Archive | Botany

Metlifecare’s Botany site price disclosed

Metlifecare Ltd’s Botany site, bought through Bayleys 4 months ago for a retirement village, cost it $21 million.

Metlifecare bought the near-level, north-facing site, formerly part of the Pakuranga golfcourse, to build a $140 million retirement village. Its plan is for about 160 independent living units & serviced apartments plus care facilities.

South

Botany Downs

197 Botany Rd:
Features: 2.38ha site zoned mixed housing suburban
Outcome: sold for $21 million, at $882/m², to NZX-listed Metlifcare Ltd
Agent: Dave Stanley

Attribution: Agency release.

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Metlifecare plans 27th village for Botany

Metlifecare Ltd has conditionally bought a 2.38ha site in Botany for a $140 million retirement village.

Chief executive Glen Sowry said on Friday the proposed village at 197 Botany Rd, next to the Pakuranga Golf Club, was likely to have about 160 units in a 2-level development which would contain independent living units, serviced apartments & care.

The site “fits with our vision to create unique villages which integrate with their local surroundings to become retirement destinations. The fabulous outlook over the neighbouring golfcourse offers us the opportunity to build a ‘country club’ style village in an area exceptionally well serviced, with nearby amenities including shopping, sporting, recreational & medical facilities.”

Mr Sowry said Metlifecare had also considered the existence of a number of other retirement living options in the wider area, including 2 of its own villages, and its projections showed sufficient demand to accommodate these offerings.

He said the purchase was subject to third party consents being obtained. The conditions were expected to be satisfied by 9 June, and settlement would be the later of 28 July or 10 working days after the purchase becomes unconditional.

The new site will take Metlifecare’s total to 27 sites, 17 of them in Auckland. Metlifecare is on track to deliver at least 229 new retirement units & care beds at its 24 operational villages in the year to 30 June.

Attribution: Company release.

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10 sell at Bayleys’ commercial auction

9 properties were sold under the hammer and one post-auction of the 17 in Bayleys’ commercial auction yesterday. Another 3 were sold prior.

[Today’s report is short on some detail.]

CBD

Learning Quarter

5 Eden Crescent, units A & B:
Features: 600m² strata title, renovated, licensed karaoke bar & restaurant
Rent: $161,000/year net + gst
Outcome: passed in at $2.5 million
Agents: Oscar Kuang & Nicolas Ching

Queen St

239 Queen St, unit 1A:
Features: new 12-year lease
Rent: $150,657/year net + gst
Outcome: withdrawn from auction
Agents: Quinn Ngo & James Chan

Isthmus east

Ellerslie

38 Eaglehurst Rd, unit 7:
Features: warehouse
Outcome: declared reserve of $600,000, sold for $800,000
Agents: Andrew Wallace & Cameron Melhuish

Epsom

206 Manukau Rd:
Features: 898m² corner section,
Rent: $67,340/year holding income
Outcome: passed in at $3.55 million
Agents: Owen Ding & James Chan

Mission Bay

2 Atkin Avenue, unit 1:
Features: 374m² site zoned mixed use (up to 18m) under unitary plan, 3-bedroom unit, garage
Outcome: sold for$1.955 million
Agents: Phil Haydock & Angela Yang

Onehunga

18 George Terrace:
Features: 342m² site zoned mixed use, warehouse, office, amenities
Outcome: sold for $1.072 million
Agents: James Valintine & William Gubb

4 Newsome St:
Features: 493m², permissible height 20m
Outcome: no bid
Agents: Tony Chaudhary & James Valintine

Panmure

100 Queens Rd:
Features: town centre zone under unitary plan
Rent: $121,000/year net + gst
Outcome: passed in at $1.6 million
Agents: Mark Pittaway

Isthmus west

Eden Terrace

12 Fleet St:
Features: 336m² site
Rent: $52,260/year
Outcome: sold prior at declared reserve of $1.25 million
Agents: James Were & Scott Kirk

