Archive | Bay of Islands

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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Motel passed in at auction

A Rotorua motel was passed in without a bid other than from the vendor at NAI Harcourts’ auction in Takapuna yesterday. The auction of a Rosedale property was postponed a week and the third property to have been offered, a Paihia restaurant, was taken off the auction list but is still for sale.

South of the Bombays

Rotorua

263 Fenton St:
Features: 1739m² site, 580m² 3-storey building, freehold tenanted motel investment, 15 guest units plus 3-bedroom owner’s accommodation; the land is zoned resort B but under the proposed district plan would change to commercial 4, providing development potential
Rent: $101,350/year + gst, outgoings paid by business owner, on lease expiring 31 December 2023, with a 5-year right of renewal
Outcome: passed in at vendor bid of $1.5 million
Agent: Chris Park

North

Paihia

78 Marsden Rd, unit R1:
Features: 275.4m² net area of waterfront Thai restaurant, 8 basement parking spaces Outcome: withdrawn from auction but is for sale
Agent: Hayden Clarke

North-east

Rosedale

32 Constellation Drive, unit 1:
Features: 431m², 2-level building – office 161m², retail 171m², Coffee Club on 8-year lease from October 2013, Remax on 4-year lease from August 2015
Rent: $130,540/year net + gst, rent increase by review in October
Outcome: auction postponed to Tuesday 22 September at 11am
Agents: Geoff Thorne & Leanne Bate

Attribution: Auction.

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10 intensive-development units sell at Barfoots

10 intensive-development units – apartments, suburban units and properties on cross-leases – and a commercial property were sold under the hammer at Barfoot & Thompson’s auction on Wednesday. A number of others were sold pre-auction, and I was missing a few results.

Cross-lease details give you an idea of intensification that’s occurred over the years, often unobtrusively. An important factor is that land value is at a premium, and in the case of many cross-leases the share of land is small and may not be easily realised.

In that sense they closely resemble apartments, but they don’t share the vertical risk of apartment buildings.

CBD

Albert St

Stamford Residences, 26 Albert St, unit 1709:
Features: 85m², one bedroom, balcony
Outgoings: body corp levy $4795/year
Outcome: sold for $620,000
Agent: Jason Li

Federal St

The Federal, 207 Federal St, unit 407:
Features: 61m², 2 bedrooms, parking space
Outcome: sold for $545,000
Agent: Casey Chen

Learning Quarter

Unilodge, 138 Anzac Avenue, unit 1411:
Features: leasehold studio, management lease
Outcome: sold for $41,000 at mortgagee auction
Agents: Philip Davis & Paul Humphries

Argent Hall, 2 Eden Crescent, unit 3C:
Features: 30m² studio
Outcome: passed in
Agents: Stephen & Leo Shin

The Crescent, 7 Eden Crescent, unit 502:
Features: one bedroom, balcony, secure parking space
Outcome: passed in
Agents: Estee Zeng & Sarah Garlick

96 on Symonds, 96 Symonds St, unit 606:
Features: 2 bedrooms, garage
Outcome: sold for $365,000
Agents: Johnson Chen & Richard Han

Victoria Quarter

Hobson Gardens, 205 Hobson St, unit 9D:
Features: 2 bedrooms, parking space
Outcome: no bid
Agents: Philip Davis & Nicola O’Brien

Isthmus east

Epsom

223 Manukau Rd, unit 6:
Features: cross-leased, one-8th of 930m², 2-bedroom rear unit in art deco building
Outcome: no bid
Agent: James Taylor

Parnell

9 Cotesmore Way:
Features: totally renovated & reclad 3-bedroom townhouse, deck, tandem garage
Outcome: passed in
Agent: Bernard Scahill

Remuera

16 Belmont Terrace, unit 4:
Features: cross-lease, one-20th share of 1135m², studio
Outcome: sold for $410,000
Agent: Sara-Jayne Kingston

758 Remuera Rd, unit 3:
Features: cross-lease, quarter share of 1168m², 3 bedrooms, outdoor area, deck
Outcome: sold for $1.275 million
Agent: Julie Fitzpatrick

St Johns

146 St Johns Rd, unit 3:
Features: 2 bedrooms, deck, parking space
Outcome: sold for $460,000
Agent: Liz Derbyshire

Tamaki – Mt Wellington

208 Panama Rd:
Features: cross-leased, half share of 947m², 4-bedroom house, standalone double garage
Outcome: sold for $778,000
Agents: Jane Wang & Dragon Zhou

