Archive | Hawkes Bay

Remuera shop leased, provincial sales

A Remuera shop has been leased, and warehouses in Christchurch & Napier sold by Colliers agents.

Sales

South Island

Christchurch

163 Wordsworth St, unit 2:
Features: 238m² refurbished warehouse
Outcome: sold at auction for $400,000
Agents: Christian Kellar & Oliver Salt

South of the Bombays

Hawke’s Bay

Napier

78 Taradale Rd & 32 Severn St:
Features: 6886m² warehouse/showroom & partly leased 3982m² industrial site
Outcome: sold as trade deals, Taradale Rd for $3 million, Severn St for $686,000
Agent: Danny Blair

Leases

Isthmus east

Remuera

360 Remuera Rd:
Features: 274.1m² shop, leased to Bed Bath N Table
Agent: Nilesh Patel

South of the Bombays

Wellington

Petone

8 Te Puni St:
Features: 1604m² office, leased by Cook Strait Properties Ltd to Mavero Ltd (Flip Out franchise) for a 6-year term
Rent: $250,000/year + gst
Agent: Ben Taylor

Attribution: Agency release.

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6 sales south of Bombays, 3 in Christchurch development in Total Property auction series

6 properties south of Auckland were sold last week in Bayleys’ Total Property 7 auction series down the North Island.

In Christchurch, 3 units in a 17-unit development by Latitude Group Ltd (Ken Wimsett & Callum Baker) were sold in the Total Property auction. The developer envisaged uses would range from retail, office, hospitality & commercial services to trade supplies.

South of the Bombays

Bay of Plenty

Mt Maunganui

314 Maunganui Rd, units E & F:
Features: 2 adjoining office units totalling 223m², on the ground floor of Custom House commercial complex in high profile corner position; Bayleys’ franchisee Success Realty Ltd has occupied for past 10 years & renewed for further 10 years from October 2017, with 2 5-year rights of renewal
Rent: $99,668/year net + gst
Outcome: sold for $2.22 million at a 4.49% yield
Agents: Brendon & Lynn Bradley

Hawke’s Bay

Havelock North

2A Lindsay St:
Features: 472m² site, 195m² single-storey commercial building, seismic assessment 75% of new building standard, 5 parking spaces; occupied by hair stylist on 12-year lease from September 2016 following completion of building extension for a beauty clinic division
Rent: $45,751/year net + gst
Outcome: sold for $815,000 at a 5.61% yield
Agent: Jacob Smith

Taranaki

New Plymouth, Bell Block

29-37 Paraite Rd:
Features: 1.084ha site, dual access, 2182m² industrial building including 621m² of canopies; international oil & gas company has occupied the site since 2012 on 7-year lease with 3 one-year rights of renewal
Rent: $199,112/year net + gst
Outcome: sold for $2.6 million at a 7.66% yield
Agents: Alan Johnston & Iain Taylor

Wellington

Gracefield

21-29 Bell Rd South, unit 6:
Features: 475m² tilt slab industrial unit built in 2008 and occupied since then by Fletcher Building subsidiary Foreman Commercial Interiors Ltd, current lease until June 2020 & no renewal right; 217m² high-stud warehousing plus 258m² of offices over 2 levels, 8 parking space
Rent: $70,400/year net + gst
Outcome: sold for $1.04 million at a 6.77% yield
Agent: Richard Faisandier

Petone

216 Jackson St:
Features: 227m² site, 313m² 2-level mixed-use building, ground-floor 138m² dairy, rear access to courtyard, 175m² 3-bedroom character apartment above completely refurbished in 2009
Outcome: sold for $1.1 million at a 5.5% yield on periodic tenancies
Agents: Andrew Smith & Paul Cudby

30-32 Waione St:
Features: 1568m² corner redevelopment site zoned general business, in 2 titles, 3 street frontages; 625m² of industrial buildings, large yard area at rear
Rent: holding income $91,650/year gross + gst until 30 April 2018
Outcome: sold for $1.4 million
Agents: Andrew Smith & Richard Faisandier

South Island

Canterbury

Ferrymead

987 Ferry Rd, unit 2:
Features: 158m² unit, 4 parking spaces on own titles in retail complex opened last year; 10-year lease to law firm Saunders & Co plus 3 5-year rights of renewal
Rent: $58,455/year net + gst
Outcome: sold for $1.028 million at a 5.69% yield
Agents: Blair Young & Mitchell Wallace

