Archive | Milford

2 Shore commercial properties sell at auction

2 North Shore properties were sold under the hammer at Colliers’ commercial auction yesterday – a Milford property near North Shore Hospital with 2 buildings on it, long occupied by medical sector tenants but more likely a development prospect, and a Wairau Valley mechanic’s workshop.

North-east

Milford

193 Shakespeare Rd:
Features: 1148m² site zoned mixed use, 2 buildings, floor area 348m², 16 parking spaces
Rent: $40,608/year net + gst holding income
Outcome: sold for $3.1 million
Agents: Euan Stratton & Deborah Dowling

Wairau Valley

114 Sunnybrae Rd:
Features: 951m² site zoned business light industry under unitary plan, floor area 519m² – warehouse 366m², office 153m², seismic rating 100% of new building standard; generic structure developed as a car parts & repair workshop
Rent: $85,000/year net + gst from new 3-year lease
Outcome: sold for $1.84 million
Agents: Euan Stratton & Matt Prentice

Attribution: Auction documents.

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3 sales & 7 leases on Shore

Bayleys agents on the Shore have completed 3 sales in Rosedale & Unsworth Heights, and 7 leases spread around Hauraki, Milford, Northcote, Rosedale & Takapuna.

North-east

Sales:

Rosedale

5 Civil Place, unit B:
Features: 232.1m² industrial unit – warehouse 143.6m², first-floor office 47.6m², ground-floor 40m², 4 parking spaces
Rent: $34,000 + gst
Outcome: sold in March for $726,000 + gst at a 5.68% yield, $3128/m² (including parking)
Agents: Matt Mimmack & Laurie Burt

27-29 William Pickering Drive, unit F4:
Features: 210m² office, 6 parking spaces
Outcome: sold in March for $760,000 + gst, $3619/m² (including parking)
Agents: Alex Strever & Ildy Meixner

Unsworth Heights

145 Unsworth Drive, unit 7:
Features: 186m² retail, 5 parking spaces
Outcome: sold in March for $520,000 + gst at $2796/m² (including parking)
Agents: Dean Gilbert-Smith & Adam Curtis

Leases:

Hauraki

347-349 Lake Rd, shop 2:
Features: 55m² retail
Rent: leased in March for $17,000/year net + gst, premises rental $309/m²
Agents: David Huang & Adam Curtis

Milford

56 Apollo Drive, unit 3A:
Features: 67.4m² retail,
Rent: leased in March for $34,000/year net + gst, premises rental $504/m²
Agent: Terry Kim

177A Shakespeare Rd, upper floor:
Features: 68m² office, 3 parking spaces
Rent: leased in March for $24,000/year net + gst, premises rental $353/m² (parking free)
Agent: Terry Kim

Northcote

Northmed, 3 Akoranga Drive, tenancy 3:
Features: 280m² retail, 2 parking spaces
Rent: leased in March for $160,520/year net + gst, parking $25/space/week, premises rental $564/m²
Agent: Jane Sims

Rosedale

34 Triton Drive, unit C4:
Features: 230m² office, 7 parking spaces
Rent: leased in March for $59,000/year net + gst, parking $20/space/week, net excluding parking $51,760/year, premises rental $225/m²
Agent: Alex Strever

36 William Pickering Drive, unit 4:
Features: 175m² industrial unit, 7 parking spaces
Rent: leased in March for $32,000 – 58m² office at $221/m², 67m² warehouse $120/m², 50m² showroom $221/m²
Agents: Ryan Dannhauser & Trevor Duffin

Takapuna

475 Lake Rd, level 1:
Features: 110m² office, 2 parking spaces
Rent: leased in March for $27,320/year net + gst, parking $30/space/week, $24,200 excluding parking, premises rental $220/m²
Agents: Dean Gilbert-Smith, Adam Curtis, David Huang, Michael Nees & Simon Aldridge

Attribution: Agency release.

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8 commercial leases on Shore

Bayleys agents on the Shore have concluded 4 commercial leases in the Rosedale area & 4 in Albany, Milford, Northcote & the Wairau Valley.

