Archive | Morningside

Petrol station sells on 4.6% yield

A Ponsonby petrol station has been sold on a 4.6% yield and a Morningside warehouse has been leased by Colliers agents. In Christchurch, the agency has sold a Riccarton office building at auction.

Sales

Isthmus west

Ponsonby

47 Jervois Rd:
Features: 550m² unit title, BP petrol station
Outcome: sold for $2.285 million at a 4.6% yield
Agents: David Palmer & John Davies

South Island

Canterbury

Christchurch – Riccarton

15 Leslie Hills Drive:
Features: 832m² site, 354m², 2-storey office building, 9 parking spaces
Rent: $80,000/year net + gst + opex from renewed 2-year lease
Outcome: sold at auction for $902,500
Agents: Mark Macauley & Will Franks

Lease

Isthmus west

Morningside

18-20 Morningside Drive:
Features: 1600m² site, 1300m² warehouse owned by Metge Properties Ltd, 15 parking spaces, new long-term lease to Brownies Mattresses Ltd
Agents: Jonathan Lynch & Leroy Wolland

Attribution: Agency release.

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4.3% yield in Morningside reflects area’s transformation

Agents who sold a dual-frontage Morningside property on a 4.3% yield say the suburb is seeing changes under the unitary plan, improved access & intensive residential development that will transform it in a short timeframe.

Under the unitary plan, the property at 617 New North Rd is in the local centre business zone, which allows for retail, office, food, beverage, apartments & commercial services. “Developers may build up to 18m in this zone,” JLL agent Jarred Hill said.

Leases on this property run through to 2024, but around it considerable change is anticipated, partly arising from improved motorway & rail links: “It’s around 1.2km to the North-western Motorway system, a 12-minute walk from Kingsland village, and only a few minutes’ walk to Morningside railway station. Access will only improve once the city rail link upgrade is complete.”

Alex Wefers said the area was being developed and would see substantial population growth – up by a third (13,000) through to 2043. The Urbanaut craft brewery has just opened at 597 New North Rd, and the Station 580 apartment complex is due to open at 580 New North Rd late next year.

Isthmus west

Morningside

617 New North Rd:
Features: 943m² site, 2 buildings on one title with combined floor area of 505m², leased to the Unite Union & Peel to Pip Café, with 2-bedroom apartment occupied by café tenants, both leases have final expiries in 2024, 6 parking spaces, dual street frontage to Western Springs Rd & New North Rd
Rent: $108,398/year net combined rent
Outcome: sold for $2.5 million at a 4.3% yield
Agents: Alex Wefers & Jarred Hill

Attribution: Agency release.

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Updated: Strong yields as 14 sell at Bayleys’ commercial auction, 3 post-auction sales

Published 2 December 2016, updated 5 & 12 December 2016:
Strong yields were a feature as 14 of the 27 properties taken to auction in Bayleys’ final Total Property portfolio for the year were sold under the hammer on Wednesday.

They included 3 units sold in stage 3 of the Grange development (pictured) at the southern entrance to Warkworth, and another one sold post-auction.

2 other properties have been sold post-auction – a unit on Amera Place, East Tamaki, and a property on Moore St, Howick, sold on a 4.1% yield.

CBD

Federal St

205 Federal St, unit R1:
Features: 60m², one of only 2 retail tenants in Federal City apartment building, 8-year lease from July 2014
Rent: $29,120/year net + gst
Outcome: passed in at $475,000
Agents: Piyush Kumar & Oscar Kuang

Learning Quarter

23 Whitaker Place, units 110 & 111:
Features: 120m² unit, suitable for restaurant
Rent: $23,478.26/year from tenant on 3-year lease from 1 August 2014
Outcome: sold for $150,000
Agents: Nicolas Ching & Beterly Pan

Queen St

Mid-City, 239 Queen St, unit 2A:
Features: 282m² floor area on first floor, tenant the Ryo Japanese restaurant, 6-year lease, 2 rights of renewal
Rent: $120,000/year average from 6-year lease
Outcome: no bid
Agents: Graeme Sun & Oscar Kuang