Unit 6:
Features: 292m² unit, 7 parking spaces; 2 tenancies, one with a 10-year lease to Moroccan restaurant & the other with a 6-year lease to Bayleys’ Canterbury franchisee Whalan & Partners Ltd, both with further renewal rights
Rent: $122,798/year net + gst
Outcome: sold for $1.935 million at a 6.35% yield
Agents: Blair Young & Mitchell Wallace

Unit 10: 
Features: 209.5 unit, 6 parking spaces; ANZ Bank has done an extensive fitout and has a 6-year lease from July 2016, with 3 3-year rights or renewal, 3-yearly market rent reviews plus annual CPI-indexed increases
Rent: $71,332/year net + gst
Outcome: sold for $1.3 million at a 5.48% yield
Agents: Blair Young & Mitchell Wallace

Attribution: Agency 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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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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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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Argosy sells Napier warehouse

Argosy Property Ltd said on Monday it had sold the mostly vacant property at 1 Pandora Rd in Napier to an owner-occupier for $7.7 million.

Chief executive Peter Mence said this was a premium to the current book value of $7.5 million. Settlement was expected in August.

Mr Mence said the property had been partially occupied on monthly tenancies, yielding only a 1.2% return. The sale was in accordance with Argosy’s strategy of divesting non-core properties.

The medium-stud warehouse has a net lettable area of 18,269m². Fonterra Group was using part of it as a milk powder distribution facility.

Attribution: Company release.

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Updated: Wairau Valley car yard sells at over $2000/m² at Bayleys auction

Published 18 May 2017, updated 21 & 28 May 2017:
11 of the 21 commercial properties auctioned by Bayleys on Wednesday in its third Total Property portfolio for the year were sold under the hammer. 2 more have been sold post-auction – first, 100 Hinemoa St, Birkenhead, followed by 44 College Hill.

The first were sold, followed by a lull, but 2 of the most expensive offerings were well down the auction list.

One was a Wairau Valley car sales yard, set among a line of lowrise buildings jammed between the Northern Motorway & Wairau Rd on the North Shore, a stretch where the height limit is now 20m under the unitary plan.

The car yard was sold at $2365/m², which means it’s destined for multi-level development.

2 properties were sold for $4 million, both in Henderson. The first was a bank branch on Great North Rd, sold on a 5.5% yield, and the second, a Supercheap Auto outlet in the Lincoln North shopping centre, sold on a 5.3% yield.

CBD

Victoria Quarter

166 Hobson St:
Outcome: sold prior
Agents: Sarah Boles & Terry Kim
Story, 11 May 2017: 12 years after demolition order scrapped, Hobson St building sells

Isthmus east

Panmure

63 Queens Rd:
Features: 97m² retail unit on 2 levels occupied by Willow Hair Design, parking space
Rent: $24,000/year net + gst on new 3-year lease with 2 2-year renewals
Outcome: passed in
Agents: Ken Hu

Parnell

385 Parnell Rd, unit E:
Features: 54m², retail fully leased on month-to-month basis, 2 secure parking spaces
Rent: $32,760/year net + gst
Outcome: sold for $505,000
Agents: Andrew Wallace & Cameron Melhuish

Remuera

563 Remuera Rd:
Features: 144m² cafe, Upland Rd shopping village
Rent: $76,104/year net + gst
Outcome: sold for $1.6 million
Agents: Cameron Melhuish & Andrew Wallace

Isthmus west

Freemans Bay

42 College Hill:
Features: 511m² section, house with 124m² floor area, onsite parking
Rent: $44,500/year net + gst
Outcome: passed in at $1.5 million
Agents: James Were & Scott Kirk

Updated: 44 College Hill:
Features: 389m² section, house, onsite parking
Rent: $44,000/year net + gst
Outcome: passed in, sold post-auction for $1.5 million
Agents: James Were & Scott Kirk

Mt Roskill

74 Carr Rd:
Features: 835m² site, 697m² single-level building
Outcome: withdrawn from auction, changed to sale by deadline private treaty
Agents: Tony Chaudhary & Sunil Bhana

