Archive | Manukau

Panel confirms Mill Rd arterial corridor proposal

Planning commissioners have confirmed the notices of requirement Auckland Transport sought last year for the Redoubt-Mill Rd arterial corridor in Manukau.

Through plan amendments 76 (Manukau) & 49 (Papakura) – begun when those 2 areas of South Auckland were under separate councils – Auckland Transport wants to realign, widen & improve the corridor running from Alfriston round to central Manukau, and also improve the southern portion of Murphys Rd.

The panel of Kitt Littlejohn (chair), Michael Parsonson, Nigel Williams, Rebecca Skidmore & Basil Morrison heard the application in August-October and issued its decision on 17 February.

The commissioners said they found upgrading the corridor was “necessary to relieve existing & forecast congestion, accommodate planned growth, provide for alternative modes of transport, improve traffic safety & improve network efficiency. While the project will result in some adverse effects, particularly in relation to ecology, these effects can be appropriately avoided, remedied or mitigated.”

Auckland Transport roading group manager Andrew Scoggins said today the recommendation & related conditions would be considered before a decision is made to confirm, amend or withdraw the notices. Submitters will have 15 working days to appeal the decision to the Environment Court.

The project will create an 8.9km 4-lane arterial route plus cycleways and is expected to cost about $300 million. It requires full acquisition of 59 properties and partial acquisition of a further 258 properties.

Image above: The Mill Rd corridor, in purple.

Links:
Mill Rd decision report
Auckland Transport, Redoubt-Mill Rd corridor

Attribution: Decision report, Auckland Transport release.

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10 sales & 3 leases in South Auckland

Bayleys agents in South Auckland have recorded 10 sales, including one extra sale out of last week’s auction, and 3 leasing transactions.

South

Sales

Clover Park

18 Dissmeyer Drive:
Features: 200m2 mixed use building on 623m2 business 1-zoned site, 2 retail tenancies, one a superette on new 4-year lease, the other vacant; residence above
Rent: $26,000/year net + gst for commercial tenant; $400/week for periodic residential tenancy
Outcome: sold for $1.025 million, purchaser will occupy vacant tenancy on half of ground floor
Agents: Tony Chaudhary & Janak Darji

Manukau

132 Cavendish Drive, unit 4:
Features: 422m2 building – 243m2 workshop, 79m2 office, 84m2 showroom, occupied by Midas Car Care, which exercised the last of 2 6-year rights of renewal in 2013
Rent: $71,190/year net + gst
Outcome: sold for $1.18 million at a 6% yield
Agents: Katie Wu & John Bolton

8 Puhinui Rd, unit 1 (pictured above):
Features: 537m2 2-level commercial building, 36 parking spaces, educational institute on 3-year lease from May 2014 with one 3-year right of renewal
Rent: $135,295/year net + gst
Outcome: sold for $1.75 million at a 7.7% yield
Agent: Mark Pittaway

3 Wilko Place:
Features: New 1444m2 industrial building scheduled for completion mid-2016 on 2215mbusiness 6-zoned site – 1228m2 warehouse with 9m-10.3m stud, plus 175m2 canopy & 216m2 office
Outcome: sold with vacant possession for $3.21 million
Agent: Mike Marinkovich

Manurewa

Unit 1, 1327 Alfriston Rd:
Features: 86m2 workshop on 560m2 site
Outcome: sold for $230,000 at a 5.2% yield
Agents: Shane Snijder & Piyush Kumar

28A & 28B Maich Rd, unit D:
Features: 150m2 warehouse on 1287m2 business 5-zoned site
Outcome: sold vacant for $575,000
Agents: Tony Chaudhary & Janak Darji

175-177 Russell Rd:
Features: 230m2 warehouse/office building on 1284m2 site, with small lease for yard space on 2-year term from February 2015 with no reviews or rights of renewal
Rent: $15,000/year net + gst
Outcome: sold as freehold going concern for $715,000
Agents: Piyush Kumar & Peter Migounoff

Papakura:

31 Elliot St:
Features: 500m2 warehouse on 799m2 commercial 1-zoned site, 2 tenants on 1- & 3-year leases
Rent: $40,000/year net + gst
Outcome: sold for $600,000 at a 6.6% yield
Agents: Piyush Kumar & Peter Migounoff

