Archive | Warkworth

Updated: Wairau Valley car yard sells at over $2000/m² at Bayleys auction

Published 18 May 2017, updated 21 & 28 May 2017:
11 of the 21 commercial properties auctioned by Bayleys on Wednesday in its third Total Property portfolio for the year were sold under the hammer. 2 more have been sold post-auction – first, 100 Hinemoa St, Birkenhead, followed by 44 College Hill.

The first were sold, followed by a lull, but 2 of the most expensive offerings were well down the auction list.

One was a Wairau Valley car sales yard, set among a line of lowrise buildings jammed between the Northern Motorway & Wairau Rd on the North Shore, a stretch where the height limit is now 20m under the unitary plan.

The car yard was sold at $2365/m², which means it’s destined for multi-level development.

2 properties were sold for $4 million, both in Henderson. The first was a bank branch on Great North Rd, sold on a 5.5% yield, and the second, a Supercheap Auto outlet in the Lincoln North shopping centre, sold on a 5.3% yield.

CBD

Victoria Quarter

166 Hobson St:
Outcome: sold prior
Agents: Sarah Boles & Terry Kim
Story, 11 May 2017: 12 years after demolition order scrapped, Hobson St building sells

Isthmus east

Panmure

63 Queens Rd:
Features: 97m² retail unit on 2 levels occupied by Willow Hair Design, parking space
Rent: $24,000/year net + gst on new 3-year lease with 2 2-year renewals
Outcome: passed in
Agents: Ken Hu

Parnell

385 Parnell Rd, unit E:
Features: 54m², retail fully leased on month-to-month basis, 2 secure parking spaces
Rent: $32,760/year net + gst
Outcome: sold for $505,000
Agents: Andrew Wallace & Cameron Melhuish

Remuera

563 Remuera Rd:
Features: 144m² cafe, Upland Rd shopping village
Rent: $76,104/year net + gst
Outcome: sold for $1.6 million
Agents: Cameron Melhuish & Andrew Wallace

Isthmus west

Freemans Bay

42 College Hill:
Features: 511m² section, house with 124m² floor area, onsite parking
Rent: $44,500/year net + gst
Outcome: passed in at $1.5 million
Agents: James Were & Scott Kirk

Updated: 44 College Hill:
Features: 389m² section, house, onsite parking
Rent: $44,000/year net + gst
Outcome: passed in, sold post-auction for $1.5 million
Agents: James Were & Scott Kirk

Mt Roskill

74 Carr Rd:
Features: 835m² site, 697m² single-level building
Outcome: withdrawn from auction, changed to sale by deadline private treaty
Agents: Tony Chaudhary & Sunil Bhana

North

Kaikohe

39 Station Rd:
Features: 7199m² commercial property in 2 titles
Outcome: withdrawn from auction
Agents: John Greenwood & Paul Dixon

Warkworth

The Grange, 67 Auckland Rd, unit 11:
Features: 59m², Fish Nets fish & chips shop on 10-year lease in new retail development
Rent: $30,975/year net + gst
Outcome: passed in at $480,000
Agents: Matt Lee, Jan Hutcheson & James Chan

North-east

Albany

75 Corinthian Drive, unit L1:
Features: 197m² first-floor office, new 6-year lease in place with renewal rights, 5 parking spaces
Rent: $58,800/year net + gst + outgoings
Outcome: sold for $1.095 million
Agents: Jane Sims & Tonia Robertson

Birkenhead

Updated: 100 Hinemoa St:
Features: 757m² corner site, 421m² 2-storey building
Rent: $103,907/year net + gst from 6 tenancies
Outcome: passed in at $2.7 million, sold post-auction for $2.7 million
Agents: Simon Aldridge & David Huang

27-33 Mokoia Rd, units 4, 5 & 7:
Features: 59m² total, 3 strata units next to Highbury mall, tenants are a dry cleaner & kebab shop, third unit vacant
Agents for all 3: Michael Nees, Owen Ding & Oscar Kuang
Unit 4, vacant:
Outcome: passed in at $300,000
Unit 5, kebab shop:
Rent: $24,000/year net + gst, lease running to 2030
Outcome: passed in at $470,000
Unit 7, dry cleaners:
Rent: $18,942/year net + gst, lease 6 years from last October
Outcome: passed in at $300,000

225 Onewa Rd:
Features: cross-lease, 1/3 share in 913m², vacant ex-surgery, 5 parking spaces
Outcome: sold for $650,000
Agents: Michael Nees, Owen Ding & Oscar Kuang

