Archive | East Tamaki

Both commercial properties sell at Colliers auction

Both warehouse properties auctioned at Colliers in Auckland today sold under the hammer, the first at East Tamaki at a yield just over 6%, and the second at Rosedale at 5.5%.

North-east

Rosedale

4A Rothwell Avenue:
Features: 974.9m² renovated unit in the North Harbour industrial estate – office 168.5m² on 2 levels, clearspan warehouse 806.4m², 6.4m stud height, roller doors at both ends, leased to international tenant Clariant
Rent: $120,640/year net + gst on lease with 2.5 years to run
Outcome: sold for $2.205 million at a 5.47% yield
Agents: Matt Prentice, Jimmy O’Brien & Shoneet Chand

South

East Tamaki

5 Greenmount Drive:
Features: 3995m² site, 2748m² office & warehouse – warehouse 2362m², office & amenities 298m² on 2 levels, mezzanine storage 87m², tenant Talvor Motorhomes Ltd on new 6-year lease, one 6-year right of renewal
Rent: $244,500/year net + gst + opex
Outcome: sold for $4.05 million at a 6.04% yield
Agents: Andrew Hooper, Dwayne Warby & Matt Prentice

Attribution: Auction documents.

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12 sell at Bayleys’ Total Property auction

Bayleys sold 11 properties under the hammer yesterday of the 15 offered in its first Total Property commercial portfolio for the year. Another property was sold last Friday in an auction brought forward.

Yields were variable – down at 3.1% on one property which might reflect development potential more than the present return, 3.6% on a Plumbing World tenancy in New Lynn, 4.4% on a Manukau butcher’s shop, 5.25% on a Party Hire warehouse in East Tamki, 5.4% & 4.9% on 2 retail outlets in the new Dylan apartment building on Great North Rd (pictured above), 6.1% on a Rosedale gym. And, out of town, 7.6% on a long-term NZ Post lease in Whanganui.

CBD

Queen St

Mid-City, 239 Queen St, unit 1A:
Features: 39m² fast-food outlet fronting Queen St
Rent: $150,657.30/year net + gst from renewed 12-year lease to Avachi Fried Chicken
Outcome: auction postponed to Total Property 2, Wednesday 12 April
Agents: Quinn Ngo & James Chan

Uptown

117 Vincent St:
Features: 364m² site, total building area 736m² on 3 levels, each of 245.6m²; 12 parking spaces on ground floor, 2 office floors above
Rent: vacant
Outcome: passed in at $3.5 million
Agents: Nigel McNeill & Ben Bayley

Isthmus east

Onehunga

137 Onehunga Mall:
Features: 185m² site, 213m² 2-storey building
Outcome: sold for $900,000, including the bar & gaming business in it
Agents: Oscar Kuang & James Chan

Parnell

465-467 Parnell Rd:
Features: 612m² site zoned terrace housing & apartment building, 422m² villa, onsite parking, opportunity to own/occupy after April 2018
Rent: fully lease returning $119,113/year + gst
Outcome: sold for $3.525 million
Agents: Cameron Melhuish & Jenny Kek

Isthmus west

Blockhouse Bay

The Blockhouse Bay property sold on 3.1% yield at auction brought forward.

575 Blockhouse Bay Rd:
Features: 610m² corner site zoned business – local centre, dual-access rear parking
Rent: $55,687.93/year net from convenience store & attached accommodation and 2-level gym
Outcome: sold at pre-auction; declared reserve was $1.4 million, sold for $1.8 million at a 3.1% yield
Agents: Alan Haydock & Damien Bullick

Grey Lynn

The Dylan, 367-375 Great North Rd, principal unit 1:
Features: 128m² freehold retail unit on ground floor of new apartment development, 2 parking spaces, occupied by Love Bites Kitchen
Rent: $68,000/year net + gst from 6-year lease started November 2016, 2 4-year rights of renewal, 3%/year increases, to market on renewal
Outcome: sold for $1.27 million at a 5.4% yield
Agents: Damien Bullick & Alan Haydock

The Dylan, 367-375 Great North Rd, principal unit 2:
Features: 49m² freehold retail unit on ground floor of new apartment development, no parking, occupied by Arch Hill Laundromat
Rent: $30,000/year net + gst on 8-year lease from October 2016
Outcome: sold for $611,000 at a 4.9% yield
Agents: Damien Bullick & Alan Haydock

