Archive | North-west

2 sales out of 9 auctioned as views diverge on apartment & unit market direction

2 of the 6 cbd apartments and none of the 3 suburban units auctioned at Barfoot & Thompson yesterday sold under the hammer.

The wide margin between the top bids and subsequent pricing of unsold units indicates the divergence between vendor aspirations and the direction buyers think the market is moving in.

CBD

Albert St

Manhattan, 105 Albert St, unit 11A:
Features: 80m², 2 bedrooms
Outgoings: rates $1544/year including gst; body corp levy $8035/year
Outcome: sold for $525,000
Agent: Aaron Cook

CBD east

The Beach, 85 Beach Rd, unit 506:
Features: 49m², one bedroom, balcony
Outgoings: body corp levy $3667/year
Income assessment: $460/week fixed until September
Outcome: passed in at $350,000, back on market at $479,000
Agents: Bett Shao & Rico Zhao

Learning Quarter

Silo, 23 Emily Place, unit 4L:
Features: 2-bedroom loft, secure parking space
Outgoings: body corp levy $829/year
Outcome: passed in at $500,000, back on market at $699,000
Agents: Stephen & Leo Shin

Uptown

Urba, 5 Howe St, unit 603:
Features: 55m² including balcony, 2 bedrooms
Outcome: passed in at $450,000, back on market at $625,000
Agent: Stephen Chang

Victoria Quarter

Heritage Farmers, 35 Hobson St, unit 628:
Features: 32m² air-conditioned studio
Outgoings: body corp levy $1833/year
Outcome: sold for $255,000
Agent: Livia Li

Imperial Gardens, 135 Hobson St, unit 218:
Features: 2 bedrooms, storage locker, parking space
Outcome: auction postponed until 29 June
Agents: Wendy Feng & Jack Li

Isthmus east

Onehunga

97J Mays Rd:
Features: 2-bedroom unit, garage
Outcome: withdrawn from auction
Agents: Paula Boontueng & Young Kim

Isthmus west

Eden Terrace

Fleetwood, 19 Fleet St, unit C6:
Features: 95m², 2 bedrooms, separate dining & living spaces, deck, storage unit, covered parking space, post-remediation code compliance certificate issued April 2016
Outgoings: body corp levy $3982/year
Outcome: passed in at $650,000, back on market at $719,000
Agents: Zoran Farac & Stephen Shin

Mt Albert

51 Seaview Terrace:
Features: cross-lease, quarter share in 1195m², 60m² one-bedroom unit, deck, carport
Outcome: no bid
Agents: Samantha Chaudhry & Leo Perera

Sandringham

22 Coyle St, unit 3:
Features: 2-bedroom unit, garage
Outgoings: body corp levy $789/year
Outcome: passed in at $825,000
Agent: Helen Lam

North-west

Glendene

33 Butterworth Drive, unit 1:
Features: cross-lease, half share in 616m², 2-bedroom unit, study, garage
Outcome: no bid
Agent: Tristan Young

Attribution: Auctions.

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3 ex-Masala restaurants nearly make $8 million forfeiture order price tag at auction

3 restaurants in the former Masala chain were sold for $7.875 million at Bayleys’ auction yesterday, just short of a forfeiture order made in February.

Image above: Dining room of the former Masala restaurant in Mt Eden.

A Glen Eden shop with the Mad Butcher as tenant and a Dilworth apartment at the foot of Queen St were also sold under the hammer.

The restaurants, owned by JKK Holdings Ltd (Supinder Singh & Daisy Kaur) were taken to auction by the Official Assignee under the Criminal Proceeds (Recovery) Act after Justice Rebecca Edwards agreed in the High Court to an $8 million assets forfeiture order between the Commissioner of Police and 8 companies & 2 individuals associated with the Masala restaurant chain.

Justice Edwards said in her decision approving the settlement: “The settlement sum of $8 million represents almost all of the unlawful benefit said to have been derived from the tax evasion offending. The settlement sum is expected to be met in full through the sale of restrained properties.”

The 2 individuals, Joti Jain & Rajwinder Singh Grewal, were sentenced in 2015 to home detention and ordered to pay reparations on a long list of immigration & exploitation charges.

In March, Ms Jain was reported to have left New Zealand ahead of an appeal against being deported, but she was in the auctionroom yesterday.

All 3 restaurants in Mt Eden, Stanmore Bay & Birkenhead attracted multiple bidders. The properties were marketed for sale on an “as is where is” basis and subject to occupancy.

