Archive | Birkenhead

Updated: Takapuna properties bought on development-based yields as 9 sell at Bayleys’ commercial auction

Published 26 October 2017, updated 28 October 2017:
Bayleys’ 7th Total Property commercial auction in Auckland for the year ended with 9 properties sold, 8 passed in, and the auction of the one remaining property on the list was deferred a week. Another, in Birkenhead, has been sold post-auction.

The sales included 2 adjoining converted houses (pictured) on Lake Rd, Takapuna, sold at yields on present uses of 2.7% & 4.1%. Both have more intensive development potential.

CBD

Waterfront

Sebel, 85-93 Customs St West, unit S:
Features: leasehold, 628m² floor area, tenant Soul Bar on 9-year lease + rights of renewal until 2038
Rent: $437,500/year net + gst + outgoings including ground rent, rent reviews to CPI + fixed increases
Outcome: passed in
Agent: Mark Pittaway

16 Viaduct Harbour Avenue, unit 1A, ground floor:
Features: leasehold, 439m² office including balcony, 5 secure covered parking spaces
Rent: $248,500/year gross + gst, net $124,026/year + gst, 6-year lease to Auckland Council with rights of renewal
Outcome: passed in
Agent: Mark Pittaway

Isthmus east

Onehunga

360 Onehunga Mall:
Features: 538m² site zoned residential – terrace housing & apartment building, 2-level 341m² building constructed in 2010, ground-floor liquor store, 4-bedroom accommodation above
Rent: $93,712.50/year net + gst
Outcome: sold for $1.96 million at a 4.78% yield
Agents: Ken Lu, Damien Bullick & Alan Haydock

Panmure

100 Queens Rd:
Features: 979m² site, 1701m² floor area, multi-tenanted retail property
Rent: $131,181/year net + gst + outgoings, rising to $139,432/year next April 
Outcome: auction deferred until Wednesday 6 December
Agent: Mark Pittaway

Penrose

766 Great South Rd:
Features: 998m² site, 300m² single-level medical clinic, multiple tenants include GP practice, physiotherapist, occupational therapist & accountant
Rent: $65,050/year net + gst
Outcome: sold for $1.065 million at a 6.11% yield
Agents: Tony Chaudhary, Janak Darji, James Hill & James Chan

25 Walls Rd:
Features: 1037m² light industry-zoned site, 702m² high stud warehouse & office building, new 6-year lease to well established import & distribution tenant
Rent: $106,302/year net + gst     
Outcome: sold for $2.305 million at a 4.61% yield
Agents: Mike Adams & Phil Haydock

Isthmus west

Mt Eden

54 Mt Eden Rd:
Features: 400m² site zoned mixed use, in Grammar zone, 130m² villa, garage + 3 parking spaces
Outcome: passed in at $1.4 million
Agents: Alan Haydock, Phil Haydock & Damien Bullick

North-east

Birkenhead

221-225 Hinemoa St:
Features: 522m² floor area, medi-spa & beauty salon a tenant since 2004 & on new 5-year lease, 2 small shops, penthouse apartment
Rent: $122,304/year net + gst from commercial premises, apartment vacant
Outcome: passed in at $3.5 million
Agents: James Kidd & Michael Nees

Updated: 60-62 Mokoia Rd:
Features: 405m² site in town centre zone (21m height limit) retail strip, 744m² floor area, 3 tenants
Rent: $131,018.33/year net + gst + outgoings
Outcome: passed in at $2.2 million, sold shortly after auction for $2.3 million at a 5.7% yield
Agents: Michael Nees & Nick Howe-Smith

Takapuna

58-60 Jutland Rd:
Features: 371m² site zoned neighbourhood centre (13m height limit), 398m² 2-level building with mix of commercial & residential tenancies – 3 ground-floor retail units, anchored by a superette, 2 flats above; secondary access at the rear, where there are 4 parking spaces
Rent: $100,088/year net + gst current, development upside   
Outcome: sold for $2.09 million at a 4.79% yield
Agents: Adam Curtis, Damian Stephen & Nick Howe-Smith

