Archive | Rotorua

3 Bay of Plenty sales in Bayleys’ final auction round

3 Bay of Plenty properties were sold in Bayleys’ final round of Total Property auctions for the year, one in Rotorua and 2 in Tauranga.

South of the Bombays

Bay of Plenty

Rotorua

1270 Ranolf St:
Features: 613mcbd fringe landholding, 297msingle-level office building refurbished in 2008, 5 parking spaces, leased to Oji Fibre Solutions & local law firm from February 2016 on 2.5- & 3-year leases with rights of renewal
Rent: $65,500/year net + gst
Outcome: sold for $951,000 at a 6.9% yield
Agents: Mark Slade & Brei Gudsell

Tauranga

12 Elizabeth St:
Features: 809mcentral cbd site, 680m2-level building anchored by a dental practice with 3 other tenancies
Rent: $110,113/year net + gst
Outcome: sold for $1.725 million at a 6.38% yield
Agents: Lynn & Brendon Bradley

Corner Fraser St & 15th Avenue:
Features: 1427m2 site on 2 arterial roads, 3 modern standalone office buildings totalling 538m2, leased to Classic Builders Tauranga Ltd until mid-2019 with 2 2-year rights of renewal
Rent: $119,800/year net + gst
Outcome: sold for $1.93 million at a 6.2% yield
Agents: Brendon & Lynn Bradley & Blair Cashmore

Attribution: Agency release.

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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.

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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.

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Motel passed in at auction

A Rotorua motel was passed in without a bid other than from the vendor at NAI Harcourts’ auction in Takapuna yesterday. The auction of a Rosedale property was postponed a week and the third property to have been offered, a Paihia restaurant, was taken off the auction list but is still for sale.

South of the Bombays

Rotorua

263 Fenton St:
Features: 1739m² site, 580m² 3-storey building, freehold tenanted motel investment, 15 guest units plus 3-bedroom owner’s accommodation; the land is zoned resort B but under the proposed district plan would change to commercial 4, providing development potential
Rent: $101,350/year + gst, outgoings paid by business owner, on lease expiring 31 December 2023, with a 5-year right of renewal
Outcome: passed in at vendor bid of $1.5 million
Agent: Chris Park

North

Paihia

78 Marsden Rd, unit R1:
Features: 275.4m² net area of waterfront Thai restaurant, 8 basement parking spaces Outcome: withdrawn from auction but is for sale
Agent: Hayden Clarke

North-east

Rosedale

32 Constellation Drive, unit 1:
Features: 431m², 2-level building – office 161m², retail 171m², Coffee Club on 8-year lease from October 2013, Remax on 4-year lease from August 2015
Rent: $130,540/year net + gst, rent increase by review in October
Outcome: auction postponed to Tuesday 22 September at 11am
Agents: Geoff Thorne & Leanne Bate

Attribution: Auction.

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Landmarks & development sites among $70 million of sales

Bayleys Real Estate has sold 14 properties for nearly $70 million outside the auction process from its latest Total Property portfolio, launched in July.

They include Auckland landmarks such as the former New Art Gallery, now the X Gallery (above), on the corner of Lorne St & Wellesley St East, and Mollies boutique hotel in Herne Bay.

CBD

Eastern fringe

151 Beach Rd, on the eastern fringe of the cbd.

151 Beach Rd, on the eastern fringe of the cbd.

151 Beach Rd:
Features: 1032m² site zoned strategic management area 2, 50m height limit under proposed unitary plan, 1829m² floor area on 2 levels
Rent: holding income of $278,212/year + gst
Outcome: sold to a developer for $6.8 million at $6589/m²
Agents: Nigel McNeill & Colin McKenna

Lorne St

X Gallery, 18-26 Wellesley St East:
Features: 1032m2 site on Lorne St corner through to Khartoum Place, the 2712mX Gallery heritage building, refurbished into character retail & office space and fully leased to 12 tenants
Rent: $1.718 million + gst
Outcome: sold for confidential sum
Agents: Robert Platt & Colin McKenna in conjunction with Barfoot & Thompson

Isthmus east

Epsom

107 Great South Rd, unit C:
Features: 253m2 top floor of 3-level office building, leased for 4 years from February 2015 to tax advisors
Rent: $71,073/year net + gst
Outcome: sold for $1,040,013 at a 6.8% yield
Agents: Tony Chaudhary, Janak Darji & Amy Weng

Penrose

24 Greenpark Drive:
Features: 2704m² bare industrial site
Outcome: sold with vacant possession for $1.5 million at $623/m²
Agents: James Valintine & James Hill

Isthmus west

Eden Terrace

9-13 Exmouth St, Eden Terrace.

