Archive | Clendon

A low apartment price and very strong commercial yields

A large Vincent St apartment (pictured above), a Stonefields terrace, a Wairau valley warehouse & office unit and 2 outlets in a new Clendon development (pictured below) were all sold under the hammer at Bayleys’ auction yesterday.

Assuming parking at $80,000/space, the Vincent St apartment in a mixed residential & commercial building up from Aotea Square sold at about $3750/m².

The Wairau Valley unit sold on a 4.63% yield on a new lease, and both Clendon shops sold on 4.5% yields.

Apartments

CBD

Uptown

126 Vincent St, unit 3:
Features: 211m² apartment, air-conditioned in zones, lifts open on to private foyer, 4 bedrooms, 2 bathrooms, media room, 2 basement parking spaces
Outgoings: body corp levy $13,307/year + $2981 contingency levy
Outcome: sold for $950,000
Agents: Julie Prince & Diane Jackson

Isthmus east

Stonefields

30 Bluegrey Avenue:
Features: 124m² section + 1/34th of 1218m², 2-bedroom corner terrace, courtyard, parking space
Outcome: pre-auction offer of $880,000 was acceptable, sold for $1 million
Agents: Anna Stephenson & Jackie Dragicevich

Commercial

North-east

Wairau Valley

59-61 View Rd, unit 10:
Features: 229m² warehouse & office, tenant GS Express Ltd
Outgoings: body corp levy $2190/year excluding gst
Rent: $28,000/year net + gst + outgoings, new 4-year lease
Outcome: sold for $605,000 at a 4.63% yield
Agents: Ashton Geissler & James Kidd

South

Clendon

439 Roscommon Rd, where 2 shops sold at yields of 4.5%.

439 Roscommon Rd, where 2 shops sold at yields of 4.5%.

439 Roscommon Rd, unit 2:
Features: 97m² dairy in new 5-unit retail complex
Outgoings: body corp levy $5658/year
Rent: $41,600/year + gst, 6-year term
Outcome: sold for $925,000 at a 4.5% yield
Agents: Tony Chaudhary & Janak Darji

439 Roscommon Rd, unit 3:
Features: 97m² liquor outlet unit in new 5-unit retail complex
Outgoings: body corp levy $5658/year
Rent: $41,740/year + gst, 4-year term
Outcome: sold for $935,000 at a 4.46% yield
Agents: Tony Chaudhary & Janak Darji

Attribution: Auction.

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6 commercial sales around Manukau

Bayleys agents have completed 6 commercial sales in Clendon, Manukau Central & Wiri.

South

Clendon

421 Roscommon Rd, unit A:
Features: 1340m2 retail building
Outcome: sold vacant for $1.995 million
Agent: Tony Chaudhary

429 Roscommon Rd:
Features: 2100m2 business 5 site, 540m2 warehouse
Outcome: sold vacant for $2.025 million
Agents: Tony Chaudhary, Janak Darji & Amy Weng

Manukau Central

78B Grayson Avenue:
Features: 205m2 industrial building – 194m2 warehouse, 25m2 office, 2 parking spaces
Outcome: sold vacant for $405,000
Agent: Mike Marinkovich

12 Lambie Drive (pictured):
Features: Underdeveloped 7218m2 business 5-zoned site, 5255m2 2-level building with mix of office & warehouse, fully leased to 11 tenants, 92 parking spaces
Rent: $588,100/year net + gst
Outcome: sold for $7 million at an 8.4% yield
Agent: Alan Haydock

Wiri

1 Hautu Drive, unit 5:
Features: 471m2 industrial building – 294m2 warehouse, 97m2 office, 80m2 showroom
Outcome: sold vacant for $1.150 million
Agents: Nick Bayley & Marty Roestenburg

6A & B Earl Richardson Avenue:
Features: 2 small industrial units – 240m2 road-front unit & 180m2 unit, 9 parking spaces
Outcome: sold vacant for $850,000
Agent: Mike Marinkovich

Attribution: Agency release.

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Foodstuffs to replace Clendon store with Pak ’n Save

Foodstuffs North Island Ltd has decided to replace its New World store in Clendon with a bigger Pak ’n Save supermarket.

It’s had a New World in the Clendon shopping centre since the South Auckland suburb was established in 1984, but Foodstuffs property development general manager Angela Bull said yesterday it was time, after 30 years, for a complete makeover: “We have had a good look at the store and seen there’s a great opportunity for Pak ’n Save to come to Clendon to best meet our customers’ needs.”