Rosedale

7 Vega Place, unit E:
Features: 272m² industrial unit,
Rent: $52,000/year net + gst from established tenants on new leases
Outcome: sold for $980,000
Agents: James Kidd & Matt Mimmack

Silverdale

1 Polarity Rise, ground floor:
Features: 145m², 2 shops on 2 titles for sale as one
Rent: $61,966.70/year net + gst + opex
Outcome: passed in
Agents: Ashton Geissler, Eddie Zhong & Mustan Bagasra

Takapuna

424 Lake Rd:
Features: 3 tenancies
Rent: $61,950/year net + gst, rising to $63,383 in November,
Outcome: sold for $1.5 million
Agents: Michael Nees & David Huang

Wairau Valley

107 Wairau Rd:
Features: 1184m² site, 13-year-old car dealership Car7, 40m² office 
Rent: $63,600/year net + gst, redevelopment potential up to 20m height limit
Outcome: sold for $2.8 million at $2365/m²
Agents: Brian Caldwell & Ranjan Unka

North-west

Henderson

Lincoln North Shopping Centre, 192 Lincoln Rd, unit A1:
Features: 756m² retail unit, 7-year lease to Supercheap Auto from July 2016
Rent: $212,292.82/year net + gst
Outcome: sold for $4 million at a 5.3% yield
Agents: Matt Lee, Tony Chaudhary & James Chan

373 Great North Rd:
Features: 808m² corner site, 1240m² floor area, BNZ as tenant on lease to 2020 with further renewal rights, basement parking
Rent: $219,360/year net + gst + opex, rent review in December
Outcome: sold for $4 million
Agents: Mike Adams & Laurie Burt

South

East Tamaki

44D Andromeda Crescent:
Features: 400m² industrial unit – high stud, clearspan warehouse 300m², office/amenities 40m², mezzanine 60m²
Outcome: sold for $735,000
Agents: Nelson Raines

Mangere Bridge

19 Coronation Rd:
Features: 273m² town centre site, 160m² bank branch, seismic rating 67% of new building standard
Rent: $34,000/year net + gst
Outcome: sold for $973,000
Agents: Nicolas Ching & Beterly Pan

South of the Bombays

Hawke’s Bay

Napier, Onekawa

Deco City Motor Lodge, 308 Kennedy Rd:
Features: 2682m² site, 30 studios and 1- & 2-bedroom units, conference suite, manager’s quarters, freehold going concern, Qualmark 4.5 stars, in Host Accommodation Group, seismic rating 80% of new building standard
Outcome: no bid
Agents: Paul Dixon, Daniel Moffitt & Carolyn Hanson

Attribution: Company 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: 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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Mahurangi River winery sold

In a mixture of commercial, residential & rural properties at Bayleys today, a residentially zoned property used commercially was withdrawn, one suburban residential unit was sold and another passed in, and the Mahurangi River winery, on 20ha midway between Warkworth & Snells Beach, was sold.

Isthmus east

Mission Bay

307 Kepa Rd:
Features: 809m² zoned residential, 281m² building in commercial use with 2 tenancies, next to Kepa Rd shops
Outcome: withdrawn from auction
Agents: Tony Chaudhary, James Chan & Amy Weng

Isthmus west

Pt Chevalier

35 Oliver St, unit 3:
Features: 77m², 2-bedroom unit, storage, secure garage
Outgoings: rates $2230/year including gst
Outcome: sold for $802,000
Agent: Blair Haddow

North

Warkworth

Mahurangi River winery & restaurant, 162 Hamilton Rd (pictured above):
Features: 19.62ha – 4.7ha planted in vines, 2ha covenanted native bush, building was formerly a winery & restaurant
Outcome: sold for $2.26 million
Agent: Duncan Napier

North-west

Henderson

39N Harrington Rd, unit 2:
Features: 2-bedroom unit, parking space
Outcome: passed in, vendor bid of $490,000
Agent: Cindy Ji

Attribution: Auction.

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21 sell out of 34 offered at Bayleys Total Property auction

Bayleys finished its Total Property auction series for the year with 20 sales under the hammer on Wednesday from 34 properties offered, and a post-auction sale confirmed yesterday. Another 11 were withdrawn from the auction.

Image at top: 8 Newton Rd, Grey Lynn, a refurbished building with a mix of uses including a loft-style apartment, sold vacant.