Apartments

CBD

Queen St

Dilworth, 22 Queen St, unit 5L:
Features: one bedroom, high stud
Outcome: sold for $530,000
Agents: Julie Prince & Diane Jackson

Commercial

Isthmus west

Mt Eden

510 Mt Eden Rd:
Features: 554m² section, 200m² restaurant in converted villa at corner of Disraeli St in Mt Eden village, additional 206m² downstairs area gives potential to split risk
Outcome: sold for $3.61 million on “as is where is” basis, subject to occupancy
Agents: Scott Kirk, Adam Curtis, John Algie

North-east

Birkenhead

188-192 Hinemoa St:
Features: 835m² site, development potential, 280m² restaurant in converted villa, wraparound covered deck, vacant office area below restaurant previously used as accommodation
Outcome: sold for $2.535 million on “as is where is” basis, subject to occupancy
Agents: Adam Curtis, John Algie & Damian Stephen

Stanmore Bay

195 Brightside Rd:
Features: 1783m² site, 276m² restaurant
Outcome: sold for $1.73 million on “as is where is” basis, subject to occupancy
Agents: Jeremy Milton, John Algie & Adam Curtis

North-west

Glen Eden

5 Oates Rd, unit 5:
Features: 292m² corner unit in block of 13 shops, dual access, split internally between retail, office storage, meat processing & cool storage, opportunity to split or occupy the tenancy
Rent: $92,040/year net + gst from established tenant, the Mad Butcher
Outcome: sold for $1.375 million at a 6.7% yield
Agents: Adam Curtis, Adam Watton & Oscar Kuang

Earlier story:
28 February 2017: $8 million Masala assets forfeiture agreed

Attribution: Auction.

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Ryman plans retirement village for Lincoln Rd

Ryman Healthcare Ltd announced plans on Friday for a new retirement village on a 4.5ha Lincoln Rd site in Henderson.

The land is part of Laidlaw College’s Henderson campus, but is surplus to the college’s needs. Laidlaw College is an evangelical theological college, formerly the Bible College of NZ.

Laidlaw College Foundation chair Graham Burt said: “Ryman is an ideal organisation to become our new neighbour. We feel very much part of the Henderson area having been here for over 50 years and we’re keen to ensure a good fit for both ourselves & the community as a whole.’’

Ryman Healthcare group development manager Andrew Mitchell said the company intended to redevelop the site as a resort-style retirement village which would be home to over 400 residents.

The village would offer independent retirement housing, a full range of aged care services including serviced apartments, and resthome, hospital & dementia care.

Ryman group sales & community relations manager Debbie McClure said the village would be named in honour of a West Auckland local and suggestions were welcome.

The village will be Ryman’s 11th in Auckland. The company is developing villages at Hobsonville, Greenlane, Lynfield & Devonport and has existing villages in St Heliers, Remuera, Howick, Pukekohe, Birkenhead & Orewa.

Attribution: Company release.

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2 mixed-use buildings and a childcare centre sell

Bayleys agents have sold 2 buildings zoned mixed use in Kingsland & Glen Eden, and a new childcare centre at Westgate.

Isthmus west

Kingsland

343 New North Rd:
Features: 372m² site zoned mixed use (height limit 21m), 222m² industrial building with mezzanine storage, constructed in mid 1970s; automotive tenant in occupation for over 20 years, now on month-to-month lease
Rent: $36,000/year net + gst
Outcome: sold for $1.65 million at a 2.18% yield
Agents: Kate Kirby & Stephen Scott

North-west

Glen Eden

41 Cartwright Rd:
Features: 2062m² site zoned mixed use, 3 industrial buildings of 345m², 372m² & 527m², one tenanted & 2 vacant, both vacant premises refurbished & ready for occupation; 3-year lease on 372m² building to automotive tenant until August 2019, 2 3-year rights of renewal; residential redevelopment potential longer term
Rent: $24,000/year net + gst
Outcome: sold for $1.7 million
Agents: James Valintine & William Gubb

Westgate

575 Don Buck Rd, unit 6:
Features: 3998m² site, new 1159m² childcare centre licensed for 110 children; one of 6 units in recently built commercial complex near intersection with Fred Taylor Drive, leased to Learning Tree Childcare Centre for 15 years plus 2 10-year rights of renewal
Rent: $286,000/year net + gst, 3% fixed rental increases every 2 years from November 2020
Outcome: sold for $4.7 million at a 6.08% yield
Agents: Tony Chaudhary, Janak Darji, James Chan & Matt Lee

Attribution: Company release.

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3 of 13 apartments & units sell at auctions

3 of the 13 intensive residential properties – city centre apartments, suburban units & townhouses – auctioned at Barfoot & Thompson’s city branch at sessions on Wednesday & Thursday sold under the hammer.

