Archive | North-west

Committee progresses unitary plan changes, city centre masterplan, waterfront, Panuku programme, Onehunga project, land transport, northern corridor, Whenuapai, sites of significance

Auckland Council’s planning committee began its 6-hour meeting yesterday with input from advocates of no port extension into the Waitemata Harbour, and of relocating the freight operation.

Shortly after, the committee gave its support in principle to an inner dolphin off Queens Wharf as the preferred option for berthing large cruise ships.

The public input came from Shane Vuletich for Urban Auckland, Committee for Auckland & Stop Stealing our Harbour, with Richard Didsbury, Sir Stephen Tindall & Julie Stout.

But the bulk of the day’s meeting was about the “refresh” of the council’s overarching Auckland Plan, completed in 2012 and up for its first review.

The committee has held 4 workshops and had numerous presentations on the Auckland Plan, but also on various other planning documents since last October’s election.

The committee approved a streamlined approach rather than fullscale review with the intention of making the plan more strategic, integrated, focused on spatial issues, a smaller document and one that will be digitally accessible.

It approved a process of early targeted engagement with communities from May-June  on Auckland’s big issues and on the high level strategic direction of the refreshed Auckland Plan.

This article is a brief summary of matters the committee considered. I’ll write in more detail in a few days.

Other items considered:

Item 10, city centre masterplan delivery & implementation, 3 projects to be updated:

  • Victoria linear park & midtown east-west public transport
  • Quay St harbour edge boulevard & Hobson St flyover
  • Queen St, issue identification & project implications.

Item 11, Waterfront planning & implementation:

A targeted refresh of the waterfront plan is underway, focusing on development of Wynyard Pt and optimising the use of the central wharves. 

Item 12, Update on Panuku work programme:

The committee endorsed Avondale as an “unlock” location, where Panuku facilitates development opportunities for private sector investment in town centres.

A high level project plan will go to the committee later this year for approval.

Item 13, Onehunga high level project plan:

The committee adopted Panuku Development Auckland’s high level project plan for the transformation of the Onehunga town centre & surrounding area.

Item 14, Submission on draft national policy statement on land transport:

The committee approved the council’s submission.

Item 15, Northern corridor improvements project, political reference group & delegations:

The committee approved extending delegations so the reference group can provide direction & decisions on the council’s position during the board of inquiry hearing on east-west link project.

Item 19, Unitary plan (operative in part) – future plan changes and processing of private plan changes:

A report was presented on future council-initiated changes to the new unitary plan and the committee approved the criteria for dealing with private plan changes over the next 2 years.

Item 16, Draft Whenuapai plan change – approval & public engagement:

The committee approved a consultation process that will allow for the implementation of the Whenuapai structure plan, which the council approved last September. Public consultation will run from 10 April-14 May.

Item 17, Development of plan change to the unitary plan & Hauraki Gulf islands section of the district plan on sites of significance to mana whenua:

The committee gave approval for the council to engage with mana whenua & landowners on 270 nominated sites of significance to mana whenua as the next step to preparing a plan change. 

Item 18, Unitary plan, assessment of errors to produce the first 2 administrative plan changes:

The committee agreed to develop 2 administrative plan changes, one to correct errors, anomalies & technical details to the text & maps and the other to correct errors in the notable tree schedule.

Links – from committee agenda:
9, Auckland Plan refresh, engagement approach & proposed options

<ahref=”http://infocouncil.aucklandcouncil.govt.nz/Open/2017/03/PLA_20170328_AGN_6720_AT.htm#PDF2_ReportName_52321″ target=”_blank”>10, Auckland city centre masterplan (2012): Delivery & implementation, progress update
Addendum (item 11)
11, Waterfront planning & implementation
Mooring options
Inner dolphin section & plan views
12, Panuku work programme, update
13, Onehunga, high level project
14, Draft government policy statement on land transport, submission
15, Northern corridor improvements project, political reference group & delegations
16, Draft Whenuapai plan change, approval & public engagement
17, Development of plan change to unitary plan (operative in part) and the district plan (Hauraki Gulf islands section), sites of significance to mana whenua
18, Unitary plan (operative in part), assessment of errors to produce the first 2 administrative plan changes
19, Unitary plan (operative in part), future plan changes and processing of private plan changes
20, Summary of planning committee information memos & briefings
Attachment A, 2 March, Staff submission on the Telecommunication Act Review: post-2020 regulatory framework for fixed line services
Attachment B, 22 March, East-West Link, submission
Attachment C, 22 March, northern corridor improvements project, submission
Attachment D, 20 March, structure plans, memo to planning committee members
Attachment E, 15 February, future urban land supply strategy, refresh workshop documents
Attachment F, 1 March, city rail link, briefing documents
Attachment G, 1 March, Auckland Plan refresh, workshop 3 documents
Attachment H, 7 March, city-airport briefing documents (not included)
Attachment I, 10 March, central city waterfront, planning workshop documents
Attachment J, 15 March, Auckland Plan refresh, workshop 4 documents

