Archive | Drury

Kiwi Property settles second Drury site purchase

Kiwi Property Group Ltd settled its acquisition of 30.6ha at Drury on Wednesday, after receiving approval from the Overseas Investment Office a week ago to proceed.

The company intends to create a new town centre next to Stevenson Group Ltd’s mostly industrial 360ha development site.

Kiwi’s 3 greenfield sites are next to the junction of the Southern Motorway, Great South Rd and the North Island main trunk railway line, 35km south of Auckland’s city centre.

Chief executive Chris Gudgeon said: “This brings our total landholdings to 42.7ha, at a purchase price of $39.8 million. A third land parcel of 8.6ha has been secured via a right of first refusal, with the purchase price to be determined with reference to the market when the right is exercised.

Earlier stories:
13 September 2017: Kiwi Property’s Drury buy approved
10 September 2017: Second round for Auranga precinct confirms Drury as major growth centre
7 April 2017: Kiwi Property plans new town centre next to Stevenson’s Drury development
30 August 2013: Drury South industrial area plan change & MUL extension approved

Attribution: Company release.

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Kiwi Property’s Drury buy approved

Kiwi Property Group Ltd said yesterday it had received approval from the Overseas Investment Office to proceed with its acquisition of land at Drury, 35km down State Highway 1 from Auckland’s city centre.

The company said on 7 April it had secured agreements to acquire 3 greenfield sites totalling 51.3ha adjacent to the junction of the Southern Motorway, Great South Rd & the North Island main trunk railway line.

The Overseas Investment Office approval relates to the acquisition of a freehold interest of 39.2ha of this 51.3ha.

Kiwi Property chief executive Chris Gudgeon said yesterday: “This landholding reinforces our commitment to be part of Auckland’s future growth. Our vision is to develop a town centre to complement the existing Drury town centre, which would be staged over the next 20 years to coincide with predicted population growth, household formation & employment growth in South Auckland.”

Settlement of Kiwi’s purchase of 30.6ha of the Overseas Investment Office-approved land parcels is due to occur next Wednesday, 20 September 2017. Mr Gudgeon said Kiwi would fund it through existing debt facilities.

He said in April the acquisition price for 2 of the land parcels, totalling 42.7ha, was $39.8 million. Kiwi secured the third parcel of 8.6ha via a right of first refusal, with the purchase price to be determined with reference to the market when the right is exercised.

Earlier stories:
10 September 2017: Second round for Auranga precinct confirms Drury as major growth centre
7 April 2017: Kiwi Property plans new town centre next to Stevenson’s Drury development
31 October 2016: Work starts on 3 striking special housing area projects
24 August 2016: Work set to start after fast approval for Auranga special housing area at Drury
4 July 2015: 2 large special housing areas for Franklin
30 August 2013: Drury South industrial area plan change & MUL extension approved
4 September 2012: Drury South plan changes notified

Attribution: Company release.

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Second round for Auranga precinct confirms Drury as major growth centre

Drury, 35km south of Auckland’s city centre, is the new centre of activity in the Auckland region, with construction of between 6100 & 10,800 homes anticipated on 1000ha there within 10 years.

That’s a potential population explosion of 30,000 people in an area that was all greenfields 2 years ago, apart from the small Drury township which, at the 2013 census, had 1200 homes and a population of just over 3500 – up by only 140 in 6 years.

Image above: The masterplan for the first stage of Auranga.

A planned, and very large, piece of it is the industrial expansion by Stevenson Group Ltd from its quarry in the hills east of State Highway 1 across to the highway. The company secured planning approval in 2013 to rezone 361ha of rural & quarry land for a mix of industrial & business development.

In 2015, Charles Ma’s Karaka & Drury Ltd had its 68ha Drury precinct 1 proposal approved as a special housing area, projecting its whole development would yield 1000-1500 new homes over 7-9 years, with the first homes ready for occupation by the end of 2017. The land was rural, but zoned future urban under the proposed Auckland unitary plan.

Kiwi Property Group Ltd spotted Drury’s potential and bought some of 51.3ha at Drury in April, with agreements to secure the balance, to create a new town centre next to Stevenson’s site. Kiwi’s 3 greenfield sites are next to the junction of the Southern Motorway, Great South Rd and the North Island main trunk railway line.

