Archive | Hobsonville

Ngai Tahu Property secures another 2ha at Hobsonville Pt

Ngai Tahu Property Ltd has entered into a development agreement to build over 200 homes on 2ha at Hobsonville Point, one of the last undeveloped sites in the masterplanned community at the top of the Waitemata Harbour.

The newest acquisition resulted from an expression of interest process HLC Ltd (formerly the Hobsonville Land Co Ltd) conducted late last year. Ngai Tahu Property chief executive David Kennedy said yesterday it effectively doubles the size of the Kerepeti development, which will now deliver 417 homes over a combined 4ha.

The new site will contain a mix of apartments, terraced homes & walk-up apartments.

Based on a masterplan by Isthmus Group, the homes will be delivered in 4 stages. The first stage will contain 27 2½- & 3-bedroom terraces and 9 1½- & 2-bedroom walk-ups.

Mr Kennedy said 30% of the homes would be priced in keeping with Hobsonville Point’s Axis affordable homes programme.

Ngai Tahu Property is already developing 2 sites at Hobsonville Point through a consortium with the NZ Super Fund & New Ground Capital Ltd, but Ngai Tahu Property is undertaking this project on its own. The first homes on the consortium’s 2 sites, Uku & Kerewhenua, are due for completion early next year and will be available for sale off the plan from September through Colliers.

Ngai Tahu’s 3 development sites – 2 as part of a consortium.

Mr Kennedy said most of the homes in the new development would be available for sale as they are developed but, as with the accessible philosophy for the Kerepeti development as a whole, a portion will be retained and made available as long-term rental properties to be managed by New Ground Capital.

“We are committed to delivering attractive & functional homes that are in keeping with the fantastic location. All of the sites deliver a strong, connected community that adds to and benefits from the great levels of amenity that have made Hobsonville Point one of the most desirable new places to live in Auckland.”

HLC chief executive Chris Aiken said Ngai Tahu Property had demonstrated that developers can combine quality urban design, affordable housing & sound commercial returns working in partnership with the Government-owned HLC.

Earlier story:
5 May 2017: Construction starts on Ngai Tahu subdivision at Hobsonville Pt

Attribution: Company release.

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Construction starts on Ngai Tahu subdivision at Hobsonville Pt

Construction has started on Ngai Tahu’s innovative new residential development for Hobsonville Point that includes a number of long-term rentals.

It’s funded by the NZ Super Fund, Ngai Tahu Property Ltd & New Ground Capital Ltd.

The 208-home development on the former Defence Force base at the top of the Waitemata Harbour, announced in December 2015, was the initial step for Ngai Tahu Property into the Auckland market and is the first direct property investment for the NZ Super Fund.  First homes in the development will be on sale off the plans from September and the whole development is due to be completed by the end of 2018.

The Ngai Tahu development, now known as Kerepeti, covers 2 1ha superlot sites called Kerewhenua (111 homes) & Uku (97 homes).

The NZ Super Fund & Ngai Tahu Property are investing 48% each of the capital required for the development, and New Ground Capital is contributing the remaining 4%.

Each superlot will consist of a mix of apartments, terrace homes & walk-up apartments based on a masterplan by Context architects. They’ll be built by 4 local building companies – Classic Builders Ltd and Naylor Love Ltd (Kerewhenua) and Jalcon Homes Ltd & Haydn & Rollet Ltd (Uku).

About 50% of the 1- to 4-bedroom properties will be priced under the Auckland median house price and 30% will be priced in keeping with the Hobsonville Point affordable homes Axis programme.

About three-quarters of the homes will be available for sale as they are developed, but 47 are to be retained and made available as long-term rental properties to be managed by New Ground Capital, which was set up in 2014 to develop a long-term rental portfolio.

Anyone can apply to rent one of these homes once completed, with lease terms of up to 7 years to provide security of tenure, while still allowing leaseholders to shorten their lease should their circumstances change.

Ngai Tahu Property chief executive David Kennedy said: “The shared vision for this development was to ensure public & iwi funds are reinvested into infrastructure for the long-term benefit of New Zealanders – those who live there and the investors themselves.

