Archive | Canterbury

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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Sockburn sale & Ellerslie lease for Knight Frank

Knight Frank agents have sold a Sockburn industrial property in Christchurch and leased in office in the Stanway business park at Ellerslie in Auckland over the summer.


South Island – Canterbury

Christchurch, Sockburn

42 Parkhouse Rd:
Features: 4927m² site zoned business 5/heavy industrial, 2356m² building
Outcome: sold for $3.65 million + gst
Agent: Sam Stone


Isthmus east


646 Great South Rd, tower 2, ground floor, unit 2:
Features: 201.9m² office space
Rent: $54,820 + gst
Agent: Damon Wyllie

Attribution: Agency release.

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6 units sell in new Christchurch centre, 2 Auckland commercial sales

6 of the 14 units in a new Christchurch 14-unit retail convenience centre, 987 Centre at Ferrymead, were sold at Bayleys’ auction yesterday.

In Auckland, a Rosedale warehouse & showroom was sold at Bayleys’ auction on Wednesday and a property in the Panmure town centre (pictured above) has been sold, taking to 4 the number of post-auction sales arising from the agency’s final Total Property portfolio auction on 30 November.

South Island – Canterbury


Ferrymead, 987 Centre, 987 Ferry Rd: New 14-unit retail convenience centre, part of a 2ha retail hub anchored by a Mega Mitre 10 Trade drive-through at the rear, tenants started moving in late October.

Agent for all units: Blair Young

Ferrymead, unit 1.

Unit 1:
Features: 162m2 corner unit, 4 parking spaces, leased to ASB Bank for 6 years, 2 3-year rights of renewal & 3-yearly rent reviews to market
Rent: $59,265/year net + gst
Outcome: sold for $1.02 million at a 5.81% yield

Unit 4:
Features: 94m2, 2 parking spaces, leased to Flight Centre for 6 years, 2 6-year rights of renewal & 3% annual rent increases with review to market on renewal
Rent: $34,130/year net + gst
Outcome: sold for $582,000 at a 5.86% yield

Unit 5:
Features: 108.5m2, 3 parking spaces, leased to Pita Pit for 10 years, 3 5-year rights of renewal & 3-yearly rent reviews to market
Rent: $48,951/year net + gst
Outcome: sold for $805,000 at a 6.08% yield

Unit 7:
Features: 128m2, 6 parking spaces, leased to T-Sushi for 10 years, 2 5-year rights of renewal & 2-yearly rent reviews to market
Rent: $48,735 /year net + gst
Outcome: sold for $835,000 at a 5.83% yield

Unit 9:
Features: 117m2, 3 parking spaces, leased to Pepe’s Mexican Grill for 10 years, 3 5-year rights of renewal & 2-yearly rent reviews to market
Rent: $43,325/year net + gst
Outcome: sold for $650,000 at a 6.66% yield

Unit 11:
Features: 144m2, 7 parking spaces, leased to House of Travel for 6 years, 2 3-year rights of renewal & 3-yearly rent reviews to market
Rent: $54,937/year net + gst
Outcome: sold for $945,000 at a 5.81% yield

Sold at Auckland auction Wednesday



57-59 Paul Matthews Rd, unit 6:
Features: 194mwarehouse, showroom & office unit, 3 parking spaces, established tenant on renewed lease term
Rent: $36,300/year net + gst
Outcome: sold for $653,000 at a 5.56% yield
Agents: James Kidd & Laurie Burt

Sold post-30 November auction:

Isthmus east


The retail complex at 141-157 Queens Rd, Panmure, which has the Government agency, Tamaki Regeneration Co Ltd, as a tenant.

141-157 Queens Rd:
Features: 2963m2 site in 2 titles zoned business town centre (27m height limit), 1464m2 retail complex, 35 rear parking spaces; 4 tenants, 3 in occupation for over 20 years, including ANZ Bank, which has just renewed
Rent: $357,000/year net + gst
Outcome: sold post-auction for $5.5 million at a 6.49% yield to a buyer from China
Agents: Mark Pittaway & Harry Cheng

Earlier story:
Updated: Strong yields as 14 sell at Bayleys’ commercial auction, 3 post-auction sales

Attribution: Agency release.

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2 sales & 2 leases for Knight Frank

Knight Frank agents have signed 2 sales & 2 leases on the Auckland isthmus and in Christchurch.


Isthmus east 


46 Mt Smart Rd:
Features: 1533m² level site, block of 10 fully tenanted 2-bedroom units on a single freehold title
Outcome: sold for a confidential price
Agent: Douglas Fan

South Island – Canterbury 


2 William Lewis Drive, unit 3:
Outcome: sold for $845,000 + gst
Features: 349m² unit – office 145m², warehouse 204m², 7 parking spaces
Agent: Campbell Taylor


Isthmus east 

Mt Wellington

45 Mt Wellington Highway, unit 2:
Features: 240m² office
Rent: $63,900/year + gst + opex
Agent: Michelle Kennard

South Island – Canterbury 


41 Riccarton Rd:
Rent: $212,641.80/year + gst + opex
Features: 1000m² retail space, 35 parking spaces
Agents: Louise Urban & Anna Morawiec

Attribution: Agency release.

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7.5 quake hits top of South Island

An earthquake measuring 7.5 on the Richter scale hit Kaikoura 2 minutes after midnight, and a rolling series of smaller quakes – but still sometimes strong – continued through the night.

Image above: Geonet’s map showing the quake centre.

GeoNet recorded the first quake 15km north-east of Culverden and at a depth of 15km.

Canterbury Quakes Live recorded 33 quakes within a 150km radius of central Christchurch – a small one at noon yesterday, and then the series starting at midnight.

A tsunami warning south of East Cape has been downgraded in the south of the South Island.

The Stuff website said 2 people were feared dead in Kaikoura.

Wellington has gone into closedown.

Canterbury Quake Live
Christchurch quake map
TVNZ: Quake updates
Stuff quake reports

Attribution: Geonet, Canterbury Quake Live, TVNZ, Stuff.

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Goodman sells Christchurch transport property

The Goodman Property Trust has sold its Palmerston Transport property in Christchurch to a private local investor for $7.7 million.

Trust manager Goodman (NZ) Ltd’s chief executive, John Dakin, said yesterday the sale included the remaining investment asset at Glassworks Industry Park in Hornby. The price reflected a passing yield of 6.5% and was expected to settle in May 2017, once title subdivision & certain capital works are completed.

“The trust’s successful asset sales programme is reducing debt and providing the balance sheet capacity for new investment & development initiatives. It’s part of an organic growth strategy that is refining & rebalancing the portfolio, with greater investment in the Auckland industrial sector.”

It’s the third asset sale Goodman has announced since March, for a combined $265 million. Another sale, announced in March, was completed yesterday. It’s the disposal of Connect Business Park in Penrose for $40.9 million. It had been conditional on a new title being issued following a minor boundary adjustment.

Attribution: Company release.

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Sale & lease for Knight Frank

Knight Frank reports one sale & one lease, both in Christchurch, in the last week.

South Island – Canterbury


Christchurch – Waltham

340A Wilsons Rd:
Features: 355m², warehouse & office, parking
Outcome: sold for $380,000 + gst
Agent: Terry Connolly


Christchurch cbd

65 Victoria St:
Features: 261.2m² ground-floor retail space
Rent: $99,256/year + gst + outgoings
Agent: Tom Lax

Attribution: Agency release.

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