Archive | Newmarket

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.

Continue Reading

Warehouse sells Broadway site

The Warehouse Group Ltd has entered into an unconditional contract to sell its property at 66-80 Broadway, Newmarket, for $65 million.

The company said yesterday – 2 days before a call for offers was due to close – it would continue to lease the site until October 2018, when it’s agreed to vacate. Settlement of the sale is expected to be completed in July.

The Warehouse said the sale proceeds would generate a pre-tax gain of about $12 million, which it will use to reduce debt.

The Warehouse bought the site opposite the Newmarket Olympic pool in 1993 and the 1.4ha, in 6 titles, is occupied by the Warehouse, Warehouse Stationery, Noel Leeming, Torpedo7 & some smaller retail tenants.

Under the Auckland unitary plan, the site is in the metropolitan centre zone and resource consent was granted in 2014 for a 47,914m² mix of residential, retail & office that would have incorporated 160 apartments, a 40-room hotel, 9615m² of office, 18,245m² of retail & 720 parking spaces.

Attribution: Company release.

Continue Reading

Grey Lynn retail property sells

A Grey Lynn property containing 4 shops plus upstairs space was sold under the hammer at Barfoot & Thompson’s city commercial auction today. A Newmarket shop was passed in.

Isthmus east

Newmarket

33D Remuera Rd:
Features: 82m² shop
Rent: $38,250/year net + gst, lease up for renewal in 12 months
Outcome: passed in at $790,000
Agents: Kim Loo & Rex Fowler

Isthmus west

Grey Lynn

596-602 Great North Rd:
Features: 488m² section, 357m² floor area on 2 levels, 4 shops + upstairs accommodation or office
Outcome: sold for $2.38 million
Agents: Chris Peterson

Attribution: Auction.

Continue Reading

Paddington terrace sells

A 3-level Paddington terrace across the road from the Domain in Newmarket was sold at Bayleys’ Remuera branch auction last week, brought forward after an acceptable offer was received.

This week was a quiet one for the agency as far as intensive properties were concerned – the auction of the only other unit on the listings round the region was postponed until next Wednesday.

Isthmus east

Newmarket

1H George St:
Features: 208m², 4-bedroom terrace, 2 bathrooms, 2 parking spaces, storage locker
Outgoings: rates $3881/year including gst; body corp levy $7682/year + long-term maintenance fund $4568/year
Outcome: sold for $2.4 million at auction brought forward
Agents: Gary & Vicki Wallace

Onehunga

346 Onehunga Mall, unit 10:
Features: 2-bedroom unit
Outcome: auction postponed to Wednesday 12 April
Agents: Irene Shulruf

Attribution: Agency release.

Continue Reading

Augusta unconditional as second tenant signed for Broadway development

Augusta Capital Ltd has gone unconditional on its purchase for syndication of Mercury Energy Ltd’s new headquarters at 33 Broadway, Newmarket, where construction is just starting.

Mercury Energy will be the anchor tenant, consolidating its 4 Auckland offices in the one 5-green-star building and occupying over half the development at the roundabout across the road from the Newmarket Olympic pool. The company will be on a 12-year lease. Augusta managing director Mark Francis also confirmed Tegel Foods today as an office tenant.

Augusta subsidiary Augusta Funds Management Ltd will raise $83.5 million of equity through a unit trust to be established to acquire the property. Augusta Capital will underwrite $33.5 million and other parties the balance of the capital raising.

Mr Francis said a product disclosure statement was being prepared and the offer should be open for investment in mid-April. No money is being sought yet.

The building is under construction by Mansons Broadway Ltd with settlement (but not building completion) scheduled for 1 July. Mansons will provide a 10-year capex guarantee from completion.

When Augusta entered into the agreement in December to acquire the unfinished development, Augusta managing director Mark Francis said it was a new phase in syndicate investment strategy: “Augusta believes this transaction signals a key strategic step as it moves from not simply being a buyer of investment grade assets but into funding & development of investment grade assets.”

The total consideration is $143,111,878, with a fixed amount payable at settlement, further drawdowns made on a cost-to-complete basis as the development progresses, and retention amounts payable on achievement of certain development & leasing milestones.

Earlier stories:
20 February 2017: Augusta launches Mercury syndication
22 December 2016:  Augusta takes new step in syndication

Attribution: Company release.

Continue Reading

5 sell out of 13 intensive units auctioned at Barfoots

5 units sold out of 13 apartments, townhouses, suburban units & cross-leases auctioned at Barfoot & Thompson’s city office yesterday, and one cbd apartment was withdrawn. Among the sales was a 2-bedroom apartment overlooking Parnell Rd (pictured).

