Archive | Onehunga

12 sell at Bayleys’ Total Property auction

Bayleys sold 11 properties under the hammer yesterday of the 15 offered in its first Total Property commercial portfolio for the year. Another property was sold last Friday in an auction brought forward.

Yields were variable – down at 3.1% on one property which might reflect development potential more than the present return, 3.6% on a Plumbing World tenancy in New Lynn, 4.4% on a Manukau butcher’s shop, 5.25% on a Party Hire warehouse in East Tamki, 5.4% & 4.9% on 2 retail outlets in the new Dylan apartment building on Great North Rd (pictured above), 6.1% on a Rosedale gym. And, out of town, 7.6% on a long-term NZ Post lease in Whanganui.

CBD

Queen St

Mid-City, 239 Queen St, unit 1A:
Features: 39m² fast-food outlet fronting Queen St
Rent: $150,657.30/year net + gst from renewed 12-year lease to Avachi Fried Chicken
Outcome: auction postponed to Total Property 2, Wednesday 12 April
Agents: Quinn Ngo & James Chan

Uptown

117 Vincent St:
Features: 364m² site, total building area 736m² on 3 levels, each of 245.6m²; 12 parking spaces on ground floor, 2 office floors above
Rent: vacant
Outcome: passed in at $3.5 million
Agents: Nigel McNeill & Ben Bayley

Isthmus east

Onehunga

137 Onehunga Mall:
Features: 185m² site, 213m² 2-storey building
Outcome: sold for $900,000, including the bar & gaming business in it
Agents: Oscar Kuang & James Chan

Parnell

465-467 Parnell Rd:
Features: 612m² site zoned terrace housing & apartment building, 422m² villa, onsite parking, opportunity to own/occupy after April 2018
Rent: fully lease returning $119,113/year + gst
Outcome: sold for $3.525 million
Agents: Cameron Melhuish & Jenny Kek

Isthmus west

Blockhouse Bay

The Blockhouse Bay property sold on 3.1% yield at auction brought forward.

575 Blockhouse Bay Rd:
Features: 610m² corner site zoned business – local centre, dual-access rear parking
Rent: $55,687.93/year net from convenience store & attached accommodation and 2-level gym
Outcome: sold at pre-auction; declared reserve was $1.4 million, sold for $1.8 million at a 3.1% yield
Agents: Alan Haydock & Damien Bullick

Grey Lynn

The Dylan, 367-375 Great North Rd, principal unit 1:
Features: 128m² freehold retail unit on ground floor of new apartment development, 2 parking spaces, occupied by Love Bites Kitchen
Rent: $68,000/year net + gst from 6-year lease started November 2016, 2 4-year rights of renewal, 3%/year increases, to market on renewal
Outcome: sold for $1.27 million at a 5.4% yield
Agents: Damien Bullick & Alan Haydock

The Dylan, 367-375 Great North Rd, principal unit 2:
Features: 49m² freehold retail unit on ground floor of new apartment development, no parking, occupied by Arch Hill Laundromat
Rent: $30,000/year net + gst on 8-year lease from October 2016
Outcome: sold for $611,000 at a 4.9% yield
Agents: Damien Bullick & Alan Haydock

Newton

10 South St:
Features: 357m² site, 318m² standalone building,
Rent: $126,000/year net + gst, new 10-year lease to main tenant + income from billboards & 2-bedroom flat
Outcome: withdrawn from auction
Agents: Oscar Kuang & Nicolas Ching

North-east

Rosedale

32 Constellation Drive, unit 5:
Features: 385m² unit in retail centre, fully leased to Snap Fitness, 30 parking spaces in common area
Rent: $157,497/year net + gst, 8-year lease from 2013 + 2 8-year terms
Outcome: sold for $2.585 million at a 6.1% yield
Agents: Ranjan Unka & Anna Radkevich

11-13A Paul Matthews Rd:
Features: 517.7m² roadfront industrial unit, clearspan high stud warehouse, 8 parking spaces
Outcome: sold vacant for $1.55 million
Agent: Matt Mimmack

Wairau Valley

7 Porana Rd, unit A:
Features: 109.7m² vacant industrial unit, 2 parking spaces, multiple rollerdoor access
Outcome: sold for $476,000
Agent: Matt Mimmack

North-west

Henderson

Lincoln Centre, 111 Lincoln Rd, unit B:
Features: 1113m² building, occupied by Accident Compensation Corp since 2000, onsite parking
Rent: $287,000/year gross + gst, 3-year lease from March 2017 + 3-year right of renewal
Outcome: no bid
Agents: Nicolas Ching & James Chan

