Archive | North-west

Colliers to manage WestCity for new Adelaide owners

The Adelaide-based Angaet Property Group, which bought the WestCity mall at Henderson from the Scentre Group at a steep discount to target price at the end of last year, has appointed Colliers to manage the centre.

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

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

The sale was reported in Australia on 1 December, when it was subject to Overseas Investment Office approval, but Scentre said nothing about it until it was mentioned in passing in the group’s annual results release yesterday.

Colliers quoted Nick DiMauro yesterday: “I believe WestCity is a vibrant shopping centre, and the many infrastructure projects around the Henderson area in the near future will enhance the centre’s prominent position.

“We look forward to working with Colliers International to provide the best possible shopping experience for the residents of Henderson & its surrounding communities.”

Colliers will take over management of the centre from settlement.

6 of the 40 malls on Scentre’s books last year were in New Zealand, and WestCity was the last still wholly owned by the company after it sold 49% of 5 of them – Albany, Manukau, Newmarket, Riccarton & St Lukes – to Singapore’s sovereign wealth fund, GIC, at the end of 2014.

Scentre put WestCity & the other 3 New Zealand centres on the market in 2015 and sold 3 at the end of that year – Glenfield to Ladstone Holdings Ltd, Queensgate in Lower Hutt & Chartwell in Hamilton to the Diversified fund managed by Stride Property Ltd – for a combined $549 million.

Attribution: Company & agency releases.

Continue Reading

3 apartments & 6 cross-leases among Barfoot sales

12 of the 28 residential properties auctioned at Barfoot & Thompson’s city office yesterday were sold under the hammer.

They included 6 of the 10 cross-leased homes and all 3 apartments – one apartment the mortgagee sale of a unit in Metropolis, one on Khyber Pass and the third in Kings Square, Newmarket (pictured above).

CBD

Kitchener St

Metropolis, 1 Courthouse Lane, unit 2101 (21A):
Features: one-bedroom apartment
Outcome: sold at mortgagee auction for $372,000
Agent: Philip Davis

Isthmus east

Glendowie

2A Monterey St:
Features: cross-lease, half share in 791m², 153m² 3-bedroom townhouse, 2 bathrooms, courtyard, double garage
Income assessment: $760/week current
Outcome: no bid
Agent: Kelly Midwood

Glen Innes

10A Courtland Avenue:
Features: cross-leased 1813m², 3 bedrooms, deck, carport
Outcome: no bid
Agent: Shane Anderson

Meadowbank

1 Hawkins St:
Features: cross-lease, half share in 728m², 105m² 2-bedroom duplex, deck, offstreet parking
Outcome: sold for $885,000
Agents: Michael & Tatyana Ataman

30A Hawkins St:
Features: cross-lease, half share in 660m², 2 bedrooms, carport
Outcome: sold for $862,000
Agents: Trevor Wyness & Louise Barnsley

Newmarket

373 Khyber Pass Rd, unit 3:
Features: studio, courtyard
Outgoings: body corp levy $3049/year
Outcome: sold for $381,000
Agent: Cici Wang

Kings Square, 26 Remuera Rd, unit 718:
Features: 100m², 3-bedroom apartment, 2 bathrooms, 2 basement parking spaces
Outgoings: body corp levy $4617/year
Outcome: sold for $1 million at pre-auction auction
Agents: Cici & Miro Wang

Onehunga

Somerset Gardens, 53 Mays Rd, unit 9:
Features: cross-lease, 1/13 share in 5096m², 3 bedrooms, internal-access garage
Outcome: sold for $795,000 at auction brought forward
Agents: Leonie Stabler & Di Lynds

Parnell

21B Cathedral Place:
Features: cross-lease, 1/3 share in 1719m², 3-bedroom townhouse, 2 bathrooms, study, 3 living areas, patios, decks, double garage
Outcome: sold for $1.735 million
Agents: Jill Jackson & Emma John

