Archive | Northcote

7 of 19 intensive homes sell at Barfoot auctions

7 sold at Barfoot & Thompson’s city office auction sessions on Wednesday & Thursday out of 19 intensive living units listed below, which include apartments in both the cbd & suburbia, traditional brick & tile units, some terraces & townhouses and, from the Wednesday afternoon session, some cross-leased properties.

The properties listed below are all intensive in some form, so exclude standalone homes (unless they’re on a cross-lease).

A regular feature of the market is the appearance of properties at various stages of leaky building remediation, and 2 fit that description here.

Every agency handling apartments also has a supply of units in the brand-new Sugartree development’s second stage, Centro, to offer. Ray White City Apartments had 2 yesterday and Barfoots had one – all passed in.

The auction rooms have mostly been quiet, and the distinguishing feature has been the high proportion of the offering which attracted no bid – 6 of those listed here – despite, in some cases, bidders registering.

CBD

Learning Quarter

Tetra House, 85 Wakefield St, unit 413:
Features: one bedroom, 2 bathrooms
Outgoings: body corp levy $4196/year
Outcome: no bid, back on market at $349,000
Agents: John Zhang & Richard Tan

Uptown

Kiwi on Queen, 421 Queen St, unit 805:
Features: 2 bedrooms
Outgoings: body corp levy $4591/year
Income assessment: $480/week current, fixed until February
Outcome: sold for $310,000
Agents: Stephen & Leo Shin

Victoria Quarter

City Oaks, 188 Hobson St, unit 210:
Features: fully furnished 2 bedrooms
Outgoings: rates $1201/year including gst; body corp levy $5775/year
Income assessment: vacant
Outcome: passed in at $260,000
Agents: Johnson Chen

Sugartree Centro, 145 Nelson St, unit 212:
Features: 100m² – 76m² internal, 24m² balcony, 2-bedroom apartment, 2 bathrooms, balcony, carport, storage locker
Outcome: passed in
Agent: Tristan Young

Isthmus east

Mt Wellington

50 Rutland Rd, unit 1:
Features: 2-bedroom unit, terrace, carport
Outcome: sold for $650,000
Agents: Carolyn & Peter Brooks

Panmure

44 Pilkington Rd, unit 5:
Features: 2-bedroom unit, garage
Outcome: no bid
Agents: Jane Wang & Angela Liu

Remuera

7B Lingarth St:
Features: 383m² section, 200m²-plus 4-bedroom townhouse, 2 bathrooms, office, courtyard, double garage
Outcome: no bid, back on market at $1.469 million
Agent: Paul Groom

50 Monteith Crescent:
Features: 1080m² section, 3 3-bedroom townhouses, all on fixed-term tenancies, 3 parking spaces
Outcome: passed in
Agent: Karin Cooper

276 Victoria Avenue, unit 1:
Features: cross-lease, 1/3 share in 993m², 2-level 4-bedroom townhouse, 2 bathrooms, conservatory, double garage
Outcome: no bid
Agents: Frances Li & Raymond Chan

Isthmus west

Grey Lynn

North Apartments, 197 Great North Rd, unit 205:
Features: 101m², 2-bedroom apartment, 2 bathrooms, balcony, double garage, secure storage
Outgoings: body corp levy $5284/year
Outcome: sold for $1.805 million
Agents: Ryan Harding & Louise Stringer

33 Mackelvie St, unit 1I:
Features: about 60m², one-bedroom apartment, secure parking
Outgoings: body corp levy $3374/year
Income assessment: $550-570/week
Outcome: sold for $550,000
Agent: Tim Roskruge

Summerfield Villas, 386 Richmond Rd, unit 1:
Features: m², 4-level 4-bedroom terrace, 2 bathrooms, double garage, reclad terrace, tandem internal-access garage; repair work on the complex now being undertaken in 3 stages following leaky building claim, work on this unit completed, vendor has set aside balance of repair levy but any further costs would be liability of new owner; there is a code compliance settlement clause
Outgoings: body corp levy $3602/year + remedial levies
Outcome: no bid
Agent: Jonathan White