Auckland Council’s structure plan map for Drury-Opaheke. The future urban-zoned land, including Auranga 1B, is in yellow. Stevenson’s Drury South industrial precinct, in purple, is at the lower right of the map.

Plan change accepted for notification

Last Tuesday, Mr Ma’s company was at Auckland Council’s planning committee seeking approval to extend its Auranga subdivision from the initial precinct 1, and to rezone the 84.6ha extension as mixed housing urban & mixed housing suburban, providing for about 1300 more homes. The committee accepted the private plan change, which will now be publicly notified & opened to submissions.

There was potential for a hiccup, because the council had already turned down Mr Ma’s request to rezone part of this land in 2015 for 2 main reasons: concerns about the impact of the proposed development on existing transport infrastructure, and the need for a structure plan to be prepared for the wider area.

Structure & catchment plans are the bane of developers’ lives because they invariably follow the developer’s bright ideas – the country has not been mapped out in precise structure plans well in advance of development dreams yet to be dreamt.

The council plans set limits which are often inconvenient, slow in arriving & expensive. For both developer & council, those plans are a cost incurred well before any likely return from development, and subsequent rates payments.

In this case, the council has embarked on its own structure plan process for a wider area running from Drury up Opaheke Rd to Papakura. However, the report to Tuesday’s committee meeting by principal planner Barry Mosley & planning manager Celia Davison acknowledged that Mr Ma’s company had lodged its private plan change before the council embarked on its own Drury-Opaheke structure planning process and it wouldn’t compromise that process, as the land subject to the private plan change request was relatively confined, the proposed land use was the most appropriate and wouldn’t foreclose the consideration of other appropriate outcomes.

“In short,” the council planners wrote, “the council’s ability to pursue a full range of options for the Drury-Opaheke area through the structure plan process will not be constrained by the private plan change request.

“Secondly, bulk infrastructure is already proposed to service land within the adjacent Drury 1 precinct, and preliminary assessments indicate that this bulk infrastructure can be logically & efficiently designed to service the Auranga B1 land & parts of the wider Drury area.”

The council planning committee adopted its refreshed future urban land supply strategy on 4 July, confirming its 1016ha growth target at Drury west of State Highway 1. The council expects land release in that wider area to start in 2022 north of State Highway 22, and in 2028 south of State Highway 22.

Ma to leverage off infrastructure he’s creating in first precinct

Charles Ma at the launch of Auranga stage 1 in October 2016.

Mr Ma’s company intends to leverage off the infrastructure he’s creating in the initial Auranga area to develop the proposed B1 private plan change area.

The whole area requires new trunk wastewater sewerage, with connecting branches. A wastewater pump station is being built at 207 Bremner Rd in the Drury 1 precinct, designed to service a population of 10,000, including the residential component of Stevenson’s Drury South development and its Drury South industrial precinct.

In addition, a site is being reserved for a Watercare Services Ltd pump station that can service additional dwellings and enable Watercare to develop a wider wastewater network.

Watercare & Veolia Water Solutions Technologies NZ Ltd (which took over Papakura District’s water supply before the super-city was created in 2010) are working through a number of possible solutions to ensure security of water supply for Drury. The council planners said: “At this point there is reliance on one bulk supply point via connection to water sourced from the Waikato River. A possible solution to ensuring a backup water supply is to establish a second bulk supply point with connection to a Hunua water source.”

They said transport infrastructure upgrades would be required to enable development within the Drury 1 precinct, and Mr Ma’s Karaka & Drury was finalising an infrastructure funding agreement to enable delivery of upgrades, which will also largely unlock the potential of the Auranga B1 land.

The Karaka & Drury company intends to provide all necessary stormwater infrastructure within Auranga B1.

The council planning committee approved a structure planning programme for Drury-Opaheke on 1 August, to be completed within 12 months. Key strategic issues to be considered in that include:

  • the location of & appropriate number of centres
  • transport infrastructure, including the location & number of train stations
  • the location & mix of residential & commercial/industrial land; and
  • the location, size & function of parks, reserves & community facilities.

The council planners said in their report aspects of the Auranga plan change would need to be tested through the submission & hearings process, but added: “The scope & extent of the changes sought do not, in themselves, threaten the purpose & principles of the Resource Management Act when considered at this preliminary stage. The private plan change request is therefore considered to be in accordance with sound resource management practice.”