9-13 Exmouth St, Eden Terrace.

9-13 Exmouth St:
Features: 1322m² site zoned mixed use, 2125m² warehouse leased back to the vendor for one year with 2 6-month rights of renewal
Rent: $285,000/year net + gst
Outcome: sold for $4.3 million at a 6.6% yield
Agents: Paul Dixon, Alan Haydock & Damien Bullick

75 France St South:
Features: refurbished 571m² 2-level office building with final 5-year right of renewal to German multinational Brentagg until May 2020
Rent: $130,000/year net + gst
Outcome: sold for $1.848 million at a 7% yield
Agents: Cameron Melhuish & Andrew Wallace

Grey Lynn

252-258 Great North Rd:
Features: 1002m² development site zoned mixed use, 15m height limit increased to 16.5m under proposed Auckland unitary plan
Rent: holding income of $74,160/year expiring September 2016
Outcome: sold for a confidential sum  
Agents: Cameron Melhuish & Andrew Wallace

Herne Bay

Mollies Hotel & adjoining villa in Herne Bay.

Mollies Hotel & adjoining villa in Herne Bay.

6 Tweed St:
Features: 2 dwellings on a 2905m² site, one 1360m² containing Mollies boutique hotel & function centre, the other a 239m² villa, joined by a connecting hallway
Rent: lease over the larger building to operator of the Mollies business at $283,000/year net + gst
Outcome: sold for $9.5 million
Agent: Alan Haydock

Mt Eden

25, 27, 29 Altham Avenue:
Features: 1518m² development site in 3 equal titles, mixed use zoning under proposed unitary plan
Rent: holding income of $60,000/year net + gst from vehicle storage lease
Outcome: sold for $3 million
Agents: Alan Haydock & Damien Bullick

South of the Bombays

Bay of Plenty

Rotorua

The Pukaki Centre, Rotorua.

The Pukaki Centre, Rotorua.

1144 Pukaki St:
Features: 5-storey 3653m²  Pukaki Centre office building on 1711m² cbd site, fully leased to 7 predominantly government tenants
Outcome: sold site unseen for $5 million at an 8.7% yield to an American who has bought a number of high yielding regional properties through Bayleys
Agents: Brendon Bradley, Mark Rendell & Mark Hourigan

Waihi Beach

127 Emerton Rd:
Features: 7693m² site that was a former motel property converted to a permanent residential & holiday home & caravan complex, with licence-to-occupy income streams
Outcome: sold for $1.2 million
Agents: Brendon & Lynn Bradley, Bayleys Tauranga

Wellington

Between the billboards, 76 Willis St, Te Aro.

Between the billboards, 76 Willis St, Te Aro.

CBD, 76 Willis St:
Features: 655m² mixed use building on 275m² site, ground-floor retail, first-level café, third-level apartment
Rent: $248,824/year net + gst
Outcome: sold for $3.3 million at a 7.5% yield
Agents: Fraser Press & Grant Young

Hataitai, 298-300 Evans Bay Parade:
Features: 2918m² site zoned business 1, 479m² building comprising 2 former dwellings with monthly lease to childcare centre licensed for 65 children
Outcome: sold for $890,000
Agents: Mark Walker & James Higgie

South Island

Canterbury

Hornby, 17 Halwyn Drive:
Features: 3404m² site, 1696m² modern industrial building, new 9-year lease to The Moving Co
Rent: $$210,600/year net + gst
Outcome: sold for $3.009 million at a 7% yield
Agents: Stewart White & Mark Hourigan

Attribution: Agency release.