North

Kaikohe

39 Station Rd:
Features: 7199m² commercial property in 2 titles
Outcome: withdrawn from auction
Agents: John Greenwood & Paul Dixon

Warkworth

The Grange, 67 Auckland Rd, unit 11:
Features: 59m², Fish Nets fish & chips shop on 10-year lease in new retail development
Rent: $30,975/year net + gst
Outcome: passed in at $480,000
Agents: Matt Lee, Jan Hutcheson & James Chan

North-east

Albany

75 Corinthian Drive, unit L1:
Features: 197m² first-floor office, new 6-year lease in place with renewal rights, 5 parking spaces
Rent: $58,800/year net + gst + outgoings
Outcome: sold for $1.095 million
Agents: Jane Sims & Tonia Robertson

Birkenhead

Updated: 100 Hinemoa St:
Features: 757m² corner site, 421m² 2-storey building
Rent: $103,907/year net + gst from 6 tenancies
Outcome: passed in at $2.7 million, sold post-auction for $2.7 million
Agents: Simon Aldridge & David Huang

27-33 Mokoia Rd, units 4, 5 & 7:
Features: 59m² total, 3 strata units next to Highbury mall, tenants are a dry cleaner & kebab shop, third unit vacant
Agents for all 3: Michael Nees, Owen Ding & Oscar Kuang
Unit 4, vacant:
Outcome: passed in at $300,000
Unit 5, kebab shop:
Rent: $24,000/year net + gst, lease running to 2030
Outcome: passed in at $470,000
Unit 7, dry cleaners:
Rent: $18,942/year net + gst, lease 6 years from last October
Outcome: passed in at $300,000

225 Onewa Rd:
Features: cross-lease, 1/3 share in 913m², vacant ex-surgery, 5 parking spaces
Outcome: sold for $650,000
Agents: Michael Nees, Owen Ding & Oscar Kuang

Rosedale

7 Vega Place, unit E:
Features: 272m² industrial unit,
Rent: $52,000/year net + gst from established tenants on new leases
Outcome: sold for $980,000
Agents: James Kidd & Matt Mimmack

Silverdale

1 Polarity Rise, ground floor:
Features: 145m², 2 shops on 2 titles for sale as one
Rent: $61,966.70/year net + gst + opex
Outcome: passed in
Agents: Ashton Geissler, Eddie Zhong & Mustan Bagasra

Takapuna

424 Lake Rd:
Features: 3 tenancies
Rent: $61,950/year net + gst, rising to $63,383 in November,
Outcome: sold for $1.5 million
Agents: Michael Nees & David Huang

Wairau Valley

107 Wairau Rd:
Features: 1184m² site, 13-year-old car dealership Car7, 40m² office 
Rent: $63,600/year net + gst, redevelopment potential up to 20m height limit
Outcome: sold for $2.8 million at $2365/m²
Agents: Brian Caldwell & Ranjan Unka

North-west

Henderson

Lincoln North Shopping Centre, 192 Lincoln Rd, unit A1:
Features: 756m² retail unit, 7-year lease to Supercheap Auto from July 2016
Rent: $212,292.82/year net + gst
Outcome: sold for $4 million at a 5.3% yield
Agents: Matt Lee, Tony Chaudhary & James Chan

373 Great North Rd:
Features: 808m² corner site, 1240m² floor area, BNZ as tenant on lease to 2020 with further renewal rights, basement parking
Rent: $219,360/year net + gst + opex, rent review in December
Outcome: sold for $4 million
Agents: Mike Adams & Laurie Burt

South

East Tamaki

44D Andromeda Crescent:
Features: 400m² industrial unit – high stud, clearspan warehouse 300m², office/amenities 40m², mezzanine 60m²
Outcome: sold for $735,000
Agents: Nelson Raines

Mangere Bridge

19 Coronation Rd:
Features: 273m² town centre site, 160m² bank branch, seismic rating 67% of new building standard
Rent: $34,000/year net + gst
Outcome: sold for $973,000
Agents: Nicolas Ching & Beterly Pan

South of the Bombays

Hawke’s Bay

Napier, Onekawa

Deco City Motor Lodge, 308 Kennedy Rd:
Features: 2682m² site, 30 studios and 1- & 2-bedroom units, conference suite, manager’s quarters, freehold going concern, Qualmark 4.5 stars, in Host Accommodation Group, seismic rating 80% of new building standard
Outcome: no bid
Agents: Paul Dixon, Daniel Moffitt & Carolyn Hanson

Attribution: Company release.

