Archive | Whangaparaoa

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Outcome: withdrawn from auction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Outcome: withdrawn from auction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Outcome: withdrawn from auction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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Penlink start heads into distance as Hibiscus Coast congestion worsens

The fate of Penlink – its construction heading into the far-distant future instead of releasing constraints that are jamming an entire sub-region – is a fine example of how talking up a strategy doesn’t necessarily equate to action.

In 2013, a year after Auckland Council endorsed its Auckland Plan – the overarching regional policy & strategy document with a 30-year horizon – Penlink had an expected construction start of July 2016 for an opening in 2019. Then the start date slipped back 2 years and, this year, council long-term financial plans were slashed.

Map of the Penlink route.

Map of the Penlink route.

Penlink – otherwise known as the Weiti crossing, the 7km of road & bridge linking the Whangaparaoa Peninsula to State Highway 1 at Dairy Flat – moved back into the never-never as work began on new subdivisions at Gulf Harbour, Stanmore Bay & Red Beach, and development continues apace at Millwater, between the peninsula & the highway.

Traffic leaving the peninsula hits a traffic jam at Red Beach at 6am weekdays – 40km north of Auckland’s central business district.

Auckland Transport has consent to develop a 2-lane Penlink, but the project is now in the council’s 2025-35 financial timeframe and the council-controlled transport arm has applied to widen it to 4 lanes. To give certainty to the project, if not the precise timing, this involves seeking a 20-year extension to the lapse period for its notice of requirement, a 20-year duration for the resource consents and a 35-year duration & 20-year lapse period for the operational consents.

The hearing began before commissioners Dave Serjeant (chair), Bill Kapea, Michael Parsonson & Cherie Lane yesterday, will continue until tomorrow, then resume in a fortnight for a closing.

Auckland Transport counsel Andrew Beatson told the hearing panel yesterday the wider road was necessary because of the 40% increase in people relying on the Hibiscus Coast Highway (leading to the peninsula) over the last 12 years.

“This residential growth has not been matched by commercial growth, which has resulted in a high proportion of residents relying on daily trips out of the area. This has resulted in significant congestion and therefore poor travel times & journey reliability along both Whangaparaoa Rd & Hibiscus Coast Highway. The route also has poor provision for multi-modal services as, while there are existing bus services, these are unreliable due to congestion.”

Mr Beatson said alternatives didn’t match a 4-lane Penlink – 2 lanes on Penlink plus widening Whangaparaoa Rd to 4 lanes would affect 780 properties but still wouldn’t alleviate pressure on the Hibiscus Coast Highway & Silverdale interchange, while buses would be caught in the slow traffic.

And, while the whole Hibiscus Coast is a growth area, submitters told the panel in written submissions yesterday they struggled to get approval for development as Auckland Transport opposed anything that would worsen congestion.

Asher Davidson, counsel for 3 submitters which own land just south of Silverdale – Silverdale Golf Range Ltd, LM Painton Estate & Runwild Trust – said they wanted a shorter lapse period, a maximum 10 years. He said the constraint on traffic while Penlink remained unbuilt severely limited what they could do on their land: “Penlink has the durect effect of unlocking otherwise appropriate & much needed development within the Silverdale area.

Emma Bayly, counsel for Weiti Forest owner Hugh Green Ltd, said it had a 359ha landholding next to the notice of requirement route where, with a zone change, up to 2000 houses could be built. The company was concerned at what access it might have to the Penlink route.

Note: I live on the peninsula, but for many years thought early provision of alternatives would negate the need for Penlink. While the alternatives have been less fruitful than anticipated, continued construction of housing without improving access means congestion can only worsen.

Image above: Auckland Transport impression of the 2-lane Penlink.

Attribution: Hearing submissions.

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Shore sales & lease

Bayleys agents on the Shore have reported 4 sales & one lease signed.

North-east

Sales

Albany

14 Corinthian Drive, unit 10:
Features: 102m² retail unit – retail 85m², other area 17m², occupied by Kiwi Island Ltd
Rent: $45,000/year net
Outcome: sold in August for $725,000 + gst at 6.2% yield, $7101/m²
Agents: James Yu, Eddie Zhong, Damian Stephen & Michael Block

Rosedale

14 Airborne Rd, unit 8:
Features: 156m² industrial unit, 2 parking spaces
Outcome: sold in September for $515,000 + gst at $3301/m² land & building
Agents: Michael Nees & Simon Aldridge

Wairau Valley

6 Argus Place, unit C:
Features: 483m² industrial unit – office 213m², warehouse 90m², showroom 180m², 9 parking spaces
Outcome: sold in July for $965,000 + gst, land & building value $1998/m²
Agent: Colin Harper

75 Porana Rd, unit A:
Features: 430m² retail unit – retail 276m², office area 154m², occupied by Direct Office Furniture (2011) Ltd, 8 parking spaces
Rent: $55,000/year net
Outcome: sold in September for $1.099 million + gst at 5% yield, $2555/m²
Agents: Tonia Robertson, Chris White & Trevor Duffin

Leases

Gulf Harbour

69 Gulf Harbour Drive, unit H:
Features: 100m² retail, 8 parking spaces
Rent: leased in August for $36,000/year net + gst at $360/m² premises rental
Outcome:
Agents: Terry Kim

Attribution: Agency release.

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