Archive | College Hill

$20 million of sales from Bayleys’ September tenders

Bayleys has recorded 5 sales outside the auction process in Auckland and one at Te Rapa from its Total Property series 5 – for a total over $20 million. All the tenders closed in September.

Isthmus east

Mission Bay

17 Patteson Avenue:
Features: 809msite, 571m 2-level building, 3 healthcare tenancies & 3 2-bedroom flats; ground floor dental, physiotherapy & doctors’ practices all have leases expiring in 2019, with no renewal rights;  flats above producing $450-$490/week on a variety of lease terms
Rent: gross rental income $208,303/year
Outcome: sold for in excess of $4.3 million
Agents: James Chan, Cameron Melhuish & Andrew Wallace

Mt Wellington

141 Marua Rd:
Features: 1019m2 site, 784m2 commercial building – 651m2 office, 113m2 warehouse, 20 parking spaces; leased to Fire Security Services for 12 years from September 2014, 2 6-year rights of renewal
Rent: $150,000/year + gst
Outcome: sold for $2.5 million at a 6% yield
Agents: James Valintine, Sunil Bhana & Andrew Wallace

Isthmus west

Freemans Bay

3 College Hill.

3 College Hill.

3 College Hill:
Features: 275m2 site zoned mixed use, 592.5m2 character building, seismic assessment 19% of new building standard; basement parking & storage, first-floor retail and offices above, 2 short-term tenancies
Rent: $131,000/year net + gst
Outcome: sold for $1.9 million at a 6.89% yield
Agents: Cameron Melhuish, Ben Wallace & Andrew Wallace

Sandringham

258-260 Balmoral Rd & 8 Patterson St (pictured above):
Features: 3176msite, historic church, childcare centre & a bungalow, owned by Presbyterian Church Property Trustees
Outcome: sold with vacant possession for $4.8 million to Bharatiya Mandir Inc, owner of nearby property with Hindu Temple at 252 Balmoral Rd
Agents: Sunil Bhana, James Hill & Mike Houlker

North-east

Wairau Valley

62 Ellice Rd:
Features: underutilised 1968m² site (25% building coverage) with 490m² 1970s’ industrial building with two storey 155m² office wing at front & 332m² of warehousing at the rear;  five-year lease from April 2015 with 12 months’ notice development clause
Rent: $125,000 /year net + GST
Outcome: sold for $1,600,555.55 at a 7.8% yield
Agents: Matt Mimmack, James Hill & Sunil Bhana

South of the Bombays – Waikato

Te Rapa

183 Maui St:
Features: 5000m2 site, 3 street frontages, containing 1095m2 NZ heaquarters building for Fire Security Service Ltd – 890m2 office, 178m2 warehouse, 26m2 mezzanine; 12-year lease from September 2014, 2 6-year rights of renewal
Rent: $330,000 /year net + gst
Outcome: sold for $5.2 million at a 6.35% yield
Agents: Sunil Bhana, Mike Houlker & Andrew Shaw

Attribution: Agency release.

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Corrected: 4 small commercial sales

A selection of small commercial properties traded recently through Bayleys includes a body corporate manager’s office & a small office/showroom on 2 sides of Victoria Park, a mostly vacant office building at the foot of Grafton Gully and an office in Mt Eden.

The rent originally given on the Normanby Rd property has been corrected. The yield on the original figure would have been 11.23%, but is unchanged at 7%.

CBD

Victoria Quarter

1 Centre St:
Features: 225m² site zoned mixed use, 280m² character office/showroom building, 3 parking spaces
Outcome: sold vacant for $2.05 million
Agent: James Were

Isthmus east

Grafton

56-58 Grafton Rd (pictured):
Features: 1607m² site zoned mixed use, 4-level 1050m² office building vacant apart from level 2, which has been tenanted by Amtrade NZ Ltd for 13 years, 40 parking spaces
Rent: $121,724/year net + gst
Outcome: sold for $4.5 million
Agents: Alan & Phil Haydock

Isthmus west

College Hill

Freemans, 12 Beaumont St, unit B1:
Features: 8m² basement-level unit used as building manager’s office, 35-year lease to body corporate from November 2005
Rent: $7685/year net + gst, rent reviews 2-yearly to CPI
Outcome: sold for $100,000 at a 7.68% yield
Agent: Matt Lee

Mt Eden

Corrected: 45C Normanby Rd, unit 13:
Features: 515m² refurbished character office, 19 parking spaces, new 6-year lease & 3 2-year rights of renewal
Corrected: Rent: $181,659/year net + gst
Outcome: sold for $2.6 million at a 7% yield
Agents: Stuart Bode & Mike Adams

Attribution: Agency release.

