Archive | Waikato

11 Total Property auction sales outside Auckland

11 commercial properties were sold at Bayleys’ Total Property auctions outside Auckland last week, on top of 12 sales through its Auckland auction.

A new office building in Hamilton (pictured) sold at a 5.4% yield and an older Hamilton building at a 6.4% yield, yields on Porirua food outlets varied from 5.6% to 7.9%, and 2 buildings in Christchurch sold at yields of 5.8% & 6.1%.

North

Kerikeri

185 Waipapa Rd:
Features: 6340m2 site, 8km from centre of Kerikeri, 590m2 industrial building, 3 short-term leases all expiring in May
Rent: $53,000/year net + gst
Outcome: sold for $785,000 at a 6.75% yield
Agent: Alan Broadbent

South of the Bombays

Bay of Plenty

Tauranga

56 Elizabeth St:
Features: 481m2 cbd site next to large carpark, 890m2 2-level building, partly occupied by Subway, balance of ground floor & upper-level office space vacant
Rent: $43,028/year net + gst; estimated potential income about $180,000/year net + gst
Outcome: sold for $2.15 million
Agents: Brendon & Lynn Bradley

Waikato

Frankton

92 Kent St:
Features: 607m2 corner site, 352m2 2-level building, long established tenant Waikato Drycleaners on 3-year lease from September 2014, 2 3-year rights of renewal
Rent: $32,000/year net + gst
Outcome: sold for $500,000 at a 6.4% yield
Agents: Brendon & Lynn Bradley & Mike Swanson

Hamilton

238 Anglesea St:
Features: 825m2 cbd site on the corner of Collingwood St, 1426m2 2-level new A grade office building, fully leased to 3 tenants on 3- to 6-year leases, Mike Greer Homes on ground floor and the Public Trust above
Rent: $254,661/year net + gst
Outcome: sold for $4.7 million at a 5.4% yield
Agents: Alex ten Hove & Mike Swanson

Wellington

Grenada North

16 Jamaica Drive, unit 44:
Features: 175m2, 6.4m-high warehouse/factory unit, 3 parking spaces in Grenada business park
Outcome: sold vacant for $355,000
Agent: Andrew Smith

Lower Hutt

Alicetown, 5 Victoria St:
Features: 299mworkshop, 3-4 park parking spaces
Outcome: sold vacant for $350,000
Agents: Andrew Smith & Paul Cudby

Porirua

1C Hagley St:
Features: 109m2 unit occupied by Chef’s Palette noodle bar for 3 years from May 2015, 2 3-year rights of renewal, one rear parking space
Rent: $18,130/year net + gst
Outcome: sold for $325,000 at a 5.6% yield
Agent: Jon Pottinger

1D & 1E Hagley St:
Features: 603m2 unit occupied by Dynasty Chinese restaurant for 6 years from July 2014, with one 6-year right of renewal, 2 rear parking spaces
Rent: $72,561/year net + gst
Outcome: sold for $920,000 at a 7.9% yield
Agents: Jon Pottinger

South Island

Canterbury

Amberley

218-240 Carters Rd:
Features: 2.8867ha in 2 titles on State Highway 1 site, 8500m2 of vacant land available for development or lease, about 1000m2 of industrial buildings with 6 tenancies, short average lease term, 60m2 vacant, anchored by timber company Goldpine
Rent: $112,000/year net + gst
Outcome: sold for $1.45 million at a 7.72% yield
Agents: Stewart White, Chris Frank & Alex White

Christchurch

Sockburn, 22 Alloy St:
Features: 1041m2 site, 13 offstreet parking spaces, 546m2 warehouse & office building; Teltrac Communications Ltd has occupied it since early 1990s and has new 6-year lease from January 2017 and 2 4-year rights of renewal
Rent: $92,000/year net + gst
Outcome: sold for $1.504 million at a 6.1% yield
Agents: Stewart White, Chris Frank & Alex White

Waltham, 18 Iversen Terrace:
Features: 1000m2 site, 815m2 warehouse & office building; Larson-Juhl NZ Ltd has occupied it since 2002 & exercised final 3-year right of renewal in September 2016
Rent: $83,816/year net + gst
Outcome: sold for $1.445 million at a 5.8% yield
Agent: Nick O’Styke

Attribution: Agency release.

