Archive | North-east

2 leasehold units plus one in Metropolis sell at auction

2 leasehold apartments – one in the Docks and the other in the Sebel Auckland Viaduct Harbour – plus a unit in the Metropolis were sold at Ray White City Apartments’ auction yesterday, leaving 4 other units unsold.

2 units in the Spencer on Byron hotel in Takapuna were passed in, and a third was withdrawn before the auction started.

CBD

Albert St

Quay West, 8 Albert St, unit 2302:
Features: 74m², one bedroom
Outgoings: rates $1785/year including gst; body corp levy $8433/year
Income assessment: $650-700/week furnished
Outcome: passed in at $565,000
Agent: Ron Yang

Kitchener St

Metropolis, 1 Courthouse Lane, unit 1902:
Features: 52m², corner one bedroom, storage locker, parking space
Outgoings: rates $1595/year including gst; body corp levy $7037/year
Income assessment: $620/week current
Outcome: sold for $616,000
Agent: Dominic Worthington

Quay Park

The Docks, 4 Dockside Lane, unit 224:
Features: leasehold, 30m², one bedroom, remediation of building underway
Outgoings: rates $1037/year including gst; body corp levy $4359/year including ground rent of $1675/year; terminating leasehold from 2011 for 150 years, ground rent reviewed every 7 years, next review November 2018
Income assessment: $390/week current
Outcome: sold for $121,000
Agent: Dominic Worthington

Uptown

Oxford, 13-17 Mount St, unit 5K:
Features: 54m², 2 bedrooms, parking space
Outgoings: rates $1278/year including gst for unit, $1262/year for parking; body corp levy for unit $3624/year, parking $626/year
Income assessment: $650-700/week furnished
Outcome: passed in after the sole bid, from the vendor, at $600,000
Agents: May Ma & Mark Li

Waterfront

Sebel, 85 Customs St West, unit (door) 615:
Features: leasehold, 57m², one bedroom, study area, 7m² balcony
Outgoings: rates $/year including gst; body corp levy $18,038/year, including $7840/year ground rent
Outcome: sold for $300,000
Agents: Judi & Michelle Yurak

North-east

Takapuna

Spencer on Byron, 9-17 Byron Avenue, unit 501:
Features: 59m², fully furnished one bedroom
Outgoings: rates $2190/year including gst; body corp levy $2982/year excluding gst
Income assessment: in hotel management pool
Outcome: passed in at $175,000 + gst
Agents: James Mairs & Gillian Gibson

Spencer on Byron, 9-17 Byron Avenue, unit 612:
Features: 48m², fully furnished one bedroom, parking space
Outgoings: rates $1195/year including gst; body corp levy $3140/year
Income assessment: $550/week, fixed until 30 September
Outcome: passed in at $275,000 + gst
Agents: James Mairs & Gillian Gibson

Spencer on Byron, 9-17 Byron Avenue, unit 712:
Features: 2 bedrooms
Outcome: withdrawn from auction
Agents: James Mairs & Gillian Gibson

Attribution: Auction.

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4 sales & 7 leases in latest Bayleys results

Bayleys agents have completed 4 commercial sales on Queen St, in the Heritage Auckland hotel building, at Rosedale and in Petone, and 7 leases in Dairy Flat, Rosedale, Silverdale & the Wellington cbd.

Image above: The former Farmers’ Grand Tearoom in the Heritage Auckland hotel, bought for conversion to a penthouse apartment.

Sales

CBD

Queen St

155 Queen St, units 11A, B & C:
Features: 631m² office unit in 3 titles, 2 parking spaces on separate titles, occupied by NZ Institute of Studies, longer-term residential development potential
Rent: $150,000/year net + gst
Outcome: sold for $1.9 million at a 7.89% yield
Agents: Anna Radkevich & Ranjan Unka

Victoria Quarter

Heritage Auckland, 35 Hobson St:
Features: 539m² on the top floor of the Heritage Auckland Hotel, formerly the Farmers department store’s Grand Tearoom, has operated as a function centre since hotel conversion in the late 1990s; the hotel has indicated it won’t be renewing the 20-year lease expiring in October next year; high stud ornate ceiling, 2 external decks with harbour & city views plus 4 parking spaces
Rent $200,782/year net + gst
Outcome: sold for $2.5 million at an 8.03% yield or $4638/m², buyer has indicated intention to convert to penthouse apartment
Agent: Matt Lee & James Chan