55 Hunua Rd, Papakura, sold post-auction.

55 Hunua Rd, Papakura, sold post-auction.

55 Hunua Rd:
Features: vacant 4057m² site, trucking facility with modern workshop & mechanics’ pit, air-conditioned offices, 492m² of building
Outcome: sold post-auction for $1.25 million (passed in at $1.15 million)
Agents: Shane Snijder & Peter Migounoff

Pukekohe

22 Queen St:
Features: 206m2 tilt-slab office building constructed in 2007 on 300m2 roadfront site
Outcome: sold vacant for $895,000
Agent: Graeme Moore

Leases 

Manurewa

12 Maich Rd:
Features: 480mwarehouse leased for 3 years with 2-yearly rent reviews & 2 3-year rights of renewal
Rent: $51,000/year net + gst
Agents: Piyush Kumar & Peter Migounoff

Takanini

6B Marphona Crescent:
Features: 740m2 warehouse, 123m2 office space & 13 parking spaces on industrial site leased for 4 years with CPI rent review
Rent: $137,500/year net + gst
Agents: Peter Migounoff & Katie Wu

70 Spartan Rd:
Features: 2600m2 yard area on industrial site, plus 150m2 office space, leased for 2 years for parking trucks, annual rent reviews to CPI & one 2-year right of renewal
Rent: $66,000/year net + gst
Agent: Peter Migounoff

 

Attribution: Agency release.

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2 Devonport commercial properties sold

4 of the 8 commercial properties offered at Colliers’ commercial auction yesterday were sold under the hammer or shortly after, including 2 adjoining Devonport town centre properties (pictured; one under conditional contract). Negotiations were also under way on the fifth of the properties auctioned, and on 2 of the 3 that had been withdrawn.

Isthmus west

Avondale

356 Rosebank Rd:
Features: 1130m² site, 487m² building
Rent: $52,224/year net
Outcome: sold for $1.34 million at a 3.9% yield
Agents: Craig Smith & Dhiru Patel

North-east

Devonport

12 Clarence St & 49-Victoria Rd:
Features: 960m² corner site, 892m² floor area, multi-tenanted retail/commercial property with development potential
Outcome: passed in at $5.05 million, under conditional contract post-auction at $5.5 million
Agents: Euan Stratton, Deborah Dowling & Charlie Oscroft

14 Clarence St:
Features: 408m² in 2 tenancies, retail/commercial property, pending vacancy allows for growth
Rent: $72,200/year net
Outcome: passed in at $1.2 million, sold post-auction for $2 million at a 3.6% yield
Agents: Euan Stratton, Deborah Dowling & Charlie Oscroft

Rosedale

63 Apollo Drive, unit B3:
Features: multi-tenanted corner site
Rent: $153,511/year net
Outcome: auction postponed but under negotiation
Agents: Janet Marshall & Paul Salmon

Silverdale

23-25 Wainui Rd:
Features: 197m² land & floor area, plus 13m² deck, Northern Union Gastro Pub as tenant in the new Silverdale Centre
Rent: $123,750/year net, 10-year lease from June 2014
Outcome: withdrawn from auction, under negotiation
Agents: Shoneet Chand & Matt Prentice

North-west

Henderson

302 Henderson Valley Rd:
Features: 2233m² site, childcare centre licensed for 50 children and café/function complex Outcome: auction cancelled
Agents: Peter Kermode, Michael Bray & Deborah Dowling

South

Manukau

40 Cavendish Drive, unit 1:
Features: recently refurbished, Bike Barn (Bike International Ltd) as tenant on new 6-year lease
Rent: $100,000/year net + gst
Outcome: sold for $1.755 million at a 5.69% yield
Agents: Adam White & Peter Kermode

Manurewa

2 Russell Rd:
Features: corner site
Rent: $103,577/year net + gst
Outcome: passed in at $1.3 million, under negotiation
Agents: Jeremy Barnett & Dhiru Patel

Attribution: Auction.

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Gaze offers investment in $400 million Manukau special housing area

The biggest special housing area announced on Thursday is an 850-home project which will sit between the Southern Motorway & Great South Rd, 200m down the road from the Vodafone Events Centre and another 1km from the Westfield mall at Manukau City Centre.

