Archive | South of Bombays

4 provincial sales for Bayleys

Bayleys has sold 4 properties down country in its Total Property auction series – in Tairua, Taupiri, Opotiki & Lower Hutt.

South of the Bombays

Bay of Plenty

Opotiki

108 Church St:
Features: 413mcbd site, 330m2 building occupied by ANZ Bank since construction in 1985
Rent: $48,685/year net + gst       
Outcome: sold for $516,000 at a 9.44% yield, bank currently on a one-year lease from July with 5 one-year rights of renewal
Agents: Brendon & Lynn Bradley and Kim Williams

Coromandel

Tairua

148 Main Rd:
Features: 822mcommercially zoned site on State Highway 25, single-level streetfront building with established bakery tenancy, 3 storage sheds at rear
Rent: $29,807/year net + gst
Outcome: sold for $553,000 at a 5.39% yield
Agents: Josh Smith & Belinda Sammons

Waikato

Taupiri

1 Railway Rd:
Features: 3948m2 site, 986m2 Fonterra subsidiary Farm Source rural supply services store
Rent: $137,842/year net + gst
Outcome: sold for $2.25 million at a 6.12% yield, 8-year lease runs until 2023, 4 3-year eights of renewal
Agent: Josh Smith

Wellington

Lower Hutt

305 Jackson St:
Features: 290m2 site, 175m2 single-level office building, 71% new building standard seismic assessment
Rent: assessed potential rent $43,700/year net + gst   
Outcome: sold with vacant possession for $676,000
Agents: Andrew Smith & Paul Cudby

Attribution: Agency release.

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Summerset buys at Porirua for 5th Wellington village

Retirement village developer Summerset Group Holdings Ltd said today it had bought a 6ha site, price undisclosed, in the Kenepuru Landing development at Porirua for its 5th village in the Wellington region.

Kenepuru Landing is a joint residential housing project between developer Carrus Corp Ltd & local iwi Ngati Toa.

Summerset chief executive Julian Cook said the proposed village on Bluff Rd would have over 290 homes, including 2- & 3-bedroom villas & apartments, one-bedroom serviced apartments and resthome & hospital care. The village would also include Summerset’s memory care centre concept, offering 20 one-bedroom apartments in a safe environment for people with dementia.

The company expects to build 450 retirement units nationally this year.

Attribution: Company release.

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Updated: National spread of commercial sales for Colliers

Published 5 September 2017, updated 7 September 2017:
Colliers agents have reported a spread of sales from Riverhead & Silverdale in the north of the Auckland region, through Napier and down to Cromwell & Invercargill. Changed details about the Silverdale property are shown immediately below.

North-east

Silverdale

Corrected: 164 Foundry Rd:
Features: 2500m² secure fenced yard – 603m² warehouse, 189m² office & amenities, additional covered storage area, leased to Go-Bus Transport Ltd [originally written as a 3610m² warehouse, no mention of other parts of the property]
Rent: $220,000/year net + gst
Agents: Jimmy O’Brien, Ryan de Zwart & Josh Coburn

North-west

Riverhead

1047-1049 Coatesville-Riverhead Highway:
Features: 1652m², 2-tenant new retail development
Rent: $281,933/year net + gst
Outcome: sold for $5.175 million at a 5.45% yield
Agents: John Davies & Jimmy O’Brien

South of the Bombays

Hawke’s Bay

Napier

47 Petane Rd:
Features: 6439m², hotel + caravan park
Outcome: sold for $1.41 million, at an 8.5% yield
Agents: Reuben George & Dan Walker

South Island

Central Otago

Cromwell

27 McNulty Rd:
Features: 2652m², commercial site leased to Caltex
Outcome: sold for $905,000, at a 6% yield
Agents: Mark Simpson, Rory O’Donnell & Dean Collins

29a McNulty Rd:
Features: 4906m², tenanted industrial property
Outcome: sold for $1.625 million, at a 6.45% yield
Agents: Mark Simpson, Rory O’Donnell & Dean Collins

31 McNulty Rd:
Features: 5618m²,  tenanted industrial property
Outcome: sold for $1.945 million, at a 6.4% yield
Agents: Mark Simpson, Rory O’Donnell & Dean Collins

Southland

Invercargill

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

Attribution: Agency release.

