Archive | Newmarket

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.

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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suburban units & cross-leases auctioned at Barfoot & Thompson’s city office yesterday, and one cbd apartment was withdrawn.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.

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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.

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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.

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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.

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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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Nuffield precinct shop sells

A retail unit in Newmarket’s Nuffield precinct has been sold on a 5.35% yield by the Wilson Hurst real estate agency.

Isthmus east

Newmarket

2A Balm St:
Features: 116m² retail unit with 11m frontage to Balm St, share of 1581m² of land, parking space, Egg Maternity as tenant with one 4-year right of renewal taking final expiry to 2024; Eden Consultants Ltd assessed the building at 100% of new building standard for Insurance purposes in February 2013; zoned metropolitan centre under the unitary plan, giving development potential if all titles under unified control
Rent: $93,613/year
Outcome: sold for $1.75 million at a 5.35% yield
Agent: Everett Jaura

Attribution: Agency release.

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Augusta takes new step in syndication

Augusta Capital Ltd subsidiary Augusta Funds Management Ltd has entered into an agreement with Mansons Broadway Ltd to acquire the unfinished development at 33 Broadway, Newmarket, for syndication.

Augusta managing director Mark Francis said today 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.”

He said that, under the agreement, an Augusta-nominated syndicate or fund would ultimately acquire the property following an equity-raising. 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.

The agreement is conditional on:

  • the terms of the loan facility agreement & associated documents being agreed by all parties by 24 January
  • the anchor tenant’s approval by 31 January of the development being sold to an Augusta fund/syndicate, and
  • Mansons obtaining the anchor tenant’s agreement by 28 February to a 3-month extension to the current sunset date for the development, or being satisfied that an extension is not required.

Settlement of the acquisition by the relevant investment entity is scheduled for 1 July 2017, subject to earthworks & piling having been completed.

Augusta Funds Management has also entered into unconditional underwriting commitments for the equity component of the consideration, including $33 million from Augusta Capital. Mr Francis said the ultimate structure of that investment entity was still being finalised.

Energy company Mercury NZ Ltd 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.

Attribution: Company release.

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Gym, 2 apartments & 4 suburban cross-leases sell

A Henderson warehouse most recently used as a gym and an Argent Hall apartment were sold at Barfoot & Thompson’s commercial & apartments auction session yesterday.

Another apartment, in the Queens Lodge development behind Broadway and beside the Newmarket railway station (pictured), was sold in the agency’s afternoon residential session.

Also at the afternoon session, 4 of the 6 cross-leased properties were sold under the hammer.

Commercial

North-west

Henderson

4 Amokura St, unit D:
Features: 170m², high stud warehouse most recently used as a gym, mezzanine office & amenities, 4 parking spaces, offered “as is where is”
Outcome: sold vacant for $362,000 + gst under the Criminal Proceeds (Recovery) Act
Agents: Elaine Tutty & Roger Franklin

Apartments

CBD

Federal St

Federal, 207 Federal St, unit 903:
Features: 61m², 2 bedrooms
Outgoings: body corp levy $5247/year
Income assessment: $580/week, fixed until February
Outcome: passed in, back on market at $555,000
Agents: Stephen Shin & Yasu Ka

Learning Quarter

Argent Hall, 2 Eden Crescent, unit 8G:
Features: 49m², one bedroom, 2 balconies
Outgoings: body corp levy $5480/year
Outcome: sold for $450,000
Agents: Stephen & Leo Shin

Crescent, 7 Eden Crescent, unit 201:
Features: 59m², 2 bedrooms, study, balconies, parking space, bottom side of the Quadrant Hotel building at 10 Waterloo Quadrant
Outgoings: body corp levy $1166/year
Outcome: no bid, back on market at $639,000
Agents: Stephen & Leo Shin

Uptown

Amora Hotel, 100 Greys Avenue, unit 2B:
Features: one bedroom, parking space
Outgoings: body corp levy $4401/year, plus common area air-conditioning special levy $1864 and long-term maintenance levy $797
Income assessment: $1122/month including gst from hotel lease; in hotel pool until 31 December 2020
Outcome: passed in
Agents: Mike Campbell & Grant Elliott