Newton

10 South St:
Features: 357m² site, 318m² standalone building,
Rent: $126,000/year net + gst, new 10-year lease to main tenant + income from billboards & 2-bedroom flat
Outcome: withdrawn from auction
Agents: Oscar Kuang & Nicolas Ching

North-east

Rosedale

32 Constellation Drive, unit 5:
Features: 385m² unit in retail centre, fully leased to Snap Fitness, 30 parking spaces in common area
Rent: $157,497/year net + gst, 8-year lease from 2013 + 2 8-year terms
Outcome: sold for $2.585 million at a 6.1% yield
Agents: Ranjan Unka & Anna Radkevich

11-13A Paul Matthews Rd:
Features: 517.7m² roadfront industrial unit, clearspan high stud warehouse, 8 parking spaces
Outcome: sold vacant for $1.55 million
Agent: Matt Mimmack

Wairau Valley

7 Porana Rd, unit A:
Features: 109.7m² vacant industrial unit, 2 parking spaces, multiple rollerdoor access
Outcome: sold for $476,000
Agent: Matt Mimmack

North-west

Henderson

Lincoln Centre, 111 Lincoln Rd, unit B:
Features: 1113m² building, occupied by Accident Compensation Corp since 2000, onsite parking
Rent: $287,000/year gross + gst, 3-year lease from March 2017 + 3-year right of renewal
Outcome: no bid
Agents: Nicolas Ching & James Chan

New Lynn

48 Portage Rd:
Features: 1012m² site + 1/10 share in 585m², 4-year lease to Plumbing World Ltd from October 2016 with rights of renewal
Rent: $62,250/year + gst, 4-year lease from 1 October 2016 with right of renewal
Outcome: sold for $1.73 million at a 3.6% yield
Agents: Mike Adams & Laurie Bell

South

Clover Park

112 Dawson Rd, unit O (shop 14) in Chapel Downs shopping centre:
Features: 230m² butchery, 2 parking spaces
Rent: $62,000/year net + gst + outgoings on 4-year lease from April 2016, rights of renewal to 2028
Outcome: sold for $1.42 million at a 4.4% yield
Agents: Dave Stanley & Geoff Wyatt

East Tamaki

179C Harris Rd, corner Ti Rakau Drive:
Features: 270m² strata title, showroom, warehouse & office occupied by Party Hire, 6 parking spaces
Rent: $46,000/year net + gst + outgoings, established tenant with renewed 4-year lease term
Outcome: sold for $875,000 at a 5.25% yield
Agents: Tony Chaudhary & Janak Darji

Manukau Central

5C Jack Conway Avenue:
Features: 471m² corner unit title – 230m² ground floor, 241m² first floor, onsite parking
Rent: $130,000/year net + gst + outgoings from 2 tenants on long-term leases
Outcome: no bid
Agents: Rod Grieve & Maxene Bates

South of the Bombays

Napier

88-94 Dickens St:
Features: 911m² site, 3 ground-floor tenants, option to develop upstairs
Rent: $78,855/year net + gst
Outcome: no bid
Agents: Paul Dixon & Sam MacDonald

Whanganui

115 Victoria Avenue:
Features: 916m² site, 403m² floor area, 10 parking spaces
Rent: $206,268 from long lease to NZ Post Ltd
Outcome: sold for $2.73 million at a 7.6% yield
Agents: Cameron Melhuish & Ed Donald

Attribution: Auction.

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East Tamaki & Papakura commercial sales

Knight Frank agents have sold an industrial unit in East Tamaki and a shop in Papakura, and completed 2 leases in Christchurch.

Sales

South

East Tamaki

89 Springs Rd, unit F:
Features: 260m² industrial unit, 148m² upstairs accommodation
Outcome: sold for $1 million at a 5.2% yield
Agent: David Wards

Papakura

182 Great South Rd, unit 3:
Features: 98m² vacant shop
Outcome: price confidential
Agent: David Wards

Leases

South Island – Canterbury

Burnside

25A Sheffield Crescent, unit 2:
Features: 695m² warehouse
Rent: $53,000/year + gst + opex
Agent: Terry Connolly

Sockburn

2 Distribution Lane, unit 1:
Features: 580m² office & warehouse, 12 parking spaces
Rent: $102,500/year + gst + outgoings
Agent: Campbell Taylor

Attribution: Agency release.

