Archive | Airport

2 Airport Oaks sales

2 Airport Oaks properties have been sold by Bayleys agents.

South

Airport Oaks

2 Freight Place (pictured):
Features: 7279m² site on corner of Richard Pearse Drive, 5270m² industrial building constructed in the early 2000s, occupied by third party logistics provider Online Distribution Ltd on 10-year lease until 31 October 2024 with rights of renewal until October 2033
Rent: $559,606/year net + gst
Outcome: sold for $9.735 million at a 5.75% yield
Agents: Mike Adams & Dave Stanley

38 Richard Pearse Drive:
Features: 4854m² site, 2873m² industrial building, remaining weighted average less term of 3.71 years from 3 tenancies – 1232m² of former office space over 2 levels at the front converted in 2007 to a gym; a physiotherapy clinic occupies 142m²; 1499m² of rear warehouse space has been furniture company Early Settler’s distribution centre since 2009, in conjunction with an adjoining property
Rent: $351,750/year net + gst
Outcome: sold for $4.845 million at a 7.26% yield
Agents: Jamsheed Sidhwa, Luke Carran & Nelson Raines

Attribution: Agency release.

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Design leaders appointed for “airport of the future”

Auckland International Airport Ltd has appointed a specialist consortium to lead design of the “airport of the future”, starting with creation of a combined domestic & international terminal.

The consortium will be led by management, engineering & development consultancy Mott MacDonald NZ Ltd, and includes Grimshaw Architects NZ Ltd, Architectus & Holmes Consulting Ltd.

Auckland Airport chief executive Adrian Littlewood said: “The selected consortium’s experience covers over 1000 aviation projects in 120 countries across 260 airports. In addition to specialist experience & knowledge, the consortium’s architects have a proven record of successfully bringing local cultural influence into the fabric of their passenger-focused design. This is a significant factor for us as we build a world-class airport with a uniquely New Zealand feel.”

The scope of the design project covers building works over the next 10 years. This includes the new integrated domestic terminal, expansion of border processing and the integration of extensive new transport & parking facilities.

The design is expected to be completed in early 2018.

Attribution: Company release.

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3 suburban commercials sell but Vic Park Market premises all passed in

2 light industrial properties and an Ellerslie office building were sold at yields ranging from 5% (Airport Oaks) up to 6.9% (Ellerslie) at Colliers’ auction today.

They were followed by the Victoria Park Market (pictured above) management office, which was sold, and 4 restaurant & hospitality premises at the market, none of which received a bid (apart from one vendor bid on the first restaurant).

The market properties were all taken to auction by Drake City Ltd (Shahin Behrooz Kermani).

CBD

Victoria Quarter – 5 premises in the Victoria Park Market

Management office:
Features: 40.25m²
Rent: $15,750 + gst, reviews 2 years to cpi + 2% or market, whichever is higher
Outcome: sold for $292,500 at a 5.4% yield
Agents: Gareth Fraser & Simon Felton

Indian Village, units 4A, 5A, 6 & 7, Drake St:
Features: 207m², original 10-year lease runs until 28 February 2023, 2 5-year rights of renewal
Rent: $134,745/year net + gst, reviews on market soft ratchet
Outcome: no bid
Agents: Gareth Fraser, Simon Felton & Tony Allsop

The White Rabbit, unit 73, Drake St:
Features: 490m², rooftop deck, original 10-year lease runs until 30 April 2022, 2 5-year rights of renewal
Rent: $212,341/year net + gst, reviews to market
Outcome: no bid
Agents: Gareth Fraser, Adam White & Tony Allsop

The Oakroom, unit 74, Drake St:
Features: 224m², original 12-year lease runs until 31 October 2023, 6-year right of renewal
Rent: $100,794/year net + gst, reviews on market soft ratchet
Outcome: no bid
Agents: Gareth Fraser, Adam White & Simon Felton

Hansik Restaurant, unit 75, Drake St:
Features: 303m², original 5-year lease runs until end of 2019, 2 5-year rights of renewal
Rent: $100,000/year net + gst, reviews structured
Outcome: passed in after vendor bid at $1 million
Agents: Gareth Fraser, Tony Allsop & Adam White

