Archive | Neighbourhoods

2 commercial properties sell at Colliers auction

Both commercial properties auctioned at Colliers yesterday were sold under the hammer.

The agents said the Onehunga property’s overall size and warehouse:office ratio was in huge demand from occupiers, with little to no supply in this size & price range, and it was under-rented.

Isthmus east


34 Princes St:
Features: 627m² mixed-use site, 405m² net lettable area – warehouse 341m², office 63m², seismic rating 75% of new building standard
Rent: $43,000/year net + gst (under-rented)    
Outcome: sold for $1.185 million
Agents: Ben Cockram & Hamish West


Flat Bush

2 Bishop Dunn Place, unit 3:
Features: vacant 132m² ground-floor office fronting Te Irirangi Drive  
Outcome: sold for $685,000
Agents: Matthew Barnes & Jeremy Barnett

Attribution: Auction documents.

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Augusta House sale settlement date confirmed

Augusta Capital Ltd confirmed on Monday that it had completed the subdivision of its Finance Centre property in Auckland and new titles had been issued for its 4 parts – Augusta House, the podium retail, the Finance Centre podium and the Finance Centre carpark).

The company therefore confirmed 24 July as settlement date for the $30 million sale of Augusta House to Heng Yue Ltd (David (Duoyu) Bei). The settlement dates for the remaining 3 properties haven’t changed and are: Podium retail 1 April 2018, Finance Centre podium & Finance Centre carpark 1 April 2019.

The sale excludes the original Finance Centre office tower at 191 Queen St, now owned by Sir Bob Jones’s Robt Jones Holdings Ltd.

Augusta signed its $96 million sale package a year ago and collected a $3 million deposit on Augusta House from Heng Yue, which also paid the additional 10% deposits due last month.

Augusta managing director Mark Francis said: “While the delay in finalising the subdivision of the Finance Centre has been frustrating, Augusta has continued to receive all rent during this period and the settlement dates of the remaining 3 titles have not been affected.

“The proceeds will be applied towards debt repayment, with $10 million towards core debt and $17 million toward the facility drawn down for the underwrite of the 33 Broadway syndicate. As a result of this debt repayment, balance sheet capacity for future initiatives is increased.”

Earlier stories:
5 July 2017: Augusta closes Mercury HQ syndication 34% short, underwrites balance
25 July 2016: Finance Centre sale confirms Augusta’s full focus on funds management

Attribution: Company release.

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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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Christchurch leases signed

Knight Frank agents have signed tenants to 3 new office & warehouse leases around Christchurch.


South Island – Canterbury


49 Sir William Pickering Drive, unit 3:
Features: 100m² first-floor office, 4 parking spaces
Rent: $28,310/year net + gst + opex
Agents: Tom Lax & Campbell Taylor


35 Illinois Drive, unit 10:
Features: 113m² warehouse unit with small office
Rent: $15,500/year net + gst + opex
Agent: Myles Addington


22 Sonter Place, unit 1:
Features: 470m² warehouse – 180m² office/showroom, parking
Rent: $78,000/year net + gst + opex
Agent: Craig Edwards

Attribution: Agency release.

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St Marys Bay & Otahuhu apartments sell

A St Marys Bay terrace and a renovated Otahuhu apartment were sold under the hammer at Bayleys’ auctions last week.

Isthmus east


4 Marjorie Jayne Crescent, unit 3A:
Features: m², renovated 2-bedroom apartment, balcony, 3 parking spaces
Outgoings: rates $/year including gst; body corp levy $/year
Income assessment: $/week
Outcome: sold for $454,000
Agents: Cam Hayde, Caleb Rufer & Ellis Prince

Isthmus west

St Marys Bay

52 New St:
Features: m², 3-bedroom terrace, balcony, parking space
Outgoings: rates $/year including gst; body corp levy $/year
Income assessment: $/week
Outcome: sold for $1.325 million
Agent: Luke McCaw

Attribution: Agency release.

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Petrol station sells on 4.6% yield

A Ponsonby petrol station has been sold on a 4.6% yield and a Morningside warehouse has been leased by Colliers agents. In Christchurch, the agency has sold a Riccarton office building at auction.


Isthmus west


47 Jervois Rd:
Features: 550m² unit title, BP petrol station
Outcome: sold for $2.285 million at a 4.6% yield
Agents: David Palmer & John Davies

South Island


Christchurch – Riccarton

15 Leslie Hills Drive:
Features: 832m² site, 354m², 2-storey office building, 9 parking spaces
Rent: $80,000/year net + gst + opex from renewed 2-year lease
Outcome: sold at auction for $902,500
Agents: Mark Macauley & Will Franks


Isthmus west


18-20 Morningside Drive:
Features: 1600m² site, 1300m² warehouse owned by Metge Properties Ltd, 15 parking spaces, new long-term lease to Brownies Mattresses Ltd
Agents: Jonathan Lynch & Leroy Wolland

Attribution: Agency release.