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4 commercial sales for Colliers

Colliers has recorded 4 sales at Mangere, Papamoa and in Hawke’s Bay.

South

Mangere

221 Ihumatao Rd:
Features: 12,432m² commercial site
Outcome: sold for $4,844,970 + gst
Agent: Ash Vincent

South of the Bombays

Bay of Plenty

Papamoa

7 Twin Oak Avenue:
Features: 3007m² childcare centre
Outcome: sold at auction for $2.3 million + gst at a 5.64% yield
Agents: Grant White, Simon Clark & Rob Shoeser

Hawke’s Bay

Hastings

100 Heretaunga St West:
Features: 3254m² retail investment property
Outcome: sold for $6.1 million at a 9.35% yield
Agent: Danny Blair

Havelock North

11 Donnelly St:
Features: 490m² commercial property
Outcome: sold for $1.135 million, at a 5.9% yield
Agents: Dan Walker & Danny Blair

Attribution: Agency release.

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12 sell at Bayleys’ Total Property auction

Bayleys sold 11 properties under the hammer yesterday of the 15 offered in its first Total Property commercial portfolio for the year. Another property was sold last Friday in an auction brought forward.

Yields were variable – down at 3.1% on one property which might reflect development potential more than the present return, 3.6% on a Plumbing World tenancy in New Lynn, 4.4% on a Manukau butcher’s shop, 5.25% on a Party Hire warehouse in East Tamki, 5.4% & 4.9% on 2 retail outlets in the new Dylan apartment building on Great North Rd (pictured above), 6.1% on a Rosedale gym. And, out of town, 7.6% on a long-term NZ Post lease in Whanganui.

CBD

Queen St

Mid-City, 239 Queen St, unit 1A:
Features: 39m² fast-food outlet fronting Queen St
Rent: $150,657.30/year net + gst from renewed 12-year lease to Avachi Fried Chicken
Outcome: auction postponed to Total Property 2, Wednesday 12 April
Agents: Quinn Ngo & James Chan

Uptown

117 Vincent St:
Features: 364m² site, total building area 736m² on 3 levels, each of 245.6m²; 12 parking spaces on ground floor, 2 office floors above
Rent: vacant
Outcome: passed in at $3.5 million
Agents: Nigel McNeill & Ben Bayley

Isthmus east

Onehunga

137 Onehunga Mall:
Features: 185m² site, 213m² 2-storey building
Outcome: sold for $900,000, including the bar & gaming business in it
Agents: Oscar Kuang & James Chan

Parnell

465-467 Parnell Rd:
Features: 612m² site zoned terrace housing & apartment building, 422m² villa, onsite parking, opportunity to own/occupy after April 2018
Rent: fully lease returning $119,113/year + gst
Outcome: sold for $3.525 million
Agents: Cameron Melhuish & Jenny Kek

Isthmus west

Blockhouse Bay

The Blockhouse Bay property sold on 3.1% yield at auction brought forward.

575 Blockhouse Bay Rd:
Features: 610m² corner site zoned business – local centre, dual-access rear parking
Rent: $55,687.93/year net from convenience store & attached accommodation and 2-level gym
Outcome: sold at pre-auction; declared reserve was $1.4 million, sold for $1.8 million at a 3.1% yield
Agents: Alan Haydock & Damien Bullick

Grey Lynn

The Dylan, 367-375 Great North Rd, principal unit 1:
Features: 128m² freehold retail unit on ground floor of new apartment development, 2 parking spaces, occupied by Love Bites Kitchen
Rent: $68,000/year net + gst from 6-year lease started November 2016, 2 4-year rights of renewal, 3%/year increases, to market on renewal
Outcome: sold for $1.27 million at a 5.4% yield
Agents: Damien Bullick & Alan Haydock

