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11 Total Property auction sales outside Auckland

11 commercial properties were sold at Bayleys’ Total Property auctions outside Auckland last week, on top of 12 sales through its Auckland auction.

A new office building in Hamilton (pictured) sold at a 5.4% yield and an older Hamilton building at a 6.4% yield, yields on Porirua food outlets varied from 5.6% to 7.9%, and 2 buildings in Christchurch sold at yields of 5.8% & 6.1%.

North

Kerikeri

185 Waipapa Rd:
Features: 6340m2 site, 8km from centre of Kerikeri, 590m2 industrial building, 3 short-term leases all expiring in May
Rent: $53,000/year net + gst
Outcome: sold for $785,000 at a 6.75% yield
Agent: Alan Broadbent

South of the Bombays

Bay of Plenty

Tauranga

56 Elizabeth St:
Features: 481m2 cbd site next to large carpark, 890m2 2-level building, partly occupied by Subway, balance of ground floor & upper-level office space vacant
Rent: $43,028/year net + gst; estimated potential income about $180,000/year net + gst
Outcome: sold for $2.15 million
Agents: Brendon & Lynn Bradley

Waikato

Frankton

92 Kent St:
Features: 607m2 corner site, 352m2 2-level building, long established tenant Waikato Drycleaners on 3-year lease from September 2014, 2 3-year rights of renewal
Rent: $32,000/year net + gst
Outcome: sold for $500,000 at a 6.4% yield
Agents: Brendon & Lynn Bradley & Mike Swanson

Hamilton

238 Anglesea St:
Features: 825m2 cbd site on the corner of Collingwood St, 1426m2 2-level new A grade office building, fully leased to 3 tenants on 3- to 6-year leases, Mike Greer Homes on ground floor and the Public Trust above
Rent: $254,661/year net + gst
Outcome: sold for $4.7 million at a 5.4% yield
Agents: Alex ten Hove & Mike Swanson

Wellington

Grenada North

16 Jamaica Drive, unit 44:
Features: 175m2, 6.4m-high warehouse/factory unit, 3 parking spaces in Grenada business park
Outcome: sold vacant for $355,000
Agent: Andrew Smith

Lower Hutt

Alicetown, 5 Victoria St:
Features: 299mworkshop, 3-4 park parking spaces
Outcome: sold vacant for $350,000
Agents: Andrew Smith & Paul Cudby

Porirua

1C Hagley St:
Features: 109m2 unit occupied by Chef’s Palette noodle bar for 3 years from May 2015, 2 3-year rights of renewal, one rear parking space
Rent: $18,130/year net + gst
Outcome: sold for $325,000 at a 5.6% yield
Agent: Jon Pottinger

1D & 1E Hagley St:
Features: 603m2 unit occupied by Dynasty Chinese restaurant for 6 years from July 2014, with one 6-year right of renewal, 2 rear parking spaces
Rent: $72,561/year net + gst
Outcome: sold for $920,000 at a 7.9% yield
Agents: Jon Pottinger

South Island

Canterbury

Amberley

218-240 Carters Rd:
Features: 2.8867ha in 2 titles on State Highway 1 site, 8500m2 of vacant land available for development or lease, about 1000m2 of industrial buildings with 6 tenancies, short average lease term, 60m2 vacant, anchored by timber company Goldpine
Rent: $112,000/year net + gst
Outcome: sold for $1.45 million at a 7.72% yield
Agents: Stewart White, Chris Frank & Alex White

Christchurch

Sockburn, 22 Alloy St:
Features: 1041m2 site, 13 offstreet parking spaces, 546m2 warehouse & office building; Teltrac Communications Ltd has occupied it since early 1990s and has new 6-year lease from January 2017 and 2 4-year rights of renewal
Rent: $92,000/year net + gst
Outcome: sold for $1.504 million at a 6.1% yield
Agents: Stewart White, Chris Frank & Alex White

Waltham, 18 Iversen Terrace:
Features: 1000m2 site, 815m2 warehouse & office building; Larson-Juhl NZ Ltd has occupied it since 2002 & exercised final 3-year right of renewal in September 2016
Rent: $83,816/year net + gst
Outcome: sold for $1.445 million at a 5.8% yield
Agent: Nick O’Styke

Attribution: Agency release.