CBD

Quay Park

8 Quay St, unit 1:
Outcome: withdrawn from auction
Agents: Owen Ding & Quinn Ngo

Victoria St

Lister Building, 9B Victoria St East:
9B Victoria Street East, Auckland Central:
Features: 48m² shop, lease to convenience store for 3 years from June 2015, one 6-year right of renewal
Rent: $48,000/year net + gst, yearly 2.5% increases from June 2018 if renewal exercised
Outcome: sold for $820,000 at a 5.85% yield
Agents: Quinn Ngo & Owen Ding

Waterfront

Princes Wharf, 137 Quay St, shed 19, unit 2:
Features: 482m2 leasehold commercial unit plus 63.5m² outdoor seating area, ground rent prepaid until 2095
Outcome: sold for $1.15 million at mortgagee sale
Agent: Tony Bayley

Isthmus east

Ellerslie

38 Eaglehurst Rd, unit 9:
Outcome: withdrawn from auction
Agents: Dave Stanley & James Valintine

Epsom

89B Great South Rd:
Features: 167m2 site, character 2-level 111m2 live/work unit, 2-year lease to tailoring business from March 2015 plus one 2-year right of renewal
Rent: $28,350/year net + gst
Outcome: sold for $675,000 at a 4.2% yield
Agents: Oscar Kuang, James Chan & Terry Kim

Otahuhu

24 Atkinson Avenue, Otahuhu, retail building with development potential.

24 Atkinson Avenue, Otahuhu, retail building with development potential.

24 Atkinson Avenue:
Features: 385m2 mixed-use corner site, height limit of 20.5m under proposed unitary plan, 3 ground-floor retail outlets & 2 flats upstairs
Rent: $42,000/year net + gst from 2 retail leases & one residential tenancy
Outcome: sold for $985,000
Agents: Piyush Kumar, Shane Snijder & Tony Chaudhary

Penrose

35 Maurice Rd, unit I:
Outcome: withdrawn from auction
Agents: Tony Bayley

Isthmus west

Avondale

1977 Great North Rd, Avondale, sold at a yield just under 5%.

1977 Great North Rd, Avondale, sold at a yield just under 5%.

1977 Great North Rd:
Features: 202m² site, 265m² building in block of shops, ground-floor lease to a fruit & vege retailer until June 2017, one 3-year right of renewal, basement area vacant
Rent: $26,400/year net + gst
Outcome: sold for $530,000 at a 4.98% yield
Agents: Mike Adams, James Appleby & Quinn Ngo

Eden Terrace

74D France St:
Outcome: passed in
Agents: Ben Wallace & Matt Gordon

33 Randolph St:
Features: Vacant 2-level 364m² building, ground-floor warehousing & refurbished loft-style upper level suitable for office or apartment use; on 281m² mixed-use site with increased height limit of 32.5m under proposed unitary plan
Outcome: passed in at $1.8 million
Agents: Damien Bullick, Alan Haydock & Jean-Paul Smit

Grey Lynn

564 Great North Rd:
Outcome: passed in, vendor bid of $600,000
Agents: Simon Aldridge & Michael Nees

8 Newton Rd:
Features: 304m2 mixed-use site, 317.5m2 striking architecturally designed & refurbished 2-level building, loft-style apartment with open-plan, character ground-floor space, 4 parking spaces
Outcome: sold vacant for $1.6 million
Agents: Cameron Melhuish & Andrew Wallace

116-120 Surrey Crescent:
Features: 3 dwellings converted to childcare centre plus flat, total 575m² on 1515m² residential 6A site, zoned mixed use under proposed unitary plan; 10-year lease to NZX-listed Evolve Group from July 2012, 2 3-year rights of renewal
Rent: $190,383/year net + gst, 2-yearly CPI adjustments
Outcome: sold for $4.155 million at a 4.6% yield
Agents: Mark Pittaway & James Chan

Mt Eden

718 Dominion Rd:
Outcome: withdrawn from auction
Agents: Oscar Kuang & James Chan

Pt Chevalier

1104 Great North Rd:
Features: 255m² retail unit, parking at front, occupied by Video Ezy on monthly lease until end of year, plus ASB ATM lease
Rent: $88,100/year net + gst
Outcome: sold for $1.05 million at an 8.4% yield
Agents: Quinn Ngo & Matt Lee

North

Kerikeri

60 Kerikeri Rd, unit G06:
Outcome: no bid
Agents: Michael Nees & Brian Caldwell

Warkworth

Artist’s impression of The Grange, Warkworth.

Artist’s impression of The Grange, Warkworth.

3 tenancies were taken to auction in the new Grange retail convenience centre being developed by Square & Main Street Ltd (Adam Reynolds), nearing completion on the former garden & hardware centre site on the southern side of Warkworth. The property at 67 Auckland Road (State Highway 1) covers 7089m²and will have 22 tenancies.

