Archive | Neighbourhoods

5 sales by Colliers

Colliers agents have sold a Victoria Park Market restaurant and a Rosedale office in Auckland. In the South Island, the agency has offices in Christchurch & Dunedin and a quake-damaged motel in Christchurch.

CBD

Victoria Quarter

Victoria Park Market, Drake St, unit 74:
Features: 268m² net lettable area, New York-style restaurant & bar, the Oak Room, on 6.5-year lease
Rent: $100,794/year + gst     
Outcome: sold for $1.3 million at a 7.8% yield
Agents: Adam White, Simon Felton, Gareth Fraser & Tony Allsop

North-east

Rosedale

9C William Pickering Drive:
Features: 377m² 2-level office     
Outcome: sold by private investor to owner-occupier Zen Connections Ltd for $1.395 million
Agents: Janet Marshall & Kerry Cook

South Island

Christchurch

Merivale

49 Papanui Rd:
Features: quake-damaged former Adelphi motel, 1517m² site, 12 motel units & a manager’s unit
Outcome: sold at auction for $1.7 million on an “as is, where is” basis
Agents: Will Franks & Mark Macauley

Rolleston

7 Tennyson St:
Features: 2781m² site, 261m² retail, new 10-year lease to Restaurant Brands Ltd
Rent: $170,000/year net + gst     
Outcome: sold at auction for $3.215 million + gst at a 5.3% yield
Agents: Courtney Doig & Charlie Oscroft

Dunedin

ASB House, 248 Cumberland St, levels 1 & 2:
Outcome: sold for $2.825 million at a 7.6% yield
Agent: Dean Collins

Attribution: Agency release.

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New Lynn corner property sells

A commercial property in New Lynn was sold under the hammer, a Parnell apartment was passed in and a Herne Bay property with rezoned potential was withdrawn from auction at Bayleys’ auctions around Auckland last week.

Apartments

Isthmus east

Parnell

6 Brighton Rd, unit 11:
Features: one-bedroom apartment, study nook
Outgoings: rates $1687/year including gst
Outcome: passed in
Agents: Chris Reeves & Fleur Denning

Commercial

Isthmus west

Herne Bay

185 Jervois Rd:
Features: 508m² site zoned terraced housing & apartment buildings, 154m² floor area,  medical-related tenant
Rent: $75,000/year net + gst
Outcome: withdrawn from auction
Agents: Scott Kirk & James Were

North-west

New Lynn

1 Crum Avenue:
Features: 607m² corner site zoned business light industry, 360m² building, 2 retail & industrial tenancies
Rent: $46,000/year from 2 tenancies
Outcome: sold for $1.305 million at a 3.5% yield
Agents: Mike Adams & Simon Davies

Attribution: Agency release.

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Updated: Vincent St & First Imperial apartments sell

Published 8 November 2017, updated 12 November 2017:
A large unit in the converted former Beca building on Vincent St and a studio in the First Imperial on Hobson St sold under the hammer at City Sales’ auction of central city apartments today. The other 4 apartments on the auction list were passed in, 2 without a bid and one with an indicative bid for the vendor.

A CityZone unit has since been sold, price not disclosed.

CBD

Learning Quarter

The Quadrant, 10 Waterloo Quadrant, unit 913:
Features: 32m², one bedroom, deck
Outgoings: rates $1185/year including gst; body corp levy $3577/year
Income assessment: $440-460/week
Outcome: no bid
Agents: Maryanne Wong & Tina Bartlett

Uptown

Updated: CityZone, 11 Liverpool St, unit 1808:
Features: 48m², 2 bedrooms, deck, parking space
Outgoings: rates $1396/year including gst for unit, $130/year including gst for parking; body corp levy $4392/year for unit, $781/year for parking
Income assessment: $450/week current
Outcome: passed in at $400,000, sold Thursday, price not disclosed
Agent: Iona Rodrigues

