Archive | North-west

3 sales, a syndication & a lease

Colliers agents have completed 2 sales & a lease in West Auckland, another at Rosedale, and have completed the syndication of 4 distribution centres through Silverfin Capital Ltd.

Syndication sale

Features: 4 Provida Foods Ltd national distribution centres
Outcome: sold to investors in 233 parcels in a Silverfin Capital Ltd proportionate ownership scheme for a total $11.65 million
Agents: Charlie Oscroft & Kris Ongley

North-east

Rosedale

35 William Pickering Drive, unit 4:
Features: 946m², retail showroom/warehouse
Rent: $170,000/year net + gst from tenancy running until 1 March 2018       
Outcome: sold for $2.765 million at a 6.14% yield
Agents: Jimmy O’Brien (Colliers) & Marty van Barneveld (NAI Harcourts)

North-west

Hobsonville

Hobsonville Workspace, 102 Hobsonville Rd, lots 3 & 4:
Features: 600m² off-the-plan office site developed by The Neil Group Ltd; building to be developed by Kea Properties Ltd, it will include a childcare, retail, cafes & office, completion expected end of 2018
Outcome: sold to Kea for $2.848 million + gst
Agents: Sean Finnegan & Craig Smith

Westgate

101-103 Fred Taylor Drive:
Features: 3.55ha vacant industrial development site     
Outcome: sold for $10.5 million + gst
Agents: Sean Finnegan (Craig Smith (Colliers) & David Mayhew (JLL)

Lease

North-west

Westgate

9 Northside Drive, lot 3:
Features: 720m² childcare centre leased to Eduplay Childcare Ltd
Rent: $390,000/year net + gst + opex
Outcome:
Agents: Sean Finnegan & Craig Smith

Attribution: Agency release.

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Suburban unit sells, dual-key studios & development prospects passed in

A cross-leased Sandringham unit (pictured) sold under the hammer at Barfoot & Thompson’s city auction today, but dual-key studios in the Queens Residences attracted no bid.

At Barfoot’s auction yesterday, a Glen Eden property with consent for townhouses and a Sunnyvale property also zoned mixed housing urban were passed in, again without attracting a bid between them.

CBD

Uptown

Queens Residences, 8 Airedale St, unit 1312:
Features: dual key, 2 studio units on one title, one of 30m², the other of 32m² & 8m² balcony
Outgoings: rates $2753/year including gst; body corp levy $3450/year
Income assessment: unit A $800/fortnight, fixed until 4 December; larger unit B $400/week fixed until November 2018
Outcome: no bid
Agents: Stephen Shin & Yasu Ka

Isthmus west

Sandringham

26 Locarno Avenue, unit 1:
Features: cross-lease, 1/3 share in 749m², 2-bedroom unit, conservatory, tandem garage with workshop
Outcome: sold for $846,000
Agents: Ivy Wong & Carol Fraser

North-west

Glen Eden

37 Ambler Avenue:
Features: 1029m² section, 3-bedroom house owned by foreign investor, zoned mixed housing urban, resource consent granted for 6 terrace townhouses
Outcome: no bid
Agents: Lunar Zhang & Nicole Sun

Sunnyvale

7 & 9 Awaroa Rd:
Features: 2119m² corner site in 2 titles, 2 houses, zoned mixed housing urban; No 7 857m², 1950s weatherboard house; No 9 1262m², 1930s weatherboard house; in an area of recently developed terraces & standalone homes
Income assessment: fixed-term tenancies of $500/week (No 7), $520/week (No 9)
Outcome: no bid
Agents: Lunar Zhang & Nicole Sun

Attribution: Auctions.

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One unit out of 5 sells at Barfoot auctions

One suburban unit sold post-auction out of 5 offered at 3 sessions at Barfoot & Thompson’s city office last week.

The unit sold was in Greenlane. A SugarTree apartment in the city centre didn’t receive a bid.

In the agency’s Thursday morning apartments auction session, one of the 2 units sold under the hammer.

CBD

Victoria Quarter

SugarTree, 27 Union St, unit 514:
Features: 49m², one-bedroom apartment, study, balcony, parking pace
Income assessment: $500/week + $70/week for parking, fixed until February
Outcome: no bid
Agents: Ivy Ong & Tom Chiu

Isthmus east

Greenlane

30 Garland Rd, unit 2:
Features: 2-bedroom unit, deck, double garage
Outcome: sold post-auction
Agents: Helen Lam & Wendy Sadd

Isthmus west

Mt Roskill

1542 Dominion Rd Extension, unit 2:
Features: 3-bedroom unit, study, internal-access garage
Outcome: no bid
Agents: Eric Xie & Lindsay Hooke

24 Princes Avenue, unit 3:
Features: 67m², 2-bedroom unit, garage
Outcome: passed in at $710,000, back on market at $839,000
Agent: Dee Brennan

North-west

Te Atatu South

35A Coniston Avenue, unit 1:
Features: 2-bedroom unit, internal-access garage
Outcome: passed in
Agents: Fleur Reece & Angela Light

Attribution: Auctions.

