Archive | Tauranga

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.

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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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11 commercial sales around Tauranga

Ray White Commercial agents in Tauranga have sold 11 properties around the city and down to Papamoa.

South of the Bombays

Tauranga cbd

1460 Cameron Rd:
Features: 2167m² former motel leased to IRIS Ltd (a subsidiary of Geneva Healthcare Ltd) for use for the disabled
Outcome: sold for $1.3 million
Agent: Rob Pinny

71 Devonport Rd:
Features: 835m² building, multiple tenancies including Bella Mia restaurant and retail & office
Outcome: sold for $1.9 million at a 5.2% yield
Agent: Rob Pinny

75 Devonport Rd:
Features: 936m² building, tenants the Hub Café and Ministry of Social Development, 3 parking spaces
Outcome: sold for $1.65 million at an 8% yield
Agent: Rob Pinny

Harbinger House, 209 Fraser St:
Features: 814m² building, bed & breakfast accommodation
Outcome: sold vacant for $645,000
Agent: Philip Hunt

133 Willow St:
Features: 149m² building, tenant Huis Design Ltd
Outcome: sold for $705,000 at a 2.4% yield
Agents: John Whitley & Philip Hunt

Greerton

193 Chadwick Rd:
Features: 586m² building, tenants Zest Café and SPCA
Outcome: sold for $1.24 million at a 6.4% yield
Agent: Philip Hunt

199 Chadwick Rd:
Features: 489m² building, tenant Westpac (NZ) Ltd
Outcome: sold for $1.3 million at a 5.6% yield
Agent: Philip Hunt

Judea

81 Birch Avenue:
Features: 4144m² warehouse & office, tenants Patton Ltd & Ferris Flooring Ltd
Outcome: sold for $1.565 million at a 6.4% yield
Agent: Philip Hunt

Papamoa

25 Market Place:
Features: 1628m² bare land
Outcome: sold vacant for $504,680
Agent: Michael McMichael

80 Parton Rd:
Features: 2502m² building, tenant Made Coach Ltd
Outcome: sold for $1.3 million at a 4.4% yield
Agent: Rob Pinny

Pyes Pa

Pyes Pa shopping centre, 83 Pyes Pa Rd, tenancy 12:
Features: 345m² + 332m² outdoor area, tenant Best Start Educare Ltd
Outcome: sold for $2.03 million
Agent: Rob Pinny

Attribution: Agency release.

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Port of Tauranga pays back shareholders after expansion – and offers Auckland hand to overcome constraint

Port of Tauranga Ltd said yesterday it had completed a 5-year expansion programme and was looking at returning $140 million to shareholders.

The company announced a return of $34 million to shareholders by way of a special fully imputed dividend of 25c/share, the first tranche of $140 million it intends to return to shareholders over the next 4 years: “The final amount returned is dependent on our requirements to fund any potential future growth initiatives,” chair David Pilkington said.

Mr Pilkington said strong container volumes offset a fall in log exports. He also used the occasion to emphasise a point about Auckland: “It is clear that port capacity in Auckland is becoming constrained. Thanks to our investment programme, our extensive Tauranga landholdings and our rail-linked MetroPort facility in Onehunga, we can significantly expand the volume of imports that can be delivered into Auckland.

“Such an approach will have the additional benefit of reducing traffic flows in downtown Auckland and negate the need to expand the city’s port operations further into the Waitemata Harbour.

“We are willing to engage in a rigorous economic study to examine the optimal port capacity solution for the upper North Island. However, we are optimistic that ultimately the market will drive any rationalisation required. The arrival of bigger ships – and the efficiencies they can bring – will be a game changer.”

Those comments slot into a freight conversation where, in Auckland at least, the 2012 Upper North Island Strategic Alliance on rationalising freight movements has been sidelined while the city has examined its own circumstances in isolation.

Tauranga’s financial highlights for the year to June:

  • Net profit after tax, down 2.4% to $77.3 million following increase in depreciation charges and downturn in log volumes
  • Parent ebitda (earnings before interest, tax, depreciation & amortisation), up 2.2% to $125.7 million ($123 million) as strong growth in container traffic offset a decline in log exports
  • Container volumes, up 12.1% to 954,000 (851,000) TEUs (20ft-equivalent units)
  • First 9500-TEU ships to start calling at Port of Tauranga in October after channel dredging completed and landside facilities upgraded
  • Final dividend, 30c/share, lifting total dividends 1.9% to 53c/share
  • Improved health & safety performance, total recordable injury frequency rate down 62% to 5.6 (per million hours’ exposure)

Mr Pilkington said log exports fell more than one million tonnes, and imported stock feed & fertiliser also fell.

Reported revenues fell to $245.5 million ($268.5 million) due to a $32 million decrease in revenue as a result of having to equity-account Tapper Transport as an associate company within the Coda partnership.