132 Vincent St, unit GH:
Features: 100m² internal, 13m² deck, 3 bedrooms, 2 bathrooms, tandem parking
Outgoings: rates $3194/year including gst for unit + parking; body corp levy $8977/year for unit + parking
Income assessment: $850-900/week
Outcome: sold for $1.13 million
Agent: Susan Frear

Victoria Quarter

First Imperial, 125A Hobson St, unit 1A:
Features: 32m², studio
Outgoings: rates $994/year including gst; body corp levy $2492/year
Outcome: sold for $210,000
Agent: Tanya Rotherham

Sugartree Centro, 145-147 Nelson St, unit 903:
Features: 52m² internal, 5m² balcony, one bedroom + flexi
Outgoings: rates $423/year including gst; body corp levy $2916/year
Income assessment: $530-550/week unfurnished, $580/week furnished
Outcome: sole bid from vendor at $450,000, passed in
Agents: Tina Bartlett & Anna Birkenhead

Waterfront

Viaduct Point, 125 Customs St West, unit 316:
Features: leasehold, 101m², 2 bedrooms, 2 bathrooms, 2 decks, parking space
Outgoings: rates $2279/year including gst; body corp levy $18,064/year including ground rent $9349/year
Outcome: no bid
Agents: Gabrielle Hoffmann & Nicola Hunt

Attribution: Auction.

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Precinct Properties targets future markets

Apart from confusion about whether to vote on director appointments by show of hands or by filling in paperwork, and uncertainty over what impact changes at Ports of Auckland might have, Precinct Properties NZ Ltd’s annual meeting yesterday was all forward progress.

The vote was an odd issue to get caught up in. When company chair Craig Stobo said the vote would be by hand, one shareholder asked: “Are you saying proxies don’t count?”

Shareholders Association representative Grant Diggle told Mr Stobo the association’s longstanding policy was to hold polls, for transparency, disclosure & good governance. Deputy chair Don Hulse – stepping in for Mr Stobo, who was one of 2 directors facing re-election – said the vote would proceed with a show of hands but, if shareholders demonstrated a strong desire for a poll, that would follow.

The vote was strongly in support of re-election and the poll was avoided. But, at another NZX-listed company meeting in the same building a few hours later, unitholders of the Vital Healthcare Property Trust voted by poll, the outcome was delayed, but nobody found it a problem.

Risk profile lowered, portfolio quality up

Mr Stobo said in his address to the meeting Precinct had reduced its risk profile as major developments were completed or passed construction milestones, and it was lifting portfolio quality.

Net profit after tax was up 17.3% to $162.1 million after achieving a revaluation gain of $77.5 million, and net tangible assets/share rose 6% to $1.24.

A bond offer, expected to be opened next week, will continue the company’s diversification of its funding sources. In September, Precinct raised $150 million of 4-year, fixed-rate subordinated convertible notes, reducing its gearing from 25% to 18%. Mr Stobo said both notes & bonds were capital management solutions which suited Precinct’s current strategy & opportunities: “It gives us the comfort of having the capital available to match our development commitments while ensuring that earnings are not diluted in the short term. Post-issue [of the notes], our committed gearing has reduced, supporting growth through a flexible funding option.”

Precinct reviewed its dividend policy last year, matching dividends with cashflow, as defined by adjusted funds from operations (AFFO), with the aim of producing a more transparent & sustainable dividend flow.

The company has indicated before that it expected dividends to rise as it advances its development programme. For the first quarter of the 2018 year, it’s lifted the dividend by 3.6% to 1.45c/share, and it expects to pay 5.8c for the full year (up from 5.6c), maintaining a 90% payout ratio.

100% occupancy

Chief executive Scott Pritchard presented a slide to the annual meeting to show the growth in portfolio occupancy, now 100%, and the weighted average lease term increasing to almost 9 years, then talked of how to improve performance further: “Precinct has always been a city centre specialist and we will continue to invest in high quality, strategically located office real estate. However, both the board & management believe that, to advance our position as a city centre specialist, considering a broader mix of real estate offers greater opportunity for Precinct to create value for shareholders.