73 Gibraltar Crescent:
Features: 3-bedroom townhouse, 2 bathrooms, deck, double garage
Outgoings: body corp levy $1973/year
Outcome: no bid
Agents: George Fong & Laura McAuley

Pt England

38 & 38A Tamatea Avenue:
Features: both halves of a 787m² cross-lease, 3 bedrooms, deck, garage
Outcome: passed in at $850,000
Agents: George Fong & Amy Xiong

Royal Oak

14 Campbell Rd, unit 2:
Features: cross-lease, 1/6 share in 1206m², 2-bedroom unit, garage
Outcome: sold for $730,000
Agent: Sylvia Lu

Isthmus west

Pt Chevalier

220 Pt Chevalier Rd, unit 2:
Features: cross-lease, half share in 609m², 3 bedrooms, deck, carport
Outcome: sold for $1.21 million
Agent: Felicity Scott

North-west

Henderson

1 Ribblesdale Rd, unit 3;
Features: cross-lease, 1/7 share in 2023m², 2-bedroom unit, carport, storage unit
Outcome: no bid, back on market at $480,000
Agent: Grant Hetherington

South

East Tamaki

9 Haven Drive:
174m² townhouse on 147m² section, 2 bedrooms, double garage, courtyards
Outcome: sold for $632,000
Agents: Thomas & Helen Weber

Attribution: Auctions.

Continue Reading

Auditor-general argues for more Westgate deal disclosure but doesn’t see wrongdoing

Auditor-general Lyn Provost told Parliament yesterday, in a report tabled on dealings between the Waitakere City and Auckland Councils and Westgate landowner NZ Retail Property Group Ltd (NZRPG), that both councils could have made better disclosure. But she did not disclose any wrongdoing in the financial arrangements.

Image above: The Westgate layout looking down the North-western Motorway toward Henderson, as it was in 2013.

The Auditor-general’s office looked into specific aspects of Auckland Council’s project to develop a new town centre in Massey North (the council name for what NZRPG always called Westgate) after several people raised concerns about the establishment & management of this new town centre. They questioned whether the public & private costs & benefits of the project had been appropriately balanced between Auckland Council & a private developer.

Auditor-general Lyn Provost.

Mrs Provost said the focus of the office’s inquiry was on Auckland Council’s management & governance of the project from 1 November 2010, when the newly amalgamated council inherited the project from the now dissolved Waitakere City Council.

“One of the concerns raised with us was about the lack of transparency, in particular being unable to access information about the project. In our view, Auckland Council could have made more information about this development available. It is important that local authorities strike the right balance between balancing commercial sensitivity, maintaining legal privilege as appropriate and being open with ratepayers & elected officials. Such openness allows public discussion & debate, and is essential to supporting public sector accountability. This exercise has highlighted once again the importance not just of making good decisions but also of being able to show that good decisions have been made.”

The background

A block in the first Westgate stage, pictured in 2012.

Companies in the NZRPG group owned or controlled much of the land where the new town centre was to be located. As a result, Waitakere City Council entered into a memorandum of understanding with NZRPG in 2004 to establish a collaborative working relationship to design & develop the town centre. In 2010, the council & NZRPG entered into a suite of contractual arrangements for the actual development of the new town centre and the sharing of the costs between them.

“While the focus of my inquiry was on Auckland Council’s management & governance of this project from 2010 onwards, concerns were also raised about Waitakere City Council’s decision to pay the developer $6 million for a street in the existing Westgate shopping centre. Concerns had been raised about this purchase because, usually in a new development, a developer will bear the cost of constructing roads – which then vest in the council at no cost when land is subdivided.

“Accordingly, in order to provide sufficient context, my report sets out additional background detail about the decision-making process undertaken by Waitakere City Council in relation to the purchase, and the basis on which the purchase price was agreed.

“Concerns were also raised with my office about the contractual arrangements between Waitakere City Council (and, subsequently, Auckland Council), Transpower & NZRPG to relocate transmission lines passing over the development, underground. Waitakere City Council entered into an agreement with Transpower to pay the costs of the relocation.

“The evidence supports the need to relocate the power lines for the development of the town to proceed.