Mt Roskill

439 Mt Albert Rd:
Features: corner site, 4-bedroom home, internal garage, 3 commercial tenancies on ground floor
Outcome: auction postponed
Agents: Phil Haydock & Angela Yang

Ponsonby

91 College Hill:
Features: 337m² site zoned mixed use, 275m² gross floor area, 5 secure parking spaces
Outcome: sold for $2,577,500
Agents: Nigel McNeill & Meredith Graham

Sandringham

513 Sandringham Rd:
Features: retail + refurbished 3-bedroom flat
Rent: $88,060/year
Outcome: sold for $1.75 million
Agents: Scott Kirk & Damien Bullick

North-east

Northcote

44 Akoranga Drive:
Features: 946m² corner site, mixed use zone next to AUT
Outcome: sold for $2.5 million
Agents: Michael Nees & Simon Aldridge

Takapuna

6 & 6A Blomfield Spa:
Outcome: withdrawn from auction
Agents: Simon Aldridge & David Huang

Wairau Valley

170 Wairau Rd, unit 18:
Features: Hell Pizza on long-term lease
Rent: $54,000/year net + gst + outgoings
Outcome: sold for $990,000
Agents: Paul Dixon & Tony Chaudhary

North-west

Glendene

3 Bancroft Crescent:
Features: 3584m² site, long-term tenant, 6-year lease term with renewal rights
Rent: $225,000/year net + gst
Outcome: passed in at $2.775 million
Agents: Dave Stanley & Stuart Bode

New Lynn

3019 Great North Rd & 2 Bentinck St:
Features: 1459m² corner site in 2 titles, vacant possession
Outcome: passed in at $1.625 million at $1114/m²
Agents: Mike Adams & Scott Kirk

South

Botany Downs

286 Cascades Rd:
Features: 7493m² site opposite Pakuranga golfcourse, 70m frontage to Cascades Rd
Outcome: sold for $6.1 million
Agents: Dave Stanley & Graeme Sun

Botany South

Bishopsgate business centre, 2 Bishop Dunn Place, unit 32:
Features: 134m² first-floor office, storage, 2 parking spaces
Outcome: sold for $465,000
Agents: Geoff Wyatt & Dave Stanley

Takanini

292 Great South Rd:
Features: 2209m² site, standalone office & warehouse building anchored by long-term office lease + 2 warehouse tenants
Rent: $152,592/year net + gst
Outcome: sold for $2.68 million
Agents: Sunil Bhana & Peter Migounoff

South of the Bombays

Gisborne

412 Gladstone Rd:
Features: 670m² store, seismic rating 100% new building standard, 6-year lease term
Rent: $122,569/year
Outcome: passed in at $1.5 million, sold post-auction for $1.52 million at an 8% yield
Agents: Paul Garland & Colin McNab

Attribution: Auction.

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Argosy leases Bunnings space on Ti Rakau

Argosy Property Ltd has leased the 11,675m² of warehouse space at 320 Ti Rakau Drive before the Bunnings distribution centre lease on the premises expires. It’s also filled vacant Greenlane space.

Argosy chief executive Peter Mence said yesterday: “The Bunnings distribution centre lease was one of Argosy’s key expiries remaining in the current financial year and it is very pleasing that we have been able to successfully lease this space to 2 quality tenants, both on new 10-year lease terms.”

Target International NZ Ltd is to lease 6567m² of the warehouse, plus 447m² of office space, which will serve as its head office.

Gunnersen Ltd, the largest independent Australian-owned distributor of wood-based panel products, timber & decorative surface materials, will lease the remaining 5108m² of warehouse area, plus 150m² of office.

Argosy will undertake $5.2 million of capital works to develop the site to facilitate the warehouse subdivision and to improve truck circulation & yard management.

Mr Mence said Bunnings was expected to remain in the warehouse on a monthly basis until the new year. The Bunnings retail store isn’t affected and will continue to trade as normal.

