Archive | Isthmus east

2 post-auction sales in Onehunga & Glendene

2 properties passed in at Bayleys 12 April Total Property commercial auction have since been sold. The agency’s next Total Property auction is next Wednesday, 17 May.

Isthmus east

Onehunga

4 Newsome St:
Features: 493m2 bare site zoned mixed use, height limit 21m
Outcome: no bid at auction, sold for $725,000 at $1470.60/m2
Agents: Tony Chaudhary & Janak Darji

North-west

Glendene

3 Bancroft St:
Features: 3584m2 site, partially refurbished 2500mstandalone industrial building, 6-year lease to a tenant in occupation for over 30 years
Rent: $225,000/year net + gst
Outcome: passed in at $2.775 million at the 12 April auction, sold for $2.8 million at an 8% yield
Agents: Dave Stanley & Stuart Bode

Attribution: Agency release.

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3 industrial sales & 2 leases

Colliers agents have completed the sale of 2 industrial properties & one trade retail site in East Tamaki & Mt Wellington, and signed 2 leases on the Shore.

Sales

Isthmus east

Mt Wellington

3 Donnor Place:
Features: 2749m² industrial property
Outcome: sold for $4.3 million + gst at a 5.52% yield
Agents: Hamish West & Paul Higgins

South

East Tamaki

24A Harris Rd:
Features: 595m² trade retail site
Outcome: sold for $1.85 million + gst at a 5.99% yield
Agents: Jolyon Thomson & Paul Higgins

39D Lady Ruby Drive:
Features: 530m² industrial unit
Outcome: sold for $1.41 million + gst
Agents: Jolyon Thomson & Andrew Hooper

Leases

North-east

Mairangi Bay

5 Saturn Place, unit E:
Features: 140m² warehouse, 116m² office, occupied by Perry Engineering Auckland Ltd on 5-year lease plus 2 3-year rights of renewal
Rent: $40,000/year net
Agents: Mike Ryan & Ryan de Zwart

Rosedale

29 Canaveral Drive:
Features: 923m² industrial property, 5-year lease plus 2 3-year rights of renewal
Rent: $150,000/year net
Agents: Jimmy O’Brien, Matt Prentice & Shoneet Chand

Attribution: Agency release.

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4 intensive residential & development properties sell

A mix of 4 properties in the intensive living & residential development sectors were sold at Bayleys auctions this week – an apartment in the 1930s Brooklyn building in the cbd, one of 2 properties in the future urban zone 28km north of the cbd at Dairy Flat, a St Heliers townhouse and a Manurewa section with development consents in place.

CBD

Learning Quarter

Brooklyn, 66 Emily Place, unit 14:
Features: one-bedroom apartment in 1930s building
Outgoings: rates $1532/year including gst; body corp levy $4208/year
Outcome: sold for $461,000
Agents: Diane Jackson & Julie Prince

Isthmus east

St Heliers

41C Vale Rd:
Features: 3-bedroom townhouse, 3 bathrooms, courtyard, parking space
Outcome: sold for $1.125 million
Agents: John Howard & Josie Moon

North-east

The 2 rural properties marked future urban, one sold and the other passed in.

Dairy Flat

18 Green Rd:
Features: flat 3.38ha in 18 paddocks, 3-bedroom house, 2 bathrooms, double garage
Outcome: passed in
Agents: Graeme Mann & Karen Asquith

20 Green Rd:
Features: 9620m² site, 2 tenanted houses, one of 2 bedrooms, the other of 3 bedrooms & 2 bathrooms, each with a single garage
Outcome: sold for $1.3 million
Agents: Graeme Mann & Karen Asquith

South

Manurewa

40 Sturdee Rd:
Features: 809m² section, 3-bedroom house near motorways, health facilities & shopping centres, resource & building consents for development approved
Outcome: sold for $725,000
Agents: Shan Collings & Marlene Dragicevich

Takanini

220 Great South Rd, unit 1:
Features: 161m² refurbished standalone mainstreet bungalow containing 7 single-level offices
Outcome: passed in
Agents: Piyush Kumar & Peter Migounoff

Attribution: Agency release.

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Auction raises more questions than bidders’ hands

Barfoot & Thompson’s apartments auction today raised more questions than bidders’ hands.

In a sparsely population city auctionroom, the 4 properties on offer were a cbd apartment, a cross-lease in Ellerslie, a unit in Papatoetoe where the unit title wasn’t yet issued, and a Glen Innes house on a section – like thousands around Auckland now – with subdivision potential following rezoning.

The Connaught apartment had a bidder, but the margin between them and the vendor was about $200,000, setting the vendor’s target about $20,000 above the price achieved for a larger unit last July, when the market was far more active.

Excluding parking & balcony, the vendor would have been seeking about $14,000/m² internal, compared to a bid set at about $9000/m².

New apartment developments’ prices have moved well above the $10,000/m² that was a benchmark 2 years ago – construction costs have helped push some about $15,000/m² – but for older buildings those sorts of returns raise a question of how much of the windfall arising from price rises over the last 4 years is acceptable or readily achievable.

