Archive | North-west

Hobsonville Land aims for more houses below median price

HLC Ltd has begun a programme with its builder-partners to increase the supply of new homes at or below the median price of homes in the vicinity of Hobsonville Point, currently $884,000.

HLC is the Government-owned company, formerly the Hobsonville Land Co Ltd, which is engaged in residential land development at Hobsonville Point, and now also at Northcote.

Chief executive Chris Aiken said on Friday the programme would focus on the Buckley B & Te Uru precincts at Hobsonville Point, where 500 homes would be built over the next 4 years at or below the average of the median house prices for the former North Shore & Waitakere cities, as published by the Real Estate Institute every month.

The homes built as part of this programme will be mainly 3- or 4-bedroom homes. Some 2-bedroom homes would also be built, and they’d mostly be terrace houses or apartments.

Mr Aiken said this programme was in addition to the company’s programme to deliver Axis series homes, currently priced at or below $650,000. 20% of all new homes at Hobsonville Point will be Axis series homes.

He said: “The only way to reduce house prices in Auckland is to increase the supply of housing below the median price,” but add that the builders were also motivated by the commercial opportunity: “This is the part of the market in which demand is greatest. Continuing to only build big expensive houses on large sections isn’t meeting the majority of market need.

“Auckland is changing, with more one- or 2-person households, and many homeowners prioritising lifestyle & amenity over a backyard or large house.”

Mr Aiken said these homes would be sold on the open market by the 8 building companies participating in the programme, and would not use a ballot system sometimes required for Axis series homes when demand exceeded supply.

Buyers must buy the property in their own name and be owner-occupiers, meaning the buyer must live in the home for a minimum of 2 years after purchase.

The first homes to be built as part of the programme are expected to be ready for occupation from mid-2018, but some are already available to buy off-the-plan through Ockham Residential Ltd & Classic Builders Group Ltd.

Attribution: Company release.

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2 leasehold apartments sell at auction

The owner of 2 leasehold apartments in the Quay Park precinct one at Hudson Brown and the other at The Landings, sold both under the hammer at City Sales’ auction yesterday.

The third property up for auction, a New Lynn studio, was passed in.

CBD

Quay Park

Hudson Brown, 57 Mahuhu Crescent, unit 422:
Features: leasehold, 70m², 2 bedrooms, parking space
Outgoings: rates $1608/year including gst; body corp levy $10,004/year including ground rent
Income assessment: $580/week fixed until January
Outcome: sold for $220,000
Agents: Tony Kelly & Trisha Shanaghan

The Landings, 10 Ronayne St, unit 611:
Features: leasehold, 41m², 2 bedrooms
Outgoings: rates $873/year including gst; body corp levy $2799/year, ground rent $2297/year
Outcome: sold for $130,000
Agents: Tony Kelly & Trisha Shanaghan

North-west

New Lynn

10 Crown Lynn Place, unit 3E:
Features: 28m² studio, deck
Outgoings: rates $865/year including gst; body corp levy $2474/year
Outcome: no bid, back on the market at $230,000
Agent: Trisha Shanaghan

Attribution: Auction.

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Bayleys apartment action slow

Bayleys sold 2 northern beach properties under the hammer at its auction yesterday, but action in the apartment sector was slow.

A beach house at 10 Kokopu St, Omaha, sold for $1.575 million and another at 6 Breve St, Mangawhai Heads, sold for $1.125 million.

A new unit in the Hereford Residences just down from the transforming Karangahape Rd received no bid, a cross-leased unit in Mt Albert was passed in, a Glen Eden townhouse was withdrawn from the auction list and put back on the market with a price tag, and the receiver’s auction of a Parnell townhouse was postponed  fortnight.

