Archive | Takapuna

One apartment out of 6 sells, Sugartree bids fall short

Just one of the 6 apartments auctioned at Ray White City Apartments yesterday was sold under the hammer.

The one sale, of a unit in the Spencer on Byron in Takapuna where there are remediation expenses, followed a contest between 4 bidders.

There were also multiple bidders for 2 units in stage 2 of the Sugartree development at the top of Nelson St, Centro, on the western edge of the cbd, where off-the-plan buyers took ownership last month. However, bidding on both petered out short of the reserve.

CBD

Learning Quarter

The Quadrant, 10 Waterloo Quadrant, unit 1906:
Features: 32m², one bedroom
Outgoings: rates $1237/year including gst; body corp levy $3930/year
Income assessment: $420-440/week furnished
Outcome: passed in after bid at $290,000 & vendor raise to $350,000
Agents: May Ma & Mark Li

Victoria Quarter

Sugartree Centro, 145 Nelson St, unit 202:
Features: 56m² internal, 4m² balcony, one bedroom + flexi room, secure covered parking space, storage locker
Outgoings: rates to be confirmed; body corp levy $2766/year
Income assessment: $550-600/week furnished
Outcome: passed in at $500,000
Agent: Dominic Worthington & Ady Huang

Sugartree Centro, 145 Nelson St, unit 706:
Features: 53m², 5m² balcony, one bedroom, study
Outgoings: rates to be confirmed; body corp levy $2671/year
Income assessment: $530-580/week furnished
Outcome: passed in at $480,000
Agent: Lisa Zhang

Isthmus west

Mt Eden

66 Mt Eden Rd:
Features: 130m², 4 bedrooms, 2 bathrooms, 2 parking spaces
Outgoings: rates $2946/year including gst; body corp levy $5968/year
Income assessment: $950-1050/week furnished
Outcome: passed in at $750,000
Agents: Dusan Valenta & Adele Keane

St Lukes

Tremont Apartments, 4 Wagener Place, unit 110:
Features: 130m², 3 bedrooms, 2 bathrooms, 2 parking spaces
Outgoings: rates $2207/year including gst; body corp levy $6728/year, plus $5382 for building investigation & legal levies relating to leaks; the vendor agreed to assign its rights & causes of action to the buyer
Income assessment: $750/week furnished
Outcome: passed in at $250,000
Agents: Dusan Valenta & Adele Keane

North-east

Takapuna

Spencer on Byron, 9-17 Byron Avenue, unit 1106:
Features: 48m², fully furnished one bedroom, double balcony
Outgoings: rates $1178/year including gst; body corp levy $3140/year, the vendor has assigned any recovery from remediation legal action to the buyer and the unit has been sold on an “as is, where is” basis
Outcome: sold for $275,000
Agents: James Mairs & Gillian Gibson

Attribution: Auction.

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6 sales & 5 leases

Bayleys agents on the Shore have sold 5 commercial properties outside the auctionroom, from Stanmore Bay on the Whangaparaoa Peninsula through to Kelston in the west, and have also leased 5 properties, all on the Shore.

One other sale listed below is a post-auction transaction in Mt Eden.

Sales

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, sold at that figure post-auction
Agents: Alan Haydock, Phil Haydock & Damien Bullick

North-east

Albany

6-8 Omega St, unit 8:
Features: 181m² office unit – office 165m², other area 16m², 5 parking spaces
Outcome: sold in October for $620,000 + gst
Agents: Alex Strever & Ildy Meixner

Stanmore Bay

676 Whangaparaoa Rd:
Features: 261m2 mixed-use 2-level building on a half share of 1104m2 site, . Ground floor copy centre tenant renewed in January for 3 years at $26,300/year net, 3-bedroom apartment above with sea views has a rental appraisal of $27,000/year
Outcome: sold for $830,000
Agents: Mustan Bagasra & Dylan Turner

Takapuna

Sentinel, 3-9 Northcroft St, unit R1:
Features: 85m² retail unit, 6 parking spaces
Rent: $31,750/year net + gst
Outcome: sold in October for $665,000/year net + gst at 4.8% yield
Agents: Terry Kim, David Han & Mustan Bagasra

Wairau Valley

18A Ashfield Rd:
Features: 120m² industrial unit, 2 parking spaces
Rent: $25,800/year net + gst       
Outcome: sold to NZ Longevity Foundation Ltd in October for $475,000 + gst at 5.43% yield, $3958/m² land & building
Agent: James Yu

