Archive | Drury

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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2 large special housing areas for Franklin

The latest 2 Auckland special housing areas are both in Franklin and both large – 87ha on McLarin Rd, Glenbrook, providing for 800 homes, and 68ha on Bremner Rd, Drury, for at least 1000 homes.

Building & Housing Minister Nick Smith said when he & mayor Len Brown announced the areas yesterday that he was encouraged that Auckland Council “is continuing to advance greenfield sites for special housing area status. This is welcome progress, in both scale & momentum, to help address Auckland’s issues of housing supply & affordability”.

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

Industrial development is also being considered at Glenbrook, where 1200ha is available next to the steel mill.

Thee special housing areas take the number in Auckland to 86, with a combined potential for 45,000 homes.

Mr Brown said both housing sites were near existing amenities such as halls, reserves & education centres, “and we are confident that the proposed housing developments at these sites can be well serviced by existing or planned water, waste & roading infrastructure.

“I also commend the undertaking from the developer to build at least 150 affordable homes at Bremner Rd – or 15% of the total project. This is above the 10% affordable housing provision which is required in the special housing area by the council.”

In addition to the new Franklin housing areas, a 5.2ha extension to a 29ha special housing area on Fred Taylor Drive, Westgate, has been approved.

The Drury development, by Karaka & Drury Ltd, will yield 1000-1500 new homes over 7-9 years, with the first homes ready for occupation by the end of 2017. The first stage will have about 150 lots. The land is rural, but zoned future urban under the proposed Auckland unitary plan.

The Glenbrook development by Kahawai Point Ltd (Tahuna Minhinnick) will provide a mix of housing types, including 2-bedroom duplexes & 3-5 bedroom homes. The first homes in the 200-lot first stage are expected to be completed by the end of next year. The council’s housing project office says Kahawai Point Ltd has been working closely with mana whenua and has incorporated iwi housing concepts into the masterplan.

Links: Auckland Council, housing accord
Map: Special housing area – McLarin Road, Glenbrook
Map: Special housing area – Bremner Road, Drury

Earlier story, 30 August 2013: Drury South industrial area plan change & MUL extension approved

Attribution: Ministerial & council release.

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7 South Auckland properties sold

Bayleys agents have sold 7 properties around South Auckland, down as far as Waiuku, where the vacant ex-New World supermarket has been sold.

South

Drury

236 Great South Rd, units 9 & 10: 
Features: 2 units totalling 135m2, one leased for 2 years, one vacant
Rent: $22,000/year net + gst
Outcome: sold for $500,000
Agents: Peter Migounoff & Piyush Kumar

East Tamaki

139 Cryers Rd:
Features: 4500m2 site, 1662m2 building – 600m2 warehouse, 800m2 office space, 262m2 of amenities
Outcome: sold with vacant possession for $2.65 million
Agent: John Bolton

169 Harris Rd, unit A12:
Features: Modern 2-level commercial building, 113.5m2 office, 113.5m2 showroom, one-year lease expires in October
Rent: $18,000/year net + gst
Outcome: sold for $550,000
Agent: Dickie Nam

Manukau

19A Norman Spencer Drive:
Features: 401m2 industrial building – 283m2 warehouse, 118m2 amenities area, 90m2 rear fenced yard, 14 parking spaces, leased to Home Fibre Solutions for 2 years 6 months from April 2014, with 2 2-year rights of renewal
Rent: $49,600/year net + gst
Outcome: sold for $710,000 at a 7% yield
Agent: Mike Marinkovich

Manurewa

327 Great South Rd:
Features: 4282m2 vacant site zoned business 5
Outcome: sold for $1.35 million at $315/m2
Agents: Katie Wu, Roy Rudolph & John Bolton

Otara

7 Fair Mall:
Features: 500m2 shopping mall retail outlet on 612m2 site, leased to Sunlight International for 6 years from April 2011 with 4 6-year rights of renewal
Rent: $132,000/year net + gst
Outcome: sold for $1.3 million at a 10.2% yield
Agents: Tony Chaudhary, Janak Darji & Amy Way

Waiuku

9 Kitchener Rd:
Features: 1460m2 vacant building, formerly a New World supermarket, on 8866m2 town centre site in 3 titles
Outcome: sold for $800,000
Agents: Mike Adams & Paul Dixon

Attribution: Agency release.

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Propbd on Q Th14Aug14 – Tranche 4 debate on, $1 reserve apartment sells, plan changes approved

Debate continues on housing areas tranche 4
4 apartments sell at auction, including one off $1 reserve
Te Arai, Drury South & Shore heritage plan changes to be made operative

2.10pm:
Debate continues on housing areas tranche 4

Auckland Council’s Auckland development committee began discussing the fourth tranche of special housing areas in confidential meeting late this morning, stopped for a late lunch and has a traffic jam of meetings to contend with this afternoon.

The budget committee is scheduled to meet at 2.30pm, with business including a refinement of local board funding policy, followed by a governing body meeting to rectify an error in the process to set the rates.

The committee recommendation on the special housing areas will remain confidential through the governing body meeting on 28 August and on until the housing minister releases a decision on the council recommendation.

4 apartments sell at auction, including one off $1 reserve

A developer-owned apartment off Symonds St, offered with a reserve price of $1 + gst, sold at Ray White City Apartments’ auction today for $100,000 + gst.