New Lynn

48 Portage Rd:
Features: 1012m² site + 1/10 share in 585m², 4-year lease to Plumbing World Ltd from October 2016 with rights of renewal
Rent: $62,250/year + gst, 4-year lease from 1 October 2016 with right of renewal
Outcome: sold for $1.73 million at a 3.6% yield
Agents: Mike Adams & Laurie Bell

South

Clover Park

112 Dawson Rd, unit O (shop 14) in Chapel Downs shopping centre:
Features: 230m² butchery, 2 parking spaces
Rent: $62,000/year net + gst + outgoings on 4-year lease from April 2016, rights of renewal to 2028
Outcome: sold for $1.42 million at a 4.4% yield
Agents: Dave Stanley & Geoff Wyatt

East Tamaki

179C Harris Rd, corner Ti Rakau Drive:
Features: 270m² strata title, showroom, warehouse & office occupied by Party Hire, 6 parking spaces
Rent: $46,000/year net + gst + outgoings, established tenant with renewed 4-year lease term
Outcome: sold for $875,000 at a 5.25% yield
Agents: Tony Chaudhary & Janak Darji

Manukau Central

5C Jack Conway Avenue:
Features: 471m² corner unit title – 230m² ground floor, 241m² first floor, onsite parking
Rent: $130,000/year net + gst + outgoings from 2 tenants on long-term leases
Outcome: no bid
Agents: Rod Grieve & Maxene Bates

South of the Bombays

Napier

88-94 Dickens St:
Features: 911m² site, 3 ground-floor tenants, option to develop upstairs
Rent: $78,855/year net + gst
Outcome: no bid
Agents: Paul Dixon & Sam MacDonald

Whanganui

115 Victoria Avenue:
Features: 916m² site, 403m² floor area, 10 parking spaces
Rent: $206,268 from long lease to NZ Post Ltd
Outcome: sold for $2.73 million at a 7.6% yield
Agents: Cameron Melhuish & Ed Donald

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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Central apartments, suburban townhouses & development site sell

2 central city apartments, 2 on the fringes, 4 suburban units and a development site sold under the hammer at Bayleys auctions around the region in the last week.

The development site at Royal Oak has a recently renovated house on it, but the section has been rezoned business – town centre, making change likely.

Both central city apartments are on Anzac Avenue, one at No 105 and the other in the Harbour Royal at No 88.

CBD

Learning Quarter

Harbour Royal, 88 Anzac Avenue, unit 8C:
Features: 2-bedroom apartment, covered parking space
Outcome: sold for $740,000
Agents: Murray Savage & Tina Chang

105 Anzac Avenue, unit 2C:
Features: 97m², 2-bedroom apartment, 2 bathrooms, tiled conservatory, enclosed balcony, secure parking space, storage locker
Outgoings: rates $1848/year including gst; body corp levy $5139/year
Outcome: sold for $692,000
Agent: Paul Sissons

Isthmus east

Epsom

16A Greenfield Rd:
Features: 3-bedroom townhouse, 2 bathrooms, double carport
Outcome: sold for $1.15 million
Agent: Glenn Baker

Onehunga

15 Bond Place:
Features: 449m² freehold section, 2-level 2013 townhouse, 4 bedrooms, 3.5 bathrooms, deck & garden, double internal-access garage
Outcome: sold for $1.02 million
Agent: Lindy Lawton

Parnell

Brighton Gardens, 10 Brighton Rd, unit 2:
Features: 2-bedroom apartment, 2 bathrooms, parking space
Outgoings: rates $2844/year including gst
Outcome: sold for $985,000
Agent: Chris Reeves

Remuera

15B Chatfield Place:
Features: 3-bedroom townhouse, 2 bathrooms, 2 parking spaces, full cavity system
Outcome: sold for $1.55 million
Agent: David Nightingale

Royal Oak

697 Mt Albert Rd, lot 1:
Features: 115m² house on 685m² section now zoned business – town centre, 4 bedrooms, carport
Outcome: sold for $1.2 million
Agent: Andrew Rumbles

Isthmus west

Ponsonby

Pulse, 80 Richmond Rd, unit 3T:
Features: one-bedroom apartment, balcony, secure parking space
Outcome: sold for $485,000
Agents: Luke McCaw & Andrea Ritchie

North-east

Browns Bay

766 Beach Rd, unit 2:
Features: 2-bedroom unit
Outcome: sold for $650,000
Agents: Angeline Wong & Annette Lum

Attribution: Auctions roundup.