Development in 2015: The first stage of the North-west shopping mall completed, ground works started for stage 2 and the public square, Te Pumanawa.

“In the agreement with Transpower, Waitakere City Council accepted the primary responsibility to pay all the cost of relocating the lines – that is, its own 35% & NZRPG’s 65% share of the cost. The share of the costs to be paid by NZRPG would be recovered under a separate agreement between Waitakere City Council & NZRPG.

“Waitakere City Council was clearly aware that, in accepting the primary payment risk, it needed to protect its position in case NZRPG failed to pay its share of the costs. It put in place several mechanisms to provide this protection, including an offsetting agreement.

“Importantly however, although Auckland Transition Agency confirmed the agreement with Transpower, it did not confirm the offsetting agreement. As a result, the agreement with NZRPG to pay its share was legally invalid. As a result, the council was party to a binding contract to pay the full costs of relocating the power lines without having a corresponding binding contract in place to recover NZRPG’s share of the costs from NZRPG.”

Auckland Council inherited the project and the issue relating to the legal invalidity of the agreement, and resolved this issue by entering into a new agreement with NZRPG to share the costs.

“However, in 2012, it then decided to postpone NZRPG’s obligation to pay its share. Council documents indicate that this decision was made because it perceived a risk to the progression of the project. The result of this decision has been that the financial risk borne by the council & its ratepayers will continue until such time as NZRPG’s contribution has been fully paid. As at 20 September 2016, NZRPG had paid about $3 million of the $11.3 million it owed to Auckland Council.”

Mrs Provost said Waitakere City Council carried out several infrastructure works at its own expense, as part of its contractual relationship with NZRPG. This included construction & widening of roads, the development of intersections, provision of water supply & wastewater services, and the design & construction of the town square & library. “The intention was that the council would subsequently recover some of the costs associated with this work through development contributions to be paid by the developer….

“The calculation of development contributions in this project was not straightforward, given the complexity of assessing the balance between the public & private benefits of the development. We have been unable to ascertain or calculate the value of the development contributions, but expect it to be a significant amount of money.”

On 28 October 2010, days before Auckland Council took office, Waitakere City Council reached an agreement with NZRPG to vary the amount & timing of payments of development contributions.

This was recorded in an exchange of letters over 2 working days, but Mrs Provost said the Auckland Transition Agency didn’t confirm the decision.

“Auckland Council subsequently entered into an agreement with NZRPG to formalise the development contributions arrangements. The agreement provides for the offsetting of some of the development contributions owed, as well as the postponement of when some development contributions are to be assessed & paid.

“While there are still development contributions payable by NZRPG before the end of the project, Auckland Council has taken on a greater risk at this stage in the project by the postponement of these payments. Whether the final amount of development contributions is appropriate will need to be weighed up as part of the overall balance of costs between the parties at the conclusion of the project.”

Specific steps taken by Auckland Council

Once Auckland Council became responsible for the project, Mrs Provost said it immediately sought legal advice on the agreements it had inherited.

“It became clear that the Auckland Transition Agency had not confirmed all of the agreements, which was a prerequisite for transfer to Auckland Council. Auckland Council signed replacement agreements to ensure that they were all legally valid. In October 2011, the regional development & operations committee of Auckland Council agreed that a review into probity issues raised at the committee be conducted and that the review be reported back to the committee for further consideration. Auckland law firm Meredith Connell was commissioned to undertake that review.

“In my view, commissioning this review was good practice given the complicated matrix of arrangements between the former Waitakere City Council & NZRPG. The review put Auckland Council in a good position to understand the obligations it had inherited and any risk that it might need to manage.

“The Meredith Connell review was summarised & discussed at the public-excluded part of the June 2012 regional development & operations committee meeting. The committee agreed that the report & associated resolutions remain confidential until the reasons for confidentiality no longer exist.

“Auckland Council has since improved the contractual arrangements with NZRPG, including linking payments more directly to the delivery of work and instituting a better procurement process for subcontractors working on the new town centre.”