The Grange, 67 Auckland Road, unit PU4, The Coffee Club:
Features: 210m2 unit, including 50m2 covered, all-weather deck & courtyard area, 10-year lease to Coffee Club & one 10-year right of renewal
Rent: $82,500/year net + gst
Outcome: sold for $1.55 million at a 5.3% yield
Agents: James Chan & Steve Orr

The Grange, unit PU2, Bottle-O:
Features: 200m² unit, 8-year lease to independently owned & operated NZ retail liquor store plus 2 4-year rights of renewal
Rent: $70,000/year net + gst
Outcome: sold for $1.16 million at a 6% yield
Agents: Quinn Ngo & Steve Orr

The Grange, unit PU3A, Indian restaurant:
Features: 142m² unit, including 25m2 deck, leased to local Indian restaurant on 10-year term, 2 5-year rights of renewal
Rent: $50,550/year net + gst
Outcome: passed in at $600,000
Agents: James Chan & Matt Lee

North-east

Albany

52 Oteha Valley Rd, unit M:
Features: 278mstandalone retail building occupied by the Meat King for 14 years, new 4-year lease plus one 4-year right of renewal
Rent: $114,000/year net + gst
Outcome: sold for $2.05 million at a 5.6% yield
Agents: Adam Curtis & Adam Watton

Birkenhead

65-67 Birkenhead Avenue:
Outcome: passed in at $2.6 million
Agents: Damian Stephen & Adam Curtis

Rosedale

8 Arrenway Drive:
Outcome: no bid
Agents: Matt Mimmack & Laurie Burt

36 Tarndale Grove:
Outcome: withdrawn from auction
Agents: Matt Mimmack & Ashton Geissler

18 Triton Drive, unit H1:
Outcome: passed in, vendor bid of $900,000
Agents: Terry Kim & Damian Stephen

49A William Pickering Drive:
Features: 368m2 building, 56m2 courtyard, 24 parking spaces, 9-year lease to New Brew bar & restaurant from September 2014 & one 6-year right of renewal
Rent: $123,360/year net + gst
Outcome: sold for $2.265 million at a 5.4% yield
Agents: Ashton Geissler, Ranjan Unka, Damian Stephen & Tony Chaudhary

Sunnynook

318 East Coast Rd:
Outcome: passed in
Agents: Tony Chaudhary & Ranjan Unka

Wairau Valley

20 Link Drive, unit MM:
Outcome: no bid
Agents: Adam Watton & Michael Block

North-west

Henderson

103 Lincoln Rd:
Features: 809msite, 110m2  dwelling converted for office use
Outcome: sold with vacant possession for $1 million
Agents: Tony Chaudhary & James Appleby

192 Universal Drive, unit A6:
Outcome: withdrawn from auction
Agents: Alan Haydock & Cameron Melhuish

New Lynn

76 Delta Avenue:
Outcome: passed in
Agents: Grant Miller & Peter Turner

Te Atatu Peninsula

29 Neil Avenue:
Features: 819mcorner site, 3 retail tenancies – a hairdresser, dairy & chocolate maker – plus vacant 3-bedroom flat    
Rent: $47,650/year net + gst
Outcome: sold for $880,000 at a 5.4% yield
Agents: Tony Chaudhary & Mike Adams

South

East Tamaki

171 Harris Rd:
Outcome: withdrawn from auction
Agents: Jamsheed Sidhwa & Luke Carran

2 Kerwyn Avenue, unit C:
Features: 1149m² industrial unit with access also from Springs Road, 24 parking spaces, seismic assessment of 140% new building standard
Rent: holding income until May of $149,000/year net + gst
Outcome: sold to owner-occupier for $1.7 million
Agents: Tony Chaudhary, John Bolton & Janak Darji

5A Nandina Avenue:
Features: 806m² roadfront industrial unit, occupied by gym for over 25 years, currently on 6-year lease from August 2011 with 2 2-year rights of renewal, 21 parking spaces
Rent: $88,000/year net + gst
Outcome: sold for $1.5 million at a 5.9% yield
Agents: Dave Stanley, Mike Marinkovich, & Tony Chaudhary

Pakuranga, Highland Park

168 Aviemore Drive, unit G:
Features: 314m2 upper level of 2-level commercial building, new 4-year lease plus 2 4-year rights of renewal to Creative Dental Ltd
Rent: $79,020/year net + gst
Outcome: sold for $1 million at a 7.9% yield
Agents: Geoff Wyatt & Nick Bayley

Howick

5 retail units in an established convenience centre at 219 Moore St, Howick, were on Wednesday’s auction list but 3 were among properties withdrawn when the auction ran over time.