Leases:

North-east

Albany

5-7 Henry Rose Place, unit 5:
Features: 470m² unit – warehouse 345m², office 125m², 7 parking spaces
Rent: leased in February for $75,000/year net + gst, premises rental $160/m² (no extra for parking)
Agent: Laurie Burt

Milford

164 Kitchener Rd, unit 3:
Features: 155m² retail unit, parking space
Rent: leased in February for $48,300/year net + gst, parking $25/space/week, premises rental $403/m²
Agents: Ildy Meixner, Alex Strever & Steven Liu

Northcote

Downstairs of 67 Onewa Rd:
Features: 212m² industrial space – showroom 116m², other area 96m², 5 parking spaces
Rent: leased in February for $28,000/year net + gst, premises rental $132/m² (no extra for parking)
Agents: Steven Liu & Damian Stephen

Rosedale

112 Bush Rd, unit L:
Features: 186m² office, 7 parking spaces
Rent: leased in February for $53,000/year net + gst, parking $20/space/week, net excluding parking $45,720/year, premises rental $245/m²
Agent: Alex Strever

10 Canaveral Drive, unit 3:
Features: 344m² industrial unit – office 50m², warehouse 244m², showroom 50m², 6 parking spaces
Rent: leased in February for $58,000/year net + gst, parking $20/space/week, premises rental $168.60/m²
Agent: Matt Mimmack

Part of 1-3 Parkhead Place:
Features: 873m² unit – 713m² warehouse, 160m² office, 12 parking spaces
Rent: leased in February for $112,000/year net + gst, premises rental $128.29/m² (no extra for parking)
Agent: Laurie Burt

23 William Pickering Drive, part of unit E:
Features: 193m² office, 10 parking spaces
Rent: leased in February for $45,200/year net + gst, parking $15/space/week, premises rental $234/m²
Agent: Alex Strever

Wairau Valley

Corrected: 21 Poland Rd, unit 13:
Features: 321m² industrial unit (and the breakdown now equals the total) – office 55m², warehouse 220m², showroom 46m², 6 parking spaces
Rent: leased in February for $44,300/year net + gst, premises rental set at office $180/m², warehouse $120/m², showroom $170/m²
Agent: Trevor Duffin

Attribution: Agency release.

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Avondale sale & 5 Shore leases

Bayleys agents on the Shore have completed one warehouse unit sale in Avondale and 5 leases in Milford, Rosedale & the Wairau Valley.

The Apollo Drive retail unit at Rosedale is in a development (pictured) completed by Kea Property Development Group Ltd in December. It’s anchored by a childcare centre and has 13 retail units totalling 941m² of the 5218m² site. 2 other retail units were sold a month ago.

Sale:

Isthmus west

Avondale

16 Timothy Place, unit B:
Features: 287m² unit – 206m² warehouse, 81m² office
Rent: $46,956/year net + gst
Outcome: sold in February for $855,000 + gst at a 5.49% yield, $2979/m²
Agent: Ranjan Unka

Leases:

North-east

Milford

162 Kitchener Rd, level 1:
Features: 133.4m² office, parking space included
Rent: leased in February for #33,094.99/year net + gst, premises rental $248/m²
Agents: Paul Prouse & Ryan Dannhauser

Rosedale

56 Apollo Drive, unit 6:
Features: 95m² retail unit, shared parking
Rent: leased in February for $52,250/year net + gst, premises rental $550/m²
Agents: Laurie Burt & Eddie Zhong

14 John Glenn Avenue, unit B:
Features: 199m² retail unit, shared parking
Rent: leased in February for $85,000/year net + gst, premises rental $420/m²
Agent: James Yu

36 William Pickering Drive, unit 2:
Features: 103m² office, 5 parking spaces
Rent: leased in February for $27,860/year net + gst, parking $20/space/week, net excluding parking $22,660, premises rental $220/m²
Agent: Ryan Dannhauser

Wairau Valley

68 Hillside Rd, unit C:
Features: 344.68m² industrial unit – warehouse 266.43m², mezzanine 78.25m², 5 parking spaces included
Rent: leased in February for $35,000/year net + gst, premises rental $101.54/m²
Agent: Trevor Duffin

Earlier story:
5 February 2017: 2 new Apollo Drive units among January sales

Attribution: Agency release.

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Bayleys Shore agents finish year with 4 sales & 6 leases

Bayleys agents on the North Shore finished 2016 with 4 sales outside the auctionroom, 2 of them in Freemans Bay & East Tamaki, and 6 leases on the Shore.

The sales included 2 adjoining properties across the street from the New World supermarket in Freemans Bay (pictured), used for their office space but sold for their land at $6490/m².