North-east

Rosedale

14 Vega Place, unit C:
Features: 354m² industrial unit, 8 parking spaces, tenant Adrenalin Publishing Ltd in occupation for 16 years and has renewed for a further 4 years from 1 July
Rent $62,420/year net + gst
Outcome: sold for $1.18 million at a 5.29% yield
Agents: Ashton Geisler, Laurie Burt & Mike Adams

South of the Bombays

Petone

2 Jackson St:
Features: 2010m² site, 1500m² store occupied by Kathmandu for 15 years
Rent: $243,000/year net + gst
Outcome: sold for $4.1 million at a 5.92% yield
Agent: Richard Faisandier

Leases

North-east

Dairy Flat

17 Kahikatea Flats Rd, units C1 & C2:
Features: 280.8m² building area – warehouse 150m², office 90m², other area 40.8m², yard 3000m², no parking spaces
Rent: leased in June for $111,450, premises rental $396.90/m²
Agent: Rosemary Wakeman

Rosedale

Part 1-3 Parkhead Place:
Features: 581m² industrial unit – warehouse 411m², office 137m², other area 33m², 8 parking spaces
Rent: leased in June for $80,000/year net + gst, premises rental $137.69/m² (no separate charge for parking)
Agent: Laurie Burt

Silverdale

19 Foundry Rd, unit A:
Features: 142m² industrial unit – warehouse 92m², office 50m², 2 parking spaces
Rent: leased in June for $25,000/year net + gst, premises rental $176.05/m² (no separate charge for parking)
Outcome:
Agent: Rosemary Wakeman

150 Foundry Rd:
Features: 225m² industrial unit – warehouse 150m², office 75m², 4 parking spaces
Rent: leased in June for $32,500/year net + gst, premises rental $144.44/m² (no separate charge for parking)
Agent: Rosemary Wakeman

8 Peters Way:
Features: 1356.6m² office & warehouse – warehouse 976m², office 205m², showroom 175.6m² 21 parking spaces
Rent: leased in June for $195,000/year net + gst, premises rental $143.74/m² (no separate charge for parking)
Outcome:
Agent: Rosemary Wakeman

South of the Bombays

Wellington cbd

20 Customhouse Quay, part level 12:
Features: 349.4m² of A grade office space leased for 7 years
Rent: $242,246/year + gst
Agents: Luke Kershaw & Luke Frecklington

20 Customhouse Quay, part level 12:
Features: 225m² of A grade office space leased for 9 years
Rent: $156,025/year + gst
Agents: Luke Kershaw & Luke Frecklington

Attribution: Agency release.

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Strong Rosedale yield at auction

NAI Harcourts has sold a Rosedale warehouse & office property on a 5.04% yield at auction.

North-east

Rosedale

234C Bush Rd:
Features: 435m² industrial building – warehouse 228m², office 207m², 6 parking spaces, leased until December 2019
Rent: $58,000/year net + opex + gst
Outcome: sold for $1.15 million at 5.04% yield
Agents: Marty van Barneveld & Mike Fotu

Attribution: Agency release.

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8 out of 12 sell at Bayleys’ auction

8 of the 12 commercial properties in Bayleys’ Total Property auction on Wednesday sold under the hammer. Heaviest bidding was between intending owner-occupiers for a Penrose property on Olive Rd (pictured). 

Isthmus east

Parnell

481 Parnell Rd:
Features: 300m² site zoned mixed use, in double grammar zone, 225m² 2-level character dwelling converted for commercial use with resource consent to demolish; new 4-year lease from May 2017 to Mt Hobson Properties Ltd (Hamish Firth)
Rent: $80,000/year net + gst
Outcome: sold for $2.45 million at a 3.26% yield
Agents: Alan Haydock, Damien Bullick & Phil Haydock

Penrose

9 Olive Rd:
Features: 2043m² site, 1281m² older style industrial building, 884m² manufacturing warehouse, 257m² of offices & amenities and 109m² of mezzanines, first time on market in 34 years
Outcome: sold with vacant possession for $3.32 million at $2591.7/m² land & building
Agents: John Bolton & Roy Rudolph

Royal Oak

Royal Oak Mall, 691 Manukau Rd, unit AL:
Features: 226m² retail unit, occupied by Paper Plus since 1993
Rent: $48,845/year net + gst
Outcome: no bid
Agents: Nicolas Ching & Beterly Pan

North-east

Milford

47 Nile Rd:
Features: 688m² site zoned neighbourhood centre, 2 roadfront shops (superette & Thai takeaway) totalling 132m² and 92m² residential dwelling occupied by superette tenant; longer-term redevelopment potential
Rent: $56,200/year net + gst
Outcome: sold for $1.56 million at a 3.6% yield
Agents: Eddie Zhong, Terry Kim & Ranjan Unka

