Archive | Canterbury

Christchurch leases signed

Knight Frank agents have signed tenants to 3 new office & warehouse leases around Christchurch.

Leases

South Island – Canterbury

Burnside

49 Sir William Pickering Drive, unit 3:
Features: 100m² first-floor office, 4 parking spaces
Rent: $28,310/year net + gst + opex
Agents: Tom Lax & Campbell Taylor

Rolleston

35 Illinois Drive, unit 10:
Features: 113m² warehouse unit with small office
Rent: $15,500/year net + gst + opex
Agent: Myles Addington

Wigram

22 Sonter Place, unit 1:
Features: 470m² warehouse – 180m² office/showroom, parking
Rent: $78,000/year net + gst + opex
Agent: Craig Edwards

Attribution: Agency release.

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Petrol station sells on 4.6% yield

A Ponsonby petrol station has been sold on a 4.6% yield and a Morningside warehouse has been leased by Colliers agents. In Christchurch, the agency has sold a Riccarton office building at auction.

Sales

Isthmus west

Ponsonby

47 Jervois Rd:
Features: 550m² unit title, BP petrol station
Outcome: sold for $2.285 million at a 4.6% yield
Agents: David Palmer & John Davies

South Island

Canterbury

Christchurch – Riccarton

15 Leslie Hills Drive:
Features: 832m² site, 354m², 2-storey office building, 9 parking spaces
Rent: $80,000/year net + gst + opex from renewed 2-year lease
Outcome: sold at auction for $902,500
Agents: Mark Macauley & Will Franks

Lease

Isthmus west

Morningside

18-20 Morningside Drive:
Features: 1600m² site, 1300m² warehouse owned by Metge Properties Ltd, 15 parking spaces, new long-term lease to Brownies Mattresses Ltd
Agents: Jonathan Lynch & Leroy Wolland

Attribution: Agency release.

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Corrected: 2 sales & 6 leases for Knight Frank

Knight Frank agents have reported 2 industrial sales in Mt Wellington and at Wigram, on the outskirts of Christchurch, plus 6 Christchurch leases. Th size of the Marua Rd building has been corrected.

Sales

Isthmus east

Mt Wellington

Corrected: 224 Marua Rd:
Features: 827m² site, 526m² [corrected: the figure originally given was just 26m²] warehouse with office & amenities
Outcome: sold for $1.08 million at a 4.8% yield
Agents: Scott Worrall & Michelle Kennard

South Island

Canterbury

Wigram

44 Dakota Crescent:
Features: 2852m² site, 1917m² industrial building
Outcome: sold for $2.825 million at a 6.55% yield
Agents: Myles Addington & Terry Connolly

Leases

South

East Tamaki

7 Springs Rd, ground floor:
Features: 347m² office, 10 parking spaces
Rent: $59,590/year net + gst + opex
Agent: Josh Franklin

South Island

Canterbury

Addington

12 Pope St:
Features: 205m² office, 6 parking spaces
Rent: $28,000/year net + gst + opex
Agent: Myles Addington

Middleton

223 Annex Rd, unit A:
Features: 208m² warehouse, 40m² showroom, 72m² office & amenities, 6 parking spaces
Rent: $32,500/year net + gst + opex
Agent: Myles Addington

Rolleston

35 Illinois Drive, unit 7:
Features: 139m² warehouse & office unit, 2 parking spaces
Rent: $19,500/year net + gst + opex
Agent: Myles Addington

Sockburn

19 Nga Mahi Rd, unit 3:
Features: 198m² warehouse, 42m² ground-floor office & showroom, 41m² first-floor office & mezzanine, 5 parking spaces
Rent: $32,000/year net + gst + opex
Agent: Myles Addington

13 Parkhouse Rd, unit 3:
Features: 234m² showroom & office, 150m² warehouse, 9 parking spaces
Rent: $59,550/year net + gst + opex
Agent: Myles Addington

Attribution: Agency release.

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Hotel Grand Central buys on Cashel St again

Singaporean property investor & hotel operator Hotel Grand Central Ltd has bought the newly built PwC Building at 60 Cashel St in Christchurch for $49 million from local company Bridgewater Properties Ltd.

The new 7917m² 6-storey building was built by Armitage Williams Construction Ltd, owned by the same families as Bridgewater. The building occupies a 2738m² site on the corner of Cashel St & Cambridge Terrace, opposite the Bridge of Remembrance and previously occupied by Age Concern.

Hotel Grand Central’s local subsidiary, Grand Central (NZ) Ltd, owned the 20-storey Hotel Grand Chancellor Christchurch at 145 Cashel St, which was demolished in 2012 after the earthquakes and replaced with a 7-storey office & retail building.

CBRE ran a 2-month marketing campaign for Bridgewater’s building.

Attribution: Agency release.

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2 Christchurch warehouse leases

Knight Frank agents have signed 2 warehouse leases in Christchurch.

Leases

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

Hillsborough

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.

North-east

Silverdale

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

Riccarton

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

Riccarton

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

Waltham

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

North-east

Silverdale

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

Waikato

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)

Tirau

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

Wellington

Kaiwharawhara

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

Tawa

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

Wainuiomata

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

Canterbury

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.

Leases

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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