Archive | Parnell

One commercial sale from 4 auctioned

One of the 4 commercial properties auctioned at Barfoot & Thompson yesterday was sold under the hammer.

Isthmus east

Onehunga

123 Onehunga Mall:
Features: 126m² site, 118m² building, dual access, parking space
Rent: $24,700/year net + gst
Outcome: sold for $566,000
Agents: Nick Wilson & James Marshall

Parnell

363 Parnell Rd:
Features: 332m² site, 2-storey character building, ground-floor restaurant on 4-year lease from May 2016, 2 4-year rights of renewal, and 2-bedroom flat upstairs leased for one year from March 2017, 153m² building site at rear
Rent: $52,600/year net + gst from restaurant, $575/week from flat
Outcome: no bid
Agent: Marie-Anne Molloy

North

Paihia

33 North Rd:
Features: 8514m² site, building area about 4000m², vacant 75-room hotel with conference area, licensed restaurant, 4-bedroom manager’s quarters; resource consent issued for conversion to aged-care facility, 66 delineated parks & 3 bus parks   
Outcome: no bid
Agent: Marie-Anne Molloy

North-east

Silverdale

23 Wainui Rd, unit 2C:
Features: 323m² purpose-built food manufacturing & retail outlet         
Outcome: passed in at $1.3 million
Agents: Bruce Jiao & David Goodhue

Attribution: Auction.

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One apartment among 8 residential sales at auction

One apartment sold at Bayleys’ auction on Wednesday and one passed in as the auctioneer did all the bidding on it.

For a new apartment in the One Three Cheshire development in Parnell, and with a dwindling audience at the end of a 12-property auction list, auctioneer Daniel Coulson opened the bidding with an $800,000 indicator – which is all a “vendor bid” really can be – then took it to $850,000, and followed with a comment that “It’s not for sale at $950,000 either”.

Shortly after the auction closed, this unit was listed with an asking price close to $1.2 million. Taking out $80,000 for each parking space (which is not silly money in a market where the value of inner-city carparking remains extremely high), that would price the apartment on internal space at $12,400/m², falling to $11,250/m² if balcony space was included.

In the market of 2016 heading into 2017, those prices for new apartments weren’t ridiculous. But silence is deadly in an auctionroom, and finance & competition conditions have changed drastically.

The apartment that did sell, a larger but low-level unit in a conversion on St Martins Lane, above Grafton Gully, went for about $7500/m², possibly reduced in value by having only one parking space.

Those pricing gauges are checked far more closely in the apartment markets than for standalone houses, and overall the success rate at this auction was high – 8 properties sold out of the 12 on offer, including one large refurbished house with its own pool sold for $3.5 million after negotiations lifted the final bid by $240,000.

CBD

Uptown

2 St Martins Lane, unit 1C:
Features: about 120m², 3 bedrooms, 2 bathrooms, floor-to-ceiling wraparound windows, parking space, storage room, pet-friendly
Outgoings: body corp levy $9353/year
Outcome: sold for $970,000
Agents: Julie Prince & Diane Jackson

Isthmus east

Parnell

One Three Cheshire, 13 Cheshire St, unit 303:
Features: 83m² internal, 8.45m² deck, 2 bedrooms, 2 bathrooms, tandem parking
Outgoings: body corp levy $5214/year
Outcome: passed in after vendor bids at $800,000 then $850,000, back on market with asking price of $1.189 million
Agent: Suzie Paine

Attribution: Auction.

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New Lynn corner property sells

A commercial property in New Lynn was sold under the hammer, a Parnell apartment was passed in and a Herne Bay property with rezoned potential was withdrawn from auction at Bayleys’ auctions around Auckland last week.

