4 intensive properties sold.

A Mt Wellington apartment with substantial remedial works still to be undertaken didn’t attract a bid, a cross-lease and a brick & tile unit in Remuera were passed in and a Pollen St apartment in Grey Lynn (pictured) was sold.

Isthmus east

Mt Wellington

Ellerslie Gardens, 1A Harrison Rd, unit 18:
Features: split-level 3-bedroom terrace, 2 bathrooms, double internal-access garage, developed by Tony Tay & Associates
Outgoings: body corp levy $916/year, plus $11,000 special redevelopment work levy (2 $500 instalments remaining to be paid), plus $81,450 remediation levy due 1 November 2016, first of 4 instalments
Outcome: no bid
Agents: John Zhang & Louissa Bao

Remuera

82 Bassett Rd, unit 4:
Features: cross-lease, 7/50 share in 3192m², 3 bedrooms, 2 bathrooms, double internal-access garage
Outcome: passed in at $1.05 million
Agent: May Zhang

9 MacMurray Rd, unit 8:
Features: 3-bedroom unit, carport
Outgoings: body corp levy $2040/year
Outcome: passed in at $930,000
Agents: George Fong & Paul Sun

Isthmus west

Grey Lynn

23A Pollen St, unit 203:
Features: 2 bedrooms, 2 bathrooms, balcony, secure parking, storage unit
Outgoings: body corp levy $4296/year
Outcome: sold for $940,000

Agents: Carl Madsen & George Damiris

Attribution: Auction.

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Knight Frank sale & lease

Knight Frank agents in South Auckland have started the year with a sale of 2 industrial units in Papakura and an office lease in Mt Wellington.

Sale:

South

Papakura

19 Vernon St, units G & F:
Features: 2 industrial units – unit F 321m², unit G 324m²
Outcome: sold for $1.3 million + gst
Agent: Josh Franklin

Lease:

Isthmus east

Mt Wellington

570 Mt Wellington Highway, unit B4:
Features: 150m² office
Rent: $56,454/year + gst
Agents: Michelle Kennard & Jarrod Qin

Attribution: Agency release.

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13 sales around North Island

13 sales & 2 leases around the North Island have been reported by Colliers.

Sales

Isthmus east

Newmarket

7 Edgerley Ave:
Features: 716m² site, 464m² commercial building
Outcome: sold for $3.45 million, representing $4818/m² land & building
Agents: Jonathan Lynch & Simon Child

Otahuhu

132 Portage Rd:
Features: 4960m² site, 2324m² office & warehouse
Outcome: sold for $4.5 million at a 6.5% yield
Agents: Hamish West, Ben Herlihy, Andrew Hooper & Matt Prentice

Penrose

60 Hugo Johnston Drive:
Features: 4175m² industrial property, 1117m² 2-level office building & 1087m² standalone warehouse
Outcome: sold for $5.45 million at a 6.72% yield
Agents: Paul Jarvie, Brad Johnston & Greg Goldfinch

Isthmus west

Mt Eden

108 Mt Eden Rd:
Features: 1070m² site, 700m² 2-level office building
Outcome: sold for $4.55 million, representing $4252/m² land & building
Agent: Jonathan Lynch

North-east

Rosedale

63 Apollo Drive, unit B1:
Features: 444m² commercial uni,
Outcome: sold vacant for $1.85 million
Agents: Nick Recordon & Janet Marshall

North-west

Kumeu

202-220 Main Rd:
Features: 4153m² site, 1740m² office & warehouse
Outcome: sold for $2.2 million, representing $530/m² land & building
Agents: Jonathan Lynch & Craig Smith

South

East Tamaki

27 Zelanian Drive:
Features: 5863m² vacant office & warehouse
Outcome: sold for $8.475 million
Agents: Andrew Hooper, Greg Goldfinch, Paul Higgins & Brad Johnston