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H&M to open at Queensgate

Expanding Swedish fashion retailer H&M (H&M Hennes & Mauritz AB) will open its first Wellington store at the Queensgate shopping centre in Lower Hutt this year.

Centre manager Stride Property Group’s shopping centres general manager, Roy Stansfield, said on Friday the announcement marked an important milestone in a large project, which had been a long time in the works: “We’re incredibly excited that a world-renowned brand like H&M has chosen Queensgate as the location for its first Wellington store. It’s testament to the standard of the centre & the opportunities in the region as a whole. Customers & retailers alike have been curious about the works going on in the centre as we prepare for H&M’s opening, so we’re very happy to be able to finally confirm who this new tenant is.”

Stride hasn’t confirmed the store’s opening date yet.

The Diversified NZ Property Trust, which Stride manages, bought the former Westfield mall from Scentre Group (NZ) Ltd last August. Part of it was closed after the Kaikoura earthquake in November and a portion of the carpark & its cinema complex were demolished. After a partial reopening, the centre was fully reopened in April.

H&M has a big international expansion programme underway, with 500 openings completed or planned this year.

Attribution: Company release.

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Alpha unit sells at auction

An Alpha apartment was sold and one in the Hobson was passed in at Ray White City Apartments’ auction on Friday – delayed a day because of the America’s Cup parade through the city on Thursday.


Victoria Quarter

The Hobson, 196 Hobson St, unit 4E:
Features: 100m², one bedroom, secure basement parking space
Outgoings: rates $1635/year including gst; body corp levy $5736/year
Income assessment: $595/week until 1 November, appraisal $600-650/week unfurnished
Outcome: passed in at $540,000
Agent: Krister Samuel

Alpha, 17 Vogel Lane, unit 1306:
Features: 2 bedrooms, parking space
Outgoings: rates $1481/year including gst; body corp levy $4616/year
Income assessment: $470/week for unit, $80/week for parking space, current until February 2018, appraisal for unit $500/week
Outcome: sold for $490,000
Agent: Rochelle Henderson

Attribution: Agency.

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One unit sells, 2 passed in well short of asking price

A vacant Quadrant apartment was sold under the hammer and 2 other city apartments were passed in at City Sales’ auction on Wednesday.

The pass-ins went back on the market at substantial premiums to the top bids. A 7th-floor Aura unit was passed in at 6939/m² internal, against $8673/m² sought subsequently. A CityZone unit was passed in at $7727/m² internal, against $9068 sought subsequently. Both had a deck, neither had parking.


Learning Quarter

The Quadrant, 10 Waterloo Quadrant, unit 1710:
Features: 42m², 2 bedrooms, 15m² deck
Outgoings: rates $1427/year including gst; body corp levy $5105/year
Outcome: sold for $485,000
Agents: Steve Kirk, Habeeb Urrahman & Chris Cairns


CityZone, 11 Liverpool St, unit 2005 (20B):
Features: 44m², 2 bedrooms, deck
Outgoings: rates $1240/year including gst; body corp levy $3936/year
Outcome: passed in at $340,000, back on market at $399,000
Agent: Tony Kelly

Victoria Quarter

Aura, 53 Cook St, unit 702:
Features: 49m², 2 bedrooms, deck
Outgoings: rates $1227/year including gst; body corp levy $4738/year
Outcome: passed in at $340,000, back on market at $425,000
Agent: Tony Kelly

Attribution: Auction documents.

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NZL to move Mt Maunganui operations to Tauriko

Freight & logistics company NZL Group Ltd has signed to move its Mt Maunganui operations to a $20 million purpose-built facility at the Tauriko Business Estate, 10km from the port, between state highway 29 over the Kaimais to the Waikato and the highway 36 bypass to Rotorua.

Colliers industrial leasing specialist Rob Schoeser said NZL would move to a high-tech 17,000m² warehouse with a new head office on Whango Place, Tauriko, scheduled for completion in mid-2018.

NZL occupies a site at Mt Maunganui owned by businessman & former MP Bob Clarkson, who will develop the new facility. NZL has signed a 15-year lease with rights of renewals.

Mr Schoeser said the supply of land around NZL’s Mt Maunganui headquarters was limited, and Tauriko was the only area in Tauranga with enough land for such a large development.

Tauriko Business Estate is a 255ha development site, 9.9km from the port of Tauranga.

New Plymouth-based Transport Investments Ltd bought NZL Group a month ago from Ken Harris, who led a management buyout of the group from P&O Australia Ports Pty Ltd in 2006.

Attribution: Agency release, company documents.

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