398 Lake Rd:
Features: 888m² site in mixed use zone, 321m² 2-level building; the Skin Institute has occupied the premises since 1994 and has recently renewed its lease until September 2023, with 3 further 3-year rights of renewal; zoning provides potential for residential accommodation with sea views on top of commercial base
Rent: $165,000/year/net + gst    
Outcome: sold for $4.04 million at a 4.08% yield
Agents: Ranjan Unka, Tonia Robertson & Ashton Geissler

400 Lake Rd:
Features: 890m² site zoned mixed use, 272m² converted split-level character residential building, fully leased to long established law firm Turner Hopkins with 5½ years to run on lease, longer-term potential for multi-level redevelopment
Rent: $96,000/year net + gst
Outcome: sold for $3.61 million at a 2.66% yield
Agents: Tonia Robertson, Ranjan Unka & Terry Kim

North-west

Henderson

42 Paramount Drive, units 6 & 7:
Features: 280m² for 2 units consented for restaurant use, separate entrances, in retail complex off Lincoln Rd
Outcome: sold vacant for $1.408 million
Agents: David Han, Terry Kim & Matt Lee

South

Beachlands

40 9th View Avenue:
Features: 1416m² site zoned residential – terrace housing & apartment building, opposite entranceway to Pine Harbour marina, modern 640m² single-level showroom building;
Rent: $36,443/year holding income
Outcome: sold for $1.65 million from lease to Pine Harbour Motorsport Museum
Agents: Nick Bayley & Dave Stanley

East Tamaki

46 Neilpark Drive:
Features: 2100m² site, 2 adjoining clearspan warehouse & office units totalling 1012m²
Rent: $110,000/year net + gst holding income from short-term leaseback of both units to vendor
Outcome: sold shortly after auction for $2.65 million
Agents: Katie Wu, John Bolton & Roy Rudolph

Papakura

80 Hunua Rd, lot 2:
Features: 9453m² site, 6302m² warehouse
Rent: $360,000/year net + gst     
Outcome: passed in at $4 million
Agents: Shane Snijder & Peter Migounoff

Wiri

55 Ash Rd, unit 4:
Features: 200m² unit in industrial precinct, parking
Rent: $28,600/year net + gst
Outcome: passed in at $625,000
Agents: Karl Price & Nick Bayley

South of the Bombays

Manawatu – Dannevirke

69 High St:
Features: 617m² site, 693m² building, long-term tenant Westpac on new 5-year lease, 3 more 3-year rights of renewal, second tenant Cooly Properties Ltd on one-year lease to end of next year
Rent: $59,000/year net + gst from bank, $30,000/year net + gst from second tenant
Outcome: no bid
Agent: Rollo Vavasour

Attribution: Auction.

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8 out of 10 sell at Bayleys commercial auction

8 of the 10 properties in Bayleys’ Total Property commercial auction yesterday were sold under the hammer.

6 of them were vacant or with short leases. Of the 3 where a yield could be calculated, an Asian supermarket in Papakura (outlined in picture) sold at 4.7%, a Grange hair salon at Warkworth sold at 5.9% and a Birkenhead property with 5 tenants sold at 6%.

Isthmus east

Onehunga

12 George Terrace:
Features: vacant 521m² site, 515m² refurbished standalone industrial building, zone allows live/work or residential
Outcome: sold for $1.4 million
Agents: James Valintine & William Gubb

Parnell

11 Farnham St:
Features: 269m² site, standalone building with 4 levels built 10 years ago, 659m² floor area, private lift to penthouse on top 2 floors, conservatory, 4 bedrooms, 5/6-car garage + secured yard parking on ground floor, partitioned office & amenities on level 1, air-conditioned on levels 1-3
Outcome: sold for $3.22 million
Agents: Millie Liang

St Johns

121 Morrin Rd:
Features: 4755m² site, 2312m² high stud warehouse, 6 roller doors, small office, yard + parking
Rent: short-term tenancy in place
Outcome: sold for $6.81 million
Agents: Jamsheed Sidhwa, Luke Carran & James Valintine