It was one of 4 units to sell under the hammer out of 5 offered at the auction. Bidding was heavy, even for the unit passed in. Auction results:

Ascent, 149 Nelson St, unit 121, sold for $280,000, sales agent Tim Warmington
Citta, 184 Symonds St, unit 319, sold for $282,000, Keisha Gutierrez
Lighter Quay, 79 Halsey St, unit 104, leasehold, passed in at $340,000, Adele Keane & Krister Samuel
The Quadrant, 10 Waterloo Quadrant, unit 2008, sold for $346,700, Damian Piggin & Daniel Horrobin
Columbia, 15 Whitaker Place, unit 10G, sold for $100,000 + gst, Donald Gibbs

Te Arai, Drury South & Shore heritage plan changes to be made operative

Auckland Council’s Auckland development committee approved 3 plan changes to be made operative today. They were:

10 Te Arai, Rodney private plan change 166, the Environment Court granted consents on 29 April to establish a golfcourse, with some amendments to be made before they and the plan change would be finalised, and that was done on 26 July

11 Drury South, Papakura & Franklin private plan changes 12 & 38, regional policy statement change 19 and regional plan: Air, land & water change 3, the proposal by Stevenson Group Ltd rezones 361ha of rural & quarry land for a mix of industrial & business development; also approved through the same hearing was Auckland Council’s proposed extension of the metropolitan urban limit to incorporate the Drury South development site & some surrounding land

12 North Shore plan change 38, amendments to schedule of historic heritage places, the plan change adds 69 buildings to the schedule, 11 category A & 58 category B

Attribution: Council committee, auction.

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Strong yield & land price feature at Colliers auction

An industrial building in Mt Wellington was sold at a 5.5% yield and a lowrise Newmarket Broadway property was sold at $4372/m² of land in yesterday’s Colliers International auction.

7 of the 10 properties on the auction list were sold under the hammer or shortly after, another one prior. The non-sales were one property passed in and another which had its auction deferred.

Isthmus east

Mt Wellington

5 Mt Richmond Drive:
Features: m², modern tilt-slab warehouse, 3 roller doors, occupied by Recall NZ Ltd with years remaining on lease
Rent: $151,270/year
Outcome: sold prior for $2.75 million at 5.5% yield
Agents: Andrew Hooper & Hamish West

Newmarket

44 Broadway:
Features: Ex-Royal Naval Men’s Association, 556m² site, 380m² showroom tenanted, 45m² storage, 435m² upstairs office & 93m² back yard all vacant, in mixed-use zone with 21m height potential, building has 34% IEP seismic rating
Rent: $90,000/year net + gst with annual CPI reviews, initial term expiring January 2016 with 6-year right of renewal
Outcome: sold for $2.431 million at $4372/m² of land
Agents: Peter Kermode & Kris Ongley

Penrose

8 Fairfax Avenue:
Features: 974m² site, refurbished 564m² warehouse with 159m² upstairs office, fully fenced & gated 260m² yard
Outcome: sold vacant for $980,000
Agents: Andrew Hooper & Hamish West

9-11 Fairfax Avenue:
Features: 1534m² warehouse, office & lined storage on 1934m² site,
Outcome: sold for $1.575 million
Agents: Andrew Hooper & Hamish West

73 O’Rorke Rd:
Features: 7050m² site, 1760m² warehouse with office, multiple roller doors, full drive-round access, 24% site coverage, 60m road frontage, in light industry zone under proposed unitary plan
Outcome: sold for $3.45 million
Agents: Dwayne Warby & Hamish West

Isthmus west

Eden Terrace

4 Porters Avenue:
Features: 789m² of building on 999m² site, leased to Metalworks 88 Ltd until July 2015, mixed-use zone under proposed unitary plan has 15m height limit & 4:1 maximum floor:area ratio; scheme plan is in place for 24-apartment development; Auckland Grammar zone, near Mt Eden station
Outgoings: rates $11,539/year including gst
Rent: $45,000/year net + gst
Outcome: sold for $1.325 million immediately post-auction at $1326/m² of land
Agents: Jonathan Lynch & Peter Kermode

Grey Lynn

60 Surrey Crescent, unit L:
Features: vacant 138m² office, 30m² courtyard, work-live premises, 5 parking spaces
Outgoings: rates $4321/year including gst; body corp levy $4140/year based on commercial use
Outcome: passed in at $600,000
Agents: Kris Ongley & Peter Kermode

South

Airport Oaks

52 Pavilion Drive:
Features: vacant 1362m² warehouse, 278m² office, 156m² canopy, 7-year-old stand-alone building
Outcome: auction deferred
Agents: Brad Johnston & Andrew Hooper

Drury

255 Great South Rd:
Features: 2309m² site, 521m² of building occupied by ITM branch
Rent: $100,315/year net from 5-year lease that started in September 2013, 2 more 3-year rights of renewal
Outcome: sold for $1.47 million at 6.8% yield
Agents: Greg Goldfinch & Paul Jarvie

East Tamaki

24 Greenmount Drive:
Features: 575m² building on 1161m² corner site
Rent: $45,442/year + gst + outgoings from 2 tenancies
Outcome: sold immediately post-auction for $825,000
Agent: Jolyon Thompson

Attribution: Company release.

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