On Port of Tauranga’s expanded freight role, Mr Pilkington said: “We are very pleased with the progress that has been made against our long-term strategy to extend our freight catchment to become the country’s leading freight gateway and to prepare to welcome the arrival of the large ships into New Zealand waters.

“Strategic initiatives such as our alliance with OJI Fibre Solutions, Kotahi & Zespri/Total Kiwifruit Logistics continue to drive a strong increase in container volumes to the port. These initiatives have also insulated the company from this year’s significant reduction in log exports.

“Our strategy has allowed the company to make the significant investment required to host the next generation of big ships without compromising our commitment to deliver sustainable returns to our shareholders.

“It is also delivering benefits to the broader New Zealand economy. Following the completion of dredging to deepen & widen the port’s shipping channels, the first of these large container ships is set to visit in October. Over the long term, large ships have the potential to deliver in excess of $300 million in annual savings to the country’s exporters & importers.

Links:
Auckland port future study
Port future study recommendations report

Earlier stories:
7 December 2012: Super-city reduces magnanimous ports study to parish pump
30 November 2012: Ports study appears to miss fundamental point: cannibalism
27 April 2012: Council alliance seeks technical study on freight & port needs
7 March 2012: Council orders up port study to end debate on possible expansion
Attribution: Company release.

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6 Fonterra Farm Source stores sell

Fonterra Co-operative Group Ltd has sold 6 Fonterra Farm Source stores around the North Island through a joint auction programme between Bayleys & CBRE head of agri-business Jeremy Keating.

Bayleys conducted the auctions in New Plymouth last Wednesday and in Hamilton & Rotorua on Thursday.

All sold with 8-year leasebacks to Fonterra subsidiary RD1 Ltd from settlement on 23 July 23, with 2-yearly cumulative CPI adjustments and reviewed to market on renewal & 2-yearly thereafter. Fonterra also has 4 3-year rights of renewal.

South of the Bombays

Bay of Plenty

Galatea

Horomanga Rd (pictured):
Features: 4912m² site, 479m² longstanding store
Rent: $38,324/year net + gst
Outcome: sold for $400,000 at a 9.58% yield
Agents: Mark Slade & Mark Rendell

Hauraki

Ngatea

59-65 Orchard West Rd:
Features: 4555m² site on State Highway 2, 596m² store [corrected; originally written as 2596m²], 119m²  of canopies; purchaser will be required to outlay additional capital up to a maximum of $600,000 over the next 2 years for premises expansion, with a commensurate increase in rental
Rent: $124,750/year net + gst
Outcome: sold for $1.95 million at a 6.4% yield
Agents: Josh Smith & Jeremy Keating

Taranaki

Opunake

64 Tasman St:
Features: 3054m² mainstreet (State Highway 45) location, 3 street frontages, 1125m² store, 145m² of canopies
Rent: $113,580/year net + gst
Outcome: sold for $1.25 million at a 9.1% yield
Agents: Alan Johnston, Iain Taylor & Jeremy Keating

Waikato

Matamata

104 Broadway:
Features: 2719m² site on State Highway 24, 1052m² store, drive-through access
Rent: $172,459/year net + gst
Outcome: sold for $2.61 million at a 6.61% yield
Agents: Blair Hutcheson & Jeremy Keating

Morrinsville

178 Thames St:
Features: 2772m² site in the centre of town, dual street frontage, 1043m² store
Rent: $152,024 /year net + gst
Outcome: sold for $2.305 million at a 6.6% yield
Agents: Josh Smith & Jeremy Keating

Putaruru

14-20 Kensington St:
Features: 2313m² site close to town’s main roundabout, 1089m² store
Rent: $108,815/year net + gst
Outcome: sold for $1.385 million at a 7.85% yield
Agents: Blair Hutcheson & Jeremy Keating

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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11 commercial sales at Bayleys southern auctions

Bayleys concluded 11 sales under the hammer at its auctions south of Auckland on Thursday, including 7 around the Wellington region.

South of the Bombays

Bay of Plenty

Tauranga

144 Third Avenue, unit 3:
Features: 3-level 182m2 office unit in Third Cove office park overlooking harbour; new 5-year lease to architectural firm, 4 parking spaces
Rent: $48,000/year net + gst
Outcome: sold for $700,000 at a 6.85% yield
Agents: Brendon & Lynn Bradley

Coromandel

Whitianga

13 Buffalo Beach Rd:
Features: 809m2 beachfront site, 5-unit Marlin Apartments operated as motel-style business, with 2-bedroom owner’s apartment at rear
Outcome: sold for $1 million
Agents: Josh Smith & Mary Walker