Apartments

Isthmus east

Parnell

6 Brighton Rd, unit 11:
Features: one-bedroom apartment, study nook
Outgoings: rates $1687/year including gst
Outcome: passed in
Agents: Chris Reeves & Fleur Denning

Commercial

Isthmus west

Herne Bay

185 Jervois Rd:
Features: 508m² site zoned terraced housing & apartment buildings, 154m² floor area,  medical-related tenant
Rent: $75,000/year net + gst
Outcome: withdrawn from auction
Agents: Scott Kirk & James Were

North-west

New Lynn

1 Crum Avenue:
Features: 607m² corner site zoned business light industry, 360m² building, 2 retail & industrial tenancies
Rent: $46,000/year from 2 tenancies
Outcome: sold for $1.305 million at a 3.5% yield
Agents: Mike Adams & Simon Davies

Attribution: Agency release.

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4 apartment & unit sales out of 13 on offer, one commercial sale under the hammer

Of 14 apartments, townhouses & units auctioned at Barfoot & Thompson’s city office over the last 2 days, 3 sold under the hammer and one post-auction, and one was withdrawn.

The one commercial property auctioned at yesterday’s regular apartments & commercial session, a shop in the Mt Roskill village, was sold under the hammer.

Apartments, townhouses & units:

CBD

Learning Quarter

Statesman, 1 Parliament St, unit 1305:
Features: one-bedroom apartment, balcony
Outgoings: body corp levy $3532/year
Outcome: sold for $508,000
Agent: Sarah Zhang

Uptown

39 Pitt St, unit 25:
Features: 2-bedroom apartment, covered parking space
Outgoings: body corp levy $2096/year + special levy this year $1499 for painting
Outcome: passed in
Agents: Luke Shi & Alexander Kramarenko

Victoria Quarter

Fiore on Hobson, 152 Hobson St, unit 205:
Features: one-bedroom apartment, balcony
Outgoings: body corp levy $2682/year
Outcome: passed in, back on market at $379,000
Agents: Livia Li & Alan Guo

Isthmus east

Epsom

5 Bloomfield Place:
Features: 2-level 4-bedroom unit, 2 bathrooms, offstreet parking
Outcome: no bid, sold post-auction
Agents: Frances Li & Ian Thornhill

30 Kimberley Rd, unit 4:
Features: 2-bedroom ground-floor unit, offstreet parking space
Outcome: no bid, back on market at $599,000
Agent: Cici Wang

One Tree Hill

133 Campbell Rd, unit 3:
Features: 2-bedroom unit, garage
Outcome: sold for $750,500
Agents: Tommy Joseph Fernandez & Kathi Yuen

Parnell

Dakota, 5 Cheshire St, unit 3J:
Features: 74m², 2-level 2-bedroom apartment, 2 bathrooms, secure parking space
Outcome: sold for $811,500
Agent: Steve Su

11 Dovedale Place:
Features: leasehold, reclad 3-bedroom townhouse, 2 bathrooms, single internal-access garage, code compliance certificate to be issued before settlement
Outcome: no bid
Agent: Gill Macdonald

Remuera

Stonecrest, 707 Remuera Rd, unit 3C:
Features: 3-bedroom apartment, 2 bathrooms, deck, 3 parking spaces, storage locker
Outcome: no bid
Agents: Leila MacDonald & Michael Bacher

32 & 34 Wiles Avenue:
Features: 1437m² section in 2 titles, 2 ex-state duplexes, one of 2 bedrooms, the other of one bedroom; resource & building consents issued for 2 new homes – one on a net 562m², floor area 390m², the other on 775m², floor area 456m²
Outcome: no bid
Agent: Michelle Zhang

St Johns

95I Felton Mathew Avenue:
Features: 4-bedroom apartment, offstreet parking
Outcome: no bid
Agent: Peter Hutson

95K Felton Mathew Avenue:
Features: 3-bedroom apartment, deck, offstreet parking
Outcome: withdrawn from auction
Agents: Maree Currie & Paul Robertson

Stonefields

9A Guyon St:
Features: 102m² site, 2-bedroom terrace, courtyard, carport
Outcome: passed in, back on market at $979,000
Agent: Philip Oldham