North-east

Birkenhead

49-55 Birkenhead Avenue:
Features: 801m² site, 481m² floor area, 5 tenants, town centre zoning has 21m height limit
Rent: $112,070/year net + gst
Outcome: sold for $1.867 million at a 6% yield
Agents: Michael Nees, David Huang & Oscar Kuang

Browns Bay

755 Beach Rd:
Features: vacant 1029m² site, 70m² building, mixed use zoning allows building height up to 4 storeys
Outcome: passed in at $700,000
Agents: Ranjan Unka & Anna Radkevich

Rosedale

372 Rosedale Rd, unit 2A:
Features: 186.7m² first-floor office, 6 parking spaces, tenant Bayleys Real Estate Ltd
Rent: $58,209/year net + gst + outgoings, 18-month lease from 1 April, 2 18-month rights of renewal
Outcome: no bid
Agents: Matt Mimmack & Eddie Zhong

Unsworth Heights

1 Greenwich Way, shop 7:
Features: 186m² retail unit, tenant BookPrint Ltd
Rent: $51,520/year net + gst + outgoings
Outcome: withdrawn from auction
Agents: Dean Gilbert-Smith & Adam Curtis

Warkworth

The Grange, 67 Auckland Rd, unit 22A & 22B:
Features: 119m² shop, tenant Vivo Beauty Ltd
Rent: $49,100/year net + gst, new 8-year lease
Outcome: sold by the developer, Square & Main Street Ltd (Adam Reynolds) for $830,000 at a 5.9% yield
Agents: Matt Lee, James Chan & Henry Napier

North-west

Henderson

111 Lincoln Rd, unit FB:
Features: retail unit, tenant Petstock
Rent: $105,000/year net + gst, new 6-year lease
Outcome: withdrawn from auction
Agents: Tony Chaudhary & James Chan

South

East Tamaki

20 Ra Ora Drive:
Features: vacant 4885m² site, metalled, fenced & electronic security gate, former Howick Bus Co Ltd depot
Outcome: sold for $2 million
Agents: John Bolton, Roy Rudolph & Katie Wu

Papakura

303-305 Great South Rd:
Features: 2023m² site zoned business mixed use, Asian supermarket tenant
Rent: $161,740/year net + gst, new 4-year lease + 3 4-year rights of renewal
Outcome: sold for $3.44 million at a 4.7% yield
Agents: Quinn Ngo, Matt Lee & Piyush Kumar

Takanini

305 Great South Rd:
Features: vacant 990m² industrial site, 448m² warehouse
Outcome: sold for $1.52 million
Agents: Shane Snijder & Peter Migounoff

Attribution: Auction.

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Sale & 4 leases on Shore

Bayleys agents on the North have secured 4 leases and one sale outside the auction room.

North-east

Sale

Wairau Valley

18 Poland Rd:
Features: 3811m² site, 2773m² industrial building, tenant Fresco Shades NZ Ltd
Rent: $290,000/year net + gst
Outcome: sold in August for for $4.95 million + gst at $1785/m² land & building
Agents: Matt Mimmack & Ranjan Unka

Leases

Birkenhead

84 Mokoia Rd, shop 1A:
Features: 98m² shop, parking space
Rent: $30,000/year net + gst, parking $1024/year, premises rental $306/m²       
Agent: Ildy Meixner

Rosedale

4C Arrenway Drive:
Features: 170m² retail, 4 parking spaces
Rent: $55,000/year net + gst excluding parking,
Outcome: premises rental $323.53/m²
Agents: Steven Liu (Bayleys) & Jerry Zheng (NAI Harcourts)

Wairau Valley

18 Link Drive, unit 9:
Features: 404m² retail area, 10 parking spaces
Rent: $82,000/year net + gst excluding parking, premises rental $202.97/m²
Agents: Alex Strever & Ildy Meixner

59 Porana Rd, unit 17:
Features: 95m² industrial unit – warehouse 75m², office 20m², 2 parking spaces
Rent: $15,600/year net + gst, premises rental $164.21/m² (parking included)
Agents: Trevor Duffin

Attribution: Agency release.

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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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Mixed-use building above Birkenhead bush passed in

A multi-tenant property in the middle of the Birkenhead business area was passed in at Colliers’ auction on Wednesday.