Sales:

Isthmus west

Freemans Bay

3 Scotland St & 44 Ireland St:
Features: 490m² in 2 titles zoned mixed use, 2 office buildings totalling 281.7m², 7 parking spaces
Rent: $63,669/year net
Outcome: sold through a tender in December for $3.18 million + gst at a 2% yield, land price $6490/m²
Agents: Paul Prouse, Ranjan Unka & Stephen Scott

North-east

Northcote

218-224 Lake Rd:
Features: 2494m² site, 896m² office building zoned mixed housing, 32 parking spaces
Outcome: sold in November for $4.45 million + gst at $1784.28/m² land & building
Agents: Tonia Robertson & Chris White

Rosedale

6-8 Omega St, unit 5:
Features: 165m² office unit, 3 parking spaces + 2 shared
Outcome: sold for $540,000 + gst, at $3272/m² land & building
Agents: Ildy Meixner & Alex Strever (Bayleys), Brian Paulin (Barfoot & Thompson)

South

East Tamaki

26 Ross Reid Place:
Features: 7218m² industrial site, 4722m² building
Rent: $616,008.71/year net
Outcome: sold in December for $10 million + gst at a 6.16% yield
Agents: Laurie Burt, Michael Nees, Simon Aldridge & David Huang

Leases:

North-east

Albany

221-223 Dairy Flat Highway, shop 2:
Features: 88m² shop, 3 parking spaces
Rent: leased in December for $26,000/year net + gst at $295.50/m² (assuming parking free)
Agents: Steven Liu & Ildy Meixner

Milford

6-8 Milford Rd, level 1:
Features: 20m² office, no parking
Rent: leased in December for $7500/year net + gst, premises rental $375/m²
Agent: David Huang

Rosedale

9 Beatrice Tinsley Crescent, part unit F:
Features: 278m² warehouse, no parking
Rent: leased in December for $32,000/year net + gst, premises rental $115/m²
Agent: Laurie Burt

61 Constellation Drive, part building 3, level 2:
Features: 292m² office, 9 parking spaces
Rent: leased in December for $109,778.40/year net + gst, $93,398 excluding parking, parking at $35/space/week, premises rental $320/m²
Agents: Ryan Dannhauser, Alex Strever, Jane Sims & Paul Prouse

7 Vega Place, unit F:
Features: 155m² unit – warehouse 57.6m², showroom 20m², low-stud area 17m², office 20m² (40m² unspecified), 3 parking spaces
Rent: leased in December for $23,000/year net + gst at $148/m² (assuming parking free)
Agent: Laurie Burt

36 William Pickering Drive, unit 7:
Features: 305.5m² floor & yard – office 102m², warehouse 137.5m², yard 66m², 5 parking spaces
Rent: leased in December for $40,000/year net + gst at $130.90/m² (assuming parking free)
Agents: Laurie Burt & Trevor Duffin

Attribution: Agency release.

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Rosedale sales plus leases both sides of the bridge

Bayleys North Shore agents have recorded 2 Rosedale sales, and leases on both sides of the harbour bridge. The city leases were for a retail box in Queen’s Court and a shop in the refurbished Wong Doo building (pictured) at the foot of the Fiore apartments.

Leases on the Shore were from Milford to Silverdale,

Sales:

North-east

Rosedale

42 Constellation Drive, unit N:
Features: 120m² office, tenant 3A North Shore Ltd, 4 parking spaces
Rent: $30,000/year net + gst
Outcome: sold for $560,000 + gst at a 5.36% yield
Agents: Eddie Zhong & Owen Ding

2 William Pickering Drive, units A1 & B1:
Features: 420m² of office – unit A1 216m², unit B1 204m²
Outcome: sold for $1.42 million + gst
Agents: Dean Gilbert-Smith, Michael Nees, Alex Strever & Simon Aldridge

Leases:

CBD

Queen St

Queen’s Court, 368 Queen St, unit 44:
Features: 6m² retail
Rent: leased in October for $9096.54/year net + gst, premises rental $1516.09/m²
Agents: Steven Liu & Sarah Boles

Victoria Quarter

Fiore, 164-168 Hobson St, shop 3:
Features: 54m², one of 3 shops in the refurbished Wong Doo building at the corner of Cook St, incorporated into the Fiore apartment development
Rent: leased in September for $38,000/year net + gst, premises rental $703/m²
Agent: Terry Kim