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Updated: Reserve Bank sublets to help pay the rent

Published 4 September 2017, updated 6 September 2017:
The Reserve Bank has gone further into commercial sub-leasing – not because it saw how to use space better, but to meet its schedule of payments to the Government. The NZ Defence Force has signed a lease to occupy 3 floors in the Reserve Bank building in Wellington, beginning sometime in the next 4 months (the bank said ‘later this year’).

Update paragraph: The bank told me yesterday it owned the building and wasn’t subletting. In my shorthand I called it subletting because the bank is leasing out space so it can pay its owner, the Government, not because it didn’t need the space. Strictly, it’s a lease. In effect, the bank’s not an owner in control.

The bank’s head of currency, property & security, Steve Gordon, said today the Defence Force would be the fourth tenant in the building, joining the Parliamentary Counsel Office, Parliamentary Commissioner for the Environment and the State Services Commission.

He said the bank had vacated the floors being leased to the Defence Force as part of a strategy to increase its property income to meet its funding agreement.

The bank has been leasing space in the building, at No 2 The Terrace, since at least mid-2016.

Mr Gordon said the appeal of the building lay in its top seismic rating & proximity to Parliament. The building is being refurbished to modernise its interior.

Attribution: Bank release.

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Wellington industrial property & development prospect sold

Bayleys agents in Wellington have sold a Ngauranga industrial property and 3 sites with development potential in Hopper St, Te Aro.

South of the Bombays

Wellington

Ngauranga

1 Lower Tyers Rd:
Features: 7138m² site, modern 4662m ² high-stud industrial building, 100% new building standard seismic rating, 30 parking spaces; leased to The Information Management Group (NZ) Ltd (a Freightways Ltd subsidiary) for 12 years until April 2021, with 4 5-year rights of renewal
Rent: $741,943/year net + gst
Outcome: sold for $9,893,000 at a 7.5% yield
Agent: Grant Young

Te Aro

7, 9 & 11 Hopper St:
Features: 1424m² site in 3 titles, 966m² 2-level 1970s warehouse & showroom; 2 bare land titles have residential development potential (height limit 27m)
Outcome: sold to an owner-occupier for $3,601,111 with vacant possession
Agents: Mark Walker & James Higgie

Attribution: Agency release.

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Retail units sell on Broadway and in Hamilton & Hastings

Colliers agents have sold 2 ground-floor retail units at 255 Broadway in Newmarket (pictured), and 2 retail properties in Hamilton & Hastings.

Isthmus east

Newmarket

255 Broadway, unit G2:
Features: 508m² retail unit, 9-year lease to Macpac Ltd runs until 2023, includes 4%/year fixed increases
Rent: $390,000/year net + gst     
Outcome: sold to a Christchurch-based investor for $6.725 million at a 6.25% yield
Agents: John Davies & David Burley

255 Broadway, unit 3:
Features: 106m² retail unit, leased to Partridge Jewellers
Outcome: sold to an offshore investor for $4.58 million at a 4.5% yield
Agents: John Davies & David Burley

South of the Bombays

Hawke’s Bay

Hastings

905 Heretaunga St West:
Features: 1039m² site, 500m² retail development, 3 tenants, 10 parking spaces
Rent: $101,242/year net + gst
Outcome: sold for $1.3 million at a 7.8% yield
Agent: Danny Blair

Waikato

Hamilton

265 Clyde St:
Features: 1.2276ha site, 5446m² shop tenanted by The Warehouse
Rent: $650,000/year net + gst     
Outcome: sold for $8.55 million + gst at a 7.6% yield
Agents: Mark Brunton & Alan Pracy

Attribution: Agency release.

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All 6 southern properties sell at Bayleys auctions

Bayleys sold all 6 properties south of the Bombays in its Total Property auction series last week.