Mt Eden

2 Matipo St, unit 2:
Features: 2-bedroom unit, garage
Outcome: sold for $958,000
Agents: Sara Knight & Vern Hines

905 Mt Eden Rd, unit 9:
Features: 2-level 5-bedroom house, 3 bathrooms, double internal-access garage, code compliance certificate not yet issued for original construction in 2004 & recladding this year
Outgoings: body corp levy $3422/year
Outcome: passed in at $1.38 million, back on market at $1.595 million
Agent: Sue Saywell

76 Wairiki Rd:
Features: cross-lease, half share in 1015m², 2-storey 4-bedroom bungalow, 2 bathrooms, study, 3 living areas, double garage
Outcome: no bid, back on market at $1.799 million
Agents: Derek Helliwell & Cathy Giles

Sandringham

3 Mars Avenue:
Features: cross-lease, half share in 850m², 3-bedroom bungalow, 2 bathrooms, carport
Outcome: passed in at $1.2 million, back on market at $1.315 million
Agents: Sara Knight & Vern Hines

North-east

Hillcrest
104 Pupuke Rd, unit 2:
Features: cross-lease, half share in 1421m², 4-bedroom townhouse, 2 bathrooms, garage, carport
Outcome: sold for $980,000
Agent: Jonathan White

Northcote Point

12 Belle Vue Avenue, unit 4:
Features: cross-lease, 1/5 share in 1470m², 2-bedroom unit, internal-access garage
Outcome: sold for $769,000
Agent: Bev Bellas & Jo Meechan

North-west

Hobsonville

255A Hobsonville Rd, unit 1:
Features: cross-lease, half share in 703m², 3-bedroom house, internal-access garage
Outcome: passed in at $735,000, back on market at $785,000
Agents: Kelly Zhang & Sammi Huang

Attribution: Auctions.

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Shore agents sign 9 commercial leases

Bayleys agents on the North Shore have signed 9 commercial & retail leases, 4 of them in Rosedale, 2 in Northcote and one each in Silverdale, the Wairau Valley and across the harbour bridge in Three Kings.

Leases

Isthmus west

Three Kings

528 Mt Albert Rd, unit F:
Features: 125m² office
Rent: leased in April for $24,585/year net + gst, premises rental $196.68/m²
Agents: IIdiko Meixner, Steven Liu, Eddie Zhong & Ed Donald

North-east

Northcote

3 Akoranga Drive, tenancy 10:
Features: 91.56m² retail unit, no parking
Rent: leased in March for $48,280/year net + gst – premises $45,780/year, premises rental $500/m², signage rental $2500/year
Agents: Jane Sims & John Algie

Northcote Shopping Centre, 7-9 Pearn Crescent:
Features: 170m² shop, 3 parking spaces
Rent: leased in April for $115,000/year net + gst, premises rental $676.47/m² (parking free)
Agents: James Yu & Terry Kim

Rosedale

31 Apollo Drive, unit E:
Features: 95m² office, 3 parking spaces
Rent: leased in April for $26,900/year net + gst, parking $25/space/week, net premises rental $23,000/year, $242.11/m²
Agent: Ryan Dannhauser

33 Apollo Drive unit 8:
Features: 234m² office unit, 7 parking spaces
Rent: leased in April for $64,000, parking $20/space/week, net premises rental $56,720. $242.39/m²
Agent: Alex Strever

63-65 Paul Matthews Rd, unit L:
Features: 71.5m² office, shared parking space
Rent: leased in January for $16,000/year net + gst, premises rental $223.78/m²
Agents: Steven Liu, Paul Prouse & Jane Sims

Rosedale Retail Centre, 94 Rosedale Rd, unit 11:
Features: 121m² shop, shared parking
Rent: leased in April for $60,000/year net + gst, premises rental $495.87/m²
Agents: Steven Liu & Eddie Zhong

Silverdale

6 & 6A Tavern Rd:
Features: 406m² industrial unit – warehouse 390m², office 16m²
Rent: leased in April for $70,000/year net + gst, premises rental $172.41/m²
Agent: Rosemary Wakeman

Wairau Valley

32-34 Poland Rd, unit C:
Features: 524.8m² industrial unit – warehouse 267.3m², office 257.5m², 8 parking spaces
Rent: leased in March for $95,000/year net + gst, premises rental $181.02/m² (parking free)
Agents: Trevor Duffin & Matt Mimmack

Attribution: Agency release.