219 Moore St, unit A:
Outcome: passed in at $1.135 million
Agents: Millie Liang & Tony Chaudhary

219 Moore St, units B, C & D:
Outcome: withdrawn from auction
Agents: Millie Liang & Tony Chaudhary

219 Moore St, unit E:
Outcome: passed in at $1.15 million
Agents: Millie Liang & Tony Chaudhary

10 Wellington St, unit 8:
Features: 85m² retail unit in The Terraces retail & residential complex, leased to clothing store
Rent: $33,592/year net + gst
Outcome: sold for $470,000 at a 7.1% yield
Agents: Quinn Ngo & Geoff Wyatt

Mangere

17 Airpark Drive, unit 7:
Features: 450m2 modern, high-stud, tilt slab warehouse in Airport Oaks precinct
Outcome: sold with vacant possession for $870,000
Agents: Nick Bayley & Dave Stanley

Manurewa

165 Great South Rd:
Features: 455m2 site, 350m2 retail block with 3 tenants – dairy, hair salon & butcher
Rent: $90,800/year net + gst
Outcome: sold for $1.55 million at a 5.85% yield
Agents: Tony Chaudhary & Piyush Kumar

Waiuku

18 Martyn St:
Outcome: withdrawn from auction
Agents: Tonia Robertson & Tony Chaudhary

South of Bombays

Waikato – Raglan

2 Main Rd:
Features: 1167m² site, BP service station & workshop, 20-year head lease from July 2014 to a wholly owned subsidiary of No 8 Retail Group Ltd, 4 6-year rights of renewal, only petrol station in the town
Rent: $115,000/year net + gst, 4% rental increases every 2 years
Outcome: sold post-auction for $ 2.115 million at a 5.4% yield
Agents: Tony Chaudhary & Janak Darji, Bayleys South Auckland

Attribution: Auction.

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Updated again: Bayleys auction sales rise to 17

Published 29 October 2015, updated 4 November 2015 and again on 30 November 2015:
Bayleys made it over a 50% clearance rate on Thursday from its commercial auction the day before, and has added 2 more sales this week.

The agency sold 10 properties under the hammer from an auction list of 26, 2 sold prior and has sold 4 post-auction. One property was withdrawn.

By the end of November, sales were up to 17, with another unit in the Harbourside Business Park on Rosebank Rd sold.

The first 2 post-auction sales were an Avondale building and the Edinburgh Castle Hotel (pictured above), and the latest pair are a Whangarei office building and a second Avondale building.

Isthmus east

Grafton

36 Burleigh St:
Features: Modern 280m² tilt-slab warehouse/showroom on a 563m² underutilised mixed-use site with exposure to Mt Eden Rd; tenant Brake & Transmission NZ Ltd has exercised the first of 2 3-year rights of renewal
Rent: $69,500/year net + gst
Outcome: sold for $1.795 million at a 3.9% yield
Agents: James Hill & Sunil Bhana

Meadowbank

135 Meadowbank Rd:
Features: 129m2 site, new 158m2 2-level building, 4 tenants in serviced offices on upper level, hair salon on monthly tenancy on ground floor, 2 parking spaces
Outcome: sold for $750,000 to owner-occupier intending to move into the ground-floor space
Agents: Ed Donald & Sarah Boles

Remuera

30 Remuera Rd:
Features: 74m², retail unit at entrance to the Newmarket train station
Rent: $56,000/year net + gst
Outcome: withdrawn from auction
Agents: Owen Ding & James Chan

Isthmus west

Avondale

527B Rosebank Rd, units 3 & 4:
Features: 444m² building on 444m² site in the Rosebank Business Park, zoned 7A commercial office, 16 parking spaces; tenant on newly renewed lease of 6 years from 1 September
Rent: $110,450/year + gst + opex
Outcome: passed in at $1.55 million
Agents: Laurie Bell & Grant Miller

483 Rosebank Rd, unit A.

483 Rosebank Rd, unit A.

Updated: 483 Rosebank Rd, unit A:
Features: modern 474m2 2-level showroom office building in Harbourside Business Park, 20 parking spaces
Outcome: passed in at $900,000, sold vacant post-auction for $1 million
Agents: James Appleby & Mike Adams

