Archive | Tamaki

Sales a rarity at final Barfoots auctions for year

A Bucklands Beach house on a cross-lease sold at Barfoot & Thompson’s city auction yesterday, but 2 others in Epsom & Mt Albert were passed in. Both city apartments offered this morning were also passed in, and at this afternoon’s final auction session for the year 2 houses were sold and the other 7 on the list were passed in.

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Commerce & Gore

HarbourCity, 16 Gore St, unit 8C:
Features: one-bedroom apartment
Outgoings: body corp levy $1969/year, additional levy of $1984 for building defects claim; claim will be assigned to buyer
Outcome: passed in at $190,000
Agents: Stephen Shin & Rhys Chen

Victoria St

QV Building, 6 Victoria St East, unit 3J:
Features: 77m², 2-bedroom corner apartment, high stud
Outgoings: body corp levy $6328/year
Outcome: passed in at $500,000
Agents: Stephen Shin & Zoran Farac

Isthmus east

Epsom

14B Liverpool St:
Features: cross-lease, half share in 968m², 2 bedrooms, double carport
Outcome: passed in, back on the market at $928,000
Agent: Robert Thompson

Pt England

39 & 39A Waddell Avenue:
Features: 812m² in 2 titles, 2-bedroom house & 2-bedroom unit, each with a garage, in terraced housing & apartments zone under unitary plan
Outcome: withdrawn from auction, back on the market at $1.175 million
Agent: Fae Bryant

Isthmus west

Mt Albert

21 Ruarangi Rd, unit 14:
Features: cross-lease, 1/6 share in 1280m², 2-bedroom unit, carport, storage
Outcome: passed in, back on the market at $668,000
Agents: Christine & Mark Wooding

South

Bucklands Beach

33 Hattaway Avenue, unit 1:
Features: cross-lease, half share in 874m², 3 bedrooms
Outcome: sold for $910,000
Agent: Roger Franklin

Attribution: Auctions.

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Bill to enable housing on Pt England Reserve passes first reading

The bill to enable housing development on part of the Pt England Reserve beside the Tamaki Estuary passed its first reading last week and has been referred to the Local Government & Environment Select Committee for consideration.

Public submissions close on Tuesday 31 January and the committee is expected to report back to Parliament in April.

The Government unveiled a 300-home development by the Tamaki Redevelopment Co Ltd & Ngati Paoa on 11.7ha of the 45.4ha reserve on 6 December, and was met by a chorus of the mayor, local councillor & local board calling for the proceeds to be invested in new open spaces.

Dr Nick Smith – Building & Housing Minister when he announced the proposal, now Building & Construction Minister after yesterday’s Cabinet reshuffle – said 2ha would be used for a marae, and said 18ha had been used for grazing cows. Mayor Phil Goff said the reserve was vested in Auckland Council, with an underlying Crown title. The council also administer an adjacent 2.9ha council-owned beach reserve/

The development land adjoins housing owned by the Tamaki Redevelopment Co that is due for redevelopment as part of the regeneration of the Tamaki area.

Dr Smith said after the bill passed its first reading: “This plan is about replacing the cows with homes and enhancing the balance of the reserve with improved recreational & cultural facilities. This initiative will give more families a warm, dry, affordable home, improve amenities in the area and help to resolve Ngati Paoa’s treaty settlement.

“Ngati Paoa will have the right to develop this land for housing and will pay fair market value. A further 2ha is being provided for the development of a marae as part of the cultural redress of the treaty settlement.”

He said the aim was to achieve a minimum of 20% social houses & 20% affordable houses, but the details still had to be negotiated with Ngati Paoa.

Link:
Point England Development Enabling Bill

Earlier story:
7 December 2016: Ngati Paoa to build 300 homes on Pt England Reserve, talks continue on reserve upgrade

Attribution: Parliament, bill, ministerial & council releases.

