Archive | Mt Maunganui

8 Bay of Plenty commercial sales

8 commercial premises around the Bay of Plenty have been sold over the summer by Bayleys agents.

Bay of Plenty

Greerton

108 Chadwick Rd:
Features: 528m2 residentially zoned site, 160m2 north-facing former residential building consented for commercial use
Outcome:  sold vacant for $420,000
Agents:  Mathew Gibbard & James Ross

Mt Maunganui

64 Tukorako Drive, unit 1:
Features: High stud, modern 100m² tilt-slab industrial unit – 85m² of warehousing & amenities, 15m² of office in the heart of leasehold industrial precinct
Outcome: sold vacant for $130,000
Agents: Brendon & Lynn Bradley an Jo Stewart

Papamoa

157 Domain Rd:
Features: 6526m² site on the major arterial route into Papamoa commercial area, former garden centre/café complex, 742m² of buildings
Outcome: sold vacant for $1.2 million
Agents: Brendon & Lynn Bradley

Tauranga

Piccadilly Arcade, 43 Devonport Rd:
Features: 3 retail premises in 22-unit cbd retail complex with dual entrances from Devonport Rd & Grey St
Outcomes:
Unit 7, 47m² unit tenanted by The Hawkers Wall, sold for $229,000 at a 6.1% yield
Unit 10, 28m² unit leased by Bay Barbers, sold for $209,000 at a 6.1% yield
Unit 11, 24m² unit tenanted by 2 B Waxed, sold for $149,000 at a 6.2% yield
Agents: Brendon & Lynn Bradley

Fraser Cove Shopping Centre, 221 Fraser St, unit 1 (pictured above):
Features: 516m² site, modern 417m2 retail premises, leased to franchisee of national retailer Toyworld for 6 years from October 2013 with fixed annual rental increases
Rent: $114,750/year net + gst
Outcome: sold for $1.7 million at a 6.75% yield
Agents:  Brendon & Lynn Bradley

116 Maleme St:
Features: rear 3138m² site, 1345m² high stud industrial building comprising 3 medium-sized fully leased units
Rent: $121,363/year net + gst
Outcome: sold for $1.875 million at a 6.5% yield
Agents: Brendon & Lynn Bradley and James Ross

86 Second Avenue:
Features: 556m² site on the southern fringe of the cbd, vacant 495m² commercial building which has showroom & high stud warehousing areas with large roller-door access
Outcome: sold vacant to an owner-occupier for $1.3 million
Agents:  Brendon & Lynn Bradley

Te Puke

Corner Oxford & Queen Sts:
Features: 3800m2 site, new 2020m2 Mitre 10 bulk retail outlet, 12-year lease
Outcome: sold before completion for $4.5 million at a 5.5% yield
Agents:  Jim McKinlay & Lloyd Davidson

Attribution: Agency release.

Continue Reading

16 Total Property sales outside Auckland

Bayleys sold 15 properties in the Bay of Plenty & Wellington in its Total Property auction series last week, and one in Christchurch.

South of the Bombays

Bay of Plenty

Mt Maunganui

tilda-166-maunganui-rd162 Maunganui Rd:
Features: 388m² cbd site, 407m² building with long-established homeware & gift store tenant and periodic residential tenancy above
Rent: $98,402/year net + gst
Outcome: sold for $2.085 million at a 4.71% yield
Agents: Brendon & Lynn Bradley

166 Maunganui Rd:
Features: 230m² cbd site, 390m² building (adjoining No 162) leased to fashion retailer Tilda; the owners also occupy the residential premises above
Rent: $87,688/year net + gst
Outcome: sold for $1.76 million at a 4.98% yield
Agents: Brendon & Lynn Bradley

Rotorua

1268 Haupapa St (pictured at top):
Features: 907m² site on cbd fringe, 877m² office building, 2 levels plus mezzanine, extensively refurbished in 2007 to provide A grade space, 5 tenancies on 1- to 4-year terms, 10 parking spaces
Rent: $170,164/year net + gst
Outcome: sold for $2.2 million at a 7.73% yield
Agents: Mark Slade & Brei Gudsell

Selwyn Heights, 82 Ferry Springs Rd & 8 Old Quarry Rd:
Features: 3338m² industrial-zoned development site, double street access
Rent: $37,700/year holding income from residential tenancies
Outcome: sold for $750,000 at $224/m²
Agents: Mark Slade & Brei Gudsell