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10 sell at Bayleys’ commercial auction

9 properties were sold under the hammer and one post-auction of the 17 in Bayleys’ commercial auction yesterday. Another 3 were sold prior.

[Today’s report is short on some detail.]

CBD

Learning Quarter

5 Eden Crescent, units A & B:
Features: 600m² strata title, renovated, licensed karaoke bar & restaurant
Rent: $161,000/year net + gst
Outcome: passed in at $2.5 million
Agents: Oscar Kuang & Nicolas Ching

Queen St

239 Queen St, unit 1A:
Features: new 12-year lease
Rent: $150,657/year net + gst
Outcome: withdrawn from auction
Agents: Quinn Ngo & James Chan

Isthmus east

Ellerslie

38 Eaglehurst Rd, unit 7:
Features: warehouse
Outcome: declared reserve of $600,000, sold for $800,000
Agents: Andrew Wallace & Cameron Melhuish

Epsom

206 Manukau Rd:
Features: 898m² corner section,
Rent: $67,340/year holding income
Outcome: passed in at $3.55 million
Agents: Owen Ding & James Chan

Mission Bay

2 Atkin Avenue, unit 1:
Features: 374m² site zoned mixed use (up to 18m) under unitary plan, 3-bedroom unit, garage
Outcome: sold for$1.955 million
Agents: Phil Haydock & Angela Yang

Onehunga

18 George Terrace:
Features: 342m² site zoned mixed use, warehouse, office, amenities
Outcome: sold for $1.072 million
Agents: James Valintine & William Gubb

4 Newsome St:
Features: 493m², permissible height 20m
Outcome: no bid
Agents: Tony Chaudhary & James Valintine

Panmure

100 Queens Rd:
Features: town centre zone under unitary plan
Rent: $121,000/year net + gst
Outcome: passed in at $1.6 million
Agents: Mark Pittaway

Isthmus west

Eden Terrace

12 Fleet St:
Features: 336m² site
Rent: $52,260/year
Outcome: sold prior at declared reserve of $1.25 million
Agents: James Were & Scott Kirk

Mt Roskill

439 Mt Albert Rd:
Features: corner site, 4-bedroom home, internal garage, 3 commercial tenancies on ground floor
Outcome: auction postponed
Agents: Phil Haydock & Angela Yang

Ponsonby

91 College Hill:
Features: 337m² site zoned mixed use, 275m² gross floor area, 5 secure parking spaces
Outcome: sold for $2,577,500
Agents: Nigel McNeill & Meredith Graham

Sandringham

513 Sandringham Rd:
Features: retail + refurbished 3-bedroom flat
Rent: $88,060/year
Outcome: sold for $1.75 million
Agents: Scott Kirk & Damien Bullick

North-east

Northcote

44 Akoranga Drive:
Features: 946m² corner site, mixed use zone next to AUT
Outcome: sold for $2.5 million
Agents: Michael Nees & Simon Aldridge

Takapuna

6 & 6A Blomfield Spa:
Outcome: withdrawn from auction
Agents: Simon Aldridge & David Huang

Wairau Valley

170 Wairau Rd, unit 18:
Features: Hell Pizza on long-term lease
Rent: $54,000/year net + gst + outgoings
Outcome: sold for $990,000
Agents: Paul Dixon & Tony Chaudhary

North-west

Glendene

3 Bancroft Crescent:
Features: 3584m² site, long-term tenant, 6-year lease term with renewal rights
Rent: $225,000/year net + gst
Outcome: passed in at $2.775 million
Agents: Dave Stanley & Stuart Bode

New Lynn

3019 Great North Rd & 2 Bentinck St:
Features: 1459m² corner site in 2 titles, vacant possession
Outcome: passed in at $1.625 million at $1114/m²
Agents: Mike Adams & Scott Kirk

South

Botany Downs

286 Cascades Rd:
Features: 7493m² site opposite Pakuranga golfcourse, 70m frontage to Cascades Rd
Outcome: sold for $6.1 million
Agents: Dave Stanley & Graeme Sun

Botany South

Bishopsgate business centre, 2 Bishop Dunn Place, unit 32:
Features: 134m² first-floor office, storage, 2 parking spaces
Outcome: sold for $465,000
Agents: Geoff Wyatt & Dave Stanley

Takanini

292 Great South Rd:
Features: 2209m² site, standalone office & warehouse building anchored by long-term office lease + 2 warehouse tenants
Rent: $152,592/year net + gst
Outcome: sold for $2.68 million
Agents: Sunil Bhana & Peter Migounoff

South of the Bombays

Gisborne

412 Gladstone Rd:
Features: 670m² store, seismic rating 100% new building standard, 6-year lease term
Rent: $122,569/year
Outcome: passed in at $1.5 million, sold post-auction for $1.52 million at an 8% yield
Agents: Paul Garland & Colin McNab

Attribution: Auction.

