Archive | Neighbourhoods

4 of 10 apartments & units sell at Barfoots

4 sold out of 10 apartments & suburban units auctioned at Barfoot & Thompson’s city office yesterday & today. The auction offering of a total 20 homes on the agency’s main 2 days compares to 80/day at the peak late last year.

CBD

Kitchener St

Metropolis, 1 Courthouse Lane, unit 2006:
Features: 48m², one-bedroom apartment
Outcome: sold for $592,500
Agent: Cindy Yu

Victoria Quarter

Hobson Gardens, 205 Hobson St, unit 2F:
Features: 158m², 3-bedroom apartment, 2 bathrooms, 2 basement parking spaces
Outgoings: body corp levy $5994/year
Outcome: no bid
Agents: Zoran Farac & Stephen Shin

Isthmus east

Ellerslie

2 Ellerslie Park Rd, unit 1:
Features: 2-bedroom unit, carport
Outcome: sold for $610,500
Agent: Linda Reid

Onehunga

15 Heretaunga Avenue, unit 4:
Features: cross-lease, 1/7 of 1604m², 2-bedroom unit, carport
Outcome: sold for $590,000
Agent: Paul Hodgman

132A Selwyn St, unit 2 (pictured):
Features: cross-lease, 1/4 of 1163m², 2-bedroom unit, covered patio, 2 parking spaces
Outcome: sold for $670,000
Agents: Jerry & Fong Khoo

St Heliers

244 St Heliers Bay Rd, unit 3:
Features: 3-bedroom unit, 2 bathrooms, internal-access garage
Outcome: passed in at $700,000
Agents: Andrew Pender & Lynette Boyd

Stonefields

Illico, 4 Bluegrey Avenue, unit 410:
Features: one-bedroom top-floor apartment, deck, parking space
Outcome: passed in at $520,000
Agent: Thelina Nuval

Isthmus west

Sandringham

16 Halesowen Avenue, unit 2:
Features: 2-bedroom unit, conservatory, basement garage
Outcome: passed in
Agents: Jim Liu & Coy Zhao

Attribution: Auctions.

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Herne Bay apartment sells

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

Isthmus west

Herne Bay

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

North-west

Henderson

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

Attribution: Auction.

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8 out of 10 sell at Bayleys commercial auction

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

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

Isthmus east

Onehunga

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

Parnell

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

St Johns

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

North-east

Birkenhead

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

Browns Bay

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

Rosedale

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

Unsworth Heights

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

Warkworth

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

North-west

Henderson

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

South

East Tamaki

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

Papakura

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

Takanini

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

Attribution: Auction.

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Ivory & Station R apartments attract no bid

2 apartments in 2 new developments – Conrad’s Ivory and Ockham’s Station R – attracted no bid at City Sales’ auction yesterday. Both developments were sold off the plans.

Isthmus east

Epsom

Ivory, 10 Lion Place, unit 405:
Features: 52m², one bedroom, flexi-room, deck, parking space
Outgoings: rates & body corp levy to be confirmed
Outcome: no bid
Agents: Alister Nichol

Isthmus west

Mt Eden

Station R, 11 Fenton St, unit 502:
Features: 79m², 2 bedrooms, study, 2 bathrooms, deck, parking space
Outgoings: rates $2402/year including gst; body corp levy $4343/year
Outcome: no bid
Agents: Trisha Shanaghan

Attribution: Auction.

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2 warehouses sell at yields under 5.2%

2 warehouses in Penrose & Mt Wellington were sold on firm yields at Colliers’ auction yesterday – 4.79% on the Greenpark Rd property (pictured) and 5.17% in Mt Wellington.

A third property, a mix of office & warehouse used for clothing storage but offered vacant, attracted no bid but was under negotiation post-auction.

Isthmus east

Mt Wellington

7A Te Apunga Place:
Features: 3012m² site zoned light industrial, 732m² net lettable area – warehouse 472m², storage 144m², office & amenities 116m², tenant Visor Distributors (2017) Ltd
Rent: $120,000/year net + gst, new 6-year lease from 30 June, 2 3-year rights of renewal
Outcome: sold for $2.32 million at a 5.17% yield
Agents: Hamish West & Todd Kuzmich

Parnell

33C Falcon St, unit 3D:
Features: 643m² office & warehouse offered vacant – offices 299m², amenities 22m², storage 44m², warehouse 249m², loading bay 29m², 5.25m stud in warehouse, roller door, 12 stacked parking spaces, one in open
Outcome: passed in, only bid was from vendor at $2 million
Agents: David Burley & John Davies

Penrose

4-6 Greenpark Rd:
Features: 1160m² site zoned light industrial, 584m² net lettable area – warehouse 317m², offices & amenities 102m², showrooms 166m², canopy 8m², tenant Vesta Electrical Supplies Ltd
Rent: $78,000/year net + gst, initial lease term expires 30 April 2021, 2 4-year rights of renewal
Outcome: sold for $1.63 million at a 4.79% yield
Agents: Paul Jarvie, Brad Johnston & Matt Prentice

Attribution: Auction.