Uptown

3 shops & gym of 14 ground-floor commercial units in the Summit on Symonds apartment conversion building, next to the Langham Hotel at the corner of Karangahape Rd & Symonds St:

105 Symonds St, shop 5, Nata Portuguese Bakery:
Features: 69.47m², 6-year lease
Rent: $49,400/year net + gst
Outcome: passed in at $500,000
Agents: Millie Liang

105 Symonds St, shop 9, laundromat:
Features: 43.41m², self-service laundromat, 8-year lease
Rent: $30,387/year net + gst
Outcome: passed in at $350,000
Agents: Millie Liang

105 Symonds St, shop 11, The Corner Café:
Features: 68.39m², 8-year lease
Rent: $47,873/year net + gst
Outcome: passed in at $500,000
Agents: Millie Liang

103-105 Symonds St, unit 15, Anytime Fitness:
Features: m², 10-year lease, beside the entrance to the Langham Hotel
Rent: $184,000/year net + gst
Outcome: withdrawn from auction
Agents: Millie Liang

Isthmus east

Onehunga

106 Beachcroft Avenue:
Features: 692m² site, 431m² standalone warehouse & office building
Outcome: sold vacant for $1.505 million
Agents: James Valintine & Graeme Moore

255 Onehunga Mall:
Features: 379m² site, Cotton On Clothing (NZ) Ltd on 8-year lease from 15 August with one 8-year right of renewal
Rent: $110,000/year + gst + outgoings, 3%/year rental growth
Outcome: sold for $2.21 million at a 4.98% yield
Agents: Tony Chaudhary & Damien Bullick

Otahuhu

121 Church St:
Features: 731m² site zoned terrace housing & apartment building, 138m² floor area, medical centre on 5-year lease from October 2015
Rent: $48,000/year + gst + outgoings
Outcome: declared reserve of $800,000, sold prior for $933,000 at a 5.14% yield
Agents: Tony Chaudhary & Janak Darji

Panmure

141-157 Queens Rd:
Features: 2963m² site on 2 titles, 1464m² floor area, 35 parking spaces, residential potential under the unitary plan, 27m height limit
Rent: $357,000/year net + gst
Outcome: no bid
Agents: Mark Pittaway

Penrose

419B Church St East:
Features: 1596m² industrial site, 25 parking spaces, 8-year head lease to Southpark Corp Ltd from 1 November 2015
Rent: $25,485/year net + gst
Outcome: passed in after vendor bid at $3.7 million
Agents: James Hill & Ben Bayley

Isthmus west

Morningside

4 Taylors Rd:
Features: 809m² site zoned mixed use, 585m² office & high stud warehouse
Outcome: sold vacant for $2.9 million
Agents: Scott Kirk & James Were

Pt Chevalier

1191 Great North Rd:
Features: 226m² retail, occupied by optometrist & osteopath
Rent: $83,900/year
Outcome: sold for $1.55 million at a 5.4% yield
Agents: Owen Ding & Quinn Ngo

North-east

Birkenhead

268 Onewa Rd, unit 10A:
Features: 125m², office & residential tenancies, town centre zoning, 2 parking spaces
Rent: $23,464.57/year net + gst + outgoings
Outcome: withdrawn from auction
Agents: Tonia Robertson & Chris White

Torbay

934 Beach Rd:
Features: cross-lease, 1/3 share in 1072m², 140m² beachfront retail, only business-zoned property on the Torbay/Waiake beachfront, taken to auction by the Official Assignee under the Criminal Proceeds (Recovery) Act
Outcome: sold for $1.8 million
Agents: Damian Stephen & Adam Curtis

Warkworth

4 units in stage 3 of the Grange, 67 Auckland Rd, development by Square & Main St Ltd (Adam Reynolds), stages 1 & 2 both fully sold
Agents: Matt Lee, Quinn Ngo, Jan Hutcheson & James Chan, and Paul Dixon on unit 14

Unit 5A, Cizzlin:
Features: 128.3m², 8-year lease
Rent: $65,000/year net + gst
Outcome: sold for $1.005 million at a 6.47% yield

Unit 13B, The Grange Bakery:
Features: 76.8m², 5-year lease
Rent: $30,000/year net + gst
Outcome: sold for $560,000 at a 5.34% yield