Greenlane space leased

Argosy has also leased the vacant 1150m² on 2 levels at 308 Great South Rd, Greenlane, to Housing NZ Corp, which has recently extended its lease at Argosy’s 626 Great South Rd property.

The 308 Great South Rd space was fully refurbished after Pacific Brands relocated to an adjoining Argosy building. Housing NZ’s lease on it is for 3½ years from 1 January.

Attribution: Company release.

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6 of 27 “intensive living” homes sell at Barfoots auction

6 of the 27 “intensive living” homes auctioned (apartments, suburban units, townhouses & cross-leased properties) at Barfoot & Thompson on Wednesday were sold under the hammer or shortly after.

CBD

Albert St

Quay West, 8 Albert St, unit 1001:
Features: 2-bedroom apartment, balcony
Outgoings: body corp levy, $9899/year including gst
Outcome: no bid
Agent: Belinda Illingworth

Quay West, 8 Albert St, unit 3104:
Features: 3-bedroom apartment
Outgoings: body corp levy $22,278/year including gst
Outcome: no bid
Agent: Belinda Illingworth

Victoria Quarter

53 Cook St, unit 1402:
Features: 2-bedroom apartment, balcony, parking space
Outgoings: body corp levy, $6198/year including gst
Outcome: passed in
Agents: Annie Xu & Sean Zhang

Hobson Gardens, 205 Hobson St, unit 8H:
Features: 3-bedroom apartment
Outgoings: body corp levy, $6768/year including gst
Outcome: no bid
Agents: Stephen Shin & Yasu Ka

Isthmus east

Epsom

495 Manukau Rd, unit 6:
Features: 2-bedroom unit, balcony, carport, separate storage locker
Outgoings: body corp levy, $3445/year including gst
Outcome: no bid
Agents: Annie Xu & Sean Zhang

Meadowbank

83 St Johns Rd, unit 2:
Features: cross-lease, half share in 816m², 2 bedrooms
Outcome: sold for $960,000
Agent: Margot Torrance

Mt Wellington

46B Rutland Rd:
Features: cross-lease, one-third share in 986m², 3-bedroom house, deck, courtyard, garage
Outcome: passed in
Agents: Paul Donovan & Sharon Walls

Onehunga

116 Grey St:
Features: cross-lease, half share in 913m², 3 bedrooms
Outcome: passed in at $880,000
Agents: Nicholas Lyus & Julia Nah

29 Jordan Avenue:
Features: 749m² section, 3-bedroom bungalow, single garage
Outcome: sold for $1.095 million – second on the day’s auction list, was being passed in at $980,000 with first right to buy at the reserve, which prompted renewed bidding and it went on the market at $1.08 million (a standard residential property, not intensive, but an indicator that highly publicised trends aren’t always followed – competing bidders were Chinese)
Agents: Elizabeth Khosravi & Hamid Farid

One Tree Hill

66E Moana Avenue:
Features: cross-lease, one-fifth share in 2107m², 3-bedroom house, double internal-access garage
Outcome: passed in
Agents: John Zhang & Louissa Bao

Orakei

47 Rukutai St:
Features: cross-lease, one-third share in 1391m², 3 bedrooms, deck, carport
Outcome: sold for $1.085 million
Agent: Stanley Armon

Remuera

19 Mahoe Avenue, unit 1:
Features: cross-lease, half share in 637m², 3 bedrooms, double internal-access garage
Outcome: passed in at $1 million
Agent: Alex Baker

Stonefields

351 College Rd:
Features: fee simple, one-34th share in 1139m²
Outcome: no bid
Agents: Kelly Midwood & Zdenka Zinajic

Isthmus west

Avondale

23B Cradock St, unit 3:
Features: cross-lease, one-third share in unstated area, 3 bedrooms, deck, single garage
Outcome: no bid
Agent: Helen Clelland

Grey Lynn

34 Pollen St, unit 15:
Features: 2-bedroom apartment, deck, single garage
Outgoings: body corp levy, $4074/year including gst
Outcome: no bid
Agent: Becs Peacocke