Continue Reading

13 sales around North Island

13 sales & 2 leases around the North Island have been reported by Colliers.

Sales

Isthmus east

Newmarket

7 Edgerley Ave:
Features: 716m² site, 464m² commercial building
Outcome: sold for $3.45 million, representing $4818/m² land & building
Agents: Jonathan Lynch & Simon Child

Otahuhu

132 Portage Rd:
Features: 4960m² site, 2324m² office & warehouse
Outcome: sold for $4.5 million at a 6.5% yield
Agents: Hamish West, Ben Herlihy, Andrew Hooper & Matt Prentice

Penrose

60 Hugo Johnston Drive:
Features: 4175m² industrial property, 1117m² 2-level office building & 1087m² standalone warehouse
Outcome: sold for $5.45 million at a 6.72% yield
Agents: Paul Jarvie, Brad Johnston & Greg Goldfinch

Isthmus west

Mt Eden

108 Mt Eden Rd:
Features: 1070m² site, 700m² 2-level office building
Outcome: sold for $4.55 million, representing $4252/m² land & building
Agent: Jonathan Lynch

North-east

Rosedale

63 Apollo Drive, unit B1:
Features: 444m² commercial uni,
Outcome: sold vacant for $1.85 million
Agents: Nick Recordon & Janet Marshall

North-west

Kumeu

202-220 Main Rd:
Features: 4153m² site, 1740m² office & warehouse
Outcome: sold for $2.2 million, representing $530/m² land & building
Agents: Jonathan Lynch & Craig Smith

South

East Tamaki

27 Zelanian Drive:
Features: 5863m² vacant office & warehouse
Outcome: sold for $8.475 million
Agents: Andrew Hooper, Greg Goldfinch, Paul Higgins & Brad Johnston

South of the Bombays

Bay of Plenty

Mt Maunganui

24 Pacific Avenue:
Features: 675m² site, 440m² retail building,
Outcome: sold for $3.075 million at a 4.3% yield
Agents: Simon Clark, Rob Schoeser & Hadley Brown

Rotorua

422-430 Ngongotaha Rd:
Features: 2.66ha industrial development site, 1056m² warehouse,
Outcome: sold vacant for $2.4 million
Agent: Mark Rendell

Manawatu

Palmerston North

360 Albert St:
Features: 382m² site, 220m² retail building,
Outcome: sold for $800,000 at a 5.5% yield
Agents: Phil Nevill, Grant Lloyd & Doug Russell

314-322 Rangitikei St:
Features: vacant 1616m² property,
Outcome: sold for $1 million
Agents: Grant Lloyd, Phil Nevill & Doug Russell

Waikato

Hamilton

69 Vickery St, unit 9:
Features: 681m² industrial/retail unit,
Outcome: sold for $1.416 million at a 5.68% yield
Agent: John Hagar

Wellington

Lower Hutt

71 Port Rd:
Features: 4049m² site, 2411m² office & warehouse
Outcome: sold for $2.83 million
Agents: Tim Julian & Kieran Lennon

Leases

Isthmus east

Mt Wellington

103 Carbine Rd:
Features: 1664m² commercial premises leased to ECL Group Fuel Systems Ltd for a 6-year term on behalf of Windward Properties Ltd
Agents: Hamish West, Paul Higgins & Andrew Hooper

South of the Bombays – Wellington

Lower Hutt

109 Port Rd:
Features: 4852m² commercial premises leased to Linfox Logistics NZ Ltd for a 6-year term on behalf of Seaview Commercial Investments Ltd
Agent: Kieran Lennon

Attribution: Agency release.

Continue Reading

Auckland port company starts work on hub near Hamilton

Ports of Auckland Ltd has started construction of a 33ha inland port at Horotiu, just north of Hamilton.

It’s awarded a contract to Fulton Hogan Ltd to undertake earthworks to level the site. Work will continue through the summer, and construction is expected to start in early 2017 of a new road-over-rail bridge to establish a connection to the existing road network.

The port company said in a release: “The freight hub (or inland port) is ideally located in the heart of the ‘golden triangle’, New Zealand’s fastest growing region. It has excellent rail & road connections to New Zealand’s 2 largest ports, the lower North Island, and 3 of the country’s 5 largest cities. The Waikato freight hub will be connected by rail to our existing hubs at Wiri, Mt Maunganui & Longburn, Manawatu.”