Isthmus west

Pt Chevalier

11 Novar Place:
Features: cross-leased, one-third of 1043m², 2-bedroom unit, basement garage
Outcome: sold for $635,000
Agent: John Gray

North-west

Te Atatu South

St Clair Park Village, 172 McLeod Rd, unit 211:
Features: 3 bedrooms
Outgoings: rates $/year including gst; body corp levy $/year
Income assessment: $/week
Outcome: sold for $574,000
Agents: Nicole Hou & Joyce Wang

South

Papatoetoe

7 St George St:
Features: 864m² section, 2 buildings with storage
Outcome: sold for $1.1 million
Agent: Paul Vermaak

Commercial

North

Bay of Islands – Waipapa

12D Pataka Lane:
Features: 5822m² site, 1671m² warehouse, 5km from Kerikeri near the Waipapa bulk retail centre
Outcome: passed in at mortgagee sale
Agent: Paul Gilberd

Attribution: Auctions.

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Updated: Total Property auction sell rate gets over 50%

Published 5 December 2014, updated with full details 6 December:

In a big Total Property commercial auction at Bayleys on Wednesday, 16 properties were sold under the hammer, 4 sold prior, 2 were offered together then individually but didn’t sell, and 2 were withdrawn.

2 more properties have sold since the auction, taking the sell rate to just over 50% on what was offered.

Keenest bidding was for 2 distinctly properties which didn’t look exceptionally attractive but attracted more than 50 bids each, one at Pokeno (photo above, details at foot of page) and the other in Remuera (see under Isthmus east).

CBD

Queen St valley

9B Victoria St East:
Features: 48m² retail unit occupied by convenience store & money exchange business on 3-year lease until June 2015, with one 3-year right of renewal
Rent: $48,000/year net + gst
Outcome: sold for $775,000 at a 6.19% yield
Agents: Quinn Ngo & Matt Lee

Victoria Quarter

Victoria Park Market, 210 Victoria St West, unit 58:
Features: 41m² retail unit, leased unitl 2018 with 2 4-year rights of renewal
Rent: $26,832/year + gst
Outcome: no bid, passed in at vendor’s bid of $350,000
Agents: Paul Dixon & Samantha Ferguson

Isthmus east

Epsom

Greenwoods Corner, 567 Manukau Rd:
Features: 172m² site, 137m² vacant shop formerly occupied by fashion retailer
Outcome: sold for $750,000
Agents: Ben Wallace & Brendan Graves

Otahuhu

Great South Lodge, 32-34 Great South Rd:
Features: 4 shops of 73-80m² + 696m² 28-room guesthouse with 95% occupancy
Rent: $306,092/year
Outcome: passed in at vendor bid of $2.1 million
Agents: Dave Stanley & Ben Bayley

47 Huia Rd:
Features: 2592m² site, 2393m² net lettable area, 75% new building standard, vacant development opportunity with potential to split into separate tenancies
Outcome: passed in at $800,000
Agents: Simon Andrews & Nick Bayley

59-81 Station Rd:
Features: 1943m² site, 3-level building – 499m² retail, 331m² rear warehouse, 1905m² 31-room guesthouse in the old Orpheus Theatre
Rent: $332,000/year net + gst
Outcome: no bid
Agents: Ben Bayley & Dave Stanley

Panmure

8 Basin View Lane:
Features: 106m² single-storey building on 106m² site in heart of commercial centre
Outcome: sold with vacant possession for $258,000
Agents: Tony Chaudhary & Janak Darji

Parnell

8 Augustus Terrace:
Features: 4-level 309m² office building with 6 parking spaces, designed & originally occupied by award-winning architect Ken Crosson on 190m² elevated site with unobstructed views of the city centre & harbour; 94m² level 2 is vacant
Rent: $59,000/year net + gst from short-term leases on levels 1 & 3
Outcome: sold for $1.342 million
Agents: Matt Lee & James Chan

Penrose

176-178 Station Rd:
Features: 1621m² site in 2 titles with redevelopment potential, occupied by panelbeaters
Rent: $92,560/year net + gst
Outcome: sold for $1.23 million at a 7.52% yield
Agents: Mark Pittaway

1 Wootton Rd, Remuera.

1 Wootton Rd, Remuera.

Remuera

1 Wootton Rd:
Features: 2-level 309m² building, commercial tenancy & vacant residential space on ground floor, 2 residential tenancies above on 551m² residential 7B-zoned site with 2 street frontages in Remuera’s medical belt
Rent: $67,000/year net + gst
Outcome: sold for $2.31 million
Agents: Shayne Snijder, Robert Ashton & Quinn Ngo