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3 consortiums on Tamaki redevelopment shortlist

The Government-Auckland Council joint venture company Tamaki Regeneration Ltd has cut to a shortlist of 3 consortiums vying for its programme to redevelop 1000 state houses in the northern Tamaki area of Auckland’s eastern suburbs to produce 2500 new homes classified as social, affordable or for the private market.

Tamaki Regeneration is owned 41% by the council and 59% by the Government’s Tamaki Redevelopment Ltd. It sought expressions of interest for the first phase of this project in August and released the shortlisted parties on Friday:

  • Ngati Paoa-led consortium with support from local & international constructors & financier
  • The Tuhono Tamaki Consortium – Fletcher Residential Ltd, Fletcher Building Ltd, Ngati Whatua Orakei Whai Rawa Ltd, Programmed Facility Management NZ Ltd, Macquarie Capital (NZ) Ltd & Public Infrastructure Partners II LP
  • The Exemplar Communities Consortium – AV Jennings, Capella Capital, AMP Capital, Spotless, Universal Homes & Classic Builders.

Tamaki Regeneration chief executive John Holyoake said the company would issue a request for proposals to the shortlisted parties this month, with a closing date for responses of May 2017. The preferred respondent will be announced in September 2017 and construction is expected to get underway in late 2017.

Tamaki Regeneration took over the ownership & management of 2800 Housing NZ properties on 170ha in the Tamaki suburbs of Glen Innes, Panmure & Pt England on 1 April with the intention of transforming the properties into more than 7500 new quality homes over the next 15 years.

Attribution: Company release.

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Ngati Paoa to build 300 homes on Pt England Reserve, talks continue on reserve upgrade

The Government unveiled a 300-home development by the Tamaki Redevelopment Co Ltd & Ngati Paoa on 12ha of the Pt England Reserve yesterday, and the mayor, local councillor & local board promptly called for the proceeds to be invested in new open spaces.

Agreeing the size of the reserve on the shore of the Tamaki estuary would be a helpful start, while the Government should win the huffing & puffing battle. Building & Housing Minister Nick Smith talked about 48ha, 11.7ha going into housing, 2ha for a marae, and said 18ha was used for grazing cows. Mayor Phil Goff said almost 46ha was vested in Auckland Council, with an underlying Crown title.

The minister said proceeds would go to better recreational facilities and improving the reserve’s amenities. The argument is therefore over the quantity of amenities.

Pt England Reserve is the largest tract of public open space on the Tamaki River foreshore and provides both sportsfields & rural open space. Dr Smith said the Government intended to introduce legislation to lift the reserve status over 11.7ha and sell it to Ngati Paoa for the housing development.

Dr Smith said: “The greatest constraint to resolving Auckland’s housing challenges is finding suitable land, particularly in close proximity to the central city. The Pt England Reserve has been poorly used for decades, with 18ha of it used for grazing cows.

“This plan is about replacing the cows with homes and enhancing the balance of the reserve with improved recreational & cultural facilities. This initiative will give more families a warm, dry, affordable home, improve amenities in the area and help to resolve Ngati Paoa’s treaty settlement.

“The Pt England Development Enabling Bill that facilitates the use of the 11.7ha of the 48ha reserve for housing will be introduced to Parliament tomorrow [today]. Ngati Paoa will have the right to develop this land for housing and will pay fair market value. A further 2ha is being provided for the development of a marae as part of the cultural redress of the treaty settlement.

“The Government is committed to 100% of the proceeds of the land for housing development being reinvested in the Tamaki community. We are in discussions with the Auckland Council on the redevelopment of the reserve and a significant portion of the funds will be required for enhanced recreational facilities & improvements in the reserve’s amenities. Any balance will be reinvested in the adjacent Tamaki redevelopment.

“This Pt England development is complementary to the adjacent Tamaki regeneration project. The redevelopment of existing housing has the additional challenge of providing replacement homes in the interim, and in this way the Pt England development will help accelerate Tamaki.