Unit 11, Fish Nets:
Features: 59m², 10-year lease
Rent: $30,975/year net + gst
Outcome: sold for $565,000 at a 5.48% yield

Updated: Unit 14, Green Bay Fruit & Veg:
Features: 297.2m², 8-year lease
Rent: $92,500/year net + gst
Outcome: passed in after vendor bid at $1.25 million, sold post-auction for $1.365 million at a 6.77% yield

Unit 22, Cross Gate Variety Store:
Features: 373.7m², 6-year lease
Rent: $86,700/year net + gst
Outcome: withdrawn from auction

North-west

Henderson

349 Great North Rd:
Features: 276m² site, 10-year lease from July
Rent: $50,000/year net + gst
Outcome: sold for $1.045 million at a 4.8% yield
Agents: Mike Adams & Laurie Bell

Lincoln North shopping centre, 192 Lincoln Rd, unit B4:
Features: 60.12m², retail unit, new 5-year lease to OPSM
Rent: $22,545/year net + gst
Outcome: sold for $465,000 at a 4.85% yield
Agents: Matt Lee & Quinn Ngo

South

East Tamaki

Updated: 12 Amera Place, unit 5:
Features: 105m² unit, 6-year lease starting this month
Rent: $50,150/year net + gst + outgoings
Outcome: passed in at $900,000, sold post-auction for $910,000 at a 5.5% yield
Agents: Katie Wu & John Bolton

9-11 Nandina Avenue:
Features: 2 titles, each of 2552m², metalled & flat, 74m road frontage, business 5 zoning
Outcome: sold for $2.86 million
Agents: John Bolton & Katie Wu

Howick

Updated: 8-14 Moore St:
Features: 875m² site zoned business town centre under unitary plan, 590m² floor area, 6 tenancies
Rent: $94,262.74
Outcome: passed in at $2.11 million, sold post-auction for $2.3 million at a 4.1% yield
Agents: Tony Chaudhary & Janak Darji

Manukau

Pacific Retail Centre, 792 Great South Rd, unit 6:
Features: 89m² Subway restaurant
Rent: $39,367.45/year net + gst + outgoings
Outcome: passed in at $750,000
Agents: Terry Kim & Janak Darji

52-58A St George St:
Features: 971m² in 2 titles zoned town centre under unitary plan, 2 tenants,
Rent: $80,040/year + gst
Outcome: no bid
Agents: Oscar Kuang & James Chan

Pukekohe

1722 & 1748 Buckland Rd:
Features: 14.4336ha in 2 titles overlooking Pukekohe racetrack, zoned future urban, proposed light industrial, has 3-bedroom house & 2-bedroom cottage
Outcome: no bid
Agents: Shane Snijder & Peter Migounoff

South of the Bombays

Coromandel

Whitianga

17 Monk St:
Features: 516m² site, 800m² floor area – 4 shops in 335m² on ground floor, plus carport, 2 apartments in 376m² upstairs licensed as traveller accommodation, plus 60m² deck & terrace; separate studio & workshop
Rent: about $53,000/year net
Outcome: sold for $1.03 million at a 5.15% yield
Agent: Noel Rogers

Hawke’s Bay

Napier

359 Marine Parade:
Features: 1413m² site, 20 self-contained motel units + manager’s accommodation
Rent: $225,750/year + gst from motel lease running until 2040
Outcome: sold for $3.75 million at a 6% yield
Agents: Paul Dixon & Sam MacDonald

Attribution: Auction.

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5 apartments & cross-leases sell

In a mix of 12 flats, a leasehold apartment and a number of cross-leased properties at Barfoot & Thompson’s residential auction last Wednesday, 5 sales were recorded under the hammer and one post-auction, 5 were passed in and one was withdrawn.

