Archive | Whangarei

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in and the fourth, a commercial kitchen & retail premises at ground level in the Grand Chancellor Hotel building, was withdrawn.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Outcome: withdrawn from auction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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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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Northland council seeks development partner for ex-Countdown site

Published 5 November 2014
The Northland Regional Council is seeking expressions of interest for a joint venture to redevelop the former Countdown supermarket site in Kensington, Whangarei.

The high-profile 9967² site on the corner of Kensington Avenue & Kamo Rd has a recent valuation of $5.625 million. It’s been vacant since Countdown relocated to the Regent in late June.

Nearby properties include a mixture of retail, residential & medical.

Regional council chairman Bill Shepherd said yesterday the council recognised the potential advantages to ratepayers through continued ownership of the property if it can be redeveloped in a way that provides both certainty of outcome & a competitive long-term return.

“We’re now going through a formal process of exploring options for the property and are seeking expressions of interest from developers with a strong track record of successfully completing similar projects.”

Cllr Shepherd said the council didn’t intend to take on any development risk, which the developer would bear as part of any agreement: “Our role will be as an investor only.”

The council has appointed property consultancy Greenstone Group, which has experience in project & development management of retail & commercial projects, to assist with the expressions of interest process.

Expressions of interest close on Friday 19 December. They will be reviewed in early January, and negotiations with short-listed parties will follow.

Links: Council tender page
Submission documents

Attribution: Council release.

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Parnell gym premises among 4 sales at 2 NAI Harcourts auctions

A Parnell gym’s premises, including 2 secure parking spaces, sold at a 20% yield at auction yesterday, compared to the 5.1% it would have achieved if bidders had matched its 2011 valuation.

The parking spaces alone were valued at $35,000 each in 2011. If they maintained that value, the auction would have priced the gym space at $840/m².

The gym was one of 7 properties taken to auction at 2 NAI Harcourts branches in Auckland today – 5 at Mairangi Bay and the other 2 at the agency’s Emily Place branch.

The Mairangi Bay auction started with the sale of a Rosedale shop on a 6.5% yield, followed by 2 sales at Albany & Penrose.

Isthmus east

Parnell

3 Akaroa St, unit 2L:
Features: 131m² ground-floor 24/7 gym as tenant, 2 secure covered parking spaces, in building containing apartments, hotel & offices
Rent: $36,500/year + gst, but option of vacant possession
Outcome: sold for $180,000
Agents: Elena Style & Nicolas Ching

Penrose

388 Church St, unit B:
Features: 712m² building – 548m² warehouse, 9m stud, 164m² office/showroom
Rent: vacant
Outcome: sold for $1.25 million
Agents: Steve Granger & Ray Atkinson

North

Maungaturoto

34 Hurndall St:
Features: 1.535ha site including small stand of pines, 1960m² floor area – 804m² manufacturing area with 7m stud, 771m² finishing area with 6.1m stud, 394.5m² office, reception & amenities; rebuilt after a fire in 1997; west from the southern side of the Brynderwyns, 110km north of Auckland
Rent: vacant
Outcome: no bid
Agents: Peter Peeters

Whangarei

58-60 James St & 53-55 John St:
Features: 1176m² site, business 1 zone allows full site coverage, 830m² total floor area2 parallel street frontages
Outcome: passed in at vendor bid of $600,000
Agents: Peter Peeters

North-east

Albany

9C Piermark Drive:
Features: 516m² building – high-stud warehouse 222m², showroom 141m², upstairs office 153m², 12 parking spaces
Rent: $83,000/year net + gst on new 3-year lease
Outcome: sold for $1.12 million
Agents: Dave Lane & Chris White

Rosedale

78-80 Paul Matthews Rd, shop 10:
Features: 4120m² site, retail & small rear area 77m², 2 customer parking spaces
Rent: $21,540/year net + gst on new 3-year lease
Outcome: sold for $328,000 at a 6.5% yield
Agents: Dave Lane

North-west

Glendene

4343 Great North Rd, unit E:
Features: 3 ground-floor shops in 241m²; the Church Unlimited head office occupies the upper floor
Rent: $43,000/year + gst
Outcome: no bid
Agents: Nicolas Ching

Attribution: Auctions.