Local boards differ on timing

Papakura Local Board members didn’t support the Auranga plan change request now as they considered it premature and that it would place significant pressure on existing infrastructure: “They have also expressed concerns that the request, if accepted (and when combined with current development existing & proposed in the wider area), would adversely impact on the Drury motorway exchange & infrastructure.”

However, the Franklin Local Board supported the proposed plan change in principle, saying it was a logical extension of the existing special housing area & Drury 1 precinct. Franklin board members were also pleased it sought to develop a sustainable new community in an area that is well placed to deliver new centres, jobs & infrastructure improvements, and it could be progressed alongside work on the Drury-Opaheke structure plan. The Franklin board said the council & Mr Ma should seek a partnership approach to make the 2 processes complementary.

Council development programme office general manager John Dunshea told the committee water from the Flanagans Rd bulk supply point would also pass through the Auranga land to the Hingaia Peninsula, which had been constrained by the lack of bulk supply.

Cllr Daniel Newman said Hingaia had already been live-zoned from future urban when it didn’t have the infrastructure to take new housing, but he expected the whole area east of State Highway 1 to face challenges “sooner than in a decade” – Drury East in particular.

“That will make this footprint in this part of Auckland attractive to the market and we will have to do structure planning to implement that.”

Links:
Planning committee agenda, Tuesday 5 September
11, Auckland unitary plan (operative in part) – private plan change request from Karaka & Drury Ltd – Auranga B1

Earlier stories:
7 April 2017: Kiwi Property plans new town centre next to Stevenson’s Drury development
31 October 2016: Work starts on 3 striking special housing area projects
24 August 2016: Work set to start after fast approval for Auranga special housing area at Drury
4 July 2015: 2 large special housing areas for Franklin
30 August 2013: Drury South industrial area plan change & MUL extension approved
4 September 2012: Drury South plan changes notified

Attribution: Council committee meeting & agenda.

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Council starts public process for city centre & waterfront planning refresh, plus 3 subdivision plan changes

Auckland Council’s planning committee agreed yesterday to a refresh programme for the city centre & waterfront, but it will be 10 months before the final version of it is decided.

It’s also complicated by requirements evolving for the America’s Cup yachting contest to be held in Auckland in 2019, and where the estimated 30,000m² of land for the bases plus water spaces for the yachts might go.

The large programme of works for city centre & waterfront would be implemented under a review of the original central business district & waterfront plans completed in 2012.

But first the councillors & Independent Maori Statutory Board members have to put their money caps on, in their roles as the finance & performance committee, to prioritise works. That committee’s scheduled to meet (twice) in a fortnight.

And then the whole shebang has to go out to public consultation early next year as part of the council’s long-term plan review, returning to the council for signoff just before the start of the new financial year on 1 July 2018.

3 plan changes & a tidy-up under the new unitary plan

A second novelty yesterday came in the form of 4 plan changes – the first batch under the super-city’s unitary plan, which combines an updated composite of all the district plans of the councils 7 territorial predecessors and also includes an updated regional policy statement.

The unitary plan is still not fully operative, with parts of it before the courts. 2 of the proposed changes to it before the committee yesterday were private – from Karaka & Drury Ltd (Charles Ma) to extend its Auranga subdivision at Drury, and from Fletcher Residential Ltd, recognising an agreement with opponents of the company’s Three Kings quarry residential development.

The other 2 plan changes were brought by the council, one for its rezoning of land at Whenuapai from future urban so development can start on part of it over the next 4 years, with later stages set for development starting in 2028.

The last change, from the council, is to correct technical errors & anomalies discovered in the unitary plan.

  • You can check the detail in the refresh and the plan change proposals through the links below. I’ll roll out articles on each of them, and yesterday’s debate, over the next few hours.

Planning committee agenda, Tuesday 5 September
9, City centre & waterfront planning refresh
11, Auckland unitary plan (operative in part) – private plan change request from Karaka & Drury Ltd – Auranga B1
12, Auckland unitary plan (operative in part) – private plan change request by Fletcher Residential Ltd – Three Kings 
13, Auckland unitary plan (operative in part) – proposed plan change – Whenuapai 
14, Auckland unitary plan (operative in part) – proposed plan change – administrative plan change – to correct technical errors & anomalies

Story, 1 September 2017: Grand downtown & waterfront plans raise the question: The money?

