Archive | Whangaparaoa

Whangaparaoa retail units sell

2 retail spaces in a commercial centre opened on the Whangaparaoa Peninsula late last year, were sold under the hammer at auction at Colliers’ Takapuna office on Wednesday.

A Mairangi Bay office was also sold, but a shop in the Grange, on the southern edge of Warkworth, was passed in.

North-east

Mairangi Bay

18 Triton Drive, unit H3:
Features: 238m² first-floor office, 4-year lease
Rent: $65,280/year net + gst        
Outcome: sold for $985,000 at a 6.62% yield
Agents: Janet Marshall & Nick Recordon

Warkworth

The Grange, 67 Auckland Rd, unit 22:
Features: 373m² of retail space in the Grange retail precinct, Cross Gate Discount Store on 6-year lease
Rent: $86,700/year net + gst
Outcome: passed in
Agents: Euan Stratton & Sean Honeycombe

Whangaparaoa

651 Whangaparaoa Rd, unit 2:
Features: 128m² of new retail space, 35m² of outdoor dining, occupied by Valentino’s Gelato Café,10-year lease
Rent: $68,155/year net + gst        
Outcome: sold for $1.41 million at a 4.83% yield
Agents: Euan Stratton & Jessica Martin

651 Whangaparaoa Rd, unit 3:
Features: 50m² of retail space occupied by Hello World Travel on an 8-year lease
Rent: $27,500/year net + gst        
Outcome: sold for $580,000 at a 4.74% yield
Agents: Euan Stratton & Jessica Martin

Image: The development at 651 Whangaparaoa Rd, in foreground.

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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One property sells in truncated Colliers auction

Just one property sold at Colliers’ commercial auction on Wednesday, a Birkdale site on the North Shore with consent for a childcare centre.

2 other properties occupied by childcare centres, in Otahuhu & Albany, were passed in. A commercial showroom in East Tamaki and a real estate agency auctionroom & office in the Royal Oak Mall were also passed in.

The auction was reduced by the withdrawal of 4 food outlets, 3 at the new 301 Lincoln Rd development in Henderson and one at the also new development at 651 Whangaparaoa Rd, on the Whangaparaoa Peninsula.

Isthmus east

Otahuhu

18 Princes St:
Features: 1090m² site, 348m² floor area, established childcare centre purpose-built in 2011, occupied by Blossoms Educare on new 15-year lease, 3 10-year rights of renewal
Rent: $163,800/year net + gst at $44/child/week
Outcome: passed in at $2.8 million
Agents: Shoneet Chand & Peter Kermode

Royal Oak

Royal Oak Mall, 691 Manukau Rd, unit 58:
Features: 342m² office unit with Ray White auctionroom, seismic rating of 71% of new building standard, new 6-year lease, parking at mall & Pak ‘n Save
Rent: $80,000/year net + gst
Outcome: no bid
Agents: Gareth Fraser, Jonathan Lynch & Greg Goldfinch

North-east

Albany

287 Oteha Valley Rd:
Features: 1138m² site, 460m² lettable area, Magicland Ltd childcare centre on 15-year lease from completion of development in July by Wallace Development Co Ltd, one 10-year right of renewal, beside new retail development
Rent: $203,840/year net + gst
Outcome: no bid
Agents: Mike Ryan, Ellie Martin & Euan Stratton

Birkdale

126 Birkdale Rd:
Features: 916m² site, consented for childcare centre for 45 children
Outcome: sold for $1.1 million
Agents: Peter Kermode & Shoneet Chand

Whangaparaoa

651 Whangaparaoa Rd:
Features: vacant 127m² unit, 35m² outdoor
Outcome: withdrawn from auction
Agents: Deborah Dowling, Euan Stratton & Jessica Martin

North-west

Henderson

301 Lincoln Rd, unit A1, Aroma Thai restaurant:
Features: 159.4m², in new development, 8-year lease, 2 4-year rights of renewal
Rent: $76,512/year net + gst
Outcome: withdrawn from auction
Agents: Shoneet Chand, Craig Smith & Peter Kermode