North-west

Kelston

8A Kelwyn Rd:
Features: 432m² section, 3-bedroom townhouse, 2 bathrooms, deck, patio, double internal-access garage
Outcome: no bid, back on market at $669,000
Agents: Cici Wang & Leo Liu

Commercial

Isthmus west

Mt Roskill

1484C Dominion Rd:
Features: shop on 147m² site
Rent: $8406/year + gst on lease to Vodafone NZ Ltd renewed for 2 years from today
Outcome: sold for $726,000
Agent: Nick Wilson

Attribution: Auction documents.

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All 7 passed in at city apartments auction

All 7 properties auctioned at Ray White City Apartments today – 6 apartments & a Ponsonby section up for development – were passed in. One attracted no bid, while bidding on another went close to a lowered reserve.

CBD

Learning Quarter

St Paul Apartments, 4 St Paul St, unit 4D:
Features: 34m², one bedroom, remedial issues
Outgoings: rates $721/year including gst; body corp levy $4874/year
Income assessment: $375/week, fixed until February
Outcome: passed in at $136,000
Agent: Dominic Worthington

Connaught, 14 Waterloo Quadrant, unit 7D:
Features: 48m², furnished one bedroom
Outgoings: rates $1838/year including gst; body corp levy $4252/year
Income assessment: $500-550/week
Outcome: passed in at $585,000
Agents: Mitch Agnew & Ryan Bridgman

Victoria Quarter

Hobson Oaks, 188 Hobson St, unit 701:
Features: 49m², 2 bedrooms, balcony, building managed by VR Group, leased to hotel
Outgoings: rates $5166/year including gst; body corp levy $6885/year
Outcome: passed in at $280,000 + gst
Agents: Damian Piggin & Daniel Horrobin

Altitude, 34 Kingston St, unit 5F:
Features: 40m², furnished 2 bedrooms
Outgoings: rates $1110/year including gst; body corp levy $3913/year
Income assessment: $460-480/week furnished
Outcome: passed in at $324,500
Agents: Damian Piggin & Daniel Horrobin

Heritage Tower, 22 Nelson St, unit 402:
Features: 63m², one bedroom, balcony, parking space
Outgoings: rates $1422/year including gst for unit, $156/year for parking; body corp levy $6984/year, parking $995/year
Outcome: passed in after sole bid from vendor at $500,000
Agents: Damian Piggin & Daniel Horrobin

Isthmus east

Parnell

Glenross, 5 Sarawia St, unit 7:
Features: 150m², 1930s 3-bedroom unit, parking space, category D building requires seismic strengthening
Outgoings: rates $2763/year including gst; body corp levy $5036/year; $10,715 levy toward replacing roof already paid
Income assessment: $800-850/week furnished
Outcome: no bid
Agents: Krister Samuel

Isthmus west

Ponsonby

89 Summer St:
Features: 243m² section, one-bedroom house, offered “as is, where is”
Outgoings: rates $3098/year including gst
Outcome: passed in after sole bid from vendor at $750,000
Agents: Zarlane & Bernie Grubisic

Attribution: Auction.

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4 apartments sell at Ray White auction

4 of the 6 apartments & townhouses auctioned at Ray White City Apartments yesterday were sold under the hammer.

CBD

Learning Quarter

Connaught, 14 Waterloo Quadrant, units 5A & 5L:
Features: 130m², 2 bedrooms, 2 bathrooms, balcony, 2 storage lockers, secure parking space
Outgoings: rates $2539/year including gst; body corp levy 5A $5245/year, 5L $5032/year (currently includes 2 parking spaces)
Income assessment: $850-895/week furnished, $2100/week furnished & serviced
Outcome: sold for $1.25 million
Agents: Adele Keane & Dusan Valenta

Uptown

Verandahs, 36 Boardman Lane:
Features: 55m², 2 bedrooms, deck, parking space
Outgoings: rates $1214/year including gst; body corp levy $4790/year
Outcome: sold for $425,000
Agents: Adele Keane & Dusan Valenta