CBD

Uptown

Hereford Residences, 8 Hereford St, unit 814:
Features: 130m² internal, 20m² covered balcony, 2 bedrooms, 2 bathrooms, 2 lounges, 2 parking spaces
Outgoings: body corp levy $5082/year
Outcome: no bid
Agents: Julie & Ellie Prince

Isthmus east

Parnell

Fox Terrace Apartments, 5-7 Fox St, unit 13:
Features: 135m², 3-level standalone townhouse, 2 bedrooms, 2 bathrooms, 2 parking spaces, ground-floor courtyard, rooftop terrace, in leaky complex which has settled with council
Outcome: taken to market by receiver, auction postponed to Wednesday 2 August
Agent: Chris Reeves

Isthmus west

Mt Albert

825 New North Rd, unit 9:
Features: cross-lease, 1/10 share in 1088m², 2-bedroom unit, parking space
Outcome: passed in at $430,000
Agents: Summer Sun

North-west

Glen Eden

94 Glengarry Rd, unit 19:
Features: 2-level 2-bedroom townhouse, deck, parking space
Income assessment: $390/week appraisal
Outcome: withdrawn from auction, back on market at $478,000
Agents: Christopher Valladares & Michelle Hicks

Attribution: Auction.

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3 suburban units sell

3 of the 5 suburban units & cross-leased homes auctioned at Barfoot & Thompson yesterday were sold under the hammer or shortly after.

Isthmus east

Epsom

7A Atherton Rd:
Features: cross-leased terrace, quarter share in 1384m², 4 bedrooms, deck, internal-access garage
Outcome: sold for $1.505 million
Agents: George Fong & Laura McAuley

15C Cornwall Park Avenue:
Features: cross-lease, 1/3 share in 1275m², 5 bedrooms, pool
Outcome: passed in
Agents: Ann Lepper & James Gai

Isthmus west

Mt Eden

24A Marlborough St:
Features: cross-lease, half share in 698m², 3 bedrooms, deck, offstreet parking
Outcome: passed in at $930,000
Agents: Matt O’Rourke & Ryan Harding

North-west

New Lynn

100 Portage Rd, unit 3:
Features: 2-bedroom unit, garage
Outcome: sold shortly after auction, price not disclosed
Agents: Richard Han & Barry He

South

Manurewa

60 Coxhead Rd:
Features: cross-lease, half share in 1148m², 3-bedroom bungalow, deck, sleepout
Outcome: sold for $520,000
Agent: Repeka Lelaulu

Attribution: Auctions.

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Goodman settles Henderson purchase

The Goodman Property Trust has settled its $18.9 million acquisition of the Concourse Industry Park in Henderson.

The trust announced its purchase of the former Alloy Yachts premises & an adjoining industrial property on the corner of Selwood Rd & The Concourse, Henderson, last September.

The 2 former boatbuilding premises have about 22,120m² of high volume warehouse space & 1250m² of associated office.

Management company Goodman (NZ) Ltd’s chief executive, John Dakin, said last year the trust intended to amalgamate the 2 sites into a single 4ha estate: “Close to the cbd and with direct access to State Highway 16 from the Lincoln Rd interchange, this property will become one of Auckland’s best located industrial estates when the western ring route completes in 2017 [and it’s just opened].”

Mr Dakin said the vacant warehouse buildings would be refurbished & reconfigured. Fully leased, they were expected to generate a passing yield of about 7%. The estate also offered 2ha of further development opportunity.

Image above: Goodman’s map showing its Concourse site.

Earlier story:
15 September 2016: Goodman sells Christchurch package on top of Fanshawe St lease confirmation & Henderson project

Attribution: Company release.

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Auction results, and a market assessment

Amid the noise over a decline in residential sales, it’s important to establish where that’s happening and in what types of market.

In Auckland, it was not at all surprising that a steep rise in prices should be followed by a decline, while Reserve Bank measures tightening borrowing have forced a further decline through the inability to borrow, and the absence of Chinese borrowers this year – compared to auctionrooms last year that were filled with Chinese buyers who appeared to have no limits – has taken further steam out.

The auction results presented below are from Barfoot & Thompson’s cbd apartments auction yesterday – 2 units, one sold – and from residential auctions on Tuesday & Wednesday.

Of the total 13 properties listed below, 8 sold, but the selection I’ve focused on is presented for the geographical mix as much as for the housing type.

Now that Auckland Council’s unitary plan is almost entirely in place, the real estate world has begun presenting more properties for their redevelopment potential, and many of those with such potential at lower prices are in isthmus fringe areas such as Point England & Glen Innes to the east, Mt Roskill & Mt Albert to the west. Unlike the regional fringes where new subdivisions are being developed – on the Hibiscus Coast to the north, across the top of the harbour to the west, and in a number of districts through old Papakura & Franklin to the south – these ones are close to the city centre, within 10km compared to beyond 25km or 40km.