Eclipse, 156 Vincent St, unit 7J:
Features: 41m², one bedroom
Outgoings: rates $1189/year including gst; body corp levy $3438/year
Income assessment: $400/week fixed until April
Outcome: no bid, back on market at $385,000
Agents: Stephen Shin & Yasu Ka

Isthmus east

Newmarket

Queens Lodge, 176 Broadway, unit C617:
Features: 2-bedroom apartment, 2 bathrooms, parking space
Outgoings: body corp levy $2192/year
Outcome: sold for $696,000
Agents: Michelle Zhang

Parnell

30 Heather St, unit 18:
Features: 3 bedrooms, balcony, parking space
Outgoings: body corp levy $4939/year
Income assessment: $580/week, fixed until February
Outcome: no bid
Agents: Sarah Garlick & Estee Zeng

Suburban cross-leases:

Isthmus east

Kohimarama

34 Melanesia Rd, unit 3:
Features: cross-lease, 1/3 share in 890m², 4-bedroom townhouse, 2 bathrooms, double internal-access garage
Outcome: sold for $1.725 million
Agents: Trevor Wyness & Louise Barnsley

Onehunga

4A Edmonton Avenue:
Features: cross-lease, half share in 765m², 3 bedrooms, 2 bathrooms, double internal-access garage
Outcome: no bid, back on market at $849,000
Agents: Paresh Patel

One Tree Hill

14 Rangipawa Rd:
Features: cross-lease, half share in 845m², 3 bedrooms, deck, carport
Outcome: sold for $1.085 million
Agent: Anna Stephens-Brown

Royal Oak

21A & 21B Campbell Rd:
Features: cross-lease, 2 half shares in 1120m
Outcome: passed in
Agents: Helen Lam & Wendy Sadd

Isthmus west

Mt Roskill

172 Melrose Rd, unit 1:
Features: cross-lease, half share in 657m², 2-bedroom unit, garage
Outcome: sold for $715,000
Agents: Di Martens

South

Mangere Bridge

5A McIntyre Rd, unit 2:
Features: cross-lease, half share in 929m², 3 bedrooms, deck, internal-access garage
Outcome: sold for $800,000
Agents: Jamie Gray

Attribution: Company release.

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6754/m² for Great North Rd site

A Great North Rd corner property fetched $6754/m² at Barfoot & Thompson’s auction yesterday, and 3 of the 5 apartments were sold (one of them listed outside the apartments-specific session).

Commercial

Isthmus west

Grey Lynn

376 Great North Rd:
Features: 570m² corner site, 810m² floor area – 438m² ground-floor showroom, 372m² basement, 54m² canopy
Outcome: sold vacant for $3.85 million at $6754/m² of land
Agent: Grant Magill

Apartments

CBD

Kitchener St

Metropolis, 1 Courthouse Lane, unit 2302:
Features: 52m², one bedroom
Outcome: passed in at $430,000, back on market at $525,000
Agents: Aaron Cook & Betty Shao

Learning Quarter

Darlinghurst, 50 Eden Crescent, unit 1C:
Features: 54m², one bedroom, storage locker
Outcome: passed in at $405,000
Agents: Estee Zeng & Sarah Garlick

18 Wakefield St, unit 3H:
Features: 123m², 2 bedrooms, 2 bathrooms, parking space
Outgoings: body corp levy $4102/year
Outcome: sold for $700,000
Agents: Stephen Chang

Victoria Quarter

Harvard, 147 Hobson St, unit 10P:
Features: 3 bedrooms, balcony
Outcome: sold for $486,000
Agents: Livia Li & Alan Guo

Isthmus east

Newmarket

8 Clayton St, unit 23:
Features: one bedroom, tandem parking
Outgoings: rates $1283/year including gst; body corp levy $3221/year
Outcome: sold for $450,000
Agents: Stephen Shin & Casey Chen

Attribution: Auctions.

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