Updated: 483 Rosebank Rd, unit B:
Features: 734m² – 367m² warehouse, 367m² office & amenities, 16 parking spaces
Rent: vacant
Outcome: passed in at $1 million, sold post-auction for $1.4 million
Agents: James Appleby & Mike Adams

Updated: 483 Rosebank Rd, unit C:
Features: 800m² unit – 400m² warehouse 400m² office, 18 parking spaces; upstairs office provides holding income from short-term lease
Outcome: passed in at $1.1 million, sold post-auction for $1.4 million
Agents: James Appleby & Mike Adams

Eden Terrace

215 Symonds St:
Features: 150-year-old Edinburgh Castle Hotel on 571m² mixed use-zoned site on corner of Newton Rd; New Skyworld Bar & Hotel Ltd, which exercised the first of 4 3-year rights of renewal in July, operates a sports bar on the ground floor, residential accommodation above
Rent: $145,000/year net + gst
Outcome: passed in at $2.25 million, sold post-auction for $2.49 million at a yield of 5.8%
Agents: Cameron Melhuish & Andrew Wallace

Mt Eden

131 Mt Eden Rd.

131 Mt Eden Rd.

131 Mt Eden Rd:
Features: 507m² character building on high profile 341m² corner site, lease on 116m2, but 253mground floor & 138m2 level 1 areas vacant
Rent: $35,000/year net + gst
Outcome: sold for $1.34 million
Agents: Phil Haydock & Jean-Paul Smith

Mt Roskill

164 Stoddard Rd:
Features: 715m² 2-level building on 933m² site, multiple retail tenants
Rent: $133,000/year net + gst
Outcome: sold prior for undisclosed price
Agents: Tony Chaudhary & Janak Darji

North

Oakura

45 Ohawini Rd:
Features: 59.8ha freehold waterfront site, the Whangaruru Beachfront Camp up east coast from Whangarei
Outcome: no bid
Agents: Ross Blomfield

Warkworth

Moir Hill & Matthew Rd:
Features: 320ha ex-forestry block in 4 titles, including 43.6ha of native bush, several kilometres of metal roads, 9km from Warkworth
Outcome: sold for $811,000
Agents: Duncan Napier & Dianna Coman

Whangarei

111-113 Bank St:
Features: 2072m² corner site, 2-level 1782m² office building, seismic rating 80% new building standard, 34 parking spaces, multi-tenanted & fully leased
Rent: $324,944/year net + gst + opex
Outcome: passed in at $3.925 million, sold post-auction for $4.21 million at a 7.7% yield
Agents: Ross Blomfield

North-east

Rosedale

7D Douglas Alexander Parade:
Features: 407m2 high stud warehouse, office & showroom, 8 parking spaces
Outcome: sold vacant for $920,000
Agents: Laurie Burt & Ashton Geissler

331 Rosedale Rd, unit 8B:
Features: 159m² floor area, tenant Moustache Republic Ltd on 2-year lease with 2 2-year rights of renewal
Rent: $43,966/year net + gst + opex
Outcome: sold for $635,000
Agents: Alex Strever & Dean Gilbert-Smith

3 Tarndale Grove:
Features: 1258m² site, 2 warehouse units with total 890m² floor area
Outcome: no bid except for vendor bid at $1.5 million
Agents: Matt Mimmack & Ranjan Unka

Wairau Valley

18 Link Drive, unit P(16):
Features: 668m² floor area, 13 parking spaces
Rent: $113,051/year net + gst + opex
Outcome: passed in at $1.15 million
Agents: Trevor Duffin & Tonia Robertson

41-53 View Rd, unit K:
Features: 597m2 industrial building, mix of warehousing with multiple roller doors and office/showroom
Outcome: sold vacant for $960,000
Agents: Mike Adams & Trevor Duffin

North-west

Helensville

84 Commercial Rd:
Features: 293m² mainstreet site, vacant 211m² ex-Video Ezy shop
Outcome: no bid except for vendor bid at $250,000
Agents: Grant Miller & Laurie Bell

Kumeu

7 Shamrock Drive:
Features: vacant 876m² warehouse & office, 10 parking spaces
Outcome: passed in at $1.254 million
Agents: Rosemary Wakeman & Ashton Geissler

New Lynn

18 Clark St, unit G:
Features: 204m2 retail outlet with cafe tenant
Rent: $28,000/year net + gst
Outcome: sold for $605,000 at a 4.6% yield
Agents: Grant Miller & Laurie Bell