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Warkworth-Wellsford indicative route unveiled

The NZ Transport Agency released an indicative route on Tuesday for the State Highway 1 replacement between Warkworth & Northland.

Image above: The NZ Transport Agency’s map of the indicative route. Link below is to a larger version of the map.

The route will run well west of Warkworth then head east to skirt Wellsford & Te Hana, returning to the existing highway route at Vipond Rd, a few bends south of the border between the Auckland city/region & Northland province.

3 interchanges will connect the motorway with Warkworth, Wellsford at Wayby Valley Rd and Te Hana at Mangawhai Rd.

The project is a continuation of the road of national significance that started by bypassing Silverdale & Orewa and currently returns to the old route just south of Puhoi.

Transport Minister Simon Bridges said: “It will reduce the overall travel time between Warkworth & Te Hana by bypassing town centres, and avoiding the steep & winding Dome Valley. The straighter road alignment will also reduce the high crash rate through this area and reduce congestion & frustrations for motorists that often get stuck behind slow-moving heavy vehicles.”

The Dome Valley is not exactly steep but is constrained from widening, while the chosen route looks like it will cut through hillier terrain.

The 18.5km Puhoi-Warkworth section is scheduled to open in late 2021. It’s being delivered by the Northern Express Group (NX2) as a public-private partnership. The transport agency is working towards designating the 19.5km Warkworth-Wellsford section route by the end of 2018.

The route is also on the Government’s Connecting Northland strategy. Mr Bridges said: “Improving this road is part of the Government’s commitment to ensuring transport infrastructure is in place to connect communities, get people to places of work and freight to key export markets, which are all vital in helping Northland’s economy grow.”

Links:
NZTA, Ara Tuhono, Warkworth-Wellsford
Ara Tuhono map pdf

Earlier story:
28 July 2014: NZTA gets Puhoi-Warkworth consents, no standard condition 1, economic & alternative objections sidelined

Attribution: NZTA, ministerial release.

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Updated: 9 sell at Bayleys’ Auckland commercial auction, 2 post-auction, 3 in Wellington, 1 in Whakatane

Published 28 October 2016, updated 7 November 2016:
9 of the 16 properties auctioned in Bayleys 6th Total Property portfolio for the year were sold under the hammer on Wednesday or shortly after.

They included 2 Post Shops, and the post-auction sale of 2 properties in a mixed portfolio offered by one vendor.

Another 2, in Manurewa & Wiri, have sold post-auction at prices substantially above the levels they were passed in at (details below).

In Wellington, all 3 properties in the Total Property offering yesterday were sold. Another in Whakatane was also sold.

The Auckland auction opened with the sale of 2 Post Shop/ Kiwibank premises, one in Royal Oak (pictured) selling on a yield just under 5% and one in Mt Eden on a 3.6% yield. The second of these, on Dominion Rd, went on the market at $3.1 million and sold for $750,000 more. Auction of a third Post Shop property, in Penrose, was postponed. 2 others in Kaitaia & Thames were up for tender, closing yesterday.

3 of the 4 properties offered by Kermani Properties Ltd were passed in and the fourth, a commercial kitchen & retail premises at ground level in the Grand Chancellor Hotel building, was withdrawn. However, sales were later concluded on a standalone building in the Otara town centre & 2 buildings on Papakura’s Broadway.

CBD

Queen St

175 Queen St, unit 14:
Features: vacant 228m² top floor, secure basement parking space
Outcome: passed in at $800,000
Agents: Quinn Ngo & Matt Lee

Victoria Quarter

Grand Chancellor, 1 Hobson St:
Features: 320m² street-level retail unit with kitchen, 2 entrances from hotel lobby & street
Outcome: withdrawn from auction
Agents: Millie Liang & Oscar Kuang

Isthmus east

Otahuhu

56-58 Atkinson Avenue:
Features: Box Building, 283m² corner site, residential & commercial tenants
Rent: $74,396/year net + gst
Outcome: no bid
Agents: Tony Chaudhary & Janak Darji

Penrose

39 Station Rd:
Features: 822m² site, 413m² Post Shop building, 7 parking spaces, seismic rating 60% new building standard
Rent: $63,000/year net + gst
Outcome: auction postponed
Agents: Cameron Melhuish & Andrew Wallace