On the isthmus, a house that was once in a bad neighbourhood can now command a price tag above $1 million, and all it’s done is age. Bad neighbourhoods could be defined as having a high state housing ratio, low-decile incomes, large families squeezed into small homes, poorer construction materials, and a general lack of foliage on sections and in streetscapes.

Those new price tags will force the old families out, and little is being created for them to move to. Those price rises in the bad neighbourhoods will also help lift already-soaring prices in the good neighbourhoods – the leafy areas of the eastern suburbs, for example.

Much of the entry-level housing is in cross-leased houses or mostly old brick-&-tile units. The prices for those can be as high as a modern product such as a 3-year-old GJ Gardner home (one in Mt Albert is listed below).

CBD

Learning Quarter:

Forte, 37 Symonds St, unit 505:
Features: 2-bedroom apartment, 2 bathrooms, deck
Outgoings: rates $1253/year including gst; body corp levy $3634/year
Outcome: sold for $540,000
Agents: Justin Choi & Zoran Farac

Longview, 6 Whitaker Place, unit 4D:
Features: 55m², one-bedroom apartment, deck
Outgoings: rates $1278/year including gst; body corp levy $3996/year
Outcome: no bid
Agents: Justin Choi & Stephen Shin

Isthmus east

Ellerslie

50 Amy St, unit 9:
Features: 3-storey townhouse, 3 bedrooms, carport
Outcome: sold for $785,000
Agent: Karin de Leeuw

Epsom

10 Orakau Avenue, unit 2:
Features: 2-bedroom townhouse, internal-access garage
Outcome: sold for $1.32 million
Agents: John Zhang & Louissa Bao

Glen Innes

52 Taniwha St:
Features: 837m² section, 3 bedrooms, study, garage, 4 offstreet parking spaces – in redeveloping Wai O Taiki Bay area bordering Glendowie, zoned mixed housing suburban
Outcome: sold for $1.09 million
Agents: Paul Neshausen & Sam Bowen

Mt Wellington

13A Wilkie Place:
Features: cross-lease, half share in 935m², 5-bedroom house – 3 bedrooms upstairs, separate & consented 2-bedroom flat downstairs with own entrance, carport, 2 offstreet parking spaces
Outcome: sold for $920,000
Agents: Jane Wang & Luke Shi

Stonefields

10 Robert Sale Rise:
Features: 354m² section, 235m² townhouse, 5 bedrooms, 3 bathrooms, 2 family rooms & separate lounge, double garage
Outcome: sold for $1.6 million
Agents: Frances Li & Ian Thornhill

Isthmus west

Mt Albert

60D Taylors Rd:
Features: 291m² section, 4-bedroom house, 3 bathrooms, family room, separate lounge, double internal–access garage, built 3 years ago by GJ Gardner
Outcome: sold for $1.36 million
Agents: Paul Donovan & Sharon Walls

Tremont Apartments, 4 Wagener Place, unit 409:
Features: top-floor apartment, 2 bedrooms, secure parking space
Outcome: passed in
Agents: George Fong & Laura Mc Auley

Mt Eden

706 Mt Eden Rd & 2A Watling St:
Features: 2 houses on 809m² corner section, each with own half-share cross-lease – 80m² 2-bedroom house on Mt Eden Rd, 140m² 3-bedroom house, double garage on Watling St
Income assessment: current rental expectation $1000-plus/week
Outcome: passed in when both offered together, no bid on Watling alone
Agents: Kelly Zhang & Hattie Liu

Mt Roskill

98 Melrose Rd, unit 3:
Features: 2-bedroom unit, carport
Outcome: no bid
Agents: Richard Han

North-west

Henderson

16 Matuhi Rise:
Features: 3-bedroom duplex, garage & workshop, carport, in-ground pool
Outcome: passed in, back on market at $649,000
Agents: Repeka Lelaulu & John Elgar

Te Atatu Peninsula

8 Celsmere Lane:
Features: renovated 2-bedroom house on 528m² section
Outcome: sold for $1.12 million
Agents: Angel Li & Louis Lai

Attribution: City apartments auction, auction documents.