South

Airport Oaks

24 Rennie Drive, Mangere.

24 Rennie Drive, Mangere.

24 Rennie Drive:
Features: 750m2 standalone warehouse plus 160m2 first-floor office, A+ seismic rating assessment; 6-year lease to government tenant from 2014 with 2 3-year rights of renewal
Rent: $101,000/year net + gst
Outcome: sold for $1.9 million at a 5.3% yield
Agents: Marty Roestenburg

Papakura

80-82 Great South Rd:
Features: 320m2 Wendy’s restaurant on 20-year lease to Wendco (NZ) Ltd from 2000 & no right of renewal; large site in 2 titles of 1037m² & 1080m2 with metropolitan centre zoning under proposed unitary plan
Rent: $160,578/year net + gst
Outcome: sold for $2.803 million at a 5.7% yield
Agents: Eddie Zhong & Damian Stephen

55 Hunua Rd:
Features: vacant 4057m² site, trucking facility with modern workshop & mechanics’ pit, air-conditioned offices, 492m² of building
Outcome: passed in at $1.15 million
Agents: Shane Snijder & Peter Migounoff

Tuakau

143 Bollard Rd:
Features: 2094m2 site with main road frontage & light Industrial zoning plus holding income from 3-bedroon 90m2 house
Rental appraisal: $380/week net + gst
Outcome: sold prior for $517,500 including gst
Agents: Graeme Moore

Attribution: Auction.

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Auckland Council report highlights pitfalls of northern breakaway

An Auckland Council report before the Rodney Local Board this afternoon highlights the many pitfalls in a proposed northern breakaway, but is a step toward resolving whether the split will occur.

The Local Government Commission sought the report as it examines the proposal by the Northern Action Group which would leave Waiwera in Auckland and create a new North Rodney Unitary Council just south of Puhoi.

The boundary would in an almost straight line across to the Kaipara Harbour.

The commission determined in August that the Northern Action Group’s re-organisation application met the criteria to enable it to be assessed. The next step is for the commission to decide what the affected area is. Council executive officer Deborah James said in her report: “In this case, for example, the affected area could be the Auckland Council area, the Rodney Local Board area or the North Rodney area.

The commission wanted the council’s view on whether the operational scale, scope or capability of Auckland Council would be materially affected if the North Rodney re-organisation proposal were to occur.

The council will send its response to the commission once the governing body has considered its position on Thursday 26 November.

Northern Action Group chair Bill Townson said in September that North Rodney was too small a part of the region for its separation to have a ‘material’ effect.

The proposal is for a mayor & 5 ward councillors, headquarters in Warkworth and a small agency in Wellsford. Auckland Council would retain the regional parks as “absentee owners”, but the action group wants the proposed new council to negotiate a grant in lieu of rates to provide & maintain access roads.

The new council would adopt a rating system that, “so far as practical and as near as the current law allows, will follow the philosophy of ‘user/exacerbator’ pays’. It will adopt such tools as uniform annual general charges to collect the maximum permissible proportion of the rates (30% from that method). It will use targeted rating where it is identified that only localised areas or groups benefit.

“While many council-provided services are for the benefit of the community as a whole, nobody should have to pay for services which clearly benefit only a particular area or group to the exclusion of the rest of the community.”

The new council would “evolve a district plan for North Rodney” from the present Auckland unitary plan & previous plans for the area: “These earlier plans were evolved & developed over very many years, with constructive & democratic participation by North Rodney ratepayers … and at their considerable cost in time & money. They should not just be put aside in favour of a ‘one-size-fits-all’ unitary plan as proposed by Auckland Council.”

It would provide “an appropriate public transport system where it can be shown that it will be cost-effective and supported by the user public. By cost-effective it would need to be at least 75% user pays.”
The action group said the southern boundary was indicative only: “A detailed definition of the southern boundary has yet to be determined but, broadly speaking, it will follow the pre-1974 southern boundary of the old Rodney County Council (before the amalgamation with the northern part of the old Waitemata County Council). District boundaries, wherever possible, must not divide watersheds, title boundaries, communities of interest or statistical mesh blocks. The old Rodney County Council boundary may not now satisfy all these criteria and may need some fine tuning.”

Ms James said in her report the Local Government Commission was concerned, when it set the super-city boundaries on the old regional council lines, that there was enough room north of the metropolitan urban limit to enable the new super-city council to manage development well and to mitigate any unwanted effects of development.

She said the commission was concerned, then, that non-conforming development didn’t leapfrog to an area beyond planning controls.

Much of Auckland’s northern growth will be centred on Warkworth, which was to expected to grow over 30 years from a population of just over 4000 to 20,000. Ms James said this growth would require significant new infrastructure.