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$500 bids end in $100k raise on acceptable sale price

Small steps can make a journey last a long time, as 3 bidders at Barfoot & Thompson’s apartments auction found this morning.

2 bidders at a time – one joined in and one of the first 2 pulled out – they were chasing a 3-bedroom suburban unit in Onehunga (pictured above). It was taken to what’s called a pre-auction auction – an offer has been deemed acceptable to the vendors but it still goes to auction, brought forward. Bidding started slowly, and in low rises, mostly of $500. It took half an hour, but the price crept up to $101,000 above the acceptable offer before the second bidder gave in.

Another pre-auction property was sold at a slight rise and an uptown apartment was sold on the sole bid.

CBD

Learning Quarter

The Statesman, 1 Parliament St, unit 8:
Features: 93m², 2 bedrooms, parking space
Outgoings: rates $2241/year including gst; body corp levy $4975/year
Outcome: withdrawn from auction
Agents: Stephen Shin & Rhys Chen

Uptown

The Chatham, 70 Pitt St, unit 705:
Features: 72m², 2-bedroom corner apartment, 2 bathrooms, balcony, storage locker, secure parking space
Outgoings: body corp levy $6486/year
Outcome: sold for $750,000, the only bid
Agents: Mike Campbell & Grant Elliott

Victoria Quarter

Marina Park, 146 Fanshawe St, unit 32:
Features: 40m², one bedroom, parking space
Outgoings: body corp levy $3237/year
Outcome: no bid, back on market at $459,000
Agents: Stephen Shin & Zoran Farac

Isthmus east

Onehunga

Norfolk Rise, 110E Grey St:
Features: 3 bedrooms, carport
Outgoings: body corp levy $1195/year
Outcome: taken to auction early after offer of $685,652 was acceptable, sold for $787,500 after a half hour of raises, mostly in $500 steps
Agents: Wayne & Lisa Parfitt

Isthmus west

Eden Terrace

43 Virginia Avenue East, unit 303
Features: 2 bedrooms, 2 parking spaces
Outgoings: body corp levy $5145/year
Outcome: no bid, back on market at $599,000
Agents: Stephen Shin & Zoran Farac

North-east

Devonport

17A Church St, unit 3:
Features: cross-lease, 1/8 share in 1846m², 2 bedrooms, 2 storage sheds, offstreet parking
Outcome: taken to auction early after offer of $905,000 was acceptable, sold for $920,000
Agents: Linda Simmons & Jacquie McDonald

Attribution: Auction.

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Commercial building & 3 apartments sell

A commercial building in Onehunga and 3 of the 6 apartments auctioned at Barfoot & Thompson yesterday were sold under the hammer.

Image above: View from the unit in the Endeans building at the foot of Queen St.

Commercial

Isthmus east

Onehunga

1 Paynes Lane:
Features: 337m² site next to Dress-smart, 360m² building on 2 levels, showroom, carpark; zoning allows building up to 27m
Outcome: sold for $1.4 million
Agents: James Marshall & Nick Wilson

Apartments

CBD

Learning Quarter

Celestion, 19 Anzac Avenue, unit 302:
Features: 2 bedrooms, balcony
Outcome: auction postponed
Agent: Jason Buckwell

Queen St

Endeans, 2 Queen St, unit 3C:
Features: 115m², 2 bedrooms, lounge, 3.75m ceilings, parking space
Outgoings: body corp levy $609/year
Income assessment: $/week
Outcome: sold for $1.79 million
Agent: Liz Derbyshire

Victoria Quarter

Grand Chancellor, 1 Hobson St, unit 411:
Features: furnished studio, deck
Outgoings: body corp levy $2336/year
Income assessment: $/week
Outcome: sold for $366,000
Agent: Aaron Cook

City Oaks, 188 Hobson St, unit 803:
Features: leasehold stratum, 20-year lease from December 2005, fully furnished 2 bedrooms, balcony, parking space
Outcome: passed in at $450,000
Agents: John Zhang & Richard Tan

Ascent, 149 Nelson St, unit 623:
Features: 2 bedrooms, balcony, parking space
Outgoings: body corp levy $3894/year, remediation & related litigation ongoing
Outcome: no bid
Agent: Sihem Labidi

Fiore 2, 168 Hobson St, unit 605:
Features: 46m², one bedroom, balcony
Outgoings: body corp levy $2958/year
Outcome: passed in at $420,000
Agents: Annie Xu & Sean Zhang

Isthmus west

Eden Terrace

Parkview Residences, 15 Rendall Place, unit 101:
Features: 2 bedrooms, balcony, 2 parking spaces, storage locker
Outgoings: body corp levy $4234/year
Outcome: sold for $843,000
Agents: Alastair Brown & Hayley Sok

Attribution: Auction.