Attribution: Council committee agenda & meeting.

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Kiwi Property plans new town centre next to Stevenson’s Drury development

Kiwi Property Group Ltd has bought some of 51.3ha at Drury, with agreements to secure the balance, to create a new town centre next to Stevenson Group Ltd’s mostly industrial 360ha development site.

The 3 greenfield sites are next to the junction of the Southern Motorway, Great South Rd and the North Island main trunk railway line, 35km south of Auckland’s city centre.

Kiwi chief executive Chris Gudgeon said in a release today the company had acquired some of the land, and had secured agreements to acquire more, as a strategic long-term holding to capitalise on Auckland’s continuing population growth.

“Our vision is to develop a town centre to complement the existing Drury town centre, which would be staged over the next 20 years to coincide with predicted population growth, household formation & employment growth in South Auckland.

“We will work with Auckland Council & infrastructure providers to secure a town centre zoning providing for commercial & retail uses integrated with high, medium & low density housing – all within walking distance of an integrated public transport node.”

Mr Gudgeon said the acquisition price for 2 of the land parcels, totalling 42.7ha, was $39.8 million. He said Kiwi had secured the third parcel of 8.6ha via a right of first refusal, with the purchase price to be determined with reference to the market when the right is exercised.

Overseas Investment Office approval is required in relation to the acquisition of 30.6ha.
Mr Gudgeon said it was an exciting opportunity for Kiwi: “Intensification at key transport nodes and masterplanned town centre developments are going to be a big part of our future under the Auckland unitary plan.

“Drury is already a highly accessible location, at the junction of the Southern Motorway, Great South Rd & the North Island main trunk railway line. Transport links to this area are only going to get better, with Auckland Transport’s plans for the construction of the Mill Rd southern arterial route, electrification of rail through to Pukekohe and the opportunity to construct a railway station adjacent to the town centre.”

The land’s current zoning under the unitary plan is future urban.

Mr Gudgeon said Kiwi’s plans for the amalgamated sites would be complementary to Stevenson’s adjacent development.

Earlier stories:
31 October 2016: Work starts on 3 striking special housing area projects
24 August 2016: Work set to start after fast approval for Auranga special housing area at Drury
4 July 2015: 2 large special housing areas for Franklin
30 August 2013: Drury South industrial area plan change & MUL extension approved
4 September 2012: Drury South plan changes notified

Attribution: Company release.

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Work starts on 3 striking special housing area projects

Activity on 3 projects signalled progress – beyond signing up for land use – on providing supply to meet the acute housing shortage in Auckland.

All 3 have striking features:

  • The last, Auranga at Drury, where Building & Housing Minister Nick Smith turned the first sod on Friday (pictured above), is a very large & private project to build 1350 homes on 84.6ha in a mix of standalones, apartments, duplexes & terraces
  • The second is a 100-home development in New North Rd, Mt Albert, where Dr Smith signed an agreement under the Government’s Crown land housing programme on Wednesday with Marutuahu Ropu & Ockham Residential Ltd, and
  • The first, also under the Crown land housing programme, is a 196-home project on Moire Rd, Massey East, where Fletcher Residential Ltd & its partner, Ngati Whatua Orakei, blessed the site and turned the first sod to pave the way for earthworks to start in early November.

Moire Rd

On Moire Rd, 30% of the homes (59 of them), will be made available for social housing. Community housing providers will have first option to buy them and, if not taken up, they will be available to first-homebuyers.

The staged development will be a mix of detached single-storey dwellings, terraces & duplexes. The first homes are scheduled to be completed by the end of August 2017 and the whole development completed by mid-2019.

The site had been held by the Ministry of Education for a new school but became surplus to its requirements when Hobsonville Point Secondary School was built instead.

It was bought by the Ministry of Business, Innovation and Employment in November 2015 and offered to Tamaki Makaurau LP in January, but this wasn’t taken up. Fletcher Residential was offered the site in April as the most highly ranked member of the development panel, and heads of agreement reached in June. Resource consents have since been granted for the subdivision & earthworks.