North-west

Kelston

31 Cartwright Rd, unit B:
Features: 53m2 industrial unit, 4.7m stud warehouse, mezzanine office & storage, new roof, 3 parking spaces
Outcome: sold vacant for $350,000
Agent: Simon Davies

Leases

North-east

Browns Bay

14 Clyde Rd:
Features: 764m² retail property – retail 590m², office 174m², 6 parking spaces
Rent: leased in October for $180,000/year net + gst
Agents: Anna Radkevich & Ranjan Unka

Devonport

57-59 Victoria Rd, office 2:
Features: 12m² office
Rent: leased in October at $9000/year net + gst, premises rental $750/m²
Agents: Chris White

Rosedale

59 Apollo Drive, ground floor right, unit G1:
Features: 155m² office, 4 parking spaces
Rent: leased in July for $43,150/year net + gst, including parking at $20/space/week, net excluding parking $38,990/year, premises rental $252/m²       
Agents: Alex Strever & Laurie Burt

39 Arrenway Drive, unit B3:
Features: 203m² industrial unit
Rent: leased in October for $37,000/year net + gst, premises rental $182/m²
Agents: Laurie Burt

Wairau Valley

89 Ellice Rd, unit 4D:
Features: 125m² industrial unit, 2 parking spaces
Rent: leased in October for $32,000/year net + gst
Agents: Dean Gilbert-Smith, Adam Curtis & Adam Watton

Attribution: Agency releases.

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Statesman & Stanford apartments sell

2 of the 3 apartments auctioned at Ray White City Apartments yesterday were sold under the hammer – one in the Statesman (pictured) and the other in the Stanford, along with a Papatoetoe house sold at pre-auction.

CBD

Learning Quarter

Statesman, 1 Parliament St, unit 514:
Features: 30m² internal, furnished studio, balcony, storage locker
Outgoings: rates $1214/year including gst; body corp levy $2312/year
Income assessment: $390/week current, assessment $400-420/week furnished
Outcome: sold for $380,000
Agents: Michelle & Judi Yurak

Victoria Quarter

Stanford, 189 Hobson St, unit 3E:
Features: 37m², 2 bedrooms
Outgoings: rates $1110/year including gst; body corp levy $4238/year
Income assessment: $480/week, fixed until February
Outcome: no bid, back on the market at $349,000
Agents: Ron Yang

North-east

Takapuna

Spencer on Byron, 9-17 Byron Avenue, unit 507:
Features: 48m², one bedroom, sold on “as is, where is” basis – remediation cost recovery & further expense assigned to buyer
Outgoings: rates $3918/year including gst; body corp levy $2982/year
Income assessment: in hotel pool
Outcome: sold for $148,000 + gst
Agents: James Mairs & Gillian Gibson

Attribution: Auction.

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Unlock Avondale project gets go-ahead, Takapuna carpark decision deferred

Auckland Council’s planning committee approved the over-arching plan for regeneration of Avondale yesterday.

The Unlock Avondale high level project plan will be delivered by the city’s urban regeneration agency, Panuku Development Auckland.

Whau Local Board chair Tracy Mulholland said the plan built on work completed by the local board & community groups: “It will drive momentum for change in the area, with a focus on the town centre. The regeneration of Avondale will see current & future residents enjoying new open spaces and a purpose-built community facility, including a new library that will serve its needs.”

Ward councillor Ross Clow said the regeneration of Avondale was long overdue: “This plan is important to drive the development of quality residential neighbourhoods and to help meet Auckland’s growing demand for affordable homes. It will also address the issues arising from population growth in Avondale & the wider area.”

And Panuku chief operating officer David Rankin said a number of key moves would enable the vision for Avondale: “Panuku will work closely with the local board & community to implement a retail strategy that attracts new businesses, increasing diversity of products & services.
“The train station, upgraded bus network & new cycleways offer great transport options, and we will continue to strengthen connections between these activity hubs & the town.

“A focus for the regeneration of Avondale is working with developers to build quality residential neighbourhoods that offer a mix of housing types, including terraces & apartments. A number of significant developments are already underway in the area.”

Ockham Residential is due to complete the construction of 72 new one- to 3-bedroom apartments at 24-26 Racecourse Parade in March 2018. Through a partnership with the NZ Housing Foundation, 33 new homes are near completion on Trent St, including 21 affordable homes.

