Archive | Tamaki

Pt England housing development bill passes second reading

The Point England Development Enabling Bill, to turn 11.7ha of the 48ha Point England Reserve over to housing and to advance Ngati Paoa’s historical Waitangi Treaty settlement, passed its second reading in Parliament on Tuesday by 62 votes to 43.

Building & Construction Minister Nick Smith said having 18ha on the Tamaki River fenced off for cattle to graze for over 30 years was a poor use of Crown land just 10km from Auckland’s city centre: “We are going to use 12ha for new houses & 2ha for a marae, as part of a treaty settlement with Ngati Paoa. The remaining 4ha will be added to the 32ha of public reserve space.”

Dr Smith said the legislation would guarantee an increase in the accessible public space, retaining at least the same area of playing fields and committing to spending all of the Crown’s proceeds from the housing development in enhancing the local recreational facilities & environment.

Earlier stories:
19 December 2016: Bill to enable housing on Pt England Reserve passes first reading
7 December 2016: Ngati Paoa to build 300 homes on Pt England Reserve, talks continue on reserve upgrade

Attribution: Ministerial 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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Updated: 3 of 6 sell at Ray White auction

Published 13 April 2017, updated 15 April 2017:
The first 4 properties auctioned at Ray White City Apartments on Thursday – 3 apartments & a Glen Innes section – were passed in, but one was sold and another close to being sold through multi-offers by the end of the auction. The remaining 2 apartments were sold under the hammer.

The first unit on the auction list, a large 2-bedroom apartment on Wakefield St (pictured above), was sold shortly after the auction for $780,000.

The Glen Innes property is in a street of old houses which have steadily been demolished to make for new housing.

CBD

CBD east

The Beach, 85 Beach Rd, unit 510:
Features: 35m² furnished studio,
Outgoings: rates $1177/year including gst; body corp levy $2346/year
Income assessment: $385/week current
Outcome: passed in at $307,000
Agent: Dominic Worthington

Learning Quarter

The Crescent, 26 Eden Crescent, unit 1101:
Features: 38m², 2 bedrooms, 2 bathrooms, balcony
Outgoings: rates $1202/year including gst; body corp levy $4248/year
Income assessment: $480-500/week furnished
Outcome: sold for $416,500
Agents: May Ma & Mark Li

Silo, 23 Emily Place, unit 5J:
Features: 22m² studio, parking space
Outgoings: rates $999/year including gst for the unit, $152/year for the parking; body corp levy $3037/year for the unit, $829/year for the parking
Income assessment: $400/week current
Outcome: passed in at $355,000
Agents: Ryan Bridgman, Mitch Agnew, Damian Piggin & Daniel Horrobin

Updated: 18 Wakefield St, unit 8L:
Features: 92m², 2 bedrooms, parking space
Outgoings: rates $1861/year including gst; body corp levy $4649/year
Outcome: passed in at $750,000, sold after a multi-offer process for $780,000
Agents: Tanya Kwasza & Marie Graham

Uptown

Winsun Heights, 113 Vincent St, unit 6F:
Features: 30m², fully furnished 2 bedrooms, balcony
Outgoings: rates $1148/year including gst; body corp levy $4368/year
Income assessment: $400/week current
Outcome: sold for $282,000
Agent: Victor Liu

Isthmus east

Glen Innes

Kestrel Place, Glen Innes, empty lots seen from No 10.

10 Kestrel Place:
Features: 799m² section, 90m² house, 3 bedrooms, in a street where old houses are making way for new
Outgoings: rates $1982/year including gst
Outcome: passed in at $810,000
Agent: Tim Warmington

Attribution: Auction.

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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.

CBD

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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