Victoria Quarter

Ascent, 149 Nelson St, unit 515:
Features: 39m², one bedroom, parking space; code compliance certificate awaited following remediation, stage 2 remedial works due to start
Outgoings: rates $1007/year including gst; body corp levy $3064/year
Income assessment: $410/week, fixed until April
Outcome: sold for $255,000
Agents: Damian Piggin & Daniel Horrobin

Isthmus east

Parnell

Quest Parnell, 6-8 Heather St, unit 310:
Features: 30m² studio, leased to Quest Hotel until 2023
Outgoings: rates $4461/year including gst; body corp levy $2552/year
Income assessment: $17,640/year including gst, review due April 2018
Outcome: passed in, back on market at $235,000 + gst
Agent: Susanne Bussell

Isthmus west

Eden Terrace

70 Randolph St, unit 3:
Features: 80m², renovated 2-bedroom townhouse, internal-access parking space
Outgoings: rates $1542/year including gst; body corp levy $2403/year
Income assessment: $650-700/week furnished
Outcome: sold for $642,000
Agents: Mitch Agnew & Krister Samuel

Mt Eden

42 Harold St:
Features: 120m², 2 bedrooms, study, double garage
Outgoings: rates $1804/year including gst; body corp levy $3277/year
Income assessment: $700-750/week furnished
Outcome: no bid
Agent: Krister Samuel

Attribution: Auction.

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Updated: 2 warehouses sell at yields under 5.2%, third sells later

Published 14 September 2017, updated 26 September 2017:
2 warehouses in Penrose & Mt Wellington were sold on firm yields at Colliers’ auction on 13 September – 4.79% on the Greenpark Rd property (pictured) and 5.17% in Mt Wellington.

A third property, a mix of office & warehouse used for clothing storage but offered vacant, attracted no bid but was under negotiation post-auction and later sold.

Isthmus east

Mt Wellington

7A Te Apunga Place:
Features: 3012m² site zoned light industrial, 732m² net lettable area – warehouse 472m², storage 144m², office & amenities 116m², tenant Visor Distributors (2017) Ltd
Rent: $120,000/year net + gst, new 6-year lease from 30 June, 2 3-year rights of renewal
Outcome: sold for $2.32 million at a 5.17% yield
Agents: Hamish West & Todd Kuzmich

Parnell

Updated: 33C Falcon St, unit 3D:
Features: 643m² office & warehouse offered vacant – offices 299m², amenities 22m², storage 44m², warehouse 249m², loading bay 29m², 5.25m stud in warehouse, roller door, 12 stacked parking spaces, one in open
Outcome: passed in, only bid was from vendor at $2 million, sold post-auction for $2.25 million
Agents: David Burley & John Davies

Penrose

4-6 Greenpark Rd:
Features: 1160m² site zoned light industrial, 584m² net lettable area – warehouse 317m², offices & amenities 102m², showrooms 166m², canopy 8m², tenant Vesta Electrical Supplies Ltd
Rent: $78,000/year net + gst, initial lease term expires 30 April 2021, 2 4-year rights of renewal
Outcome: sold for $1.63 million at a 4.79% yield
Agents: Paul Jarvie, Brad Johnston & Matt Prentice

Attribution: Auction.

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8 out of 10 sell at Bayleys commercial auction

8 of the 10 properties in Bayleys’ Total Property commercial auction yesterday were sold under the hammer.

6 of them were vacant or with short leases. Of the 3 where a yield could be calculated, an Asian supermarket in Papakura (outlined in picture) sold at 4.7%, a Grange hair salon at Warkworth sold at 5.9% and a Birkenhead property with 5 tenants sold at 6%.

