Archive | Isthmus east

20-year lease paves way for Rialto upgrade & expansion

A new 20-year lease has paved the way for an upgrade & expansion of the Rialto arthouse cinema complex on Newmarket Broadway.


Building owner The National Property Trust will spend $2.4 million on refurbishment, and Village Rialto will refit the existing 5 cinemas. They will also add 2 more screens and change the foyer.


Village Rialto is a joint venture between Village SkyCity Cinemas (itself a joint venture between SkyCity Entertainment Group Ltd & Village Roadshow of Melbourne) and private company Rialto Entertainment Ltd (Kelly Rogers & accountant David Ross), the operator.


The cinema complex occupies 24% of the Rialto Centre.


The upgrade will include a repositioned & refurbished foyer, new café & concession area, auditorium seating, floor coverings, toilet facilities, upgraded sound insulation and a general refurbishment throughout the premises.National’s executive chairman, Paul Dallimore, said the long lease would give confidence to other Rialto tenants, which would all benefit from increased foot traffic. Mr Dallimore said the trust had already started the remix of upper level tenants to accommodate the cinema changes.


Work will start in February 2005 for completion in October.


Mr Rogers, of Rialto Entertainment, said: “The upgrade to the cinema complex will significantly increase the cinematic experiences for our customers and add to its general ambience. With the refurbishment & addition of 2 new screens, we will not only be able to increase the number & variety of movies that we show, but also ensure that this is the premiere arthouse & crossover cinema complex in New Zealand.”

The Rialto Newmarket refurbishment is one of a number of upgrades Village SkyCity has scheduled. It’s also added 3 more screens to the Dunedin Rialto this year. Village Rialto Cinemas operates 20 screens in 5 cities.

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Nylex Saleyards Rd property goes for $4.9 million

Otahuhu, 22 Saleyards Rd, owner Nylex Ltd sold its premises under the hammer at an onsite auction today for $4.9 million to local industrial investor Tim Edney.


CBRE (Derek Harries & Paddy Callesen) took the property to auction for Nylex, which decided to consolidate on one site, in new design & build premises.


The Saleyards Rd property was a prized Otahuhu block, covering 1.934ha with an 8000m² building on it. The rest of the site is in parking or vacant. Nylex will give vacant possession in August 2005.


A 2000m² concrete pad has been laid ready for the building to be extended, but this project was never advanced.


When CBRE took the property to market, Mr Harries said land values in the area had increased to $180-200/m². “A couple of years ago you could have bought it for $50/m².”


The sale puts a price of $253/m² on the land as a development site. Among competing bidders today was the owner of a neighbouring site, Tai Ping Trading Co Ltd (Peter Chan), which wants to expand and has its own property on the market tbrough Colliers.


Mr Edney sold most of the former Otahuhu railway workshops land to the Macquarie Goodman Property & Industrial Trusts, which jointly acquired the 26.5ha site for $34.4 million, to develop into a $130 million industry park over the next 5 years.


Earlier story:


18 October 2004: Nylex moving out of Saleyards Rd property


Website: CBRE

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Lunn Ave plan change 7 partially operative

Auckland City Council private plan change 7 became operative in part on 29 October, allowing Landco Ltd (Greg Olliver) to start development on the Lunn Ave quarry site in Mt Wellington.


The plan change introduces a business 10 (town centre) zone for the quarry, where Landco plans a 6-year development with an end value exceeding $1.5 billion.


Previous story: Court grants partial order allowing Landco to start quarry development

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Panmure structure plan open for submissions

Auckland City Council has notified plan change 142 – Panmure structure plan and local view protection, which is intended to help manage expected growth in the area by integrating residential & business developments and revitalising the town centre.


 


The proposed plan change was publicly notified on Sunday 17 October. Submissions close on Friday 19 November.


 


Council environmental planning manager Penny Pirrit said the plan change would help implement Panmure’s future, the liveable community plan that was developed in consultation with the Panmure community and adopted in 2002.


 


The liveable community plan forms part of the council’s growth strategy, which was developed to accommodate the expected population growth over the next 20 years.


 


Ms Pirrit said Panmure’s population was expected to rise by 2400 people, or 850 homes, by 2021.


 


“Some of this growth needs to be accommodated in the town centre. The plan change aims to manage the effects of growth by introducing urban design criteria, while at the same time preserving valued natural features, character & heritage.”


 


Plan change 142 also includes:


 


·         improvements to access, including to rear parking & service areas and by reducing the distances to walk between amenities such as the library & supermarket


·         additional design criteria to preserve Panmure’s distinctive character


·         reduced parking requirements for retail & residential activities


·         the protection of 3 views: from the heart of the town centre across the Panmure Basin, the view of the basin from Pilkington Rd, and the view of Maungarei/Mt Wellington from outside the old Panmure Hotel.


