Archive | Neighbourhoods

Hotel proposal unveiled for Simunovich site on Viaduct

Viaduct Harbour Holdings Ltd unveiled plans yesterday for a luxury hotel to replace the Simunovich Fisheries building at One Market Square – on the Viaduct Basin and across the water from Fu Wah International Group’s Park Hyatt Hotel rising in the Wynyard Quarter.

Colliers has been appointed to undertake a global search for a development partner. Its international expressions of interest campaign will close on Tuesday 2 May.

The proposed 165-room hotel would have a 12,000m² floor area on 12 floors on a 1288m² footprint, and a rooftop bar.

One Market Square on the Viaduct Basin cbd towers to left & right in the background.

Viaduct Harbour Holdings chief executive Angela Bull said the company would make the preliminary design by Warren & Mahoney available to the successful development partner, and the development partnership model would keep the waterfront site in New Zealand ownership.

Ms Bull said the Market Square site was exceptional, directly facing the harbour on 2 sides and offering stunning views of Auckland.

“Viaduct Harbour is an outstanding lifestyle precinct in Auckland with unrivalled access to the water, quality restaurants, apartments & an international marina. One Market Square is perfectly positioned for a world-class hotel that will add to the vibrancy & attractiveness of the precinct.”

Colliers national hotels director Dean Humphries said the surge in visitor arrivals in recent years had led to a critical shortage of quality hotel accommodation.

“The Government predicts that Auckland will likely need another 4300 new hotel rooms over the next decade to keep up with current demand projections. The timing is right for this unrivalled site to be developed to its optimal use.”

The owners of Viaduct Harbour Holdings Ltd (the families of Mark Wyborn, Trevor Farmer, Alan Gibbs & Ross Green) bought 28ha around Viaduct Harbour from Ports of Auckland Ltd in 1996. The company has retained the land interest and sold leasehold interests.

The hotel would replace the Simunovich Fisheries building fronting Market Square at the turn of the Viaduct Basin towards the Lighter Basin. Across the water, the ASB Centre and the Park Hyatt on Halsey St.

The Park Hyatt

Across the water on Auckland Council leasehold land in the Wynyard Quarter, the joint venture between local company Hawkins Group Ltd (sold by the McConnell family to Downer EDI Ltd of Australia 10 days ago) & China Construction NZ Ltd is 9 months into construction the Park Hyatt, which is scheduled for completion late next year. It will have a total floor area of 29,000m² & 195 rooms.

China Construction (China State Construction Engineering Corp Ltd) is headquartered in Shanghai and listed on the stock exchange there, and Fu Wah is based in Beijing.

Earlier stories:
9 March 2017: McConnells follow up Harker deal with Hawkins sale to Downer
3 July 2016: Hawkins & China Construction in joint venture to build Park Hyatt on Viaduct Basin
9 September 2015: Waterfront Park Hyatt gets consent
21 November 2014: Chinese hotel on Viaduct waterfront to be a Park Hyatt
16 April 2014: Update: Wynyard hotel construction cost closer to $700,000, leasehold factors undisclosed

Attribution: Agency release.

Continue Reading

2 large units sell in Epsom & Mission Bay

An Epsom townhouse and the middle apartment (lit) of 3 in a block above Mission Bay’s beach were sold at Bayleys auctions this week.

Isthmus east

Epsom

9A Onslow Avenue:
Features: 2-bedroom townhouse, garage
Outcome: sold for $1.29 million
Agent: Lindy Lawton

Mission Bay

19 Selwyn Avenue, unit 2:
Features: cross-leased, 1/3 share in 1196m², 165m² including balconies, air-conditioned 3-bedroom apartment, 2 bathrooms, lift, study, 2 parking spaces
Outgoings: rates $5302/year including gst, maintenance fee $1800/year
Outcome: sold for $3.1 million
Agents: Gary & Vicki Wallace

Attribution: Agency release.

Continue Reading

Catalina Bay development unveiled

Willis Bond & Co Ltd unveiled its ideas yesterday for Catalina Bay, formerly known as The Landing, at Hobsonville Point.