She said Warkworth’s growth had been constrained by the difficulties of increasing water supply services. When Watercare Services Ltd had taken over Rodney’s water & wastewater services in 2010, “many of the assets transferred were in a poor condition and had limited capacity to service future demand. Watercare has undertaken a significant upgrading programme to bring these assets up to an acceptable standard to meet current-day demand and is planning future upgrades to cater for planned growth with an expected future capital investment of $100 million.

Ms James said the existing 6000 Watercare customers in North Rodney paid about $2.7 million/year: “Watercare’s direct costs of running the networks & treatment plants is $3.2 million/year and indirect costs (depreciation, overheads & interest on borrowings) are $11 million/year.”

She said North Rodney consumers had benefited from economy of scale savings from the 2010 integration.

Auckland Council was planning the timing of upgraded development infrastructure to coincide with the completion of the Puhoi-Warkworth motorway by 2022: “This will enable staged development in Warkworth North by 2026 and the southern part of Warkworth by 2027-31.”

Ms James said there was also a risk that North Rodney’s small rating base would raise pressure to increase development primarily for fiscal management purposes. In 2013, 22,450 of the 54,900 residents sof the Rodney ward were in North Rodney.

Map above: The Northern Action Group’s map of its proposed breakaway unitary council.

Links:
Rodney Local Board, Monday 16 November at 3.30pm, Orewa, ex-council chamber:
13, Northern Action Group breakaway proposal, draft local board response to Local Government Commission
The Northern Action Group

Attribution: Northern Action Group, Auckland Council report.

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Summerset to expand Warkworth village

Retirement village operator Summerset Group Holdings Ltd has bought 2.4ha adjacent to its Warkworth village for expansion.

The Summerset Falls village on Woodcocks Rd, just west of State Highway 1, has 220 residents and will be completed when a care apartment building is finished next year. Acquisition of the neighbouring section in the area known as Stockyard Falls will enable the company to build 77 more retirement units.

Summerset chief executive Julian Cook said on Monday the company expected to start work on the new section as soon as it had resource consent.

Summerset released earnings guidance this month indicating a profit range of $32-34 million for the year to December, and said it was on target to deliver 300 retirement units at its 20 villages this year, and to exceed 300 units/year in 2016 & beyond. Mr Cook said the company continued to look for additional sites.

Attribution: Company release.

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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 sales include 3 from Greater Auckland portfolio

Bayleys agents have completed the sales of 3 more properties that were taken to auction on 5 March as part of the Greater Auckland portfolio.

Another 3 sales in the north have also been completed.

Isthmus east

Mt Wellington

18 & 20 Hannigan Drive:
Features: 3630m² industrial complex comprising 10 fully leased 331-457m² high-stud warehouse & office units, each on its own unit title, on 5325m² site with 72 parking spaces
Rent: $313,855.50/year net + gst
Outcome: sold by tender for $4,876,500 at a 6.4% yield, with new owner intending to put the units, which have income growth potential, up for sale individually
Agents: Cameron Melhuish, Alan Haydock & James Hill

Penrose

22A Greenpark Rd:
Features: 775m² warehouse unit, comprising 713m² high-stud, clearspan warehouse & a newly built 62m² office plus 15 parking spaces
Outcome: sold vacant for $930,000
Agents: James Hill & James Valintine

Isthmus west

Mt Albert

55 Sainsbury Rd:
Features: 82m² retail unit occupied by the fully licensed Crate Cafe for 3 years from 2012, with 2 3-year rights of renewal
Rental: $55,000/year
Outcome: sold post-auction for  $600,000 at a 9.2% yield
Agent: Mille Liang

North

Warkworth

59 Woodcocks Rd:
Features: 2800m2 industrial building with factory, warehouse & offices on 1.3ha
Outcome: sold vacant for $2.35 million
Agent: Duncan Napier

North-east

Orewa

8 Moana Ave, unit N:
Features: 75m2 semi-retail unit in an established retail complex, leased on a 3-year term from March 2013 with one 3-year right of renewal to tattooist
Rent: $15,000/year net + gst
Outcome: sold for $200,000 at a 7.5% yield
Agent: Mustan Bagasra

Whangaparaoa

15 Karepiro Drive, unit 7:
Features: 82m2 corner unit in a retail convenience centre with 2-year lease to computer store from December 2013, plus 4 2-year rights of renewal
Rent: $24,000/year net + gst
Outcome: sold for $310,000 at a 7.75% yield
Agent: Mustan Bagasra

Attribution: Agency release.

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