“With building of terrace homes and early foundation works for the apartments now starting on both of the superlot sites, we are on the way to ensuring a broader section of the market, be they renter or homeowner, can have a quality place to live and enjoy access to all the amenities & lifestyle on offer at Hobsonville Point.

“We expect the new long-term rental properties to be listed on www.newgroundliving.co.nz in the third quarter of this year.”

Links:

Ngai Tahu Property 
www.ngaitahuproperty.co.nz
NZ Super Fund
www.nzsuperfund.co.nz
New Ground Capital
http://www.newground.co.nz
New Ground Living
www.newgroundliving.co.nz

Attribution: Company release.

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Corrected: Shenzhen developer launches first Auckland project at Hobsonville

Published & corrected 24 April 2017
Chinese developer Far East said on Friday it would build 39 terraced homes in the first stage of its 150-home Hobson Quarter development (pictured) between the Hobsonville village shops and the Upper Harbour Motorway, called Q|One. [Corrected: Originally I wrote that this development was at Hobsonville Point.]

Far East has also bought a 3406m2 site next to the Westfield Mall at Albany for over 200 apartments on 18 storeys in 2 buildings, plus retail & parking facilities.

The developer is part of the privately owned JiaHe JianAn Group, which has built about 7000 apartments in a decade in Shenzhen, China, and expanded into Australia in 2013.

Its Australia subsidiary, Zone Q Investments Pty Ltd, entered the Perth market first with an $A100 million apartment & commercial project overlooking the Swan River. It now has 4 Perth residential projects & one commercial property there, and bought in Sydney in December. It has the Aqualuna apartment development planned for a waterfront Milsons Point site and has also bought land in the north-western suburb of Cherrybrook, 30km from the Sydney cbd.

In New Zealand, Far East has an anticipated $300 million pipeline of residential & commercial projects. At Hobson Quarter, it’s working with Kate Roach Architecture & Design, which has studios in Melbourne & Auckland, and Greenstone Group Ltd for project management.

Marketing manager Daniel Zou said Far East had also identified other potential development sites in Auckland & Wellington, including prime office buildings. He said the move into New Zealand was a natural one as Kiwis began to consider a wider range of housing options in a tighter market.

“We spent a long time analysing the New Zealand market to determine the developments that would best suit local demand. We built an Auckland-based team and have partnered with well-known, respected local companies to develop homes tailored to the Kiwi lifestyle.

“We firmly believe that every property development needs to suit each community’s needs and Q|One is the epitome of this – higher density living that supports Auckland’s growing population, while still embracing New Zealanders’ love of large homes with generous outdoor spaces.”

Pre-sales for Q|One are underway through Bayleys Realty Group and construction is scheduled for completion in late 2018.

Links: Hobson Quarter
http://hobsonquarter.co.nz/
Zone Q
http://zoneq.com.au
Kate Roach Architecture & Design
http://www.kateroach.com.au/

Attribution: Company release.

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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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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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Avanda wins Airfields stage 2 development

Auckland Council company Panuku Development Auckland has confirmed Chinese-owned Avanda Ltd as the housing developer for stage 2 of the 20ha council-owned Airfields precinct at Hobsonville Point.

Avanda and its building partners will develop over 500 homes in stage 2, of which a minimum 10% will be affordable housing. Housing will be delivered within an agreed timeframe.

Panuku chief executive Roger MacDonald said Avanda was chosen after a competitive tender process, with strong interest from 6 potential developers.

“Avanda is a significant new entrant in the property development market and they showed commitment to developing all of stage 2, rather than just individual parcels that were offered to the market.”

Avanda project manager Winson Tan said the company would deliver a range of high quality housing options. The company has started detailed design to obtain the necessary resource consents for infrastructure works.

Avanda’s ultimate holding company is Guangzhou Jinxiu Dadi Property Co Ltd.

Building at Airfields stage 1 will start over the next few months. It will have 102 standalone & terrace homes.