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Kiwi Property’s Drury buy approved

Kiwi Property Group Ltd said yesterday it had received approval from the Overseas Investment Office to proceed with its acquisition of land at Drury, 35km down State Highway 1 from Auckland’s city centre.

The company said on 7 April it had secured agreements to acquire 3 greenfield sites totalling 51.3ha adjacent to the junction of the Southern Motorway, Great South Rd & the North Island main trunk railway line.

The Overseas Investment Office approval relates to the acquisition of a freehold interest of 39.2ha of this 51.3ha.

Kiwi Property chief executive Chris Gudgeon said yesterday: “This landholding reinforces our commitment to be part of Auckland’s future growth. Our vision is to develop a town centre to complement the existing Drury town centre, which would be staged over the next 20 years to coincide with predicted population growth, household formation & employment growth in South Auckland.”

Settlement of Kiwi’s purchase of 30.6ha of the Overseas Investment Office-approved land parcels is due to occur next Wednesday, 20 September 2017. Mr Gudgeon said Kiwi would fund it through existing debt facilities.

He said in April the acquisition price for 2 of the land parcels, totalling 42.7ha, was $39.8 million. Kiwi secured the third parcel of 8.6ha via a right of first refusal, with the purchase price to be determined with reference to the market when the right is exercised.

Earlier stories:
10 September 2017: Second round for Auranga precinct confirms Drury as major growth centre
7 April 2017: Kiwi Property plans new town centre next to Stevenson’s Drury development
31 October 2016: Work starts on 3 striking special housing area projects
24 August 2016: Work set to start after fast approval for Auranga special housing area at Drury
4 July 2015: 2 large special housing areas for Franklin
30 August 2013: Drury South industrial area plan change & MUL extension approved
4 September 2012: Drury South plan changes notified

Attribution: Company release.

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2 industrial leases & a sale

Colliers agents have leased a large new Goodman Property Trust warehouse in Penrose, an Avondale industrial property and sold an Invercargill warehouse.

Isthmus east

Penrose

Gate Industry Park, 395 Church St:
Features: 6723m² industrial property – warehouse 4223m², stud height 9m, warehouse amenities 333m², enclosed canopy 941m², air-conditioned offices 1226m² over 2 floors, yard 2300m², 55 parking spaces, leased by Goodman Property Trust to Easy2C Ltd for a term of 5 years & 3 months
Rent: $600,726.20/year net + gst
Agents: Andrew Hooper & Greg Goldfinch

Isthmus west

Avondale

17-19 Patiki Rd:
Features: 4878m², leased to Glidepath Ltd
Rent: $620,000/year net + gst     
Agents: Dwayne Warby & Shoneet Chand

South Island

Invercargill

5 Liddell St:
Features: 1827m², warehouse & showroom leased to Ideal Electric Ltd
Outcome: sold for $1,001,500 at a 7% yield
Agents: Mark Simpson & Rory O’Donnell

Attribution: Agency release & promotional material.

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2 NZ Post properties sell in Christchurch

2 NZ Post properties were sold in Christchurch on Friday to start Bayleys’ sixth Total Property commercial auction series for the year. An Ashburton property was passed in.

The auction series comes to Auckland today, with 10 properties on the auction list.

South Island

Canterbury

Ashburton

390-400 East St:
Features: 994m² corner site in Ashburton’s main street, 1329m² building, 3-year ground-floor lease from settlement to NZ Post & Kiwibank, 2 upstairs monthly tenancies, 396m² of vacant space
Rent: $56,052/year net + gst
Outcome: passed in at $425,000
Agents: Blair Young & Mitchell Wallace

Christchurch

Bishopdale

31 Bishopdale Court (pictured above):
Features: 278m² site, 309m² refurbished & strengthened building; 6-year lease until October 2022, with 2 3-year rights of renewal to arts supplies, giftware & book retailer Paper Tree, which also has NZ Post & Kiwibank services contract that includes 534 postboxes
Rent: $62,000 /year net + gst
Outcome: sold for $1.1 million at a 5.64% yield
Agents: Blair Young & Mitchell Wallace

Woolston

713 Ferry Rd:
Features: 566m² corner site adjacent to recently opened New World supermarket, 320m² standalone building – 201m² Discount Dairy tenancy which holds NZ Post services contract with 590 postboxes on lease until June 2024, and 119m² occupied by laundromat with a lease until February 2023
Rent: $60,832/year net + gst
Outcome: sold for $871,000 at 6.98% yield
Agents: Blair Young & Mitchell Wallace

Attribution: Agency release.