The first freight-handling facilities are expected to be in service by late 2017 or early 2018, once road & rail connections are built. Ports of Auckland said it had already had significant interest from cargo owners.

Ports of Auckland said it was building the hub with sustainability in mind, including features that enhance the local environment: “Over 4ha of the 33ha site will be planted with natives, providing habitat for long-tailed bats, copper skink, morepork/ruru & bellbird/korimako. Improvements to a stream on site may benefit indigenous freshwater species such as koura, long-fin eel & smelt. Where practical, the development will include solar power paired with energy storage to provide 24/7 renewable energy, and the hub will use LED lighting & other energy-efficient technology.”

The freight hub is expected to generate about 300 jobs directly and facilitate many thousands more by acting as an economic catalyst: “Ports of Auckland will work with Tainui & other community stakeholders to help ensure that local people benefit directly from the economic development taking place in their area.”

Attribution: Company release.

Continue Reading

$20 million of sales from Bayleys’ September tenders

Bayleys has recorded 5 sales outside the auction process in Auckland and one at Te Rapa from its Total Property series 5 – for a total over $20 million. All the tenders closed in September.

Isthmus east

Mission Bay

17 Patteson Avenue:
Features: 809msite, 571m 2-level building, 3 healthcare tenancies & 3 2-bedroom flats; ground floor dental, physiotherapy & doctors’ practices all have leases expiring in 2019, with no renewal rights;  flats above producing $450-$490/week on a variety of lease terms
Rent: gross rental income $208,303/year
Outcome: sold for in excess of $4.3 million
Agents: James Chan, Cameron Melhuish & Andrew Wallace

Mt Wellington

141 Marua Rd:
Features: 1019m2 site, 784m2 commercial building – 651m2 office, 113m2 warehouse, 20 parking spaces; leased to Fire Security Services for 12 years from September 2014, 2 6-year rights of renewal
Rent: $150,000/year + gst
Outcome: sold for $2.5 million at a 6% yield
Agents: James Valintine, Sunil Bhana & Andrew Wallace

Isthmus west

Freemans Bay

3 College Hill.

3 College Hill.

3 College Hill:
Features: 275m2 site zoned mixed use, 592.5m2 character building, seismic assessment 19% of new building standard; basement parking & storage, first-floor retail and offices above, 2 short-term tenancies
Rent: $131,000/year net + gst
Outcome: sold for $1.9 million at a 6.89% yield
Agents: Cameron Melhuish, Ben Wallace & Andrew Wallace

Sandringham

258-260 Balmoral Rd & 8 Patterson St (pictured above):
Features: 3176msite, historic church, childcare centre & a bungalow, owned by Presbyterian Church Property Trustees
Outcome: sold with vacant possession for $4.8 million to Bharatiya Mandir Inc, owner of nearby property with Hindu Temple at 252 Balmoral Rd
Agents: Sunil Bhana, James Hill & Mike Houlker

North-east

Wairau Valley

62 Ellice Rd:
Features: underutilised 1968m² site (25% building coverage) with 490m² 1970s’ industrial building with two storey 155m² office wing at front & 332m² of warehousing at the rear;  five-year lease from April 2015 with 12 months’ notice development clause
Rent: $125,000 /year net + GST
Outcome: sold for $1,600,555.55 at a 7.8% yield
Agents: Matt Mimmack, James Hill & Sunil Bhana

South of the Bombays – Waikato

Te Rapa

183 Maui St:
Features: 5000m2 site, 3 street frontages, containing 1095m2 NZ heaquarters building for Fire Security Service Ltd – 890m2 office, 178m2 warehouse, 26m2 mezzanine; 12-year lease from September 2014, 2 6-year rights of renewal
Rent: $330,000 /year net + gst
Outcome: sold for $5.2 million at a 6.35% yield
Agents: Sunil Bhana, Mike Houlker & Andrew Shaw

Attribution: Agency release.

Continue Reading

Second Bupa-leased property sells at auction

A Hamilton property leased to Bupa Care Services NZ Ltd (pictured above) sold at Bayleys’ auction in Hamilton on Thursday, following the sale of a Henderson property leased by the healthcare provider on Wednesday.