South of the Bombays

Bay of Plenty

Bethlehem

1 Valley Grove Rd (pictured):
Features: 1310m² site, 978m² 2-level A grade office building constructed in 2008, 18 parking spaces, 2 tenancies, anchored by national insurance broker BrokerWeb Risk Services Ltd
Rent: $144,128/year net + gst
Outcome: sold to an Auckland buyer for $2.195 million at a 6.57% yield
Agents: Brendon & Lynn Bradley

Rotorua – Glenholme

193 Ranolf St:
Features: 348m² suburban site, 3 retail units totalling 170m², leases ranging from 12 months to 4 years, all with renewals
Rent: $28,103/year net + gst
Outcome: sold for $285,000 at a 9.86% yield
Agents: Brei Gudsell & Paul Stewart

Manawatu

Feilding

11 Manchester Square:
Features: 157m2 cbd site, 100m² character building recently fully refurbished and seismically  strengthened to 70% of new building standard, new 10-year lease term to the Thai House group, which operates 14 restaurants in the North Island
Rent: $38,000/year net + gst, fixed 2-yearly CPI rent increases
Outcome: sold for $455,000 at an 8.35% yield
Agents: Bede Blatchford, Karl Cameron & Lewis Townshend

Wellington

Grenada North

50 Takapu Rd:
Features: 1247m² truck refuelling site on corner of Jamaica Drive at the gateway to the Grenada Business Park, leased to BP Oil NZ, which has exercised a right of renewal until November 2022 and & owns maintains all of the truckstop plant & equipment
Rent: $60,766/year net + gst
Outcome: sold for $799,000 at a 7.6% yield
Agents: Fraser Press & John Pritchard

Lower Hutt

423 High St:
Features: 1000m² site, 643m² single-level building tenanted by a Jetts 24-hour fitness centre on a renewed lease from June 2016 and a tyre/auto centre, 14 parking spaces
Outcome: sold for $2.1 million at a 6.8% yield
Agent: Andrew Smith

Stokes Valley

18-20 George St:
Features: 1665m² site, rundown 1145m² double-bay warehouse/workshop building with mezzanine & office space
Rent: potential income assessed at $55,000/year net + gst
Outcome: sold with vacant possession for $6.15 million
Agents: Richard Faisandier & Andrew Smith

Attribution: Agency release.

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Southern commercial sales include vineyard

Colliers agents have sold 4 commercial properties in Hastings, 2 more in Levin & Palmerston North, and a small vineyard in Nelson.

South Island

Nelson

Upper Moutere

12 Sunrise Valley Rd:
Features: 12.9ha vineyard & winery
Outcome: sold for $3.45 million
Agents: Ken Montgomery & Mike Lavern

South of the Bombays

Hawke’s Bay

Hastings

905 Heretaunga St West:
Features: 1039m² site, 500m² floor area, 10 parking spaces, fully leased to Pizza Hut, Cash Converters & Civic Video shops on new leases signed November-February for terms of 4 years 5 months to 6 years
Rent: $101,242/year net + gst     
Outcome: sold for $1.3 million, at a 7.8% yield
Agent: Danny Blair

404 Miller St:
Features: vacant 903m² site, 573m² warehouse          
Outcome: sold for $1.357 million
Agents: Danny Blair

822 Omahu Rd, unit 1:
Features: 510m² unit in new 6-unit warehouse development   
Outcome: sold for $1.46 million, at a 6.5% yield
Agent: Danny Blair

Bay Plaza, 217 Russell St North:
Features: 342m² site, 386m² retail including 45m² mezzanine space, Curtain Studio on new 6-year lease, 3 3-year rights of renewal
Rent: $105,500      
Outcome: sold for $1.56 million, at a 6.8% yield
Agent: Danny Blair

Horowhenua

Levin

29-31 Queen St West:
Features: 755m² site, 2-storey office & retail building, 1470m² floor area
Rent: $86,540.08/year net + gst + opex 
Outcome: sold for $955,000 at a 9.1% yield
Agents: Doug Russel, Phil Nevill & Grant Lloyd

Manawatu

Palmerston North

413-421 Church St:
Features: 1710m² retail showroom, Freedom Furniture the tenant for the last 10 years, signed a new 6-year lease from November 2016
Rent: $235,000/year net + gst + opex
Outcome: sold for $4.005 million at a 5.9% yield
Agents: Phil Nevill & John Hagar

Attribution: Agency release.