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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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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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Sale & 8 leases on Shore

Bayleys agents on the North Shore have concluded one sale outside the auctionroom and signed up 8 new tenants in their latest transactions report. I’ve omitted some of the premises rental figures which seemed to include parking at zero.

North-east

Sales:

Albany

6-8 Omega St, unit 7 & 9:
Features: 449m² office unit
Rent: $110,000/year net, new 3-year lease
Outcome: sold in December for $1.56 million + gst at a 7.05% yield
Agents: Alex Strever. Dean Gilbert-Smith, Michael Nees, Simon Aldridge, David Huang & Matt Mimmack

Leases:

Albany

12 Oteha Valley Rd extension:
Features: 274m² retail,
Rent: leased in November for $62,500/year net + gst, premises rental $228/m²
Agents: Adam Curtis, Adam Watton & Eddie Zhong

Forrest Hill

97 Sunnynook Rd:
Features: 100m² office, 8 parking spaces
Rent: leased in November for $36,000/year net + gst
Agent: Terry Kim

Northcote

48 Lake Rd, unit C:
Features: 158m² retail, 2 parking spaces
Rent: leased in October for $33,000/year net + gst
Agents: Steven Liu & Damian Stephen

Rosedale

8 Triton Drive, unit A:
Features: 346m² – office 136m², warehouse 212m², 5 parking spaces
Rent: leased in December for $57,000/year net + gst
Agents: Laurie Burt

Silverdale

1 Keith Hay Court, unit 4:
Features: 121.18m² warehouse, 3 parking spaces
Rent: leased in October for $21,813/year net + gst
Agent: Rosemary Wakeman

Takapuna

495 Lake Rd, tenancy B:
Features: 220m² office
Rent: leased in October for $44,000/year net + gst, premises rental $200/m²
Agents: Jane Sims

1-7 The Strand, level 4:
Features: 694m² office, 15 parking spaces
Rent: leased in December for $274,960, parking $50/space/week, rent net of parking $235,960/year, gross premises rental $340/m²
Agents: Dean Gilbert-Smith, Tonia Robertson & Chris White

Wairau Valley

54 View Rd, unit 10:
Features: 142m² unit – office 71m², showroom 71m², 2 parking spaces
Rent: leased in December for $35,000/year net + gst
Agents: Ashton Geissler & Matt Mimmack

Attribution: Agency release.

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5 sell at Colliers retail & commercial auction

The first 5 properties auctioned at Colliers yesterday all sold under the hammer, but there was no bid on the sixth and the auction of the seventh was postponed.

3 of the properties were in local or neighbourhood centres, offering a range of shops (some vacant). The one pictured, on Glengarry Rd, Glen Eden in West Auckland, has 5 shops, but 4 of the basement storage units are vacant.

CBD

Queen St

175 Queen St, part level 2:
Features: 82m² strata unit, long-term tenant
Rent: $42,808/year gross
Outcome: auction postponed
Agents: Simon Felton, Adam White & Gareth Fraser

North-east

Hillcrest

51 Eban Avenue:
Features: 900m² site, new purpose-built childcare centre
Rent: $165,880/year net, new 12-year lease with personal guarantees, fixed 2% annual increases
Outcome: sold for $3.01 million at a 5.5% yield
Agents: Shoneet Chand & Peter Kermode

North-west

Glendene

4343 Great North Rd:
Features: 344m² lettable area in local centre, 2 tenancies, pharmacy as anchor
Rent: $87,880/year net + gst
Outcome: no bid
Agents: Deborah Dowling & Michael Bray