Hawke’s Bay

Hastings

729 Heretaunga St West, Hastings.

729 Heretaunga St West, Hastings.

729 Heretaunga St West:
Features: 1268m2 corner site, 620m2 office building, 4 tenants, 16 parking spaces
Rent: $92,881/year net + gst
Outcome: sold for $1 million at a 9.3% yield
Agent: Paul Garland

Waikato

Tokoroa

47 Chambers St:
Features: 883m2 industrial building, 1702m2 site, 2 tenancies
Rent: $48,000/year net + gst
Outcome: sold for $500,000 at a 9% yield
Agents: Brendon & Lynn Bradley

Wellington

Lower Hutt

23-25 Brunswick St:
Features: 2330m2 site, 1246mindustrial building; 2 tenants, VTNZ & GRC Automotive, on 6-year leases from 2014; VTNZ has occupied site for 10 years
Rent: $173,131/year net + gst
Outcome: sold for $2.38 million at a 7.3% yield
Agents: Grant Young & Mark Hourigan

3 Marsden St:
Features: 1189m2 site, single-level 481mcommercial/industrial building constructed about 1990, 4 separate tenancies, 11 parking spaces
Rent: $81,250/year gross + gst
Outcome: sold for $675,000 at a 9.3% yield
Agents: Richard Faisandier & John Pritchard

Alicetown, 15 Wakefield St:
Features: 792m2 industrial building – 765m2 high stud warehouse & 27m2 office/amenities, 4½-year lease from August 2013
Rent: $65,000/year net + gst
Outcome: sold for $406,000 at a 14.5% yield
Agents: Paul Cudby & Matt Gibbs

Alicetown, 17 Wakefield St:
Features: 450m2 industrial building – 390m2 warehouse, 60m2 office, 320m2 yard
Outcome: sold vacant for $372,000
Agents: Paul Cudby & Matt Gibbs

Petone, 56 Fitzherbert St:
Features: 465m2 site, 508m2 industrial building – 300m2 warehouse, 200m2 office, 5 parking spaces
Outcome: sold vacant for $610,000
Agents: John Pritchard & Fraser Press

Waterloo, 3 Trafalgar Square (pictured at top):
Features: 1533m2 site, 660m2 building, seismic assessment 96% of new building standard, 8 50m2 retail units & 4 65m2 residential units, 9 garages; 7 commercial & 4 residential tenants
Rent: $125,000/year net + gst
Outcome: sold for $1.625 million at a 7.7% yield
Agent: Colin Hodge

Porirua

Whitby, 51A Spinnaker Drive:
Features: 972m2 site, 100m2 convenience store, 60m2 one-bedroom flat, leased to convenience store for 4 years from April 2015
Rent: $29,097/year net + gst
Outcome: sold for $340,000 at an 8.2% yield
Agent: Jon Pottinger

Attribution: Agency release.

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Propbd on Q F31July15 – Tauranga link, Precinct settles, student loans repaid

Tauranga Eastern Link opens
Precinct settles second Wellington sale
Overseas-based borrowers repay $200 million of student loans

1.12pm:
Tauranga Eastern Link opens

The $455 million Tauranga Eastern Link road project was officially opened by Prime Minister John Key and Transport Minister Simon Bridges yesterday.

The 21km 4-lane road is one of 7 roads of national significance the Government identified as being crucial to building New Zealand’s economy, and is the second to be completed.

It has 7 bridges, the country’s biggest roundabout, a 6.8km cycleway and a 130m-long pa sculpture.

Work started on the project in November 2010 and the link will open to traffic on Monday, 5 months ahead of schedule.

Link: NZTA, Tauranga Eastern Link

Precinct settles second Wellington sale

Precinct Properties NZ Ltd settled the sale of 171 Featherston St in Wellington yesterday for $76 million. The company said on Monday it had settled the sale of another Wellington building, 80 The Terrace, for $36.1 million.

Overseas-based borrowers repay $200 million of student loans

Tertiary Education, Skills & Employment Minister Steven Joyce and Revenue Minister Todd McClay said yesterday overseas-based Kiwis with student loans had collectively repaid more than $200 million in additional repayments towards their outstanding balances through the overseas-based borrowers initiative.

Inland Revenue has been running a campaign since late 2010 to encourage more student loan borrowers living overseas to repay their loans. In the year to June, $185 million was collected from overseas-based borrowers, including $79 million directly as a result of the initiative.

As of May, 15% of the 730,000 student loan borrowers live overseas and Inland Revenue estimated they owed $3.1 billion.

In the last year, 20 new cases of Australia-based borrowers were referred for legal enforcement, and 19 of those had notices of proceedings served. 3 of those borrowers had now paid their arrears in full.

Inland Revenue can issue an arrest warrant for people who persistently default on their repayments, and is monitoring 20 people in that position.

Attribution: Company & ministerial releases.

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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.

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