170 Wairau Rd, unit 22:
Features: 180m² retail unit in rear portion of Wairau Junction convenience centre, occupied by Wairau Foods & Spices which renewed in February for 6 years
Rent: $55,500/year net + gst
Outcome: sold for $840,000 at a 6.61% yield
Agents: Matt Mimmack & Ashton Geissler

Silverdale

4 Titan Place, unit R:
Features: 169m² workshop & office unit built in 2007, 3-phase power, air-conditioning, security alarm system, 2 parking spaces; 2-year lease to Ice Industrial Engravers Ltd from 1 July 2017
Rent: $22,500/year net + gst
Outcome: sold for $426,000 at a 5.28% yield
Agents: Rosemary Wakeman & Mustan Bagasra

Warkworth

The Grange, 67 Auckland Rd, unit 21A:
Features: 61m² unit in retail complex, currently fitted out as office accommodation and leased to Hawthorn Geddes Engineers & Architects for 6 years from April 2017; could be converted to retail
Rent: $21,315/year net + gst
Outcome: sold for $432,000 at a 4.93% yield; auction brought forward, bidding starting at declared reserve of $338,500
Agents: Matt Lee & James Chan

The Grange, 67 Auckland Rd, unit 15:
Features: 367m² unit in retail complex occupied by Fit Factory gym for 6 years from March 2017
Outcome: no bid
Agents: Matt Lee & James Chan

North-west

Henderson

114 Henderson Valley Rd:
Features: 2140m² site, 80-unit storage complex
Rent: $145,218/year net + gst
Outcome: passed in on vendor bid of $1.7 million
Agents: Shane Snijder & James Hill

Hobsonville

160 Hobsonville Point Rd, unit 5R:
Features: 118m² ground-floor retail unit, 2 parking spaces occupied by café on 10-year lease
Rent: $56,200/year net + gst
Outcome: no bid
Agents: Steven Liu & Eddie Zhong

South

Manurewa

232 Great South Rd:
Features: 2141m² site, 2025m² bulk retail building owned & occupied by family furniture business for 20 years, 2-year lease back
Rent: $170,000/year net + gst
Outcome: sold for $2.4 million at a 7.08% yield
Agents: Shane Snijder & Piyush Kumar

Papakura

32 Elliot St:
Features: 809m² corner site, 2-level main building, 157m² of ground-floor offices plus 106m² residential floor & 36m² terrace above currently occupied by beauty therapy business; 1920s 90m²  bungalow at rear with separate entrance & residential tenancy
Rent: $46,540/year net + gst from 2 commercial leases; $23,400/year from residential tenancy
Outcome: sold for $1.32 million at a 5.3% yield
Agents: Rod Grieve & Peter Migounoff

Attribution: Agency release.

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Devonport apartment sells, mortgagee call in Kohimarama passed in

A Devonport apartment was sold at Bayleys’ North Shore residential auction last Thursday, but over in Kohimarama a 2-level apartment taken to mortgagee auction was passed in.

Isthmus east

Kohimarama

22D Hampton Drive:
Features: m², 2-level apartment with lift, 4 bedrooms, 3 bathrooms, 2 lounges, 2 parking spaces, wraparound decks on both levels, renovated & completely reclad in 2016
Outcome: passed in at mortgagee auction
Agent: Larry Sewell

North-east

Devonport

105 Victoria Rd, unit 1A:
Features: 4 bedrooms, 2 bathrooms, 2 lounges, 2 parking spaces,
Outcome: sold for $1.26 million
Agent: Patricia Hinchey

Attribution: Agency release.

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Industrial unit & office building sell, 6 leases signed

Bayleys agents on the North Shore have sold a Rosedale industrial unit and an office building across the road from Smales Farm, and signed 6 lease deals.

North-east

Sales

Rosedale

19 Orbit Drive, unit B:
Features: 748m² industrial unit – warehouse 438m², office 286m², other area 24m², 11 parking spaces
Outcome: sold in May for $2.2 million + gst at $2941/m² land & building
Agents: Ashton Geissler & Laurie Burt

Takapuna

43 Taharoto Rd:
Features: 897m² site, 700m² 2-level office building occupied by the Waitemata District Health Board and TRG Imaging Ltd, 20 parking spaces, on corner of Shea Rd opposite the Vodafone building at Smales Farm
Rent: $218,475.20/year net + gst
Outcome: sold in June for $4.1 million + gst at a 5.33% yield
Agents: Adam Watton, Adam Curtis & Eddie Zhong