Related story today:
Start with a figure you don’t know, then plan accordingly….

Attribution: Committee meeting, council staff report.

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Hobsonville Land becomes HLC

Housing NZ Corp subsidiary Hobsonville Land Co Ltd changed its name to HLC (2017) Ltd on Tuesday, and has changed its trading name to HLC, representing “Homes Land Community”.

Chief executive Chris Aiken the change came as the company widened its focus to additional largescale developments around Auckland.

The company was formed to develop Hobsonville Point, the former NZ Defence Force site on the Upper Waitemata Harbour, and celebrated 10 years of residential development last year.

1000 homes have been built at Hobsonville Point and it’s now home to 2310 residents. About 500 more new homes/year are being built. On completion, the 167ha masterplanned development will have 4500 houses & over 10,000 residents.

Mr Aiken said the company had learned a great deal about building quickly at scale, and in a quality way that would foster strong communities and produce affordable homes.

Attribution: Company release.

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Flood-damaged New Lynn building’s demolition starts

Auckland Council said yesterday it had issued a warrant to undertake the emergency partial demolition of the Probett Building in New Lynn.

The building at 3107 Great North Rd was damaged during last week’s flash flooding. The council issued a dangerous building notice last week, and said the owner had worked closely with the council to allow the demolition to proceed.

Initially the owner was planning to undertake the work, but the council wanted to proceed quickly to allow for work on the culvert the water came from to also progress safely.

Council infrastructure & environmental services director Barry Potter said Ward Demolition started work yesterday. It also needed to remove asbestos from the site.

He said the upstream end of the culvert would start to be cleared today.

Attribution: Council release.

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Unlock Henderson project moves toward firm transformation proposal

Council property & development arm Panuku Development Auckland will present proposals to the Henderson-Massey Local Board tomorrow for the transformation of Henderson town centre, based on residential intensification at 3 clusters of sites.

The proposals fall under Panuku’s unlock category of centre transformation developed in 2015 – the main category for big projects, transform, is being led by plans for Onehunga & Manukau Central and work already underway in the Wynyard Quarter and under the Tamaki regeneration partnership; the unlock category covers 7 centres plus housing for the elderly; and the third category, support, covers another 8 centres.

Senior project planning leader Richard Davison, who wrote an extensive paper on how to unlock value in Henderson and transform the town centre, said the vision built on the strong foundations of Waitakere City’s eco-city & inclusive approach.

To get to this stage, Panuku has worked with both the local board & mana whenua, but the assessment which led to Henderson being listed as a transformation target in the first place wasn’t flattering. Mr Davison wrote:

“The Henderson centre is fragmented by the 2 streams & the rail corridor, impacting the connectivity from east to west and from the surrounding suburbs into the central area.

“A combination of reduced public reinvestment & maintenance, along with the poor market perception, exacerbated by local crime rates, the area’s lower socio-economic profile and a main street dominated by shopfront vacancies has acted as a deterrent for private investors & businesses to take risks in delivering new projects to the market.

“While there is a broad & general demand for residential growth, the current housing stock lacks diversity, with apartments & terraced housing difficult to justify or get off the ground in a market that has a limited appetite and a clear limit to price point.

“Thus, combined with an eroded strategic mandate, Henderson has been rendered a financially challenging development location. Therefore, Henderson was chosen as a Panuku ‘unlock’ location as a result of a council-led assessment across the region’s urban centres that had potential for urban regeneration.”

Panuku’s high level project plan is aimed at catalysing & reinvigorating “wider private development potential in central Henderson through 3 broad stages of proposed development on specific council landholdings within the project area. The plan takes a cross-council, town centre-wide view of property opportunities to potentially facilitate & enable high quality, residential-led development.”