Royal Oak

772-776 Manukau Rd:
Features: 364m² building, 4 retail & 2 office tenancies on 639m² leasehold site opposite shopping mall, ground-lease term of 20 years from 1 November 2001 with 20-year rights of renewal until 30 October 3001
Rent: $139,172/year net + gst, all outgoings & ground rent paid by tenants
Outcome: sold for $795,000 at a 17.5% yield
Agents: Ranjan Unka, Deep Purohit & Quinn Ngo

St Johns

23 Hannigan Drive, unit 6:
Features: 224mindustrial unit – 113.5m2 high stud warehousing, 31.5m2 office, 79m2 mezzanine
Outcome: sold prior with vacant possession for $336,000
Agent: Millie Liang

Isthmus west

Balmoral

660 Dominion Rd:
Features: 944m² 2-level building, 522m² tenanted, on 470m² site on the corner of Halston Rd, 5-year head lease until July 2018 to Ruy Ltd, which operates a restaurant on the first floor and subleases 125m² on the first & ground floors to a fast-food tenancy; 313m² on the ground floor, formerly occupied by a supermarket, is vacant
Outcome: passed in at $1.71 million, sold post-auction for $1.75 million
Agents: Millie Liang

Ponsonby

1 Jervois Rd, units Q & R:
Features: 2 ground-floor units in Three Lamps retail complex leased to Media Works for 3 years until January 2017 with 3 3-year rights of renewal
Rent: $25,330/year net + gst
Outcome: sold prior for $400,000 at a 6.33% yield
Agents: Michael Block, Damian Stephen & Eddie Zhong

North

Paihia

Dolphin Motel, 69 Williams Rd:
Features: 1012m² site, 497m² floor area; land, buildings & business offered as freehold going concern; 10 units + one-bedroom manager’s unit
Outcome: passed in at vendor bid of $900,000
Agents: Paul Dixon & Chester Rendell

Warkworth

6 Morrison Drive:
Features: Purpose-built 527m² storage facility, comprising 57 units from 13.5-126m², developed in 2008 on 1769m² site in Woodcocks industrial estate, occupancy running at close to 100%
Outcome: sold for $1.905 million
Agents: Duncan Napier & Steve Orr

North-east

Albany

234 Bush Rd, unit C:
Features: vacant 380m² warehouse & office, 6 exclusive parking spaces
Outcome: passed in at $655,000
Agents: Alex Strever

52 Oteha Valley Rd, unit F:
Features: 92.5m² ground-floor cafe plus an exclusive 13.75m² outdoor area in the centre of the 13-shop Seville retail complex, 6 exclusive stacked parking spaces; leased to Gina’s Café & Cakes until May 2015, with 4 3-year rights of renewal
Rent: $36,000/year net + gst
Outcome: sold for $560,000 at a 6.42% yield
Agents: Damian Stephen, Eddie Zhong & Terry Kim

33 Triton Drive, unit J:
Outcome: withdrawn
Agents: Adam Curtis & Rosemary Wakeman

Northcote

50 Lake Rd:
Features: 2 adjoining mixed-use buildings on 1208m² site, 3 tenancies on 3-4 year leases, 187m² of vacant upper- level office space
Rent: $72,857/year net + gst
Outcome: sold for $1.41 million
Agents: Dean Gilbert-Smith & Simon Aldridge

Takapuna

106-108 Hurstmere Rd, unit B:
Features: 133m² retail unit occupied by a homeware & gift shop and a fashion retailer on short-term leases
Rent: $79,500/year net + gst
Outcome: passed in at $1,366,000 at a 5.8% yield
Agents: Simon Aldridge & Damian Stephen

473 Lake Rd:
Features: 197m² site with rear lane access, 129m² 2-storey building, Green Wasabi Japanese restaurant on a lease until May 2016 in the 74m² ground floor and 55m² first-floor apartment
Rent: $53,100pa/year net + gst, 30% of opex non-recoverable due to the residential tenancy
Outcome: sold for $800,000 at a 6.63% yield
Agents: Damian Stephen, Eddie Zhong & Terry Kim

Wairau Valley

18 Link Drive, unit 18:
Features: 380m² building, 9 parking spaces, leased until September 2019 with one right of renewal
Rent: $69,152/year + gst
Outcome: no bid
Agents: Trevor Duffin & John Algie