Isthmus east

Kohimarama

7 Speight Rd:
Features: cross-lease, half share in 892m², 3 bedrooms, 2 bathrooms, double garage
Outcome: sold for $2 million
Agent: Grant Rutherford

Onehunga

20 Oranga Avenue, unit 4:
Features: cross-lease, quarter share in 1004m², 2-bedroom unit, carport
Outcome: no bid, back on market at $569,000
Agents: Leonie Stabler

Parnell

16 St Stephens Avenue, unit 8:
Features: leasehold, one-bedroom apartment, deck, carport
Outcome: passed in, sold post-auction
Agents: Jill Jackson & Emma John

Remuera

23 Lucerne Rd, unit 4:
Features: cross-lease, 1/8th share in 2023m², 3 bedrooms, study, garage
Outcome: passed in, back on market at $1.135 million
Agents: Julie Fitzpatrick & Tony Jiang

8 Rotomahana Terrace, unit 2:
Features: cross-lease, 1/3 share in 1013m², 147m² floor area, 2 bedrooms, deck, double garage
Outcome: sold for $1.2 million
Agent: Chase Liu

St Heliers

15A Sylvia Rd:
Features: cross-lease, half share in 1030m², 3 bedrooms, 2 bathrooms, double garage
Outcome: sold for $1.652 million
Agent: Teresa Weiss

Isthmus west

Morningside

69A, B & C Finch St:
Features: cross-lease, 2 shares of 2/3 & 1/3 of 1118m² site, 3 houses on the 2 titles, total 21 bedrooms
Income assessment: about $150,000/year
Outcome: passed in, auction of properties separately postponed
Agents: Jane Wang & Dragon Zhou

Mt Albert

10 Alexis Avenue:
Features: cross-lease, quarter share in 746m², art deco house, 2 bedrooms, garage
Outcome: passed in, back on market at $866,000
Agents: Christine Wooding & Joanne Yu

15 Harbutt St, units 1-4:
Features: cross-lease, 1/3 share in 697m², 4 units on 3 titles, 2 of 2 bedrooms and a bungalow configured as 2 flats, one of 2 bedrooms, the other of one bedroom, garage each unit
Outcome: passed in
Agent: John Gray

Sandringham

16 Kiwitea St:
Features: cross-lease, half share in 749m², 3 bedrooms, 2 bathrooms, study, double garage
Outcome: sold for $1.285 million
Agents: Derek Helliwell & Cathy Giles

103E St Lukes Rd:
Features: 4-bedroom townhouse across the road from St Lukes mall, 2 bathrooms, double garage
Income assessment: $800/week
Outcome: withdrawn from auction
Agents: David Chen & Joey Zhuang

Three Kings

51 Kings Rd:
Features: cross-lease, half share in 781m², 3 bedrooms, 2 bathrooms, office, carport
Outcome: sold for $1.24 million
Agent: Robyn Preece

Attribution: Agency release.

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4 apartments sell at City Sales

4 of the 7 apartments auctioned at City Sales yesterday were sold under the hammer.

CBD

Uptown

CityZone, 11 Liverpool St, unit 1001:
Features: 45m², 2 bedrooms, deck
Outgoings: rates $1101/year including gst; body corp levy $2827/year
Outcome: sold for $320,000
Agent: Iona Rodrigues

CityZone, 11 Liverpool St, unit 1102:
Features: 47m², fully furnished 2 bedrooms
Outgoings: rates $1126/year including gst; body corp levy $3042/year
Outcome: vendor bids at $350,000 & $380,000, one other bid at $360,000, passed in
Agent: Iona Rodrigues

Victoria Quarter

Columbia on Nelson, 15 Nelson St, door 4F:
Features: 45m², one bedroom, parking space
Outgoings: rates $793/year including gst; body corp levy $3319/year
Outcome: passed in at $495,000
Agent: Tony Kelly

Ascent, 149 Nelson St, unit 705:
Features: 39m², one bedroom, deck
Outgoings: rates $953/year including gst; body corp levy $2241/year
Outcome: sold for $267,000
Agents: Lucy Piatov & Chris Bell

Isthmus west

Eden Terrace

Charlotte Mews, 40 Charlotte St, unit 1C:
Features: 80m², 2 bedrooms, 2 decks, parking space, storage locker
Outgoings: rates $1551/year including gst; body corp levy $2746/year
Outcome: sold for $590,000
Agent: Iona Rodrigues

Grey Lynn

Mezzanine, 31 Scanlan St, unit 1C:
Features: 75m², semi-furnished 2 bedrooms + study, 2 bathrooms, 20m² courtyard, tandem parking
Outgoings: rates $2261/year including gst; body corp levy $6455/year
Outcome: only bid was from vendor at $725,000
Agents: Lucy Piatov & Chris Bell

Morningside

669 New North Rd, flat 3:
Features: cross-lease, one-fifth share in 971m², unit 85m², 2 bedrooms, courtyard, carport
Outgoings: rates $1600/year including gst
Outcome: sold for $560,000
Agents: Steve Kirk & Habeeb Urrahman

Attribution: Auction.