The Ellerslie cross-lease sold under the hammer after the vendor edged down but the other 2 properties attracted no bid.

A unit where the unit paperwork hadn’t been completed presented a risk most wouldn’t take in a declining market.

And, while the far eastern Tamaki suburbs on the isthmus started to attract more interest late last year, the unitary plan has opened thousands of residential properties up for potential subdivision, negating windfall opportunities and (in theory at least) opening suburbia up to cheaper new housing.

The mindset of cheaper new suburban development hasn’t set in yet, and may need a council push in terms of infrastructure provision & pricing, but the number of sections starting to come to the market indicates enough willingness to sell, and for intensification to gradually get underway.

CBD

Learning Quarter

The Connaught, 14 Waterloo Quadrant, unit 5I:
Features: 50m² including balcony, one-bedroom apartment, parking space
Outgoings: body corp levy $4455/year
Income assessment: $400/week
Outcome: passed in at $450,000
Agent: Bernard Scahill

Isthmus east

Ellerslie

141 Celtic Crescent, unit 5:
Features: cross-lease, 1/5 share in 1760m², 3-bedrooms, 2 bathrooms, internal-access garage
Outcome: sold for $800,000
Agent: Paul Studman

Glen Innes

16 Epping St:
Features: 688m² site in terrace housing & apartments zone under the unitary plan, 4 bedrooms
Outcome: no bid
Agent: Jack Hu

South

Papatoetoe

81A Huia Rd, unit 2:
Features: 69m² 3-bedroom unit, 25m² sleepout with own bathroom, double carport – unit title yet to issue and body corporate levy yet to be determined
Outcome: no bid
Agent: Neno Radinovich

Attribution: Auction.

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PFI sells one & leases 3 of 5-property Penrose portfolio

Property for Industry Ltd has sold one vacant Penrose property out of a portfolio of 5 it bought from Sistema Plastics Ltd in 2015, and has leased 3 others.

General manager Simon Woodhams & chief financial officer Craig Peirce said today PFI had sold the vacant 65 Hugo Johnston Drive (pictured) to an owner-occupier for a gross $14.25 million after an unsolicited offer, with settlement due on 21 June. The price represented a 17.8% premium over current book value and 29.4% over the initial purchase price.

PFI paid $28.5 million in 2015 for the 5 properties – 4, 6 & 10 Autumn Place and 65 & 80 Hugo Johnston Drive.

Motat (the Museum of Transport & Technology) recently leased 9364m² at 6 & 10 Autumn Place.

Boxkraft Ltd signed up last October to lease 3872m² at 80 Hugo Johnston Drive, starting in January, 6 weeks after Sistema’s departure.

The 2 leases, for an average term of 6.7 years, are worth a total $1,269,647/year to PFI.

4 Autumn Place, the smallest property in the portfolio, is still vacant, but PFI said it represented just 6.5% of the total lettable area originally bought.

Attribution: Company release.

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Onehunga couple launch apartment project on their old warehouse site

When Bruce & Anne Clegg moved from Wellington to Auckland in 1968, they launched their Draw Art Supplies business from their new home. When it grew, they bought a warehouse nearby on Beachcroft Avenue, across the road from the Onehunga Bay Reserve & lagoon.

Over the years they kept buying, building up a portfolio of 5 adjoining properties. Now that land is being turned over to an apartment development, Beachcroft Residences, and last night the Cleggs celebrated its launch.

They’d looked at apartment development on the site before, when intensive development was less fashionable, and got consent for a block of 12. It took 7 years to get resource consent, Mr Clegg commented.

This time, their project was in the second of Auckland Council’s special housing areas, on a block running through to George Terrace earmarked for development in December 2013, and this time it took less than a year to get consent.

Their development in partnership with Rodger Shepherd, Beachcroft Residences, will have 88 apartments in 3 linked 6-storey blocks around a central courtyard. 9 of the units will be in the affordable category. There will also be 3 retail spaces, including a café.

The one-bedroom affordable apartments have a price tag less than 75% of the median Auckland house price and range in price from $595-620,000, offering living spaces of 63-124m², including the deck. Other units are in a range of 1-3 bedroom, some with studies, and are priced between $695,000-1.3 million.

The development is being marketed by Bayleys Real Estate.

Image above: Bruce & Anne Clegg with the model of their Beachcroft Residences apartment development at the launch last night.

Attribution: Launch, agency release.

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Ex-bank branch in mall attracts no interest, but Grafton apartment sells

A mall bank branch that’s about to be vacated attracted no bid at Barfoot & Thompson’s city auction today, but a Grafton apartment was sold under the hammer.

The apartment is in a block on the downhill, motorway side of the SKHY conversion of the former Winstone office tower & related development being undertaken by Lamont & Co (NZ) Ltd on Khyber Pass Rd.