Through the frame of the old Sunderland hangar – stripped to remove asbestos – to the Catalina workshops where the farmers’ market is based and new offices will be created.

The project takes in the former Catalina flying boat workshops beside the ferry terminal where the Hobsonville farmers’ market has been based, the Sunderland flying boat hangar (which has been stripped down to its framing) and land beside the hangar where apartments will be built.

Willis Bond managing director Mark McGuinness said Catalina Bay would be a new gateway to the west from the water and would improve the prospect of increasing ferry frequency.

The workshops will be transformed for a variety of uses.

It will accommodate a variety of uses, including a micro-brewery, cafés & restaurants, restored character offices as well as the farmers market. Mr McGuinness said some of the office spaces would be idea for cosharing.

60-80 high quality freehold apartments are envisaged in the development beside the hangar, which Mr McGuinness expects will be marketed late this year.

The waterfront site was a key component of the former Hobsonville Royal NZ Air Force base, which served the Pacific in wartime with its flying boats, and was also an early site for TEAL (Tasman Empire Airways Ltd), forerunner of Air NZ.

Almost the whole air force base has been turned over to housing, managed by the Government-owned Hobsonville Land Co Ltd, with individual developers in charge of subdivisions within it.

Willis Bond has been developing the Sunderland precinct, comprising 120 new homes & 11 refurbished former Air Force homes from the 1930s.

The Hobsonville Land Co will be one of the first tenants to occupy the refurbished Catalina Bay office space, late this year.

Attribution: Presentation, company release.

Continue Reading

Rest of Queensgate shopping centre to reopen

Stride Investment Management Ltd said on Wednesday it would reopen the balance of the Queensgate shopping centre in Lower Hutt on Thursday 6 April following completion of demolition of a portion of the carpark & its cinema complex.

The centre was closed for inspection after the Kaikoura earthquake in November and partially reopened 11 days later. It will be reclad and a ground-level carpark put in the place of the current demolition site. Some egress points will also change.

Stride Investment Management has previously announced it will rebuild the cinema complex. In the meantime, regional centre manager Jan Plummer said, the ground-level parking & cladding would be a medium-term solution.

“Shrink-wrapping the building to create protection from the elements will allow contractors to take their time in creating the best possible medium-term design aesthetic, with the intention being that the shrink wrap will still be in place at the time of reopening to allow this work to continue.”

Ms Plummer said retailers whose premises remained closed because of the adjacent demolition would be given a confirmed date to access their stores in the next week.

Queensgate is owned by the Diversified NZ Property Trust.

Attribution: Company release.

Continue Reading

Goodman takes syndicate units to facilitate Millennium Centre sale

The Goodman Property Trust’s manager said yesterday the trust had taken $12 million of units in the property syndicate that has bought the Millennium Centre at Greenlane (pictured) from it.

Goodman sold the 3 office properties at 600-604 Great South Rd, Greenlane, to syndicator Oyster Management Ltd for $210 million last year and settled yesterday.

Goodman (NZ) Ltd chief executive John Dakin said the trust had taken units in the syndicate to facilitate the transaction, would hold the investment for a maximum 2 years and expected to receive an annual return of 8%.

Mr Dakin said Goodman had also sold the commercial buildings & associated development land at 1 Show Place in Addington, Christchurch, for $14 million as part of its asset recycling programme. The unconditional sale to a local investor is expected to settle before the end of this month.

“An active sales programme is reducing debt and providing funding capacity for the trust’s development activity. It’s a strategy that is improving the quality of the portfolio and increasing investment in the favoured Auckland industrial market, a sector we expect to deliver superior growth,” he said.

The 2 transactions take Goodman’s total value of sales this financial year to almost $280 million.

Earlier stories:
5 October 2016: New leases lift price on Greenlane sale
14 July 2016: Goodman to sell Millennium & Yellow buildings to Oyster
1 July 2010: Goodman buys partner out of Show Place
30 May 2007: Macquarie Goodman buys 50% stake in Addington office park company

Attribution: Company release.