Panuku sees opportunities for the short, medium & long term in 3 land clusters. 2 along Henderson Valley Rd are the council site (the old Waitakere City Council headquarters) and the film studios area. The third cluster is a group of surface carparks in key central & gateway locations, which Mr Davison said would create the most urban impact if developed.

Panuku seeks the local board’s endorsement of the proposed vision, the 5 principles that would guide development and the 4 goals guiding development.

Assuming effective transformation, Henderson would have high quality medium-density residential & commercial development, walking & cycling links supporting the Twin Streams pathway, public art and Henderson Valley Rd turned into a high quality, mixed-use residential corridor.

Attribution: Local board agenda.

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Catalina Bay development unveiled

Willis Bond & Co Ltd unveiled its ideas yesterday for Catalina Bay, formerly known as The Landing, at Hobsonville Point.

Through the frame of the old Sunderland hangar – stripped to remove asbestos – to the Catalina workshops where the farmers’ market is based and new offices will be created.

The project takes in the former Catalina flying boat workshops beside the ferry terminal where the Hobsonville farmers’ market has been based, the Sunderland flying boat hangar (which has been stripped down to its framing) and land beside the hangar where apartments will be built.

Willis Bond managing director Mark McGuinness said Catalina Bay would be a new gateway to the west from the water and would improve the prospect of increasing ferry frequency.

The workshops will be transformed for a variety of uses.

It will accommodate a variety of uses, including a micro-brewery, cafés & restaurants, restored character offices as well as the farmers market. Mr McGuinness said some of the office spaces would be idea for cosharing.

60-80 high quality freehold apartments are envisaged in the development beside the hangar, which Mr McGuinness expects will be marketed late this year.

The waterfront site was a key component of the former Hobsonville Royal NZ Air Force base, which served the Pacific in wartime with its flying boats, and was also an early site for TEAL (Tasman Empire Airways Ltd), forerunner of Air NZ.

Almost the whole air force base has been turned over to housing, managed by the Government-owned Hobsonville Land Co Ltd, with individual developers in charge of subdivisions within it.

Willis Bond has been developing the Sunderland precinct, comprising 120 new homes & 11 refurbished former Air Force homes from the 1930s.

The Hobsonville Land Co will be one of the first tenants to occupy the refurbished Catalina Bay office space, late this year.

Attribution: Presentation, company release.

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Glen Eden property sold

Jones Lang LaSalle has sold a Glen Eden office & warehouse combination (outlined) on a 6.1% yield, although the warehouse will become vacant on settlement.

North-west

Glen Eden

7 Waikaukau Rd:
Features: 2 buildings – a 264m² front office building and a 1728m² warehouse at rear
Rent: combined rent $90,200/year, but warehouse will be vacant at settlement; office building is leased for $26,400/year + gst + opex until June 2020
Outcome: sold for $1.475 million at a 6.1% yield on current rent
Agents: Jason Armstrong & Alex Wefers

Attribution: Agent release.

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3 apartments & 2 suburban units sell at Barfoots

3 apartments were sold at Barfoot & Thompson’s city auctions yesterday out of 8 on offer, and 2 of the 4 suburban units were sold. The sales included a unit in City Gardens (pictured), where owners have succeeded in leaky building litigation but the work hasn’t been done yet.

A commercial office unit in Mt Wellington didn’t attract a bid.

CBD

Albert St

City Gardens, 76 Albert St, unit 19K:
Features: 42m², one bedroom, parking space
Outgoings: body corp levy $581/year; estimated remediation levy $24,735 on top of payment from litigation claim
Outcome: sold for $306,000
Agents: Sarah Garlick & Estee Zeng

Learning Quarter

Eden Hall, 3 Eden Crescent, unit 6:
Features: 90m², 2 bedrooms, garage
Outgoings: body corp levy $6294/year
Outcome: sold for $960,000
Agents: Liz Derbyshire & Leo Shin

Uptown

Avoka, 31 Day St, unit 4C:
Features: 81m², fully furnished one bedroom, parking space
Outgoings: body corp levy $7370/year
Outcome: no bid
Agents: Selina Zheng & Tommy Zhang