Apartments

Isthmus east

Grafton

8D Madeira Lane (& 64 Khyber Pass Rd):
Features: 126m², 2 bedrooms, 2 bathrooms, study, balcony, 2 secure parking spaces
Outgoings: body corp levy $5014/year
Outcome: sold for $810,000
Agents: Johnson Chen & Emily Chen Ye

The ASB Bank branch at the Meadowbank mall, to be vacated.

Commercial

Isthmus east

St Johns

Meadowbank Shopping Centre, 35 St Johns Rd, unit 1:
Features: 271m² ASB Bank branch which will be vacated
Outcome: no bid
Agents: William Koreman & Gary Ng

Attribution: Auction.

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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.

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Gillies Ave offramp site & Interplex warehouse sell

Safari Group (NZ) Ltd has paid $4001/m² to buy a site beside the Southern Motorway offramp at Gillies Avenue, Epsom, for an apartments hotel, but hasn’t decided on the brand yet.

Safari has developed Quest, Ramada & Wyndham hotels around New Zealand as well as apartments & commercial property.

The consented development shape for 41-43 Gillies Avenue.

The site at 41-43 Gillies Avenue comes with a consented Leuschke design for 86 apartments. It’s across the intersection from the historic Highwic House, which has its entry off Mortimer Pass in Newmarket.

The sale was agreed before the scheduled closing of tenders this week.

It was one of 2 large commercial property sales by Barfoot & Thompson Commercial agents leading into Easter. The other was a vacant warehouse in the Interplex business park at Rosedale, on the North Shore, which is now up for lease.

Isthmus east

Epsom

41-43 Gillies Avenue:
Features: 2689m² beside the southbound offramp from the Southern Motorway at Gillies Avenue, 2 large houses occupy the site
Outcome: sold for $10.76 million at $4001/m²
Agent: Marie-Anne Molloy

Big Shore warehouse sale

6 Canaveral Drive, Rosedale.

Barfoot & Thompson Commercial agents said they’d achieved the highest price for an industrial property sale on the North Shore in 2½ years with the sale of a vacant warehouse in the Interplex business park to a local investor.

North-east

Rosedale

Interplex business park, 6 Canaveral Drive:
Features: 6417m² site, vacant 3228m² warehouse & office building – warehouse 2732m², dual roller-door access, office 448m² on 2 levels, showroom 48m², 70 parking spaces
Outcome: sold for $7.5 million
Agents: Chris Peterson, Chase Erceg, Simon Farland & Duane Mullooly

Attribution: Agent releases.

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5 apartments sell at Bayleys auction

5 of the 8 apartments & suburban intensive units auction at Bayleys on Wednesday were sold under the hammer. Another apartment on the auction list was sold prior.

CBD

Albert St

Prince Albert, 41 Albert St, unit 4E:
Features: 121m², 2-bedroom split-level apartment, 2 bathrooms, deck, balcony
Outgoings: rates $2064/year including gst; body corp levy $13,628/year
Outcome: sold prior for $775,000
Agents: Diane Jackson & Julie Prince

Learning Quarter

Westminster Court, 5 Parliament St, unit GB:
Features: fully furnished one-bedroom character apartment, high stud, storage locker, secure parking space
Outgoings: rates $1595/year including gst; body corp levy $4021/year + special one-off levy of $1562
Outcome: sold for $770,000
Agents: Julie Prince & Diane Jackson

Uptown

Scotia Tower, 8 Scotia Place, unit 8B:
Features: fully furnished one-bedroom apartment
Outgoings: body corp levy $3286/year
Income assessment: $557/week current
Outcome: sold for $112,000
Agent: Marcus Fava

Isthmus east

Parnell

Aero, 27 Cheshire St, unit 15:
Features: m², double-glazed 2-bedroom apartment, high stud, secure basement parking space
Outgoings: body corp levy $5203/year
Outcome: passed in
Agent: Chris Reeves

Remuera

721 Remuera Rd:
Features: cross-lease, 1/7 share in 1447m², 3-bedroom duplex, double garage
Outcome: sold for $810,000
Agent: Murray Wallace

St Heliers

66 St Heliers Bay Rd, unit 1:
Features: about 190m², 3-bedroom, 2-bathroom elevated garden apartment, lift, double internal garage
Outcome: passed in
Agents: Murray Wallace & Hamish McKay

Isthmus west

Eden Terrace

2H Diamond St:
Features: refurbished 2-bedroom terrace, 2 parking spaces
Outgoings: rates $1628/year including gst; body corp levy $1931/year
Outcome: sold for $580,000
Agent: Blair Haddow

Grey Lynn

19 Surrey Crescent, unit 204:
Features: double-glazed 2-bedroom apartment, 2 bathrooms, 2 secure basement parking spaces, 2 storage lockers
Outgoings: rates $2170/year including gst; body corp levy $6239/year
Outcome: passed in
Agent: Blair Haddow

Sandringham

34 Watea Rd, unit 3:
Features: cross-lease, 1/8 share in 1227m², 2-bedroom unit, garage
Outcome: sold for $652,000
Agents: Summer Sun & Kalala Lavea

Attribution: Auction.

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