Archive | South Island

2 Christchurch warehouse leases

Knight Frank agents have signed 2 warehouse leases in Christchurch.


South Island – Canterbury

Christchurch central area

48 Fitzgerald Avenue, unit 4:
Features: 151m² warehouse, 42m² ground-floor office & showroom, 42m² first-floor office, 5 parking spaces
Rent: leased for $42,575 + gst + outgoings
Agent: Sam Stone


15 Mary Muller Drive:
Features: 3001m² warehouse, 607m² office,
Rent: leased for $250,000 + gst + outgoings
Agents: Elliot Clayton, Sam Stone & Campbell Taylor

Attribution: Agency release.

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$485/m² for Highgate Parkway site

An industrial site in Highgate Parkway (marked in blue), near the Wainui motorway ramp to Millwater at Silverdale, has been sold for $485/m². Colliers has also sold a quake-damaged Christchurch building on an “as is, where is” basis.



Lot 7, Highgate Parkway:
Features: 7095m² vacant industrial site
Outcome: sold for $3,443,075
Agents: Jimmy O’Brien & Ryan De Zwart

South Island – Canterbury


116-118 Riccarton Rd:
Features: 1770m² 4-storey retail/office building, damaged in 2011 earthquake and not occupied since, offered on “as is, where is” basis and sold by the Crown-owned Southern Response
Outcome: sold at auction for $3 million
Agents: Mark Macauley & Will Franks

Attribution: Agency release, Google image.

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3 Christchurch commercial sales and a Silverdale lease

Colliers has sold 3 quite different Christchurch properties at auction – a completed townhouse development, a former hospital converted to student accommodation and an industrial building sold “as is where is”.

In Auckland, agents have signed a lease on a new retail unit in Silverdale.

South Island – Canterbury

Christchurch central

MLC Apartments, 235 Salisbury St, units 1-16:
Features: 2710m² fully tenanted residential investment – 16 townhouses of 1-3 bedrooms, built post-quakes, each with single garage
Outcome: sold at auction for $3.085 million, at a 7.8% yield
Agents: Hamish Doig & Courtney Doig


7-15 Kirkwood Avenue:
Features: 5900m² site, 2630m² former St Nicholas Hospital building, 68% of new building standard – a newly converted hall for 74 first-year students & 2 detached staff units, leased to Canterbury University for 12-year term
Rent: $320,000/year net
Outcome: sold at auction for $6.025 million, at a 5.3% yield
Agent: Courtney Doig


11 Lismore St:
Features: 1005m² industrial site, 770m² building offered on “as is where is” basis, 5 parking spaces
Outcome: sold at auction for $460,000
Agents: Christian Kellar & Ollie Salt



2 Milner Avenue, unit 6F:
Features: 71m² retail unit leased to Xplosiv Supplements Ltd
Agents: Ellie Martin, Euan Stratton & Ryan de Zwart

Attribution: Agency release.

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7 Total Property sales down country

Bayleys made 7 sales in its Total Property Auctions south of Auckland last week – 3 in the Waikato, 3 in Wellington and one in Christchurch, a building beside the Avon on Cambridge Terrace (pictured).

South of the Bombays


Te Aroha

164 Whitaker St:
Features: 1474m2 corner site opposite clock tower in commercial precinct, 983m2 building, NZ Post occupies rear space, 2 larger streetfront premises are vacant
Rent: $10,840/year net + gst holding income, potential to increase to $50-60,000/year net + gst
Outcome: sold for $505,000
Agent: Josh Smith

Te Rapa

25 Sheffield St:
Features: 3145m² site, 2154m² industrial building, 3 gantry cranes & secure yard, leaseback holding income to October 2018 with opportunities for subdivision or development
Rent: $157,725/year net + gst
Outcome: sold for $2.25 million at a 7.01% yield
Agents: Mike Swanson (Bayleys) & Theo de Leeuw (NAI Harcourts)