“City centres around the world are enjoying a resurgence. We are taking advantage of this growth in a variety of ways. Commercial Bay is a great example, with Precinct developing a premium retail offering in the heart of the cbd. Fundamentally, we are growing in, and with, the cities we are part of.

“We have a clear strategy for creating vibrant environments with a broad retail, leisure and food & beverage offering. Our aim is to create precincts that our clients like working in, and that cbd residents, visitors & whole communities enjoy being in.”

Developing for the future

Perhaps one of the most important features of the strategy is to develop real estate for the future – a quite different view from developing property with an immediate cashflow in mind and extending it as long as you can.

“We currently have $900 million of developments which are underway and have identified a further $600 million development pipeline within our portfolio. This is a significant increase from 5 years ago, when the business had no development capability.

“…. Not only are our earnings growing, but we are also achieving a significant increase in portfolio quality. Achieving a positive result in all 3 measures [earnings, weighted average lease term as a result of development activity and the decline in the average age of the portfolio] is a great outcome and further reinforces the strength of our business.

“Our asset age has nearly halved, from 21 to 11 years. Along with an extended weighted average lease term & full occupancy, we have secured & advanced development in highly strategic locations. We have shifted more weighting to Auckland, which now accounts for 72% of our portfolio.

“Our focus on city centres, particularly Auckland, is very positive. With continued growth supported by key drivers such as net migration & tourism, we believe we are well placed to benefit from the city’s strong growth going forward.”

Commercial Bay at centre of change

Precinct’s biggest central city project is Commercial Bay, under construction between Queen, Customs, Albert & Quay Sts and above the rail tunnels into Britomart.

“Auckland is growing and this looks set to continue. And, like cities all around the world, it is seeing increasing centralisation. This slide illustrates the committed & forecast private & public investment in Auckland city. Most of the works are occurring in close proximity to Commercial Bay.

“A major focus for Precinct continues to be the extensive public regeneration which is set to occur on all streets surrounding Commercial Bay. Auckland is growing fast and billions of dollars are being invested in regional infrastructure such as the city rail link & new bus network. Of course, more recently there has been the commitment by New Zealand’s new government to a light rail system which will support Auckland city’s ongoing economic performance.

“Our research shows Auckland city centre population growth in 2016 was 17% and it is now growing 6 times faster than Auckland as a whole. With over 12,000 people moving to the city centre in the last 3 years, the population is already 15 years ahead of previous predictions of 45,000 people by 2032.”

As for Commercial Bay itself, Mr Pritchard said: “Having launched the project in 2015, we have gained an additional $88 million increase in the project’s value. Lease commitments have also increased to around 50% of the retail space and 66% of the office space. We are attracting leading corporate clients, and we are particularly pleased about the high quality of local & global retail & food brands choosing Commercial Bay. They will give Auckland a whole new retail & dining experience in the heart of the city.

“We are now forecasting a development profit for Commercial Bay of $213 million, reflecting a return on cost of 31%.

“Commercial Bay will include a range of food & beverage, including a communal dining offer designed by the legendary New York-based AvroKO, who are one of the world’s most respected names in hospitality design.

The name for this food offering is Harbour Eats, which is distinctively Kiwi, but AvroKO will bring the international flair. The 700-seat eatery will use plenty of natural greenery & foliage, making most of the open air atrium that will sit right at the waterfront location. This will be a truly world-class dining precinct.”

Wynyard Quarter

In the Wynyard Quarter, Precinct has completed stage 1 of its Innovation precinct: “The first stage of Wynyard consists of 2 buildings totalling around 13,000m² of office space. Achieving 100% occupancy upon completion of both buildings is a great result and we are delighted to see the development complete ahead of programme and consistent with budget. Precinct has achieved a development profit of 18%, or $16.2 million, on this project.

“Our involvement in this Innovation precinct shows how we are meeting different client needs in different ways, and our commitment to building strong partnerships. This is achieved through a joint venture with Panuku Development Auckland, an Auckland Council-controlled organisation, and on what is the last site left on Auckland’s waterfront.