Chatham, 70 Pitt St, unit 506:
Features: 67m², 2 bedrooms, storage locker, parking available
Outgoings: body corp levy $4837/year
Outcome: passed in
Agents: Luke Shi & Alexander Kramarenko

Bianco off Queen, 8 White St, unit 9C:
Features: 54m², 2 bedrooms, balcony
Income assessment: not in hotel management, rent assessment $600/week
Outcome: auction postponed until Thursday 23 March
Agents: Annie Xu & Sean Zhang

Victoria Quarter

Grand Chancellor, 1 Hobson St, unit 603:
Features: 57m², one bedroom, parking space, storage locker
Outgoings: body corp levy $4592/year
Outcome: sold for $633,000
Agent: Aaron Cook

Grand Chancellor, 1 Hobson St, unit 704:
Features: 56m², fully furnished 2 bedrooms, storage locker
Outgoings: body corp levy $4169/year
Outcome: no bid, back on market at $595,000
Agent: Aaron Cook

Hobson Gardens, 196 Hobson St, unit 11B:
Features: 100m² sub-penthouse, 2 bedrooms, 2 bathrooms, enclosed balcony, 2 parking spaces
Outgoings: body corp levy $10,070/year, special levy set for further remedial works
Outcome: no bid, back on market at $868,000
Agent: Michele Ballinger

Regatta Court, 92 Nelson St, units A & B:
Features: 2 units on ground floor, no bedrooms or bathrooms, leased to hotel management
Outgoings: body corp levy $1615/year
Income assessment: $20,224.80/year net + gst
Outcome: passed in, back on market at $425,000
Agents: Wendy Feng & Jack Li

Isthmus east

Mt Wellington

6 Faber Avenue, unit 1:
Features: cross-lease, half share in 1168m², 2-bedroom duplex, deck, double garage & carport
Outcome: no bid
Agents: Samantha Chaudhry & Leo Perera

Panmure

68 Ireland Rd, unit 2:
Features: 3-bedroom unit, parking space
Outgoings: body corp levy $1268/year
Outcome: sold for $582,500
Agents: Mark Tung & Michelle Mi

Isthmus west

Mt Albert

17 Owairaka Avenue, unit 3:
Features: cross-lease, 1/3 share in 766m², 2-bedroom unit, garage
Outcome: sold for $735,000
Agent: Les Walbridge

North-west

New Lynn

11B Akehurst Avenue:
Features: cross-lease, 1/3 share in 1011m², 2-bedroom unit, deck, carport
Outcome: no bid
Agent: Ricky Fan

Commercial

Isthmus east

Mt Wellington

161 Marua Rd, unit 2:
Features: 113m², first-floor office & showroom, kitchen, storage, 3 parking spaces
Outcome: no bid
Agents: Mike Jensen

Attribution: Auctions.

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Developer settles for 5.26% yield on new shops but childcare centre owner holds out 60 points firmer

A longstanding Mt Eden childcare centre was passed in with the yield at 4.66% at Colliers’ auction today, but the developer of a new local retail centre (pictured) at Westgate settled for 60 basis points over that strong cap rate to achieve sales on 3 of the 4 units on offer.

The development company, Frontier Properties Ltd (Dean & Julie Whimp), got a 5.26% yield on the sale of a pizza outlet & a barber shop, and 5.27% on a bakery, but couldn’t attract interest below 5.56% for a dentist’s premises.

The yield on the barber shop was almost trimmed to 5.23%, but the $5000 raise turned out to be an error.

Isthmus west

Mt Eden

158 Balmoral Rd:
Features: 607m² site, bungalow occupied by childcare licensed for 27 children,
Rent: $71,604/year net + gst, 10-year lease term from May 2015, 2 5-year rights of renewal, rental rate $51/child/week
Outcome: passed in at $1.535 million, representing a 4.66% yield
Agents: Shoneet Chand & Peter Kermode

North-west

Westgate

575 Don Buck Rd, 4 retail premises in new development
Agents on all 4: Shoneet Chand, Euan Stratton & Deborah Dowling

Unit 2, Sal’s Pizza:
Features: 73.5m², 7-year lease, 2 7-year rights of renewal
Rent: $40,480/year net + gst
Outcome: sold for $770,000 at a 5.26% yield

Unit 3, Don Buck Bakery:
Features: 73.5m², 8-year lease, 2 4-year rights of renewal
Rent: $40,480/year net + gst
Outcome: sold for $768,500 at a 5.27% yield

Unit 4, Nexus Barber:
Features: 73.5m², 6-year lease, 2 4-year rights of renewal
Rent: $39,744/year net + gst
Outcome: sold for $755,000 at a 5.26% yield

Unit 5, Massey Smiles:
Features: 105.5m², 10-year lease, 2-5-year rights of renewal
Rent: $55,620/year net + gst
Outcome: passed in at $1 million, representing a 5.56% yield

Attribution: Auction.

