Archive | Taranaki

6 Taranaki & Wellington buildings sell

3 New Plymouth properties and 3 in Petone (pictured above) & Porirua were sold last week as Bayleys’ Total Property auctions headed down country.

The 2 sales on Devon St, New Plymouth were at the same price but on very different yields – one of them home to a building with a low seismic rating.

South of the Bombays

Taranaki

New Plymouth

79-87 Devon St East:
Features: 1969m² cbd landholding in 2 titles with frontage also to Gill St; 2-level 2990m² character building, low seismic rating, 5 retail & office tenants
Rent: $225,456/year net + gst
Outcome: sold for $1.2 million
Agents: Alan Johnston & Iain Taylor

137 Devon St East:
Features: 490m² cbd site, 805m² recently refurbished building, 7 basement parking spaces, 8-year lease to franchisee of Cash Converters from October 2015
Rent: $80,000/year net + gst
Outcome: sold for $1.2 million at a 6.67% yield
Agents: Alan Johnston & Iain Taylor

16 Hobson St:
Features: 502m² business B-zoned redevelopment site in cbd fringe, 6-month redevelopment clause in lease, converted dwelling occupied by accounting practice
Rent: $29,724/year net + gst holding income
Outcome: sold for $585,000 at $1165.3/m²
Agents: Alan Johnston & Iain Taylor

Wellington

Petone

220 Jackson St:
Features: 2 retail units totalling 227m² occupied by women’s fashion retailers on ground floor of George Apartments building constructed in 2003, character façade and seismic assessment of 100% of new building standard
Rent: $54,921/year net + gst
Outcome: sold for $830,000 at a 6.62% yield
Agents: Paul Cudby & Andrew Smith

220 Jackson St, apartment 4:
Features: 100m², fully furnished 2-bedroom apartment in George Apartments building, parking space, has been returning $750/week
Outcome: sold vacant for $500,000
Agents: Paul Cudby & Andrew Smith

Porirua

2B Raiha St, Porirua.

2B Raiha St, Porirua.

2B Raiha St:
Features: 3056m² industrial site, 844m² 4-bay warehouse, 2 levels of offices & amenities, surplus land to develop
Outcome: sold vacant for $1.5 million
Agents: Jon Pottinger & Fraser Press

Attribution: Agency release.

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Total Property sales in New Plymouth & Tauranga

2 properties in New Plymouth & Tauranga have been sold in Bayleys’ Total Property auction series last week.

South of the Bombays

Bay of Plenty

Tauranga

Gate Pa, 2 Tebbs Lane:
Features: 1414m² site in business park, 696m² office premises built for Ministry of Social Development in 2103, 9-year lease to October 2022 with 2 3-year rights of renewal
Rent: $179,900/year net + gst
Outcome: sold for $2.7 million at a 6.66% yield
Agents: Brendon & Lynn Bradley & Mathew Gibbard

Taranaki

New Plymouth

Bell Block, 55-63 Corbett Rd:
Features: 1.214ha industrial-zoned site, 2 tenancies, anchor tenant Bunnings operates a trade store on the roadfront and exercised  a final 3-year right of renewal last September, a scrap metal business is at the rear of the property on a 2-year lease
Rent: $129,000/year net + gst
Outcome: sold to an Auckland investor for $1.66 million at a 7.77% yield
Agents: Iain Taylor & Alan Johnston

Attribution: Agency release.

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Updated & corrected: Fight for Porana Rd site a feature as 7 sell at Bayleys auction, 9 now sold

Published 6 July 2016, updated 11 July 2016:
7 of the 14 properties in Bayleys’ third Auckland Total Property portfolio of the year were sold at auction on 6 July, and one was sold prior. A New Windsor property has been sold post-auction.

A feature of the day’s bidding was the battle between a Wairau Valley property’s neighbour & 3 developers (among other bidders) – the neighbour entering the fray late and outlasting his competition for the Porana Rd site (pictured). Although the transaction registers at a 3.35% yield on current monthly rent, site aggregation is always differently based.

The auction took an unusual turn for a Bayleys commercial auction after the first 3 properties were sold, as the next 4 were all passed in, followed by the Porana Rd battle.

The sale price on a Hillside Rd, Wairau Valley, property has been corrected.

Isthmus east

Grafton

73 Boston Rd:
Features: 334m² site in mixed-use zone, 114m² commercial villa, 3 parking spaces + 25m² freestanding one-bedroom flat; proposed unitary plan allows for 20.5m height
Outcome: sold for $1.7 million
Agents: Phil & Alan Haydock

Meadowbank

16-18 St Johns Rd:
Features: 223m² site, 264m² floor area, seismically strengthened to 70% new building standard & refurbished, 2 shops, 3-bedroom flat above
Rent: $80,544/year + gst, potential $116,000/year net & vacant possession of flat
Outcome: sold for $2.302 million at a 5.04% yield on the potential rent
Agents: Cameron Melhuish & Andrew Wallace

Penrose

30 O’Rorke Rd:
Features: 3120m² industrial site, 1700m² premises, leasehold interest for sale, fixed expiry 2044, fully tenanted – 3 tenants on leases to 2018 & 2020 with renewal rights; freehold held by Tram Lease Ltd
Rent: $169,800/year + gst
Outcome: reserve of $560,000 declared, no bid
Agents: Graham Anderson & Greg Hall