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

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

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

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

CBD

Victoria Quarter – 5 premises in the Victoria Park Market

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

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

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

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

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

Isthmus east

2 Kalmia St, Ellerslie.

Ellerslie

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

South

Airport Oaks

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

East Tamaki

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

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

Attribution: Auction.

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3 apartments & 6 cross-leases among Barfoot sales

12 of the 28 residential properties auctioned at Barfoot & Thompson’s city office yesterday were sold under the hammer.

They included 6 of the 10 cross-leased homes and all 3 apartments – one apartment the mortgagee sale of a unit in Metropolis, one on Khyber Pass and the third in Kings Square, Newmarket (pictured above).

CBD

Kitchener St

Metropolis, 1 Courthouse Lane, unit 2101 (21A):
Features: one-bedroom apartment
Outcome: sold at mortgagee auction for $372,000
Agent: Philip Davis

Isthmus east

Glendowie

2A Monterey St:
Features: cross-lease, half share in 791m², 153m² 3-bedroom townhouse, 2 bathrooms, courtyard, double garage
Income assessment: $760/week current
Outcome: no bid
Agent: Kelly Midwood

Glen Innes

10A Courtland Avenue:
Features: cross-leased 1813m², 3 bedrooms, deck, carport
Outcome: no bid
Agent: Shane Anderson

Meadowbank

1 Hawkins St:
Features: cross-lease, half share in 728m², 105m² 2-bedroom duplex, deck, offstreet parking
Outcome: sold for $885,000
Agents: Michael & Tatyana Ataman

30A Hawkins St:
Features: cross-lease, half share in 660m², 2 bedrooms, carport
Outcome: sold for $862,000
Agents: Trevor Wyness & Louise Barnsley

Newmarket

373 Khyber Pass Rd, unit 3:
Features: studio, courtyard
Outgoings: body corp levy $3049/year
Outcome: sold for $381,000
Agent: Cici Wang

Kings Square, 26 Remuera Rd, unit 718:
Features: 100m², 3-bedroom apartment, 2 bathrooms, 2 basement parking spaces
Outgoings: body corp levy $4617/year
Outcome: sold for $1 million at pre-auction auction
Agents: Cici & Miro Wang

Onehunga

Somerset Gardens, 53 Mays Rd, unit 9:
Features: cross-lease, 1/13 share in 5096m², 3 bedrooms, internal-access garage
Outcome: sold for $795,000 at auction brought forward
Agents: Leonie Stabler & Di Lynds

Parnell

21B Cathedral Place:
Features: cross-lease, 1/3 share in 1719m², 3-bedroom townhouse, 2 bathrooms, study, 3 living areas, patios, decks, double garage
Outcome: sold for $1.735 million
Agents: Jill Jackson & Emma John

73 Gibraltar Crescent:
Features: 3-bedroom townhouse, 2 bathrooms, deck, double garage
Outgoings: body corp levy $1973/year
Outcome: no bid
Agents: George Fong & Laura McAuley

Pt England

38 & 38A Tamatea Avenue:
Features: both halves of a 787m² cross-lease, 3 bedrooms, deck, garage
Outcome: passed in at $850,000
Agents: George Fong & Amy Xiong

Royal Oak

14 Campbell Rd, unit 2:
Features: cross-lease, 1/6 share in 1206m², 2-bedroom unit, garage
Outcome: sold for $730,000
Agent: Sylvia Lu

Isthmus west

Pt Chevalier

220 Pt Chevalier Rd, unit 2:
Features: cross-lease, half share in 609m², 3 bedrooms, deck, carport
Outcome: sold for $1.21 million
Agent: Felicity Scott

North-west

Henderson

1 Ribblesdale Rd, unit 3;
Features: cross-lease, 1/7 share in 2023m², 2-bedroom unit, carport, storage unit
Outcome: no bid, back on market at $480,000
Agent: Grant Hetherington

South

East Tamaki

9 Haven Drive:
174m² townhouse on 147m² section, 2 bedrooms, double garage, courtyards
Outcome: sold for $632,000
Agents: Thomas & Helen Weber

Attribution: Auctions.