15-17 Main Rd:
Features: 1058m2 State Highway 1 site, 6 retail units totalling 500m² and 80m² flat, 65m² of vacant space, 6 offstreet parking spaces
Rent: $60,745/year gross
Outcome: sold for $540,000
Agents: Alex ten Hove & Mike Swanson



55 Kaiwharawhara Rd:
Features: 408m² of vacant land zoned commercial/industrial
Outcome: sold for $450,000 at $1102/m²
Agents: Fraser Press & Matt Gibbs


20 Main Rd:
Features: 419m² retail unit occupied by Creative Curtains for over 18 years, lease renewed for 8 years
Rent: $58,000/year net + gst
Outcome: sold for $750,000 at a 7.73% yield
Agents: Mark Walker, Jon Pottinger & Grant Young


6 Queen St:
Features: 290m² 2-level building previously occupied by Westpac Bank, ground-floor retail space & offices above, 2 parking spaces, potential rent of $28,540/year net + gst
Outcome: sold with vacant possession for $440,000
Agents: Paul Cudby & Andrew Smith

South Island


Christchurch cbd

61 Cambridge Terrace:
Features: 682m² site overlooking the Avon River, 5-level Miles Warren-designed 914m² boutique office building, partly occupied by 5 tenants, 231m² level 3 & 64m² penthouse vacant
Rent: $189,672/year net + gst
Outcome: sold for $2.285 million
Agents: George Phillips & Angela Webb

Attribution: Agency release.

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Mt Wellington & Christchurch leases signed

Knight Frank agents have completed 2 commercial leases, one in Mt Wellington and the other in central Christchurch.


Isthmus east

Mt Wellington

503 Mt Wellington Highway:
Features: 3128m² industrial building – warehouse 1990m², office/showroom 880m², 332m² canopy, 41 parking spaces, leased to multinational tenant
Rent: leased for $396,000/year + gst + opex
Agents: Dave Arlidge

South Island

Canterbury – Christchurch

205 Durham St:
Features: 151.26m² office
Rent: leased for $50,578/year + gst + outgoings
Agent: Tom Lax

Attribution: Agency release.

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Stokes turn eyes from retirement villages to luxury apartments on Avon

Retirement village owners & operators Chris & Jenny Stokes, who sold their interests in the Aria villages to newly listed retirement village operator Arvida Group Ltd in 2015, have come up with a different proposition for their hometown, Christchurch.

They lodged the resource consent application last week for the luxury Upper House Apartments at 108 Park Terrace, across the Avon River from North Hagley Park, and plan to build 4 430m² apartments & a 680m² 2-storey penthouse in the exclusive development.

Harcourts marketing agent Grant Chappell said the building would combine superior design & materials with innovative structural systems to ensure protection from natural disasters.

Mr Stokes said there was demand for generously sized properties with 5-star home comforts as well as the security, privacy & low maintenance of apartment living: “Multi-unit apartment blocks are everywhere, but Upper House has been developed with luxury & sophistication in mind.

“We want people to enjoy the benefits of an apartment without living in a shoebox. Upper House will be the only large format apartments on the market that are opulent, stylish & functional.”

The 3-bedroom homes will have 2.7m-high ceilings, climate control, open plan living, a media room, a home office, 2 basement parking spaces, storage, a car washdown area, bicycle parks and a lift.

“The outdoor terrace & garden is 50m², which is bigger than a double garage. With an outdoor kitchen & gas fire, it’s the perfect place to entertain friends or enjoy a quiet moment to yourself. The penthouse takes it one step further with a 105m² upper level including a rooftop terrace garden where you can enjoy endless views of the river, treetops, Hagley’s Lake Victoria & the snow-covered Southern Alps.”

Each apartment, designed by Daniel Sullivan and Kate Loader of Architects’ Creative, has a large European-style kitchen with walk-in pantry, breakfast bar & bench space.