Kingsland

33 School Rd, unit 6:
Features: 3-bedroom apartment, balcony, front garden, internal-access garage
Outgoings: body corp levy $3842/year including gst
Outcome: no bid
Agents: Jane Wang & Dragon Zhou

Mt Eden

3 Fairview Rd, unit 1:
Features: cross-lease, one-eighth share in 1145m², refurbished 3-bedroom unit, terrace, offstreet parking
Outcome: no bid
Agent: Ling Zhu

6 Fairview Rd, unit 2:
Features: cross-lease, one-sixth share in 1006m², 2-bedroom ground-floor unit
Outcome: sold for $626,000
Agent: Craig Smith

Mt Roskill

20 Hazel Avenue:
Features: cross-lease, half share in 809m², 3-bedroom bungalow, conservatory
Outcome: sold for $910,000
Agent: Felix Bogdanovic

New Windsor

109A New Windsor Rd:
Features: cross-lease, half share in 2712m², 4-bedroom house
Outcome: sold for $870,000
Agents: Anna Lechtchinski & Alex Wu

Ponsonby

22 Prosford St, unit 4:
Features: 2-bedroom apartment, secure double parking, storage unit
Outgoings: body corp levy, $6889/year including gst
Outcome: sold post-auction
Agent: Carl Madsen

Sandringham

26 Fowlds Avenue:
Features: cross-lease, half share in 1247m², 4-bedroom bungalow, deck, garage
Outcome: no bid
Agent: Matt O’Brien

North-west

Henderson

2A Longburn Rd:
Features: cross-lease, half share in 822m²
Outcome: passed in
Agents: Margaret Jackson & Tanzi Rose

Kelston

11 Alston Avenue, unit 4:
Features: cross-lease, quarter share in 1113m², 2-bedroom unit, single carport
Outcome: no bid
Agents: Clara Wu & Shirley Zhong

Massey

2 Kemp Rd, unit 1:
Features: 2-bedroom house, single garage
Outgoings: body corp levy, $615/year including gst
Outcome: passed in
Agents: Eugene Yamamoto & Matt O’Rourke

New Lynn

72 Portage Rd, unit 1:
Features: cross-lease, one-fifth share in 1363m², 2-bedroom unit, garden shed, carport
Outcome: passed in at $370,000
Agent: Dharmendra Gomber

Royal Heights

259 Royal Rd, unit 2:
Features: cross-lease, one-third share in 1097m², 2 bedrooms, study, single garage
Outcome: no bid
Agents: Casey & Rhys Chen

South

Huntington Park, Botany

74 Huntington Drive, unit 23:
Features: 345m2 section, one-13th share in 706m², 3 bedrooms, deck, single carport
Outcome: sold for $721,000
Agent: Cheryl Woodward

Attribution: Auction.

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9 sales & 4 leases in the south-east

Bayleys agents have reported 9 sales & 4 leases in south-east Auckland, including a unit at 85 Springs Rd, East Tamaki (pictured).

South

Sales

East Tamaki

15 Accent Drive, unit 25:
Features: 149m2 ground-floor office, 4 parking spaces
Outcome: sold vacant for $560,000
Agents: Roy Rudolph, John Bolton & Geoff Wyatt

30C Allens Rd:
Features: 1252m2 industrial unit – 961.5m2 warehouse, 280m2 office, 10 parking spaces; 3-year lease from April 2015, with one 3-year right of renewal
Rent: $142,500/year net + gst
Outcome: sold for $1.8 million at a 7.9% yield
Agents: John Bolton & Roy Rudolph

417-421 East Tamaki Rd:
Features: 12,526m2 business 5-zoned bare land development site
Outcome: sold for $5,010,400 at $400/m2 for development of various warehouse options, ranging from storage & tradesmen’s units to a large roadfront warehouse/office unit with showroom
Agents: Mike Marinkovich & Marty Roestenburg