Tauranga

418 Devonport Rd:
Features: 1037m² residentially zoned corner site, 3 cross-leased titles, fully occupied by 2 residential & one commercial tenants, all on periodic tenancies
Rent: $39,666/year gross
Outcome: sold for $930,000
Agents: Brendon Bradley & James Ross

795 Cameron Rd.

795 Cameron Rd.

795 Cameron Rd:
Features: 147m² site beside Tauranga Hospital, character 2-storey building, longstanding dairy on ground floor, 4-year lease from April 2016, one 4-year right of renewal, tenant also occupies 2-bedroom first-floor flat
Rent: $27,587/year net (commercial $12,350 + gst, residential $13,500)
Outcome: sold for $400,000 at a 6.89% yield
Agents: Brendon Bradley & Mat Gibbard

Te Puke

41 Jellicoe St:
Features: 592m² cbd site, 561m² 2-storey mixed-use building, 2 retail & one office tenant on monthly tenancies plus vacant 2-bedroom flat, basement garage & storage area
Rent: $19,627/year net + gst, potential annual net income about $40,000
Outcome: sold for $506,000
Agents: Brendon Bradley & Mat Gibbard

Wellington

Johnsonville

3 Disraeli St:
Features: 436m² site with exposure to Countdown carpark; 510m² workshop & office,  2 parking spaces, auto lease expiring mid-November, potential net rental of $60,000/year + gst
Outcome: sold for $890,000
Agents: Jon Pottinger & Fraser Press

Kapiti Coast

91-93 Mill Rd, Otaki.

91-93 Mill Rd, Otaki.

Otaki, 91-93 Mill Rd:
Features: 2204m² corner site in 6 titles, 268m² additional leased land, 987m² recently upgraded Countdown supermarket, 6-year lease to Countdown owner General Distributors Ltd from November 2014, 2 6-year rights of renewal
Rent: $157,000/year net + gst
Outcome: sold for $2.1 million at a 7.47% yield
Agents: Stephen Lange & James Chan

Lower Hutt

125 Naenae Rd, Lower Hutt.

125 Naenae Rd, Lower Hutt.

Naenae, 125 Naenae Rd, unit 1:
Features: 432m² 2-level building – 240m² showroom/office & 192m² warehouse in 8-unit complex on main arterial road, 5 parking spaces, tenant in occupation since 2010 on new 3-year lease, one 3-year right of renewal
Rent: $26,906/year net + gst
Outcome: sold for $370,000 at a 7.27% yield
Agents: Andrew Smith & Richard Faisandier

92-100 Queens Drive, unit 3:
Features: 2 corner retail tenancies totalling 105m², plus storage & parking space, frontage to Bunny St, 3-year leases to April & July 2017
Rent: $40,645/year net + gst
Outcome: sold for $405,000 at a 10% yield
Agents: Andrew Smith & Paul Cudby

92-100 Queens Drive, unit 4:
Features: 60m² retail unit in McKay House, directly opposite the entrance to Westfield Queensgate shopping centre (now owned by Diversified NZ Property Trust, managed by Stride Property Group); 3-year lease from April 2016 to Boss Haircuts
Rent: $16,722/year net + gst
Outcome: sold for $190,000 at an 8.8% yield
Agents: Andrew Smith & Paul Cudby

Petone

62 Hutt Rd:
Features: substantially upgraded 524m² building, dual street frontage – 256m² showroom, 201m² rear warehouse/storage, 67m² mezzanine office, 3 parking spaces
Outcome: sold vacant for $565,000
Agents: Paul Cudby & John Pritchard

Plimmerton

2 Freshfields Place:
Features: 807m² corner site in North Point industrial precinct with building consent for 477m² 3-unit office & warehouse complex, first slab laid
Outcome: sold for $310,000 at $384/m²
Agents: Andrew Smith & Jon Pottinger

Porirua

3A Kapuni Grove:
Features: 1003m² levelled, metalled & fenced industrial site, dual street frontage
Outcome: sold for $241,000 at $240/m²
Agents: John Pritchard, Jon Pottinger & Fraser Press

South Island

Christchurch

Hornby, 51 Waterloo Rd:
Features: 8000m² industrial site, 1370m² warehouse, 292m² of office & amenities & 198m² showroom, large mostly sealed yard
Outcome: sold with vacant possession for $3.45 million
Agents: Stewart White & Chris Frank

Attribution: Agency release.