Takapuna carpark decision deferred

In other business yesterday, the council committee deferred its decision on a hearing panel recommendation to change the use of the carpark at 40 Anzac St, Takapuna, to one that enables a mix of uses.

The deferral is to allow Panuku to consult further with the Devonport-Takapuna Local Board on how this process can be progressed. It will report back to the planning committee by next March.

Attribution: Council release.

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2 sales & 8 leases for Shore agents

Bayleys agents on the North Shore have signed 2 sales in Albany and 8 leases – 7 on the Shore and the other in Glen Eden.

Sales

North-east

Albany

86 Bush Rd, unit M:
Features: 65m² office unit, 2 parking spaces     
Outcome: sold in September for $375,000 + gst
Agent: Alex Strever

100 Don McKinnon Drive, unit C:
Features: 180m² unit – retail 150m², office 30m², shared parking
Outcome: sold in October for $1.398 million + gst at $7767/m²
Agents: Rosemary Wakeman, Adam Curtis & Millie Liang

Leases

North-east

Devonport

57-59 Victoria Rd:
Features: 200m² retail area
Rent: leased in October for $80,000/year net + gst, premises rental $400/m²  
Agents: Chris White & Adam Curtis

Rosedale

5-7 Paul Matthews Rd, unit E:
Features: 700m² industrial unit – office 325m², warehouse 375m², 15 parking spaces
Rent: leased in September for $120,000/year net + gst
Agents: James Kidd & Chris White

Takapuna

56-60 Hurstmere Rd, shop 1:
Features: 53m² shop
Rent: leased in September for $31,920/year net + gst, premises rental $602/m²
Agent: Ildy Meixner

507 Lake Rd, ground floor:
Features: 200m² retail space
Rent: leased in September for $110,000/year net + gst, premises rental $550/m²
Agents: Adam Curtis & Adam Watton

Wairau Valley

89 Ellice Rd, unit 10B:
Features: 125m² industrial unit, 2 parking spaces
Rent: leased in September for $32,000/year net + gst
Agents: Dean Gilbert-Smith, Adam Curtis & Adam Watton

54 View Rd, ground floor, unit C:
Features: 118m² retail space, one parking space
Rent: leased in September for $21,000/year net + gst
Agents: David Han & Terry Kim

75 View Rd, unit 10:
Features: 61m² office, 2 parking spaces
Rent: leased in October for $13,000/year net + gst      
Agents: Terry Kim & David Han

North-west

Glen Eden

182 West Coast Rd, unit 5:
Features: 100m² retail unit, shared parking
Rent: leased in October for $35,000/year net + gst, premises rental $350/m²
Agents: Steven Liu & Damian Stephen

Attribution: Agency release.

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Spirited bidding on one, vendor bids dominate on 2

Properties on Barrys Point Rd in Takapuna and at Helensville, both earmarked as development prospects sold under the hammer at NAI Harcourts’ commercial auction yesterday, but after that the dominant bidders were the vendors.

Many auctioneers use vendor “bids” to coax prospective buyers into getting bidding underway, and will use these “bids” as an indicator again if offers are well short of reserve. But yesterday, auctioneer Andrew North found himself making 3 vendor bids on each of the last 2 properties on offer, against one on each from the floor.

You could put that down to the state of the market, but the lack of interest in those 2 properties followed spirited bidding for the Barrys Point Rd site.

North-east

Rosedale

331 Rosedale Rd, unit 1A:
Features: 129m² air-conditioned café on new 8-year lease with renewals to 2041, patio; 58m² ground-floor office, 14 parking spaces including 2 leased out
Rent: $77,235/year + opex + gst from 2 tenants, 2 parking spaces leased out at $260/month ($3120/year + gst)
Outcome: passed in after a bid from the floor at 1 million, followed by 3 vendor indicator bids up to $1.2 million
Agent: Albert Quan

Takapuna

42 Barrys Point Rd:
Features: 825m² site, 188m² building – ground 155m², basement storage 33m², 12 parking spaces, vacant possession after Espresso Relax Ltd tenancy expired, 18m height limit (including 2m roof form)
Rent: was $40,978/year + gst
Outcome: sold for $1.75 million
Agents: Andrew Bruce, Marty van Barneveld & Rob Meister

North-west

Helensville

15 Railway St:
Features: 1366m² site in 2 titles, 166m² floorspace, gravelled yard, vacant possession
Outcome: sold for $650,000 at $476/m² land
Agents: Rene Geertshuis & Geoff Thorne

Henderson

84 Henderson Valley Rd:
Features: 5014m² site, 660m² floor area, occupied by glass fibre-reinforced concrete company GRC NZ Ltd on lease with final expiry in 2024
Rent: $81,000/year net + opex + gst
Outcome: passed in after vendor bids at $1.3 million & $1.4 million, a bid from the floor at $1.41 million and a final vendor bid at $1.5 million
Agent: Marty van Barneveld

Attribution: Auction.