Remuera

551-553 Remuera Rd:
Features: 531m² site, 220m² 2-level character building, ground-floor retail, offices upstairs, rear access off Upland Rd; 3-year lease from May to long established tenant School Uniform Centre, in occupation since 1998, with 2 3-year rights of renewal
Rent: $57,200/year net + gst
Outcome: sold for $1.69 million at a 3.38% yield
Agents: James Chan, Quinn Ngo & Owen Ding

Royal Oak

794 Manukau Rd:
Features: 581m² site on roundabout, 277m² single-level building, A grade seismic rating; town centre zoning, 27m height overlay; building occupies about half the site on one title, separate land-only title used for casual parking
Rent: $103,000/year net + gst; Post Shop/ Kiwibank franchisee contributes $58,000, balance paid by liquor store
Outcome: sold for $2.07 million at a 4.97% yield
Agents: Cameron Melhuish & Alan Haydock

Isthmus west

Mt Eden

371 Dominion Rd:
Features: 974m² corner site, 581m² 2-level building fully occupied on 3- to 6-year lease terms; Post Shop/Kiwibank franchisee & copy centre occupy the ground floor with an office tenant above; An underutilised vacant land area behind the building, accessed off King Edward St, provides a development opportunity; local centre zoning allows buildings up to 3 storeys incorporating upper floor residential
Rent: $134,362/year net + gst
Outcome: sold for $3.85 million at a 3.59% yield
Agents: Cameron Melhuish & Alan Haydock

North

Whangarei

Kensington, 11 Kensington Avenue:
Features: 2300m² site, new 650m² radiology facility set among other healthcare complexes, 9-year lease to TRG Imaging, NZ’s largest radiology group, one 6-year right of renewal
Rent: $192,000/year net + gst
Outcome: sold for $3.115 million at a 6.16% yield
Agents: Ranjan Unka & Ross Blomfield

North-east

Albany

6-8 Omega St, units 7 & 9:
Features: office units of 227m² & 222m², 8 exclusive parking spaces + more shared
Rent: $110,000/year net + gst from new 3-year lease
Outcome: withdrawn from auction
Agents: Alex Strever & Dean Gilbert-Smith

52 Oteha Valley Rd, unit A:
Features: 70m² retail unit occupied by liquor store
Rent: lease recently renewed for 3 years at $30,102/year net
Outcome: sold for $585,000 at a 5.14% yield
Agents: Matt Mimmack & Alex Strever

South

East Tamaki

20 Kerwyn Avenue, factory 1:
Features: cross-lease, half share in 3000m², 765m² medium-stud industrial premises on high visibility corner site with dual street access; 587m² factory/workshop with 4 roller doors
Rent: longstanding monthly tenancy returning $81,900/year
Outcome: sold for $1.825 million at a 4.48% yield
Agents: Jamsheed Sidhwa & Luke Carran

11 Stonedon Drive, unit H:
Features: 170m² industrial unit, 2 roller doors, 3 parking spaces; tenant of 12 years, United Industries, has signed for an additional 5 years, with 5 more 5-year rights of renewal
Rent: $32,400/year net + gst
Outcome: sold for $720,000 (including $93,913 gst) at a 5.17% yield
Agents: Nelson Raines

Manurewa

Updated: 185-189 Great South Rd:
Features: 2-level 1124m² commercial unit with multiple retail & office tenants, between New World & South Mall entrance
Rent: $215,921/year net + gst
Outcome: passed in at $2 million, sold post-auction for $2.45 million at an 8.81% yield
Agents: Oscar Kuang, James Chan, Tony Chaudhary & Janak Darji

Otara

The Kermani building on Fair Mall place, Otara, sold post-auction.

The Kermani building on Fair Mall place, Otara, sold post-auction.