North-east

Albany

28 Corinthian Drive, levels 2, 3 & 4:
Features: 1028m² office, 26 parking spaces
Rent: leased in September for $355,720/year net + gst, parking at $35/space/week, net excluding parking $308,400, premises rental $300/m²
Agents: Dean Gilbert-Smith, Eddie Zhong & Andre Siegert

Browns Bay

14 Clyde Rd:
Features: 764m² retail outlet – retail 590m², office 174m², 6 parking spaces
Rent: leased in October for $150,000 + gst, premises rental $196.34/m²

Agents: Anna Radkevich & Ranjan Unka

Milford

162 Kitchener Rd, suites 3 & 4:
Features: 144.34m² office, 2 parking spaces
Rent: leased in September for $42,631.59/year net +  gst, parking at $30/space/week; rent excluding parking $39,511.59/year net, premises rental $274/m²
Agents: Paul Prouse & Ryan Dannhauser

Rosedale

100 Rosedale Rd, unit A upper level:
Features: 110m² retail, 2 parking spaces
Rent: leased in October for $40,000/year net + gst
Agents: Steven Liu & Eddie Zhong

Silverdale

Part of 12 Curley Avenue:
Features: 1530m² industrial
Rent: leased in October for $42,500/year net + gst, premises rental $27.77/m²
Agent: Rosemary Wakeman

Part of 12 Curley Avenue:
Features: 1353m² industrial
Rent: leased in September for $36,056/year net + gst, premises rental $26.64/m²
Agent: Rosemary Wakeman

2200 East Coast Rd, unit F:
Features: 450m² bulk retail – showroom 405m², office 45m², 20 parking spaces
Rent: leased in August for $112,500/year net + gst, premises rental $250/m²
Agents: Colin Harper & Ranjan Unka

Wairau Valley

28 Hillside Rd, unit B:
Features: 189m² warehouse, 4 parking spaces
Rent: leased in October for $26,500/year net + gst at $140.21/m²
Agents: Colin Harper & Trevor Duffin

Attribution: Agency release.

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Rosedale units resold

2 units in stage 2 of the Rosedale Retail Centre, developed by Northbridge Properties Group Ltd (Craig Green) last year, have been resold after original sales in December.

Northbridge’s development comprised an 1800m² Tai Ping supermarket at 92 Rosedale Rd, the 17-unit stage 1 at 94 Rosedale Rd and 20-unit stage 2 at 96 Rosedale Rd.

Bayleys agents on the North Shore have also signed 4 new leases, including 2 across the harbour on Hobson St and in Ponsonby.

Sales:

North-east

Rosedale

96 Rosedale Rd, unit 19:
Features: vacant 82m² retail unit
Outcome: sold for $650,000 + gst
Agents: Eddie Zhong & Terry Kim

96 Rosedale Rd, unit 20:
Features: 90m² retail unit
Outcome: sold for $650,000 + gst
Agent: Eddie Zhong

Leases:

CBD

Victoria Quarter

Fiore, 168 Hobson St, unit 101:
Features: 55m² retail unit, parking space
Rent: leased in September for $40,000/year net + gst, premises rental $727/m²
Agent: Terry Kim

Isthmus west

Ponsonby

50 Pollen St:
Features: 778m² industrial building – warehouse 424.73m², office 352.79m²
Rent: leased in September for $120,000/year net, premises rental $154.24/m²
Agents: Trevor Duffin & Jean-Paul Smit

North-east

Milford

162 Kitchener Rd:
Features: 51.4m² office, parking space
Rent: leased in September for $16,529.24/year net + gst, parking at $30/week, net excluding parking $14,969.24, premises rental $291.23/m²
Agent: Paul Prouse

Wairau Valley

75 Ellice Rd, unit 8:
Features: 30m² office
Rent: leased in September for $15,000/year net + gst, premises rental $500/m²
Agent: Paul Prouse

Earlier story:
23 December 2015: 8 units in Rosedale centre stage 2 sold

Attribution: Agency release.

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Updated: 14 out of 23 sell at Bayleys’ Total Property auction, one since

Published 23 September 2016, updated 26 September 2016:
Bayleys had a strong performance at its Total Property auction on Wednesday, selling 14 of the 23 properties on offer, including 4 of the 5 retail outlets in the new Grange development on the southern fringe of Warkworth (pictured above).

Update: The last of those Grange units has been sold post-auction on a 5.6% yield.