85 Springs Rd, unit A (pictured):
Features: 1867m2 showroom, warehouse & office building on prime roadfront site occupied by Mico Bathroom, Plumbing & Hardware for 6 years from 2012 with 4 3-year rights of renewal
Rent: $215,000/year net + gst
Outcome: sold for $3,205,000 at a 6.7% yield
Agents: John Bolton & Roy Rudolph

325 Ti Rakau Drive, unit 11:
Features: 180m2 industrial building – 90m2 warehouse, 90m2 office, 4 parking spaces Outcome: sold vacant for $415,000
Agent: Katie Wu

Flat Bush

164 Chapel Road, unit A18:
Features: 100m2 vacant retail outlet
Outcome: sold for $480,000
Agents: Janak Darji, Amy Weng & Tony Chaudhary

Highland Park

5 Aviemore Drive, unit A:
Features: 250m2 retail outlet half leased on monthly tenancy
Rent: $50,000/year net + gst from partial tenancy
Outcome: sold for $1,038,000
Agents: Tony Chaudhary, Janak Darji, Amy Weng

20-22 Dunrobin Place, unit 7:
Features: 180m2 retail outlet in redeveloped former cinema complex, leased for 8 years from June 2014 to Flowing In Motion with 2 8-year rights of renewal
Rent: $54,000/year net + gst
Outcome: sold for $700,000 at a 7.7% yield
Agents: Sunil Bhana & Quinn Ngo

Howick

180 Moore St, Howick.

180 Moore St, Howick.

180 Moore St:
Features: 568m2 5-unit auto service complex on 1040mbusiness 5-zoned site, 2 tenants on 2- & 5-year leases and 2 vacant units totalling 142m2
Outcome: sold for $1.74 million
Agents: Tony Chaudhary, Shane Snijder & Janak Darji

Leases

Botany South

1 Bishop Dunn Place, unit 1A:
Features: 222moffice leased for 3 years to a construction company at $250/m2, 6 parking spaces at $15 each/week; annual rent reviews to CPI & 2 3-year rights of renewal
Rent: $55,525/year net + gst (including parking spaces @ $15 each/week)
Agent: Geoff Wyatt

East Tamaki

333 East Tamaki Road, unit C:
Features: 558mindustrial building – 325m2 factory, 109m2 mezzanine, 99m2 office, 8 parking spaces, leased for 6 years with rights of renewal & 2-yearly rent reviews
Rent: $82,000/year net + gst
Agents: Janak Darji & Tony Chaudhary

166 Harris Rd, unit C:
Features: 454m2 retail space rented at $200/m2 & 145m2 warehouse at $100/m2 plus 13 parking spaces, leased for 10 years with one 10-year right of renewal, demolition clause after 5 years with 12 months’ notice
Rent: $105,000/year net + gst
Agent: Geoff Wyatt

19 Nandino Avenue, unit A:
Features: 252mwarehouse leased for 3 years at $297/m2 with 3-yearly rent reviews & 2 6-year rights of renewal
Rent: $75,000/year net + gst
Agents: Katie Wu & John Bolton

Attribution: Agency release.

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4 land sales in south, and airport company leases half a spec build

Bayleys agents have completed 4 sales of business 5-zoned land in 3 South Auckland precincts, at a range of land values, and have also secured a lease on half a new warehouse spec development by Auckland International Airport Ltd.