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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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East-West: Change is looming closer

The East-West Link, to me, is more important than Waterview, the giant infrastructure project which precedes it and will contribute to the need to hasten it.

The East-West Link’s primary role is to ease traffic congestion in area which long ago was made the backside of the Auckland isthmus.

Image above: NZTA’s East-West Link perspective last year.

Out the back, away from the glistening Waitemata Harbour, Auckland had its first industrial heartland. The city abattoir at Westfield and the Southdown freezing works nearby towards Mt Wellington were both sited on the Mangere Inlet, a tidal corner of the Manukau Harbour. The railway workshops were nearby at Otahuhu.

Workers lived in nearby suburbs, and many still do. Swing into the 1980s and the advent of Japanese car imports, and cheaper personal transport meant workers could live further afield.

But the old industries died or moved out – one by one the railway workshops around the whole country died, the meatworks beside the harbour closed and were replaced by cleaner industries, or by warehousing.

But freight still clogs that industrial heartland of Penrose through Onehunga to the west, across Mt Wellington to the east.

I went to a presentation in Onehunga last week on the East-West Link, where various participating experts said their piece and the public were invited to add their views and ask questions. A turnout of about 250 was impressive, points were made politely although there was plainly frustration at the long time coming to any solution and the general impression that the transport engineers’ solution will not be the one the community wants.

The presentation evening was called by the Maungakiekie-Tamaki Local Board and most of the presentations were about place. In those circumstances, NZ Transport Agency principal transport planner Scott Wickman was never likely to win a popularity contest.

There are 2 sides to this project and they don’t mix, or haven’t yet. Under the normal rules of New Zealand planning combat, one side will win and the other side will remain forever disgruntled. The tendency is for authority to win by riding roughshod over less resourced opponents, though defeat of the Basin Reserve flyover project in Wellington shows it’s not always one-sided.

On my occasional dips into the subject of the backside of Auckland, there is always a clear focus which excludes other views – not just alternatives, but all other perspectives. The starting point is to improve access for freight, both in & out. Oh, that’s also the finishing point.

It seems, to me, that this is the perfectly wrong starting point. First, you need to ask why these businesses are where they are, and then, is that the best place for them to be?

At Onehunga, the community is used to being pushed around, so many of its representatives are used to looking at proposals from different angles to see where they might fit in.

After my first 2 questions comes a big batch of related questions relating to freight:

How & where should freight arrive/depart Auckland?

How should it be dispersed?

That leads to questions about where industry should be, how people should get to work, whether the inner Manukau Harbour should have houses along its edge just like many other spots around its shoreline do…

And it leads to the roles of the 2 ports, on the Waitemata and the Manukau, plus the airport at Mangere. The map below shows  current transport infrastructure projects around Auckland, including East-West, and key access modes. The important aspects are the links between them – and how they fit into community aspirations.

But back to Onehunga and the proposed new freight route through it. The NZ Transport Agency lodged its application for 2 notices of requirement & 23 resource consents with the Environmental Protection Authority on 16 December, and the authority accepted the application as complete on 22 December.

The next step is for the Minister for the Environment and the Minister of Conservation to direct whether the proposal is nationally significant and whether to refer it to a board of inquiry, the Environment Court or Auckland Council for consideration & a decision.

Mr Wickman told the Onehunga community on Thursday the transport agency had anticipated that the Environmental Protection Authority would work on a timetable of receiving submissions late this month into early March and, assuming a green light following a mid-year hearing, the agency could start construction next year for completion in 2022-23.

I’ll come back this week with some of the detail from last week’s presentations, followed by more detail ideas on access, property impacts – and where the freight & community aspirations can fit together.

Links:
NZ Transport Agency, East-West Link
Environmental Protection Authority, East-West Link
Auckland Transport, East-West Link
TOES (The Onehunga Enhancement Society)
Onehunga Business Association

Attribution: Presentations, NZTA, EPA.

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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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3 auction sessions, 4 sales

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

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

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

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

My focus

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

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

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

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

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

CBD

Queen St

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

Isthmus east

Ellerslie

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

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

Epsom

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

Onehunga

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

Isthmus west

Hillsborough

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

Mt Eden

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

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

Mt Roskill

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

New Windsor

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

Sandringham

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

North-west

New Lynn

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

Attribution: Auctions.

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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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