The Dylan, 367-375 Great North Rd, principal unit 2:
Features: 49m² freehold retail unit on ground floor of new apartment development, no parking, occupied by Arch Hill Laundromat
Rent: $30,000/year net + gst on 8-year lease from October 2016
Outcome: sold for $611,000 at a 4.9% yield
Agents: Damien Bullick & Alan Haydock

Newton

10 South St:
Features: 357m² site, 318m² standalone building,
Rent: $126,000/year net + gst, new 10-year lease to main tenant + income from billboards & 2-bedroom flat
Outcome: withdrawn from auction
Agents: Oscar Kuang & Nicolas Ching

North-east

Rosedale

32 Constellation Drive, unit 5:
Features: 385m² unit in retail centre, fully leased to Snap Fitness, 30 parking spaces in common area
Rent: $157,497/year net + gst, 8-year lease from 2013 + 2 8-year terms
Outcome: sold for $2.585 million at a 6.1% yield
Agents: Ranjan Unka & Anna Radkevich

11-13A Paul Matthews Rd:
Features: 517.7m² roadfront industrial unit, clearspan high stud warehouse, 8 parking spaces
Outcome: sold vacant for $1.55 million
Agent: Matt Mimmack

Wairau Valley

7 Porana Rd, unit A:
Features: 109.7m² vacant industrial unit, 2 parking spaces, multiple rollerdoor access
Outcome: sold for $476,000
Agent: Matt Mimmack

North-west

Henderson

Lincoln Centre, 111 Lincoln Rd, unit B:
Features: 1113m² building, occupied by Accident Compensation Corp since 2000, onsite parking
Rent: $287,000/year gross + gst, 3-year lease from March 2017 + 3-year right of renewal
Outcome: no bid
Agents: Nicolas Ching & James Chan

New Lynn

48 Portage Rd:
Features: 1012m² site + 1/10 share in 585m², 4-year lease to Plumbing World Ltd from October 2016 with rights of renewal
Rent: $62,250/year + gst, 4-year lease from 1 October 2016 with right of renewal
Outcome: sold for $1.73 million at a 3.6% yield
Agents: Mike Adams & Laurie Bell

South

Clover Park

112 Dawson Rd, unit O (shop 14) in Chapel Downs shopping centre:
Features: 230m² butchery, 2 parking spaces
Rent: $62,000/year net + gst + outgoings on 4-year lease from April 2016, rights of renewal to 2028
Outcome: sold for $1.42 million at a 4.4% yield
Agents: Dave Stanley & Geoff Wyatt

East Tamaki

179C Harris Rd, corner Ti Rakau Drive:
Features: 270m² strata title, showroom, warehouse & office occupied by Party Hire, 6 parking spaces
Rent: $46,000/year net + gst + outgoings, established tenant with renewed 4-year lease term
Outcome: sold for $875,000 at a 5.25% yield
Agents: Tony Chaudhary & Janak Darji

Manukau Central

5C Jack Conway Avenue:
Features: 471m² corner unit title – 230m² ground floor, 241m² first floor, onsite parking
Rent: $130,000/year net + gst + outgoings from 2 tenants on long-term leases
Outcome: no bid
Agents: Rod Grieve & Maxene Bates

South of the Bombays

Napier

88-94 Dickens St:
Features: 911m² site, 3 ground-floor tenants, option to develop upstairs
Rent: $78,855/year net + gst
Outcome: no bid
Agents: Paul Dixon & Sam MacDonald

Whanganui

115 Victoria Avenue:
Features: 916m² site, 403m² floor area, 10 parking spaces
Rent: $206,268 from long lease to NZ Post Ltd
Outcome: sold for $2.73 million at a 7.6% yield
Agents: Cameron Melhuish & Ed Donald

Attribution: Auction.

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

Published 2 December 2016, updated 5 & 12 December 2016:
Strong yields were a feature as 14 of the 27 properties taken to auction in Bayleys’ final Total Property portfolio for the year were sold under the hammer on Wednesday.

They included 3 units sold in stage 3 of the Grange development (pictured) at the southern entrance to Warkworth, and another one sold post-auction.

2 other properties have been sold post-auction – a unit on Amera Place, East Tamaki, and a property on Moore St, Howick, sold on a 4.1% yield.