Auditor-general’s conclusions

Mrs Provost concluded: “The amount of information provided to the elected members of Auckland Council on this development could have been more comprehensive. Councillors have been concerned about the project and should not need to resort to me to get answers.

“In my view, the risks involved with this development warrant greater involvement by Auckland Council’s governing body in overseeing the project, including its costs. More information & clarity about the issues that management need to refer to the governing body would help this oversight.

“Public concerns have been raised with my office, and directly with Auckland Council, about the lack of transparency with this development. My office received complaints from members of the public who have been unable to access information about the project, including the Meredith Connell report. Similar concerns have been expressed to my office by council members.

“It is important that local authorities strike the right balance between balancing commercial sensitivity, maintaining legal privilege as appropriate and being open with ratepayers & elected representatives to provide transparency about the agreements they enter into and to demonstrate that they are getting value for money. Such openness allows public discussion & debate, and is essential to supporting public sector accountability.

“In my view, Auckland Council could have made more information about this development available. Auckland Council obtained the Meredith Connell advice on a confidential basis and has treated the report as legally privileged & commercially sensitive.

“Given the public interest and that commercial sensitivity has likely reduced with the passage of time, I encourage Auckland Council to consider what information it could now release – including all or some of the Meredith Connell report.”

Link:
Auditor-general’s statement & report

Attribution: Auditor-general’s office.

Continue Reading

Albany site sells

A site on the Albany Highway has been sold and 4 leases signed in the latest transactions by Bayleys’ North Shore office.

Sales:

North-east

Albany

281 Albany Highway:
Features: 2737m² site
Outcome: sold for $3 million + gst at $1096/m²
Agents: Ranjan Unka, Anna Radkevich & Andrew Smith (Wellington)

Leases:

North-east

Albany

42 Tawa Drive, suite A:
Features: 74m² office, 2 parking spaces
Rent: leased in February for $21,690/year net + gst, parking $20/space/week, net excluding parking $19,610/year, premises rental $265/m²
Agents: Ryan Dannhauser & Paul Prouse

Rosedale

5 Douglas Alexander Parade, unit B5:
Features: 110m² industrial unit, 2 parking spaces
Rent: leased in January for $22,500/year net + gst at $205/m² (parking free)
Agents: James Kidd & Laurie Burt

Wairau Valley

26 Porana Rd:
Features: 170m² industrial unit – warehouse 80m², mezzanine 90m², 2 parking spaces
Rent: leased in February for $15,000/year net + gst at $88.23/m²
Agent: Trevor Duffin

North-west

Henderson

91 Central Park Drive, part first floor:
Features: 120m² office, 3 parking spaces
Rent: leased in February for $29,500/year net + gst, parking $25/space/week, net excluding parking $25,600/year, premises rental $213.34/m²
Agents: Paul Prouse & Laurie Bell

Attribution: Agency release.

Continue Reading

2 new Apollo Drive units among January sales

Bayleys North Shore agents have sold 2 units in a new Apollo Drive development and 3 other properties, and concluded 3 lease agreements.

Sales:

North-east

Orewa

21 Tamariki Avenue:
Features: 559m² site, 316m² office building, 11 parking spaces, first floor occupied by BDS Hughes Chartered Accountants, ground floor vacant; town centre zoning
Rent: first-floor income $27,010/year net
Outcome: sold in January for $1.425 million + gst
Agents: Rosemary Wakeman & Mustan Bagasra

Rosedale

56 Apollo Drive, unit 9:
Features: new 108m² restaurant/café in Kea Property Ltd development – retail area 78m², covered courtyard 30m², shared parking
Outcome: sold in January for $740,000 + gst, at $8303/m² retail area, $3076/m² courtyard
Agents: Terry Kim, Adam Curtis, Damian Stephen, Michael Block & Eddie Zhong

56 Apollo Drive, unit 3A(4):
Features: 69m² retail unit, shared parking
Outcome: sold in January for $561,000 + gst, at $8250/m²
Agents: Terry Kim, Adam Curtis, Damian Stephen, Michael Block & Eddie Zhong