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5 South Auckland buildings sold

4 industrial properties & a commercial building occupied by healthcare tenants have been sold over the summer by Bayleys agents in South Auckland.

South

East Tamaki

22K Greenmount Drive:
Features: 395m2 industrial building – 285m2 warehouse, 65m2 office & amenities, 45m2 unconsented mezzanine, 7 parking spaces, dual road access
Outcome: sold vacant for $846,000
Agent: Mike Marinkovich

Manukau Central

7 Ryan Place, unit D:
Features: 240m2 industrial unit, 3-year lease to auto tenant from April 2015 plus 2 3-year rights of renewal
Rent: $30,000/year net + gst
Outcome: sold for $485,000 at 6.2% yield
Agents: Nick Bayley, Karl Price & Nelson Raines

Papakura

14-16 Parker St:
Features: abandoned development project, 2.875ha of vacant industrial land in 2 titles, dual road access; over $1.7 million has been spent on preconstruction siteworks, geotech report & plans for a 3000m2 building also undertaken
Outcome: sold for $4.56 million at $158.60/m2
Agents: Shane Snijder & Peter Migounoff

Papatoetoe

230 Great South Rd
Features: 1533m2 site – 1019m2 commercial building leased to 2 healthcare service providers until 2020
Rent: $210,000/year net + gst
Outcome: sold for $3.45 million at a 6.1% yield
Agents: Tony Chaudhary, Amy Weng & Janak Darji

Wiri

55 Ash Rd, unit 1: 548m2 warehouse & office unit, one tenant has occupied it since it was built in 2003
Rent: $65,000/year net + gst
Outcome: sold for $1.27 million at a 5.11% yield
Agent: Nick Bayley & Karl Price

Attribution: Agency release.

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PFI buys one, sells one in East Tamaki

Property for Industry Ltd has bought an industrial property at 11 Turin Place and settled the sale of another one at 27 Zelanian Drive, both in East Tamaki.

11 Turin Place has 6936m² of warehouse, 1072m² of breezeway canopies and 457m² of office & amenities on a 1.9ha site, and is leased for 15 years to Thermakraft, supplier of building & wall wrap, roofing underlay & window flashing tape. The lease provides fixed rental growth of 4.55% every 2 years.

PFI bought the property in a sale & leaseback transaction for a net $14.2 million, representing a yield on purchase of 6.5%.

The company announced its sale of the vacant industrial property at 27 Zelanian Drive, for a net sale price of $8.3 million, on 13 December.

Attribution: Company release.

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13 sales around North Island

13 sales & 2 leases around the North Island have been reported by Colliers.

Sales

Isthmus east

Newmarket

7 Edgerley Ave:
Features: 716m² site, 464m² commercial building
Outcome: sold for $3.45 million, representing $4818/m² land & building
Agents: Jonathan Lynch & Simon Child

Otahuhu

132 Portage Rd:
Features: 4960m² site, 2324m² office & warehouse
Outcome: sold for $4.5 million at a 6.5% yield
Agents: Hamish West, Ben Herlihy, Andrew Hooper & Matt Prentice

Penrose

60 Hugo Johnston Drive:
Features: 4175m² industrial property, 1117m² 2-level office building & 1087m² standalone warehouse
Outcome: sold for $5.45 million at a 6.72% yield
Agents: Paul Jarvie, Brad Johnston & Greg Goldfinch

Isthmus west

Mt Eden

108 Mt Eden Rd:
Features: 1070m² site, 700m² 2-level office building
Outcome: sold for $4.55 million, representing $4252/m² land & building
Agent: Jonathan Lynch

North-east

Rosedale

63 Apollo Drive, unit B1:
Features: 444m² commercial uni,
Outcome: sold vacant for $1.85 million
Agents: Nick Recordon & Janet Marshall

North-west

Kumeu

202-220 Main Rd:
Features: 4153m² site, 1740m² office & warehouse
Outcome: sold for $2.2 million, representing $530/m² land & building
Agents: Jonathan Lynch & Craig Smith

South

East Tamaki

27 Zelanian Drive:
Features: 5863m² vacant office & warehouse
Outcome: sold for $8.475 million
Agents: Andrew Hooper, Greg Goldfinch, Paul Higgins & Brad Johnston