South

Sale

Airport Oaks

125 Pavilion Drive:
Features: 3423m2 business 5-zoned site
Outcome: sold for $1,293,894 at $378/m2
Agents: Jamsheed Sidhwa & Luke Carran

Botany

25 Bishop Dunn Place:
Features: 3081m2 business 5 site
Outcome: sold for $1.52 million at $493/m2
Agents: Luke Carran, Jamsheed Sidhwa & Richard Liu (Harcourts)

East Tamaki

16 Birmingham Rd:
Features: 1012m2 business 5-zoned land
Outcome: sold for $455,400 at $450/m2
Agents: John Bolton, Katie Wu & Ray Rudolph

36 Smales Rd:
Features: 1920m2 business 5 site
Outcome: sold for $1.2 million at $629/m2
Agent: Katie Wu

Lease

Auckland Airport

34 Verissimo Drive:
Features: Half of new industrial building speculatively developed by Auckland International Airport Ltd, 3000m2 9.5m-high clearspan warehousing leased at $210/m2, 754m2 canopy at  $55/mplus 350m2 office at $210/m2 for 5 years with one 5-year right of renewal
Rent: $429,970/year net + gst, annual reviews to CPI plus 1%
Agents: Luke Carran, Jamsheed Sidhwa & Matt Mimmack

Attribution: Agency release.

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4 Botany & Howick sales

Bayleys South Auckland agents have signed up for sales in Botany & Howick.

South

Botany

2 Bishop Browne Place, unit 7:
Features: 178m2 commercial building – 108m2 ground-floor retail space, 70m2 mezzanine office
Outcome: sold vacant for $655,000
Agents: Katie Wu & John Bolton

Botany South

2 Bishop Lenihan Place:
Features: 4903m2 of business 5-zoned land
Outcome: sold vacant for $2.8 million at $571/m2
Agents: Marty Roestenburg & Tony Chaudhary

Howick

2/2 Fencible Drive:
Features: 314m2 retail unit in the Terraces commercial & residential complex, 3 parking spaces
Outcome: sold vacant for $1.15 million
Agent: Geoff Wyatt

19 Wellington St (pictured):
Features: 887m2 2-level office building plus 29 basement parking spaces on 1012m2 business 4 site; 473m2 ground-floor leased to Westpac Bank since 1985, currently on 4-year renewal term with 3 further 4-year rights of renewal; 414m2 first floor is vacant
Rent: $121,810/year + gst
Outcome: sold for $2.9 million to buyer who will occupy vacant upper level
Agent: Mark Pittaway

Attribution: Agency release.

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Updated: Strong yields at Bayleys’ Total Property auction, but also numerous no-bids

Published 17 April 2015, updated 22 April 2015
11 properties were sold under the hammer out of 25 offered at Bayleys’ Total Property commercial auction on Wednesday, and one property was sold prior. Another property, a development site in Avondale, has been sold post-auction.

The strength of yields was emphasised by the sale of a Dargaville property on a 6.6% yield. Yet there was also a high number of properties passed in without a bid being offered.

The sales included 3 of 6 outlets in the former Highland Park Shopping Centre cinema (above).

Isthmus east

Panmure

188 Queens Rd:
Outcome: passed in at $960,000
Agents: Mark Pittaway

Remuera

7 Patey St:
Outcome: passed in at $3 million
Agents: Mark Pittaway

Isthmus west

Avondale

Updated: 30-32 Rosebank Rd:
Features: 868m² elevated corner development site next to the Avondale train station – 2 industrial buildings and a bungalow totalling 322m² leased to 3 tenants, plans drawn up for a 32-apartment development
Rent: holding income of $44,416/year
Outcome: no bid at auction, sold later for $1.15 million
Agents: James Were & Scott Kirk

64 Shoreham St:
Features: 612m² residential 5-zoned site, 2 2-bedroom flats & 1-bedroom flat in brick & tile dwelling
Rent: $42,640/year gross
Outcome: sold for $1.166 million at a 3.5% gross yield
Agents: Quinn Ngo & Harry Cheng

The vacant site at 1 Exmouth St, Newton.

The vacant site at 1 Exmouth St, Newton.