19 Fair Mall Place:
Features: 501m² site in heart of the town centre, multi-tenanted 980m² building; ground floor fully leased on 3- to 6-year terms to butcher, TAB, pizza outlet & discount store; 485m² upstairs, recently occupied by a nightclub, is vacant
Rent: $174,702/year net + gst
Outcome: passed in at $1.675 million, sold shortly after for $1.76 million
Agents: Oscar Kuang & James Chan

Papakura

28-30 Broadway:
Features: 488m² site in 2 titles, 2 adjoining retail & office buildings totalling 569m², metropolitan centre zoning has height allowance of 40.5m
Outcome: passed in at $510,000, sold shortly after for $545,000 with vacant possession
Agents: Oscar Kuang, Peter Migounoff & Tony Chaudhary

201-203 Great South Rd:
Features: 438m² site, vacant 700m² floor area – 390m² ground-floor retail in former bank, 131m² mezzanine, 179m² rear warehouse & parking
Outcome: no bid
Agents: Piyush Kumar & Peter Migounoff

82 Hunua Rd:
Features: 1.9488ha site zoned industrial 4 (heavy zoning)
Outcome: no bid
Agents: Shane Snijder & Peter Migounoff

Wiri

Updated: 14 Aerovista Place:
Features: 3931m² bare land, zoned heavy industrial, new 5-year lease from March 2016 to Titan Containers NZ
Rent: $100,000/year net + gst
Outcome: passed in at $1.55 million, sold post-auction for $1.75 million at a 5.71% yield and a land value of  $445/m2
Agents: Nick Bayley & Dave Stanley

South of the Bombays

Bay of Plenty

Whakatane

34 Valley Rd:
Features: 3046m² site, 1548m² storage facility, multi-tenanted 74-unit complex with 95-100% occupancy
Outcome: sold as a freehold going concern for $1.325 million
Agents: Brendon Bradley & Matthew Gibbard

Manawatu

Palmerston North

14-18 Broadway Avenue (auctioned in Auckland):
Features: 337m² site, 1400m² floor area,
Rent: $36,000/year net + gst from 2 tenants
Outcome: no bid
Agents: Quinn Ngo & Owen Ding

Wellington

Lower Hutt – Alicetown

31 Wakefield St:
Features: 485m² workshop/office building, fully refurbished & strengthened to 75% of new building standard, new 6-year lease to Central Electrical which has been in occupation for 15 years
Rent: $55,000/year net + gst, annual 2.5% increases
Outcome: sold for $720,000 at a 7.63% yield
Agents: Andrew Smith & Paul Cudby

Tawa

180-182 Main Rd:
Features: 506m² site in shopping precinct, 670m² 2-level commercial building, 5 leased retail tenancies on ground floor plus 5 smaller office tenancies above and one larger vacant office tenancy
Outcome: sold for $869,000
Agent: Jon Pottinger

Upper Hutt

806 – 808 Fergusson Drive:
Features: 916m² fringe city site, 960m² high stud warehouse; Jetts Gym & Pak ’n Save have new leases running until 2022
Rent: $110,000/year net + gst
Outcome: sold for $1.21 million at a 9.09% yield
Agents: Matt Gibbs & Fraser Press

Attribution: Auction, agency releases.

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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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Grafton & Kawakawa sales

2 properties taken to tender through Bayleys’ last Total Property campaign have been sold.

Isthmus east

Grafton

15 Nugent St (pictured):
Features: under-utilised 1988msite with 30 parking spaces, near the Khyber Pass Rd intersection, 939m2 industrial building occupied by a longstanding automotive tenant, Autohaus NZ Ltd, on 12-month lease;  unitary plan mixed-use zoning allows buildings up to 5 storeys (20.5m), with Auckland Boys’ Grammar School zoning enhancing residential development appeal
Rent: $162,000/year net + gst
Outcome: sold for $6.7 million at a 2.42% yield & land value of $3370/m2
Agents: Alan & Phil Haydock

North

Kawakawa

4 Station Rd:
Features: Caltex service station on 2957m2 site on State Highway 1 corner, 242m1980s commercial building contains the service station’s Fix retail premises plus a separate takeaway restaurant & fish shop, trading as Stumpy’s & operating under a sub-lease; over 11 years remaining on 23-year lease + 2 10-year rights of renewal
Rent: $208,343/year net + gst, annual rental increases to higher of 2% or CPI
Outcome: sold for $3.1 million at a 6.7% yield
Agents: Alan Haydock, Damien Bullick, Ken Hu & Tonya Spicer

Attribution: Agency release.

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Winder to stay on at Kaipara council as Crown manager

Peter Winder.