301 Lincoln Rd, unit A4, Aroma Indian restaurant:
Features: 155m², in new development, 8-year lease, 2 4-year rights of renewal
Rent: $74,400/year net + gst
Outcome: withdrawn from auction
Agents: Shoneet Chand, Craig Smith & Peter Kermode

301 Lincoln Rd, units B1 & B2, Denny’s Restaurant:
Features: 421m², 6-year lease, 2 6-year rights of renewal
Rent: $141,035/year net + gst
Outcome: withdrawn from auction
Agents: Shoneet Chand, Craig Smith & Peter Kermode

South

East Tamaki

24A Harris Rd:
Features: 595m² floor area, Tile Space on 8-year lease, 2 4-year rights of renewal
Rent: $110,940/year net + gst
Outcome: passed in at $1.55 million
Agents: Jolyon Thomson & Paul Higgins

Earlier stories:
23 November 2016: Updated: Low yields maintained at 301 Lincoln Rd auction, all 3 now sold
30 November 2016: Yields 5.5% & lower on new Whangaparaoa centre’s units

Attribution: Auction.

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Yields 5.5% & lower on new Whangaparaoa centre’s units

4 units in a new commercial centre on the Whangaparaoa Peninsula were sold under the hammer in a yield range of 4.55-5.5% at Colliers’ auction yesterday. The auction of the fifth unit on the list was delayed until next Wednesday.

North-east

Whangaparaoa

651 Whangaparaoa Rd:
Agents on all units: Deborah Dowling, Euan Stratton & Jessica Martin

Unit 1, Burger Fuel:
Features: 97.74m², outdoor area 35m², 8-year lease
Rent: $45914.50/year net
Outcome: sold for $923,000 at a 4.97% yield

Unit 3, food tenancy:
Features: 50m², 10-year lease
Rent: $27,600/year net
Outcome: auction postponed until Wednesday 7 December

Unit 5, pharmacy:
Features: 104.5m², 15-year lease + 2 5-year rights of renewal
Rent: $48,240/year net
Outcome: sold for $1.06 million at a 4.55% yield

Unit 6, medical centre:
Features: 361m², 15-year lease
Rent: $126,577.50/year net
Outcome: sold for $2.508 million at a 5.05% yield

Unit 7, Stanmore Bay Dental Studio:
Features: 169.19m², 15-year lease, 2 6-year rights of renewal
Rent: $63,466/year net
Outcome: sold for $1.155 million at a 5.49% yield

Attribution: Auction.

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Extra ferries for Gulf Harbour & Half Moon Bay

Auckland Transport will add 6 sailings/day to the Gulf Harbour ferry route and 4 to the Half Moon Bay service from Monday 17 October.

Ferry services manager Gareth Willis said today: “We’ve experienced growth of 130% over the past 2 years on the Gulf Harbour services. We’ve talked to our customers and they want more choice in time for the busy summer period. There will be improved integrated transport with the connecting bus services for peak-time ferry services.”

Mr Willis said patronage on services to Half Moon Bay had grown by 9% in the last 2 years and construction was well underway on the new pier, due to open in early 2017. It will give more shelter to passengers and will have storage for bikes.

Fullers Group Ltd operates ferries to Half Moon Bay and 360 Discovery Ltd serves both routes. Both companies are part of the transport group of Scottish businessman Sir Brian Souter.

Mr Willis said Auckland Transport planned to increase the Gulf Harbour service further to support housing growth in the area.

From Gulf Harbour, there will now be 3 peak morning sailings at 6.30am, 7am & 7.30am, and 3 peak afternoon returns at 4.45pm, 5.15pm & 5.45pm, plus new sailings at 10.30 am & 12.30pm from Auckland and 11.30am & 1.30pm from Gulf Harbour.

For Half Moon Bay, the new sailings will be at 9.15am & 3.15pm from Half Moon Bay and 8.35am & 2.30pm from Auckland.