The Stokes engaged structural engineer Orlando Barcena from Centraus and Christchurch soil specialists Geotech Engineering to design a pile foundation reaching to Canterbury shingle to ensure solid bearing: “The foundation & basement design use steel framing with buckling restrained braces, which means occupants are not only protected in the event of seismic activity but any damage can be quickly & easily repaired.”

They’re anticipating a 3-month resource consent process, enabling a construction start in September.

The apartments are priced from $3.25 million to $5.7 million for the penthouse.

Attribution: Agency release, Companies Register.

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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.

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11 Total Property auction sales outside Auckland

11 commercial properties were sold at Bayleys’ Total Property auctions outside Auckland last week, on top of 12 sales through its Auckland auction.

A new office building in Hamilton (pictured) sold at a 5.4% yield and an older Hamilton building at a 6.4% yield, yields on Porirua food outlets varied from 5.6% to 7.9%, and 2 buildings in Christchurch sold at yields of 5.8% & 6.1%.



185 Waipapa Rd:
Features: 6340m2 site, 8km from centre of Kerikeri, 590m2 industrial building, 3 short-term leases all expiring in May
Rent: $53,000/year net + gst
Outcome: sold for $785,000 at a 6.75% yield
Agent: Alan Broadbent

South of the Bombays

Bay of Plenty


56 Elizabeth St:
Features: 481m2 cbd site next to large carpark, 890m2 2-level building, partly occupied by Subway, balance of ground floor & upper-level office space vacant
Rent: $43,028/year net + gst; estimated potential income about $180,000/year net + gst
Outcome: sold for $2.15 million
Agents: Brendon & Lynn Bradley



92 Kent St:
Features: 607m2 corner site, 352m2 2-level building, long established tenant Waikato Drycleaners on 3-year lease from September 2014, 2 3-year rights of renewal
Rent: $32,000/year net + gst
Outcome: sold for $500,000 at a 6.4% yield
Agents: Brendon & Lynn Bradley & Mike Swanson


238 Anglesea St:
Features: 825m2 cbd site on the corner of Collingwood St, 1426m2 2-level new A grade office building, fully leased to 3 tenants on 3- to 6-year leases, Mike Greer Homes on ground floor and the Public Trust above
Rent: $254,661/year net + gst
Outcome: sold for $4.7 million at a 5.4% yield
Agents: Alex ten Hove & Mike Swanson


Grenada North

16 Jamaica Drive, unit 44:
Features: 175m2, 6.4m-high warehouse/factory unit, 3 parking spaces in Grenada business park
Outcome: sold vacant for $355,000
Agent: Andrew Smith

Lower Hutt

Alicetown, 5 Victoria St:
Features: 299mworkshop, 3-4 park parking spaces
Outcome: sold vacant for $350,000
Agents: Andrew Smith & Paul Cudby


1C Hagley St:
Features: 109m2 unit occupied by Chef’s Palette noodle bar for 3 years from May 2015, 2 3-year rights of renewal, one rear parking space
Rent: $18,130/year net + gst
Outcome: sold for $325,000 at a 5.6% yield
Agent: Jon Pottinger

1D & 1E Hagley St:
Features: 603m2 unit occupied by Dynasty Chinese restaurant for 6 years from July 2014, with one 6-year right of renewal, 2 rear parking spaces
Rent: $72,561/year net + gst
Outcome: sold for $920,000 at a 7.9% yield
Agents: Jon Pottinger

South Island



218-240 Carters Rd:
Features: 2.8867ha in 2 titles on State Highway 1 site, 8500m2 of vacant land available for development or lease, about 1000m2 of industrial buildings with 6 tenancies, short average lease term, 60m2 vacant, anchored by timber company Goldpine
Rent: $112,000/year net + gst
Outcome: sold for $1.45 million at a 7.72% yield
Agents: Stewart White, Chris Frank & Alex White