“The project is very similar to that at Riccarton racecourse, where part of an under-utilised reserve is being used for housing and being enabled through special legislation. Our expectations are to achieve a minimum of 20% social houses & 20% affordable houses, but the details of the housing development are yet to be negotiated with Ngati Paoa.

“This is the ninth Crown land housing site to be announced and the sixth in Auckland. The programme is about the Government using its landholdings to help increase housing supply, and nationally we now have 1500 additional homes in the pipeline.”

Mr Goff, the Maungakiekie-Tamaki Local Board & Cllr Denise Lee called on the Government to reinvest the full proceeds of its sale in new & improved public open spaces for the local community.

Mr Goff said: “The Point England land was set aside decades ago for Aucklanders to enjoy for sport & recreation. Our strong & shared view is that all money from the sale of this land should go back into enhancing public open spaces in the area.

“Given the local population is expected to surge in the Tamaki area by 20,000 in the next 2 decades, and housing will need to intensify, it’s vital that residents still have access to outdoor spaces they can enjoy with their families.”

Mr Goff said the council & government had discussed what would be done with the proceeds of the sale, but an agreement was yet to be reached.

The council and the Tamaki Redevelopment Co are working on an open space network plan which involves redeveloping existing parks, including Pt England Reserve.

Attribution: Ministerial & mayoral releases.

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Kiwi Property lifts return and unveils more expansion

Kiwi Property Group Ltd lifted after-tax profit by 26.7% in the September half to $45.6 million ($36 million a year earlier).

Chief executive Chris Gudgeon also announced further expansion at the company’s flagship property, Sylvia Park in Auckland.

Funds from operations (FFO) increased by 5.3% ($2.4 million) to $47.7 million, which chief executive Chris Gudgeon said was driven predominantly by rental income from newly acquired assets & completed developments. This is an alternative performance measure Kiwi Property uses to help assess the company’s underlying operating performance and to determine income available for distribution. It’s calculated in accordance with guidelines issued by the Property Council of Australia.

Key financial points:

  • Property assets up $209 million (7.8%) to $2.88 billion
  • Gearing up 440 basis points to 34.7%
  • Net asset backing up 1c to $1.35/share
  • Finance debt weighted average term to maturity 4 years (up from 3.9 years in the March 2016 financial year)
  • Weighted average cost of debt 4.72% (4.88% in the March 2016 financial year)
  • Kiwi Property will pay a 3.375c/share interim dividend, up 0.075c/share (2.3%)
  • Total retail sales $1.64 billion (up 5.8%)
  • Like for like retail sales (up 3.4%)
  • Total rental income growth 13.9%
  • Like for like rental income growth 3.9%
  • Occupancy steady at 98.6%
  • Weighted average lease time 5.5 years
  • Third-party assets under management grown to $350 million.

Dining & overall expansion at Sylvia Park

Along with the financial results, Mr Gudgeon announced a further investment at Sylvia Park and planning for a mall expansion. First, the $9.1 million expansion of the dining lane: “The project is expected to provide an initial return on project cost of about 6.5% and a 10-year internal rate of return of about 8.5%. Works are scheduled to commence in January and complete in December 2017.

“This project is the next step in Kiwi Property’s long-term vision to create a world-class town centre at Sylvia Park, with planning now also in advanced stages for a $180 million retail expansion of the shopping mall, the development of which could begin as early as mid-next year.”

During the half-year, Kiwi Property:

  • settled the acquisition of a 50% interest in The Base, Te Rapa, and assuming management of the property for the joint venture with Tainui Group Holdings Ltd
  • opened the remaining retail tenancies in the newly completed Westgate Lifestyle large-format retail centre at the top of the North-western Motorway
  • settled the sale of Centre Place South in Hamilton, a cbd retail asset which had been identified as non-core
  • completed office projects at the Aurora Centre & 44 The Terrace, Wellington, with long-term government leases now in place for 32,000m², and
  • began construction of a new office building at Sylvia Park, anchored by IAG NZ Ltd, that’s been designed to integrate seamlessly with the existing centre.