South of the Bombays

Bay of Plenty

Mt Maunganui

24 Pacific Avenue:
Features: 675m² site, 440m² retail building,
Outcome: sold for $3.075 million at a 4.3% yield
Agents: Simon Clark, Rob Schoeser & Hadley Brown

Rotorua

422-430 Ngongotaha Rd:
Features: 2.66ha industrial development site, 1056m² warehouse,
Outcome: sold vacant for $2.4 million
Agent: Mark Rendell

Manawatu

Palmerston North

360 Albert St:
Features: 382m² site, 220m² retail building,
Outcome: sold for $800,000 at a 5.5% yield
Agents: Phil Nevill, Grant Lloyd & Doug Russell

314-322 Rangitikei St:
Features: vacant 1616m² property,
Outcome: sold for $1 million
Agents: Grant Lloyd, Phil Nevill & Doug Russell

Waikato

Hamilton

69 Vickery St, unit 9:
Features: 681m² industrial/retail unit,
Outcome: sold for $1.416 million at a 5.68% yield
Agent: John Hagar

Wellington

Lower Hutt

71 Port Rd:
Features: 4049m² site, 2411m² office & warehouse
Outcome: sold for $2.83 million
Agents: Tim Julian & Kieran Lennon

Leases

Isthmus east

Mt Wellington

103 Carbine Rd:
Features: 1664m² commercial premises leased to ECL Group Fuel Systems Ltd for a 6-year term on behalf of Windward Properties Ltd
Agents: Hamish West, Paul Higgins & Andrew Hooper

South of the Bombays – Wellington

Lower Hutt

109 Port Rd:
Features: 4852m² commercial premises leased to Linfox Logistics NZ Ltd for a 6-year term on behalf of Seaview Commercial Investments Ltd
Agent: Kieran Lennon

Attribution: Agency release.

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Bayleys Shore agents finish year with 4 sales & 6 leases

Bayleys agents on the North Shore finished 2016 with 4 sales outside the auctionroom, 2 of them in Freemans Bay & East Tamaki, and 6 leases on the Shore.

The sales included 2 adjoining properties across the street from the New World supermarket in Freemans Bay (pictured), used for their office space but sold for their land at $6490/m².

Sales:

Isthmus west

Freemans Bay

3 Scotland St & 44 Ireland St:
Features: 490m² in 2 titles zoned mixed use, 2 office buildings totalling 281.7m², 7 parking spaces
Rent: $63,669/year net
Outcome: sold through a tender in December for $3.18 million + gst at a 2% yield, land price $6490/m²
Agents: Paul Prouse, Ranjan Unka & Stephen Scott

North-east

Northcote

218-224 Lake Rd:
Features: 2494m² site, 896m² office building zoned mixed housing, 32 parking spaces
Outcome: sold in November for $4.45 million + gst at $1784.28/m² land & building
Agents: Tonia Robertson & Chris White

Rosedale

6-8 Omega St, unit 5:
Features: 165m² office unit, 3 parking spaces + 2 shared
Outcome: sold for $540,000 + gst, at $3272/m² land & building
Agents: Ildy Meixner & Alex Strever (Bayleys), Brian Paulin (Barfoot & Thompson)

South

East Tamaki

26 Ross Reid Place:
Features: 7218m² industrial site, 4722m² building
Rent: $616,008.71/year net
Outcome: sold in December for $10 million + gst at a 6.16% yield
Agents: Laurie Burt, Michael Nees, Simon Aldridge & David Huang

Leases:

North-east

Albany

221-223 Dairy Flat Highway, shop 2:
Features: 88m² shop, 3 parking spaces
Rent: leased in December for $26,000/year net + gst at $295.50/m² (assuming parking free)
Agents: Steven Liu & Ildy Meixner

Milford

6-8 Milford Rd, level 1:
Features: 20m² office, no parking
Rent: leased in December for $7500/year net + gst, premises rental $375/m²
Agent: David Huang

Rosedale

9 Beatrice Tinsley Crescent, part unit F:
Features: 278m² warehouse, no parking
Rent: leased in December for $32,000/year net + gst, premises rental $115/m²
Agent: Laurie Burt

61 Constellation Drive, part building 3, level 2:
Features: 292m² office, 9 parking spaces
Rent: leased in December for $109,778.40/year net + gst, $93,398 excluding parking, parking at $35/space/week, premises rental $320/m²
Agents: Ryan Dannhauser, Alex Strever, Jane Sims & Paul Prouse