Both were marketed through a joint agency by Bayleys & CBRE. Also below, another 4 sales by Bayleys in the Coromandel & Waikato.

South of the Bombays

Coromandel

The Kopu site beside State Highway 25.

The Kopu site beside State Highway 25.

Thames

Kopu, 71 Kopu Rd:
Features: 1.44ha of industrial land beside State Highway 25, 2071m² of workshops & warehouse facilities, previously used as a trucking yard
Outcome: sold vacant to an owner-occupier for $1.825 million
Agent: Josh Smith

Waikato

Cambridge

187 Shakespeare St:
Features: 2044m² site, 1000m² industrial building in the heart of Leamington
Outcome: sold to an owner-occupier for $550,000
Agent: Blair Hutcheson

Hamilton

Glenview, 200 Ohaupo Rd (pictured at top):
Features: 3987m² site, former motel complex redeveloped in 2009 as a dedicated brain injury rehabilitation facility with a purpose-designed new residential care building also added; new 5-year lease to Bupa Care Services NZ Ltd, with one 5-year right of renewal Rent: $368,361/year net + gst with annual CPI rental increases
Outcome: sold at auction for $3.995 million
Agents: Andrew Shaw (Bayleys) & Andrew Stringer (CBRE)

Te Kowhai, 128 & 172 Limmer Rd:
Features: 34ha 17km north-west of Hamilton comprising grazing pasture & private airfield, 6 aircraft hangars & associated buildings plus BP refuelling facility
Outcome: sold for $2.6 million
Agents: Mike Swanson & Jason Kong

Port Waikato

Port Waikato Holiday Park, Maunsell Rd:  
Features: 5.9375ha property – 85 powered caravan sites, 63 tent sites, 9 cabins & 6 self-contained motel-style units, a 120m² 3-bedroom manager’s/owner’s house, separate management office, communal kitchen, laundry block & segregated shower block
Outcome: sold as freehold going concern for $2.5 million to Ngati Karewa & Ngati Tahinga Trust (ancestral owners of land)
Agents: Meredith Graham, Mike Peterson & Josh Smith

Attribution: Agency release.

Continue Reading

New Kea unit sale follows 6 sales & 5 leases for Colliers agents

A roadfront unit (pictured) in a new Kea Property development on Ellice Rd, at the top of the Wairau Valley, was sold for a snip under a 5% yield at Colliers’ auction yesterday. Colliers agents have sold another 6 properties from East Tamaki to Queenstown recently and signed 5 leases, all but one in Auckland.

Sales:

North-east

Wairau Valley

89 Ellice Rd, unit 1D:
Features: 341m² roadfront unit in 35-unit development by Kea Property Group Ltd – office 205m², warehouse/manufacturing 118m², mezzanine 18m², 9 parking spaces
Rent: $74,000/year net + gst from 4-year lease to City Electrical Ltd signed in June, 3 4-year rights of renewal
Outcome: sold at auction yesterday for $1.482 million at a 4.99% yield
Agents: Euan Stratton & Sean Finnegan

South

East Tamaki

4 Averton Place:
Features: cross-lease, half share in 2000m², 605m² vacant clearspan warehouse
Outcome: listed for auction on 7 September, sold prior to an owner-occupier for $1.121 million
Agents: Jolyon Thomson & Todd Kuzmich

South of the Bombays

Bay of Plenty

Mt Maunganui

15 Newton St:
Features: 1019m² site, 550m² building
Outcome: sold at auction for $1.35 million at a 4.79% yield
Agents: Simon Clark & Rob Schoeser

Waikato

Morrinsville

75 Snell St:
Features: 1.55ha site. 2430m² industrial building,
Outcome: sold at auction for $4.255 million at a 6.94% yield
Agents: Alan Pracy & Justin Oliver

Wellington

Pipitea

238 Thorndon Quay:
Features: 887m² site, 810m² 2-level retail & office building
Outcome: sold for $3.13 million at a 7.37% yield
Agents: Rex Fowler, Sam McIlroy & Georgina Young

240 Thorndon Quay:
Features: 769m² site, 850m² 2-level retail & office building
Outcome: sold for $2.2 million
Agents: Rex Fowler & Sam McIlroy