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Pacific Property launches syndication of Kelston mall

Pacific Property Fund Ltd, managed by Property Managers Group, opened its syndication of the $40 million Kelston Shopping Centre yesterday, after committing to the purchase from the Oyster Property Group in June.

Pacific Property is offering 24 million shares at $1.02/share, with a minimum investment of 20,000 shares & parcels of 10,000 shares thereafter. The offer closes on 22 November.

The target cash distribution return is 7.2c/share for the full year to 31 March 2019.

The Kelston purchase will increase Pacific Property’s funds under management from $74.3 million to $114.6 million, in 9 properties.

Property Managers Group chief executive Scott McKenzie said: “Having multiple tenants & multiple properties in an investment portfolio means total income is less likely to be as affected by the loss of a single tenant or an unforeseen event. This results in more reliable & sustainable returns, attracting more investors to invest, which then results in providing greater liquidity for the underlying shares.

“We also maintain a conservative level of bank gearing compared to other peers in the market. This ensures the portfolio is well positioned to weather any economic clouds that may roll across the horizon and better look after our investors’ interests.”

The centre sits on 2.1568ha at the corner of Great North & West Coast Rds. It was built in 1977, expanded in 1997 and its entrance was upgraded in 2007.

It’s anchored by 3 major tenants – Countdown, Mobil & McDonald’s – and supported by 32 speciality, medical, food, beverage & convenience stores. Property Managers Group plans to offer more health & community services-related tenants, starting with a medical centre, which will take up a lease in November.

Attribution: Company release.

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4 industrial property sales for Colliers

The Vijay Frame & Truss business and clothing company AS Colour Holdings Ltd’s head office & distribution facility, both in Henderson, have been sold through Colliers.

In Grey Lynn, a small light industrial building on Mackelvie St has been sold, and a Christchurch warehouse has been sold.

Isthmus west

Grey Lynn

36 Mackelvie St:
Features: light industrial building, 4 parking spaces
Outcome: sold for $2,316,750 at a 2.9% yield
Agents: Charlie Oscroft & Kris Ongley

North-west

Henderson

9-11 Aetna Place:
Features: Vijay Frame & Truss business, part of Vinod Kumar’s Vijay Holdings Ltd group
Outcome: sold for $900,000
Agents: Pauras Rege, Marcus Jacobson & Shelley May

84 Central Park Drive:
Features: 6735m², Australasian clothing company AS Colour Holdings Ltd’s head office & distribution facility
Outcome: sold for $9.2 million at a 5.1% yield
Agents: Andrew Hooper & Dwayne Warby

South Island

Canterbury

Christchurch, Phillipstown

15 Phillips St:
Features: 897m² site, 766m² refurbished warehouse – 510m² warehouse, 150m² consented mezzanine, 106m² office, 7 parking spaces
Outcome: sold at auction for $991,000
Agents: Christian Kellar & Paul Marshall

Attribution: Agency release.

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Orchard Park features in Shore sales & leases

Bayleys agents on the North Shore have completed sales of 3 units in the new Orchard Park development at 63 Corinthian Drive and the leasing one unit, plus a Northcross sale & 3 other leases.

Sales

North-east

Albany

Orchard Park, 63 Corinthian Drive, unit 3:
Features: 547m² industrial unit – warehouse 403m², showroom 67m², office 77m², 9 parking spaces
Outcome: sold in September for $1.73 million + gst at $3163/m² land & building
Agents: James Yu & Matt Mimmack

Orchard Park, 63 Corinthian Drive, unit 4:
Features: 547m² industrial unit – warehouse 403m², showroom 67m², office 77m², 9 parking spaces
Outcome: sold in September for $1.73 million + gst at $3163/m² land & building
Agents: James Yu & Matt Mimmack

Orchard Park, 63 Corinthian Drive, unit 5:
Features: 834m² industrial unit – warehouse 580m², showroom 111m², office 143m², 14 parking spaces
Outcome: sold in September for $2.835 million + gst at $3400/m² land & building
Agent: Matt Mimmack