Since September, Kiwi Property has opened the first New Zealand stores for international fashion brands H&M and Zara, at Sylvia Park. Mr Gudgeon said: “The introduction of these global retailers is an important first step in our expansion plans, which envisage the creation of a truly world-class retail offer in Auckland.”

The company’s investment strategy “focuses on the establishment, growth & enhancement of a core property portfolio targeting property exposures that are expected to outperform. Execution of this strategy has resulted in our core retail portfolio value growing from $885 million at September 2010 to $1.8 billion today, our core office portfolio growing from $375 million to $718 million and our overall exposure to the Auckland market increasing from $910 million to $1.75 billion.”

Link:
Kiwi Property half-year report

Attribution: Company release.

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Expressions of interest sought for Tamaki housing project

Tamaki Regeneration Ltd, a 51:49 joint venture between the Government & Auckland Council, sought expressions of interest on Wednesday for phase 1 of the Tamaki largescale development project.

It’s seeking interest from consortiums comprising a development partner responsible for design, delivery & sale of the mixed tenure housing, and an investment partner to take long-term ownership & management of the 1300 rebuilt social houses through Glen Innes, Panmure & Point England.

Tamaki Regeneration said the land containing about 1000 social houses in northern Tamaki would be redeveloped in phase 1 for 2500 mixed tenure houses.

Tamaki Regeneration will hold a briefing for interested parties on Wednesday 17 August, will close expressions of interest on 27 September and wants development to start by the end of next year. The shortlist will be decided on 21 November, receipt of proposals will close next May and the contract agreement is set for late next year.

The Tamaki regeneration programme, started in 2012, is intended to deliver 7500 social, affordable & private homes over the next 10-15 years.

The Minister Responsible for Housing NZ Corp, Bill English, said: “The redevelopment of Tamaki sits alongside other measures in the Government’s comprehensive housing plan to speed up housing development in Auckland & other high-growth areas around the country.

“The creation of Tamaki Regeneration was in response to opportunities we’ve found to build more & better houses on large, under-utilised parcels of Crown land, in this case, on Housing NZ land. Departments across the board are working to identify other opportunities which we will confirm when appropriate.”

Attribution: Company & ministerial releases.

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10% lift on pre-auction offer shows heat still in market

3 of the 6 units auctioned at Barfoot & Thompson this morning were sold under the hammer. 2 were on cross-leases, and one of those, with a pre-auction offer accepted, went for an extra $86,500 – a raise of just under 10% on an acceptable offer showing the heat hasn’t entirely deserted the market.

A section at the top of Mission Bay was withdrawn from auction.

CBD

Uptown

Kiwi on Queen, 421 Queen St, unit 415:
Features: fully furnished 3-bedroom apartment
Outgoings: rates $1249/year including gst; body corp levy $5553/year
Income assessment: previously rented for $580/week, expected to increase to $610/week
Outcome: passed in at $395,000
Agents: Louise Barnsley & Aaron Cook

Isthmus east

Glen Innes

2 Radcliffe St (pictured):
Features: cross-lease, half share in 728m², renovated 3 bedrooms, deck, garden, single garage
Outcome: pre-auction offer of $878.5 million was acceptable to vendor, sold under the hammer for $965,000
Agent: Sam Bowen

Meadowbank

273 St Johns Rd, unit 2:
Features: cross-lease, half share in 670m², 4 bedrooms, deck, sleepout with deck, offstreet parking for 3 cars
Outcome: passed in at $1.1 million
Agent: Keith Simpson

Mission Bay

46A Kempthorne Crescent:
Features: 663m² section down right of way, subdivision process & approvals “well advanced”
Outcome: withdrawn from auction
Agent: Peter Hutson

Orakei

18 Tuhaere St, unit 2:
Features: 2-bedroom unit, 2 bathrooms, office, terrace, courtyard, tandem garage
Outgoings: body corp levy $4852/year
Outcome: sold for $1.52 million
Agent: Karin Cooper

St Heliers

128B Maskell St:
Features: cross-lease, one-third share in 1201m², 229m² townhouse, 3 bedrooms, 2 bathrooms, study, courtyard, double garage
Outcome: sold for $1.206 million
Agent: Kelly Midwood

Attribution: Auction.