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Gunton looks to backdoor-list Retail Property Group through Bethunes

NZ Retail Property Group Ltd owner Mark Gunton announced plans yesterday to backdoor-list the development company through NZX-listed shell Bethunes Investments Ltd.

Bethunes (previously the philatelic business Mowbray Collectables Ltd) said it had signed a non-binding conditional term sheet with NZRPG and its controlling shareholder, Westgate Power Centre Ltd.

NZRPG developed the original Westgate business centre at the top of the North-western Motorway and is developing the second, much larger stage beside the motorway extension, which includes warehousing & industrial uses as well as a new mall & business centre (pictured above).

Mark Gunton.

Mr Gunton’s company also owns 2 North Shore malls where it’s adding residential capacity, at Milford & Birkenhead.

Bethunes summarised the listing transaction thus:

  • Bethunes would transfer all its assets (except for $100,000 in a series of bonds and some cash) into a wholly owned subsidiary, BIL 2016 Ltd (New BIL)
  • New BIL’s shares will then be distributed pro rata to all of Bethunes’ existing shareholders
  • New BIL will assume the name Bethunes Investments Ltd
  • The business of NZRPG will then be reverse-listed into the resulting shell of Bethunes through Bethunes issuing shares to Westgate in exchange for all of the shares in NZRPG
  • Bethunes will then assume the name NZ Retail Property Group Ltd
  • For Bethunes shareholders, the effect if the transaction is completed is that they will retain their current Bethunes shares, which become an interest in NZRPG, but will also, for no consideration, receive shares in New BIL, which will be an interest in the same assets & business plan that BIL presently has.

Valuations

The initial indicative & non-binding estimates for the transaction are:

  • The shares in NZRPG are estimated at about $400 million
  • The shares in Bethunes (less the assets & receivable held in BIL 2016 Ltd) on a debt-free basis are valued at $1 million plus the NZX bond of $75,000 & $25,000 cash
  • Based on these valuations, Westgate will hold about 99% of the share capital in Bethunes. These values are subject to final determination & agreement and may vary.

Conditions

The transactions contemplated by the term sheet are conditional on:

  • Bethunes conducting a due diligence investigation of NZRPG
  • Westgate conducting a due diligence investigation of Bethunes
  • Entry into legally binding transaction documents between Bethunes & Westgate
  • Obtaining any necessary waivers from NZX required to proceed with the transaction
  • Bethunes obtaining all shareholder approvals that may be required to undertake the transactions, including under the Companies Act, the Takeovers Code & the NZX listing rules.

Bethunes shareholders must approve deal. They’ll get an independent report and an appraisal report, and Bethunes intends to call a shareholder meeting by 30 June, with the intention of completing the transactions shortly after approvals are obtained.

Bethunes chair Chris Swasbrook  said the Bethunes board was investigating either re-listing New BIL following the transactions or placing New BIL on an alternative share trading platform to retain some liquidity in New BIL. A decision on this will be made before shareholders are asked to vote on the NZRPG transaction.

NZRPG’s business

NZRPG is a retail property developer, owner & manager. It has over 100,000m² of leasable space in its portfolio.

Its intention in listing is to grow its investment portfolio through the strategic development of existing retail centres into planned town environments, and the development of mixed use assets that derive the highest value/m².

The company said: “Historically income generated from property assets has, to a large part, been utilised to fund the ongoing development, planning & design processes necessary to ensure the long-term opportunity for these town centres. As a result, NZRPG is now uniquely positioned with a significant & long-term development pipeline, which will provide long-term income & value growth.

“NZRPG is seeking capital to realise these plans, and a reverse listing is intended to support securing new capital. NZRPG is presenting to investors the opportunity to take part in one of the most significant retail property development pipelines in New Zealand. The company is seeking capital to embark on the next phase of its pipeline, which includes one of New Zealand’s biggest mixed use property development opportunities – Westgate town centre.