239 Rosedale Rd, unit R:
Features: 135m² retail unit, 4 parking spaces
Outcome: sold for $443,000 + gst at $3281.48/m² (parking free)
Agents: Anna Radkevich (Bayleys) & Alan Woodford (Ray White)

Wairau Valley

170 Wairau Rd, unit 21:
Features: 107m² retail unit, tenant Swim Mart
Rent: $49,500
Outcome: sold in January for $875,000 + gst at a 5.7% yield, $8178/m²
Agents: Adam Watton & Adam Curtis

Leases:

North-east

Rosedale

Part of 93 Apollo Drive:
Features: 900m² – warehouse 875m², office 25m², no parking
Rent: leased in January for $130,000/year net + gst at $145/m²
Agents: Matt Mimmack (Bayleys) & Matt Prentice (Colliers)

Wairau Valley

77 Porana Rd, unit 11:
Features: 223m² unit – office 40m², warehouse 131m², other area 31m², 3 parking spaces
Rent: leased in January for $34,000/year net + gst
Agents: Paul Prouse & Trevor Duffin

North-west

Kumeu

7 Shamrock Place:
Features: 512.8m² unit – office 153,9m², warehouse 358.9m², 8 parking spaces
Rent: leased in January for $60,000/year net + gst at $156.66m² office, $100/m² warehouse (parking free)
Agent: Rosemary Wakeman

Attribution: Agency release.

Continue Reading

3 auction sessions, 4 sales

12 homes were auctioned for 4 sales at Barfoot & Thompson’s city office this week, short of an active audience each time.

On Wednesday: 8 homes, 3 sold at auction. 2 units on cross-leases, 6 standalone houses.

This morning: One CityLife apartment, a 29-minute auction with little bidding and resulting in sale at a price the vendor had been offered over 3 months ago. It was also the same price as an identical unit 6 storeys up the building was sold for at auction last September. After stalling at $415,000, it was declared on the market and sold after a quick series of $500 raises.

This afternoon: 2 cross-leased suburban units & a house, one of the units sold.

My focus

I report on the general residential auctions primarily from an intensification perspective – apartments as an investment sector, which they largely still are, but last year I added details of cross-leases to these reports because the cross-lease seems both a way of intensifying land coverage and raising land prices while making it harder to extend more intensive uses such as apartment blocks.

Looking at yesterday’s selection of 8 properties, you will see 2 suburban units, one in a single-storey block, the other 2 storeys, effectively “sausage blocks” but on cross-leases.

2 of the houses are on very small sections – 300m² & 344m², and another sits on 475m², all heading towards the modern section of 2-300m², which limits both storage & building expansion.

2 were in the range of the traditional quarter or fifth of an acre (1012 or 809m²), which are often regarded these days as development prospects and priced on that basis. And those land prices vary widely, at yesterday’s auction from about $700/m² up to $4800/m² (ignoring the value of improvements), the differences depending on the suburb they’re in.

Little of that has the young owner-occupier as the next buyer, which means suburban infill will continue as it’s been happening for the last 30 years. If the courts confirm the unitary plan provision of the ability to intensify over a wide swathe of Auckland suburbia, more intensive infill will speed up, competing at times with larger development proposals.

CBD

Queen St

CityLife, 171 Queen St, unit 1310:
Features: 48m², fully furnished one-bedroom apartment
Outgoings: body corp levy $5922/year
Outcome: sold for $420,000
Agents: Livia Li & Alan Guo

Isthmus east

Ellerslie

9 Arron St:
Features: 300m² section, 3-bedroom bungalow, basement storage, garage
Outcome: passed in at $1.1 million
Agents: Di Lynds & Leonie Stabler

16 Lonsdale St, unit 1:
Features: cross-lease, 1/6 share in 1992m², 2 bedrooms, 2 bathrooms, internal-access garage
Outcome: sold for $925,000
Agents: Debbie-Lee Wallace