The property has been held by one family since 1965. The site drops away and the rear vacant portion of about 430m² of undeveloped land adjoins Le Roys Bush Reserve.

North-east

Birkenhead

49-55 Birkenhead Avenue:
Features: 802m² site, 481m² floor area on 3 levels, zoned mixed use, 6 tenancies – 2 shops at street level, a rear commercial office space and 2 other commercial tenancies and a basement storage unit
Rent: $109,830/year net from 5 tenants
Outcome: no bid
Agents: Euan Stratton, Jimmy O’Brien & Ellie Martin

Attribution: Agent release.

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Wairau Valley paint shop sells on 3.1% yield

If property auctions are losing their gloss as lending becomes tighter, Colliers’ auction in Auckland yesterday didn’t show too many signs of it.

The first property up, Resene Paints’ Wairau Valley outlet, was sold on a 3.1% yield and the second, a new warehouse in Wiri, went for a still strong 4.7%.

The other 2 properties up for auction were both vacant, one selling and the other passing in. The auction of the fifth property on the list, was deferred until next week.

Isthmus east

Mt Wellington

6 Rakino Way:
Features: on half share of 9000m² site, vacant 2198m² net lettable area – warehouse 1450m², ground-floor office 367m², first-floor office 381m², minimum stud height 5.6m rising to 7.2m², 2 roller doors, 26+ parking spaces
Outcome: passed in at $3.6 million
Agents: Ben Herlihy & Todd Kuzmich

North-east

Birkenhead

49-55 Birkenhead Avenue:
Features: 802m² site, 481m² of building over 3 levels, 5 tenants – 2 shops & 3 office tenancies
Rent: $109,830/year net + gst
Outcome: auction postponed to Wednesday 7 June
Agents: Euan Stratton & Jimmy O’Brien

Wairau Valley

8 Croftfield Lane:
Features: 2594m² site, 761m² building, 29% site coverage, new 10-year lease to Resene Paints Ltd starting 1 July + 10-year right of renewal
Rent: $175,000/year net + gst + opex
Outcome: sold for $5.6 million at a 3.1% yield
Agents: Ryan de Zwart, Matt Prentice & Shoneet Chand

South

East Tamaki

18 Ormiston Rd:
Features: 2791m² site, vacant 1670m² clearspan warehouse & office – factory workshop & amenities 1455m², factory office & amenities 70m², first-floor offices & entry 145m², covered deck 8.9m²
Rent: indicative rent $187,691, which would put the yield on sale price at 5.9%
Outcome: sold for $3.205 million
Agents: Jolyon Thomson & Paul Jarvie

Wiri

3 Stonehill Drive:
Features: 4215m² site, 2301m² floor area, built in 2016, 10-year lease to Jarvis Trading
Rent: $341,500/year net + gst
Outcome: sold for $7.25 million at a 4.7% yield
Agents: Paul Jarvie & Paul Higgins

Attribution: Auction.

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Updated: Wairau Valley car yard sells at over $2000/m² at Bayleys auction

Published 18 May 2017, updated 21 & 28 May 2017:
11 of the 21 commercial properties auctioned by Bayleys on Wednesday in its third Total Property portfolio for the year were sold under the hammer. 2 more have been sold post-auction – first, 100 Hinemoa St, Birkenhead, followed by 44 College Hill.

The first were sold, followed by a lull, but 2 of the most expensive offerings were well down the auction list.

One was a Wairau Valley car sales yard, set among a line of lowrise buildings jammed between the Northern Motorway & Wairau Rd on the North Shore, a stretch where the height limit is now 20m under the unitary plan.

The car yard was sold at $2365/m², which means it’s destined for multi-level development.

2 properties were sold for $4 million, both in Henderson. The first was a bank branch on Great North Rd, sold on a 5.5% yield, and the second, a Supercheap Auto outlet in the Lincoln North shopping centre, sold on a 5.3% yield.