“In addition to the ongoing completion of the 48.5ha Westgate town centre, both the Milford centre & Highbury centre are undergoing retail development with a residential overlay. The success of these developments is underpinned by the expansive urban town planning that is reshaping Auckland.

“These growth opportunities include the provision of residential overlays to all the town centre properties (Milford, Highbury & Westgate) which will both enhance the retail performance of the centres and allow for significant tranches of capital to be recycled into the core business. The Milford development plan is underway, with completion due in mid-2019.”

Swasbrook’s top table links

Bethunes chair Chris Swasbrook is managing director & founding shareholder of the manager of Elevation Capital Ltd. Precinct Properties NZ Ltd chair Craig Stobo chairs Elevation’s manager and is a shareholder, and corporate legal advisor Andrew Harmos is a non-executive director & shareholder.

Mr Swasbrook was previously a partner of Goldman Sachs JBWere Pty Ltd and co-head of institutional equities at Goldman Sachs JBWere (NZ) Ltd.

Mr Stobo has worked as a diplomat for the New Zealand & Australian governments, as an economist, investment banker and as chief executive & executive vice-president of BT Funds Management NZ Ltd.

Mr Harmos is a founding partner of specialist corporate legal advisory firm Harmos Horton Lusk Ltd, formed in 2002 after his 16 years as a partner of Russell McVeagh. He’s also a director of ASX-listed Scentre Group Ltd.

Links:
NZ Retail Property Group
Elevation Capital
Bethunes

Earlier stories:
15 February 2017: Auditor-general argues for more Westgate deal disclosure but doesn’t see wrongdoing
25 May 2016: Milford shopping centre expansion approved
22 February 2013: Gunton gutted by Milford decision but will fight on
1 February 2010: Retail Property Group puts 48 units up for sale
18 November 2009: Opposition pushes Massey North start out 8 years from conception
19 December 2008: Expanded Westgate a new Newmarket?
Attribution: Company release.

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12 sell at Bayleys’ Total Property auction

Bayleys sold 11 properties under the hammer yesterday of the 15 offered in its first Total Property commercial portfolio for the year. Another property was sold last Friday in an auction brought forward.

Yields were variable – down at 3.1% on one property which might reflect development potential more than the present return, 3.6% on a Plumbing World tenancy in New Lynn, 4.4% on a Manukau butcher’s shop, 5.25% on a Party Hire warehouse in East Tamki, 5.4% & 4.9% on 2 retail outlets in the new Dylan apartment building on Great North Rd (pictured above), 6.1% on a Rosedale gym. And, out of town, 7.6% on a long-term NZ Post lease in Whanganui.

CBD

Queen St

Mid-City, 239 Queen St, unit 1A:
Features: 39m² fast-food outlet fronting Queen St
Rent: $150,657.30/year net + gst from renewed 12-year lease to Avachi Fried Chicken
Outcome: auction postponed to Total Property 2, Wednesday 12 April
Agents: Quinn Ngo & James Chan

Uptown

117 Vincent St:
Features: 364m² site, total building area 736m² on 3 levels, each of 245.6m²; 12 parking spaces on ground floor, 2 office floors above
Rent: vacant
Outcome: passed in at $3.5 million
Agents: Nigel McNeill & Ben Bayley

Isthmus east

Onehunga

137 Onehunga Mall:
Features: 185m² site, 213m² 2-storey building
Outcome: sold for $900,000, including the bar & gaming business in it
Agents: Oscar Kuang & James Chan

Parnell

465-467 Parnell Rd:
Features: 612m² site zoned terrace housing & apartment building, 422m² villa, onsite parking, opportunity to own/occupy after April 2018
Rent: fully lease returning $119,113/year + gst
Outcome: sold for $3.525 million
Agents: Cameron Melhuish & Jenny Kek

Isthmus west

Blockhouse Bay

The Blockhouse Bay property sold on 3.1% yield at auction brought forward.