Eden Terrace

1 Exmouth St:
Features: 655m² high profile corner, bare land site zoned mixed use, currently used for parking
Outcome: sold for $1.92 million at $2931m²
Agents: Owen Ding & James Chan

Mt Eden

349 Dominion Rd:
Outcome: no bid
Agents: Nigel McNeill & Leah La Hood

23 Edwin St:
Features: 245m² office/showroom unit plus 7 parking spaces in Zone 23 complex with 2 years remaining on 6-year lease
Rent: $87,160/year net + gst
Outcome: sold prior for $1.15 million at 7.6% yield
Agents: Clint Barber

Newton

10 South St:
Outcome: no bid
Agents: Paul Dixon & Greg Scott

North

Dargaville

94 Normanby St:
Features: new 200m² building on 759m² main-street site, 9 parking spaces, developed by Wallace Development Co Ltd, leased to Rabobank for 9 years from February 2015 plus 2 3-year rights of renewal
Rent: $58,550/year net + gst, with annual CPI + 1% reviews
Outcome: sold for $885,000 at a 6.6% yield
Agents: Ross Blomfield

Kaitaia

4-8 Dunn St:
Features: 1228m² Carters Hardware store on 4155m² industrial zoned site, leased to Carter Holt Harvey for 15 years from August 2007 plus 2 6-year rights of renewal
Rent: $140,000/year net + gst
Outcome: sold for $1.275 million at an 11% yield
Agents: Alan Broadbent

North-west

Henderson

91-93 Central Park Drive:
Outcome: passed in at $7.5 million
Agents: Laurie Bell & Grant Miller

Te Atatu South

276 Te Atatu Rd:
Features: 3298m² residential development site zoned living 1 (450m² per site subject to council approval) with potential for 6 townhouses and zoned terrace housing & apartments under the proposed unitary plan, currently has a single large dwelling with swimming pool in landscaped grounds
Outcome: sold for $1.78 million to buyer from mainland China at $534/m²
Agents: Quinn Ngo & James Chan

South

Botany

25 Bishop Dunn Place:
Outcome: no bid
Agents: Jamsheed Sidhwa & Luke Carran

Highland Park

20-22 Dunrobin Place, unit 2 (Coffee Club):
Features: 110m² unit in converted former cinema premises in Highland Park Shopping Centre occupied by Coffee Club on 8-year lease from March 2014 plus 8-year right of renewal
Rent: $52,500 net + gst/year, with fixed annual 3% increase
Outcome: sold for $972,000 at a 5.4% yield
Agents: Quinn Ngo, Sunil Bhana & Tony Chaudhary

Highland Park, unit 3 (Pita Pit):
Features: 82m² unit occupied by Pita Pit on 10-year lease from March 2014 plus 2 5-year rights of renewal
Rent: $32,000 net + gst/year, with annual CPI increase capped at 3%
Outcome: sold for $591,000 at a 5.4% yield
Agents: Quinn Ngo, Sunil Bhana & Tony Chaudhary

Highland Park, unit 4 (Anytime Fitness):
Outcome: no bid
Agents: Quinn Ngo & Geoff Wyatt

Highland Park, unit 5 (Tank Juice):
Features: 88m² unit occupied by Tank Juice on 8-year lease from June 2014 plus 2 6-year rights of renewal
Rent: $35,000 net + gst/year, with fixed annual 3% increase
Outcome: sold for $600,000 at a 5.8 % yield
Agents: Sunil Bhana & Geoff Wyatt

Highland Park, unit 6 (vacant):
Outcome: no bid
Agents: Quinn Ngo & Geoff Wyatt

Highland Park, unit 7 (Flow):
Outcome: passed in at vendor bid of $550,000
Agents: Sunil Bhana & Geoff Wyatt

Howick

19 Wellington St:
Outcome: no bid
Agents: Mark Pittaway & James Chan

Mangere East

48 Buckland Rd:
Features: 154.5m² purpose-built childcare centre licensed for 39 children, on 698m² main residential-zoned site, leased to Evolve Group 3 Ltd for 15 years from December 2014 plus 3 5-year rights of renewal
Rent: $77,500/year net + gst, with annual CPI reviews and to market every 3 years
Outcome: sold for $1.32 million at a 5.9% yield
Agents: Toni Robertson, Tony Chaudhary & James Chan