Isthmus east

2 Kalmia St, Ellerslie.

Ellerslie

2 Kalmia St:
Features: 2032m² mixed-use site, net lettable area 1477m² in 4-level air-conditioned building, multiple tenants, dual road access, 45 parking spaces
Rent: $373,992.13/year net + gst
Outcome: sold for $5.4 million at a 6.9% yield
Agents: Gareth Fraser, Simon Child & Greg Goldfinch

South

Airport Oaks

46 Andrew Baxter Drive:
Features: 2940m² light industrial site, tenant Aquafit NZ Ltd, net lettable area 1816m² – offices & amenities 253m² at $200/m², warehouse 1031m² at $112/m², canopy 532m² at $60/m²
Rent: $197,992/year net + gst, new 5-year lease, 12-month bank bond
Outcome: sold for $3.9 million at a 5.08% yield
Agents: Brad Johnston & Paul Jarvie

East Tamaki

9 Bostock Place:
Features: 7099m² site, 3526m² floor area, longstanding tenant, potential to split building, large yard, dual road access
Rent: $392,532/year net + gst, 6-year lease
Outcome: withdrawn from auction
Agents: Paul Higgins & Greg Goldfinch

90 Lady Ruby Drive:
Features: 849m² light industrial site, gross lettable area 724m² – office 180m² at $210/m², workshop 38m² at $125/m², mezzanine above workshop 38m² at $60/m², warehouse 505m² at $125/m², canopy 31m² at $55/m², 100% seismic rating, tenant Tex Onsite Ltd
Rent: $109,802/year net + gst, new 5-year lease
Outcome: sold for $1.93 million at a 5.7% yield
Agents: Paul Jarvie & Jolyon Thomson

Attribution: Auction.

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Airport company & Tainui to build Pullman at terminal

Auckland International Airport Ltd & Tainui Group Holdings Ltd said on Friday they’d agreed to develop a 5-star hotel next to the airport’s international terminal & the existing 4-star Novotel hotel. AccorHotels will operate the new 250-room hotel as the Pullman Auckland Airport.

Auckland Airport property general manager Mark Thomson said the timing was influenced by unprecedented demand for hotel accommodation in Auckland.

The hotel will be developed in a 50:50 partnership between Auckland Airport & Tainui. As part of this agreement, Auckland Airport has increased its ownership stake in the Novotel hotel to 50%. The 4-star-plus 263-room Novotel was completed in 2011.

The new hotel building will carry the name Te Arikinui, the chiefly title the late Maori Queen Te Atairangikaahu chose when she ascended to the wherowhero (throne).

Chris Joblin, Chief Executive of Tainui Group Holdings, says that this agreement reflects the strength of the relationship that has been established between Tainui Group Holdings and Auckland Airport.

Construction is expected to start by the end of this year, and the hotel is scheduled to open by late 2019. By then, the airport’s international terminal will have been expanded and work should be underway on the domestic section of the combined domestic & international terminal.

Image above: Artist’s impression of the new Pullman hotel next to the existing Novotel.

Earlier story:
24 July 2009: Novotel to stand in airport carpark

Attribution: Company release.

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4 commercial sales on isthmus & Airport Oaks

Bayleys agents have sold 3 business premises in Greenlane, Onehunga & Penrose on the isthmus and another at Airport Oaks.

Isthmus east

Greenlane

G1/G2, 93-95 Ascot Avenue:
Features: 435m2 of ground-floor office space, substantial fitout, in Ascot Business Park adjacent to Greenlane roundabout, previously used as medical premises, 10 parking spaces
Outcome: sold vacant for $2.1 million (at 7.4% yield on previous rental)
Agents: Gordon Gibson & Matt Gordon

Onehunga

51-53 Church St & 2 Fleming St:
Features: 894msite zoned mixed use, 609m2 industrial building, vendor to repaint & recarpet
Outcome: sold vacant for $2.2 million
Agent: James Valintine

Penrose

39 Station Rd (pictured):
Features: 822m2 site, 413m2 single-level retail building occupied by NZ Post/Kiwibank on a lease until August 2018, one 3-year right of renewal, 7 parking spaces
Rent: $63,000/year net
Outcome: sold vacant for $1.185 million at a 5.32% yield on present rent
Agents: Cameron Melhuish & Andrew Wallace

South

Airport Oaks

77 Aintree Avenue:
Features: 3000msite, 900m2 childcare centre, 12-year lease to Bright Sparks Childcare Ltd from January 2008, 2 6-year rights of renewal
Rent: $275,236/year net + gst
Outcome: sold for $4.37 million at 6.25% yield
Agent: Mark Pittaway

Attribution: Agency release.

