Archive | Isthmus east

2 townhouse sales

A duplex unit in Royal Oak was sold at Bayleys’ suburban auction series last week and an Onehunga townhouse was sold post-auction.

Isthmus east

Onehunga

9C Curzon St:
Features: single-level 3-bedroom townhouse, 2 bathrooms, double internal-access garage
Outcome: sold post-auction
Agent: Glenn Baker

Royal Oak

22 Turama Rd, unit 2:
Features: 152m², 2-bedroom duplex, double internal-access garage
Outcome: sold for $935,000
Agent: John Procter

North-east

Red Beach

15A Fairway Avenue:
Features: m², 2-bedroom townhouse, office, double garage
Outgoings: rates $/year including gst; body corp levy $/year
Income assessment: $/week
Outcome: passed in
Agents: Karen Asquith & Graeme Mann

Attribution: Agency release.

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All 4 commercial properties sell at Barfoots auction

All 4 commercial properties auctioned at Barfoot & Thompson’s city office yesterday were sold, one shortly after auction.

All 4 went at yields of 5% or slightly over that, although a mainstreet shop in Henderson (pictured) was rated “comfortably under-rented”.

Isthmus east

Onehunga

134 Captain Springs Rd:
Features: 1343m² light industrial site, 1002m² building – 908m² warehouse, 94m² office, near new roof & guttering, 3-phase power, leased to Vaico Ltd on 3+3+3-year lease term, market rent reviews every 2 years
Rent: $109,800/year net + gst     
Outcome: sold for $2,187,500 at a 5% yield
Agents: Nick Wilson & James Marshall

Panmure

2 Domain Rd:
Features: 248m² corner site, 49m² workshop, rezoned terraced housing & apartments
Rent: $24,000/year net + gst from long-term tenant
Outcome: sold post-auction for $460,000 at a 5.2% yield
Agent: Mike Jensen

Parnell

155 Parnell Rd:
Features: 68m² ground-floor retail unit, tenant on new 6-year lease from July 2016, covered parking space
Rent: $59,700/year net + gst + outgoings         
Outgoings: body corp levy $11,523/year
Outcome: sold for $1,172,500 at a 5.1% yield
Agents: John Stringer & Agnes Teh

North-west

Henderson

397 Great North Rd:
Features: 271m² site, 200m² mainstreet retail; auctioneer Murray Smith said the rent was “comfortably below market – it could be heading up to $40,000”
Rent: $27,130/year net + gst at a 4.98% yield on current rent, 7.3% on the potential $40,000
Outcome: sold for $545,000
Agents: Duane Mullooly & Chris Peterson

Attribution: Auction.

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4 apartments, units & townhouses sold

One of the 3 apartments auctioned at Barfoot & Thompson’s city office yesterday – in the Queens Residences on Queen St (pictured) – was sold under the hammer. In the afternoon session, 3 of the 5 suburban units & townhouses were also sold.

CBD

Albert St

Stamford Residences, 26 Albert St, unit 2108:
Features: 233m², 3 bedrooms, 3 bathrooms, study, storage locker, 2 secure parking spaces
Outgoings: body corp levy $20,108/year
Income assessment: fixed–term tenancy until June 2019
Outcome: passed in at $2.12 million
Agent: Aaron Cook

Uptown

Queens Residences, 8 Airedale St, unit 1302:
Features: 45m² including balcony, one bedroom, study
Outgoings: body corp levy $2193/year
Outcome: sold for $497,000
Agents: Selina Zheng & Tommy Zhang

Isthmus east

Epsom

218 Green Lane West, unit 44:
Features: 2-bedroom townhouse recently reclad & refurbished with new code compliance certificate, carport, in secure gated complex
Outcome: passed in at $895,000
Agents: Yi Wei Lowndes & Tian Qiu

Greenlane

27 Puriri Avenue, unit 2:
Features: 2-bedroom unit, carport
Outcome: sold for $732,000
Agents: Wendy Sadd & Helen Lam

Onehunga

85 Victoria St:
Features: 417m² section, villa in 2 one-bedroom flats, 4 parking spaces, zoned mixed housing, terraced & apartment
Outcome: sold for $705,000
Agent: Paul Hodgman

Parnell

13 Cheshire St, unit 407:
Features: 2 bedrooms, 2 bathrooms, balcony, tandem internal-access parking
Outgoings: body corp levy $3242/year
Outcome: passed in at $874,000
Agents: Anne-Marie & Victoria Koszegi

Remuera

725A Remuera Rd, unit 1:
Features: m², 2-level 3-bedroom townhouse, courtyards, garage with workshop, 2 offstreet parking spaces
Outcome: no bid
Agents: Paul Earl-Peacock

North-west

New Lynn

13 Seabrook Avenue, unit 2:
Features: 2-bedroom unit, garage
Outcome: sold for $478,000
Agents: Leigh Walford & Antonio Bosu

Attribution: Auction.