Of the 36 residential properties, including standalone homes, auctioned over the 2 days, 17 sold at the auction.

CBD

Albert St

Stamford Residences, 26 Albert St, unit 1511:
Features: 127m², 2 bedrooms, 2 bathrooms, conservatory, parking space
Outgoings: body corp levy $8475/year
Outcome: passed in at $1.3 million
Agents: Stephen & Leo Shin

Learning Quarter

Waldorf Celestion, 19 Anzac Avenue, unit 502:
Features: 2 bedrooms, balcony
Outgoings: body corp levy $4410/year
Outcome: passed in at $440,000
Agent: Jason Buckwell

Victoria Quarter

Fiore, 152 Hobson St, unit 408:
Features: 40m², one-bedroom apartment
Outgoings: body corp levy $2907/year
Outcome: passed in at $250,000
Agents: Andre Volkov & Mike Ma

Isthmus east

Meadowbank

21 Houghton St, unit 1:
Features: 2-bedroom unit, patio, raised deck, garage
Outcome: sold for $660,000
Agent: Steve Hood

Onehunga

279A Onehunga Mall:
Features: 3-bedroom loft, 2 bathrooms, balcony, tandem parking
Outcome: sold for $720,000
Agents: Wendy Sadd & Ron Maman

151 Selwyn St, unit 7:
Features: 2-bedroom unit, carport
Outcome: sold for $775,000
Agent: Digna Clark

St Heliers

40 Devore St:
Features: 3-bedroom refurnished penthouse with internal lift, 2 bathrooms, 2 conservatories
Outcome: passed in
Agent: Karin Cooper

Isthmus west

Coxs Bay

Bayside Lofts, 571 Livingstone St:
Features: 2-bedroom loft, 2 bathrooms, 2 parking spaces
Outcome: passed in at $900,000
Agents: Carl & Roseanne Madsen

Grey Lynn

M-One, 250 Richmond Rd, unit 3N:
Features: 42m², one-bedroom apartment, patio, storage locker, secure covered parking space; remedial work planned
Outcome: passed in at $240,000
Agents: Sheryl Jones & Jack Atherton

Herne Bay

3 Hamilton Rd, unit 10:
Features: one-bedroom apartment, storage locker, secure parking space
Outcome: passed in at $770,000
Agent: Felicity Scott

Sandringham

43 Kingsway Avenue, unit 6:
Features: 3-bedroom unit, 2 bathrooms, garage
Outcome: passed in at $730,000
Agents: Yi Wei Lowndes & Tian Qiu

North-west

New Lynn

1 Briar Way, unit 19:
Features: 3-bedroom terrace, 2 bathrooms, internal-access garage, reclad & redecorated
Outcome: no bid
Agent: Isabella Li

43A Rata St:
Features: 135m² site, 3 bedrooms, 2 bathrooms, study, internal-access garage
Outcome: no bid
Agent: Michelle Zhang

Attribution: Auctions.

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Henderson warehouse sells

A vacant warehouse on Brick St, Henderson, sold under the hammer at Colliers’ auction on Wednesday.

North-west

Henderson

14 Brick St:
Features: vacant 1444m² site on corner of Mihini St, 551m² office & warehouse, 3 roller doors
Outcome: sold for $1.7 million
Agents: Dhiru Patel & Dwayne Warby

Attribution: Auction documents.

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9 Manukau residential sales & 4 at city auction for Barfoots

Anyone looking for trends in the residential auctionrooms at the moment is likely to be bamboozled – lots of sales one day, none the next.

Barfoot & Thompson’s had some quiet days at its Manukau auctions recently, but started its auction programme for this week with 7 sales under the hammer & 2 sold prior out of 21 listed.

At the city auction on Tuesday, 4 homes were sold – including a townhouse at New Lynn – 6 were passed in and 2 were withdrawn from auction.

North-west

New Lynn

3 Ambrico Place, unit 21:
Features: 2-bedroom townhouse, balcony, 2 parking spaces
Outcome: sold for $500,000
Agents: Aken Yuan & Michelle Zhou

Manukau auction sales

At the Manukau auction on Tuesday, the agency sold 7 homes under the hammer & 2 prior out of 21 listed.

The sales included a Dannemora apartment & 2 units on one title in Papakura.

South

Dannemora

Botany Palms, 2 Armoy Drive, unit 136:
Features: one-bedroom apartment, balcony, garage
Outcome: sold for $400,000
Agents: Bob Adler & Anna An

Papakura

27 Alma Crescent:
Features: 1042m² section, 2 2-bedroom flats, carport each
Income assessment: $420/week & $415/week current
Outcome: sold for $891,000
Agent: Lloyd Singh

Attribution: Auctions.