CBD

Victoria Quarter

166 Hobson St:
Outcome: sold prior
Agents: Sarah Boles & Terry Kim
Story, 11 May 2017: 12 years after demolition order scrapped, Hobson St building sells

Isthmus east

Panmure

63 Queens Rd:
Features: 97m² retail unit on 2 levels occupied by Willow Hair Design, parking space
Rent: $24,000/year net + gst on new 3-year lease with 2 2-year renewals
Outcome: passed in
Agents: Ken Hu

Parnell

385 Parnell Rd, unit E:
Features: 54m², retail fully leased on month-to-month basis, 2 secure parking spaces
Rent: $32,760/year net + gst
Outcome: sold for $505,000
Agents: Andrew Wallace & Cameron Melhuish

Remuera

563 Remuera Rd:
Features: 144m² cafe, Upland Rd shopping village
Rent: $76,104/year net + gst
Outcome: sold for $1.6 million
Agents: Cameron Melhuish & Andrew Wallace

Isthmus west

Freemans Bay

42 College Hill:
Features: 511m² section, house with 124m² floor area, onsite parking
Rent: $44,500/year net + gst
Outcome: passed in at $1.5 million
Agents: James Were & Scott Kirk

Updated: 44 College Hill:
Features: 389m² section, house, onsite parking
Rent: $44,000/year net + gst
Outcome: passed in, sold post-auction for $1.5 million
Agents: James Were & Scott Kirk

Mt Roskill

74 Carr Rd:
Features: 835m² site, 697m² single-level building
Outcome: withdrawn from auction, changed to sale by deadline private treaty
Agents: Tony Chaudhary & Sunil Bhana

North

Kaikohe

39 Station Rd:
Features: 7199m² commercial property in 2 titles
Outcome: withdrawn from auction
Agents: John Greenwood & Paul Dixon

Warkworth

The Grange, 67 Auckland Rd, unit 11:
Features: 59m², Fish Nets fish & chips shop on 10-year lease in new retail development
Rent: $30,975/year net + gst
Outcome: passed in at $480,000
Agents: Matt Lee, Jan Hutcheson & James Chan

North-east

Albany

75 Corinthian Drive, unit L1:
Features: 197m² first-floor office, new 6-year lease in place with renewal rights, 5 parking spaces
Rent: $58,800/year net + gst + outgoings
Outcome: sold for $1.095 million
Agents: Jane Sims & Tonia Robertson

Birkenhead

Updated: 100 Hinemoa St:
Features: 757m² corner site, 421m² 2-storey building
Rent: $103,907/year net + gst from 6 tenancies
Outcome: passed in at $2.7 million, sold post-auction for $2.7 million
Agents: Simon Aldridge & David Huang

27-33 Mokoia Rd, units 4, 5 & 7:
Features: 59m² total, 3 strata units next to Highbury mall, tenants are a dry cleaner & kebab shop, third unit vacant
Agents for all 3: Michael Nees, Owen Ding & Oscar Kuang
Unit 4, vacant:
Outcome: passed in at $300,000
Unit 5, kebab shop:
Rent: $24,000/year net + gst, lease running to 2030
Outcome: passed in at $470,000
Unit 7, dry cleaners:
Rent: $18,942/year net + gst, lease 6 years from last October
Outcome: passed in at $300,000

225 Onewa Rd:
Features: cross-lease, 1/3 share in 913m², vacant ex-surgery, 5 parking spaces
Outcome: sold for $650,000
Agents: Michael Nees, Owen Ding & Oscar Kuang

Rosedale

7 Vega Place, unit E:
Features: 272m² industrial unit,
Rent: $52,000/year net + gst from established tenants on new leases
Outcome: sold for $980,000
Agents: James Kidd & Matt Mimmack

Silverdale

1 Polarity Rise, ground floor:
Features: 145m², 2 shops on 2 titles for sale as one
Rent: $61,966.70/year net + gst + opex
Outcome: passed in
Agents: Ashton Geissler, Eddie Zhong & Mustan Bagasra

Takapuna

424 Lake Rd:
Features: 3 tenancies
Rent: $61,950/year net + gst, rising to $63,383 in November,
Outcome: sold for $1.5 million
Agents: Michael Nees & David Huang