Northcross

153 Carlisle Rd:
Features: 1002m² corner section
Outcome: sold at auction in September for $1.64 million + gst
Agents: Dean Gilbert-Smith & Alex Strever

Leases

North-east

Albany

Orchard Park, 63 Corinthian Drive, unit 3:
Features: 547m² industrial unit – warehouse 403m², showroom 67m², office 77m², 9 parking spaces
Rent: leased in September for $100,000/year net + gst, premises rental $182/m²       
Agent: James Yu

Rosedale

Candida office park, 61 Constellation Drive, building 4, level 3, suite 310:
Features: 6.9m² office
Rent: leased in September for $11,740.20/year net + gst, premises rental $1701/m²
Agent: Jane Sims

Candida office park, 61 Constellation Drive, building 4, level 3, suite 312:
Features: 19.6m² office, 4 parking spaces
Rent: leased in September for $33,901.20/year net + gst (excluding parking), premises rental $1730/m² (excluding parking)
Outcome:
Agent: Jane Sims

North-west

Henderson

301 Lincoln Rd, unit B:
Features: 88m² retail unit
Rent: leased in September for $54,000/year net + gst, premises rental $614/m²
Agents: Adam Curtis & Adam Watton

Attribution: Agency release.

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Notification sets Whenuapai on course for urbanisation

Auckland Council will publicly notify the proposed plan change tomorrow to rezone 124ha at Whenuapai from the future urban zone to urban zones. The submission period will close on Thursday 19 October and independent commissioners will hear submissions in the first half of 2018.

In the map: The central purple zones are for light industry. The yellow to brown zones are for a range of residential intensities.

It’s the first step in urbanisation of rural Whenuapai and is in the first batch of plan changes under the new unitary plan, now operative in part. Others approved for notification by the council’s planning committee on 5 September were for extension of the Auranga subdivision at Drury and for Fletcher Residential Ltd’s subdivision at the Three Kings quarry.

The plan change for stage 1 development in the south-east corner of Whenuapai provides for 124ha of light industrial land and capacity for 4-5000 homes.

Planning committee chair Chris Darby said a large amount of infrastructure was required for the greenfield area, and the plan change aimed to ensure infrastructure was in place to support all development.

Issues it addresses include managing stormwater run-off and ensuring there are opportunities to enhance the degraded stream & coastal environment, mostly through planting along streams.

The proposed plan change would also protect an historic heritage area in Clarks Lane and an anti-aircraft battery site on Spedding Rd.

Assuming plan change approval, stage 1 construction is likely to occur between 2018-28.

Stage 2 of the larger Whenuapai area is constrained by the new Northern Interceptor wastewater pipeline due to be built in 2026, and transport infrastructure outlined in the supporting growth strategy, which is necessary to support development. A further plan change will be required for stage 2.

Cllr Darby said: Notification of the plan change for stage 1 is a positive sign, showing that we’re moving from the planning phase to actually making land available for real homes that people can live in.

“It follows successful structure planning for the area – the first in a number of structure plans that will eventually pave the way for up to 137,000 new homes in north, north-west & southern greenfield areas.”

Attribution: Council release & committee agenda.

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Spread of sales & leases by Shore agents

Latest transactions signed by Bayleys’ North Shore agents included sale of a hostel in the university precinct of downtown Auckland, the lease on a Ranui shop and a sale & 2 leases in the Rosedale area of Albany.

Sales

CBD

Uptown

47 St Paul St, unit 2B:
Features: 179m² 10-room Central Hostel, parking space
Outcome: sold in September for $1.18 million + gst
Agent: David Han

North-east

Rosedale

27-29 William Pickering Drive, unit F4:
Features: 210m² office, 6 parking spaces
Rent: about $55,600/year net + gst
Outcome: sold in September for $765,000 + gst at a 7.27% yield
Agents: Ildy Meixner & Alex Strever

Leases

North-east

Rosedale

1-3 Parkhead Place, unit 2:
Features: 448m² office unit, 9 parking spaces
Rent: leased in September for $95,000/year net + gst, parking $16/space/week      
Agents: Alex Strever, Laurie Burt & Matt Mimmack

10 Vega Place, unit G:
Features: 330m² industrial unit – warehouse 190m², showroom 70m², office 70m², 6 parking spaces
Rent: leased in September for $53,000/year net + gst, premises rental $160.61 (including parking)
Agents: Alex Strever & Laurie Burt

North-west

Ranui

20B Pooks Rd:
Features: 90m² retail
Rent: leased in August for $20,000/year net + gst, premises rental $222/m²
Agents: Dev Choudhury & Damian Stephen

Attribution: Agency release.