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All 3 sell at Colliers auction

All 3 commercial properties auction at Colliers today were sold under the hammer on strong yields – all under 5.5%.

Isthmus east

Penrose

643 Great South Rd:
Features: 5306m² site, 2542m² industrial building – medium-stud warehouse 2364m², office 93m², mezzanine 85m²
Rent: $229,200/year + opex + gst from 6-year lease to REP Powder Coating Ltd
Outcome: sold for $4.92 million at a 4.66% yield
Agents: Ben Herlihy & Hamish West

South

Airport Oaks

25 Rennie Drive:
Features: 2462m² site, refurbished light industrial building with net lettable area of 1683m² – 1148m² clearspan warehouse with 5.5m stud, offices & amenities 188m² on ground & 191m² first floor, new 3-year lease to Active Healthcare NZ Ltd
Rent: $184,920/year net + gst
Outcome: sold for $3.4 million at a 5.44% yield
Agents: Brad Johnston & Paul Jarvie

Wiri

67 Druces Rd (pictured):
Features: 4150m² industrial site, 2103m² floor area – warehouse 1647m², offices 189m² on ground & 88m² mezzanine, mezzanine storage 179m², 5-year lease from December 2013 to Australia company Pitango Pty Ltd
Rent: $182,577/year + outgoings + gst; market rent assessed at $226,195, which would push the yield on the sale price out to 6.5%
Outcome: sold for $3.48 million at a 5.25% yield
Agents: Paul Higgins, Brad Johnston & Dwayne Warby

Attribution: Auction.

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5 sell at Colliers retail & commercial auction

The first 5 properties auctioned at Colliers yesterday all sold under the hammer, but there was no bid on the sixth and the auction of the seventh was postponed.

3 of the properties were in local or neighbourhood centres, offering a range of shops (some vacant). The one pictured, on Glengarry Rd, Glen Eden in West Auckland, has 5 shops, but 4 of the basement storage units are vacant.

CBD

Queen St

175 Queen St, part level 2:
Features: 82m² strata unit, long-term tenant
Rent: $42,808/year gross
Outcome: auction postponed
Agents: Simon Felton, Adam White & Gareth Fraser

North-east

Hillcrest

51 Eban Avenue:
Features: 900m² site, new purpose-built childcare centre
Rent: $165,880/year net, new 12-year lease with personal guarantees, fixed 2% annual increases
Outcome: sold for $3.01 million at a 5.5% yield
Agents: Shoneet Chand & Peter Kermode

North-west

Glendene

4343 Great North Rd:
Features: 344m² lettable area in local centre, 2 tenancies, pharmacy as anchor
Rent: $87,880/year net + gst
Outcome: no bid
Agents: Deborah Dowling & Michael Bray

Glen Eden

94-106 Glengarry Rd (pictured):
Features: 1027m² neighbourhood centre site, 950m² lettable area on 2 levels, 5 shops, 4 basement storage units
Rent: $125,803/year net + gst, potential including 4 vacant storage sheds $174,451/year
Outcome: sold for $2.18 million
Agents: Michael Bray, Deborah Dowling & Gareth Fraser

South

Airport Oaks

14 Andrew Baxter Drive:
Features: 2023m² site, 1182m² net lettable area, occupied by NZ Bloom Ltd
Rent: $160,000/year net + gst from new 6-year lease
Outcome: sold for $3.135 million at a 5.1% yield
Agents: Paul Jarvie & Brad Johnston

Papatoetoe

21 East Tamaki Rd:
Features: 700m² site, 516m² lettable area on 2 levels 
Rent: $120,300/year + gst
Outcome: sold for $1.61 million at a 7.47% yield
Agents: Jeremy Barnett, Matthew Barnes & Gareth Fraser

138 Great South Rd:
Features: 848m² corner site 621m² lettable area
Rent: $53,462/year + gst current from 2 shops, one other vacant
Outcome: sold for $1.65 million
Agents: Jeremy Barnett, Matt Barnes & Gareth Fraser

Attribution: Auction.