Epsom

149A The Drive:
Features: 344m² section, 4-bedroom house, office, covered deck, garage
Outcome: sold for $1.65 million
Agents: George Fong & Laura McAuley

Onehunga

181A Arthur St, unit 1:
Features: cross-lease, 1/5 share in 1844m², renovated ex-state house duplex, 2 bedrooms, deck
Outcome: no bid
Agents: Elvira Abdrazakova

Isthmus west

Hillsborough

40 Aldersgate Rd:
Features: 690m² section, 5 bedrooms, 4 bathrooms, study, patio, double carport, pool, overlooking Manukau Harbour
Outcome: no bid
Agent: Helen Lam

Mt Eden

5 Atanga Avenue:
Features: 531m² section, 3-bedroom house, study, internal-access garage
Outcome: passed in at $2.125 million
Agents: Frank Excell & Ketiesha Elliott

91 Valley Rd, unit 2:
Features: cross-lease, 1/5 of 999m², 2-bedroom unit, garage
Outcome: no bid
Agents: Frank Excell & Ketiesha Elliott

Mt Roskill

20 Gilletta Rd:
Features: 475m² section, 3-bedroom bungalow, deck
Outcome: sold for $875,50
Agents: Kevin He & Gail Beaton

New Windsor

160 Methuen Rd:
Features: 911m² section, 3-bedroom house
Outcome: no bid
Agent: Kelly Zhang

Sandringham

255 Balmoral Rd, unit 6:
Features: cross-lease, 1/6 of 911m², 2-bedroom unit, garage
Outcome: sold for $702,000
Agents: Leonie Stabler & Di Lynds

North-west

New Lynn

6 Cutler St:
Features: 1115m² section, 4-bedroom house, basement garage, storage
Outcome: passed in at $800,000
Agent: Jennifer Peary

Attribution: Auctions.

Continue Reading

2 Rosebank Rd properties among sales

2 Rosebank Rd properties have been bought by the one investor on yields of 6.3% & just under 7%.

They’re among 5 sales & one lease in the latest transactions in West Auckland by Bayleys agents.

Sales

Isthmus west

Avondale

527A Rosebank Rd:
Features: 1428m2 2-level office building in 3 strata titles, 48 parking spaces, in the Harbourside Business Park; 4 tenants on 3- to 5-year lease terms to 2017 & 2018
Rent: $278,000/year net + gst
Outcome: sold for $4 million at a 6.95% yield
Agent: Alan Haydock & Damien Bullick 

527B Rosebank Rd:
Features: 444m2 top floor office in 2 unit titles; NZ head office of Cadpro Systems, in occupation since 2003 with current lease running until late until November 2021, 2 3-year rights of renewal
Rent: $110,450/year net + gst
Outcome: sold for $1.75 million at 6.31% yield to buyer of No 527A
Agent: Alan Haydock & Damien Bullick

North-west

Glen Eden

83 West Coast Rd, unit A:
Features: 110m2 retail unit leased to Dominos Pizza NZ for 5 years from October 2014, one 5-year right of renewal
Rent: $39,543/year net + gst
Outcome: sold for $580,000 at a 6.8% yield
Agent: Owen Ding

Henderson

16 Catherine St:
Features: 781m2  site with town centre zoning, 780m2 2-level office building in need of renovation, 12 parking spaces
Outcome: sold vacant for $1.86 million
Agent: Grant Miller

21 Catherine St:
Features: 450m2 retail unit occupied by an Aussie Butcher outlet on new 6-year lease, 2 4-year rights of renewal
Outcome: sold for $2 million at a 5.5% yield
Agents: Ed Donald & Tony Chaudhary

Lease

Isthmus west

Avondale

15 Fremlin Place:
Features: 569m2 of warehouse, 275m2 office on 1148m2 site, leased for 6 years from 16 January, one 4-year right of renewal & 2-yearly rent reviews to market
Rent: $110,000/year net + gst
Agents: Mike Adams & Laurie Bell

Attribution: Agency release.