Wairau Valley

107 Wairau Rd:
Features: 1184m² site, 13-year-old car dealership Car7, 40m² office 
Rent: $63,600/year net + gst, redevelopment potential up to 20m height limit
Outcome: sold for $2.8 million at $2365/m²
Agents: Brian Caldwell & Ranjan Unka

North-west

Henderson

Lincoln North Shopping Centre, 192 Lincoln Rd, unit A1:
Features: 756m² retail unit, 7-year lease to Supercheap Auto from July 2016
Rent: $212,292.82/year net + gst
Outcome: sold for $4 million at a 5.3% yield
Agents: Matt Lee, Tony Chaudhary & James Chan

373 Great North Rd:
Features: 808m² corner site, 1240m² floor area, BNZ as tenant on lease to 2020 with further renewal rights, basement parking
Rent: $219,360/year net + gst + opex, rent review in December
Outcome: sold for $4 million
Agents: Mike Adams & Laurie Burt

South

East Tamaki

44D Andromeda Crescent:
Features: 400m² industrial unit – high stud, clearspan warehouse 300m², office/amenities 40m², mezzanine 60m²
Outcome: sold for $735,000
Agents: Nelson Raines

Mangere Bridge

19 Coronation Rd:
Features: 273m² town centre site, 160m² bank branch, seismic rating 67% of new building standard
Rent: $34,000/year net + gst
Outcome: sold for $973,000
Agents: Nicolas Ching & Beterly Pan

South of the Bombays

Hawke’s Bay

Napier, Onekawa

Deco City Motor Lodge, 308 Kennedy Rd:
Features: 2682m² site, 30 studios and 1- & 2-bedroom units, conference suite, manager’s quarters, freehold going concern, Qualmark 4.5 stars, in Host Accommodation Group, seismic rating 80% of new building standard
Outcome: no bid
Agents: Paul Dixon, Daniel Moffitt & Carolyn Hanson

Attribution: Company release.

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2 apartments sell at Barfoots

2 units sold under the hammer at Barfoot & Thompson’s apartments auction yesterday. A commercial property and an apartment were passed in.

Apartments

CBD

Learning Quarter

Statesman, 1 Parliament St, unit 8:
Features: 93m², 2 bedrooms, parking space
Outgoings: rates $2241/year including gst; body corp levy $4975/year after discount
Outcome: auction postponed until Thursday 23 February
Agents: Stephen Shin & Rhys Chen

Connaught, 14 Waterloo Quadrant, unit 12E:
Features: furnished 35m² studio, balcony, storage locker
Outgoings: body corp levy $3238/year
Outcome: sold for $365,000
Agents: Aaron Cook & Betty Shao

Uptown

Q Central, 32 Liverpool St, unit 5A (pictured):
Features: leasehold, 64m², 2 bedrooms, balcony, 3 parking spaces, storage unit
Outgoings: rates $1317/year including gst; body corp levy $4510/year, ground lease $7310/year
Outcome: sold for $200,000
Agents: Stephen & Leo Shin

Quest Auckland, 363 Queen St, unit 6F:
Features: 47m², one bedroom, parking space
Outgoings: rates $1273/year including gst; body corp levy $4333/year
Outcome: passed in at $465,000
Agents: Stephen & Leo Shin

Commercial

North-east

Birkenhead

31 Huka Rd:
Features: 414m² section, 180m² house with childcare tenant
Outcome: passed in at $850,000
Agents: Duane Mullooly & Chris Peterson

Attribution: Auction.

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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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Birkenhead building passed in

A Birkenhead building (outlined) with 2 streetfront tenancies but otherwise vacant was passed in at NAI Harcourts’ auction yesterday.

North-east

Birkenhead

12 Birkenhead Avenue:
Features: 837m² site, 884m² 3-level building zoned town centre under the proposed unitary plan, with potential height limit of 27m, first & second floors vacant
Outgoings: $11,611/year
Rent: holding income of $75,000/year + gst, including outgoings, from 91m² ground-floor shop & 153m² restaurant
Outcome: passed in at $2.3 million
Agents: Isaac Tankard & Jerry Zheng

Attribution: Auction.

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