Isthmus east

Onehunga

12 George Terrace:
Features: vacant 521m² site, 515m² refurbished standalone industrial building, zone allows live/work or residential
Outcome: sold for $1.4 million
Agents: James Valintine & William Gubb

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: sold for $3.22 million
Agents: Millie Liang

St Johns

121 Morrin Rd:
Features: 4755m² site, 2312m² high stud warehouse, 6 roller doors, small office, yard + parking
Rent: short-term tenancy in place
Outcome: sold for $6.81 million
Agents: Jamsheed Sidhwa, Luke Carran & James Valintine

North-east

Birkenhead

49-55 Birkenhead Avenue:
Features: 801m² site, 481m² floor area, 5 tenants, town centre zoning has 21m height limit
Rent: $112,070/year net + gst
Outcome: sold for $1.867 million at a 6% yield
Agents: Michael Nees, David Huang & Oscar Kuang

Browns Bay

755 Beach Rd:
Features: vacant 1029m² site, 70m² building, mixed use zoning allows building height up to 4 storeys
Outcome: passed in at $700,000
Agents: Ranjan Unka & Anna Radkevich

Rosedale

372 Rosedale Rd, unit 2A:
Features: 186.7m² first-floor office, 6 parking spaces, tenant Bayleys Real Estate Ltd
Rent: $58,209/year net + gst + outgoings, 18-month lease from 1 April, 2 18-month rights of renewal
Outcome: no bid
Agents: Matt Mimmack & Eddie Zhong

Unsworth Heights

1 Greenwich Way, shop 7:
Features: 186m² retail unit, tenant BookPrint Ltd
Rent: $51,520/year net + gst + outgoings
Outcome: withdrawn from auction
Agents: Dean Gilbert-Smith & Adam Curtis

Warkworth

The Grange, 67 Auckland Rd, unit 22A & 22B:
Features: 119m² shop, tenant Vivo Beauty Ltd
Rent: $49,100/year net + gst, new 8-year lease
Outcome: sold by the developer, Square & Main Street Ltd (Adam Reynolds) for $830,000 at a 5.9% yield
Agents: Matt Lee, James Chan & Henry Napier

North-west

Henderson

111 Lincoln Rd, unit FB:
Features: retail unit, tenant Petstock
Rent: $105,000/year net + gst, new 6-year lease
Outcome: withdrawn from auction
Agents: Tony Chaudhary & James Chan

South

East Tamaki

20 Ra Ora Drive:
Features: vacant 4885m² site, metalled, fenced & electronic security gate, former Howick Bus Co Ltd depot
Outcome: sold for $2 million
Agents: John Bolton, Roy Rudolph & Katie Wu

Papakura

303-305 Great South Rd:
Features: 2023m² site zoned business mixed use, Asian supermarket tenant
Rent: $161,740/year net + gst, new 4-year lease + 3 4-year rights of renewal
Outcome: sold for $3.44 million at a 4.7% yield
Agents: Quinn Ngo, Matt Lee & Piyush Kumar

Takanini

305 Great South Rd:
Features: vacant 990m² industrial site, 448m² warehouse
Outcome: sold for $1.52 million
Agents: Shane Snijder & Peter Migounoff

Attribution: Auction.

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Slow, but a 61% success rate at auctions

Image above: The Oxford on Mount St – one apartment sold, one passed in.

It took auctioneer Murray Smith 30 minutes & much twiddling of his thumbs this morning before he banged his hammer down for the sale of one apartment. Next up, there were 3 bidders and a sale ensued in a few minutes.

In 5 sessions this week, auctioneers at Barfoot & Thompson’s city office put through 41 residential properties, 16 of them which I categorise as intensive (apartments, townhouses, suburban units – I wasn’t at all sessions and don’t know if any others were cross-leased).

A year ago, that would have been the throughput on a Wednesday or Thursday morning, so volume is well down.

But the sales ratio under the hammer this week was strong – 25 sold out of 41 homes offered, a 61% success rate. For the intensives, 9 sold out of 16 offered, a 56% success rate.