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3 sell at Colliers auction

3 commercial properties – including an office suite in the old NZI building (outlined in picture) on Shortland St – were sold under the hammer at Colliers International’s auction on Wednesday. A partly occupied office building on Great South Rd, Ellerslie, was passed in on a vendor bid.

CBD

Shortland St

7 Shortland St, unit 3A:
Features: 228m² vacant office suite in the former NZI building
Outcome: sold for $815,000
Agents: Kris Ongley & Adam White

Isthmus east

Ellerslie

638 Great South Rd:
Features: 638.7m² net lettable area over 2 levels – ground floor 286.7m², first floor 352m², 21 parking spaces, ground floor occupied by General Finance Ltd and a law firm, first floor vacant
Rent: contract income $56,219/year + gst + opex, assessed rent for vacancy $85,256/year + gst + opex, total potential rent $141,475/year
Outcome: passed in at vendor bid of $1.5 million
Agents: Kris Ongley & Peter Kermode

Isthmus west

Morningside

5 McDonald St:
Features: 653m² site, 513m² light industrial building – warehouse 410m², office 76m² over 2 levels, mezzanine 27m², 200m² yard with parking for 9 cars
Outgoings: rates $$7192/year including gst
Outcome: sold for $1.8 million
Agents: Peter Kermode & Jonathan Lynch

North-east

Wairau Valley

149 Wairau Rd:
Features: 1744m² site, 1282m² building, 20 parking spaces
Outcome: sold with vacant possession for $1.755 million
Agents: Matt Prentice & Mike Ryan

Attribution: Auction.

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3 post-auction sales for Bayleys

2 properties passed in at Bayleys’ Greater Auckland auction 4 weeks ago have been sold. Also sold, 3 weeks after being passed in at auction, were 4 units in an East Tamaki block, one occupied by a pharmacy & 2 by a medical centre.

Isthmus east

Royal Oak

691 Manukau Rd, unit F:
Features: 188m² retail unit in Royal Oak Mall occupied by Black Pepper (120m²) and T&T Childrenswear (68m²) on leases to 2018-19
Rent: $74,018/year net + gst
Outcome: passed in at Greater Auckland auction 4 weeks ago, sold post-auction for $738,000 at a 10% yield
Agents: Matt Lee & James Chan

Isthmus west

Morningside

2 Gordon Rd, unit 3:
Features: high stud 137m² warehouse plus 47m² residence upstairs, onsite parking
Outcome: passed in at Greater Auckland auction 4 weeks ago at $700,000, sold post-auction for $760,000
Agents: Andrew Wallace & Cameron Melhuish

South

East Tamaki

455 East Tamaki Rd.

455 East Tamaki Rd.

455 East Tamaki Rd, units A, B, C & D:
Features: 680m² total building area, 4 modern units – unit A a pharmacy, units B & C a medical centre owned by Amarsee companies, unit D vacant, all taken to auction on behalf of South East Properties Ltd (Shyam Amarsee)
Rent: $168,448/year net + gst, both tenants on 12-year leases from 2012
Outcome: passed in at auction 3 weeks ago at $2.3 million, sold post-auction for $2.25 million
Agents: Matt Lee, James Chan & Tony Chaudhary

Attribution: Agency release.

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11 sales at Greater Auckland auction

Bayleys secured sales on 11 properties out of 16 taken to auction in its Greater Auckland portfolio yesterday.

One of the strongest performers was a group of 3 shops, including NZ Post, in Tuakau, nowadays over the border in the Waikato region, which sold on a yield of 5.1%.