Leases

Albany

28 Corinthian Drive, ground floor:
Features: 81m² retail, 4 parking spaces
Rent: leased in June for $45,350/year net + gst, parking $35/space/week, net $38,070/year excluding parking, premises rental $470/m²
Agents: Eddie Zhong & Dean Gilbert-Smith

Devonport

57-59 Victoria Rd, room 4:
Features: 20m² office,
Rent: leased in June for $8400/year net + gst, premises rental $420/m²
Agents: Jane Sims & Chris White

Rosedale

6 Ascension Place, unit C:
Features: 221m² industrial unit, 3 parking spaces
Rent: leased in June for $29,000/year net + gst, premises rental $131/m² (no charge for parking)
Agents: Ashton Geissler & James Kidd

9-11 Lovell Court, unit Q:
Features: 136m² industrial unit – warehouse 68m², office 68m², 4 parking spaces
Rent: leased in May for $28,000, premises rental $205/m² (no charge for parking)
Agent: Laurie Burt

Wairau Valley

33 Porana Rd, unit 4:
Features: 110m² warehouse, 2 parking spaces
Rent: leased in June for $18,750/year net + gst, premises rental $170.45/m² (no charge for parking)
Agent: Trevor Duffin

39-45 Porana Rd, unit E:
Features: 207m² industrial unit – warehouse 107m², office 100m², 4 parking spaces
Rent: leased in June for $32,500/year net + gst, premises rental $157/m² (no charge for parking)
Agents: Colin Harper & Laurie Burt

Attribution: Agency release.

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2 sell, and then the auction success stopped

A leasehold unit in the Scene 2 apartment block on the eastern fringe of the Auckland cbd and a unit up the hill in the Quadrant sold at Ray White City Apartments’ auction yesterday, and then the other 5 on the auction list were passed in.

Those not sold included 2 units in the new Ramada Suites across the road from the park-&-ride at the Albany bus station, and a unit in City Gardens, where work is yet to start on a remediation project.

CBD

Albert St

City Gardens, 76 Albert St, unit 9F:
Features: 59m², 2 bedrooms, balcony, remediation programme still to be undertaken
Outgoings: rates $1227/year including gst; body corp levy $3706/year
Income assessment: $360/week current
Outcome: passed in at $360,000
Agent: James Mairs

Learning Quarter

Pinnacle, 18 St Martins Lane, unit 1401:
Features: 69m² unfurnished sub-penthouse, 2 bedrooms, balcony, parking space
Outgoings: no rates assessment yet; body corp levy $4416/year
Income assessment: $650-680/week furnished
Outcome: sole bid was $650,000 from vendor as an indicator, passed in
Agents: May Ma & Mark Li

The Quadrant, 10 Waterloo Quadrant, unit 1014:
Features: 32m², one bedroom, balcony, parking space on separate title, unit out of the hotel pool & vacant
Outgoings: rates $1173/year including gst for unit, $127/year for parking; body corp levy $3687/year for unit, $1166/year for parking
Income assessment: $500-550/week furnished
Outcome: sold for $463,000
Agents: May Ma & Mark Li

Cintra, 3 Whitaker Place, unit 17C:
Features: 57m², one bedroom,
Outgoings: rates $1797/year including gst; body corp levy $5114/year
Income assessment: under Crown on Cintra Lane hotel management, appraisal $480-520/week furnished
Outcome: passed in at $210,000
Agents: Simon Harrison, Damian Piggin & Daniel Horrobin

Quay Park

Waldorf on Scene, Scene 2, 18 Beach Rd, unit 1406:
Features: leasehold, 75m², 2 bedrooms, parking space
Outgoings: rates $1683/year including gst; body corp levy $5285/year, ground lease $7249/year
Outcome: sold for $201,000
Agent: James Mairs

North-east

Albany

Ramada Suites, 254 Cornerstone Drive, unit 205:
Features: 34m², one bedroom, parking space
Outgoings: no rates assessment yet; body corp levy $1791/year
Outcome: passed in at $335,000
Agents: Simon Harrison, Damian Piggin & Daniel Horrobin

Ramada Suites, 254 Cornerstone Drive, unit 301:
Features: 74m², 2 bedrooms, 2 bathrooms, parking space
Outgoings: no rates assessment yet; body corp levy $3180/year
Income assessment: vacant
Outcome: passed in at $610,000
Agents: Simon Harrison, Damian Piggin & Daniel Horrobin

Attribution: Auction.

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3 ex-Masala restaurants nearly make $8 million forfeiture order price tag at auction

3 restaurants in the former Masala chain were sold for $7.875 million at Bayleys’ auction yesterday, just short of a forfeiture order made in February.