Gaze Property Partnerships Ltd (David Gaze) is seeking investors in its $400 million (completion value) 8 Pacific project, which it estimates will return 31% on total equity.

8 Pacific, at 834 Great South Rd & 10 Pacific Events Centre Drive, was one of 11 special housing areas named in tranche 7 under the Government-Auckland Council housing accord.

Gaze is promoting it as a masterplanned mixed-use community development. Earthworks will start next year on the 9.2ha site for the first stage of housing to be ready by the end of 2017.

Gaze Property Partnerships executive director Chris Jones said the mix of housing types would include 2-bedroom apartments, townhouses & terraced houses, plus 4-bedroom homes, and there would be provision for retirement living, student & hotel accommodation.

Gaze has lodged a resource consent application for the total land development. Stage 1 includes 18 apartments and 20 terrace & townhouses. Beyond stage 1, the road network, parks, a community hub and about 12 further super lots for subsequent housing development will be prepared. The company aims to complete the whole development within 3 years.

Beyond land development, it is intended that the first residential housing will be ready for habitation by the end of 2017, and the entire land subdivision development will be completed within two to three years. The ongoing delivery of housing will continue to be rolled out as soon as possible during this time and beyond.

Mr Gaze developed the 93-unit Summerfield Villas in Grey Lynn in 1999. He and construction company Mainzeal paid a substantial repair bill for water ingress 3 years later, but the complex is being reclad a second time.

Link: Gaze Property Partnerships, 8 Pacific

Earlier story:
28 August 2015: 11 more special housing areas approved

Attribution: Company release, website.

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2 commercial sales at Barfoot auction

2 commercial properties were sold at Barfoot & Thompson’s auction today out of 5 offered. The auction of another property was postponed.

CBD

Learning Quarter

56 Airedale St:
Features: 65m², 2 stacked parking spaces
Rent: $20,050/year net from 4 + 4 lease from 1 September 2011, tenant not renewing
Outcome: auction postponed
Agents: Wayne Muir & Kim Loo

North-east

Northcote

33 Woodside Avenue:
Features: 809m² site, office & warehouse
Outcome: sold for $.15 million
Agents: Tim Bibby & Gary Seekup

South

Airport Oaks

50 Andrew Baxter Drive:
Features: 1870m² roadfront site zoned business 5, 922m² high-stud warehouse, showroom & offices 314m² on 2 levels, fully tenanted
Rent: $110,000/year
Outcome: passed in
Agents: Kian Ormond & David Sylvester

East Tamaki

39A & 39B Lady Ruby Drive:
Features: unit A 555m², unit B 490m², 2 adjacent & fully let units, 3-year leases with below-market rent, 12 allocated parking spaces each
Rent:
Outcome: sold for $1.83 million
Agent: Paul Vermaak

Manukau

49 Plunket Avenue:
Features: 312m² warehouse & office
Outcome: passed in
Agent: Jesh Jaskiewicz

Papakura

89 O’Shannessey St:
Features: 410m² site, 565m² building, 5 rental streams – 3 shops, 2 apartments upstairs
Outcome: no bid
Agent: David Sylvester

Attribution: Auction.

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Harcourts realtor makes big purchase at Bayleys auction

Harcourts Cooper & Co principal Martin Cooper (pictured at right) walked into Bayleys’ Total Property auction on Wednesday as the tenant of a Browns Bay building, and walked out half an hour & $5.2 million later as the owner of the whole building.

His company, Cooper & Co Real Estate Ltd, has its head office in Browns Bay and 11 other Harcourts (and NAI Harcourts) branches, mostly on the North Shore.

His purchase, after a tense battle, came at a 5.1% yield, one of 6 transactions on the day at yields below 6%. 17 commercial properties were sold at the auction out of 23 offered – and another, at Papakura, has been sold today.