Isthmus east

Mt Wellington

182 Marua Rd:
Features: 777m² site, near-new 609m² standalone industrial building, offered vacant
Outcome: withdrawn from auction
Agents: James Valintine & Sunil Bhana

Otahuhu

47 Huia Rd:
Features: 2592m² site, 2393m² building, redevelopment opportunity, 75% IEP rating
Rent: $102,000/year net + outgoings
Outcome: sold for $1.2 million in mortgagee sale
Agents: Nick Bayley & Dave Stanley

Royal Oak

Royal Oak Mall, 691 Manukau Rd, unit F:
Features: 188m² floor area, tenants Black Pepper and T&T Childrenswear
Rent: $74,018/year net + gst from 2 shops
Outcome: passed in
Agents: Matt Lee & James Chan

Isthmus west

Grey Lynn

29 Nixon St:
Features: 266m² mixed-use corner site with development potential, 157m² floor area
Rent: $30,000/year + gst + outgoings
Outcome: sold for $920,000
Agents: Simon Aldridge & Tony Chaudhary

Morningside

2 Gordon Rd, unit 3:
Features: high stud 137m² warehouse plus 47m² residence upstairs, onsite parking
Outcome: passed in at $700,000
Agents: Andrew Wallace & Cameron Melhuish

North-east

Dairy Flat

1740 Dairy Flat Highway, section 6:
Features: 9990m² site, current zoning general rural, zoned future urban under the proposed unitary plan, site complicated by encumbrances
Outcome: sold for $200,000
Agents: Rosemary Wakeman & Ashton Geissler

Rosedale

6 Antares Place, Rosedale.

6 Antares Place, Rosedale.

6 Antares Place:
Features: 2 levels + basement parking
Rent: $292,896/year net + gst from 2 tenancies
Outcome: sold for $4.575 million at a 6.4% yield
Agents: Marty Roestenburg & Laurie Burt

2A William Pickering Drive:
Features: 1040m² 2-storey commercial premises, 45 parking spaces
Rent: $223,548/year net + gst + outgoings from office & parking
Outcome: passed in at $2.75 million
Agents: Chris White & Tonia Robertson

Wairau Valley

39 Porana Rd:
Features: industrial
Rent: $108,825/year net + gst from 2 tenancies
Outcome: sold for $2.01 million at a 5.4% yield
Agents: Ranjan Unka & Chris White

North-west

Helensville

9 Commercial Rd:
Features: 2613m² site occupied by Fonterra subsidiary Farm Source (ex-RD1),
Rent: $117,685/year net from new 8-year lease starting this month
Outcome: sold for $1.71 million at a 6.9% yield
Agents: Mike Adams

New Lynn

3026 Great North Rd:
Features: 956m² site
Rent: $48,000/year net + gst holding income, dual access from Great North Rd & Veronica St
Outcome: sold for $1.155 million at a 4.2% yield
Agents: Kate Kirby & Laurie Bell

3029 Great North Rd, unit A:
Features: 340m² floor area, corner site, BNZ as long-term tenant on 8-year lease with further rights of renewal
Rent: $142,700/year net + gst
Outcome: sold for $2.326 million at a 6.1% yield
Agents: Tony Chaudhary & Janak Darji

South

Mangere

61 Kirkbride Rd:
Features: 8392m² site near airport, 3686m² in glasshouses
Rent: vacant
Outcome: passed in at vendor bid of $1.4 million
Agents: Anthony Barnao

65 Kirkbride Rd:
Features: 13,617m² site, 4020m² in glasshouses, shed, 3-bedroom villa, one self-contained single unit
Outcome: passed in at $2.3 million
Agents: Anthony Barnao

Pakuranga

62 Ben Lomond Crescent, corner Cascades Rd:
Features: 4049m² site, 2019m² floor area
Rent: $215,839/year net + gst from 5 established tenancies
Outcome: sold for $3.5 million at a 6.2% yield
Agents: Shane Snijder & Tony Chaudhary

Papakura

81 O’Shannessey St:
Features: 596m² site, 550m² floor area, 2 shops on one title, staff parking
Outcome: sold vacant for $680,000
Agents: Peter Migounoff & Piyush Kumar

Tuakau

34 George St:
Features: 835m² site, 336.58m² building
Rent: $41,077.57/year gross + gst from 3 tenancies
Outcome: sold for $805,000 at a 5.1% yield
Agents: Shane Snijder & Graeme Moore

Attribution: Auction.