Continue Reading

Yields track downward in 13 sales south of the Bombays

3 commercial property sales at yields below 6% were among the 13 that Bayleys agents reported from the Hauraki district down to Taupo, including 6 at Mt Maunganui & Tauranga.

South of the Bombays

Bay of Plenty

Katikati

108 & 112 Main Rd:
Features: 2 adjoining sites totalling 3660m2, 2 tenants occupying a 389mshowroom/workshop with lease expiring 2017 and a 240m2 tavern leased until 2019
Rent: $92,500/year net + gst
Outcome: sold as one lot for $1.05 million at an 8.8% yield
Agents: Brendon Bradley & Graeme Coleman

Kawerau

4 Manukorihi Drive:
Features: 1504m² industrial site, recently refurbished, fully leased 660m² warehouse; 2 tenancies, front lunch bar & rear workshop
Rent:  $48,000/year net + gst
Outcome: sold for $505,000 at a 9.5% yield
Agents: Brendon & Lynn Bradley

Mt Maunganui

9 Prince Avenue:
Features: 645m2 site, 832m2 fully leased commercial building, onsite parking for 9 cars; 3 retail tenants on ground floor on 2 to 3-year leases, upstairs office leased to accountancy firm on lease dating back to 1984
Rent:  $163,707/year net + gst
Outcome: sold for $2.8 million at a 5.85% yield
Agents: Brendon & Lynn Bradley

2 Tay St:
Features: 810m2 corner site, 191m2 office premises, onsite parking
Outcome: sold vacant for $820,000
Agents: Brendon & Lynn Bradley

Rotorua

The Environment Bay of Plenty building at 1125 Arawa St, Rotorua.

The Environment Bay of Plenty building at 1125 Arawa St, Rotorua.

1125 Arawa St:
Features: 630m² 2-storey building with A+ seismic rating, purpose-built for & leased to Environment Bay of Plenty
Rent:  $105,500/year net + gst
Outcome: sold for $1.55 million at a 6.8% yield
Agent: Mark Rendell

106-112 Riri St:
Features: 2283m² site in 3 titles, 1722m² industrial building, high stud workshop areas with roller door access plus offices & onsite parking
Outcome: sold vacant for $775,000
Agents: Mark Slade & Mark Rendell

Tauranga

15 First Avenue:
Features: 809m2 site, 2-level 456m2 office building leased to First Mortgage Managers for 6 years from October 2015 with 2 4-year rights of renewal
Rent: $118,919/year net + gst
Outcome: sold for $2.205 million at a 5.4% yield
Agents: Brendon & Lynn Bradley

10A Mitchell St:
Features: dwelling converted for commercial use with 8-year lease to Pathlab BOP
Outcome: sold for $455,000 at a 5.9% yield
Agents: Brendon & Lynn Bradley

53 Spring St (pictured):
Features: 877m2 central business district site, 1172m2 3-level building developed in the late 1980s, basement parking for 13 cars, 2 commercial levels above; holding income from lease to ANZ Bank, which has recently vacated
Rent: $254,364/year until July
Outcome: sold for $3.8 million at a 6.7% yield
Agents: Brendon & Lynn Bradley

144 Third Avenue, unit 5:
Features: 187m² office unit spread over 3 levels in The Third Cove office park; 2 tenancies with final expiries in 2017 & 2019
Rent: $38,418/year net + gst
Outcome: sold for $595,000 at a 6.5% yield
Agents: Brendon & Lynn Bradley

Central North Island

Taupo

32 Waikato St:
Features: 1171m2 cbd site, modern 629m2 showroom & warehouse with 100% new building standard seismic rating, secure yard; leased to Corys Electrical for 6 years from mid-2015, 2 4-year rights of renewal
Rent: $84,480/year net + gst
Outcome: sold for $1.36 million at a 6.2% yield
Agents: Gary Harwood & Mike Houlker

Waikato

Paeroa

15 Princes St:
Features: 610m2 purpose-built medical centre on 1211m2 site, 6 healthcare tenants anchored by Paeroa Medical Group, on various lease terms & rights of renewal
Rent: $111,126/year net + gst
Outcome: sold at auction for $1.65 million at a 6.7% yield
Agent: Josh Smith

Waihi

21 Dean Crescent:
Features: Karaka Lockups comprising 31 storage units plus a 3-bedroom home on 4155m² section with room for expansion
Outcome: sold for $653,000
Agent: Josh Smith

Attribution: Agency release.