Continue Reading

7 apartments sell at Ray White auction

7 apartments were sold at Ray White City Apartments’ auction yesterday out of 9 on offer, including one of 2 leasehold units at The Docks and another Quay Park leasehold at The Landings.

On the North Shore, 2 units in the Spencer on Byron (pictured) and one in the nearby Shoalhaven were sold.

An unusual moment for the city apartment office was a plus-$1 million sale for a large unit in H47, although once the size (116m²) & 2 parking spaces are taken into account, the square metre rate would come down to $7300/m² internal.

CBD

Quay Park

The Docks, 8 Dockside Lane, unit 154:
Features: leasehold, 30m², one bedroom, patio
Outgoings: rates $708/year including gst; body corp levy $4581/year including $1760/year ground rent, next ground rent review November 2018
Income assessment: $350/week current
Outcome: sold for $112,000
Agent: Dominic Worthington

The Docks, 6 Dockside Lane, unit 520:
Features: leasehold, 60m², 2 bedrooms, parking space
Outgoings: rates $1671/year including gst; body corp levy $11,967/year including $4598/year ground rent, next ground rent review November 2018
Income assessment: $600/week current
Outcome: no bid
Agents: Dominic Worthington & Ady Huang

The Landings, 10 Ronayne St, unit 211:
Features: leasehold, 61m², 2 bedrooms, 2 bathrooms, secure covered parking space, storage locker
Outgoings: rates $1037/year including gst; body corp operational levy $2972/year, ground levy $2488/year
Income assessment: $450/week current until October
Outcome: sold for $135,000
Agents: James Mairs & Dominic Worthington

Victoria Quarter

H47, 47 Hobson St, unit 1107:
Features: 116m², 2 bedrooms, 2 bathrooms, balcony, 2 parking spaces, storage locker
Outgoings: rates $2596/year including gst; body corp levy $9235/year after 10% discount
Income assessment: $770/week current for apartment + one parking space fixed until 15 May, appraisal $850-900/week furnished
Outcome: sold for $1.007 million
Agents: May Ma & Mark Li

Zest, 72 Nelson St, unit 113:
Features: 37m², fully furnished 2 bedrooms,
Outgoings: rates $1126/year including gst; body corp levy $3477/year after 10% discount
Income assessment: $430-450/week
Outcome: sold for $326,000
Agent: Victor Liu

Isthmus west

Newton

2H Diamond St:
Features: 61m², fully furnished 2 bedrooms with new furniture package, 2 parking spaces
Outgoings: rates $1628/year including gst; body corp levy $1905/year
Income assessment: $600-650/week furnished
Outcome: passed in at $600,000
Agents: Ryan Bridgman & Mitch Agnew

North-east

Takapuna

Shoalhaven, 130 Anzac St, unit B207:
Features: 50m², 2 bedrooms, balcony, secure parking space
Outgoings: rates $1486/year including gst; body corp levy $3573/year
Income assessment: $550-580/week furnished
Outcome: sold for $560,000
Agents: Damian Piggin & Daniel Horrobin

Spencer on Byron, 9-17 Byron Avenue, unit 1810:
Features: 30m² studio, balcony, parking space
Outgoings: rates $1968/year including gst; body corp levy $2568/year
Outcome: sold for $275,000 + gst
Agents: Gillian Gibson & James Mairs

Spencer on Byron, 9-17 Byron Avenue, unit 1606:
Features: 48m², one bedroom, secure parking space, under hotel management
Outgoings: rates $2524/year including gst; body corp levy $3471/year
Outcome: sold for $351,000 + gst
Agents: Gillian Gibson & James Mairs

Attribution: Company release.

Continue Reading

Glen Eden property sold

Jones Lang LaSalle has sold a Glen Eden office & warehouse combination (outlined) on a 6.1% yield, although the warehouse will become vacant on settlement.

North-west

Glen Eden

7 Waikaukau Rd:
Features: 2 buildings – a 264m² front office building and a 1728m² warehouse at rear
Rent: combined rent $90,200/year, but warehouse will be vacant at settlement; office building is leased for $26,400/year + gst + opex until June 2020
Outcome: sold for $1.475 million at a 6.1% yield on current rent
Agents: Jason Armstrong & Alex Wefers

Attribution: Agent release.