“Our buildings here have a particular focus on sustainability & innovation. During the year, we acquired a 50% interest in Generator NZ Ltd, the co-working & shared office space provider. Quality co-working spaces are growing and are substantial businesses in cities around the world. We see the acquisition of a stake in Generator as being consistent with our strategic focus on building client relationships and increasing our service levels.

“This year Generator was also appointed by Ateed (Auckland Tourism, Events & Economic Development) to manage Grid AKL in the Innovation precinct, where it now operates almost 10,000m² of space and is leading an approach to co-working spaces we expect to see grow.”

Bowen Campus

In Wellington, Precinct’s Bowen Campus project is at the centre of a Government precinct: “As with Wynyard Quarter, we enjoyed both a revaluation uplift at Bowen and 100% leasing pre-commitment following the Crown exercising their right to lease the remaining vacant floors at the campus.

“The Kaikoura earthquake changed the fundamentals of the Wellington market, with many buildings still closed. With limited prime stock available, all research houses are predicting increased occupier demand. However, we too have been impacted following the earthquake, with Deloitte House being closed for a period and remaining largely unoccupied since it reopened in March. Investigations are continuing to be undertaken to try & identify the best solution for the property & its existing clients.”

Further opportunities 

Mr Pritchard said several more, attractive development opportunities available within its portfolio: “Our property at 1 Queen St is part of the Commercial Bay precinct and enjoys a prime waterfront location offering very good potential for further development as this whole area continues to grow.

“At Wynyard we have the option to develop 3 remaining sites covering 30,000m², and we are already in discussion with occupiers for stage 2, developing another 8000m².

“At Bowen Campus we can build a further 20,000m² of office space suitable for government & corporate occupiers.
“Each of these opportunities provides Precinct with feasible opportunities. We hope to commit to the second stage of Wynyard Quarter within the next year.”

Attribution: Annual meeting, presentation.

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Big property sale follows first-half profit setback for Goodman

A $28.2 million turnaround in the fair value of investment property took the Goodman Property Trust from a $67.6 million profit in the September half last year to a $39.5 million interim profit this year.

Perhaps more importantly, the trust has continued its repositioning since September with 2 more asset sales, conditionally selling the Central Park Corporate Centre (pictured) in Auckland and unconditionally selling a Christchurch property.

Main financial details (September 2016 in brackets):

  • Pretax operating earnings $59.8 million ($59.9 million)
  • After tax operating earnings $51.4 million ($51.0 million)
  • Fair value movement, down $8.4 million (up $19.8 million)
  • Pretax profit $45.3 million ($73.1 million)
  • After tax profit $39.5 million ($67.6 million), down 41.6%
  • Pretax operating earnings/unit 4.65c (4.7c)
  • After tax operating earnings/unit 4c (4.01c)
  • Look-through loan:value ratio 32.4% (28.8%)
  • Unchanged cash distributions of 3.325c/unit represent about 94% of cash earnings.

Management company chair Keith Smith said yesterday Goodman leased over 70,000m² of space on new or extended terms, the average lease term was 5.8 years and portfolio occupancy was 97%.

The trust announced 6 new industrial projects totalling $148.7 million in August, covering over 10ha of development land and providing almost 60,000m² of rentable area on completion, at an 8.3% yield on cost.

Since September, the trust has contracted to sell $229.4 million of property:

  • Central Park Corporate Centre, conditionally, for $209 million, and
  • the recently completed Steel & Tube development in Hornby, Christchurch, unconditionally for $20.4 million, due to settle in April 2018.

Board likes composition & quality

Mr Smith said the board was pleased with the overall improvement to the composition & quality of its $2.6 billion portfolio: “The progression of the development programme, selective asset sales & targeted acquisitions are all having a positive impact, refining the portfolio and positioning the trust for sustainable growth.”