Continue Reading

Corrected: 5 sales south of the Bombays for Bayleys

Corrected 24 July 2015:
Bayleys agents in the Waikato & Bay of Plenty have completed 5 sales at Thames, on the Hauraki Plans and in Mt Maunganui & Tauranga through the Total Property portfolio launched in April.

The rent originally given on the property at Second Avenue, Tauranga, was completely wrong. The sale price & yield were correct.

South of the Bombays

Pipiroa

25 Moehau St:
Features: capsicum-growing operation with 5000m2 plastic houses on 3.28ha; Pipiroa is at the mouth of the Piako River on the Hauraki Plains
Outcome: sold for $1.37 million
Agent: Josh Smith

Thames

601 Mackay St:
Features: 1206m2 site, the 568m2 former premises of the Thames Club Inc
Outcome: sold for $500,000 with vacant possession
Agent: Josh Smith

Bay of Plenty

Mt Maunganui

36 Kereiti St (pictured above):
Features: 3060m² site, 1214m² building leased to Spark Digital Ltd (ex-Gen-i) for 7 years from April 2011 with 2 5-year rights of renewal
Rent: $157,205/year net + gst
Outcome: sold for $2.45 million at a 6.4% yield
Agents: Brendon & Lynn Bradley and Matthew Gibbard

5 Owens Place:
Features: New 2-level 1427m² commercial building on a 2422m² site opposite Bayfair Shopping Centre, Toyota dealership & Beds ‘R Us store on the ground floor and a tertiary education tenant above, on leases until 2018 & 2019
Rent: about $300,000/year net + gst
Outcome: sold for $3.65 million at an 8.24% yield
Agents: Jim McKinlay, Brendon & Lynn Bradley

Tauranga

Corrected: 78 Second Avenue:
Features: 536m² site, 351m² office building refurbished in 2009, 11 parking spaces, leased to Cucumber Software BOP Ltd (now Cucumber Ltd) for 9 years from 2010 with 2 4-year rights of renewal
Rent (corrected): $87,923/year net + gst
Outcome: sold for $1.25 million at a 7.03% yield
Agents: Brendon & Lynn Bradley

Attribution: Agency release.

Continue Reading

3 sales by Colliers

Colliers International agents have reported 3 recent transactions.

North-west

Glendene

40 Bancroft Crescent:
Features: 4976m² site, 2 warehouses
Rent: $90,500/year + gst
Outcome: sold for $1.1 million
Agents: Chris Upright, Dhiru Patel & Andrew Hooper

South

Mangere Bridge

8 Kirkbride Rd:
Features: 1.69ha site, multipurpose residentially zoned commercial property containing several buildings with a total 3812m² of floorspace
Outcome: sold for $4 million
Agents: Paul Jarvie & Hamish West

South of the Bombays – Bay of Plenty

Mt Maunganui

27-29 Aerodrome Rd:
Features: 1552m² site, high-stud 800m²warehouse
Outcome: sold vacant to an owner-occupier for $1.05 million
Agents: Simon Clark & Rob Schoeser

Attribution: Agency releases.

Continue Reading

Silverdale development site, Fraser Cove shops sold

A development site beside the park ‘n ride at Silverdale (pictured above) has been sold by Colliers International agents to a private investor at $300/m².

3 shops in the Fraser Cove shopping centre in Tauranga have also been sold, all on 7% yields.