 


Website: Council isthmus district plan

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St Heliers retail property sells for $3.46 million

St Heliers, corner St Heliers Bay & Polygon Rds, a high-profile 364m² site with development potential in the St Heliers retail precinct, one block back from Tamaki Drive, has been sold for $3.46 million to a private investor.


The 446m² 2-level building is fully leased to 5 tenants at total net rental income of $207,180/year, representing a 6% yield. Tenants Barfoot & Thompson, St Heliers Home Cookery, Holiday Shoppe, The Framer and Aladdin’s Lamp are on 2-4-year leases.


The property had a $1.93 million July 2004 capital valuation. It was sold by tender by Nigel McNeill, Bayleys Real Estate. He said the sale price of $9505.50/m² set a new benchmark for St Heliers commercial property.

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Panmure Highway service station sold at 6.6%

Mt Wellington, 434 Ellerslie-Panmure Highway, service station on the corner of Lunn Ave with 11 years to run on a 28-year lease to Shell NZ Ltd, sold for $1.5 million at a 6.63% yield. Sales: Mark Pittaway & Richard Yang, Bayleys.


The triangular 1133m² site adjoins a retail complex featuring a Wendy’s Restaurant, liquor & video outlets and other retailers.


It was one of 4 properties put up for auction by a family trust. All sold.

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St Heliers childcare property sells at 7.5%

St Heliers, 114-116 Maskell St, house on site but commercial investment, operating as a Bear Park childcare facility, 1200m² of land in 2 titles, returning $89,561/year net plus gst, sold at auction for $1.2 million at 7.5%. Sales: Mark Pittaway & Richard Yang, Bayleys.


It was one of 4 properties put up for auction by a family trust. All sold.


“The property is unusual in that it provides a blend of commercial & residential property. There is a long-term commercial lease to a well established tenant underpinned by a substantial residential land value,” Mr Pittaway said.


Preschoolers use the 165m² house and a nursery is in a 97m² bungalow on the property.


Bear Park Ltd holds a commercial lease until 2011, with a 6-year right of renewal, and subleases the property to Maskell Childcare Ltd. The property has been a Bear Park childcare facility for more than 10 years.


Mr Pittaway recently sold a newly built Bear Park early-childhood centre in West Auckland, the latest addition to the chain with a 9-year lease signed in March. It sold for $1.625 million at a 9.1% yield.

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Nylex moving out of Saleyards Rd property

Otahuhu, 22 Saleyards Rd, owner Nylex Ltd has decided to move and is in the final stages of negotiating its new design & build premises, which will see the company’s operations fully consolidated on one site. It also leases premises in East Tamaki.


The property is a significant Otahuhu landmark, covering 1.934ha with an 8000m² building on it. The rest of the site is in parking or vacant. Nylex will give vacant possession in August 2005.


A 2000m² concrete pad has been laid ready for the building to be extended, but this project was never advanced.


CBRE (Derek Harries & Paddy Callesen) will take the property to on onsite auction on 10 November.


Otahuhu resurgence


Mr Harries said Otahuhu continued its resurgence as property in Mt Wellington & Penrose became increasingly difficult to obtain.


He said the area was gaining a new lease of life as some significant investors made major moves. These include:

purchase of the old railway workshops land on Savill Rd by the Macquarie trusts
a number of design & building projects by James Kirkpatrick Group under way, including developments on the old Farmers Fertiliser property, and
Sleepyhead’s move to Otahuhu from Ponsonby, leading the charge

Mr Harries said the Saleyards Rd property would appeal to owner-occupiers, investors prepared to find a new tenant, and developers taking advantage of the surplus land.


He said land values in the area had increased to $180-200/m². “A couple of years ago you could have bought it for $50/m².”


The Nylex building’s low stud height would dampen rentals but Mr Harries said it could still be a solid earner. Nylex is planning to lease it back for a year at 8%. “The true price is probably $65-70/m², without considering the office space or surplus land.”


Website: CBRE

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Griffin’s CLM wins Parnell Baths contract

Auckland City Council has handed the contract to run the redeveloped Parnell Baths to Joe Griffin’s CLM Aquatics after the previous operator didn’t renew its contract.


The baths, on Tamaki Drive, will reopen in November and stay open until the end of April.


Council community planning group manager Mark Vinall said CLM Aquatics had a good track record in operating 3 other Auckland City Council facilities – Lagoon Leisure & Fitness Centre in Panmure, Phillips Aquatic Centre in Mt Albert and the Sir William Jordan Recreation Centre in Onehunga.


Mr Griffin’s Community Leisure Management Ltd group runs pool & leisure facilities in several parts of the country.


CLM Aquatics, which beat 2 other bidders for the contract, will be responsible for all financial & operational management of the Parnell Baths.

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