575 Blockhouse Bay Rd:
Features: 610m² corner site zoned business – local centre, dual-access rear parking
Rent: $55,687.93/year net from convenience store & attached accommodation and 2-level gym
Outcome: sold at pre-auction; declared reserve was $1.4 million, sold for $1.8 million at a 3.1% yield
Agents: Alan Haydock & Damien Bullick

Grey Lynn

The Dylan, 367-375 Great North Rd, principal unit 1:
Features: 128m² freehold retail unit on ground floor of new apartment development, 2 parking spaces, occupied by Love Bites Kitchen
Rent: $68,000/year net + gst from 6-year lease started November 2016, 2 4-year rights of renewal, 3%/year increases, to market on renewal
Outcome: sold for $1.27 million at a 5.4% yield
Agents: Damien Bullick & Alan Haydock

The Dylan, 367-375 Great North Rd, principal unit 2:
Features: 49m² freehold retail unit on ground floor of new apartment development, no parking, occupied by Arch Hill Laundromat
Rent: $30,000/year net + gst on 8-year lease from October 2016
Outcome: sold for $611,000 at a 4.9% yield
Agents: Damien Bullick & Alan Haydock

Newton

10 South St:
Features: 357m² site, 318m² standalone building,
Rent: $126,000/year net + gst, new 10-year lease to main tenant + income from billboards & 2-bedroom flat
Outcome: withdrawn from auction
Agents: Oscar Kuang & Nicolas Ching

North-east

Rosedale

32 Constellation Drive, unit 5:
Features: 385m² unit in retail centre, fully leased to Snap Fitness, 30 parking spaces in common area
Rent: $157,497/year net + gst, 8-year lease from 2013 + 2 8-year terms
Outcome: sold for $2.585 million at a 6.1% yield
Agents: Ranjan Unka & Anna Radkevich

11-13A Paul Matthews Rd:
Features: 517.7m² roadfront industrial unit, clearspan high stud warehouse, 8 parking spaces
Outcome: sold vacant for $1.55 million
Agent: Matt Mimmack

Wairau Valley

7 Porana Rd, unit A:
Features: 109.7m² vacant industrial unit, 2 parking spaces, multiple rollerdoor access
Outcome: sold for $476,000
Agent: Matt Mimmack

North-west

Henderson

Lincoln Centre, 111 Lincoln Rd, unit B:
Features: 1113m² building, occupied by Accident Compensation Corp since 2000, onsite parking
Rent: $287,000/year gross + gst, 3-year lease from March 2017 + 3-year right of renewal
Outcome: no bid
Agents: Nicolas Ching & James Chan

New Lynn

48 Portage Rd:
Features: 1012m² site + 1/10 share in 585m², 4-year lease to Plumbing World Ltd from October 2016 with rights of renewal
Rent: $62,250/year + gst, 4-year lease from 1 October 2016 with right of renewal
Outcome: sold for $1.73 million at a 3.6% yield
Agents: Mike Adams & Laurie Bell

South

Clover Park

112 Dawson Rd, unit O (shop 14) in Chapel Downs shopping centre:
Features: 230m² butchery, 2 parking spaces
Rent: $62,000/year net + gst + outgoings on 4-year lease from April 2016, rights of renewal to 2028
Outcome: sold for $1.42 million at a 4.4% yield
Agents: Dave Stanley & Geoff Wyatt

East Tamaki

179C Harris Rd, corner Ti Rakau Drive:
Features: 270m² strata title, showroom, warehouse & office occupied by Party Hire, 6 parking spaces
Rent: $46,000/year net + gst + outgoings, established tenant with renewed 4-year lease term
Outcome: sold for $875,000 at a 5.25% yield
Agents: Tony Chaudhary & Janak Darji

Manukau Central

5C Jack Conway Avenue:
Features: 471m² corner unit title – 230m² ground floor, 241m² first floor, onsite parking
Rent: $130,000/year net + gst + outgoings from 2 tenants on long-term leases
Outcome: no bid
Agents: Rod Grieve & Maxene Bates

South of the Bombays

Napier

88-94 Dickens St:
Features: 911m² site, 3 ground-floor tenants, option to develop upstairs
Rent: $78,855/year net + gst
Outcome: no bid
Agents: Paul Dixon & Sam MacDonald

Whanganui

115 Victoria Avenue:
Features: 916m² site, 403m² floor area, 10 parking spaces
Rent: $206,268 from long lease to NZ Post Ltd
Outcome: sold for $2.73 million at a 7.6% yield
Agents: Cameron Melhuish & Ed Donald

Attribution: Auction.

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