CBD

Learning Quarter

The Quadrant, 10 Waterloo Quadrant, unit 2207:
Features: 2-bedroom apartment, balcony, parking space
Outcome: withdrawn from auction
Agent: Dong Liu

Isthmus east

Epsom

218 Green Lane West, unit 37:
Features: 3-bedroom unit, 2 bathrooms, study, double garage
Outgoings: body corp levy $4250/year
Outcome: passed in at $900,000
Agents: George Fong & Laura McAuley

Newmarket

73C Carlton Gore Rd, unit 3:
Features: one-bedroom 1930s apartment, private courtyard
Outcome: passed in
Agents: Cheryl Burgess & Ian Griffiths

Kings Square, 26 Remuera Rd, unit 506:
Features: over 100m², 3-bedroom apartment, 2 bathrooms, double garage
Outgoings: body corp levy $3421/year
Outcome: no bid, back on market at $1.019 million
Agents: Cici & Miro Wang

9 Sarawia St, unit 408:
Features: one-bedroom apartment in former motel, offstreet parking
Outcome: sold for $432,500
Agents: Jill Jackson & Emma John

Parnell

387 Parnell Rd, unit 6:
Features: 2-bedroom apartment, tandem garage
Outgoings: rates $2183/year including gst; body corp levy $7232/year
Outcome: sold for $830,000
Agents: Silvia Poletti & Bobby McMillan

Remuera

11 & 13 Hapua St:
Features: 2 adjoining properties on combined 1602m², 4-bedroom duplex with double internal-access garage on 641m², 3 bathrooms, and vacant 961m² section with resource consent for 2 houses
Outcome: no bid
Agent: Cindy Yu

Isthmus west

Freemans Bay

47 Napier St:
Features: 119m², 3-bedroom terrace, 2 bathrooms, courtyard, internal-access garage
Outgoings: body corp levy $4834/year
Outcome: sold for $972,500
Agent: Ric Parore

116 Wellington St, unit 3:
Features: one-bedroom unit, private courtyard, storage, offstreet parking
Outgoings: body corp levy $2512/year
Outcome: sold for $665,000
Agent: André Boddé

Grey Lynn

7C Scanlan St:
Features: 136m², 2-level 2-bedroom apartment in warehouse conversion, storage, 2 parking spaces
Outgoings: body corp levy $1646/year
Outcome: no bid
Agent: David Dowse

Kingsland

52 Aitken Terrace, unit 1B:
Features: 2-bedroom apartment, deck, double basement garage
Outgoings: body corp levy $4900/year
Outcome: sold for $920,000
Agents: Susan Murdock & Sue Cohen

Mt Eden

68 Ellerton Rd:
Features: cross-lease, half share in 976m², 3-bedroom villa, attic, study, carport
Outcome: no bid
Agents: Derek Helliwell & Di Lynds

Mt Roskill

7 Jasper Avenue:
Features: cross-lease, half share in 837m², 3-bedroom bungalow, carport
Outcome: passed in at $935,000
Agents: Bella Stefano & Sherry Shao

Sandringham

99B Lambeth Rd:
Features: cross-lease, quarter share in 1214m², 3-bedroom house, deck, carport
Outcome: no bid
Agent: Mal MacElvanna

Attribution: Auctions.

Continue Reading

Augusta launches Mercury syndication

Augusta Funds Management Ltd has launched the syndication of the new $143 million Mercury NZ Ltd headquarters at 33 Broadway, Newmarket.

Syndicate interests are a minimum of $50,000. The offer is being promoted through Bayleys Real Estate and is fully underwritten, including $33 million from Augusta Capital.

Mercury intends to consolidate its 4 Auckland offices in the one 5-green-star building, at the roundabout across the road from the Newmarket Olympic pool. Mercury will be on a 12-year lease. Other tenants have not yet been named.

The building is under construction by Mansons Broadway Ltd with settlement (but not building completion) scheduled for 1 July. Mansons will provide a 10-year capex guarantee from completion.

Augusta is offering syndicate investors a forecast 7%/year pretax return paid monthly from settlement for the first 2 years 9 months, and says the leases will provide 3%/year growth.

When Augusta entered into the agreement in December to acquire the unfinished development, Augusta managing director Mark Francis said it was a new phase in syndicate investment strategy: “Augusta believes this transaction signals a key strategic step as it moves from not simply being a buyer of investment grade assets but into funding & development of investment grade assets.”

Under the agreement, the Augusta syndicate will acquire the property and Mansons will continue to construct the building for that investment entity.

The total consideration is $143,111,878, with a fixed amount payable at settlement, further drawdowns made on a cost-to-complete basis as the development progresses, and retention amounts payable on achievement of certain development & leasing milestones.

During the development phase, Mansons will pay interest on the equity component of the consideration and all bank interest costs of the syndicate/fund that acquires the development.

Earlier story:
22 December 2016:  Augusta takes new step in syndication

Attribution: Agency release.

Continue Reading

3 apartments & 6 cross-leases among Barfoot sales

12 of the 28 residential properties auctioned at Barfoot & Thompson’s city office yesterday were sold under the hammer.

They included 6 of the 10 cross-leased homes and all 3 apartments – one apartment the mortgagee sale of a unit in Metropolis, one on Khyber Pass and the third in Kings Square, Newmarket (pictured above).