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Northland Port sells coolstore stake to partner

Northland Port Corp (NZ) Ltd said on Friday it had entered into an unconditional agreement to sell its 50% shareholding in North Port Coolstores (1989) Ltd to its partner in that business, NPC Investments Ltd, which has a number of shareholders. The sale will be treated as being effective as from 1 February.

The total sale price of about $1.8 million will see the Northland Port group realise a gain of about $800,000, which will be accounted for in the June half. The group’s 2013 net surplus of $6.735 million included an after-tax contribution of $201,000 from its investment in North Port Coolstores.

The cool & cold storage facility, next to the former commercial wharves at Port Whangarei, primarily services the dairy & horticulture sectors.

Northland Port Corp chairman Sir John Goulter said the company had weighed up its strategic direction – “coupled with having been able to negotiate an acceptable price for the company’s shareholding. In a strategic context, the board believes the company’s longer-term interests will be best served by focusing on new & existing activity within the Marsden Pt area, where our other business interests are located and our small management team is based.”

Attribution: Company release.

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DNZ sells Whangarei Mitre 10

Published 27 September 2012

DNZ Property Fund Ltd has unconditionally sold the Mitre 10 store on the corner of Kamo Rd & Manse St, Whangarei, for $5.95 million, its valuation at 31 March. Settlement is scheduled for 15 October.

The 4197m² property has a store, drive-through yard, offices, garden centre, café & 90 parking spaces. Net contract rent is $570,373, putting the contract yield at 9.59%.

Want to comment? Go to the forum.

 

Attribution: Company release, annual report, story written by Bob Dey for the Bob Dey Property Report.

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Okara unit sells for 7.5%

Published 11 September 2008

Auction results:

 

Whangarei, Okara Drive, a 513m² bulk retail unit on the southern fringe of the Okara shopping centre, has sold at a Bayleys auction for $719,000. The unit is in a block of 3 completed in 1994 and is occupied by Bedz Direct (2007) Ltd on a 6-year lease from March 2007, with 2-yearly rent reviews. It was sold at a 7.5% yield through David Beattie & Debby Bain (Bayleys Whangarei).

 

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

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Mainzeal wins Whangarei courthouse upgrade

Published 1 July 2008

Mainzeal Property & Construction Ltd has been awarded the contract to redevelop the Whangarei courthouse. The project involves construction of an 1173m2 addition to the existing courthouse that will provide a new jury courtroom & jury assembly area, additional judicial chambers & increased custodial facilities.

 

Courts Minister Rick Barker said the existing court building in Bank St would also be extensively altered & refurbished, would have advanced security systems and would be capable of supporting the latest technology, including video-conferencing & evidence recording.

 

"Construction is scheduled to begin at the end of this month, for completion by September 2009.

 

Want to comment? Email [email protected].

 

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

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2 Quality St sales, vacant unit passed in

Published 11 December 2005


Bayleys Real Estate has sold 38 properties for more than $40 million in a series of Total Property auctions around the country.


 


Whangarei, shops 6&10 Quality St, 2 shops of 108m² & 98m², with 2 established tenants, sold for $450,000 at an 8.3% yield. combined net rent $37,250/year. (Ross Blomfield, Bayleys Whangarei & Harry Kim, Bayleys Auckland Central.).


 


Unsold:


 


Whangarei, shop 12 Quality St, vacant 66m² retail outlet, previous holding income $13,000/year. (Ross Blomfield, Bayleys Whangarei & Harry Kim, Bayleys Auckland Central).


 


If you want to comment on this story, write to the BD Central Discussion forum or send an email to [email protected].

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