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2 sales & 6 leases signed on cbd western fringe

Bayleys agents have completed 2 sales and signed up 6 leases on the western fringe of the cbd, through Freemans Bay, Grey Lynn & Ponsonby.

Isthmus west 

Sales

Freemans Bay

41 College Hill (pictured):
Features: 676m2 1960s-constructed 2-level building on underdeveloped 741m2 mixed-use site; tenant Moto Systems, in occupation since 2005, sells motor scooters & accessories from streetfront showroom with service facilities in the workshop below, current lease until November 2017 with one further 3-year right of renewal
Rent: $160,000/year net + gst
Outcome: sold for $3.32 million at a 4.8% yield
Agents: Scott Kirk, James Were & Cameron Melhuish

Grey Lynn

671 Great North Rd:
Features: 549m2 site zoned residential 5, but to be apartment & terraced housing under proposed Auckland unitary plan
Outcome: sold for $1.138 million at $2099/m2
Agents: James Were & Scott Kirk

Leases

Freemans Bay

3 College Hill:
Features: 250moffice leased for 3 years, 2 3-year rights of renewal
Rent: $77,848/year net + gst
Agents: Ben Wallace & Matt Gordon

Grey Lynn

402 Great North Rd, unit 5:
Features: 500m2 warehouse, leased for 3 years
Rent: $56,000/year net + gst
Agents: Andre Siegert & Jean-Paul Smit

49 Mackelvie St:
Features: 400mwarehouse, 100m2 office, 5 parking spaces, leased for 3 years
Rent: $112,500/myear + gst
Agents: Andre Siegert & Ben Wallace

80 Mackelvie St, level 1 (lot 3):
Features: 166moffice, leased to media company for 3 years at $405/m2, one parking space, 2 3-year rights of renewal
Rent: $70,220/year semi-gross + gst (including parking space @ $60/week)
Agent: Jean-Paul Smit

Ponsonby

211 Ponsonby Rd:
Features: 128mcommercial space, leased to radiology practice for 6 years at $586/m2, 4 parking spaces, one 2-year right of renewal
Rent: $85,400/year net + gst (including parking spaces @ $50/week), with annual CPI increases & market review on renewal
Agents: Jean-Paul Smit & Phil Haydock

211E Ponsonby Rd:
Features: 85.5mleased to gallery for 4 years at $800/mwith 2 parking spaces
Rent: $75,600/year net + gst (including parking spaces @ $70/week)
Agent: Mark Wyness

Attribution: Agency release.

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Update: Red Bull HQ sold post-auction

Update 12 April 2010

Red Bull NZ Ltd’s headquarters building on College Hill was sold shortly after last week’s auction for $2.21 million, Bayleys salesman Richard White said. That’s a $10,000 increase on the highest bid at auction on 7 April.

 

Original story: Red Bull HQ passed in

 

Published 7 April 2010

Red Bull NZ Ltd’s headquarters building on College Hill was passed in at auction today at $2.2 million, representing an 8% yield.

 

The premises were put on the market through Bayleys Real Estate by Red Bull’s former Australasian chief executive, Josef Roberts, who owns the property through Redmond Enterprises Ltd.

 

Mr Roberts set up the Red Bull energy drink business in Australia & New Zealand, then sold it back to the Austrian parent in 2002. He followed that divestment by investing in Burger Fuel Ltd, helping to take it international. Last year he assumed the familiar Australasian chief executive role at Burger Fuel, and founder Chris Mason became chief executive of business development & international markets.

 

The Red Bull property at 13 Hargreaves St, just up from Victoria Park, is returning $176,000 + gst/year on a lease with 3 years to run. As a redevelopment proposition, it has a 15m height limit.

 

Want to comment? Go to the forum.

 

Attribution: Auction, story written by Bob Dey for the Bob Dey Property Report.

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Kelland gets approval for College Hill development

Published 30 October 2007Jurisdiction: Auckland City

Neighbourhood: Freemans Bay

Applicant: Landson Investments Ltd (Deborah Kelland & Sue Nelson, Matiatia)

Application: 1 Cascade St, corner of Rennell St, application to demolish existing buildings & erect the mixed-use Kellands building containing 6 office tenancies, 2 residential units & 19 parking spaces at ground level & basement, infringing maximum floor:area ratio by 28.69m² for total 1426m², infringements of landscaping, height:boundary & private open space controls, 9-space parking shortfall and just under the minimum aisle width required for manoeuvring.

Recommendation to council planning fixtures committee: Council planner Mahlon Fautua recommended consent.

Decision: The committee, currently 3 independent commissioners, granted non-notified consent.