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Corrected: 8 apartments sell at Ray White auction

Correction 15 August 2015: Sale prices were originally transposed for 2 units, the Connaught & Uptown, now corrected.

All 8 Auckland apartments taken to auction at Ray White City Apartments today were sold under the hammer. One in Rotorua was passed in $6000 short of a transaction after the declared reserve of $170,000 was lowered by $5000.

CBD

Learning Quarter

St Paul Apartments, 4 St Paul St, unit 2D:
Features: 34m², one bedroom, with leak litigation pending
Outgoings: rates $694/year including gst; body corp levy $4852/year
Income assessment: $320/week
Outcome: sold for $150,000
Agent: Dominic Worthington

Madison House, 145 Symonds St, unit 708:
Features: fully furnished 2 bedrooms, parking space
Outgoings: rates $1514/year including gst; body corp levy $6081/year
Income assessment: $550/week, fixed until November
Outcome: sold for $506,000
Agents: Daniel Horrobin & Damian Piggin

Connaught, 14 Waterloo Quadrant, unit 10I:
Features: 52m², one bedroom, balcony, basement parking space
Outgoings: rates $1693/year including gst; body corp levy $5314/year
Income assessment: vacant
Outcome: sold for $551,000
Agent: Dominic Worthington

Uptown

Volt, 430 Queen St, unit 1305:
Features: 40m², 2 bedrooms
Outgoings: rates $1225/year including gst; body corp levy $4525/year
Income assessment: $400/week, fixed until 15 February
Outcome: sold for $320,600
Agent: Simon Harrison & Donald Gibbs

14 Upper Queen St, unit 1D:
Features: 70m², 2 bedrooms, secure basement parking space
Outgoings: rates $1422/year including gst; body corp levy $4083/year
Income assessment: $470/week, fixed until 25 December
Outcome: sold for $460,000
Agent: Keisha Gutierrez

Victoria Quarter

Altitude, 34 Kingston St, unit 3B:
Features: 37m², furnished 2 bedrooms
Outgoings: rates $3195/year including gst; body corp levy $1052/year
Income assessment: $380/week, fixed until 28 January
Outcome: sold for $280,000
Agent: Ann Bennett

Altitude, 34 Kingston St, unit 6A:
Features: 37m², 2 bedrooms
Outgoings: rates $1064/year including gst; body corp levy $3450/year
Income assessment: $380/week, fixed until 28 January
Outcome: sold for $266,000
Agent: Ann Bennett

Isthmus West

Eden Terrace

Devon, 6 Piwakawaka St, unit 1B:
Features: 85m², furnished 2 bedrooms, 2 bathrooms, secure parking space
Outgoings: rates $1500/year including gst; body corp levy $6220/year
Income assessment: vacant
Outcome: sold for 4517,000
Agent: Dominic Worthington

South of the Bombays

Rotorua

Royal Court, 1193 Hinemoa St, unit 403:
Features: 38m², fully furnishedone bedroom, parking space
Outgoings: rates $1891/year including gst; body corp levy $1101/year
Income assessment: $300/week; at the declared reserve, showing net 7.5% return after body corporate fees & rates
Outcome: passed in at $159,000; declared reserve was $170,000, reduced to $165,000 late in bidding
Agent: Team Murray

Attribution: Auction.

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6 Total Property sales south of Bombays

Bayleys agents have completed 6 sales in Rotorua, Taranaki & Waikato from the agency’s latest Total Property portfolio.

South of the Bombays

Bay of Plenty

Rotorua

1111 Tutanekai St:
Features: 808m² 2-level building on 427m² site at the popular lake end of Tutanekai St, 4 tenants with lease expiries ranging from 2018-2027, 3 hospitality tenants on ground floor, Government-funded hair & beauty training centre above
Rent: $118,650 net + GST/year
Outcome: sold for $1,582,000 at a 7.5% yield
Agents: Mark Rendell & Bill Wilson

Taranaki

New Plymouth

Bell Block, 15 Auster Place:
Features: 7866m2 site, 2400m2 former Foodstuffs distribution warehouse
Outcome: sold vacant to owner occupier for $1.5 million
Agents: Alan Johnston, Iain Taylor & Paul Dixon