Dr Smith said: “This project will provide nearly 200 homes in a part of Auckland where housing demand is strongest. The Government is using its ownership of the land to require a pace of construction and a mixed development with a significant portion of social housing.”

Mt Albert

Dr Smith said the agreement with Marutuahu Ropu & Ockham Residential would result in a 100-home development with an average house price of $573,000, 8km from Auckland’s city centre.

The Marutuahu iwi has led the project and it’s the first development under the housing protocol between the Crown & the Tamaki Collective.

“This site was originally owned by the NZ Transport Agency as part of the Waterview roading development and was identified last year as a candidate for the Crown land housing programme. The development opportunity was optimised by purchasing earlier this year an adjacent section which was privately owned,” Dr Smith said.

“The key to more affordable housing close to Auckland city is greater density & smart design. The special housing area status granted earlier this year enables 100 homes on the site, rather than 24 under the old planning rules.

“Ockham has proven experience in developing innovative, high quality & affordable housing with a focus on 3- & 4-level character apartments. Marutuahu Ropu is an important partner and, through the Tamaki Collective, helped achieve the successful housing development at Waimahia at Weymouth.”

Following the heads of agreement signed on Wednesday, a detailed development agreement is expected to be concluded in December. It’s anticipated construction will begin on the first stage in July 2017, with the first dwellings due to be completed by May 2018. The balance will be completed over 2018-19.

Under the Crown land housing programme, the Government is using its ownership to help facilitate an increase in the supply & affordability of housing. It receives deferred settlement for the land but places requirements on development to occur at pace, and for the homes to be constructed at the more affordable end of the housing market.

“The Government is step by step, development by development, resolving Auckland’s housing challenges.”

Drury

The Auranga masterplan at Drury.

The Auranga masterplan at Drury.

The start of works at the Auranga special housing areas on Bremner Rd, Drury, follows a rapid course from approval in Auckland Council’s tranches 6 & 9 in August 2015 & February 2016, through plan change & subdivision consent.

Auranga managing director Charles Ma said this demonstrated how the Government, council, utility providers & private developers could work together to speed up the supply of good quality housing in Auckland: “I am immensely proud that everyone has worked so hard & well together. This resulted in our application to rezone the greenfields site for residential development being unanimously supported by submitters, and has enabled work to start in extremely quick time for a project of this scale.”

Auranga, meaning ‘a life force that sets progress in motion’, will provide 1350 homes, over 200 of them in the affordable category, which is 50% more than required under the special housing area provisions.
Mr Ma dispelled the notion that it was just about pumping out houses: “It is way more than just bricks & mortar. Auranga is about people, community & providing the foundations for good living. Often developments try to create a sense of community, but end up being just rows of houses with no heart & little atmosphere.

“I love timeless, elegant aesthetics & beautiful outdoor spaces. Auranga will be a celebration of traditional architecture & visually stunning surroundings that will encourage people to connect. I want to bring back community values like knowing everyone in your street and knowing your kids are safe to play freely around the neighbourhood.”

Auranga will include a network of walkways, boardwalks, bridges & cyclepaths, a jetty so people can enjoy the water, a village square & shops, a playground and dedicated dog exercise area.

Attribution: Ministerial & Auranga releases.

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5 special housing areas approved

Commissioners have produced decisions approving 5 special housing areas at Ardmore, Clarks Beach, Drury South, Glenbrook, & Hobsonville Landing.

Auckland Council issued notices today making the applications under the housing accord with the Government operative.

The 5 areas:

  • Ardmore, plan variation 17, 170, 180 & 190 Walters Rd & 587 Mill Rd, 19.6ha rezoned from future urban to mixed housing suburban, to create 295 lots including 30 affordable housing sites
  • Clarks Beach, 137 Clarks Beach Rd, plan variation 19, 50.7ha rezoned from future urban to mixed housing suburban, 32 vacant lots, 2 residential superlots
  • Drury South, plan variation 16, 49 Harrison Rd & McEldownie Rd, 101ha rezoned from light industry to terrace housing & apartment buildings, mixed housing urban & mixed housing suburban, 50 residential lots
  • Glenbrook, plan variation 14, 35 & 127 McLarin Rd, 69ha rezoned from rural coastal to single house & local centre, to create 231 lots for residential, reserve & roading, neighbourhood park & coastal café
  • Hobsonville Landing, plan variation 12, 2ha to mixed-use zone, 6 new dwellings

Link: Auckland Council, special housing areas

Attribution: Council notices.

