Archive | Waikato

12 Total Property auction sales south of Auckland

All 6 properties in Bayleys’ third Wellington Total Property auction for the year were sold under the hammer on Thursday, and another 6 on the Coromandel, Waikato & Rotorua were sold.

South of the Bombays

Coromandel

243 Colville Rd (pictured above):
Features: Shelly Beach campground, 5.0627ha beachfront site operating under Top 10 Holiday Park brand, 5km from Coromandel township, comprising a variety of camping facilities plus manager’s accommodation & house
Outcome: sold as freehold going concern for $3 million
Agents: Josh Smith & Belinda Sammons

Thames

458 Pollen St:
Features: 2836m2 mainstreet site, Mitre 10 the anchor occupant, 1659m2 of buildings earthquake strengthened to over 67% of new building standard, various lease terms to Mitre 10 running to 2021 with renewal rights, plus small upstairs office lease to Home IT Solutions
Rent: $145,500/year net + gst
Outcome: sold for $2.165 million at a 6.7% yield.
Agents: Josh Smith & Mary Walker

Rotorua

Mangakakahi

81 Pururu St:
Features: 1012m2 industrial site, large yard area, 471m2 high-stud warehouse & office building previously split into 2 tenancies
Outcome: sold vacant for $401,000
Agents: Mark Slade & Brei Gudsell

Waikato

Paeroa

56 Grey St:
Features: 9800m² site, 1150m² ex-bulk petfood-processing facility
Outcome: sold vacant for $1.2 million
Agent: Josh Smith

7 Station Rd:
Features: High-exposure 1062m2 corner site with 900m2 warehouse/factory, ex Lemon & Paeroa bottling plant
Outcome: sold vacant for $420,000
Agent: Josh Smith

Te Awamutu

355 Rickit Rd:
Features: 653m2 road-frontage site, 410m2 building, fully leased to 2 established electrical tenants
Rent: $56,000/year net + gst
Outcome: sold for $760,000 at a 7.4% yield
Agents: Alex ten Hove & Mike Swanson

Wairarapa

Masterton

5 Albert St:
Features: strengthened & refurbished 1356m² commercial building, 1006m² of mostly office space leased to Department of Corrections for 9 years from October 2015, 350m² at the front of the building is vacant
Rent: $118,216/year net + gst
Outcome: sold for $1.275 million
Agents: Andrew Smith, John Pritchard & Dave Wish

Wellington

Lower Hutt

444 Cuba St, Lower Hutt.

444 Cuba St:
Features: 1295m² corner site, 300m² rear parking & yard area, high-stud 1100m² refurbished retail building, Hunting & Fishing in occupation for over 20 years, current 6-year lease from October 2014 plus one 4-year right of renewal
Rent: $86,800/year net + gst
Outcome: sold for $975,000 at an 8.9% yield
Agent: Mark Sherlock

MacKay House, 92 Queens Drive, level 2:
Features: 326m² office floor needing renovation, in 1960s building adjacent to Queensgate Mall, part leased to 2 tenants, two-thirds vacant
Rent: $31,500/year gross + gst
Outcome: sold for $50,000
Agents: Paul Cudby & Andrew Smith

Ngauranga

17 Glover St:
Features: 603m2 business 2-zoned narrow, bare site, 300m2 flat usable area, excavation required for greater footprint, concept plans for 270m2 warehouse
Outcome: sold for $280,000 at $464/m2
Agents: Matt Gibbs & Fraser Press

2 Hartham Place South, Porirua.

Porirua

2 Hartham Place South:
Features: 380m², 2-level cbd commercial building, tenant parking at rear, ground floor leased to Pacific Radiology, first floor occupied by law firm & physiotherapist with leases until 2019 & 2020 plus rights of renewal
Rent: $50,350/year net + gst
Outcome: sold for $712,000 at a 7.1% yield
Agent: Jon Pottinger

Waikanae

108 Main Rd:
Features: 161m² purpose-built dental surgery on 1019m² residentially zoned site with large parking area, 5-year lease to Lumino the Dentist from October 2016, with one 5-year right of renewal
Rent: $33,280/year net + gst
Outcome: sold for $582,000 at a 5.72% yield
Agents: Jon Pottinger & Stephen Lange

Attribution: Agency release.

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3 commercial sales at Wairau Valley, Te Rapa & Waikanae

Colliers has reported 3 sales around the North Island – a former gym, now office & warehouse, in the Wairau Valley (pictured) and properties at Te Rapa outside Hamilton and Waikanae outside Wellington.

North-east

Wairau Valley

6 Target Court:
Features: 3265m² industrial site, 1182m² floor area, originally a gym, now an office & warehouse, 28 parking spaces
Rent: $214,399/year net + gst holding income until 30 November from departing tenant
Outcome: asking $3.37 million, sold for $3.2 million + gst at a 6.7% yield
Agents: Nick Recordon, Matt Prentice & Jimmy O’Brien

South of the Bombays

Waikato

Te Rapa

4 Maui St:
Features: 2317m² site at the corner Church Rd, occupied by the Cock & Bull bar, 36% site coverage, 47 parking spaces
Rent: $242,000/year net + gst, new 6-year lease from April 2016
Outcome: sold for $3.26 million + gst
Agents: Alan Pracy  Justin Oliver, with a referral from Jolyon Thomson &  Ben Cockram

Wellington

Waikanae

3 Omahi St:
Features: 917m² site, 393m² office & retail, 10 parking spaces
Outcome: sold for $1.39 million + gst at a 6.98% yield
Agents: Dean Anderson

Attribution: Agency release.