Peter Winder.

One of the 3 commissioners who’ve been in charge of the Kaipara District Council since 2012, Peter Winder, will stay on as Crown manager after the local body elections on 8 October.

The Government appointed 4 commissioners to replace the elected council in August 2012 – John Robertson (chair), Richard Booth, Colin Dale & Peter Winder. Mr Dale, former chief executive of the Manukau City Council, left his Kaipara role in February 2014 to become acting chief executive of the Far North District Council.

The primary cause of the decision to appoint commissioners was the blowout in cost of the new Mangawhai sewage scheme.

Associate Local Government Minister Louise Upston said yesterday Mr Winder would bring with him his extensive experience & in-depth knowledge: “Mr Winder will support council members by taking responsibility for legal actions relating to past issues on their behalf. This will allow council members to focus on the district’s future.”

The Crown manager role is for 3 years.

Mr Winder was chief executive of the Auckland Regional Council for the 5 years until it became part of the new Auckland Council, and set up a private firm, McGredy Winder & Co Ltd, in 2010 to work on advice & strategies for public organisations.

He was previously the regional council’s transport director for a year, chief executive of Local Government NZ for 2 years and spent 5 years at Tourism NZ as industry strategy general manager. He’s chaired the Manukau Institute of Technology since December 2013.

Earlier stories:
6 June 2016: Kaipara to get elected council in October
26 April 2015: Kaipara commissioners reappointed until 2016
30 August 2012: 
Minister names 4 commissioners to run Kaipara council

Attribution: Ministerial release.

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Maungaturoto hotel among sales & leases

Bayleys North Shore agents have reported 5 sales of commercial property in April & June and 4 leases. They include sale of the Maungaturoto Hotel and buildings at Birkenhead, Riverhead & Rosedale, leases on offices in Browns Bay & Takapuna and yard space at Dairy Flat.

Sales:

North

Maungaturoto

35 Hurndall St East:
Features: 13,224m² site, Maungaturoto Hotel
Rent: $57,200/year net
Outcome: sold in April for $415,000 + gst
Agents: Michael Nees, Brian Caldwell & Simon Aldridge

North-east

Birkenhead

65-67 Birkenhead Avenue:
Features: 744m² site, 1042m² retail & office building
Rent: $200,000/year net
Outcome: sold in June for $3.2 million + gst
Agents: Adam Watton, Adam Curtis & Damian Stephen

Riverhead

15 Timber Place:
Features: 2164m² industrial building
Outcome: sold in June for $620,000 at $286/m²
Agent: Rosemary Wakeman

Rosedale

18 Triton Drive, unit E4:
Features: 220m² industrial unit – office 170m², warehouse 50m², 4 parking spaces, Niagara Healthcare as tenant
Rent: $33,000/year net
Outcome: sold in June for $620,000 at 5.3% yield
Agents: Adam Watton & Adam Curtis

39 William Pickering Drive:
Features: 2749m² site, 1890.4m² building
Rent: $235,000/year net
Outcome: sold in June for $4 million + gst at 5.875% yield, $2116/m² building
Agent: Matt Mimmack

Leases:

North-east

Browns Bay

77-85 Clyde Rd:
Features: 98m² office, parking space
Rent: $26,290/year net, premises rental $255/m²
Agent: Steven Liu

Dairy Flat

1748 Dairy Flat Highway:
Features: 1200m² yard
Rent: $26,400/year net + gst, premises rental $22/m²
Agents: Rosemary Wakeman & Eddie Zhong

Part 1744 Dairy Flat Highway:
Features: 1500m² yard
Rent: $33,000/year net + gst, premises rental $22/m²
Agent: Rosemary Wakeman

Takapuna

501-505 Lake Rd, level 1, suite 2:
Features: 91m² office, 2 parking spaces
Rent: $30,668.80/year net + gst, parking $50/space/week, $25,468.80/year net excluding parking, premises rental $280/m²
Agents: Ryan Dannhauser & Matt Mimmack

Attribution: Agency release.

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Marsden B land among Colliers sales

The 45ha site of the former Marsden B power station at Ruakaka in Northland has been sold for $8.5 million.