Continue Reading

10 leases & a sale

Bayleys agents on the Shore have signed up a sale & 10 leases over the summer in Albany, Rosedale & Wairau Valley on the Shore, one in the cbd and the other in New Lynn.

Sale:

North-east

Rosedale

239 Rosedale Rd, unit O:
Features: 69m² office
Outcome: sold in January for $285,000 + gst at $4130.43/m² land & building
Agents: James Yu (Bayleys) & Stephen Wong (Ray White)

Leases:

CBD

Queen St

Queens Court, 368 Queen St, unit G16:
Features: 20m² retail
Rent: leased in November for $28,306.73/year net + gst, premises rental $1415.34/m², gross $43,000/year + gst
Agent: Steven Liu

North-east

Albany

52 Oteha Valley Rd, unit M, tenancy A:
Features: 128m² retail
Rent: leased in December for $60,000/year net + gst, premises rental $469/m²
Agents: Adam Curtis, Adam Watton & Eddie Zhong

52 Oteha Valley Rd, unit M, tenancy B:
Features: 150m² retail
Rent: leased in December for $55,000/year net + gst, premises rental $367/m²
Agents: Adam Curtis, Adam Watton & Eddie Zhong

Rosedale

59 Apollo Drive, unit F1:
Features: 134m² unit – office 87m², warehouse 47m², 2 parking spaces
Rent: leased in January for $35,000/year net + gst, parking $15/space/week, net excluding parking $33,440/year, premises rental $249.55/m²
Agents: Paul Prouse & Jane Sims

9 Piermark Drive, first floor, unit A:
Features: 38.4m² office, parking space
Rent: leased in January for $10,630/year net + gst, parking $15/week, net excluding parking $9850/year, premises rental $257/m²
Agent: Paul Prouse

13 Ride Way, unit E:
Features: 176.12m² unit – office 82.58m², warehouse 93.54m², 3 parking spaces
Rent: leased in January for $26,500/year net + gst, premises rental $150/m² (parking free)
Agent: Laurie Burt

331 Rosedale Rd, building 6, suite B:
Features: 26.48m² office, parking space
Rent: leased in January for $8340/year net + gst, parking $20/week, net excluding parking $7300/year, premises rental $276/m²
Agent: Paul Prouse

Part 39 William Pickering Drive:
Features: 346m² – office 91m², warehouse 240.6m², other area 13.3m², 5 parking spaces
Rent: leased in December for $45,000/year net + gst, premises rental $135/m² (parking & other area free)
Agents: Laurie Burt & Matt Mimmack

Wairau Valley

89 Ellice Rd, unit 3C:
Features: 125m² unit – office 25m², warehouse 100m², 2 parking spaces
Rent: leased in January for $30,000/year net + gst, premises rental $240/m² (parking free)
Agents: Adam Watton & Adam Curtis

North-west

New Lynn

3047 Great North Rd, part ground floor:
Features: 562.24m² office, 8 parking spaces
Rent: leased in December for $160,400/year net + gst, parking $25/space/week, net excluding parking $150,000/year
Agents: Dean Gilbert-Smith, Damian Stephen & Laurie Bell

Attribution: Agency release.

Continue Reading

13 sales around North Island

13 sales & 2 leases around the North Island have been reported by Colliers.

Sales

Isthmus east

Newmarket

7 Edgerley Ave:
Features: 716m² site, 464m² commercial building
Outcome: sold for $3.45 million, representing $4818/m² land & building
Agents: Jonathan Lynch & Simon Child

Otahuhu

132 Portage Rd:
Features: 4960m² site, 2324m² office & warehouse
Outcome: sold for $4.5 million at a 6.5% yield
Agents: Hamish West, Ben Herlihy, Andrew Hooper & Matt Prentice

Penrose

60 Hugo Johnston Drive:
Features: 4175m² industrial property, 1117m² 2-level office building & 1087m² standalone warehouse
Outcome: sold for $5.45 million at a 6.72% yield
Agents: Paul Jarvie, Brad Johnston & Greg Goldfinch