CBD

Albert St

Quay West, 8 Albert St, unit 1202:
Features: 74m², one-bedroom apartment, balcony, parking space
Outcome: sold for $695,000
Agents: Cici & Miro Wang

Commerce/Gore

HarbourCity, 16 Gore St, unit 28I:
Features: 38m², one-bedroom apartment
Outgoings: body corp levy $2851/year, $5099 special levy for leaks remediation
Outcome: sold for $279,000
Agent: Jason Buckwell

Federal St

207 Federal St, unit 506:
Features: 61m², 2-bedroom apartment, balcony
Outcome: sold for $536,000 at auction brought forward
Agents: Cici & Miro Wang

Learning Quarter

Celestion, 19 Anzac Avenue, unit 1002:
Features: 55m² apartment including balcony, 2 bedrooms
Outgoings: body corp levy $4536/year
Outcome: sold for $535,000
Agents: Zoran Farac & Leo Shin

Oxford, 13-15 Mount St, unit 4H:
Features: 34m² studio, deck
Outgoings: body corp levy $2147/year
Outcome: sold for $290,000
Agents: Leo & Stephen Shin

Oxford, 13 Mount St, unit 13F:
Features: 42m², one-bedroom apartment
Income assessment: $360/week current
Outcome: passed in
Agent: Yuyu Cao

Victoria Quarter

Marina Park, 146 Fanshawe St, unit 12:
Features: one-bedroom apartment, garage
Outcome: withdrawn from auction
Agents: Bella Stefano & Sherry Shao

Waterfront

Princes Wharf, 137 Quay St, unit 10:
Features: leasehold, 57m², one-bedroom apartment, balcony
Outgoings: 5-yearly ground rent review has been replaced with a fixed annual increase of 3% or CPI, whichever is greater
Outcome: no bid, back on market at $228,000
Agent: Anah Jordan

Isthmus east

Ellerslie

178A Ladies Mile:
Features: 3-bedroom standalone townhouse, deck, carport
Outcome: passed in at $730,000
Agents: Anna Stephens-Brown

Epsom

22 Rangiatea Rd, unit 3:
Features: 98m², 2-bedroom unit, garage, storage, 2-year-old roof, ceiling insulated
Outcome: passed in at $880,000
Agent: Helen Lam

Mt Wellington

51 Ireland Rd, unit 41:
Features: 2-bedroom terrace, study, carport, in gated complex
Outcome: passed in at $480,000, back on market at $560,000
Agent: Kevin Liu

Panmure

10B Allenby Rd:
Features: 2-bedroom upstairs end unit, garage, storage
Outcome: no bid
Agents: George Fong & Paul Sun

Parnell

28C Stanwell St:
Features: 2-bedroom garden apartment, 2 bathrooms, study, courtyard, 2 parking spaces
Outcome: sold for $775,000
Agent: Cindy Yu

St Johns

35 Simkin Avenue, unit 2:
Features: 2-bedroom unit, carport, basement workshop
Outcome: passed in, back on market at $698,000
Agent: May Long

Isthmus west

Mt Eden

14 Lovelock Avenue, unit 10:
Features: 2-bedroom apartment, balcony, parking space
Outcome: sold for $640,000
Agent: Prasanna Kumar & Aaron Julian

Waterview

1510 Great North Rd, unit 15:
Features: 88m², 3-bedroom apartment, 2 bathrooms, parking space, newly reclad & code compliance certificate issued in January
Outcome: sold for $380,000
Agents: David Dowse & Susie Calderwood

North-west

Henderson

16 Buscomb Avenue:
Features: 1033m² site, 3-bedroom house + 2 separate 2-bedroom units, all redecorated, new kitchens & bathrooms; house has basement garage, carport, storage; units have their own entrance from Sel Peacock Avenue, offstreet parking; zoned terrace housing & apartments
Outcome: sold for $1.771 million
Agent: Jim Murray

Attribution: Auctions, auction documents.

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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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