Sockburn, 22 Alloy St:
Features: 1041m2 site, 13 offstreet parking spaces, 546m2 warehouse & office building; Teltrac Communications Ltd has occupied it since early 1990s and has new 6-year lease from January 2017 and 2 4-year rights of renewal
Rent: $92,000/year net + gst
Outcome: sold for $1.504 million at a 6.1% yield
Agents: Stewart White, Chris Frank & Alex White

Waltham, 18 Iversen Terrace:
Features: 1000m2 site, 815m2 warehouse & office building; Larson-Juhl NZ Ltd has occupied it since 2002 & exercised final 3-year right of renewal in September 2016
Rent: $83,816/year net + gst
Outcome: sold for $1.445 million at a 5.8% yield
Agent: Nick O’Styke

Attribution: Agency release.

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East Tamaki & Papakura commercial sales

Knight Frank agents have sold an industrial unit in East Tamaki and a shop in Papakura, and completed 2 leases in Christchurch.



East Tamaki

89 Springs Rd, unit F:
Features: 260m² industrial unit, 148m² upstairs accommodation
Outcome: sold for $1 million at a 5.2% yield
Agent: David Wards


182 Great South Rd, unit 3:
Features: 98m² vacant shop
Outcome: price confidential
Agent: David Wards


South Island – Canterbury


25A Sheffield Crescent, unit 2:
Features: 695m² warehouse
Rent: $53,000/year + gst + opex
Agent: Terry Connolly


2 Distribution Lane, unit 1:
Features: 580m² office & warehouse, 12 parking spaces
Rent: $102,500/year + gst + outgoings
Agent: Campbell Taylor

Attribution: Agency release.

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Stanley Tan launches Remarkables Residences

Longtime Singaporean investor Stanley Tan (Tan Poh Leng) announced a new New Zealand investment on Friday, a $190 million 225-home lifestyle development on the Frankton Flats in Queenstown called Remarkables Residences.

Mr Tan had a number of commercial investments in New Zealand in the 1990s. He was a partner with the Tang family of Singapore in Dynasty Pacific Ltd, which began the Heritage hotel chain, but that partnership split in 1998, when the Tangs took the hospitality arm and Mr Tan got the other assets, which he put into the Angliss Property Group.

Those assets included a former Colonial Mutual building on the corner of Queen & Wyndham Sts, and the leasehold development site at the top of Queen St which was later developed into Q Central by Kitchener Group Ltd. Angliss also holds extensive property investments in Australia.

Mr Tan and his partner in numerous investments dating back to the 1990s, Pang Yoke Min, joined the board of Singapore-listed Global Yellow Pages Ltd in 2007 after taking major stakes in the company. In 2014, GYP, through local company GYP Properties Ltd, bought Pakuranga Plaza from Ladstone Holdings Ltd for $96 million.

GYP Properties’ name was changed again last August to Remarkables Residences Ltd and the Pakuranga investment & development are in separate entities.

Remarkables Residences will consist of a range of 3- & 4-bedroom multi-storey townhouses, masterplanned to be surrounded by an array of lifestyle amenities, including retail & dining.

GYP Properties chair Mah Bow Tan, chief executive Stanley Tan and other directors were in Queenstown for last week’s launch, and said they chose Queenstown for the development because of its continued growth and strong demand for this type of innovative housing.

Bayleys Real Estate has been taking registrations of interest for stage 1, the first 56 houses, which will go on the market shortly. Construction is scheduled to start this year and the first stage will take about 18 months to complete. Further stages will be released during the year. Pricing will be released shortly.

At the launch, from left: John Bayley (Bayleys Corp), Mah Bow Tan, Queenstown mayor Jim Boult & Stanley Tan.

Remarkables Residences

Earlier stories:
2 October 2015: 15-year plan to transform Pakuranga Plaza takes shape
8 November 2014: Stanley Tan buys Pakuranga Plaza

Attribution: Company release.

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