Waiwhakaiho, 24 Egmont Rd:
Features: 2650m² building supplies store plus timber yard on 1.1283ha site, tenanted by Carters on 9-year lease from 2008 plus 2 6-year rights of renewal
Outcome: sold to a local investor for $6.25 million at a 7.68% yield
Agents: Iain Taylor

Waikato

Hamilton

530 Te Rapa Rd:
Features: 1300m² of commercial space on 1821m² of land with dual road access, previously used as databank centre with its own transformer
Outcome: sold for $820,000 with vacant possession.
Agents: Mark Anderson & Brett Hansen

15 Mainstreet Place:
Features: 2070m² site, 140m² office building, police dog handling unit as tenant since 2001, property recently upgraded at tenant’s cost
Outcome: sold for $522,500 at a yield of 6.3%
Agent: Andrew Shaw

Matangi

Woodside Estate, 132 Woodside Rd:
Features: land, buildings & business operation of Woodside Cafe & wedding/function centre on 5.964ha south of Hamilton, natural spring & lake with boatshed & jetty
Outcome: sold as a freehold going concern for $1.06 million
Agents: Mike Swanson & Andrew Shaw

Attribution: Agency release.

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5 Total Property sales south of Auckland

One Rotorua property in Bayleys’ second Total Property auction series was sold this week, another in Palmerston North, and all 3 Wellington properties were sold under the hammer.

South of the Bombays

Bay of Plenty

Rotorua

Holdens Bay, 5 Stonebridge Park Drive:
Features: 1.6409ha holiday park next to airport – 12 motel units,  21 cabins & 50 powered sites plus conference, games & TV rooms, large swimming pool & hot pools
Outcome: sold for $982,000 as part of asset selldown by Rotorua Lakes Council
Agents: Mark Slade & Mark Rendell

Manawatu

Palmerston North

271-275 Main St:
Features: Ground lease on 2204m² corner site, 20 years from December 2014 with 5-yearly rent reviews & perpetual rights of renewal
Rent: $35,750/year + gst
Outcome: sold for $450,000 at a 7.9% yield
Agents: Mark Sherlock & Karl Cameron

Wellington

Petone

135-137 Jackson St (pictured above):
Features: 335m² 2-level character building, 2 shops & 2 flats plus rear access to 327m² site, 3 of 4 tenancies leased
Rent: $55,224/year gross + gst
Outcome: sold for $520,000
Agents: Paul Cudby & Fraser Press

Porirua

5 Serlby Place:
Features: 2 small retail outlets totalling 140m², on 204m² cbd site
Rent: $28,785/year net + gst, one lease expiring in August, the other next year
Outcome: sold for $180,000
Agents: Andrew Smith, John Pritchard & Jon Pottinger

Te Aro

5 Tory St:
Features: 200m² character premises off Courtenay Place, seismic rating of 100% new building standard, Joe’s Garage Cafe on recently renewed 6-year lease
Rent: $60,300/year net + gst
Outcome: sold for $810,000 at a 7.4% yield
Agents: Mark Walker & Grant Young

Attribution: Agency release.

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Updated: Bayleys sells 13 at down-country auctions

Published 20 April 2015, updated 22 April 2015
Bayleys achieved a high sales level at its auctions south of Auckland last week – 6 out of 7 sold in Rotorua (including Burger Fuel premises pictured for sub-6%), another 6 out of 7 sold in Wellington and one in Hamilton. The update is on a Rotorua property, where the rental details have been clarified.

South of the Bombays

Bay of Plenty

Rotorua

VTNZ Rotorua.

VTNZ Rotorua.