South of the Bombays

Bay of Plenty

Mt Maunganui

24 Pacific Avenue:
Features: 675m² site, 440m² retail building,
Outcome: sold for $3.075 million at a 4.3% yield
Agents: Simon Clark, Rob Schoeser & Hadley Brown

Rotorua

422-430 Ngongotaha Rd:
Features: 2.66ha industrial development site, 1056m² warehouse,
Outcome: sold vacant for $2.4 million
Agent: Mark Rendell

Manawatu

Palmerston North

360 Albert St:
Features: 382m² site, 220m² retail building,
Outcome: sold for $800,000 at a 5.5% yield
Agents: Phil Nevill, Grant Lloyd & Doug Russell

314-322 Rangitikei St:
Features: vacant 1616m² property,
Outcome: sold for $1 million
Agents: Grant Lloyd, Phil Nevill & Doug Russell

Waikato

Hamilton

69 Vickery St, unit 9:
Features: 681m² industrial/retail unit,
Outcome: sold for $1.416 million at a 5.68% yield
Agent: John Hagar

Wellington

Lower Hutt

71 Port Rd:
Features: 4049m² site, 2411m² office & warehouse
Outcome: sold for $2.83 million
Agents: Tim Julian & Kieran Lennon

Leases

Isthmus east

Mt Wellington

103 Carbine Rd:
Features: 1664m² commercial premises leased to ECL Group Fuel Systems Ltd for a 6-year term on behalf of Windward Properties Ltd
Agents: Hamish West, Paul Higgins & Andrew Hooper

South of the Bombays – Wellington

Lower Hutt

109 Port Rd:
Features: 4852m² commercial premises leased to Linfox Logistics NZ Ltd for a 6-year term on behalf of Seaview Commercial Investments Ltd
Agent: Kieran Lennon

Attribution: Agency release.

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2 Mt Wellington properties & one on Onehunga Mall sold

Bayleys agents have sold 2 Mt Wellington properties, one a refurbished industrial building on a leaseback, the other a vacant warehouse. An Onehunga Mall commercial building with a mix of tenants has also been sold and a Penrose warehouse & showroom leased.

Sales

Isthmus east

Mt Wellington

4-6 Dryden Place:
Features: 2100m2 site zoned light industry, refurbished 1174m2 industrial building – warehouse 878m2, office 296m2, leaseback to Connexwire until June 2027 with annual rent reviews to CPI, minimum 2%, plus 2 4-year rights of renewal
Rent: $183,220/year net + gst
Outcome: sold for $3.325 million at a 5.5% yield
Agents: James Valintine & Sunil Bhana

173 Marua Rd:
Features: 875msite, 383m2 1980s warehouse
Outcome: sold vacant for $1.45 million
Agent: James Valintine

Onehunga

133 Onehunga Mall:
Features: 658msite, 782m2 1960s commercial building, 4 retail occupants and church tenancy at rear, on 3- to 5-year leases, 170 m2 of vacant second-floor office space
Rent: $115,100/year net + gst
Outcome: sold for $2,205,786 at a 5.61% yield
Agents: Greg Hall, James Valintine & Tony Chaudhary

Lease

Isthmus east

Penrose

24 Greenpark Rd, unit 1:
Features: 926m2 industrial building – warehouse 627m2, office 172m2, showroom 127m2, 11 parking spaces, 5-year lease term & one 5-year right of renewal
Rent: $159,000/year net + gst with fixed 2-yearly increases of 4%
Agent: James Hill

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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Caltex site on Fanshawe St sells

A Fanshawe St site which Z Energy Ltd said was too valuable to be a petrol station has, indeed, been sold for over 4 times its valuation as a Caltex service station.

The site was among 10 former Caltex outlets with retailers installed on short-term contracts when Z Energy took over Chevron NZ Ltd’s Caltex & Challenge brands, and is the first of the 10 to have its future decided.

Z Energy got a valuation of $5 million on it as a service station and has sold it through a Colliers tender for $23.274 million.