Isthmus east

Onehunga

33-35 Selwyn St:
Features: 1272m² under-utilised site in 2 titles zoned town centre – Onehunga (24.5m height limit), 562m² office building, new 6-year lease plus one 6-year right of renewal, to law firm Daniel Overton & Goulding, which has been in occupation since 1973
Rent: $170,000/year net + gst, 2% fixed annual rental increases
Outcome: sold for $4.25 million at a 4.0% yield
Agents: Nigel McNeil, Meredith Graham & Tony Chaudhary

Isthmus west

Grey Lynn

8 Vinegar Lane:
Features: 103m² mixed use-zoned site with resource & building consents for 4-level building, ground-floor retail & 3 levels of residential
Outcome: no bid
Agents: Quinn Ngo James Chan

North

Mangawhai

6 Molesworth Drive:
Features: 4824m² corner site, fully tenanted 2-level 1325m² commercial building
Rent: $243,292 /year net + gst
Outcome: passed in at $3.7 million
Agents: Duncan Napier & Helen Bartrom

Warkworth

The Grange, 67 Auckland Rd, 5 retail units:
Unit 8:
Features: 62m² unit leased to Tank Juice for 10 years, one 5-year right of renewal
Rent: $35,822 /year net + gst, fixed annual 3% rental increases
Outcome: sold for $655,000 at a 5.46% yield
Agents: Matt Lee, James Chan & Jan Hutcheson

Unit 8A:
Features: 48m² unit leased to Noodle Noodle for 10 years, one 5-year right of renewal
Rent: $27,500 /year net + gst, fixed annual rental increases to CPI plus 1% & market reviews every 5 years
Outcome: sold for $475,000 at a 5.78% yield
Agents: Matt Lee, James Chan & Jan Hutcheson

Updated: Unit 10:
Features: 59m² unit leased to Kebabs on Queen for 7 years, one 5-year right of renewal
Rent: $32,450 /year net + gst, fixed annual rental increases to CPI plus 1% and to market in the fourth year of the lease
Outcome: passed in at $550,000 on vendor bid, sold post-auction for $580,000 at a 5.6% yield
Agents: Matt Lee, James Chan & Jan Hutcheson

Unit 17:
Features: Childcare centre licensed for 80 children, 390m² of indoor space, 442m² outdoor play area, new 20-year lease to Educare Group, which has 8 childcare facilities in Northland and is expanding into other parts of the North Island
Rent: $174,400 /year net + gst, fixed annual 3% rental increases, review to market after 10 years
Outcome: sold for $3.35 million at a 5.19% yield
Agents: Matt Lee, James Chan, Jan Hutcheson & Stephen Scott

Unit 21:
Features: 389m² unit, 6-year lease, one 6-year right of renewal to bulk retailer Floorwise
Rent: $100,500 /year net + gst, fixed annual rental increases to CPI plus 1%, 3-yearly market rent reviews
Outcome: sold for $1.55 million at a 6.48% yield
Agents: Matt Lee, James Chan, Jan Hutcheson & Stephen Scott

Whangarei

Onerahi, 1 Whangarei Heads Rd:
Features: 2686m² site, 480m² purpose-built brain rehabilitation facility, Bupa Care Services has renewed leased for 3 years with 2 3-year rights of renewal
Rent: $160,933 /year net + gst
Outcome: passed in at $1.6 million on vendor bid
Agent: Ross Blomfield

North-east

Albany

75 Corinthian Drive, unit C:
Features: 117m² ground-floor unit compromising 4 private offices, reception, kitchenette & bathroom, 43m² rear courtyard, 4 exclusive parking spaces, part of a commercial development adjoining the district court
Outcome: sold with vacant possession for $650,000
Agents: Jane Sims & Tonia Robertson

231 Dairy Flat Highway, in Albany Village.

231 Dairy Flat Highway, in Albany Village.

231 Dairy Flat Highway:
Features: 809m² freehold site, local centre zoning, in the centre of Albany Village, fully leased 2-level 905m² commercial building; 16 retail & office tenancies; IEP seismic assessment 99% of new building standard
Outcome: sold for $3.5 million at a 7.19% yield
Rent: $251,613 /year net + gst
Agents: Alex Strever, Dean Gilbert-Smith & Eddie Zhong

300 Dairy Flat Highway:
Features: vacant 3193m² high exposure corner site, rezoned to mixed housing suburban under the unitary plan
Outcome: no bid
Agents: Oscar Kuang & Owen Ding

Belmont

157-159 Lake Rd, Belmont.