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Council gets $300 million infrastructure package, balance sheet-beating deal to come next

Auckland will get $300 million from the Government’s new Housing Infrastructure Fund, which will bring forward construction of 10,500 homes in north-western suburbs Whenuapai & Redhills.

Auckland mayor Phil Goff and Finance Minister Steven Joyce announced the funding package yesterday.

It will enable investment in transport, wastewater & stormwater projects which Auckland Council has earmarked as priority, fast-track initiatives.

Next up, in the next few weeks, is an announcement on overcoming the council’s balance sheet constraints.

In addition to wastewater & stormwater improvements, the $300 million will fund improvements to transport infrastructure, including an extension to Fred Taylor Drive & Northside Drive at Westgate, an update & realignment of Trig Rd, Whenuapai, and a new bridge crossing to the West Harbour ferry terminal.

Mr Goff said: “Over the last several months, I’ve met with the prime minister & other ministers to discuss the Housing Infrastructure Fund. I am pleased Auckland Council has been able to work with the Government to ensure the Government’s wider funding package for infrastructure aligns with Auckland Council’s financial constraints.”

He said Auckland’s bid for funds focused on a small number of highly development-ready areas where funding would accelerate priority projects and unlock housing growth quickly.

“Not only are we accelerating housing delivery, we are creating new centres for employment and increased accessibility across the Auckland region with improvements to Auckland’s transport system.

“Accelerating housing delivery in Auckland is a priority. I welcome the Government’s recognition of the growth challenges facing Auckland and their readiness to work with the council to address issues in our city for the benefit of all New Zealand.”

However, Mr Goff said the city would continue to need billions of dollars of extra investment to keep pace with its unprecedented growth: “Auckland has received most of what it sought from the Housing Infrastructure Fund. In the coming weeks there will be a further important announcement from the Government on new funding options for Auckland that take into account the balance sheet constraints the city faces. We have worked constructively with the Government to find innovative solutions to meet Auckland’s needs.

“The Housing Infrastructure Fund package will help significantly, but with ongoing growth and the pressing need for matching infrastructure, we will need to continue to work together to increase & bring forward investment to tackle Auckland’s housing shortage & growing congestion.”

Attribution: Council release.

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New owner retains WestCity name for mall

The new owner of the WestCity mall at Henderson has rebranded it as WestCity Waitakere.

The Adelaide-based Angaet Property Group signed up to buy the mall from the manager of Westfield Group’s New Zealand malls, Scentre (NZ) Ltd, at the end of last year, and settled on Monday.

Colliers assumed management for Angaet, owned by the DiMauro family, headed by Nick DiMauro & his son Michael, who have built up a portfolio of 25 shopping centres around Australia.

Colliers International Real Estate Management Ltd national director Richard James said rebranding would take 2-3 months.

Angaet paid $A147 million for WestCity, over 20% short of the $A175 million price tag quoted by the Australian Financial Review when the property went back on the market last September. However, that price was just short of the book value ($NZ161.5 million/$A150.6 million) ascribed to WestCity in Scentre’s annual report out in February. The Scentre report put WestCity’s cap rate at 8.38%.

WestCity has a net lettable area of 36,108m² on a 5ha site, is anchored by Countdown, Farmers, The Warehouse & Event Cinemas, and has 130 specialty stores & 1492 parking spaces.

Earlier story:
22 February 2017: Colliers to manage WestCity for new Adelaide owners

Attribution: Agency release.

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2ha Helensville residential subdivision site sold

A 2ha site on the Kaipara River at Helensville with a scheme for 28 homes has been sold by Colliers.

North-west

Helensville

5 Mill Rd:
Features: 2.07ha development site on the Kaipara River, zoned for single housing, proposed scheme for 28 sections of 601-1028m²
Outcome: sold for $2.35 million
Agents: Ryan de Zwart, Craig Smith & Matt Prentice

Attribution: Agency release.

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8 out of 12 sell at Bayleys’ auction

8 of the 12 commercial properties in Bayleys’ Total Property auction on Wednesday sold under the hammer. Heaviest bidding was between intending owner-occupiers for a Penrose property on Olive Rd (pictured). 