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Empire unit sells, Guardian & Spencer passed in

A unit under long-term management in the Empire apartments was sold at Ray White City Apartments’ auction yesterday, but units in the Guardian and Spencer on Byron were passed in.

CBD

Learning Quarter

Empire, 23 Whitaker Place, unit 710:
Features: 54m², 3 bedrooms, under Theta Management Ltd lease until April 2026
Outgoings: rates $1188/year including gst; body corp levy $4725/year
Outcome: sold for $150,000 + gst
Agents: Ron Yang & Damian Piggin

Queen St

Guardian, 105 Queen St, unit 612:
Features: 47m², high stud one bedroom
Outgoings: rates $1380/year including gst; body corp levy $3747/year
Income assessment: $450-470/week
Outcome: passed in at $390,000
Agent: Cameron Brain

North-east

Takapuna

Spencer on Byron, 9-17 Byron Avenue, unit 1406:
Features: 48m², one bedroom, balcony, parking space, in hotel pool – Hotel Management (Takapuna) Ltd (Graham Wilkinson); offered on an “as is, where is” basis with remediation of building defects liabilities & compensation assigned to the buyer; owners agreed on Tuesday on starting remediation works
Outgoings: rates $4469/year including gst; body corp levy $3554/year
Outcome: passed in after a bid at $120,000 & a vendor bid at $300,000 + gst
Agents: James Mairs & Gillian Gibson

Attribution: Auction.

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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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Very different sale outcomes for same-size apartments

2 same-size Spencer on Byron apartments sold under the hammer at Ray White City Apartments’ auction today, with very different results.

A floor apart, the first unit up was out of the hotel management contract while the second was in it, and therefore caught by Auckland Council’s new tourism tax plus gst liability on top of the purchase price.

CBD

Uptown

132 Vincent St, unit 5D:
Features: one bedroom
Outcome: withdrawn from auction
Agents: May Ma & Mark Li

North-east

Takapuna

Spencer on Byron, 9-17 Byron Avenue, unit 901:
Features: 48m², one bedroom, parking space
Outgoings: rates $1243/year including gst; body corp levy $3426/year
Income assessment: $2680/month
Outcome: sold for $485,000
Agents: James Mairs & Gillian Gibson

Spencer on Byron, 9-17 Byron Avenue, unit 1005:
Features: 48m², one bedroom
Outgoings: rates $4075/year including gst – and including new targeted tourism rate; body corp levy $3115/year
Income assessment: in hotel lease
Outcome: sold for $250,000 + gst
Agents: James Mairs & Gillian Gibson

Attribution: Auction.

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Colliers completes Takapuna sale plus Rosedale lease & sale

Colliers North Shore agents have completed a major sale – a Takapuna property sold to syndicator Maat Property Group Ltd – plus a sale and a lease in the Rosedale area.

North-east

Leased

Rosedale

61 Constellation Drive, Building 4, level 2:
Features: 760m² office space
Rent: undisclosed     
Agent: Janet Marshall

Sold

Rosedale

21 Constellation Drive:
Features: 3170m² service station
Rent: $159,848/year net + gst      
Outcome: sold for $3.475 million at a 4.60% yield
Agents: Shoneet Chand & Matt Prentice

Takapuna

2, 4 & 6 Fred Thomas Drive:
Features: 1.5ha zoned mixed use, 4235m² net lettable area in 3 standalone buildings comprising commercial & medical tenancies, sold to syndicator Maat Property Group Ltd
Rent: $4.32 million/year net + gst        
Outcome: sold to  for $60.85 million, representing a 6.96% yield
Agents: Shoneet Chand, Janet Marshall, Matt Prentice & Jason Seymour

Earlier story:
29 September 2017: Maat settles Takapuna syndication

Attribution: Agency release.

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