4D Target Court:
Features: 320m² industrial unit – 140m² high stud, tilt-slab warehousing, 90m² air-conditioned first-floor offices, 90m² ground-floor showroom
Outcome: sold prior with vacant possession for $575,000
Agents: Ranjan Unka & Matt Mimmack

96 Wairau Rd:
Features: 883m² business 9-zoned site occupied by car dealership U-Sell North Shore Ltd on 3-year lease
Rent: $63,000/year + gst + opex
Outcome: sold for $1.155 million at a 5.45% yield
Agents: Rosemary Wakeman, Trevor Duffin & Ranjan Unka

North-west

Henderson

11 & 13 The Concourse:
Features: 2 adjoining 1012m² sites, one with substantial workshop
Outcome: passed in at $1.25 million for both lots, No 11 passed in at $525,000 vendor bid when offered separately, no bid on No 13 alone
Agents: Grant Miller & Mike Adams

Huapai

326 Main Rd:
Features: 1012m² site for commercial development
Outcome: no bid
Agents: Angela Little & Grant Miller

Kelston

17 Cartwright Rd, units 3 & 4:
Features: 3 industrial units of 100m², 160m² & 100m², 2 tenanted and one vacant
Rent: gross $26,500/year + gst from 2 units
Outcome: no bid
Agents: Derek Presland & Paul Dixon

South

Airport Oaks

62 Ascot Rd:
Features: vacant 4048m² corner site, dual access, 2190m² floor area
Outcome: passed in at $2.36 million
Agents: Jamsheed Sidhwa & Luke Carran

East Tamaki

Corner Harris Rd & Nandina Avenue:
Features: 2530m², 2 road frontages
Rent: $120,000/year + gst
Outcome: passed in at $1.725 million
Agents: Shane Snijder & John Bolton

21 Stonedon Drive:
Features: 2 industrial units totalling 1041m² on separate titles on 1906m² site with large yard, new 4-year lease to G&A Adhesives with one 4-year right of renewal
Rent: $114,000/year net + gst
Outcome: passed in at $1.57 million, sold post-auction for $1.7 million at a 6.7% yield
Agents: Mark Pittaway & Tony Chaudhary

386 Ti Rakau Drive:
Features: 2121m² site occupied by a Gull service station since 2000, with Gull Petroleum (NZ) Ltd on a 15-year lease until 21 December 2015 plus one 4-year right of renewal, 226m² retail area subleased
Rent: $261,183/year net + gst with annual increases to the higher of CPI or 2%
Outcome: sold for $2.82 million at a 9.26% yield
Agents: Tony Chaudhary & Shane Snijder

Highland Park

17 Aviemore Drive, units N & M:
Outcome: withdrawn
Agents: Geoff Wyatt

Howick

180 Moore St:
Features: 1040m² corner site with multiple access, 568m² floor area,
Rent: $121,406/year + outgoings + gst
Outcome: no bid, passed in on a vendor’s bid of $1.4 million
Agents: Tony Chaudhary & Shane Snijder

Manukau

Totara Heights, 46 Eugenia Rise:
Features: 1575m² site, 353m² retail building occupied by a superette, takeaway & hairdresser with one vacancy, and 231m² basement flat
Rent: $51,651/year net + gst from 3 retail tenants, with the flat currently returning $23,400/year
Outcome: sold for $1.023 million
Agents: Tony Chaudhary & Janak Darji

Manurewa

327 Great South Rd:
Features: 3288m² of business 5-zoned land, 320m² industrial building
Outcome: sold vacant for $1.55 million
Agents: Katie Wu, Roy Rudolph & Tony Chaudhary

Papakura

41A Elliot St:
Features:546m² corner warehouse unit, renewed 3-year lease to Pulse Party & Event Hire, in occupation since 1992
Rent: $39,000/year net + gst
Outcome: sold prior for $502,000 at a 7.77% yield
Agents: Dave Stanley, Nick Bayley & Piyush Kumar

Pukekohe

83 King St:
Features: 531m² site – 219m² retail, 110m² apartment, 12 parking spaces of which 5 are leased to the neighbouring law firm
Rent: $72,723/year + outgoings + gst from 4 tenants
Outcome: offered as is where is, passed in at $860,000
Agents: Peter Migounoff & Graeme Moore

Takanini

100 Takanini School Rd:
Features: 2969m² site, 2260m² floor area, offstreet parking for 27 cars – high-stud warehouse 800m², low-stud warehouse 320m², first-floor offices 588m², social club & glass-back squash court 251m², decks
Rent: $120,000/year holding income
Outcome: no bid
Agents: Peter Migounoff & Piyush Kumar

South of Bombays

Pokeno

39 Great South Rd:
Features: 1518m² corner site zoned business 8a (multi-use within industrial), 2 road frontages, 606m² of retail, office & warehouse space
Rent: $31,200/year net + gst
Outcome: sold for $816,000
Agents: Shayne Snijder, Peter Migounoff & Tony Chaudhary

Attribution: Auction.