Isthmus east

311 Manukau Rd, Epsom.

311 Manukau Rd, Epsom.

Epsom

311 Manukau Rd:
Features: 789m² mixed-use site, 466m² multi-tenanted 2-level commercial building – ex-Epsom Post Office, 10 parking spaces
Rent: $160,210/year net + gst
Outcome: sold for $3.025 million at a 5.3% yield
Agent: Mark Pittaway & Oscar Kuang

Onehunga

107 Neilson St:
Features: 3827m² business 6 site with 56 parking spaces, 1845m² warehouse & office building, ground level tenanted by NZ Opera with final lease expiry  of March 2017; 348m² first level vacant
Rent: $134,224/year net + gst
Outcome: sold for $2.8 million
Agents: Quinn Ngo, James Chan & Matt Lee

The shop at 29 St Heliers Bay Rd, sold at a 4.3% yield.

The shop at 29 St Heliers Bay Rd, sold at a 4.3% yield.

St Heliers

29 St Heliers Bay Rd:
Features: retail premises in strip retail block with 12-year lease to Eden Foods from May 2007 plus one 6-year right of renewal
Rent: $136,819/year net + gst
Outcome: sold for $3.19 million at a 4.3% yield
Agents: Tony Chaudhary & Janak Darji

Isthmus west

Blockhouse Bay

115 Boundary Rd:
Features: 1753m² site, purpose-built childcare centre licensed for 60 children on residential 5 site with 10-year lease from August 2012 and 5 5-year rights of renewal
Rent: $169,850/year net + gst
Outcome: sold for $3.09 million at a 5.5% yield
Agents: Tony Chaudhary & Janak Darji

Mt Albert

4 Mt Albert Rd:
Features: solid 1960s block building, showroom, large warehouse with full-height roller doors, kitchenette, 3 toilets, several offices, mezzanine area
Outcome: no bid
Agent: Murray Savage

Mt Eden

35A Normanby Rd, unit 14:
Features: 307m² medium-stud warehouse, new 6-year lease to electrical business with 3 2-year rights of renewal, 4 parking spaces
Rent: $50,000/year net + gst, with 2-yearly rent reviews to CPI + 1%
Outcome: sold for $884,000 at a 5.65% yield
Agent: Stuart Bode

45C Normanby Rd, unit 13:
Features: refurbished offices, new 6-year lease + renewals, 19 parking spaces
Rent: $181,659/year net + gst
Outcome: no bid
Agent: Stuart Bode

Ponsonby

88 College Hill:
Features: 189m² villa offering character office space, one-third share of 1116m² corner site, 8 parking spaces
Outcome: sold vacant post-auction for $1.825 million
Agents: Stephen Scott & Trisha Vincent

North

Dargaville

76 Victoria St:
Features: 423m² site with rear access to 4 parking spaces, 477m² refurbished building with main street frontage, 9-year lease to Westpac Bank from March 2011 with 3 3-year rights of renewal
Rent: $79,630/year net + gst
Outcome: sold for $1.125 million at a 7.1% yield
Agent: Ross Blomfield & Tony Chaudhary

North-east

Albany

28 The Avenue, unit 3:
Features: 90m² retail floor area
Outcome: no bid
Agents: Janak Darji & Simon Aldridge

8-12 Clyde Rd, Browns Bay.

8-12 Clyde Rd, Browns Bay.

Browns Bay

8-12 Clyde Rd:
Features: 764m² corner site zoned town centre under the proposed unitary plan, 1100m² fully leased 2-level building, ground-floor retail & office above
Rent: $267,639/year net + gst
Outcome: sold for $5.212 million at a 5.1% yield
Agents: Ranjan Unka & Brian Caldwell

Murrays Bay

470 Beach Rd:
Features: 1236m² waterfront site, 2-level retail/commercial property
Rent: $149,200/year net from 3 tenancies
Outcome: passed in at $2.45 million
Agents: Tony Chaudhary & Damian Stephen

Rosedale

59 Apollo Drive, unit G2:
Features: 513m² office premises in Apollo Technical Park split into 2 tenancies, 202m² tenanted for 3 years with one 3-year right of renewal, balance vacant
Rent: $55,700/year net + gst, potential fully leased $149,900/year net + gst
Outcome: sold for $1.7 million
Agents: Michael Nees & Simon Aldridge

Wairau Valley

6 Croftfield Lane:
Features: 2835m² on 2 titles, 9-year lease from March 2011 to Fletcher Distribution Ltd, one 6-year right of renewal, used as yard space by adjoining Placemakers store
Rent: $100,893/year net + gst
Outcome: sold for $1.875 million at 5.4% yield
Agents: Owen Ding, Terry Kim & Laurie Burt