Papatoetoe

93 East Tamaki Rd:
Features: veterinary clinic located on main residential-zoned 872m² site, leased for 6 years from April 2013 with 3 6-year rights of renewal
Rent: $48,000/year net + gst
Outcome: sold for $860,000 at a 5.6% yield
Agents: Paul Dixon & Tony Chaudhary

7 Ryan Place, unit D:
Features: 240m² industrial unit, new 3-year lease to established tenant
Rent: $30,000/year net + gst
Outcome: sold for $380,000 at a 7.9% yield
Agents: Nick Bayley & Dave Stanley

Pukekohe

201-205 King St:
Outcome: no bid
Agents: Pyush Kumar & Peter Migounoff

Takanini

4 Graham Rd, unit E:
Outcome: no bid
Agents: Mike Marinkovich & Peter Migounoff

South of the Bombays – Waikato

Pokeno

3 Hitchen Rd:
Outcome: passed in at vendor bid of $950,000
Agents: Peter Migounoff & Shane Snijder

Attribution: Auction.

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East Tamaki transactions dominate

7 sales & 2 leases in East Tamaki dominated Bayleys’ recent commercial transactions in the south-east of the Auckland region.

Sales

South

Botany

2 Bishop Dunn Place, unit 30:
Features: 130moffice unit
Outcome: sold vacant for $370,000
Agents: Nick & Ben Bayley

East Tamaki

14 Basalt Place, unit 7:
Features: 80m2 industrial unit – 50m2 warehouse, 30m2 office
Outcome: sold vacant for $176,000
Agent: Mike Marinkovich

14 Basalt Place, unit 13:
Features: 65m2 industrial unit – 50m2 warehouse, 15m2 office in modern tilt-slab complex
Outcome: sold vacant for $195,000
Agents: Roy Ruldolph, Katie Wu & John Bolton

34 Cryers Rd, unit 2:
Features: 1152mindustrial unit – 900m2 warehousing, 252m2 office, 20 parking spaces
Outcome: sold vacant for $2.18 million
Agents: John Bolton & Roy Rudolph

14F Greenmount Drive: 
Features: 84mmedium-stud concrete block industrial unit, no office
Outcome: sold to an owner occupier with vacant possession for $227,000
Agent: Mike Marinkovich

169 Harris Rd, unit 14: 
Features: 87mindustrial unit – 60mwarehouse, 27moffice
Outcome: sold vacant for $227,000
Agents: Katie Wu & John Bolton

2E Kerwyn Place:
Features: 1899m2-level corner unit with ground-floor retail and offices above, but 641mvacant
Rent: $207,905/year net + gst
Outcome: sold for $2.65 million
Agents: Sunil Bhana & Mike Houlker

59 Sir William Avenue, unit B:
Features: 1190mindustrial unit – 770m2 warehousing, 210m2 showroom, 145m2 office, 65m2 mezzanine
Outcome: sold vacant for $2 million
Agents: Roy Rudolph, John Bolton & Katie Wu

Pakuranga

491 Pakuranga Rd, unit 1Y:
Features: 800mrear unit in former cinema complex
Outcome: sold vacant for $750,000
Agents: Sunil Bhana, Greg Hall & Mike Houlker

Leases

East Tamaki

38 Greenmount Drive, unit 3:
Features: 1127m2 industrial unit – 969m2 warehouse, 126m2 office, 32m2 mezzanine
Rent: $135,000/year net + gst for 6 years from 1 November, with 3 3-year rights of renewal & 2-yearly rent reviews to higher of market or CPI
Agents: Roy Rudolph, John Bolton & Katie Wu

49 Springs Rd, unit D:
Features: 420m2 industrial unit – 240m2 warehouse, 180m2 showroom
Rent: $59,000/year net + gst for 3 years from 1 November, with 2 3-year rights of renewal & 3-yearly rent reviews
Agents: Katie Wu & John Bolton

Attribution: Agency release.

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