360 Discovery Cruises manager “Jimbo” James Bailey said: “The increase in passenger numbers has enabled us to provide a more frequent service with improved reliability due to the purchase of newer vessels.”

Link:
Auckland Transport, ferry services

Attribution: Auckland Transport release.

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Whangaparaoa bulk retail unit sells at mortgagee auction

A vacant bulk retail unit at Whangaparaoa was sold at mortgagee auction at Colliers yesterday.

North-east

Whangaparaoa

26-32 Karepiro Drive, unit 3:
Features: vacant 995m² tilt-slab unit in an 8-unit bulk retail building, 200 common parking spaces for this & neighbouring businesses
Outcome: sold for $850,000 at mortgagee auction
Agents: Matt Prentice & Euan Stratton

Attribution: Auction documents.

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McConnell gets consent for Stanmore Bay subdivision

Resource consent has been granted for a 60-home subdivision on 2ha of vacant council land at 20 Link Crescent, Stanmore Bay, on the Whangaparaoa Peninsula.

The subdivision is next to a cinema and across the road from an apartment & retail development on the block containing the Whangaparaoa Plaza mall. Auckland Council-owned Panuku Development Auckland took the site to market late last year and appointed McConnell Property Ltd as its development partner.

McConnell Property’s masterplan for the subdivision, called Mariner Rise, contains terrace & standalone housing with 2-4 bedrooms, and a 2700m² public reserve incorporating a playground.

The council will use development funds to enhance a second site in the area, D’Oyly Reserve, by opening 750m of a stream to daylight. It had been piped during subdivision.

McConnell Property expects to start earthworks on Link Crescent in October and to start building houses in mid-2017.

Earlier story:
30 June 2014: Council to sell 2ha Stanmore Bay site for housing

Attribution: Council release.

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4 apartments & a farm sell at Bayleys

4 of the 7 apartments auctioned at Bayleys on Wednesday were sold under the hammer.

A Kaukapakapa farm with a range of potential conversions, including subdivision, was also sold.

CBD

Albert St

Stamford Residences, 26 Albert St, unit 1209:
Features: 133m², 2 bedrooms, 2 ensuites, secure parking space
Outgoings: rates $2372/year including gst; body corp levy $7385/year
Outcome: no bid
Agents: Blair Haddow

Quay Park

Scene 1, 2 Beach Rd, unit 611:
Features: leasehold, one bedroom, secure parking space
Outcome: sold for $95,000 at mortgagee auction
Agents: Tony Bayley

Isthmus east

Ellerslie

32 Michaels Avenue, flat 2:
Features: cross-lease, 495m² m²,  bedrooms,
Outgoings: rates $/year including gst; body corp levy $/year
Income assessment: $/week
Outcome: sold for $495,000
Agents: Lisa Smyth & Helen Byford

Parnell

27 Falcon St, unit 2B:
Features: one bedroom, secure parking space
Outgoings: body corp levy $2518/year + $764/year for long-term maintenance fund
Income assessment: $475/week
Outcome: sold for $565,000
Agents: Chris Reeves

Isthmus west

Grey Lynn

45 Millais St:
Features: 3 flats in bungalow, one of 2 bedrooms, 2 of one bedroom
Outcome: sold for $1.5 million
Agents: Blair Haddow

Hillsborough

80 Carlton St:
Features: cross-lease, 1034m², 4 bedrooms, 3 bathrooms, balcony, 3 parking spaces
Outcome: passed in
Agents: Chris Reeves

North-east

Whangaparaoa, Matakatia

64A Matakatia Parade:
Features: cross-lease, half share in 822m², beachfront, 4 bedrooms, office, 2 bathrooms
Outcome: passed in at $1.01 million
Agents: Sue & Charles Donoghue

North-west

Kaukapakapa

158 Hellyer Rd:
Features: 400ha farm
Outcome: passed in at $4.2 million, sold post-auction for $5 million
Agents: Karen Asquith & Graeme Mann

Attribution: Auction.