North-east

Birkenhead

6 Bank St:
Features: 1176m² site, established day-care centre, trading as Minimee Early Childhood Education Adventure for 50 children
Outcome: sold for $2.052 million at a 6.14% yield
Agents: Shoneet Chand & Mike Ryan

Mairangi Bay

5C Apollo Drive:
Features: 700m², 2-level warehouse, office & showroom
Outcome: sold to a private owner-occupier for $1.1 million
Agents: Ryan de Zwart & Craig Newth

Silverdale

1 Hibiscus Coast Highway:
Features: 2.433ha, the smaller of 2 lots totalling 10.5ha on each side of the Silverdale park ‘n ride
Outcome: sold to a private investor for $7.29 million, at $300/m²
Agents: Tim Lichtenstein & Jimmy O’Brien

South of the Bombays – Bay of Plenty

Mt Maunganui

43 Girven Rd:
Features: fully leased, 6-tenant office block near Bayfair Mall
Outcome: sold for $1,567,500 at a 7.96% yield
Agents: Simon Clark & Rob Schoeser

51 Portside Drive:
Features: 1512m² industrial building
Rent: estimated market rental $103,000/year
Outcome: sold vacant for $1.515 million at a 6.8% yield
Agents: Rob Schoeser & Simon Clark

Tauranga

Fraser Cove, Tauranga.

Fraser Cove, Tauranga.

Fraser Cove Shopping Centre, 221 Fraser St:

Features: 3 tenancies sold to private investors
Toyworld: 516m², sold for $1.567 million at a 7% yield
Salon One: 252m², sold for $984,300 at a 7% yield
Bed, Bath & Beyond: 480m², sold for $1.36 million at a 7% yield
Agents: Simon Clark & Duncan Woodhouse

Attribution: Agency release.

Continue Reading

Mount KFC sold at 5.23%

Published 17 October 2014
The KFC outlet at Mt Maunganui has been sold at auction at a 5.23% yield, and Colliers agents have recorded 2 Auckland industrial sales.

South

East Tamaki

27 Ross Reid Place & 44 Zelanian Drive:
Features: 2ha manufacturing & distribution centre leased to Premiers Plastics Ltd & Cospak (NZ) Ltd for 18 years from 2008
Outcome: sold to a private investor for $16.05 million at an 8.18% yield
Agents: Greg Goldfinch & Todd Kuzmich

Manukau

26 Lambie Drive & 28 Ryan Place:
Features: 11,173m² site in 2 titles, 1516m² office/warehouse
Outcome: sold for $4.34 million to a local owner-occupier who plans to use it as an auto compliance centre
Agents: Dwayne Warby & Paul Higgins

South of the Bombays – Bay of Plenty

Mt Maunganui

145 Newton St:
Features: KFC outlet on 1670m² corner site
Rent: $177,846/year net from new 12-year lease to Restaurant Brands (NZ) Ltd
Outcome: sold for $3.4 million to a local investor at a 5.23% yield
Agents: Charlie Oscroft, Peter Herdson & Simon Clark

Attribution: Agency release.

Continue Reading

9 commercial sales through Bay of Plenty & Waikato

Bayleys has reported 9 provincial sales, from the Bay of Plenty & Waikato.

South of the Bombays – Bay of Plenty

Mt Maunganui

The Mission Belle Motel at 1 Victoria Rd, Mt Maunganui.

The Mission Belle Motel at 1 Victoria Rd, Mt Maunganui.

1 Victoria Rd:
Features: 12-unit Mission Belle Motel complex, 677m² of buildings on a 1182m² site
Rent: $109,750/year net + gst
Outcome: sold for $1.975 million (land & buildings only) at a 5.56% yield
Agents: Brendon & Lynn Bradley

Rotorua

174 Lake Rd, Koutu Corner, Rotorua.

174 Lake Rd, Koutu Corner, Rotorua.

Koutu, 176-180 Lake Rd:
Features: 514m² commercial building split into 5 tenancies, one vacancy, on a high profile 2486m² site with good parking, national branded tenants include Subway & Dominos
Rent:  $163,489/year net + gst
Outcome: sold for $1.65 million at a 7.5% yield
Agents: Mark Rendell & Tony Chaudhary

Tauranga

97 Edgecumbe Rd:
Features: 240m2 office on 842m² site zoned residential A
Outcome: sold vacant for $725,000
Agent: Lloyd Davidson

56 Elizabeth St:
Features: 2-level 890m2 commercial premises on 480m² site with 3 tenancies
Outcome: sold for $2.1 million at an 8.55% yield
Agents: Brendon & Lynn Bradley

83 Pyes Pa Rd:
Features: former packhouse & coolstore on a 15,815m² commercially zoned redevelopment site in the fast-growing residential area of Pyes Pa
Outcome: sold vacant for $3.5 million
Agents: Brendon Bradley, Duncan Dysart & Rob Pinny