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Hobsonville Pt townhouse sells

One townhouse was sold out of 3 auctioned at Bayleys branches around Auckland last week.

Isthmus east

Newmarket

Domain Terraces, 1AE George St:
Features: 228m² Paddington terrace, 3 bedrooms, 2.5 bathrooms, loft, storage, 2 parking spaces
Outgoings: rates $3931/year including gst; body corp levy $11,739/year
Outcome: passed in
Agents: Gary & Vicki Wallace

Panmure

7B Sunset View Rd:
Features: 2-level duplex, 3 bedrooms, 2 bathrooms, double internal-access garage
Outcome: passed in, back on market at $849,000
Agents: Tim Stewart

North-west

Hobsonville Point

Buckley, 2 Station St:
Features: 3 bedrooms, 2 bathrooms, 2 lounges, parking space, one-year-old GJ Gardner townhouse
Outcome: sold for $900,000
Agents: Clare Ellis & Amelia-Jane Hoffmann

Earlier story:
Updated 22 August 2017: Updated: Now 3 commercial sales but homes passed in at auction

Attribution: Agency release.

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Sale & 4 leases for Knight Frank

Knight Frank has sold an East Tamaki building and secured 4 leases, one in St Johns and the other 3 in Christchurch.

Sale

South

East Tamaki

12-16 Harris Rd:
Features: 4186m² site, 2195m² industrial building
Outcome: sold for $4.75 million with a 2-year leaseback & a yield of 5.6%
Agent: Josh Franklin

Leases

Isthmus east

St Johns

24 Morrin Rd, unit F:
Features: 185m² warehouse, 46m² first-floor office, 35m² ground-floor showroom
Rent: not disclosed
Agents: Scott Worrall & Damon Wyllie

South Island – Canterbury

Christchurch

185 Manchester St, unit 3:
Features: 26m², first-floor office suite
Rent: $16,900/year + gst + opex
Agent: Tom Lax

Middleton

11 Midas Place, unit A:
Features: 135m² warehouse, 30m² showroom/office, 5 parking spaces
Rent: $22,000/year + gst + opex
Agents: Myles Addington & Elliot Clayton

Sydenham

8-12 Battersea St:
Features: 817m² warehouse, 100m² showroom/office, 10 parking spaces
Rent: $82,000/year + gst + opex
Agents: Myles Addington & Elliot Clayton

Attribution: Agency release.

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Updated: Now 3 commercial sales but homes passed in at auction

Published 17 August 2017, updated 22 August 2017
2 of the 3 commercial properties auctioned at Bayleys on 16 August were sold under the hammer. The other, an Avondale development site (pictured), was passed in at $5.3 million and has since been sold, price confidential.

Both apartments & a cross-leased Grey Lynn home in the auction were passed in.

Apartments

CBD

Learning Quarter

Celestion Waldorf, 19 Anzac Avenue, unit 1502:
Features: furnished 2 bedrooms
Outgoings: body corp levy $4725/year
Income assessment: in hotel pool, lease 2020 + 2 10-year rights of renewal
Outcome: passed in at $265,000
Agents: Caleb Rufer & Julie Prince

Isthmus west

Grey Lynn

14A Westmoreland St:
Features: leasehold (999-year lease), cross-lease, half share in 697m², 3 bedrooms, study; neighbouring property at 16-18 Westmoreland St a potential development site in business local centre zone
Outcome: passed in at $1.1 million
Agents: Robyn Clark & Peter Tanner

St Marys Bay

117 Shelly Beach Rd, unit 1:
Features: 4 bedrooms, 2 bathrooms, 2 living rooms, central vac system, 2 parking spaces
Outgoings: body corp levy $7206/year
Outcome: passed in at $1.5 million
Agents: Sally Ridge & Daryl Spense

Commercial

Isthmus east

Mt Wellington

132D Marua Rd:
Features: 170m² industrial unit – high stud warehouse, office, mezzanine & amenities, 3 parking spaces
Outgoings: body corp levy $2449/year for year ending today
Outcome: sold for $675,000
Agents: Greg Hall & James Valintine

Isthmus west

Avondale

Updated: 1843 Great North Rd:
Features: 2309m² site, 250m² floor area – café & villa; height limit under unitary plan 32.5m in business town centre zone 
Outcome: passed in at $5.3 million, sold post-auction, price confidential
Agents: Laurie Bell & Kate Kirby

Mt Roskill

58 & 60 Dornwell Rd:
Features: 2 properties offered together, vacant, each of 825m², zoned business – light industry, No 60 on corner of Carr Rd, floor area 1088m² contains warehouse showroom & office
Outcome: sold for $2.8 million
Agents: Mike Adams, Genevieve Thompson-Ford, Cameron Melhuish

Attribution: Company release.