The pumps, across the road from Victoria Park on the edge of the Wynyard Quarter, closed at the start of August. New office developments are rising on 2 sides of it.

Sales

CBD

Wynyard Quarter

155-167 Fanshawe St:
Features: 3879m², former Caltex service station site
Outcome: sold for $23.274 million
Agents: Colliers capital markets team

Leases:

CBD

Queen St

260 Queen St:
Features: 90m², commercial premises, leased to Love My Makeup Ltd by McDonalds Restaurants Ltd
Rent: $235,000/year gross + gst
Agent: Nilesh Patel

Isthmus east

Mt Wellington

5 Tiri Place:
Features: 1160m² industrial property, lessor Tiri Partnership Ltd, lessee SKU Ltd, lease term including renewals 6 months
Rent: $52,200
Agents: Ben Herlihy, Dwayne Warby & Todd Kuzmich

North-east

Albany

6 Tawa Drive:
Features: 2095m² industrial premises leased to Auckland City Couriers Ltd – warehouse 1133.7m², mezzanine 550m², office 412m², hardstand container loading area
Rent: $232,000/year
Agents: Ryan de Zwart, Matt Prentice & Hamish West

Silverdale

18A & B David McCathie Place:
Features: 2199m² office & warehouse, leased to Masons Plastabricks Ltd
Rent: $222,500/year
Agents: Ryan de Zwart, Matt Prentice & Shoneet Chand

South

East Tamaki

331B East Tamaki Rd:
Features: 840m² industrial property, lessor GLT Properties Ltd, lessee Nexus Foams Ltd, lease term 3 years, 3 3-year rights of renewal
Rent: $13,333.33 net
Agents: Jolyon Thomson, Hamish West & Paul Higgins

Earlier story:
31 August 2016: Fanshawe St site ‘too valuable for a petrol station’

Attribution: Agency release.

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Birdwood & Paritai apartment blocks sell under hammer

A block of 9 apartments (pictured) in a 4-level building on Birdwood Crescent, Parnell, was sold for $6.75 million at Bayleys’ auction last Thursday.

The property has further development potential under the new unitary plan, including basement apartments & 2 extra levels on top.

Another multi-unit property, on Paritai Drive, also topped the $6 million mark at the auction in Bayleys’ Remuera office.

Units in Mairangi Bay & Mt Wellington also sold at Bayleys branch office auctions.

Isthmus east

Meadowbank

21 Houghton St, unit 4:
Features: 2-bedroom end unit, garage
Outcome: passed in, back on market at $699,000
Agents: Dianne Nichol & Steve Gill

Mt Wellington

68 Banks Rd, unit 1:
Features: cross-lease, quarter share in 1219m², 90m² 2-bedroom unit, carport
Outcome: sold for $560,000
Agent: Reinka Ratti

Orakei

146 Paritai Drive:
Features: 4 one-bedroom 1960s apartments and a 2002 4-bedroom family residence with a separate living area, long-term tenants, 12 parking spaces
Income assessment: gross rent about $180,000/year
Outcome: sold for $6.15 million
Agents: Robert Ashton (Bayleys) & Mike Zelcer (Ray White)

Parnell

3 Birdwood Crescent:
Features: 701m² site, floorspace 796m² internal + 66m² of decks, 4-level apartment building constructed in 1968, 9 apartments – 6 of 2 bedrooms, 3 of one bedroom, basement storage & laundry, 13 parking spaces, zoned terrace housing & apartment building under the new unitary plan, allowing for 3 new apartments at basement level and the potential to add 2 floors
Outgoings: rates $15,111/year including gst
Income assessment: current gross rent $199,627/year, assessment $262,860/year gross
Outcome: sold for $6.75 million
Agent: Gary Wallace

North-east

Mairangi Bay

5 Hastings Rd, unit 1:
Features: 2-bedroom unit, work-from-home options
Outcome: sold for $807,500
Agent: Tara Menzies

Attribution: Agency release.

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