157-159 Lake Rd, Belmont.

157-159 Lake Rd:
Features: 306m² corner site, local centre zoning, 197m² single-level retail building; anchor tenant Belmont Liquor Centre, income also from a Thai takeaway and a Spark telecommunications tower
Rent: $57,400 /year net + gst
Outcome: sold for $1.4 million at a 4.1% yield
Agents: Simon Aldridge & Michael Nees

Milford

29 Shakespeare Rd, sold at a 4.4% yield.

29 Shakespeare Rd, sold at a 4.4% yield.

29 Shakespeare Rd:
Features: 1105m² light Industry-zoned site, 664m² building; new 4-year lease to panelbeater; 330m² of undeveloped land used for parking
Rent: $90,000 /year net + gst
Outcome: sold for $2.025 million at a 4.4% yield
Agents: Simon Aldridge & Chris White

Rosedale

27-29 William Pickering Drive, unit D3:
Features: 225m² roadfront corner first-floor office unit, 6 exclusive parking spaces, new 3-year lease
Rent: $62,490 /year net + gst
Outcome: passed in on vendor bid at $850,000
Agents: Ryan Dannhauser & Gilbert-Smith

Wairau Valley

59-61 View Rd, unit 9:
Features: 162m² industrial unit, tenant Goodstore NZ Ltd occupies multiple units in the block and has recently signed a new 4-year lease
Rent: $23,000 /year net + gst
Outcome: sold for $483,000 at a 4.8% yield
Agents: James Kidd & Ashton Geissler

49 Porana Rd, units 3 & 4:
Features: 2 industrial units on one title, 128m² & 129m², over 80% warehousing, occupied on short-term leases
Rent: $41,600 /year net + gst
Outcome: passed in for $650,000
Agents: Ranjan Unka & Adam Watton

North-west

Whenuapai

8 Kawakawa Place:
Features: 1743m² on one title freehold industrial site in 14-lot Neil Group subdivision opposite Westgate Town Centre with resource consent for 4-unit development
Outcome: sold with vacant possession for $862,000 at $495/m²
Agents: Grant Miller & Laurie Bell

South

Howick

25-33 Picton St:
Features: 539m² site in the heart of Howick Village’s commercial precinct, fully leased 957m² 2-level retail & office building, 7 tenancies
Rent: $246,137 /year net + gst
Outcome: passed in at $4.9 million on vendor bid
Agents: Chris Bayley & Tony Chaudhary

116-118 Vincent St:
Features: 1618m² industrial site in 2 titles, 430m² of vacant buildings
Outcome: passed in at $1.5 million
Agents: Dave Stanley & Nick Bayley

Papakura

1 Croskery Rd:
Features: 6334m² corner site, 1442m² industrial building, 10-year head lease to a construction company from May 2011
Rent: $150,000 /year net + gst
Outcome: sold for $2.51 million at a 5.97% yield
Agents: Mike Adams & Peter Migounoff

Papatoetoe

320 & 322 Great South Rd, Papatoetoe.

320 & 322 Great South Rd, Papatoetoe.

320 & 322 Great South Rd:
Features: 1459m² site in 2 titles zoned Papatoetoe town centre (24.5m height limit) and surplus land at rear on its own 595m² title; 2-level 1040m² commercial building, 4 tenants including long-term occupants Li’l Abner Takeaways & the Village Foodmart, new 5-year lease on top floor to night club
Rent: $119,415 /year net + gst
Outcome: sold for $3.31 million at a 3.6% yield after being declared on the market at $2.5 million
Agents: Matt Lee, James Chan & Tony Chaudhary

Wiri

11 Bolderwood Place:
Features: 3087m² site, 1540m² industrial building – 1070m² warehouse with 3 gantry cranes, 140m² canopy, 320m² office, 150m² mezzanine, 660m² yard
Outcome: sold vacant for $3.235 million
Agents: Nick Bayley & Karl Price

Attribution: Auction.

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Colliers sales around the country

Colliers agents have reported sales on the North Shore, in Hamilton & Tauranga and in Christchurch & Queenstown.