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Apartment & cross-lease sell

One of the 3 apartments auctioned at Barfoot & Thompson today, and one of the 3 eastern suburbs cross-leased units auctioned yesterday, were sold under the hammer.

CBD

Federal St

Federal, 207 Federal St, unit 803:
Features: 61m², 2 bedrooms
Outgoings: body corp levy $5240/year
Outcome: sold for $540,000
Agents: Stephen Shin & Rhys Chen

Victoria Quarter

Fiore 2, 168 Hobson St, unit 405:
Features: 44m², one bedroom
Outgoings: rates $1588/year including gst; body corp levy $2428/year
Income assessment: $460-480/week
Outcome: passed in at $460,000
Agents: Selina Zheng & Tommy Zhang

SugarTree Prima, 27 Union St, unit 906:
Features: 75m², 2 bedrooms, 2 bathrooms, balcony, storage locker, option to buy parking space
Income assessment: $650/week, fixed until January
Outcome: passed in at $610,000
Agents: Livia Li & Alan Guo

Isthmus east

Mt Wellington

399 Ellerslie-Panmure Highway, unit 1:
Features: cross-lease, 1/5 share in 1315m², 80m² 2-bedroom unit, garage
Outcome: passed in at $621,000
Agents: Robben Li & Will Liu

Remuera

11 Burswood Crescent, unit 2:
Features: cross-lease, half share in 827m², 3 levels, 4 bedrooms, 3 bathrooms, 2 living rooms, double garage
Outcome: passed in at $3.1 million, back on the market at $4 million
Agent: Paul Studman

9 Armadale Rd, unit 4:
Features: cross-lease, 1/7 share in 1011m², 2-bedroom unit, courtyard, carport,
Outcome: sold for $762,000
Agents: Janice Hamilton-Cox & Philip Cox

Attribution: Auctions.

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Augusta sale on Carbine Rd among 8 Bayleys deals

Augusta Capital Ltd has sold a large syndicated Carbine Rd industrial property in Mt Wellington (pictured) through Bayleys. The agency has also sold 5 East Tamaki properties and 2 more in Takanini & Wiri.

Isthmus east

Mt Wellington

100 Carbine Rd:
Features: 4.48ha site, 29,526m² of buildings – 1970s warehouse, 7-10m stud height, extension added in 2005 providing 9-11m-high clearspan warehousing, separate 2-level air-conditioned office building & large staff cafeteria at the front plus yard areas; currently used as a distribution centre by Bunnings Warehouse, which will be vacating in March
Outcome: sold for $36.8 million to owner-occupier on behalf of Augusta Value-Add Fund No1 Ltd, with vacant possession
Agents: Mike Houlker, Sunil Bhana, James Valintine, James Hill & Scott Campbell

South

East Tamaki

2 Harris Rd:
Features: 3248m² corner site, 1516m² extensively refurbished & reconfigured commercial building, 52 parking spaces; Bayleys Real Estate is the anchor tenant on a 12-year lease from October 2016, insurance broker AON NZ has a 6-year lease on 478m² of office space
Rent: $501,600/year net + gst
Outcome: sold for $7.6 million at a 6.6% yield
Agents: Tony Chaudhary, Janak Darji, Chris Bayley & Stuart Bode

22 Harris Rd, units 2B & 2C:
Features: 2 adjoining industrial units of 441m² & 274m², tenant in occupation for 16 years
Rent: $66,000/year net + gst
Outcome: sold for $1.2 million at a 5.5% yield
Agents: Nelson Raines (Bayleys) & David Turner (Commercial Realty)

44 Crooks Rd, unit B:
Features: 622m² modern industrial unit – 332m² 8m-high, open span warehouse,  144m² ground-floor showroom, 114m² first-floor offices, 13 parking spaces
Outcome: sold vacant for $1.7 million
Agents: Katie Wu, Roy Rudolph & John Bolton

37 Greenmount Drive, unit C7:
Features: 109m² tilt-stab industrial unit – 81m² high stud warehouse & amenities, 28m² mezzanine floor, full height roller door access
Outcome: sold vacant for $330,000
Agents: Roy Rudolph & Katie Wu

11 Andromeda Crescent, unit 4B:
Features: 88m² industrial unit, food grade fitout including chiller
Outcome: sold vacant for $285,000
Agent: Nelson Raines

Takinini

26 Inlet Rd:
Features: 2707m² industrial site
Outcome: sold for $1.7 million at $628/m²
Agent: Nick Bayley

Wiri

18 Joval Place, unit F:
Features: 240m² industrial unit, mid-stud, clearspan warehouse in a busy cul-de-sac
Outcome: sold vacant for $676,000
Agent: Karl Price

Attribution: Agency release.