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$6 million extension for Waitangi hotel

Published 1 August 2007

Millennium & Copthorne Hotels NZ Ltd has started work on a $6 million extension of the Copthorne Hotel & Resort Bay of Islands at Waitangi.

 

The hotel, operated as a joint venture with the Tai Tokerau Maori Trust Board, will be expanded by 35 rooms to 180 rooms & suites. Most of the new rooms will have views over the water to Russell. The hotel entrance has also been redesigned to get an all-weather coach facility and better wheelchair access. Want to comment? Click on The new BD Central Forum or email [email protected].

 

Attribution: Company release, story written by Bob Dey for this website.

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Hagaman says Scenic Circle will double Paihia hotel

Update, 16 December 2002: Scenic Circle Hotels will double the size of its latest hotel acquisition, the Park Lodge on Paihia, executive chairman Earl Hagaman said today.

Last week, Scenic Circle managing director Brendan Taylor wouldn’t disclose the price tag on the Paihia acquisition. Today, Mr Hagaman added the acquisition & expansion to make $12 million.

“We anticipate completing 60 new rooms by the end of next year, in addition to the 58 currently available.” Mr Hagaman said the hotel & improvements worth $12 million would cement Scenic Circle’s position as the
2nd largest hotel group in New Zealand — with 17 hotels, not the 16 stated last week.

Mr Hagaman said the company planned to have 21 hotels operating under its banner by the end of 2003.

He said improvements at the Paihia hotel, in Seaview Rd, would include a new spa & wellness complex, and a resited pool to complement existing conference & dining facilities.

“Staff numbers at Paihia will be retained and at least 15 permanent new jobs will be created as a result of expanding the hotel facilities,” he said.

Scenic Circle buys Paihia’s Park Lodge

Hotel chain has expansion plans there & through North Island

Scenic Circle Hotels Ltd went unconditional last Friday (settlement Monday 16 December) on the 3-star The Park Lodge on Paihia. The name will change to Scenic Circle Bay of Islands Hotel.

Managing director Brendan Taylor said Scenic Circle had been looking for an opportunity in the area for 4-5 years but had always found land too expensive for a hotel development to stack up. “You’re looking at $4-5 million to buy a piece of land.”

But the Bay of Islands is important to overall business. The company deals with wholesalers who have business there 7 days/week over summer, and the company was missing out on a lot of independent traveller (FIT) programmes. The Paihia deal should flow through in business for about 7 of Scenic Circle’s other hotels.

It’s Scenic Circle’s 5th North Island hotel out of 16 nationwide.

The Park Lodge sits on 1.6ha at the entrance to Paihia and has 58 rooms (20 deluxe rooms added in December 2001, 38 chalet-style units), 3 conference venues, 2 fully licensed restaurants plus a lounge bar, swimming pool, campervan/caravan park & a camping ground.

Land content the driver

Mr Taylor said the land content was the driving force behind the purchase. “Land costs in the Bay of Islands may become prohibitive in years to come, hence our decision to buy now. The size of this property represents a significant opportunity to expand.”

Just how that expansion is done will be worked out over summer. Scenic Circle would then concentrate on getting the Auckland market back up to Paihia, especially in winter. “In recent years the Auckland market hasn’t been looked after very well, especially the conference end of it,” Mr Taylor said.

Scenic Circle took over the Blenheim Country Lodge Hotel in September and opened the Te Pania Hotel in Napier in October, has hotels in Auckland (the Airedale, opposite the Town Hall), Hamilton & Rotorua, and is looking at further North Island opportunities.

Mr Taylor said Scenic Circle would roll out several expansion announcements over the next 6 months, for projects to be carried out over the next 1-2 years. “A lot will be joint ventures, with developers and with people who want to be long-term property owners. Aurum (Hotel & Suites, Queenstown) & Te Pania have been unit-titled and we’re looking at unit-titling for Kaikoura.”

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