CBD

Federal St

205 Federal St, unit R1:
Features: 60m², one of only 2 retail tenants in Federal City apartment building, 8-year lease from July 2014
Rent: $29,120/year net + gst
Outcome: passed in at $475,000
Agents: Piyush Kumar & Oscar Kuang

Learning Quarter

23 Whitaker Place, units 110 & 111:
Features: 120m² unit, suitable for restaurant
Rent: $23,478.26/year from tenant on 3-year lease from 1 August 2014
Outcome: sold for $150,000
Agents: Nicolas Ching & Beterly Pan

Queen St

Mid-City, 239 Queen St, unit 2A:
Features: 282m² floor area on first floor, tenant the Ryo Japanese restaurant, 6-year lease, 2 rights of renewal
Rent: $120,000/year average from 6-year lease
Outcome: no bid
Agents: Graeme Sun & Oscar Kuang

Uptown

3 shops & gym of 14 ground-floor commercial units in the Summit on Symonds apartment conversion building, next to the Langham Hotel at the corner of Karangahape Rd & Symonds St:

105 Symonds St, shop 5, Nata Portuguese Bakery:
Features: 69.47m², 6-year lease
Rent: $49,400/year net + gst
Outcome: passed in at $500,000
Agents: Millie Liang

105 Symonds St, shop 9, laundromat:
Features: 43.41m², self-service laundromat, 8-year lease
Rent: $30,387/year net + gst
Outcome: passed in at $350,000
Agents: Millie Liang

105 Symonds St, shop 11, The Corner Café:
Features: 68.39m², 8-year lease
Rent: $47,873/year net + gst
Outcome: passed in at $500,000
Agents: Millie Liang

103-105 Symonds St, unit 15, Anytime Fitness:
Features: m², 10-year lease, beside the entrance to the Langham Hotel
Rent: $184,000/year net + gst
Outcome: withdrawn from auction
Agents: Millie Liang

Isthmus east

Onehunga

106 Beachcroft Avenue:
Features: 692m² site, 431m² standalone warehouse & office building
Outcome: sold vacant for $1.505 million
Agents: James Valintine & Graeme Moore

255 Onehunga Mall:
Features: 379m² site, Cotton On Clothing (NZ) Ltd on 8-year lease from 15 August with one 8-year right of renewal
Rent: $110,000/year + gst + outgoings, 3%/year rental growth
Outcome: sold for $2.21 million at a 4.98% yield
Agents: Tony Chaudhary & Damien Bullick

Otahuhu

121 Church St:
Features: 731m² site zoned terrace housing & apartment building, 138m² floor area, medical centre on 5-year lease from October 2015
Rent: $48,000/year + gst + outgoings
Outcome: declared reserve of $800,000, sold prior for $933,000 at a 5.14% yield
Agents: Tony Chaudhary & Janak Darji

Panmure

141-157 Queens Rd:
Features: 2963m² site on 2 titles, 1464m² floor area, 35 parking spaces, residential potential under the unitary plan, 27m height limit
Rent: $357,000/year net + gst
Outcome: no bid
Agents: Mark Pittaway

Penrose

419B Church St East:
Features: 1596m² industrial site, 25 parking spaces, 8-year head lease to Southpark Corp Ltd from 1 November 2015
Rent: $25,485/year net + gst
Outcome: passed in after vendor bid at $3.7 million
Agents: James Hill & Ben Bayley

Isthmus west

Morningside

4 Taylors Rd:
Features: 809m² site zoned mixed use, 585m² office & high stud warehouse
Outcome: sold vacant for $2.9 million
Agents: Scott Kirk & James Were

Pt Chevalier

1191 Great North Rd:
Features: 226m² retail, occupied by optometrist & osteopath
Rent: $83,900/year
Outcome: sold for $1.55 million at a 5.4% yield
Agents: Owen Ding & Quinn Ngo

North-east

Birkenhead

268 Onewa Rd, unit 10A:
Features: 125m², office & residential tenancies, town centre zoning, 2 parking spaces
Rent: $23,464.57/year net + gst + outgoings
Outcome: withdrawn from auction
Agents: Tonia Robertson & Chris White

Torbay

934 Beach Rd:
Features: cross-lease, 1/3 share in 1072m², 140m² beachfront retail, only business-zoned property on the Torbay/Waiake beachfront, taken to auction by the Official Assignee under the Criminal Proceeds (Recovery) Act
Outcome: sold for $1.8 million
Agents: Damian Stephen & Adam Curtis