Updated: Fenton Park, 51 Marguerita St:
Features: Significantly redeveloped 1130m² vehicle testing station on 3595m² site, 10-year lease to VTNZ from October 2014 plus 4 3-year rights of renewal
Rent: $189,250/year net + gst with CPI rent reviews, including $45,888/year for 10 years for tenant repayment of renovation works on the premises
Outcome: sold for $2.4 million
Agent: Mark Rendell

1071 Hinemoa St, units 1 & 2:
Features: 792m² fully leased 2-level, 10-year old cbd office building, each floor unit-titled, one tenant on top floor, 2 on ground floor, 9 onsite parking spaces
Rent: $148,265/year net + gst
Outcome: sold for $1.7 million at an 8.72% yield
Agent: Bill Wilson

100 Fairy Springs Rd:
Features: Recently completed 10-unit retail complex in prime city fringe location on State Highway 5, anchored by medical centre & pharmacy, 90 common parking spaces
Unit 2: 120m² Burger Fuel outlet, sold with 10-year lease for $655,000 at a 5.95% yield on net rental income of $39,000/year with 3% annual increases
Unit 3: 87m² Best Sushi outlet, sold with 6-year lease for $390,000 at a 6.69% yield on net rental income of $26,100/year with 3% annual increases
Unit 6: 130m² Springs Bakery, sold with 6-year lease for $507,000 at a 6.66% yield on net rental income of $33,800/year with CPI increases
Unit 9: 279m² superette, sold with 6-year lease for $762,000 at a 6.56% yield on net rental income of $50,000/year with CPI increases

Waikato

10-12 Wickham St, Hamilton.

10-12 Wickham St, Hamilton.

Hamilton

Frankton, 10-12 Wickham St:
Features: 2360m² warehouse & office building on 5273m² site with room for expansion, occupied by long-established business, Strata Precision Plastics, on 5-year lease from April 2015, with one 5-year right of renewal
Rent: $180,530/year net + gst
Outcome: sold for $2.46 million at a 7.5% yield
Agent: Andrew Shaw

Wanganui

Burger King on Victoria St, Wanganui.

Burger King on Victoria St, Wanganui.

Corner Victoria & Dublin Sts:
Features: 426m² Burger King outlet in prime corner location opposite new Rebel Sports/Briscoes, Antares Restaurant Group has recently completed major refurbishment to premises it has occupied since 1998
Rent: $148,346/year net + gst on 10-year lease from December 2013, with 2 5-year rights of renewal
Outcome: sold for $1.855 million at an 8% yield
Agents: James Higgie & Bob Davies

Wellington region

Lower Hutt

Gracefield, 155 Gracefield Rd, unit 10:
Features: 277m² warehouse/workshop with 60m² yard
Outcome: sold with vacant possession for $200,000
Agents: Paul Cudby & Matt Gibbs

133 Park Rd, Miramar.

133 Park Rd, Miramar.

Miramar

133 Park Rd: 
Features: 878m² bulk retail centre on 1365m² site, 380m² display yard, 6-year leaseback to anchor tenant, a 4 Seasons Home & Leisure Centre plus 2 3-year rights of renewal
Rent: about $144,000/year net + gst
Outcome: sold for $1.92 million at a 7.5% yield
Agents: Colin Hodge & James Higgie

Newlands

221 Newlands Rd:
Features: 344m² industrial building – 201m² workshop, 143m² office space on upper level, 2 covered parking spaces, rear service lane access
Rent: vacant possession but with assessed net potential rental of $45,000/year net + gst
Outcome: sold for $450,000
Agent: Fraser Press

Porirua

6D Broken Hill Rd, Porirua.

6D Broken Hill Rd, Porirua.

Elsdon, 6D Broken Hill Rd:
Features: 4678m² site, modern high-stud manufacturing & distribution premises built in 2010 for NCR (NZ) Ltd – 1226m² warehouse, 193m² office, 1072m² sealed secure yard, 358m² container park, NCR has just renewed its lease for another 5 years from September 2015, one further 5-year right of renewal
Rent: $160,000/year net + gst from September 2015
Outcome: sold for $2.04 million at a 7.8% yield
Agent: Andrew Smith

Upper Hutt

49-53 Main St:
Features: 230m² single-level building occupied by pharmacy & medical practice
Rent: $41,388/year net + gst from 2-year lease to Radius Pharmacy Upper Hutt Ltd from June 2014
Outcome: sold for $195,000 at a 21.2% yield
Agent: Mark Sherlock

Attribution: Auctions release.