7 Vega Place, unit F:
Features: 155m² unit – warehouse 57.6m², showroom 20m², low-stud area 17m², office 20m² (40m² unspecified), 3 parking spaces
Rent: leased in December for $23,000/year net + gst at $148/m² (assuming parking free)
Agent: Laurie Burt

36 William Pickering Drive, unit 7:
Features: 305.5m² floor & yard – office 102m², warehouse 137.5m², yard 66m², 5 parking spaces
Rent: leased in December for $40,000/year net + gst at $130.90/m² (assuming parking free)
Agents: Laurie Burt & Trevor Duffin

Attribution: Agency release.

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One property sells in truncated Colliers auction

Just one property sold at Colliers’ commercial auction on Wednesday, a Birkdale site on the North Shore with consent for a childcare centre.

2 other properties occupied by childcare centres, in Otahuhu & Albany, were passed in. A commercial showroom in East Tamaki and a real estate agency auctionroom & office in the Royal Oak Mall were also passed in.

The auction was reduced by the withdrawal of 4 food outlets, 3 at the new 301 Lincoln Rd development in Henderson and one at the also new development at 651 Whangaparaoa Rd, on the Whangaparaoa Peninsula.

Isthmus east

Otahuhu

18 Princes St:
Features: 1090m² site, 348m² floor area, established childcare centre purpose-built in 2011, occupied by Blossoms Educare on new 15-year lease, 3 10-year rights of renewal
Rent: $163,800/year net + gst at $44/child/week
Outcome: passed in at $2.8 million
Agents: Shoneet Chand & Peter Kermode

Royal Oak

Royal Oak Mall, 691 Manukau Rd, unit 58:
Features: 342m² office unit with Ray White auctionroom, seismic rating of 71% of new building standard, new 6-year lease, parking at mall & Pak ‘n Save
Rent: $80,000/year net + gst
Outcome: no bid
Agents: Gareth Fraser, Jonathan Lynch & Greg Goldfinch

North-east

Albany

287 Oteha Valley Rd:
Features: 1138m² site, 460m² lettable area, Magicland Ltd childcare centre on 15-year lease from completion of development in July by Wallace Development Co Ltd, one 10-year right of renewal, beside new retail development
Rent: $203,840/year net + gst
Outcome: no bid
Agents: Mike Ryan, Ellie Martin & Euan Stratton

Birkdale

126 Birkdale Rd:
Features: 916m² site, consented for childcare centre for 45 children
Outcome: sold for $1.1 million
Agents: Peter Kermode & Shoneet Chand

Whangaparaoa

651 Whangaparaoa Rd:
Features: vacant 127m² unit, 35m² outdoor
Outcome: withdrawn from auction
Agents: Deborah Dowling, Euan Stratton & Jessica Martin

North-west

Henderson

301 Lincoln Rd, unit A1, Aroma Thai restaurant:
Features: 159.4m², in new development, 8-year lease, 2 4-year rights of renewal
Rent: $76,512/year net + gst
Outcome: withdrawn from auction
Agents: Shoneet Chand, Craig Smith & Peter Kermode

301 Lincoln Rd, unit A4, Aroma Indian restaurant:
Features: 155m², in new development, 8-year lease, 2 4-year rights of renewal
Rent: $74,400/year net + gst
Outcome: withdrawn from auction
Agents: Shoneet Chand, Craig Smith & Peter Kermode

301 Lincoln Rd, units B1 & B2, Denny’s Restaurant:
Features: 421m², 6-year lease, 2 6-year rights of renewal
Rent: $141,035/year net + gst
Outcome: withdrawn from auction
Agents: Shoneet Chand, Craig Smith & Peter Kermode

South

East Tamaki

24A Harris Rd:
Features: 595m² floor area, Tile Space on 8-year lease, 2 4-year rights of renewal
Rent: $110,940/year net + gst
Outcome: passed in at $1.55 million
Agents: Jolyon Thomson & Paul Higgins

Earlier stories:
23 November 2016: Updated: Low yields maintained at 301 Lincoln Rd auction, all 3 now sold
30 November 2016: Yields 5.5% & lower on new Whangaparaoa centre’s units

Attribution: Auction.

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