Image above: Airfields stage 2 at Hobsonville Point, outlined in red.

Earlier story:
21 September 2015: Avanda launches first townhouses on Crown Lynn site

Attribution: Company release.

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Updated: Hobsonville industrial site sells, 4 leases secured around Shore

A light industrial site at Hobsonville has been sold and Bayleys agents on the North Shore have also secured 4 leases.

Sale:

North-west

Hobsonville

102 Hobsonville Rd, lot 19:
Features: 4800m2 landholding zoned light industrial
Outcome: sold for $1.65 million at $343.75/m2
Agent: Grant Miller

Leases:

North-east

Devonport

59A Victoria Rd:
Features: 74m² office
Rent: leased in October for $16,000/year net + gst at $216/m²
Agents: Jane Sims, Chris White & Tonia Robertson

Rosedale

65 Paul Matthews Rd, unit L(15):
Features: 74m² commercial kitchen, 2 parking spaces
Rent: leased in October for $22,000/year net + gst at $297/m²
Agents: Anna Radkevich, Adam Curtis & Adam Watton

Wairau Valley

75 View Rd, unit 3C:
Features: 156m² retail unit – 126m² retail, 30m² front balcony, 4 parking spaces
Rent: leased in October for $29,000/year net + gst at $230/m²
Agent: Terry Kim

Windsor Park

6 Rosedale Rd, unit G:
Features: 60m² retail, 3 parking spaces
Rent: leased in October for $20,000/year net + gst at $281/m², parking $20/space/week, net excluding parking $16,880
Agents: Michael Nees, Steven Liu, Simon Aldridge & David Huang

Attribution: Agency releases.

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Hobsonville site sold, plus 6 leases

Bayleys agents on the North Shore have sold a Hobsonville industrial site and completed 6 lease transactions.

Sale:

North-west

Hobsonville

43 Westpoint Drive:
Features: 6280m² light industrial site
Outcome: sold in September for $3,045,800 + gst at $485/m²
Agents: Laurie Burt & Grant Miller

Leases:

North-east

Albany

59 Corinthian Drive, unit 3:
Features: 648m² industrial unit – warehouse 464m², retail 144m², other area 40m², 10 parking spaces
Rent: leased in September for $100,000/year net + gst, premises rental $154.32/m²
Agents: James Kidd & James Yu

Rosedale

10 Vega Place, unit G:
Features: 330m² unit – warehouse 190m², showroom 70m², office 70m², 6 parking spaces
Rent: leased in September for $53,000/year net + gst
Agents: Alex Strever

51 William Pickering Drive, unit 12:
Features: 60m² office
Rent: leased in September for $14,000/year net + gst
Agent: Paul Prouse

Silverdale

51A Foundry Rd:
Features: 627m² industrial unit
Rent: leased in August for $72,000/year net + gst
Agent: Rosemary Wakeman

Wairau Valley

44-48 Ellice Rd, unit B:
Features: 324m² industrial unit – warehouse 176m², showroom 61m², office 80m², other area 7m², 6 parking spaces
Rent: leased in September for $44,000/year net + gst
Agents: Terry Kim (Bayleys) & David Cannon (Barfoot & Thompson)

75 Ellice Rd, unit 8:
Features: 16m² office
Rent: leased in September for $9000/year net + gst, premises rental $562.50/m²
Agents: Paul Prouse

Attribution: Agency release.

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5 special housing areas approved

Commissioners have produced decisions approving 5 special housing areas at Ardmore, Clarks Beach, Drury South, Glenbrook, & Hobsonville Landing.

Auckland Council issued notices today making the applications under the housing accord with the Government operative.