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5 sales south of Bombays

Bayleys agents have recorded 5 sales in the Waikato and coastal Bay of Plenty.

South of the Bombays

Bay of Plenty

Mt Maunganui

260-272 Maunganui Rd (pictured):
Features: 2849m² commercial corner site in 2 titles at southern end of cbd, 2 buildings totalling 1802m²; multi-tenanted with a mix of national & local businesses
Rent $252,302/year net + gst
Outcome: sold for $7.1 million at a 3.69% yield
Agents: Brendon & Lynn Bradley

Papamoa

61 Te Okuroa Drive:
Features: 3288m² site, 1114m² industrial building, 25 parking spaces; national tenant Northpower Ltd has taken a 2-year leaseback term
Rent $150,219/year net + gst
Outcome: sold for $2.105 million at a 6% yield
Agents: Brendon & Lynn Bradley

Tauranga

Tauriko Business Estate, lot 360:
Features: largest land transaction to date in this industrial estate, comprising 6.3762ha with services in place; bought by Mt Maunganui-based Jace Investments Ltd, which intends to progressively develop the site for a largescale post-harvest kiwifruit facility
Outcome: sold for $12,543,840
Agents: Brendon & Lynn Bradley, Lloyd Davidson

Waikato

Cambridge, Hautapu

47 Alwill Drive:
Features: 4410m² site, 1775m² modern high-stud workshop & warehouse, 5-tonne gantry crane, 2 levels of adjoining offices & amenities of 280m²; 4-year lease to Glasslines NZ from this month, 4 4-year rights of renewal
Rent $ $228,000 pa/year net + gst
Outcome: sold for $3.61 million at a 6.3% yield
Agent: Blair Hutcheson

Hamilton, Frankton

51 Killarney Rd:
Features: 1437m² site on corner of Alice St, recently refurbished 411m² Challenge service station & tyre workshop
Rent $82,000/year net + gst
Outcome: sold for $1.315 million at a 6.23% yield
Agents: Tony Chaudhary & Blair Hutcheson

Attribution: Agency release.

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4 commercial sales at Rosedale and in Bay of Plenty

Colliers agents have sold a Rosedale office & storage unit and 3 Bay of Plenty properties, 2 of them at auction.

North-east

Rosedale

59 Apollo Drive, unit I3:
Features: air-conditioned 355.5m² unit – office 313.5m², storage 42m² with roller-door access, deck 38m², 14 parking spaces
Outcome: sold for $1.425 million
Agent: Nick Recordon

South of the Bombays – Bay of Plenty

Mt Maunganui

24 Aerodrome Rd:
Features: 4396m² industrial development site, vacant 520m² building        
Outcome: sold for $2.5 million + gst
Agents: Rob Shoeser & Simon Clark

33 Newton St:
Features: 2310m² site running between Newton St and the rail tracks beside  Maunganui Rd, 5-unit 1520m² industrial, office & warehouse complex, fully leased, zoned commercial, which would allow more retail & office uses
Rent: $152,225/year net + gst
Outcome: sold at auction on 14 July for $2.6 million at a 5.85% yield
Agents: Simon Clark, Rob Shoeser & Duncan Woodhouse

Tauranga

44 Fourth Avenue:
Features: 445m² car yard, 78m² building just off Cameron Rd, 5-year lease
Rent: $42,000/year net + gst       
Outcome: sold at auction on 14 July for $750,000 at a 5.6% yield
Agents: Simon Clark, Duncan Woodhouse & Rob Schoeser

Attribution: Agency release.

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