Chief executive John Dakin said the portfolio which is now over 80% invested in “the rapidly growing & supply constrained” Auckland industrial sector.

“This investment focus reflects the positive return characteristics of industrial property and the stronger economic drivers of New Zealand’s largest city.

“Economic growth, demographic changes, technological advances & the development of online retailing are all contributing to the strong demand for logistics & warehouse space in Auckland.”

Mr Dakin said the sale of Central Park was a significant transaction for the trust: “It is the last of the planned major asset disposals and its successful conclusion would complete a substantial rebalancing of the portfolio, focusing investment in the Auckland industrial sector.”

He said the trust was also in a much stronger investment position following its asset sales, with gearing at 32.4%, well below the 50% maximum allowed under its debt & trust deed covenants.

The completion of the $100 million Goodman+Bond offer in May improved the trust’s liquidity & debt diversity, and at 30 September it had $260 million of undrawn bank facilities.

Assuming settlement of both conditional & unconditional sales, that gearing ratio will fall to 25.8% and the undrawn bank facilities will increase to over $500 million.

Assuming a stable business outlook, the trust expected to deliver full-year pretax operating earnings of about 9.1c/unit, cash earnings of about 7c/unit, and cash distributions totalling 6.65c/unit.

Attribution: Company release.

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Statesman & Stanford apartments sell

2 of the 3 apartments auctioned at Ray White City Apartments yesterday were sold under the hammer – one in the Statesman (pictured) and the other in the Stanford, along with a Papatoetoe house sold at pre-auction.

CBD

Learning Quarter

Statesman, 1 Parliament St, unit 514:
Features: 30m² internal, furnished studio, balcony, storage locker
Outgoings: rates $1214/year including gst; body corp levy $2312/year
Income assessment: $390/week current, assessment $400-420/week furnished
Outcome: sold for $380,000
Agents: Michelle & Judi Yurak

Victoria Quarter

Stanford, 189 Hobson St, unit 3E:
Features: 37m², 2 bedrooms
Outgoings: rates $1110/year including gst; body corp levy $4238/year
Income assessment: $480/week, fixed until February
Outcome: no bid, back on the market at $349,000
Agents: Ron Yang

North-east

Takapuna

Spencer on Byron, 9-17 Byron Avenue, unit 507:
Features: 48m², one bedroom, sold on “as is, where is” basis – remediation cost recovery & further expense assigned to buyer
Outgoings: rates $3918/year including gst; body corp levy $2982/year
Income assessment: in hotel pool
Outcome: sold for $148,000 + gst
Agents: James Mairs & Gillian Gibson

Attribution: Auction.

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4 apartment & unit sales out of 13 on offer, one commercial sale under the hammer

Of 14 apartments, townhouses & units auctioned at Barfoot & Thompson’s city office over the last 2 days, 3 sold under the hammer and one post-auction, and one was withdrawn.

The one commercial property auctioned at yesterday’s regular apartments & commercial session, a shop in the Mt Roskill village, was sold under the hammer.

Apartments, townhouses & units:

CBD

Learning Quarter

Statesman, 1 Parliament St, unit 1305:
Features: one-bedroom apartment, balcony
Outgoings: body corp levy $3532/year
Outcome: sold for $508,000
Agent: Sarah Zhang

Uptown

39 Pitt St, unit 25:
Features: 2-bedroom apartment, covered parking space
Outgoings: body corp levy $2096/year + special levy this year $1499 for painting
Outcome: passed in
Agents: Luke Shi & Alexander Kramarenko

Victoria Quarter

Fiore on Hobson, 152 Hobson St, unit 205:
Features: one-bedroom apartment, balcony
Outgoings: body corp levy $2682/year
Outcome: passed in, back on market at $379,000
Agents: Livia Li & Alan Guo

Isthmus east

Epsom

5 Bloomfield Place:
Features: 2-level 4-bedroom unit, 2 bathrooms, offstreet parking
Outcome: no bid, sold post-auction
Agents: Frances Li & Ian Thornhill