Warkworth

4 units in stage 3 of the Grange, 67 Auckland Rd, development by Square & Main St Ltd (Adam Reynolds), stages 1 & 2 both fully sold
Agents: Matt Lee, Quinn Ngo, Jan Hutcheson & James Chan, and Paul Dixon on unit 14

Unit 5A, Cizzlin:
Features: 128.3m², 8-year lease
Rent: $65,000/year net + gst
Outcome: sold for $1.005 million at a 6.47% yield

Unit 13B, The Grange Bakery:
Features: 76.8m², 5-year lease
Rent: $30,000/year net + gst
Outcome: sold for $560,000 at a 5.34% yield

Unit 11, Fish Nets:
Features: 59m², 10-year lease
Rent: $30,975/year net + gst
Outcome: sold for $565,000 at a 5.48% yield

Updated: Unit 14, Green Bay Fruit & Veg:
Features: 297.2m², 8-year lease
Rent: $92,500/year net + gst
Outcome: passed in after vendor bid at $1.25 million, sold post-auction for $1.365 million at a 6.77% yield

Unit 22, Cross Gate Variety Store:
Features: 373.7m², 6-year lease
Rent: $86,700/year net + gst
Outcome: withdrawn from auction

North-west

Henderson

349 Great North Rd:
Features: 276m² site, 10-year lease from July
Rent: $50,000/year net + gst
Outcome: sold for $1.045 million at a 4.8% yield
Agents: Mike Adams & Laurie Bell

Lincoln North shopping centre, 192 Lincoln Rd, unit B4:
Features: 60.12m², retail unit, new 5-year lease to OPSM
Rent: $22,545/year net + gst
Outcome: sold for $465,000 at a 4.85% yield
Agents: Matt Lee & Quinn Ngo

South

East Tamaki

Updated: 12 Amera Place, unit 5:
Features: 105m² unit, 6-year lease starting this month
Rent: $50,150/year net + gst + outgoings
Outcome: passed in at $900,000, sold post-auction for $910,000 at a 5.5% yield
Agents: Katie Wu & John Bolton

9-11 Nandina Avenue:
Features: 2 titles, each of 2552m², metalled & flat, 74m road frontage, business 5 zoning
Outcome: sold for $2.86 million
Agents: John Bolton & Katie Wu

Howick

Updated: 8-14 Moore St:
Features: 875m² site zoned business town centre under unitary plan, 590m² floor area, 6 tenancies
Rent: $94,262.74
Outcome: passed in at $2.11 million, sold post-auction for $2.3 million at a 4.1% yield
Agents: Tony Chaudhary & Janak Darji

Manukau

Pacific Retail Centre, 792 Great South Rd, unit 6:
Features: 89m² Subway restaurant
Rent: $39,367.45/year net + gst + outgoings
Outcome: passed in at $750,000
Agents: Terry Kim & Janak Darji

52-58A St George St:
Features: 971m² in 2 titles zoned town centre under unitary plan, 2 tenants,
Rent: $80,040/year + gst
Outcome: no bid
Agents: Oscar Kuang & James Chan

Pukekohe

1722 & 1748 Buckland Rd:
Features: 14.4336ha in 2 titles overlooking Pukekohe racetrack, zoned future urban, proposed light industrial, has 3-bedroom house & 2-bedroom cottage
Outcome: no bid
Agents: Shane Snijder & Peter Migounoff

South of the Bombays

Coromandel

Whitianga

17 Monk St:
Features: 516m² site, 800m² floor area – 4 shops in 335m² on ground floor, plus carport, 2 apartments in 376m² upstairs licensed as traveller accommodation, plus 60m² deck & terrace; separate studio & workshop
Rent: about $53,000/year net
Outcome: sold for $1.03 million at a 5.15% yield
Agent: Noel Rogers

Hawke’s Bay

Napier

359 Marine Parade:
Features: 1413m² site, 20 self-contained motel units + manager’s accommodation
Rent: $225,750/year + gst from motel lease running until 2040
Outcome: sold for $3.75 million at a 6% yield
Agents: Paul Dixon & Sam MacDonald

Attribution: Auction.

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