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Röhlig Logistics signs up for the Landing

Auckland International Airport Ltd said on Friday it would build a 7000m² warehouse & office facility for international freight forwarding specialist Röhlig NZ Ltd, which will complete stage 2 development of the Landing business park.

The site at 13 Maurice Wilson Avenue will also accommodate 2 3000m² general purpose warehouse & office facilities.

Auckland Airport property general manager Mark Thomson said the development focus would shift to preparation of a further 12ha in stage 3. Earthworks in stage 3A are scheduled for completion next March.

Attribution: Company release.

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Earthworks start for Primary Industries airport building

The first sod has been turned for a 17,000m² multi-purpose facility for the Ministry for Primary Industries at Auckland Airport’s 100ha business precinct, the Landing.

Ministry director-general Martyn Dunne said the new premises would enable the ministry to consolidate many of its Auckland services under one roof and retain the convenience & benefits of an airport location.

The building will have over 4000m² of office space, storage, warehousing and kennels for up to 80 dogs. It brings together passenger & cargo clearance, export certification, compliance & inspection, fisheries operations & the National Detector Dog Centre into one location. The ministry will also retain its presence at Ports of Auckland.

Mr Dunne said the new facility would create efficiencies and improve experiences for key customers & stakeholders.

“We will have more space & better facilities to train our detector dogs, with simulated passenger halls & mail centre. This helps ensure our dogs are better equipped to screen the growing number of international passengers that pass through Auckland Airport.

“Around 400 of our Auckland staff, who are currently distributed across 3 sites, will colocate in the new premises in late 2017 when construction is expected to be complete.”

Construction is due to start in February.

Attribution: Airport release.

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5 sales around North Island, 3 leases

Colliers agents have completed 5 sales south of the Bombays and 3 leases, 2 of those in the Auckland cbd.

Sales:

South of the Bombays

Bay of Plenty

Rotorua

50-52 Vaughan Rd:
Features: 7061m² commercial property, 1157m² net lettable area
Outcome: sold for $1.72 million at a 7.5% yield
Agents: Mark Rendell, Doug Russell & Grant Lloyd

Tauranga

14 Marsh St:
Features: 883m² site, 551m² newly renovated commercial building, new 6-year lease, 10 parking spaces
Rent: $96,000/year net + gst
Outcome: sold for $1.88 million at a 5.1% yield
Agents: Simon Clark & Duncan Woodhouse

Tauriko Business Park, corner Whakakake & Poturi Sts:
Features: 10,000m² industrial site, 4600m² warehouse,
Outcome: sold for $7 million at a 6.5% yield
Agents: Simon Clark & Rob Schoeser

Waikato

Hamilton

535-539 Te Rapa Rd, lot 1:
Features: 6052m² commercial land parcel
Outcome: sold for $2.175 million
Agent: Alan Pracy

Hawke’s Bay

Hastings

1412 Pakowhai Rd:
Features: 15.39ha Pernel orchard, including extensive infrastructure, in 3 titles
Outcome: sold for $3.275 million
Agent: Louise Wake

Leases:

CBD

Victoria Quarter

NZME Building, 4 Graham St:
Features: 1863m² on long-term lease + signage to BDO
Agents: Rob Bird & Paul Dyson

South

Airport

23 Timberly Rd, unit 4:
Features: 2622m² unit owned by Auckland International Airport Ltd, 5-year lease to Transtar International Freight
Agents: Brad Johnston & Paul Jarvie

South of the Bombays

Wellington

163 Featherston St, unit 2:
Features: 250m² former Dick Smith Electronics premises, leased for a 6-year term to Australian footwear retailer Wittner Shoes
Agent: Ty Dallas

Attribution: Agency release.

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