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7 Total Property sales down country

Bayleys made 7 sales in its Total Property Auctions south of Auckland last week – 3 in the Waikato, 3 in Wellington and one in Christchurch, a building beside the Avon on Cambridge Terrace (pictured).

South of the Bombays

Waikato

Te Aroha

164 Whitaker St:
Features: 1474m2 corner site opposite clock tower in commercial precinct, 983m2 building, NZ Post occupies rear space, 2 larger streetfront premises are vacant
Rent: $10,840/year net + gst holding income, potential to increase to $50-60,000/year net + gst
Outcome: sold for $505,000
Agent: Josh Smith

Te Rapa

25 Sheffield St:
Features: 3145m² site, 2154m² industrial building, 3 gantry cranes & secure yard, leaseback holding income to October 2018 with opportunities for subdivision or development
Rent: $157,725/year net + gst
Outcome: sold for $2.25 million at a 7.01% yield
Agents: Mike Swanson (Bayleys) & Theo de Leeuw (NAI Harcourts)

Tirau

15-17 Main Rd:
Features: 1058m2 State Highway 1 site, 6 retail units totalling 500m² and 80m² flat, 65m² of vacant space, 6 offstreet parking spaces
Rent: $60,745/year gross
Outcome: sold for $540,000
Agents: Alex ten Hove & Mike Swanson

Wellington

Kaiwharawhara

55 Kaiwharawhara Rd:
Features: 408m² of vacant land zoned commercial/industrial
Outcome: sold for $450,000 at $1102/m²
Agents: Fraser Press & Matt Gibbs

Tawa

20 Main Rd:
Features: 419m² retail unit occupied by Creative Curtains for over 18 years, lease renewed for 8 years
Rent: $58,000/year net + gst
Outcome: sold for $750,000 at a 7.73% yield
Agents: Mark Walker, Jon Pottinger & Grant Young

Wainuiomata

6 Queen St:
Features: 290m² 2-level building previously occupied by Westpac Bank, ground-floor retail space & offices above, 2 parking spaces, potential rent of $28,540/year net + gst
Outcome: sold with vacant possession for $440,000
Agents: Paul Cudby & Andrew Smith

South Island

Canterbury

Christchurch cbd

61 Cambridge Terrace:
Features: 682m² site overlooking the Avon River, 5-level Miles Warren-designed 914m² boutique office building, partly occupied by 5 tenants, 231m² level 3 & 64m² penthouse vacant
Rent: $189,672/year net + gst
Outcome: sold for $2.285 million
Agents: George Phillips & Angela Webb

Attribution: Agency release.

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Hamilton council seeks buyer to take innovation park to next stage

Hamilton City Council has hired Deloitte to look for an investor to take over its Waikato Innovation Park Ltd subsidiary, 17 months after getting a masterplan done for its expansion.

The innovation park has 46 tenants working in 4 buildings on 17ha leased from Waikato-Tainui commercial arm Tainui Group Holdings Ltd at Ruakura, and the masterplan Beca Ltd produced for the council in November 2015 projected growth from the present $25 million value to another 12 buildings & $180 million value in 20 years.

The park has a workforce of 560, and the masterplan showed how that number could rise to 2500. Gross turnover of businesses at the park rose 42% last year, from $300 million to $427 million, and the park’s operations are self-sufficient, but chief executive Stuart Gordon said the council couldn’t divert from its other infrastructure priorities the investment needed for the park to grow.

The council opened the park in 2004 with the aim of clustering businesses to help drive economic growth by researching & developing technology in the environment, food & beverage, ICT & agritechnology sectors. The council provided $4.4 million in equity, Government grants totalled $9.95 million and the WEL Energy Trust provided $2 million at an early stage. The park company is 100% owned by the council, and it owns 70% of NZ Food Innovation (Waikato) Ltd. Callaghan Innovation owns the other 30% of that venture.

The council provides its innovation park as providing “a dynamic business campus where collaboration between business & research organisations drives commercial growth for our resident companies”.

The park’s immediate neighbours in the Ruakura innovation precinct are AgResearch and the NZ Institute for Plant & Food Research Ltd, and near-neighbours include Waikato University, Dairy NZ & NIWA (the National Institute of Water & Atmospheric Research).

Council special projects executive director Blair Bowcott said the council had fulfilled its role of establishing the park and getting it to critical mass, “but now it’s time for us to step out and for someone else to come in.

“We believe the park probably needs a minimum of $10-15 million of equity injection now to grow. Whilst the city could afford that, the city has demands which are of a higher priority.”

The Government has approved selling, and the return will be spread across the council’s core business. Protections have been put in place to prevent the buyer from veering from the masterplan.

“Investors will be buying the park’s assets at the latest independent valuation. They’ll be expected to invest a total of about $70 million over the next 20 years to achieve the park’s growth goals. We’ve contracted Deloitte, who have already been conducting best-fit analysis as part of a robust process to find the right investor.

“We’re looking for investors who can truly visualise the masterplan for the park and will retain the makeup of our tenants who are technology-based, driven by innovation and export-focused.”

Links:
Waikato Innovation Park
Masterplan, November 2015

Earlier story:
22 December 2014: Tetra Pak signs up for new Innovation Park HQ

Attribution: Council releases, masterplan.

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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.

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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.

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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.

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$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.

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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.

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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.

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