Isthmus east

Parnell

481 Parnell Rd:
Features: 300m² site zoned mixed use, in double grammar zone, 225m² 2-level character dwelling converted for commercial use with resource consent to demolish; new 4-year lease from May 2017 to Mt Hobson Properties Ltd (Hamish Firth)
Rent: $80,000/year net + gst
Outcome: sold for $2.45 million at a 3.26% yield
Agents: Alan Haydock, Damien Bullick & Phil Haydock

Penrose

9 Olive Rd:
Features: 2043m² site, 1281m² older style industrial building, 884m² manufacturing warehouse, 257m² of offices & amenities and 109m² of mezzanines, first time on market in 34 years
Outcome: sold with vacant possession for $3.32 million at $2591.7/m² land & building
Agents: John Bolton & Roy Rudolph

Royal Oak

Royal Oak Mall, 691 Manukau Rd, unit AL:
Features: 226m² retail unit, occupied by Paper Plus since 1993
Rent: $48,845/year net + gst
Outcome: no bid
Agents: Nicolas Ching & Beterly Pan

North-east

Milford

47 Nile Rd:
Features: 688m² site zoned neighbourhood centre, 2 roadfront shops (superette & Thai takeaway) totalling 132m² and 92m² residential dwelling occupied by superette tenant; longer-term redevelopment potential
Rent: $56,200/year net + gst
Outcome: sold for $1.56 million at a 3.6% yield
Agents: Eddie Zhong, Terry Kim & Ranjan Unka

170 Wairau Rd, unit 22:
Features: 180m² retail unit in rear portion of Wairau Junction convenience centre, occupied by Wairau Foods & Spices which renewed in February for 6 years
Rent: $55,500/year net + gst
Outcome: sold for $840,000 at a 6.61% yield
Agents: Matt Mimmack & Ashton Geissler

Silverdale

4 Titan Place, unit R:
Features: 169m² workshop & office unit built in 2007, 3-phase power, air-conditioning, security alarm system, 2 parking spaces; 2-year lease to Ice Industrial Engravers Ltd from 1 July 2017
Rent: $22,500/year net + gst
Outcome: sold for $426,000 at a 5.28% yield
Agents: Rosemary Wakeman & Mustan Bagasra

Warkworth

The Grange, 67 Auckland Rd, unit 21A:
Features: 61m² unit in retail complex, currently fitted out as office accommodation and leased to Hawthorn Geddes Engineers & Architects for 6 years from April 2017; could be converted to retail
Rent: $21,315/year net + gst
Outcome: sold for $432,000 at a 4.93% yield; auction brought forward, bidding starting at declared reserve of $338,500
Agents: Matt Lee & James Chan

The Grange, 67 Auckland Rd, unit 15:
Features: 367m² unit in retail complex occupied by Fit Factory gym for 6 years from March 2017
Outcome: no bid
Agents: Matt Lee & James Chan

North-west

Henderson

114 Henderson Valley Rd:
Features: 2140m² site, 80-unit storage complex
Rent: $145,218/year net + gst
Outcome: passed in on vendor bid of $1.7 million
Agents: Shane Snijder & James Hill

Hobsonville

160 Hobsonville Point Rd, unit 5R:
Features: 118m² ground-floor retail unit, 2 parking spaces occupied by café on 10-year lease
Rent: $56,200/year net + gst
Outcome: no bid
Agents: Steven Liu & Eddie Zhong

South

Manurewa

232 Great South Rd:
Features: 2141m² site, 2025m² bulk retail building owned & occupied by family furniture business for 20 years, 2-year lease back
Rent: $170,000/year net + gst
Outcome: sold for $2.4 million at a 7.08% yield
Agents: Shane Snijder & Piyush Kumar

Papakura

32 Elliot St:
Features: 809m² corner site, 2-level main building, 157m² of ground-floor offices plus 106m² residential floor & 36m² terrace above currently occupied by beauty therapy business; 1920s 90m²  bungalow at rear with separate entrance & residential tenancy
Rent: $46,540/year net + gst from 2 commercial leases; $23,400/year from residential tenancy
Outcome: sold for $1.32 million at a 5.3% yield
Agents: Rod Grieve & Peter Migounoff

Attribution: Agency release.

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