Sales:

North-east

Milford

1A Nile Rd:
Features: 2-level 300m² office building
Outcome: sold for $1.16 million
Agents: Janet Marshall & Euan Stratton

Rosedale

63 Apollo Drive, unit D2:
Features: 185m² office, 56m² storage
Outcome: sold vacant for $795,000
Agent: Nick Recordon

South of the Bombays

Bay of Plenty – Tauranga

60D, 60E & 60F Durham St:
Features: 920m² A grade office building
Outcome: sold for $4.315 million at a 6.1 % yield
Agents: Simon Clark & Rob Schoeser

Waikato – Hamilton

The Warehouse, corner Ward & Anglesea Sts:
Features: 8486m² floor area
Outcome: sold to private syndicator for $12.15 million at an 8.93% yield
Agents: Capital markets team & Mark Brunton

South Island

Canterbury – Christchurch

18 Bernard St:
Features: 960m², multi-tenanted office facility
Outcome: sold for $3.8 million at an 8.5% yield
Agents: Paul Vining & Courtney Doig

Lakes – Queenstown

Shotover Park, lot 3:
Features: 3000m² brownfield industrial site
Outcome: sold for $2.385 million
Agents: Mark Simpson, Alastair Wood, Rory O’Donnell & Mary-Jo Hudson

Leases

CBD

Queen St

385 Queen St:
Features: 887m² commercial premises leased for AMP
Agent: Eileena Stoddart

Shortland St

51 Shortland St:
Features: 1180m² commercial premises leased for AMP
Agent: Eileena Stoddart

South Island

Lakes – Queenstown

Remarkables Park, The Landing:
Features: 3 retail sites totalling 490m²
Agents: Mary-Jo Hudson & Tim Thomas

Attribution: Agency release.

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Milford shopping centre expansion approved

Commissioners have approved NZ Retail Property Group Ltd’s expansion of the Milford Shopping Centre retail space and addition of 115 apartments.

The development, as amended after notification, comprises 2460m² of gross lettable retail floor area, 22 2-bedroom (92m²+) apartments, 93 3-bedroom (120m²+) apartments, plus 173 retail & 242 residential parking spaces. The development consists of a 4-storey base building & a 6-storey building on a podium and set back within the site.

The hearing panel was chaired by Barry Kaye, with commissioners Melean Absolum, Craig Shearer & Phelan Pirrie. They heard the application in April and delivered their decision at the weekend.

Bulk, scale, dominance & articulation were main issues raised by opponents, and a group of them requested a masterplan be prepared for the site.

However, Mr Kaye said in the decision that requesting a masterplan wasn’t within the hearing panel’s jurisdiction: “The combined Milford Residents Association, Milford Village Forum and Castor Bay Ratepayers & Residents Association submissions, in particular, expressed the need for the proposed development to successfully integrate with the surrounding areas and, in particular, the pedestrian network. They seek a masterplan approach be taken by the applicant, to ensure all the stages of development are integrated with each other and with the adjacent commercial & pedestrian areas.

“We have a degree of sympathy for this concept. However, in introducing the reasons why they seek this approach, many of the issues the submitters have concerns about are not matters that could be incorporated into the applicant’s proposal. These include the provision of improved pedestrian access around the site, landscaping along the streets, integration with the wider commercial area & the adjacent public spaces.

“Many of the ideas expressed to us we considered to have great merit, but they are not matters that we have jurisdiction over – we are restricted to consideration of the effects of the development and cannot require the development of a masterplan for the wider area. We note that the Milford centre plan has been produced by the Takapuna-Devonport Local Board and this partially fulfils some of the requirements of the submitters, although Campbell Barbour for the applicant advised us his company was not invited to participate in its production.”

The hearing panel concluded in approving the expansion that it would have no more than minor adverse effects on the environment and wouldn’t be contrary to the objectives & policies of the relevant plans, and therefore passed both gateway tests in terms of section 104D of the Resource Management Act.

Mr Kaye said: “The proposal may result in actual & potential effects on the environment in relation to visual effects & built form, construction & earthworks effects, groundwater drawdown and cultural values and parking & traffic congestion & loading. Any actual & potential effects are, however, considered to be avoided, remedied or mitigated by the design of the buildings & conditions of consent, particularly those relating to final design detail, and management of construction & earthworks effects.

“Furthermore, the proposal will result in positive effects arising from a building that contributes positively to the urban form of the Milford town centre, provides improvements to the public realm through street-level activation & streetscape enhancements, and through the provision of high quality residential accommodation in a location well serviced by existing infrastructure, including public transport.”

Earlier story:
Milford plan change approval moves into wider debate

Attribution: Decision.

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