Image above: Dining room of the former Masala restaurant in Mt Eden.

A Glen Eden shop with the Mad Butcher as tenant and a Dilworth apartment at the foot of Queen St were also sold under the hammer.

The restaurants, owned by JKK Holdings Ltd (Supinder Singh & Daisy Kaur) were taken to auction by the Official Assignee under the Criminal Proceeds (Recovery) Act after Justice Rebecca Edwards agreed in the High Court to an $8 million assets forfeiture order between the Commissioner of Police and 8 companies & 2 individuals associated with the Masala restaurant chain.

Justice Edwards said in her decision approving the settlement: “The settlement sum of $8 million represents almost all of the unlawful benefit said to have been derived from the tax evasion offending. The settlement sum is expected to be met in full through the sale of restrained properties.”

The 2 individuals, Joti Jain & Rajwinder Singh Grewal, were sentenced in 2015 to home detention and ordered to pay reparations on a long list of immigration & exploitation charges.

In March, Ms Jain was reported to have left New Zealand ahead of an appeal against being deported, but she was in the auctionroom yesterday.

All 3 restaurants in Mt Eden, Stanmore Bay & Birkenhead attracted multiple bidders. The properties were marketed for sale on an “as is where is” basis and subject to occupancy.

Apartments

CBD

Queen St

Dilworth, 22 Queen St, unit 5L:
Features: one bedroom, high stud
Outcome: sold for $530,000
Agents: Julie Prince & Diane Jackson

Commercial

Isthmus west

Mt Eden

510 Mt Eden Rd:
Features: 554m² section, 200m² restaurant in converted villa at corner of Disraeli St in Mt Eden village, additional 206m² downstairs area gives potential to split risk
Outcome: sold for $3.61 million on “as is where is” basis, subject to occupancy
Agents: Scott Kirk, Adam Curtis, John Algie

North-east

Birkenhead

188-192 Hinemoa St:
Features: 835m² site, development potential, 280m² restaurant in converted villa, wraparound covered deck, vacant office area below restaurant previously used as accommodation
Outcome: sold for $2.535 million on “as is where is” basis, subject to occupancy
Agents: Adam Curtis, John Algie & Damian Stephen

Stanmore Bay

195 Brightside Rd:
Features: 1783m² site, 276m² restaurant
Outcome: sold for $1.73 million on “as is where is” basis, subject to occupancy
Agents: Jeremy Milton, John Algie & Adam Curtis

North-west

Glen Eden

5 Oates Rd, unit 5:
Features: 292m² corner unit in block of 13 shops, dual access, split internally between retail, office storage, meat processing & cool storage, opportunity to split or occupy the tenancy
Rent: $92,040/year net + gst from established tenant, the Mad Butcher
Outcome: sold for $1.375 million at a 6.7% yield
Agents: Adam Curtis, Adam Watton & Oscar Kuang

Earlier story:
28 February 2017: $8 million Masala assets forfeiture agreed

Attribution: Auction.

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Mairangi Bay townhouse sells at auction

A brick & tile unit in One Tree Hill and a Mairangi Bay townhouse were sold at Bayleys auctions around Auckland last week.

Isthmus east

One Tree Hill

18 Tawhiri Rd, unit 4:
Features: 3-bedroom unit, carport
Outcome: passed in, back on market at $887,000
Agent: Ruth Inwood

North-east

Mairangi Bay

16A Hastings Rd:
Features: 2-bedroom townhouse, internal-access garage
Outcome: sold for $890,000
Agents: Tara Menzies & Malcolm Low

Attribution: Agency release.

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Rosedale unit sells at 4.3%

A Rosedale industrial unit (pictured) was sold at auction by NAI Harcourts on a 4.31% yield on 1 June, but the 2 commercial properties auctioned yesterday were both passed in.

Isthmus east

Onehunga

67 Victoria St:
Features: vacant industrial property, 1359m² site, 788m² floor area
Outcome: passed in
Agents: Jerry Zheng & Ben Liao

Remuera

575 Remuera Rd:
Features: 140m² building being vacated, ground-floor shop & upstairs residential
Outcome: passed in
Agent: Tim Turner

North-east

Rosedale

15C Paul Matthews Rd:
Features: 327.1m² industrial unit – warehouse 201.3m², ground & first-floor offices 125.8m², 5 parking spaces
Rent: $50,000/year net + gst
Outcome: sold for $1.16 million at a 4.31% yield
Agents: Albert Quan & Dave Lane

Attribution: Agency release.

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