30 Kimberley Rd, unit 4:
Features: 2-bedroom ground-floor unit, offstreet parking space
Outcome: no bid, back on market at $599,000
Agent: Cici Wang

One Tree Hill

133 Campbell Rd, unit 3:
Features: 2-bedroom unit, garage
Outcome: sold for $750,500
Agents: Tommy Joseph Fernandez & Kathi Yuen

Parnell

Dakota, 5 Cheshire St, unit 3J:
Features: 74m², 2-level 2-bedroom apartment, 2 bathrooms, secure parking space
Outcome: sold for $811,500
Agent: Steve Su

11 Dovedale Place:
Features: leasehold, reclad 3-bedroom townhouse, 2 bathrooms, single internal-access garage, code compliance certificate to be issued before settlement
Outcome: no bid
Agent: Gill Macdonald

Remuera

Stonecrest, 707 Remuera Rd, unit 3C:
Features: 3-bedroom apartment, 2 bathrooms, deck, 3 parking spaces, storage locker
Outcome: no bid
Agents: Leila MacDonald & Michael Bacher

32 & 34 Wiles Avenue:
Features: 1437m² section in 2 titles, 2 ex-state duplexes, one of 2 bedrooms, the other of one bedroom; resource & building consents issued for 2 new homes – one on a net 562m², floor area 390m², the other on 775m², floor area 456m²
Outcome: no bid
Agent: Michelle Zhang

St Johns

95I Felton Mathew Avenue:
Features: 4-bedroom apartment, offstreet parking
Outcome: no bid
Agent: Peter Hutson

95K Felton Mathew Avenue:
Features: 3-bedroom apartment, deck, offstreet parking
Outcome: withdrawn from auction
Agents: Maree Currie & Paul Robertson

Stonefields

9A Guyon St:
Features: 102m² site, 2-bedroom terrace, courtyard, carport
Outcome: passed in, back on market at $979,000
Agent: Philip Oldham

North-west

Kelston

8A Kelwyn Rd:
Features: 432m² section, 3-bedroom townhouse, 2 bathrooms, deck, patio, double internal-access garage
Outcome: no bid, back on market at $669,000
Agents: Cici Wang & Leo Liu

Commercial

Isthmus west

Mt Roskill

1484C Dominion Rd:
Features: shop on 147m² site
Rent: $8406/year + gst on lease to Vodafone NZ Ltd renewed for 2 years from today
Outcome: sold for $726,000
Agent: Nick Wilson

Attribution: Auction documents.

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6 commercial properties & residential development site sell

Bayleys agents in South Auckland have sold 6 commercial properties in East Tamaki, Manukau & Wiri, and a 5ha residential development site at The Gardens, Manurewa.

South

East Tamaki

9 Lady Ruby Drive, unit E:
Features: 160m² industrial unit – 129.5m² ground-floor warehouse, office & amenities, 30m² of mezzanine office, 4 parking spaces
Outcome: sold vacant for $500,000
Agents: Katie Wu, Roy Rudolph & John Bolton

22 Neilpark Drive, unit A:
Features: 337m2 roadfront unit in 3-unit development, A grade food premises comprising about 172mof processing space & warehousing, 58mof chillers & freezers and 63mof offices & amenities
Rent: previously generating $65,000/year net + gst
Outcome: sold with vacant possession for $910,000
Agents: Roy Rudolph, John Bolton, Katie Wu & Karl Price

33 Springs Rd, unit D:
Features: 897m² industrial unit – 460m² high stud clearspan warehouse, dual roller door access, 198m² of ground-floor showroom, office & amenities, 239m² of first-floor offices & amenities with separate entrance
Outcome: sold vacant for $1,817,500
Agents: John Bolton, Roy Rudolph & Katie Wu