South Island

Queenstown

12 Industrial Lane:
Features: 430m² office & warehouse,
Outcome: sold for $1.08 million at a 6.48% yield
Agents: Mary-Jo Hudson & Rory O’Donnell

Leases:

CBD

Wynyard Quarter

VXV3 building:
Features: 3080m² new commercial building developed by Goodman Property Trust, plus signage, leased to IBM NZ Ltd
Agents: Rob Bird, Paul Dyson & Chris Palmer

Isthmus east

Onehunga

120 Captain Springs Rd:
Features: 1483m² industrial property, leased to Legacy Construction Ltd by 777 Investments Ltd (Rolf & Belinda Masfen) for a 5-year term
Agent: Ash Vincent

Otahuhu

Manu industrial estate, 9 Manu St, building 6:
Features: 3625m² building in an estate developed by James Kirkpatrick Group Ltd – warehouse 3495m², office 130m², canopy 130m², yard 500m², 8-year lease
Agents: Ben Herlihy, Hamish West & Chris Palmer

South

Mangere

20C Timberly Rd:
Features: 5432m² warehouse & office developed by Goodman Property Trust, leased to Hellmann Worldwide Logistics Ltd
Agents: Brad Johnston & Paul Jarvie

South of the Bombays

Wellington

205 Victoria St:
Features: 780m² ground floor, 7 parking spaces, leased to Forest & Bird Society for Anaro Investments Ltd
Agents: Sam McIlroy & Jeremy Langford

Attribution: Agency release.

Continue Reading

Stride-managed trust settles 2 Westfield deals

The Diversified NZ Property Trust, a wholesale investment entity managed by Stride Property Group, settled its purchase of 2 Westfield shopping centres from Scentre Group as scheduled on Monday.

The trust has bought Queensgate in Lower Hutt & Chartwell in Hamilton for $445 million.

Ownership has been transferred to Diversified’s trustee, Equity Trustees Ltd, and management to Stride Investment Management Ltd under an initial 10-year management contract.

Stride said when the Overseas Investment Office approved the deal on 1 August that new-look branding would be unveiled at each centre on settlement day, but that hasn’t happened yet, apart from dropping the Westfield name.

Attribution: Company release.

Continue Reading

Silverfin settles Centre Place South purchase by syndicate

Kiwi Property Group Ltd confirmed on Friday that it had settled the $46.8 million sale of Centre Place South – the former Downtown Plaza – shopping centre in Hamilton, and Silverfin Capital Ltd confirmed today that it was the buyer.

Silverfin has raised $27.6 million from wholesale investors in a fully subscribed syndicate marketed through Colliers.

Silverfin managing director Cheryl Macaulay said that once the company was licensed by the Financial Markets Authority as a fund manager it might offer some of the syndicate to retail investors, as some of the initial investors had taken larger portions. “However, they’re getting 9%/year, they might just say no to retail.”

The Centre Place Shopping Centre comprises Centre Place North & Centre Place South, which are separated by the pedestrianised Ward St. Kiwi Property owns & manages Centre Place North and will manage Centre Place South on behalf of the Silverfin syndicate.

Centre Place South has a net lettable area of 10,933m² bounded by Anglesea & Ward Sts & Worley Place. It underwent a $36 million refurbishment in 2013 and has a new Farmers department store on a 15-year lease & 25 specialty tenancies. Silverfin has projected a 9% pretax cash return for the first year.

Centre Place North has a net lettable area of 15,630m², 75 specialty tenants & 2 cinemas. Kiwi Property acquired the whole property in 3 tranches between 1994-2005.

This is Silverfin’s second syndicate and it’s doing due diligence for a third, scheduled for release in September. The first was at 21 Hobill Avenue, Wiri, in May-June, where Silverfin raised $12 million in $750,000 parcels for a $22 million purchase.

Earlier story:
23 June 2016: Slight adjustment to Centre Place South sale price

Attribution: Company release, Silverfin offer documents & call.

Continue Reading

4 sales south of Bombays plus 2 post-auction in Auckland

4 properties south of the Bombays have been sold in Bayleys’ Total Property auction series, and 2 from the agency’s 1 June auction in Auckland have been sold.