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Martin sells Whangaparaoa apartment site

The land for the fourth component of a development on the Whangaparaoa Peninsula by Finstar Management Ltd has been sold by Rick Martin (ex-Cornerstone Group Ltd) to another local developer.

The 4014m² development site at 85-89 Brightside Rd, Stanmore Bay, has been sold for $2.25 million through Ellie Martin & Euan Stratton of Colliers International.

Mr Stratton said yesterday the unnamed buyer expected to pursue an apartment development, but would change the design from the 4-storey building Mr Martin envisaged.

The Ozone Apartments were to have been built beside a 2200m² New World supermarket, an 1800m² specialty retail offer and a 900m² purpose-built 4-tenant hospitality precinct at 580 Whangaparaoa Rd, on the former hardware supplies property previously occupied by both PlaceMakers & Mitre 10.

Foodstuffs North Island Ltd will open its supermarket on Tuesday 8 December.

Mr Martin was the developer of 2 apartment towers, the Nautilus at Orewa and the Sentinel in Takapuna.

A $25 million judgment was awarded in May against Auckland Council, as successor to the Rodney District Council, for construction faults in the Nautilus development. Mr Martin’s development company Tamariki Ltd, had gone into liquidation in 2008, the head contractor, Brookfield Multiplex Constructions (NZ) Ltd, went into liquidation in December 2012, and the architects, Walker Architects Ltd (ex-Walker Co-partnership Ltd), went into liquidation a week before the trial began in August last year.

Other Colliers transactions:

Sale

North-west

Henderson

59 Keeling Rd:
Features: 5566m² site, 1121m² office/warehouse
Outcome: sold for $1.68 million
Agents: Chris Upright & Dhiru Patel

Lease

North-east

Mairangi Bay

27 Triton Drive:
Features: 951.5m² warehouse
Rent: $140,000/year net, representing $147/m²
Agents: Ryan de Zwart & Matt Prentice

Earlier stories:
29 May 2015: Council agrees to pay $23.8 million to Nautilus owners
1 May 2015: $25 million leaks judgment for $35 million Nautilus building

Attribution: Agency release.

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McConnell appointed to develop ex-council Whangaparaoa site

Auckland Council has confirmed McConnell Property Ltd as the developer for a 59-house development on a 2ha former council-owned site on the Whangaparaoa Peninsula.

McConnell signed a development agreement for the site at 20 Link Crescent, Stanmore Bay, this week and will start construction in the first half of next year.

Under the agreement, McConnell must complete the subdivision and get the houses built within a timeframe agreed with key stakeholders.

Former council-controlled organisation Auckland Council Property Ltd (now Panuku Development Auckland) has overseen the council disposal process, and Panuku interim chief executive John Dalzell said yesterday the Link Crescent project demonstrated the critical role Panuku would play in supporting housing demands by enabling development of council-owned land in urban areas.

“To cater for the record levels of growth across Auckland at present, it’s important we first make the most of land we’ve got direct access to and manage on behalf of the council. As outlined in the Auckland Plan, there’s every reason to suggest intensive development done right has a strong role to play in the region’s future.

“Link Crescent is a great example of this, and thanks must go to the Hibiscus & Bays Local Board for its support of the development concept.”

Initial plans indicate up to 59 homes in a mix of detached & non-detached 2- to 4-bedroom townhouses, with a focus on quality, best practice urban design principles & environmental sustainability. Development will also include a new landscaped public reserve, a playground & a wetland, as well as associated stormwater infrastructure to provide improved drainage.

McConnell Property general manager Nigel Richards said the company expected to lodge planning & consent applications before the end of this year, and to start construction in the second quarter of 2016.

Consultation on use of the site dates back to 2002. In 2009, the Rodney District Council rezoned the land residential and approved the sale. In early 2014, options for the layout of the development were presented to the local community, local iwi & the local board with the resulting feedback being incorporated into the masterplanning process.

Image above: The site across Link Drive, Whangaparaoa, from the Plaza mall and a new development of apartments & shop spaces.

Attribution: Panuku release.

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