CBD

Kitchener St

Metropolis, 1 Courthouse Lane, unit 2101 (21A):
Features: one-bedroom apartment
Outcome: sold at mortgagee auction for $372,000
Agent: Philip Davis

Isthmus east

Glendowie

2A Monterey St:
Features: cross-lease, half share in 791m², 153m² 3-bedroom townhouse, 2 bathrooms, courtyard, double garage
Income assessment: $760/week current
Outcome: no bid
Agent: Kelly Midwood

Glen Innes

10A Courtland Avenue:
Features: cross-leased 1813m², 3 bedrooms, deck, carport
Outcome: no bid
Agent: Shane Anderson

Meadowbank

1 Hawkins St:
Features: cross-lease, half share in 728m², 105m² 2-bedroom duplex, deck, offstreet parking
Outcome: sold for $885,000
Agents: Michael & Tatyana Ataman

30A Hawkins St:
Features: cross-lease, half share in 660m², 2 bedrooms, carport
Outcome: sold for $862,000
Agents: Trevor Wyness & Louise Barnsley

Newmarket

373 Khyber Pass Rd, unit 3:
Features: studio, courtyard
Outgoings: body corp levy $3049/year
Outcome: sold for $381,000
Agent: Cici Wang

Kings Square, 26 Remuera Rd, unit 718:
Features: 100m², 3-bedroom apartment, 2 bathrooms, 2 basement parking spaces
Outgoings: body corp levy $4617/year
Outcome: sold for $1 million at pre-auction auction
Agents: Cici & Miro Wang

Onehunga

Somerset Gardens, 53 Mays Rd, unit 9:
Features: cross-lease, 1/13 share in 5096m², 3 bedrooms, internal-access garage
Outcome: sold for $795,000 at auction brought forward
Agents: Leonie Stabler & Di Lynds

Parnell

21B Cathedral Place:
Features: cross-lease, 1/3 share in 1719m², 3-bedroom townhouse, 2 bathrooms, study, 3 living areas, patios, decks, double garage
Outcome: sold for $1.735 million
Agents: Jill Jackson & Emma John

73 Gibraltar Crescent:
Features: 3-bedroom townhouse, 2 bathrooms, deck, double garage
Outgoings: body corp levy $1973/year
Outcome: no bid
Agents: George Fong & Laura McAuley

Pt England

38 & 38A Tamatea Avenue:
Features: both halves of a 787m² cross-lease, 3 bedrooms, deck, garage
Outcome: passed in at $850,000
Agents: George Fong & Amy Xiong

Royal Oak

14 Campbell Rd, unit 2:
Features: cross-lease, 1/6 share in 1206m², 2-bedroom unit, garage
Outcome: sold for $730,000
Agent: Sylvia Lu

Isthmus west

Pt Chevalier

220 Pt Chevalier Rd, unit 2:
Features: cross-lease, half share in 609m², 3 bedrooms, deck, carport
Outcome: sold for $1.21 million
Agent: Felicity Scott

North-west

Henderson

1 Ribblesdale Rd, unit 3;
Features: cross-lease, 1/7 share in 2023m², 2-bedroom unit, carport, storage unit
Outcome: no bid, back on market at $480,000
Agent: Grant Hetherington

South

East Tamaki

9 Haven Drive:
174m² townhouse on 147m² section, 2 bedrooms, double garage, courtyards
Outcome: sold for $632,000
Agents: Thomas & Helen Weber

Attribution: Auctions.

Continue Reading

Eden Terrace development site, cinema complex & office floors sell

An Eden Terrace warehouse conversion with redevelopment rights (pictured above), the Rialto cinema complex in Newmarket and office floors on Queen St and in Viaduct Harbour have been sold by Bayleys agents.

CBD

The penthouse office floor at 175 Queen St.

Queen St

175 Queen St, level 14:
Features: 228m2 top floor of office building, extensive recent fitout, multiple portioned offices, natural light, views, one basement parking space
Outcome: sold vacant for $1 million
Agents: Quinn Ngo & Matt Lee

Waterfront

14 Viaduct Harbour Avenue, level 5:
Features: 305m2 office floor, 4 parking spaces
Outcome: sold vacant for $825,000
Agent: Andre Siegert

Isthmus east

Newmarket

153-185 Broadway, lot 4:
Features: 1985m2 7-cinema complex on the top level of the Rialto shopping centre, occupied since 2005 by Rialto Cinemas, which renewed for 5 years in December 2015
Rent: $410,140.50/year net + gst
Outcome: sold for $4.5 million at a 9.1% yield
Agents: Alan Haydock & Damien Bullick

Isthmus west

Eden Terrace

140 New North Rd:
Features: 1055m2 corner site zoned mixed use with additional height overlay of 21m; 2 adjoining converted warehouse buildings totalling 1815m2, which the tenant has been operating as a boarding & short-term accommodation facility since August 2006, with 6 months’ termination clause in lease
Rent: $165,000/year net + gst
Outcome: sold for $4.01 million at land value of $3800/m2 & 4.1% yield
Agents: Scott Kirk, James Were, Phil Haydock, Bayleys Auckland

Attribution: Agency release.

Continue Reading

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.

Continue Reading
WordPress Appliance - Powered by TurnKey Linux