Manukau

5 Jack Conway Avenue, unit C:
Features: 471m² 2-level commercial building – 230m² ground-floor tenant Gordy’s Bar & Gaming Lounge has 8-year lease from December 2016, with 3 4-year rights of renewal, 241m² first floor tenanted by Bartercard NZ Ltd on 8-year lease from March 2013, with 2 4-year rights of renewal
Rent: $130,000/year net + gst
Outcome: sold for $1.92 million at a 6.77% yield
Agents: Rod Grieve & Maxine Bates

Manurewa

The Gardens, 261 Hill Rd:
Features: 5.1445ha of mostly bare land with an easy contour, part zoned mixed housing suburban, part future urban
Outcome: sold with vacant possession for $7 million at $136/m2
Agents: Peter Migounoff & Piyush Kumar

Wiri

20 Hobill Avenue:
Features: 3140m² site zoned light industry, modern 600m² industrial building, fully fenced & gated rear site with sealed yard that provides options to extend building
Outcome: sold to an owner occupier for $1.97 million with short-term holding income from vendor & additional income from cellphone tower
Agent: Mike Marinkovich

34 Hobill Avenue, unit E:
Features: 350m² mid-1980s roadfront industrial unit – 156m² warehouse, 194m² showroom, office & amenities over 2 levels
Outcome: sold vacant to an owner-occupier for $1.02 million
Agent: Mike Marinkovich

Attribution: Agency release.

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Onehunga warehouse sells at auction

An Onehunga warehouse (outlined in blue in photo) was sold at Colliers’ auction today, but a Milford property with potential upstairs development was passed in.

Isthmus east

Onehunga

51 Angle St:
Features: 556m² site zoned heavy industry, 413.8m² warehouse, 45.1m² office
Outcome: sold vacant for $1.345 million
Agents: Jeremy Barnett & Ben Cockram

North-east

Milford

83-85 Kitchener Rd:
Features: 261m² site, 295.7m² floor area, 2 first-floor apartments consented, 4 parking spaces
Rent: $98,000/year net from 2 ground-floor tenants, potential additional residential rent of $50,000/year
Outcome: passed in
Agents: Mike Ryan, Euan Stratton & Matt Prentice

Attribution: Auction documents.

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Unlock Avondale project gets go-ahead, Takapuna carpark decision deferred

Auckland Council’s planning committee approved the over-arching plan for regeneration of Avondale yesterday.

The Unlock Avondale high level project plan will be delivered by the city’s urban regeneration agency, Panuku Development Auckland.

Whau Local Board chair Tracy Mulholland said the plan built on work completed by the local board & community groups: “It will drive momentum for change in the area, with a focus on the town centre. The regeneration of Avondale will see current & future residents enjoying new open spaces and a purpose-built community facility, including a new library that will serve its needs.”

Ward councillor Ross Clow said the regeneration of Avondale was long overdue: “This plan is important to drive the development of quality residential neighbourhoods and to help meet Auckland’s growing demand for affordable homes. It will also address the issues arising from population growth in Avondale & the wider area.”

And Panuku chief operating officer David Rankin said a number of key moves would enable the vision for Avondale: “Panuku will work closely with the local board & community to implement a retail strategy that attracts new businesses, increasing diversity of products & services.
“The train station, upgraded bus network & new cycleways offer great transport options, and we will continue to strengthen connections between these activity hubs & the town.

“A focus for the regeneration of Avondale is working with developers to build quality residential neighbourhoods that offer a mix of housing types, including terraces & apartments. A number of significant developments are already underway in the area.”

Ockham Residential is due to complete the construction of 72 new one- to 3-bedroom apartments at 24-26 Racecourse Parade in March 2018. Through a partnership with the NZ Housing Foundation, 33 new homes are near completion on Trent St, including 21 affordable homes.

Takapuna carpark decision deferred

In other business yesterday, the council committee deferred its decision on a hearing panel recommendation to change the use of the carpark at 40 Anzac St, Takapuna, to one that enables a mix of uses.

The deferral is to allow Panuku to consult further with the Devonport-Takapuna Local Board on how this process can be progressed. It will report back to the planning committee by next March.

Attribution: Council release.

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