Glen Eden

94-106 Glengarry Rd (pictured):
Features: 1027m² neighbourhood centre site, 950m² lettable area on 2 levels, 5 shops, 4 basement storage units
Rent: $125,803/year net + gst, potential including 4 vacant storage sheds $174,451/year
Outcome: sold for $2.18 million
Agents: Michael Bray, Deborah Dowling & Gareth Fraser

South

Airport Oaks

14 Andrew Baxter Drive:
Features: 2023m² site, 1182m² net lettable area, occupied by NZ Bloom Ltd
Rent: $160,000/year net + gst from new 6-year lease
Outcome: sold for $3.135 million at a 5.1% yield
Agents: Paul Jarvie & Brad Johnston

Papatoetoe

21 East Tamaki Rd:
Features: 700m² site, 516m² lettable area on 2 levels 
Rent: $120,300/year + gst
Outcome: sold for $1.61 million at a 7.47% yield
Agents: Jeremy Barnett, Matthew Barnes & Gareth Fraser

138 Great South Rd:
Features: 848m² corner site 621m² lettable area
Rent: $53,462/year + gst current from 2 shops, one other vacant
Outcome: sold for $1.65 million
Agents: Jeremy Barnett, Matt Barnes & Gareth Fraser

Attribution: Auction.

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Unitary plan helps lift Northcote housing target to 1200

When Northcote was listed as a special housing strategic area 2 years ago, it was to be the site for 700 new homes. When government ministers visited Northcote on Friday, they said the target had risen to 1200 in a $750 million project.

Central Northcote, an area dominated by state housing, was named in May 2014 in the third tranche of special housing areas under the accord between the Government & Auckland Council.

Housing NZ subsidiary the Hobsonville Land Co Ltd began the $30 million stage 1 of construction last week, replacing 20 old Housing NZ homes with 59 new social housing homes.

The 200-home second stage of the 5-year project will begin next year, when 38 Housing NZ homes make way for 60 new social housing units & about 140 new homes for market supply, with an emphasis on affordability.

The first homes will be completed in June 2017 and the entire redevelopment is expected to be completed by 2021.

All up, the Government will redevelop 300 existing Housing NZ properties into about 1200 new homes.

Bill English, Minister Responsible for Housing NZ, said the redevelopment would provide a better mix of size & type. The number of Housing NZ homes will increase from 300 to 400 and 600-800 properties will be sold as a mix of affordable & market housing. It will also be integrated with work to revitalise the Northcote town centre, which is starting with a framework plan developed by council entity Panuku Development Auckland.

Building & Housing Minister Nick Smith said the Northcote redevelopment illustrated the importance of Auckland’s new unitary plan, which will allow for a significant increase in the number of houses that can be built on Government-owned land: “The old plans only enabled Housing NZ to increase its housing stock from about 28,000 to 31,000. The new plan enables about 60,000 homes on the equivalent land area Auckland-wide. Today’s announcement is the first of a number of largescale Housing NZ projects which will now be possible under the new rules.”

20 1950s & 1960s houses will be removed or demolished in stage 1 at Northcote, and some removed houses will go to Spring Hill prison to be refurbished as part of building training programmes. New social housing will be a mix of houses, from 1-4 bedrooms.

Hobsonville Land will introduce its Axis series of more affordable construction in stage 2, and the range of housing types will also be more mixed, from terraces & apartments to standalone houses.

Future stages will contain 287 more social homes and a further 450-650 new homes for the market.

Links: Northcote strategic area map
Axis series

Earlier stories:
16 May 2016: Council & Government join forces to redevelop Northcote land
9 May 2014: Third tranche of special housing areas unveiled
8 May 2014: Accord tranche 3 adds 41 special housing areas

Attribution: Government & Hobsonville Land releases.

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Commercial sale on Shore

Bayleys North Shore has sold a Northcote commercial building with an upstairs apartment. This report also carried information about 2 other sales on Arrenway Drive this morning – neither of them new and they‘ve been removed. One was 15 months ago.

North-east

Northcote

8 Lake Rd:
Features: 1014m2 site, 780m2 mixed-use building with 5 tenants – 4 ground-floor commercial tenants plus a 2-bedroom apartment upstairs
Outcome: sold for $1.685 million at a 5.6% yield
Agent: Stephen Scott

Attribution: Agency release.

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