Isthmus west

Mt Eden

108 Mt Eden Rd:
Features: 1070m² site, 700m² 2-level office building
Outcome: sold for $4.55 million, representing $4252/m² land & building
Agent: Jonathan Lynch

North-east

Rosedale

63 Apollo Drive, unit B1:
Features: 444m² commercial uni,
Outcome: sold vacant for $1.85 million
Agents: Nick Recordon & Janet Marshall

North-west

Kumeu

202-220 Main Rd:
Features: 4153m² site, 1740m² office & warehouse
Outcome: sold for $2.2 million, representing $530/m² land & building
Agents: Jonathan Lynch & Craig Smith

South

East Tamaki

27 Zelanian Drive:
Features: 5863m² vacant office & warehouse
Outcome: sold for $8.475 million
Agents: Andrew Hooper, Greg Goldfinch, Paul Higgins & Brad Johnston

South of the Bombays

Bay of Plenty

Mt Maunganui

24 Pacific Avenue:
Features: 675m² site, 440m² retail building,
Outcome: sold for $3.075 million at a 4.3% yield
Agents: Simon Clark, Rob Schoeser & Hadley Brown

Rotorua

422-430 Ngongotaha Rd:
Features: 2.66ha industrial development site, 1056m² warehouse,
Outcome: sold vacant for $2.4 million
Agent: Mark Rendell

Manawatu

Palmerston North

360 Albert St:
Features: 382m² site, 220m² retail building,
Outcome: sold for $800,000 at a 5.5% yield
Agents: Phil Nevill, Grant Lloyd & Doug Russell

314-322 Rangitikei St:
Features: vacant 1616m² property,
Outcome: sold for $1 million
Agents: Grant Lloyd, Phil Nevill & Doug Russell

Waikato

Hamilton

69 Vickery St, unit 9:
Features: 681m² industrial/retail unit,
Outcome: sold for $1.416 million at a 5.68% yield
Agent: John Hagar

Wellington

Lower Hutt

71 Port Rd:
Features: 4049m² site, 2411m² office & warehouse
Outcome: sold for $2.83 million
Agents: Tim Julian & Kieran Lennon

Leases

Isthmus east

Mt Wellington

103 Carbine Rd:
Features: 1664m² commercial premises leased to ECL Group Fuel Systems Ltd for a 6-year term on behalf of Windward Properties Ltd
Agents: Hamish West, Paul Higgins & Andrew Hooper

South of the Bombays – Wellington

Lower Hutt

109 Port Rd:
Features: 4852m² commercial premises leased to Linfox Logistics NZ Ltd for a 6-year term on behalf of Seaview Commercial Investments Ltd
Agent: Kieran Lennon

Attribution: Agency release.

Continue Reading

Tamaki Drive section sells

A section across Tamaki Drive from Kohimarama Beach, currently in flats, was sold for $5836/m² at Bayleys’ Remuera branch auction this week.

At other auctions around the region, the agency sold a townhouse in Greenlane and a unit in Mangere Bridge. A development site at Riverhead was passed in.

Isthmus east

Greenlane

259A Campbell Rd:
Features: 3-bedroom townhouse, 2 bathrooms, office, storage room, double internal-access garage
Outcome: sold for $1,206,500
Agent: Glenn Baker

Kohimarama

263 Tamaki Drive:
Features: 891m² section across road from beach, in 4 flats of 1-2 bedrooms
Outcome: sold for $5.2 million at $5836/m²
Agents: Murray Wallace & Robert Ashton

North-west

Riverhead

263 Riverhead Rd:
Features: 6.55ha in development location, 4-bedroom house, barn, garage, land leased for strawberry-growing
Outcome: passed in
Agents: Craig Bishop & Ailsa McArthur

South

Mangere Bridge

7 Mona Avenue, unit 3:
Features: 3-bedroom unit, internal-access garage
Outcome: sold for $625,000
Agent: Steve Coppard

Attribution: Agency release.

Continue Reading
WordPress Appliance - Powered by TurnKey Linux