North-west

Glen Eden

355 West Coast Rd:
Features: 1.2348ha industrial site with existing older buildings, 2 licences to occupy over part of site provide holding income
Outcome: sold for $1.8 million
Agents: Mike Adams & Stuart Bode

South

Howick

186 Ridge Rd:
Features: 890m² site with redevelopment potential, block of 3 shops, liquor store & 2 takeaways, with brick house behind
Rent: projected rent about $95,000/year
Outcome: sold for $1.6 million
Agents: Mark Pittaway, Tony Chaudhary & Peter Turner

Manukau

132 Cavendish Drive, unit 4:
Features: modern tilt-slab building
Rent: $71,190/year net + gst + opex
Outcome: passed in at $910,000
Agent: Katie Wu & John Bolton

Manurewa

185 Great South Rd, unit M:
Features: 189m² town centre retail unit with 2 tenants
Rent: $47,100/year net + gst
Outcome: sold for $620,000 at 7.6 % yield
Agents: Tony Chaudhary & Piyush Kumar

Pakuranga

43 Ben Lomond Crescent, Pakuranga.

43 Ben Lomond Crescent, Pakuranga.

43 Ben Lomond Crescent:
Features: 4375m² site, 2450m² 2-bay warehouse with offices & amenities, new 6-year lease plus one 6-year right of renewal to boat builder Rayglass, now part of multinational Brunswick Marine group , which has been occupied it for 20 years
Rent: $215,000/year net + gst
Outcome: sold for $3.33 million at a 6.5% yield
Agent: Dave Stanley & Tony Chaudhary

Papakura

Updated: 64 Boundary Rd:
Features: large yard with dual access, high-stud clearspan warehouse, certified truck wash
Rent: holding income $205,000/year
Outcome: passed in at $2.55 million, sold post-auction for $2.75 million
Agents: Shane Snijder & Peter Migounoff

Papatoetoe

2 Sutton Crescent:
Features: 675m² site, 799m² 2-level commercial building next to Hunters Plaza, 2 tenants with 2- & 5-year leases from January 2015, 15 parking spaces
Rent: $109,000/year net + gst
Outcome: sold for $1.25 million at an 8.7% yield
Agents: Nick Bayley, Geoff Wyatt & Tony Chaudhary

Wiri

14 Aerovista Place:
Features: vacant 3931m² site zoned business 6 (heavy industrial)
Outcome: sold for $1.085 million at $276/m²
Agents: Dave Stanley & Nick Bayley

South of the Bombays – Coromandel

Whitianga

20 The Esplanade:
Features: 2-level building on 868m² waterfront site, with 240m² ground-floor restaurant/café licensed for 120 patrons plus 270m² 4-bedroom apartment above
Outcome: sold with vacant possession for $1.9 million + gst
Agents:  Bev Calder & Sheree Henderson

Attribution: Auction.

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5 sales & 2 leases in Manukau

Bayleys agents have completed 4 sales in central Manukau, one in Wiri, plus 2 leases in Wiri.

South

Sales

Manukau

792 Great South Rd, unit 7:
Features: 82.5m2 retail unit leased for 10 years from May 2006, with one 8-year right of renewal
Rent: $48,975/year net + gst
Outcome: sold for $580,000 at 8.4% yield
Agents: Tony Chaudhary & Janak Darji

6 Jack Conway Avenue, units A & B (pictured): 
Features: 1686m2 2-level building – 1071m2 office, 615m2 warehouse, 33 parking spaces
Outcome: sold vacant for $2.3 million
Agent: Mark Pittaway

13 Lambie Drive:
Features: 7493m2 business 5 site, 2930m2 warehouse, 72 parking spaces
Outcome: sold vacant to church group for $5 million
Agents: Geoff Wyatt (Bayleys) & Rob Taylor (Barfoot & Thompson)

18 Oak Rd:
Features: 2664m2 business 6-zoned site
Outcome: sold vacant for $650,000 at $244/m2
Agents: Tony Chaudhary & Janak Darji