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Townhouse & unit sell

A West Harbour townhouse and a Kohimarama unit were sold at Bayleys auctions last week.

Isthmus east

Glendowie

171 Riddell Rd, unit 8:
Features: 3-bedroom townhouse, 2 bathrooms, double garage
Outcome: passed in
Agent: Murray Wallace

Kohimarama

50 Kohimarama Rd, unit 3:
Features: 2-bedroom unit, deck, 2 garages
Outcome: sold for $975,000
Agents: John Howard & Josie Moon

North-west

West Harbour

11D Clearwater Cove:
Features: concrete tilt-slab construction, 3-bedroom townhouse, 2 bathrooms, no body corporate, parking space
Outcome: sold for $685,000
Agents: Terry & Janet Jones

Attribution: Agency release.

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3 of 5 suburban units sell

3 of the 5 suburban apartments & units auctioned at Barfoot & Thompson’s city office on Wednesday were sold under the hammer.

The agency sold 7 of the 25 residential properties (intensive & standalone) offered at 2 auction sessions.

Isthmus east

Meadowbank

146 St Johns Rd, unit 9:
Features: 2-bedroom unit, courtyard, garden, offstreet parking
Outcome: no bid
Agents: George Damiris & Carl Madsen

Remuera

16 Belmont Terrace, unit 14:
Features: 3-bedroom apartment, balcony, double garage
Outcome: sold for $795,000
Agent: Thomas Farmer

St Heliers

12 Kaimata St, unit 4:
Features: 3-bedroom apartment, 2 bathrooms, deck, 4-car garage
Outcome: no bid
Agent: Margot Torrance

36 Towai St, unit 2:
Features: one-bedroom unit, courtyard
Outcome: sold for $625,000
Agent: Lynette Boyd

Isthmus west

Mt Albert

3 Wagener Place, unit 42:
Features: 2-bedroom duplex townhouse, double carport
Outcome: withdrawn from auction, back on market at $759,000
Agents: Shirley Shen

North-west

New Lynn

Tuscany Towers, 1 Ambrico Place, unit 35:
Features: townhouse on 3 levels, 4 bedrooms, deck, internal-access double garage
Outcome: sold for $650,000
Agents: Dong & Lucca Liu

Attribution: Auctions.

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Adams recognises importance of community, not just housing

The Government’s Hobsonville Point development reached a landmark 1000 homes occupied this week, celebrated with a visit to the latest residents by Social Housing Minister Amy Adams and local MP (and deputy prime minister) Paula Bennett.

HLC Ltd (ex-Hobsonville Land Co Ltd) chief executive Chris Aiken told the ministers 409 of new homes sold had gone to first-homebuyers and were in the “affordable” category, priced under $550,000. The average price across the development was $730,000.

Another 630 new homes are at various stages of production.

HLC has masterplanned the former Hobsonville airbase, but all the subdivisions on it are being carried out by private developers. The 1000th home, on Squadron Drive, is by Jalcon Homes.

Ms Adams, who’s also minister responsible for social investment, brought a different perspective to the housing role from her predecessor’s in a city where construction hasn’t kept pace with net immigration, let alone internal population growth.

Nick Smith, as housing, building & construction minister (and he retains the last 2 of those titles), was all about getting construction numbers up, and never sounded like he wanted to put that in context.

Ms Adams was pleased to see the 167ha of Hobsonville Point being turned into a vibrant community: “It’s not just about the new houses we’re building, it’s about the quality of community.”

Many of the homes at Hobsonville Point fit HLC’s Axis series design of cheaper, highly efficient construction, and Ms Adams said that raising the standard in this way would have an effect far beyond Hobsonville Point.

She also noted that, although the Government had instituted a programme of putting Crown-owned land to more productive use, including housing development, its holdings represented only 5% of housing land in Auckland.

Crown land is being used to lift construction output, and Ms Adams said that was a strategy that could be adopted in future downturns, to help the sector meet capacity requirements.

She also visited a new $12 million transitional housing complex on Puhinui Rd, Manukau, yesterday, and put that spurt of emergency accommodation into perspective: “When we think about social housing, it’s not just the number of houses [or flats or motel beds]. You have to think: Is there a market of houses we can move people back into?”

Hobsonville Point is one of many developments around the Auckland which have begun to lift construction from the low point in 2011, when only 13,500 consents for new homes were issued nationally. In the last 12 months, 10,200 consents have been issued in Auckland alone.

The 72-unit Puhinui Rd facility will help house up to 560 families/year, out of an estimated 3660 Auckland families and 8600 nationally who would need transitional housing in a year.

Attribution: HLC & ministerial releases, Hobsonville visit.

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