Continue Reading

3 apartments & 2 suburban units sell at Barfoots

3 apartments were sold at Barfoot & Thompson’s city auctions yesterday out of 8 on offer, and 2 of the 4 suburban units were sold. The sales included a unit in City Gardens (pictured), where owners have succeeded in leaky building litigation but the work hasn’t been done yet.

A commercial office unit in Mt Wellington didn’t attract a bid.

CBD

Albert St

City Gardens, 76 Albert St, unit 19K:
Features: 42m², one bedroom, parking space
Outgoings: body corp levy $581/year; estimated remediation levy $24,735 on top of payment from litigation claim
Outcome: sold for $306,000
Agents: Sarah Garlick & Estee Zeng

Learning Quarter

Eden Hall, 3 Eden Crescent, unit 6:
Features: 90m², 2 bedrooms, garage
Outgoings: body corp levy $6294/year
Outcome: sold for $960,000
Agents: Liz Derbyshire & Leo Shin

Uptown

Avoka, 31 Day St, unit 4C:
Features: 81m², fully furnished one bedroom, parking space
Outgoings: body corp levy $7370/year
Outcome: no bid
Agents: Selina Zheng & Tommy Zhang

Chatham, 70 Pitt St, unit 506:
Features: 67m², 2 bedrooms, storage locker, parking available
Outgoings: body corp levy $4837/year
Outcome: passed in
Agents: Luke Shi & Alexander Kramarenko

Bianco off Queen, 8 White St, unit 9C:
Features: 54m², 2 bedrooms, balcony
Income assessment: not in hotel management, rent assessment $600/week
Outcome: auction postponed until Thursday 23 March
Agents: Annie Xu & Sean Zhang

Victoria Quarter

Grand Chancellor, 1 Hobson St, unit 603:
Features: 57m², one bedroom, parking space, storage locker
Outgoings: body corp levy $4592/year
Outcome: sold for $633,000
Agent: Aaron Cook

Grand Chancellor, 1 Hobson St, unit 704:
Features: 56m², fully furnished 2 bedrooms, storage locker
Outgoings: body corp levy $4169/year
Outcome: no bid, back on market at $595,000
Agent: Aaron Cook

Hobson Gardens, 196 Hobson St, unit 11B:
Features: 100m² sub-penthouse, 2 bedrooms, 2 bathrooms, enclosed balcony, 2 parking spaces
Outgoings: body corp levy $10,070/year, special levy set for further remedial works
Outcome: no bid, back on market at $868,000
Agent: Michele Ballinger

Regatta Court, 92 Nelson St, units A & B:
Features: 2 units on ground floor, no bedrooms or bathrooms, leased to hotel management
Outgoings: body corp levy $1615/year
Income assessment: $20,224.80/year net + gst
Outcome: passed in, back on market at $425,000
Agents: Wendy Feng & Jack Li

Isthmus east

Mt Wellington

6 Faber Avenue, unit 1:
Features: cross-lease, half share in 1168m², 2-bedroom duplex, deck, double garage & carport
Outcome: no bid
Agents: Samantha Chaudhry & Leo Perera

Panmure

68 Ireland Rd, unit 2:
Features: 3-bedroom unit, parking space
Outgoings: body corp levy $1268/year
Outcome: sold for $582,500
Agents: Mark Tung & Michelle Mi

Isthmus west

Mt Albert

17 Owairaka Avenue, unit 3:
Features: cross-lease, 1/3 share in 766m², 2-bedroom unit, garage
Outcome: sold for $735,000
Agent: Les Walbridge

North-west

New Lynn

11B Akehurst Avenue:
Features: cross-lease, 1/3 share in 1011m², 2-bedroom unit, deck, carport
Outcome: no bid
Agent: Ricky Fan

Commercial

Isthmus east

Mt Wellington

161 Marua Rd, unit 2:
Features: 113m², first-floor office & showroom, kitchen, storage, 3 parking spaces
Outcome: no bid
Agents: Mike Jensen

Attribution: Auctions.