Waikato

Hamilton

140 Collins Rd:
Features: 1445m2 high-stud industrial building, including workshop, on 9818m2 site
Outcome: sold vacant for $730,000 by mortgagee auction
Agents: Mike Swanson & Andrew Shaw

14 Garden Place (pictured above):
Features:  5-level 1710m2  retail & office building developed in 1950s on 341m2 site
Outcome: sold for $1.7 million at a 3.94% yield with some vacancy
Agents: Brian Caldwell & Mike Swanson

Te Awamutu

333 Sloane St:
Features:  High profile retail & office building on 2586m2 site, dual access, near the cbd
Outcome: sold for $830,000 at a 6.8% yield
Agents: Mike Swanson & Andrew Shaw

Tokoroa

47-51 Croad Place:
Features: 2 high-stud industrial buildings totalling 845m² on 1619m² site, 6 tenancies
Outcome: sold for $420,000 at a 10.6% yield
Agents: Brendon & Lynn Bradley

Attribution: Agency release.

Continue Reading

McMahon branches out with new commercial property investment company

Longtime Tauranga syndicator Denis McMahon and his Auckland-based partner, Phil Tushingham, will launch an unlisted commercial property company next Tuesday as an alternative to their 100%-equity investments.

The Tui Products warehouse under construction at Mt Maunganui.

The Tui Products warehouse under construction at Mt Maunganui.

The new company, Pacific Property Fund Ltd, will open with an initial offer of up to 7.82 million $1 shares, which will be used to acquire a $12.275 million 10,100m² warehouse still under construction at Truman Lane, Mt Maunganui.

Mr Tushingham said yesterday they were looking at “a couple of others” but didn’t want to commit until the initial offering is completed. The offer opens on 29 October and closes on 18 December.

The target properties are in the $5-30 million range, where they believe they have the best opportunity to add value, and their focus will remain on the markets of Auckland, Hamilton & the Bay of Plenty.

Mr McMahon launched Property Managers Ltd 20 years ago and was joined by Mr Tushingham 4 years ago. They’ve produced 25 syndicates on a proportionate ownership basis, all fully equity-funded, and have built up a following of 500 investors, including grandchildren of original investors, primarily in the Bay of Plenty & Waikato.

Pacific Property Fund’s first investment is being purpose-built by Wallace Development Co Ltd as the headquarters & warehouse for garden products company Tui Products Ltd. Tui has a 20-year lease starting at a net $1 million, with 2 10-year rights of renewal and 2-yearly rent reviews to CPI.

The 3.05ha site, including 4000m² at the rear for expansion, is on a 99-year ground lease from the proprietors of Mangatawa-Papamoa and the ground rent will also be subject to 2-yearly reviews, capped by structured amounts. Tui will also be responsible for the ground rent.

Mr Tushingham said the target gross dividend yield was 7% for the first full year to 31 March 2015, but that yield wasn’t guaranteed. Investment parcels will be a minimum of $20,000.

He said Property Managers would continue to offer syndicated property, but had launched the new company to give their investors an alternative. For both types of investment, however, the expertise in adding value & repositioning the investments were important factors.

As an example, Property Managers’ first syndicated building, on Durham St in Tauranga, had been repositioned with an upgrade & new tenancy last year, and many of the original investors were still involved.

Attribution: Company release, interview.

Continue Reading

Foodstuffs to replace Mt Maunganui supermarket

Published 23 March 2006


Foodstuffs (Auckland) Ltd will close its New World Mt Maunganui supermarket next month to demolish & rebuild it.



Foodstuffs’ property development general manager, Murray Jordan, said today the Tweed St store would close for 8 months from Thursday 6 April.


“The new New World Mt Maunganui will be the second of our new generation stores in the Tauranga area, with New World Gate Pa scheduled to open in the next couple of months,” he said.


The new $20 million Mt Maunganui store will be slightly bigger than the old store at 2000m² of floorspace and will double the parking to 106 spaces. In the picture, the ramp up is to a loading bay, the ramp down (far right) is to basement parking).



If you want to comment on this story, write to the BD Central Discussion forum or send an email to [email protected].


 


Attribution: Company statement, story written by Bob Dey for this website.


 

Continue Reading
WordPress Appliance - Powered by TurnKey Linux