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Herne Bay apartment sells

A Herne Bay apartment (outlined in picture) was sold at Bayleys’ city residential auction yesterday, and a Henderson cross-lease was passed in.

Isthmus west

Herne Bay

5 Curran St, unit 6:
Features: renovated one-bedroom top-floor apartment, parking space
Outgoings: body corp levy $3663/year
Outcome: sold for $825,000
Agent: Chris Batchelor

North-west

Henderson

63A Sturges Rd (flat 2):
Features: cross-lease, half share in 1031m², 3 bedrooms, garage + extra parking
Outcome: passed in at $635,000
Agent: Karina Thorburn

Attribution: Auction.

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8 out of 10 sell at Bayleys commercial auction

8 of the 10 properties in Bayleys’ Total Property commercial auction yesterday were sold under the hammer.

6 of them were vacant or with short leases. Of the 3 where a yield could be calculated, an Asian supermarket in Papakura (outlined in picture) sold at 4.7%, a Grange hair salon at Warkworth sold at 5.9% and a Birkenhead property with 5 tenants sold at 6%.

Isthmus east

Onehunga

12 George Terrace:
Features: vacant 521m² site, 515m² refurbished standalone industrial building, zone allows live/work or residential
Outcome: sold for $1.4 million
Agents: James Valintine & William Gubb

Parnell

11 Farnham St:
Features: 269m² site, standalone building with 4 levels built 10 years ago, 659m² floor area, private lift to penthouse on top 2 floors, conservatory, 4 bedrooms, 5/6-car garage + secured yard parking on ground floor, partitioned office & amenities on level 1, air-conditioned on levels 1-3
Outcome: sold for $3.22 million
Agents: Millie Liang

St Johns

121 Morrin Rd:
Features: 4755m² site, 2312m² high stud warehouse, 6 roller doors, small office, yard + parking
Rent: short-term tenancy in place
Outcome: sold for $6.81 million
Agents: Jamsheed Sidhwa, Luke Carran & James Valintine

North-east

Birkenhead

49-55 Birkenhead Avenue:
Features: 801m² site, 481m² floor area, 5 tenants, town centre zoning has 21m height limit
Rent: $112,070/year net + gst
Outcome: sold for $1.867 million at a 6% yield
Agents: Michael Nees, David Huang & Oscar Kuang

Browns Bay

755 Beach Rd:
Features: vacant 1029m² site, 70m² building, mixed use zoning allows building height up to 4 storeys
Outcome: passed in at $700,000
Agents: Ranjan Unka & Anna Radkevich

Rosedale

372 Rosedale Rd, unit 2A:
Features: 186.7m² first-floor office, 6 parking spaces, tenant Bayleys Real Estate Ltd
Rent: $58,209/year net + gst + outgoings, 18-month lease from 1 April, 2 18-month rights of renewal
Outcome: no bid
Agents: Matt Mimmack & Eddie Zhong

Unsworth Heights

1 Greenwich Way, shop 7:
Features: 186m² retail unit, tenant BookPrint Ltd
Rent: $51,520/year net + gst + outgoings
Outcome: withdrawn from auction
Agents: Dean Gilbert-Smith & Adam Curtis

Warkworth

The Grange, 67 Auckland Rd, unit 22A & 22B:
Features: 119m² shop, tenant Vivo Beauty Ltd
Rent: $49,100/year net + gst, new 8-year lease
Outcome: sold by the developer, Square & Main Street Ltd (Adam Reynolds) for $830,000 at a 5.9% yield
Agents: Matt Lee, James Chan & Henry Napier

North-west

Henderson

111 Lincoln Rd, unit FB:
Features: retail unit, tenant Petstock
Rent: $105,000/year net + gst, new 6-year lease
Outcome: withdrawn from auction
Agents: Tony Chaudhary & James Chan

South

East Tamaki

20 Ra Ora Drive:
Features: vacant 4885m² site, metalled, fenced & electronic security gate, former Howick Bus Co Ltd depot
Outcome: sold for $2 million
Agents: John Bolton, Roy Rudolph & Katie Wu

Papakura

303-305 Great South Rd:
Features: 2023m² site zoned business mixed use, Asian supermarket tenant
Rent: $161,740/year net + gst, new 4-year lease + 3 4-year rights of renewal
Outcome: sold for $3.44 million at a 4.7% yield
Agents: Quinn Ngo, Matt Lee & Piyush Kumar

Takanini

305 Great South Rd:
Features: vacant 990m² industrial site, 448m² warehouse
Outcome: sold for $1.52 million
Agents: Shane Snijder & Peter Migounoff

Attribution: Auction.

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