The conversion from the present store’s gross floor area of 2993m² to the proposed Pak ’n Save 4706m² will happen in stages and the store will stay open throughout the construction. The redevelopment has consent and Ms Bull expected construction of the first stage of the new supermarket to start in mid-2016.

Attribution: Company release.

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McDonald’s buys its Clendon outlet

Written 29 April 2010 but seemingly not published at the time, published 17 July 2010

The McDonald’s outlet at the Clendon shopping centre was sold for $2.8 million on a 6.5% yield at a Colliers International auction today.

 

The auction drew 3 bidders and was sold under the hammer to McDonald’s Restaurants NZ Ltd, which also has a $100 million programme to expand its outlets to 173 by the end of next year.

 

The 306m² restaurant sits on a 1151m² site, with its own title, at the corner of Roscommon Rd & Robert Ross Place, on the edge of the Clendon shopping centre’s second stage. Current rent was $181,500 plus gst, with all outgoings paid by McDonald’s as tenant. It includes a McCafe, drive-through & playground.

 

It was taken to auction by Point Nominees (Clendon) Ltd (Chris Holmes, Remuera), a subsidiary of Point Capital Group Ltd (Mr Holmes & Tony Hannon, Torbay).

 

McDonald’s had first right of refusal on the property. Any other buyer would have had a long-term tenant – McDonald’s signed a 10-year lease renewal in December 2007 and had 3 more 6-year rights of renewal.

 

The shopping centre was built around 1984 and was most recently extended in 2008. It’s anchored by a Warehouse store, has more than 40 specialty tenancies, some office space and parking for 575 cars, and 2 other sites under separate ownership – the New World supermarket & Mobil service station. All of them come under the shopping centre management agreement.

 

McDonald’s development director Brett Watson said the company had a first right of refusal on most of its stand-alone tenancies but evaluated them carefully before buying. The price on this one was considered “market”, although some retail properties have sold recently at stronger yields.

 

Meanwhile, McDonald’s is into the second year of its 3-year programme to add 30 restaurants to its fast-food network. It built 10 last year, is on track to complete 10 more this year and should add another 10 next year.

 

The first for 2010 was opened at Richmond, Nelson, one will open in about 2 months at the corner of Constellation & Apollo Drives, Mairangi Bay, and work started this week on a site on Whangaparaoa Rd, next to the Berkeley cinema and just down from the Pacific Plaza shopping centre on the Whangaparaoa Peninsula.

 

Vendor background:

 

Mr Holmes is a director of Best Properties Ltd, Omaha Bay Investments Ltd, Point Properties Holdings Ltd, Radius Property Holdings Ltd, Roscommon Tavern Ltd, Seniorcare Group Ltd, Symmetry Partners Ltd & Sym Trustee Ltd, and a former director of AMP Capital Investors (NZ) Ltd, Foundation Securities (NZ) Ltd & Radius Hospitals Ltd. Mr Hannon is a director of Basin Properties Ltd, Kaching Investments Ltd, Kava Investments Ltd, Pitchbeam Partners Ltd, Radius Property Holdings, Rock Isle Forestry Ltd, Seniorcare Asset Management Ltd & Seniorcare Properties Management Ltd, Vomo Developments Holdings Ltd & Vomo (NZ) Ltd, and a former director of 4WD Experience NZ Ltd, Ascot Private Equity Ltd, Auckland Bridge Climb Ltd, Best Properties, BNZL Properties Ltd, Bungy NZ Ltd, Canterbury of NZ Ltd, Eastman Properties Ltd, Endeavour I-cap Ltd, FP North Ltd (in liquidation – ex-Vestar Ltd & Northplan Financial Services Ltd), I-cap Nominees Ltd, IMP Diversified Income Fund Ltd, Jade Software Corp Ltd, Jucy Group Ltd, Next Holdings Ltd, Passage Holdings Ltd, Peppertree Apartments Ltd, Pic Logic Ltd & Picobi Ltd (both in receivership & liquidation after his departure), various Point Properties companies, Radius Health Group Ltd, Radius Properties Ltd, Rodney Wayne Ltd, Savoy Equities Ltd, several Seniorcare  companies, Snowline Holdings Ltd, Stoney Creek Village Ltd, Sun Living Ltd, Treble Cone Investments Ltd, Upstart Capital Ltd & Woosh Wireless Ltd.

 

Want to comment? Go to the forum.

 

Attribution: Auction & auction documents, Companies Register, story written by Bob Dey for the Bob Dey Property Report.

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