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Whillans records 2 land sales in Mt Wellington & Tamaki

A land sale by Whillans Realty Group agents puts a price on the Springpark residential development site begun by local developer Tony Gapes and now under the control of Wilshire Group Ltd, 66% owned by Vincent Wan of Hong Kong.

A second land sale, on the corner of Jellicoe & Morrin Rds in Tamaki, has consent for a retail centre.

Isthmus east

Mt Wellington

33 Panama Rd:
Features: 4.19ha of development land, part of Tony Gapes’ 10.5ha Springpark housing project site, consented for 178 dwellings and including substantial siteworks, roading & 16 partially completed townhouses
Outcome: sold for $25 million
Agents: Kathy Ying & Bruce Whillans

Tamaki

Corner Jellicoe & Morrin Rds:
Features: 6074m² mixed-use development site, consented for 1896m² retail centre
Outcome: sold for $4.08 million at $671/m²
Agent: Brice Clark

Earlier stories:
24 March 2016: Wilshire takes full control of Gapes’ Springpark development
27 June 2014: Gapes secures Singapore funding to regain Springpark control
2 May 2014: Crown Finance calls receivers into Gapes’ Springpark company
18 October 2013: Redwood’s Springpark gets consent

Attribution: Agency release.

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Tamaki campus plan change approved

Auckland Council’s Auckland development committee approved making plan change 375 for Auckland University’s Tamaki campus operative today.

Under this plan change, 12.5ha will be rezoned from special purpose 2 (education) to mixed use, 11 years after another plan change enabled the development of a “research integration campus” on 32ha split by Morrin Rd.

The university agreed in April to sell the campus to local property investment company Tamaki Village Ltd (Tim Edney & Shao Huojun), under its revised strategy to consolidate its activities at its city, Grafton & Newmarket campuses. Including the sale of Tamaki, the university has reduced its landholdings by 27ha since 2013. Commercial terms of the agreement remain confidential.

Mr Edney said the company intended to develop the site for housing. The sale agreement provides for the university to lease back its core buildings & a number of parking spaces at Tamaki for a maximum 3½ years.

Earlier stories:
13 April 2016: Edney company buys Tamaki campus
Propbd on Q W20Jan16 – QE Square rezoning approved, Tamaki campus rezoning approved, Furniture City sold, SkyCity guidance up
31 July 2005: Tamaki campus plan change approved

Attribution: Council committee meeting.

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Pre-remediation sale for Airedale St unit

An Airedale St apartment, in a building (pictured) with remedial works pending, was sold under the hammer at Barfoot & Thompson’s auction today. A small house on a flat Point England section and 2 cross-leased units in St Johns were also sold.

CBD

Learning Quarter

24 Airedale St, unit 2B:
Features: 100m², 2 bedrooms, balcony; remedial issues known & budget set, vendor unable to pay levies
Outgoings: body corp levy $5049/year, special levy 4 instalments of $46,575
Outcome: sold for $357,000
Agents: Alex Allan & Rita Herceg

Isthmus east

Point England

33 Erima Avenue:
Features: flat 812m² section, 3 bedrooms, garage
Outcome: sold for $1.155 million
Agents: Jane Wang & Dragon Zhou

St Johns

34 Howard Hunter Avenue, units A & B:
Features: cross-lease, half share each in 759m², each unit has 2 bedrooms
Outcome: unit A sold for $741,000, unit B for $800,000
Agents: Keith Simpson

Attribution: Auction.

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