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Retail units sell on Broadway and in Hamilton & Hastings

Colliers agents have sold 2 ground-floor retail units at 255 Broadway in Newmarket (pictured), and 2 retail properties in Hamilton & Hastings.

Isthmus east

Newmarket

255 Broadway, unit G2:
Features: 508m² retail unit, 9-year lease to Macpac Ltd runs until 2023, includes 4%/year fixed increases
Rent: $390,000/year net + gst     
Outcome: sold to a Christchurch-based investor for $6.725 million at a 6.25% yield
Agents: John Davies & David Burley

255 Broadway, unit 3:
Features: 106m² retail unit, leased to Partridge Jewellers
Outcome: sold to an offshore investor for $4.58 million at a 4.5% yield
Agents: John Davies & David Burley

South of the Bombays

Hawke’s Bay

Hastings

905 Heretaunga St West:
Features: 1039m² site, 500m² retail development, 3 tenants, 10 parking spaces
Rent: $101,242/year net + gst
Outcome: sold for $1.3 million at a 7.8% yield
Agent: Danny Blair

Waikato

Hamilton

265 Clyde St:
Features: 1.2276ha site, 5446m² shop tenanted by The Warehouse
Rent: $650,000/year net + gst     
Outcome: sold for $8.55 million + gst at a 7.6% yield
Agents: Mark Brunton & Alan Pracy

Attribution: Agency release.

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Updated: 2 post-auction sales; strong yields for some, no bid on others as 6 sell at Bayleys’ commercial auction

Published 3 August 2017, updated twice on 9 August 2017
Sale of a small character building at the foot of College Hill at Bayleys’ Total Property commercial auction last Wednesday showed the right property could still sell at a yield under 5%.

That was confirmed by the post-auction sale of a Hurstmere Rd property in Takapuna, at a yield just below 4%. Also sold post-auction was a 2-storey building in East Tamaki occupied by a bar & gaming lounge, sold on a 6.5% yield.

Mind you, sub-5%, or even below 4%, isn’t quite a match for the sub-3% yields 2 old converted houses at the top of College Hill went for at auction in June.

Still, there was a buzz in the auctionroom which has been missing from most auctions in recent months, as auctioneers have tried to squeeze an offer from a smattering of mostly reluctant bidders.

6 properties were sold under the hammer at yesterday’s commercial auction. 4 attracted no bid out of the 7 passed in. Another 2 properties on the list had their auctions postponed and one was withdrawn completely.

Finance has become a central issue in all forms of property transaction, and agents told me of numerous new barriers in the way of a sale, such as insistence on tighter lease terms where those terms had previously not even been raised.

Scores of properties have been passed in without attracting a bid at auctions around Auckland this year, but the absence of a bid on the ANZ premises in the Lincoln North shopping centre in Henderson yesterday was in stark contrast to the frenzy of bidding that occurred when developer Frank Reynolds sold the centre down in 2009.

That was about 18 months into the global financial crisis, a time when caution abounded, but it was also a time when there were plenty of Chinese buyers keen on small retail & fast-food premises and willing to bid strongly. With a new 9-year lease in place, the ANZ premises sold in 2009 for $3.03 million at a 5.47% yield. On that day, all 22 units in the centre sold under the hammer.

CBD

Victoria Quarter

20 Centre St:
Features: 260m² – 83m² café, 177m² office & showroom,
Rent: $100,000/year net + gst
Outcome: no bid
Agents: Oscar Kuang, Ben Wallace & James Chan

Isthmus east

Otahuhu

21 Hall Avenue:
Features: 397m² site zoned business town centre, vacant 269m² building previously occupied by a bank, 5 rear parking spaces  
Outcome: sold for $1.23 million
Agents: Piyush Kumar Peter Migounoff, Tony Chaudhary & Janak Darji

Parnell

11 Farnham St:
Features: 269m² site, standalone building with 4 levels built 10 years ago, 659m² floor area, private lift to penthouse on top 2 floors, conservatory, 4 bedrooms, 5/6-car garage + secured yard parking on ground floor, partitioned office & amenities on level 1, air-conditioned on levels 1-3
Outcome: auction postponed
Agents: Millie Liang