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Sales in Auckland, BOP & Wellington

A selection of sales around the North Island closes out Bayleys’ commercial transaction reports for the year.

They range from one in the Auckland cbd and another at Te Atatu, 2 in the Bay of Plenty, to 4 in Wellington.

In the Auckland cbd, a listed 8-storey building on Eden Crescent (pictured above) has been sold with vacant possession. It was originally the Hotel Cargen when it was built in the 1920s, was occupied by UEB Industries Ltd for a time in the 1980s and has more recently been used by language schools.

2 properties in the Ngauranga Gorge were sold on behalf of DNZ Property Fund Ltd for $5.3 million, 5.5% above book value. Settlement is scheduled for January.

CBD

Learning Quarter

8-10 Eden Crescent, Auckland Central:
Features: 463m² site, historic 8-level 2991m² building built as Hotel Cargen in 1920s, seismically upgraded to 70% new building standard, plans drawn up for conversion to character apartments
Outcome: sold with vacant possession for $4.5 million
Agent: Alan Haydock

North-west

Te Atatu Peninsula

60a Wharf Rd:
Features: 3392m² engineering workshop, warehouse & office building on 7615m² site, 65 parking spaces, about 40% site coverage, 10-year lease to Scott Package Handling Systems from October 2014, with 2 5-year rights of renewal
Rent: $293,800/year net + gst with annual CPI reviews, minimum increase of 1% & maximum of 3%
Outcome: sold for $4.1 million at a 7.2% yield
Agents: Sunil Bhana & Mike Houlker

South of the Bombays

Bay of Plenty

Rotorua

1237 Amohia St:
Features: 825m² 2-level cbd office building developed in late 1970s on 600m² site, split into 3 tenancies with Fuji Xerox occupying 145m² on 2-year lease, other 2 tenancies vacant
Rent: $30,400/year net + gst
Outcome: sold for $500,000
Agent: Mark Rendell

Tauranga

150 Seventeenth Avenue:
Features: 600m² 4-year-old office building on 1559m² site in business park opposite Tauranga Hospital, support office for national childcare education provider Footsteps Education Ltd, new 8-year lease from October 2014 & 2 3-year rights of renewal
Rent: $137,380/year net + gst, with 2-yearly CPI rent reviews
Outcome: sold for $2 million at a 6.86% yield
Agents: Lloyd Davidson & Mathew Gibbard

Wellington

Newtown

10 Constable St:
Features: 154m² character building with ground-floor legal tenant on 3-year lease from February
2014 and 3-bedroom apartment above, on 194m² site opposite library
Rent: $24,700/year net + gst from commercial tenancy & $26,000/year gross on 6-month residential tenancy
Outcome: sold for $530,000
Agents: Mark Walker

Ngauranga

13 Jarden Mile:
Features: 1182m² 2-level premises purpose built in 1998 for longstanding occupant on 968m² site; current 5-year lease to Armourguard’s parent company Evergreen International NZ Ltd runs until April 2017, with one 5-year right of renewal
Rent: $250,132/year net + gst
Outcome: sold for $2.9 million at an 8.62% yield
Agents: Fraser Press & Mark Hourigan

12 Tyers Rd:

Features: 1304m² milk distribution facility including a coolstore with new chiller plant & 2-level office & amenities block,  purpose built for Fonterra in 1999, on 2731m² site with 1000m² yard; 9-year lease to Fonterra Brands (NZ) Ltd from September 2014 with one 6-year right of renewal
Rent: $230,000/year net + gst, with 3-yearly rent reviews to CPI
Outcome: sold for $2.85 million at an 8.07% yield
Agents: James Higgie & Mark Hourigan

Petone

18-20 Gear St:
Features: Modern 512m² warehouse & office building on 577m² site zoned Petone mixed use, 2 road frontages, drive-through access, 5 parking spaces, occupied by Bodyworks Panel & Paint until June 2015 with no rights of renewal
Rent: $40,438/year net + gst, estimated potential net income of $48,138/year
Outcome: sold for $600,000 at a 6.74% yield
Agents: Graeme Diamond & Paul Cudby

Attribution: Agency releases.

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