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Wesley College developer selects build partners & new subdivision name

The Wesley College Trust Board & the developer of its subdivision on the college farm at Paerata, Grafton Downs Ltd, announced 12 build partners & a new name for the project last week.

300ha around the college was approved as a special housing area in 2015, with plans for up to 5000 homes in 10 stages.

Grafton Downs sales & marketing manager Shaun Millar said: “We have chosen the build partners because of the outstanding quality of their workmanship. In the interests of creating equal opportunities for builders in the community, we selected to work with large franchisee companies & small family businesses, all of whom are local.”

The build partners named last week are 4 widely known businesses – GJ Gardner, Jalcon Homes, Jennian Homes Ltd & Signature Homes Ltd – and local builders Capital Homes Ltd, DW Homes Ltd, Emandee Homes Ltd, Mark Price Builders Ltd, Navigation Homes NZ Ltd, Nick Bosanac Builders Ltd, Palladium Homes Ltd & Precision Homes NZ Ltd.

Grafton Downs executive director Chris Johnston said the development would be named Paerata Rise, after initially proposing to call it Wesley. That had upset residents of the isthmus district of Wesley in the Mt Roskill suburb, which doesn’t have a postcode but does have primary & secondary schools and a community centre bearing the Wesley name.

Grafton Downs applied to the NZ Geographic Board to disestablish use of the Wesley name in Mt Roskill so it could be used for the new town being built on the college farm, but withdrew the application in May last year.

Mr Johnston said of the new name last week: “As well as acknowledging the existing Paerata community, the name is a nod to the meaning of Paerata in te reo, that is, ‘horizon of the rata’. It was important to those involved in the development that the name was in keeping with, as well as inclusive of, the area’s heritage.”

The new development is 20km south of the Auckland cbd and 4km from Pukekohe, the main centre in Auckland’s Franklin ward. The development company is owned by the college board & 2 Methodist Church trusts, the Pact 2086 Trust and Te Taha Maori Property Trust.

Mr Johnston said: “We will be working closely with approved build partners to create, as prescribed under the Paerata Rise design guide, a new unique place to live where homestead architecture is envisaged. Homes will be carefully placed on their sites to maximise the natural landscape settings, creating comfortable living environments & quality streetscapes.”

Plans for the development site were designed by San Francisco-based Surfacedesign Inc, co-founded by Kiwi urban designer & sustainable landscape architect James Lord. The company is responsible for the abstract landscaping at Auckland Airport.

“Surfacedesign Inc are a great firm to work with. James Lord & his team grasped our vision to create a development that embraces the environment and creates a good relationship between sections, houses & green space.”

Stage 1 earthworks are complete, waste & water pipes are being laid and the onsite civil work is underway. The 12 build partners will have access to roads in mid-December and the first residents are expected to move in by mid-2018.

Earlier story:
15 July 2015: 300ha Wesley special housing area approved

Attribution: Company release.

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2 Airport Oaks sales

2 Airport Oaks properties have been sold by Bayleys agents.

South

Airport Oaks

2 Freight Place (pictured):
Features: 7279m² site on corner of Richard Pearse Drive, 5270m² industrial building constructed in the early 2000s, occupied by third party logistics provider Online Distribution Ltd on 10-year lease until 31 October 2024 with rights of renewal until October 2033
Rent: $559,606/year net + gst
Outcome: sold for $9.735 million at a 5.75% yield
Agents: Mike Adams & Dave Stanley

38 Richard Pearse Drive:
Features: 4854m² site, 2873m² industrial building, remaining weighted average less term of 3.71 years from 3 tenancies – 1232m² of former office space over 2 levels at the front converted in 2007 to a gym; a physiotherapy clinic occupies 142m²; 1499m² of rear warehouse space has been furniture company Early Settler’s distribution centre since 2009, in conjunction with an adjoining property
Rent: $351,750/year net + gst
Outcome: sold for $4.845 million at a 7.26% yield
Agents: Jamsheed Sidhwa, Luke Carran & Nelson Raines

Attribution: Agency release.

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