Isthmus west

Avondale

1843 Great North Rd:
Features: 2309m² site zoned multi-use commercial with 32.5m height limit, café & villa with 250m² floor area
Rent: $42,898/year net + gst
Outcome: auction postponed
Agents: Laurie Bell & Kate Kirby

Freemans Bay

3 College Hill:
Features: 276m² site, fully leased 592.5m² 3-level character building, retailer Boardertown occupies basement & ground floor, office tenant above, on leases running to 2023 & 2024 plus signage lease
Outcome: sold for $3.075 million at a 4.92% yield
Agents: Cameron Melhuish, Andrew Wallace & Genevieve Thompson-Ford

North-east

Rosedale

100 Bush Rd, units C & D:
Features: unit C 245m², Unit D 167m², corner office building, new 6-year lease from 1 June, 15 parking spaces
Rent: $118,575/year net + gst
Outcome: withdrawn from auction
Agents: Laurie Burt & Dean Gilbert-Smith

1 Cebel Place, unit B:
Features: 668m² warehouse, showroom & office unit, 15 parking spaces, Wesfarmers subsidiary NZ Safety Blackwoods renewed its lease for 4 years in June, with one further 4-year right of renewal
Rent: $134,000/year net + gst + opex
Outcome: sold for $2.38 million at a 5.63% yield
Agents: Laurie Burt, Matt Mimmack, Tony Chaudhary & Amy Weng

8 Piermark Drive, unit D:
Features: 401m² industrial unit in modern unit-title development with drive-round access, 265m² of high stud warehousing, 2 levels of showroom & office space, 7 parking spaces
Outcome: sold vacant for $1.3 million
Agents: Laurie Burt & Matt Mimmack

Takapuna

Updated: 178 Hurstmere Rd:
Features: 567m² site, 995m² building with dual frontage to Hurstmere Rd & Killarney St, 2 ground-floor shops, first-floor restaurant & hairdressing salon
Rent: $269,117.76/year net + gst + opex current from 4 tenancies after a lease on vacant space was concluded, (originally I used the rental figure used at the start of the campaign, $159,118, plus potential for further $120,000/year)
Outcome: passed in at $6.5 million, sold post-auction for $6.8 million at a 3.96% yield
Agents: Brian Caldwell, Ashton Geissler & Damian Stephen

Wairau Valley

7 Porana Rd, unit C:
Features: vacant 245m² industrial unit, 5 parking spaces        
Outcome: no bid
Agents: Ashton Geissler & Matt Mimmack

135 Sunnybrae Rd:
Features: 1257m² roadfront site, 683m² partly earthquake-prone warehouse & workshop building, longstanding upholstery tenant recently exercised final 2-year right of renewal, smaller rear tenancy on short lease       
Outcome: sold for $1.625 million at a 5% yield to a car sales business
Agents: Ashton Geissler & James Kidd

North-west

Henderson

The Lincoln North shopping centre.

Lincoln North shopping centre, 192 Lincoln Rd, unit 4A:
Features: 503m², ANZ Bank branch on 6-year lease from December 2015, 3 3-year rights of renewal
Rent: $167,550/year net + gst
Outcome: no bid
Agents: Oscar Kuang & James Chan

Westgate

7 Maki St, unit 3:
Features: retail unit, NZ Post as tenant
Rent: $112,513/year net + gst
Outcome: no bid, back on the market at $1.725 million + gst
Agents: Andrew Wallace, Cameron Melhuish & Genevieve Thompson-Ford

South

East Tamaki

Botany South, 8 Bishop Lenihan Place, unit H:
Features: 158m², vacant retail unit in 19-unit complex, 7 allocated parking spaces
Outcome: sold for $580,000
Agents: Terry Kim, Tony Chaudhary & Steven Liu

Updated: 272 Ti Rakau Drive, unit B:
Features: 443m² 2-storey building, 9 parking spaces, bar & gaming lounge on 10-year lease starting in March
Rent: $118,000/year net + gst + opex
Outcome: passed in at $1.6 million, sold post-auction for $1.825 million at a 6.5% yield
Agents: Tony Chaudhary, Janak Darji & Amy Weng

Takanini

88-94 Great South Rd, unit F:
Features: 1191m² floor area, 6 tenancies fully leased
Rent: $242,000/year net + gst     
Outcome: passed in at $3.5 million
Agents: Piyush Kumar & Peter Migounoff

Earlier stories:
13 June 2017: Sub-3% yields on College Hill, and Queen St office sells
8 July 2009: 22 out of 22 shops go at auction

Attribution: Auction.

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