Continue Reading

George Court unit sells, then all quiet

City Sales’ apartments auction started well yesterday, with the sale of a unit in the George Court building on Karangahape Rd (pictured) at over $8800/m². Then things went quiet, 2 of the remaining 5 units on offer were passed in on the sole bid of the vendor and only a few bids were made on the remaining 3.

CBD

Queen St

Portland Tower, 62-64 Queen St, unit 6C:
Features: 41m², one bedroom, 6m² deck
Outgoings: rates $1139/year including gst; body corp levy $5720/year
Outcome: passed in at $490,000
Agents: Steve Kirk & Habeeb Urrahman

Uptown

George Courts, 238 Karangahape Rd, unit 3H:
Features: 68m², one bedroom, parking space
Outgoings: rates $1734/year including gst; body corp levy $5924/year
Outcome: sold for $601,000
Agents: Gabrielle Hoffmann & Nicola Hunt

City Zone, 11 Liverpool St, unit 17K (door 1701):
Features: 45m², 2 bedrooms, deck
Outgoings: rates $1177/year including gst; body corp levy $3331/year
Outcome: passed in at $370,000
Agents: Steve Kirk & Habeeb Urrahman

Victoria Quarter

Aura, 53 Cook St, unit 310:
Features: 49m², 2 bedrooms, deck
Outgoings: rates $1113/year including gst; body corp levy $3685/year
Outcome: passed in at $380,000
Agents: Steve Kirk & Habeeb Urrahman

Waterfront

Lighter Quay, 83 Halsey St, unit 407:
Features: leasehold, 49m², one bedroom, deck
Outgoings: rates $1722/year including gst; body corp levy $2293/year, ground rent $3619/year, residents’ society levy $2312/year
Outcome: passed in after sole bid from vendor at $150,000
Agents: Gabrielle Hoffmann

Isthmus east

Mt Wellington

Ellerslie Court, 3A Harrison Rd, unit 1:
Features: 42m², one bedroom, deck, parking space
Outgoings: rates $1080/year including gst; body corp levy $2977/year
Outcome: passed in after sole bid from vendor at $300,000
Agents: Chris Bell & Lucy Piatov

Attribution: Auction.

Continue Reading

Chows revert from hotel to office upgrade for old Colonial Motors building

NZX-listed property company Chow Group Ltd’s management company, CGML Ltd, said yesterday it had axed plans for a 230-room hotel conversion of its century-old 89 Courtenay Place tower in Wellington and, instead, would upgrade it for office use.

Director Michael Chow said the 9-storey 8720m² building would be upgraded to 88% of new building standard, making it one of the highest seismically rated office buildings in the Te Aro district of Wellington.

Mr Chow said the refurbishment would be a multi-million dollar exercise, but didn’t give a precise figure.

The former Colonial Motor Co Ltd building was erected in 1922, with changes to its Courtenay Place façade since then.

Mr Chow said refurbishment would start this month, and phased completion would start happening within 3 months.

The building has 950m² floorplates, some with character ceilings, and it’s best known for its expanse of windows. It has 70 secure onsite parking spaces, accessible from York St.

Last year, the Chow brothers had planned to convert the commercial space into a 4-star 230-room deluxe hotel, but changed their minds after the November 2016 earthquakes, where retaining the commercial property was better aligned to the Chow Group’s business goals.

“An important consideration for businesses is the safety of buildings in the event of seismic activity. The structural integrity of 89 Courtenay Place was not affected by the November 2016 7.8 earthquake, meaning our existing tenants were undisturbed while much of the city came to an abrupt halt.

“As part of our refurbishment plans, we are taking steps to increase our new building standard rating from 71% to 88% and we anticipate high demand for these spaces, which have been offered for immediate lease.” he said.

Naming rights will also be available.

Link:
History, Wellington City Council heritage site

Attribution: Company release.

Continue Reading
WordPress Appliance - Powered by TurnKey Linux