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4 sales & 3 leases in isthmus west & north-west

Bayleys agents have concluded 4 sales & 3 leases in the west of the isthmus and in the north-west.

Sales

Isthmus west

Avondale

46 Rosebank Rd, Avondale.

46 Rosebank Rd, Avondale.

46 Rosebank Rd:
Features: 1698m2 site zoned town centre under proposed Auckland unitary plan, 2-level 1363m2 office building with A+ seismic rating, fully occupied by Ministry of Social Development on a lease from 2005, the second of 3 3-year rights of renewal exercised in September 2014
Rent: $272,562/year net + gst
Outcome: sold for $3,411,111 at an 8% yield
Agents: Tony Chaudhary & Amy Weng

North-west

Henderson

21 Catherine St, unit G:
Features: 242m2 retail outlet in Pioneer Plaza retail complex, leased to Lenco Sport NZ Ltd for 3 years from September 2104 with a rent review in September 2016
Rent: $55,000/year
Outcome: sold for $715,000 at a 7.7% yield
Agents: Tony Chaudhary & Janak Darji

8 Tolich Place, Henderson.

8 Tolich Place, Henderson.

8 Tolich St:
Features: 1.2376ha site, 5958m² commercial building – 3197m² of office space, the balance warehouse & workshop facilities, 173 parking spaces, 10-year lease to a multinational screen production company until February 2022
Outcome: sold for $11.5 million at a 9.3% yield on its current rental income
Agents: Sunil Bhana, Mike Houlker, Mike Adams & James Appleby

Westgate

Northside Drive (pictured above):
Features: 14-lot industrial subdivision being developed by the Neil Group with titles to be issued towards the end of 2015 for sites ranging from 1741-6244m²
Outcome: lot 2, 1842m², sold to owner-occupier for $644,700 at $350/m²; lot 3, 1828m², sold to an owner-occupier for $639,800 at $350/m²;  lot 13, 3220m², sold to a developer for $1.449 million at $450/m²
Agent: Grant Miller

Leases

Isthmus west

Avondale

22 Fremlin Rd:
Features: 940m2 modern warehouse & office leased to international tenant for 5 years with one 5-year right of renewal
Rent: $89,000/year net + gst
Agents: William Coates, James Appleby & Grant Miller

Morningside

16-18 Taylors Rd, unit 9:
Features: 231m2, renovated character showroom space leased for 4 years at $280/m2  plus 2 parking spaces at $25/week with 4-year right of renewal
Rent: $73,561/year gross + gst
Agent: William Coates

North-west

New Lynn

3027 Great North Rd:
Features: 177m2 warehouse, 73m2 office, 41m2 showroom, leased for 4 years with 2 4-year rights of renewal
Rent: $48,000/year net + gst with stepped annual increases to $65,000 in year 4
Agent: James Appleby & William Coates

Attribution: Agency release.

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Colliers signs up 9 management contracts & a sale

Colliers International’s real estate management team has secured a 3-year contract to manage the Kimiko Trust properties at 139 Remuera Rd, Remuera, and 316 & 318 Ti Rakau Drive, East Tamaki.

The agency said this contract was for full property, facilities & financial management and followed 2 months in which 8 other contracts were signed.

The agency also reports the sale of 2 office & showroom units in Morningside.

Other properties added to the Colliers management portfolio:

CBD:

203 Queen St
Ricoh House, 200 Victoria St

Isthmus east:

Newmarket, 5 St Marks Rd
St Heliers, 5 shops on St Heliers Bay Rd

Isthmus west:

Eden Terrace, 96 New North Rd

North-east:

Birkenhead, 16 shops on Mokoia Rd
Takapuna, 1-7 The Strand

North-west:

Henderson, Courthouse

Sales

Isthmus west

Morningside

7B & 7C Taylors Rd:
Features: combined 560m² of offices & showroom, 10 parking spaces
Outcome: sold vacant for $1.4 million
Agent: Jonathan Lynch

Attribution: Agency release.

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