Application detail: The council report recommended a Kermadec pohutukawa beside a blank wall as a consent condition, while the applicants wanted a Phoenix palm relocated onsite. One commissioner, Conway Stewart, went with the palm. Another, Cathy Hawley, suggested more planting than the palm at the base of a wall likely to attract graffiti writers. The committee agreed to the palm, and an appropriate replacement if the relocation fails.

To my mind, this is a degree of specification far greater than the council – or temporary commissioners – should discuss, let alone consider. Ms Kelland likes bold plant & architectural displays, as the present premises of Kelland’s Real Estate testify: Her choice.

The property will have a Runnell St address, where the entrance is to be. It sits behind the Perspective apartment development on College Hill and one block up from the Victoria Park New World supermarket.

Other details: Ms Kelland is the director of Kelland’s Real Estate Ltd, which operates now from Gladstone Rd, Parnell.

Want to comment? Click on The new BD Central Forum or email [email protected].

Attribution: Council committee meeting & agenda, story written by Bob Dey for this website.

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College Hill bungalows sell

Published 11 December 2005


Bayleys Real Estate has sold 38 properties for more than $40 million in a series of Total Property auctions around the country.


 


St Marys Bay, 80 College Hill, 100m² bungalow converted into 2 flats on 230m², sold for $622,800, producing about $21,120/year. (Craig Watkins, Bayleys Auckland Central).


 


St Marys Bay, 82 College Hill, 85m² character bungalow on 232m², sold for $645,000 at a 5.8% yield, current net rental $37,000/year from a lease to a commercial tenant until 2009.


 


Unsold:


 


St Marys Bay, 3 College Hill, 647m² 3-level character warehouse on 275m², passed in at $775,000. (Craig Watkins, Bayleys Auckland Central).


 


If you want to comment on this story, write to the BD Central Discussion forum or send an email to [email protected].

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Expat buys College Hill building on 10% yield

1999 Manson development sells for $4.365 million

The Mantrack building on College Hill has been bought on a 10% yield by an expatriate New Zealander wanting a comfortable passive investment before he returns home.

It was valued at $4.55 million on the basis of a yield range from 9.5% to 9.75% when the developer, ECM Developments Ltd (Ted Manson) took it to market last November.

The sale price of $4.365 million is $110,000 below the bottom of the valuation range for the two-year-old building.

Wayne Muir, of Barfoot & Thompson Commercial, said the building, part of the Hargreave Centre at 2-4 Hargreaves St, met the buyer’s criteria by offering a good return on a new low-maintenance building with longer-term leases in a good location.

A bonus is that the rent gives a comfortable margin over the funding interest rate, making the investment internationally competitive.

In contrast to the struggle of central business district buildings to attract tenants at firm rents, the limited supply of prime stock around the fringes has attracted plenty of interest.

Ted Manson’s development company has been a major supplier of this stock over the past six years, building 66,000m² (gross floor area) since 1995 and in the throes of completing another 18,000m² for an average of 14,000m²/year. The more recent Manson focus has been on the Green Lane area.

The foot of College Hill has attracted attention this year through Melview Developments Ltd’s securing the Auckland Gas site on Beaumont St for its Beaumont Quarter residential project — 250 homes on 2.4ha and an end value of about $100 million.

Above that, the Gudgeon St ridge has proved a popular site for companies wanting a natural mantlepiece to display their banners. Fuji Xerox and Panasonic are probably the best known, sitting on the Assembly of God church side of Hargreave St.

Other high-profile tenants to occupy space in this quarter are Shell Oil, Apple Computers, Australian Consolidated Press and BankDirect.

This is one of the best spots in the city to have naming rights — above Victoria Park and in full view of motorists leaving for the harbour bridge every evening, prominent for motorists travelling north across the Victoria Park Viaduct, and also to those heading up College Hill to Ponsonby and the inner-western suburbs.

It costs Mantrack NZ Ltd $10,000/year for naming rights in this prime spot. The company occupies all 1044m² on the top two floors and is two years into an eight-year lease, with eight-year renewal right, on $226/m² rent, plus $35/covered park ($30/stacked).

Eldercare NZ Ltd is one year into a six-year lease on the 491m² ground floor at $213/m² rent. The building’s parking ratio is 1:32m² net lettable area and operating expenses $27.69/m² — two of the major attractions of lowrise fringe buildings.

The airconditioned building sits on 807m² and has 1661m² including 28m² of corner decks, above 1232m² of basement levels.

Net effective rents on College Hill are about $180-200/m². Net effective rent in the redeveloped city markets in the nearby Viaduct precinct, now occupied by AGC, is about $216/m². Rent in the revamped Caltex House on Fanshawe St ranges from $230-320/m² while the all-new Maritime Square office park, facing the lighter basin, has rents in the top range of $345-360/m², including incentives. Your Text Goes Here

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