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Work set to start after fast approval for Auranga special housing area at Drury

Commissioners have approved the special housing area & qualifying development for 84.6ha at Bremner Rd, Drury, intended to yield 1350 new homes & a village centre.

It’s taken just over a year from promulgation of the bulk of the land as a special housing area to a hearing at the end of July and a decision a fortnight later, and the work on site is also expected to be quick. Earthworks for the first stage of the subdivision, called Auranga, are likely to start this season, for completion of the first homes by the end of 2017. Stage 1 at 207 Bremner Rd will have 51 residential lots for 51 homes on 4.5ha.

All submissions received by the panel – Barry Kaye (chair), Kitt Littlejohn & Murray Kay – supported the application by Karaka & Drury Ltd (Charles Ma), and it took just 22 working days from submissions closing to approve, making it one of the fastest plan changes in New Zealand’s history.

This efficiency has been attributed to extensive consultation with landowners & utility providers, and working with the council to achieve mutually acceptable solutions for development control rules, housing affordability & staging.

Other agreements between the developer, council & government also addressed funding of infrastructure, including new wastewater & water trunk mains, pump stations, a substantial upgrade to Bremner Rd with shared paths & dedicated cycleways, and a new pedestrian bridge across the Ngakaroa Stream next to the existing Bremner Rd bridge.

The first 68ha of the special housing area was approved in August 2015, as part of Auckland Council’s tranche 6, the balance in February in tranche 9. The private plan change, now operative, has rezoned the land within Auckland’s extended metropolitan urban limit for urban residential development. The development’s name, Auranga, means “a life force that sets progress in motion”.

The site is just north of Stevenson Group Ltd’s 361ha Drury South industrial subdivision & associated extension of the metropolitan urban limit, given approval in 2014. Stevenson Group’s private plan change will turn the 361ha of rural & quarry land over to a mix of industrial & business development.

Stevenson’s application for a special housing area plan variation & qualifying developments, at 49 Harrison Rd & various adjacent sites in Drury, goes to a hearing at the end of next week.

High affordable ratio

Auckland mayor Len Brown commended Mr Ma’s undertaking last year to build at least 150 affordable homes, or 15% of the total project’s original target minimum 1000 homes. The council requires a 10% affordable housing provision in special housing areas. However, Mr Ma has now lifted the target to at least 200 homes in the affordable category, and said marketing channels & processes would be in place to ensure those eligible have access to them.

Those homes will form part of a balanced mix of housing densities for residents at all stages of life. Mr Ma said: “The Auranga team has spent 2½ years planning a place that will provide much-needed quality homes. The development will be a place where people can enjoy the water, generous open spaces, great facilities & a real sense of community.”

High standards of amenity will include easy pedestrian access to local facilities, including the sports ground’s boardwalks, bridges & paths along natural waterways & the estuary; a jetty; cycleways & footpaths; a playground & dog exercise area. The interconnected street network have been calculated to reduce the vehicle kilometres travelled per household by up to 30%.

80% job self-sufficiency possible

Mr Ma believes the expansion of employment nodes at the airport, Manukau, Pukekohe, Papakura & Takanini as well as Drury South will mean more local jobs and potentially a higher employment performance than anywhere else in Auckland: “Our analysis shows the expansion of job opportunities at Drury with the proposed Drury South business park could achieve employment levels of over 80% self-sufficiency, meaning at least 4 in every 5 jobs will be in the local area. This will result in residents not necessarily having to work in the cbd and less associated congestion on the motorway, which is a remarkable level of sustainability that exceeds many other parts of urban Auckland.”

Link: Map: Special housing area – Bremner Road, Drury

Earlier stories:
4 July 2015: 2 large special housing areas for Franklin
30 August 2013: Drury South industrial area plan change & MUL extension approved

Attribution: Hearing documents & company release.

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6 sell at Colliers auction

5 commercial properties were sold at Colliers’ auction on Wednesday, and another shortly after.