The 250MW oil-fired power station, overlooking the beach at Ruakaka near the Marsden Point oil refinery, was mothballed in 1978 without being commissioned and eventually became the property of Mighty River Power Ltd. The plant was sold in 2012 to United Telecoms Ltd of Bangalore, India, dismantled & shipped to India. The Marsden A power station, also oil-fired, was largely dismantled in 1997-98 and the job finished in 2012.

Another 83ha at Marsden Point was acquired about 10 years ago by Oliver Scott through various companies & trusts in his North Holdings group, but Westpac NZ Ltd put those companies into receivership in May 2015, with total debt to the bank of $56.8 million.

The power station site is one of 3 sales reported by Colliers agents this week (and, for Marsden B, NAI Harcourts). Another is a Lovegrove Crescent warehouse in Otara, sold 8 months after being passed in at auction, and the third is a showroom on Cavendish Drive, Manukau.

North

Ruakaka

Sime Rd:
Features: 45ha bare land, former Marsden B power station site
Outcome: sold for $8.5 million
Agents: Tim Lichtenstein & Alan McMahon (Colliers) & Peter Peeters (NAI Harcourts)

South

Manukau Central

39C Cavendish Drive:
Features: 430m² showroom
Outcome: sold for $960,000
Agents: Ash Vincent & Jolyon Thomson

Otara

15 Lovegrove Crescent, unit 5:
Features: 2253m² site, 1479m² office & warehouse net lettable area
Rent: $107,500/year net (at auction date)
Outcome: sold for $1.2 million after being passed in at auction last October at $850,000, followed by vendor indicator “bids” of $1 million & $1.07 million
Agents: Jolyon Thomson, Ben Cockram & Jonathan Lynch

Attribution: Agency release, Companies Office, files.

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Kaipara to get elected council in October

The Kaipara District will return to having a fully elected council at this year’s local body elections, supported by a Crown manager & a Crown observer. The previous elected council resigned in 2012 and was replaced by commissioners.

Associate Local Government Minister Louise Upston said last week: “The Kaipara commissioners have made significant progress in getting the council into a stable financial position. It is time the council returns to a fully elected council. I have called an election of the council to coincide with the local body elections in October.”

Ms Upston said she would also appoint a Crown manager and a Crown observer to support the newly elected council as it settles in: “I will appoint a Crown manager to take responsibility for certain outstanding legal actions on behalf of the newly elected council. Newly elected council members will then be able to focus on providing effective governance and on the district’s future, rather than being distracted by past issues.

“It is important that newly elected council members have the right support to be successful in their demanding & complex role. With this in mind, I will also appoint a Crown observer to help ensure newly elected council members are well supported. The Crown observer will not be involved in decision-making and will only offer advice or guidance.

“It is crucial that the Kaipara District is able to look to the future. The return to a fully elected council, together with a Crown Manager and Crown Observer supporting the Council, will provide the District with a fresh start.”

Crown Manager and Crown Observer appointees will be announced in the coming months.

Earlier stories:
27 April 2016: Kaipara commissioners seek input on annual plan
26 April 2015: Kaipara commissioners reappointed until 2016
30 August 2012: Minister names 4 commissioners to run Kaipara council

Attribution: Ministerial release.

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3 commercial sales in Matakana, Henderson & Takanini

A mixed-use Matakana site (in picture foreground) sold by Colliers & NAI Harcourts agents is one of 3 new transactions reported by Colliers. The other 2, both commercial, are in Henderson & Takanini.

North

Matakana

33, 35 & 41 Matakana Valley Rd:
Features: 3369m² mixed-use site in 3 titles, each with a house on it
Outcome: sold for $2.1 million
Agents: Jonathan Lynch (Colliers) & Richard Parkinson (NAI Harcourts)

North-west

Henderson

404 Great North Rd:
Features: 1268m² 2-storey building, 634m2 ground-floor retail vacant
Outcome: sold for $1.8 million
Agents: Michael Bray & Craig Smith

South

Takanini

15 Inlet Rd:
Features: 7701m² site, 3433m² showroom/warehouse in 2 buildings, Trade Depot Ltd lease expires next March
Rent: $323,000/year net from present lease
Outcome: sold for $3.375 million
Agents: Paul Jarvie & Andrew Hooper

Attribution: Agency release.

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