The 5 areas:

  • Ardmore, plan variation 17, 170, 180 & 190 Walters Rd & 587 Mill Rd, 19.6ha rezoned from future urban to mixed housing suburban, to create 295 lots including 30 affordable housing sites
  • Clarks Beach, 137 Clarks Beach Rd, plan variation 19, 50.7ha rezoned from future urban to mixed housing suburban, 32 vacant lots, 2 residential superlots
  • Drury South, plan variation 16, 49 Harrison Rd & McEldownie Rd, 101ha rezoned from light industry to terrace housing & apartment buildings, mixed housing urban & mixed housing suburban, 50 residential lots
  • Glenbrook, plan variation 14, 35 & 127 McLarin Rd, 69ha rezoned from rural coastal to single house & local centre, to create 231 lots for residential, reserve & roading, neighbourhood park & coastal café
  • Hobsonville Landing, plan variation 12, 2ha to mixed-use zone, 6 new dwellings

Link: Auckland Council, special housing areas

Attribution: Council notices.

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11 Hobsonville Pt commercial units & a Beach Haven store sell at auction

11 commercial units in the year-old Brickworks building at Hobsonville Point (pictured) – including an ATM machine & a dog wash – were sold at auction by NAI Harcourts on Wednesday.

They achieved yields in a range of 4.7-5.2%.

The ATM & dog wash were sold in a package with the Brickworks development’s convenience store at an even 5% yield. The other units were a medical centre & pharmacy (also sold together), a dental practice, a beauty & nail salon, a sushi shop, a café, an Indian restaurant and a pizza & burger takeaway shop.

Developer Tasman Cook Ltd also built 60 apartments & townhouses above the retail outlets on the block at 160 Hobsonville Point Rd.

Isaac Tankard was an agent on all the properties, and Andrew Bruce on all but the Devonport one.

Also sold at the NAI Harcourts auction was a convenience store in Beach Haven. An office unit on Queens Parade, opposite the Devonport wharf, was passed in.

North-east

Beach Haven

366 Rangatira Rd:
Features: 202m² section, 224m² floor area including office, standalone corner building, remodelled & expanded in 2006, occupied as a convenience store since then
Rent: $27,453/year + gst + outgoings, rent review due in September
Outcome: sold for $809,500 at a 3.39% yield

Devonport

2 Queens Parade, unit C:
Features: vacant 153m² unit opposite the Devonport wharf, 3 glass-partitioned office & open area, secure parking space
Outgoings: body corp levy $5752/year
Outcome: passed in

North-west

Hobsonville Point

Brickworks, 160 Hobsonville Point Rd:

Units 1, 88 & 99:
Features: 84m² total floor area – convenience store, ATM machine & dog wash
Rent: $45,424/year net + gst
Outcome: sold for $908,000 at a 5.00% yield

Unit 2A:
Features: 84m² beauty & nail salon
Rent: $37,000/year net + gst, 6 years from November 2015, 2 6-year rights of renewal
Outcome: sold for $710,000 at a 5.21% yield

Unit 2B:
Features: 123m² dental practice
Rent: $52,171/year net + gst, 6 years from July 2015, 3 6-year rights of renewal
Outcome: sold for $1.11 million at a 4.7% yield

Units 3A & 3B:
Features: 136m² pharmacy & 139m² medical centre
Rent: pharmacy $58,525/year net + gst, 10 years from June 2015, 3 6-year rights of renewal; medical centre $59,707/year net + gst, 5 years from June 2015, one right of renewal of 5 years & 3 of 6 years
Outcome: sold together for $2.51 million at a 4.71% yield

Unit 4:
Features: 68m², sushi shop
Rent: 32,712.50/year net + gst, 8 years from January 2016, 2 6-year rights of renewal
Outcome: sold for $650,000 at a 5.03% yield

Unit 5:
Features: 118m² cafe
Rent: $58,911/year net + gst, 10 years from June 2015, 2 8-year rights of renewal
Outcome: sold for $1.2 million at a 4.9% yield

Unit 6:
Features: 118m² Indian restaurant
Rent: $49,876/year net + gst, 6 year from February 2016, 2 6-year rights of renewal
Outcome: sold for $1 million at a 4.98% yield

Unit 7:
Features: 69m² pizza & burger takeaways
Rent: $33,848.71/year net + gst, 8 years from August 2015, one 8-year right of renewal
Outcome: sold for $700,000 at a 4.83% yield

Attribution: Agency release.

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