South of the Bombays

Manawatu

Palmerston North

28 Fitzherbert Avenue (pictured):
Features: 475m² cbd site, brand new 180m² premises purpose-built for TAB, 8-year lease to NZ Racing Board until August 2024 + 2 4-year rights of renewal
Rent: $66,100/year net + gst
Outcome: sold for $1.23 million at a 5.37% yield
Agents: Lewis Townshend & Karl Cameron

Waikato

Te Rapa

7 Maui St:
Features: 4262m² site, 1440m² bulk retail store & 66 parking spaces covering only one-third of site, PK Furniture has taken over balance of 8-year lease to Fishing Camping Outdoors (which closed its NZ operations last year) until November 2019 + 2 8-year rights of renewal
Rent: $258,868/year net + gst, fixed rental increases of 3.5%/year
Outcome: sold for $3.65 million at a 7.09% yield
Agents: Andrew Shaw & Jason Kong

Te Aroha

28 Church St:
Features: 1063m² site near the town’s cbd, 714m² building occupied by 5 medical professionals on mixed lease terms, with some vacancy
Rent: $154,886/year net + gst
Outcome: sold for $2.63 million at a 5.89% yield
Agent: Josh Smith

Wairarapa

Martinborough

8 Kitchener St:
Features: 1557m² in 2 titles in heart of commercial precinct, large carpark at rear, 625m² character building with 2 interlinked tenants, a café & wine merchant, plus public library tenancy, all on 3-year terms from April 2016
Rent: $106,713/year net + gst
Outcome: sold for $1.37 million at a 7.78% yield
Agents: John Pritchard & Mark Sherlock

Post-auction sales in Henderson & Orewa

2 properties passed in at Bayleys’ Total Property auction on 1 June were sold in July.

North-east

Orewa

Updated: Nautilus, 11 Tamariki Drive, unit 4:
Features: 85m² shop, 3-year lease, one 3-year right of renewal
Outcome: passed in $505,000, sold in July for $580,000
Agents: Paul Dixon & Meredith Graham

North-west

Henderson

Updated: 240, 240A & 240B Great North Rd:
Features: 491m² site at Te Atatu Rd roundabout, 270m² floor area, 3 shops on separate titles, vacant restaurant has double frontage & commercial kitchen
Outcome: passed in at $725,000, sold in July for $810,000
Agents: Oscar Kuang & James Chan

Attribution: Agency releases.

Continue Reading

3 Waikato sales start Bayleys’ Total Property 3 auctions, plus an Orewa sale

2 Waikato properties in Bayleys’ Total Property 3 portfolio, and another in Huntly, were sold at auction in Hamilton last Thursday.

An Orewa property auctioned in the Total Property 2 portfolio on 1 June has also been sold post-auction.

North-east

Orewa

8 Moana Avenue, unit G:
Features: 140m² retail unit in Westpac Plaza, option to split into 2 tenancies
Outcome: passed in at $290,000 at auction on 1 June, sold vacant to an owner-occupier for $350,000
Agent: Mustan Bagasra

South of Bombays – Waikato

Hamilton

384 Tristram St (pictured):
Features: 1533m² site on major intersection opposite Waikato Stadium, 2-storey 667m² commercial building, longstanding national tenant Pet Doctors has renewed for another 8 years from October 2016
Rent: $169,363/year net + gst
Outcome: sold for $2.835 million at a 6.1% yield
Agents: Mike Swanson & Jason Kong

Huntly

121 Hakanoa St:
Features: 210m² building, streetfront retail space anchored by Hakanoa Superette, 50m² vacant & fitted out for a fish & chip shop; residential accommodation at rear occupied by superette operators as part of their lease
Rent: shop $12,588/year net + gst, house $11,819/year
Outcome: sold for $402,000
Agent: Josh Smith

Tokoroa

3-9 Campbell St:
Features: 3036m² site, 3 buildings totalling 1407m² occupied by national retailers Corys Electrical & Mico Plumbing & a local automotive business
Rent: $117,280/year net + gst
Outcome: sold for $1.44 million at an 8.1% yield
Agents: Andrew Shaw & Brendon Bradley

Attribution: Agency release.

Continue Reading
WordPress Appliance - Powered by TurnKey Linux