Isthmus west

Avondale

432 Rosebank Rd, unit 4:
Features: Coverstaff NZ Ltd on new 6-year lease
Rent: $52,000/year
Outcome: sold for $891,000 at a 5.8% yield
Agents: Charlie Oscroft & Craig Smith

Mt Roskill

954 Dominion Rd:
Features: 130m² site, corner café, 3-bedroom apartment
Rent: was $550/week for café, $420/week for apartment
Outcome: sold for $890,000
Agents: Peter Kermode & Jasmine Yao

North-east

Albany

34 Triton Drive, unit B2:
Features: 185m² air-conditioned office, 5 parking spaces,
Rent: $65,542/year net + gst, 6-year lease
Outcome: sold for $835,000 at a 7.8% yield
Agents: Janet Marshall & Paul Salmon

Mairangi Bay

3A Whetu Place:
Features: 537m² high-stud warehouse
Outgoings: opex $55/m²/year
Rent: $76,317/year net holding income; current lease expires September 2016
Outcome: sold for $1.255 million at a 6% yield
Agents: Mike Ryan & Matt Prentice

Hibiscus Coast – Millwater

175 Millwater Parkway, unit 8:
Features: 103m² retail unit I new development, 6-year lease with 2 6-year rights of renewal
Rent: $41,020/year net
Outcome: sold for $770,000
Agents: Euan Stratton & Matt Prentice

North-west

Westgate

Fernhill Drive, unit A:
Outcome: withdrawn from auction
Agents: Shoneet Chand & Brad Visser

South

Drury

228 Flanagan Rd:
Features: 2.1165ha site zoned future urban
Outcome: passed in at $800,000
Agents: Tony Allsop & Tim Lichtenstein

East Tamaki

11D Blackburn Rd:
Outcome: withdrawn from auction
Agents: Jolyon Thomson & Ash Vincent

55 Greenmount Drive:
Features: 2345m² light industrial building, fully leased to long-term tenant
Rent: $240,000/year net + gst
Outcome: passed in, sold post-auction for $3.65 million at a 6.5% yield
Agents: Paul Higgins, Greg Goldfinch & Jolyon Thomson

South of the Bombays – Waikato

Hamilton

185 Victoria St:
Features: 532m² Lone Star restaurant,
Rent: $225,400/year net + gst + opex, lease to 2020, renewals to 2030
Outcome: passed in, vendor bid at $2.5 million
Agents: Mark Brunton & Justin Oliver

Attribution: Auction.

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Boutique vineyard & industrial cluster among sales

The boutique Karaka Point vineyard at Clarks Beach has been sold as a going concern and a Pukekohe cluster of industrial buildings (pictured) has been sold as a single entity.

They’re among 4 sales and one lease recorded by Bayleys’ Franklin & South Auckland sales team.

South

Sales

Drury

236 Great South Rd, unit 8: 
Features: 150m² warehouse & office building
Outcome: sold vacant for $265,000
Agent: Peter Migounoff

Pukekohe

12 Cape Hill Rd:
Features: 7276m2 of industrial buildings on 3.287ha site, 6 established tenants and an additional building planned for the expansion of one of these
Rent: $480,860/year net + gst
Outcome: sold for $5.3 million at a 9.1% yield
Agent: Shane Snijder, Peter Migounoff & Graeme Moore

Takanini

3 Heb Place, units 1, 2, & 3:
Features: 3 industrial units totalling 1603m2 – 1236mwarehouse, 367m2 office space; unit 1 has a 5-year lease expiring in April 2020, with 2 3-year rights of renewal, units 2 & 3 are vacant
Rent: $75,000/year net + gst
Outcome: sold for $2.2 million
Agent: Mike Marinkovich

Waiau Pa, Clarks Beach

5C Wallace Drive:
Features: 8.1ha Karaka Point boutique vineyard with cellar facility, a large garden & function centre plus a substantial homestead & orchard
Outcome: sold as freehold going concern for $2.99 million
Agents: John Algie, Paul Dixon & Stephen Scott

Lease

Papakura

16 Dent Place, unit 1:
Features: 1052m2 warehouse plus 105m2 office & 45m2 mezzanine, leased for one year with rights of renewal until 2022
Rent: $85,000/year net + gst
Agents: Shane Snijder & Peter Migounoff

Attribution: Agency release.

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