Isthmus west

New Windsor

Updated: 63 New Windsor Rd:
Features: corner block of shops, 170m² floor area, tenants a café, electrician & laundromat
Rent: $41,465/year net + gst
Outcome: passed in at $890,000, sold post-auction for $936,150
Agents: Oscar Kuang & Matt Lee

Ponsonby

223 Ponsonby Rd:
Features: 4 flats, 3 refurbished
Rent: fully leased, returning $125,580/year
Outcome: passed in at $3.1 million
Agents: Damien Bullick & Alan Haydock

North-east

Orewa

70 Grand Drive, units G & H:
Features: 387m² restaurant & gaming lounge in 2 units of modern complex
Outcome: no bid
Agents: Mustan Bagasra

Takapuna

347-349 Lake Rd:
Features: 245m² site, 230m² floor area
Rent: $80,500/year net + gst
Outcome: passed in at $1.7 million
Agents: Simon Aldridge & Michael Nees

Wairau Valley

Corrected: 57 Hillside Rd, unit C:
Features: 616m² industrial property – warehouse 308m², office & amenities 150m², mezzanine storage 158m²
Rent: tenant on monthly gross rent of $6500 + gst + outgoings, or $78,000/year
Outcome: sold for $1.09 million (originally written as $1.9 million)
Agents: Alex Strever & Trevor Dufin

60 Porana Rd (pictured):
Features: 1791m² site, 700m² floor area in industrial building, bought by neighbour
Rent: tenant on monthly rent of $5250 + gst + outgoings, or $63,000/year
Outcome: sold for $1.88 million at 3.35% on current rent
Agents: Trevor Duffin & Alex Strever

North-west

Glen Eden

5 Oates Rd, unit 4:
Features: 77m² strata title, bakery on 6-year lease
Rent: $27,040/year net + gst
Outcome: sold for $635,000 at a 4.26% yield
Agents: Oscar Kuang & Quinn Ngo

South

Manurewa

18 Mahia Rd:
Features: 2448m² corner site in 3 titles, 1606m² warehouse & workshop, same tenant for 23 years, seismic rating 90%
Rent: $168,603/year net + gst, 4-year lease from July 2015
Outcome: passed in at $2.7 million
Agents: Nick Bayley & Dave Stanley

Papakura

179-181 Great South Rd:
Features: 460m² site, 477m² building, 2 tenancies
Rent: $77,083/year net + gst
Outcome: sold for $1.31 million at a 5.9% yield
Agents: Peter Migounoff & Piyush Kumar

Somerville

90C Whitford Rd:
Features: 110m² Chinese restaurant
Rent: $40,860/year net + gst, 3-year lease renewed until September 2019
Outcome: sold for $715,000 at a 5.7% yield
Agents: Quinn Ngo & Katie Wu

South of the Bombays – Taranaki

New Plymouth

21 Currie St:
Features: 3070m² site, fully leased, former post office converted to retail, banking & Quest serviced apartments, fully leased parking
Rent: $1.1 million/year passing income
Outcome: sold prior, price not disclosed
Agents: Paul Dixon & Alan Johnston

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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Switch of syndicate owning New Plymouth building succeeds

A $5.775 million syndication offering for The Warehouse building at 67 Courtenay St, New Plymouth, has closed fully allocated.

Tim Lichtenstein & Charlie Oscroft, of Colliers International, marketed the scheme – 231 $25,000 parcels – for NZ Syndication Group Ltd (Peter Hutchison chairman, Mark French & Peter Waters).

The syndication company bought the building for $10.515 million, a discount to the $11 million market value assessed by Telfer Young (Taranaki) Ltd.

The vendor was another syndicate managed by Cambridge Asset Management Ltd (ex-St Laurence Assets Management Ltd). The term of that scheme had expired. Cambridge continues to manage the property under a sub-contract agreement.

The Warehouse has taken out a new 12-year lease on the 5865m² building, expiring in October 2026. Seismic capacity given as at least 135% of new building standard.

The current contract rent is $882,750/year + gst, the yield at market would be 8.025%, but 8.4% at the purchase price. Acquisition & offer costs make up the $500,000 difference between the 2 valuations.

Gross projected return for the new syndicate for the first 2 years is 8.5%. The syndicate has a $5.275 million loan from ASB Bank Ltd.

Cambridge Funds Management Ltd, owned by the family trusts of former St Laurence managing director Kevin Podmore, Sandra Lee & Jim McArley, acquired St Laurence Assets Management from the receiver of St Laurence Ltd in 2010 and changed its name to Cambridge.
Mr Podmore, now described as an analyst at Cambridge, filed for bankruptcy in January 2012 and was automatically discharged in January this year.
Cambridge manages over $100 million of commercial property for high net worth investors & property syndicates. Cambridge & NZ Syndication Group are based at the same office in Lower Hutt.

Links: NZ Syndication Group
Cambridge Management

Attribution: Agency release, company websites, prospectus, Insolvency Service.

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