Wiri

17 Hobill Avenue, unit A:
Features: Near-new 243m2 industrial unit – 141m2 of high-stud tilt-slab warehousing, 52m2 office, 52m2 mezzanine
Outcome: sold vacant for $526,000
Agents: Mike Marinkovich, Tony Chaudhary & Janak Darji

Leases

Wiri

2 Aerovista Place:
Features: 2217m2 corner site, 1240m2 modern tilt-slab industrial building – 937m2 warehouse, 157m2 office, 146m2 showroom, leased for 5 years with 2 3-year rights of renewal
Rent: $130,000/year net + gst at $104.86/m2
Agents: Mike Marinkovich & Dave Stanley

19 & 21 Aerovista Place:
Features: 8734m2 fenced industrial yard leased to transport company for one year with 2 one-year rights of renewal & review to CPI on renewal, tenant paying for remedial works
Rent: $87,340/year net + gst at $10/m2
Agents: Luke Carran & Jamsheed Sidwha

Attribution: Agency release.

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Updated: 7 Millwater commercial units among 11 sales at Colliers auction

Published 26 May 2015, updated 27 May
7 retail, fastfood & gym units in the Millwater Central neighbourhood centre on the Hibiscus Coast (pictured) were sold under the hammer at Colliers International’s auction on Wednesday – the first 4 at yields of 4.9-5.1%.

Another 9 units in the development have already been sold.

A Manukau warehouse and 2 of the 3 office units in a Symonds St building were also sold at auction, and a mixed-use Mt Eden property was sold post-auction.

The Millwater subdivision between Silverdale & Orewa is expected to have 5000 homes on completion, stretching from the old Hibiscus Coast Highway across to the new State Highway 1. It has a number of separate but abutting, mostly retail developments up the hill from the old Silverdale Village, but this centre by Broadway Developments 1986 Ltd is in the heart of the new housing.

CBD

Uptown

71 Symonds St:
Features: 354m² site on the corner of City Rd, across from the Langham Hotel, 13-storet commercial building with 2-level penthouse, total lettable floor area 2280m², 18 parking spaces on 2 basement levels, 76% new building standard seismic rating; 3 units offered vacant by one vendor
Agents for all 3 units offered: Kris Ongley & Jonathan Lynch

Unit 1A:
Features
: 143m², 4 parking spaces
Outgoings
: rates $11,752/year including gst; body corp levy $3917/year
Outcome
: sold for $370,000

Level 7A:
Features: 143m², one parking space
Outgoings: rates $11,785/year including gst; body corp levy $4090/year
Outcome: passed in, under negotiation

Level 8A:
Features: 143m², one parking space
Outgoings: rates $11,752/year including gst; body corp levy $3917/year
Outcome: sold for $365,000

Isthmus west
Mt Eden

Updated: 12 Akepiro St:
Features: vacant 412m² site between Kingsland & Dominion Rd, 398m² building zoned mixed use – 131.5m² ground-floor offices & amenities, 122m² high-stud warehouse/showroom, 22m² courtyard, 121m² mezzanine storage; proposed unitary plan would allow 16.5m (4-storey) development
Outcome: passed in at $1,127,500, sold post-auction for $1.2 million
Agents: John Davies & Peter Kermode

North-east

Silverdale

Millwater Central, 175 Millwater Parkway:
Agents for all 7: Euan Stratton, Matt Prentice & Shoneet Chand

Unit 1, The Pet Store:
Features: 212m²
Rent: $79,639/year at $212.37/m², 6-year lease with 2 6-year rights of renewal
Outcome: sold for $1.335 million at 5.97% yield

Unit 2, Millwater Superette:
Features: 104m²
Rent: $41,103/year at $395/m², 10-year lease plus 10-year right of renewal
Outcome: sold for $812,000 at 5.06% yield

Unit 3, Bruce Lee Sushi:
Features: 104m²
Rent: $41,190/year at $395/m², 10-year lease plus 10-year right of renewal
Outcome: sold for $835,000 at 4.93% yield

Unit 4, Millwater Takeaways:
Features: 104m²
Rent: $39,191/year at $375/m²
Outcome: sold for $795,000 at 4.93% yield, 6-year lease plus 2 6-year rights of renewal

Unit 6, Mumbai Central:
Features: 111m²
Rent: $41,764/year at $375/m², 10-year lease plus 10-year right of renewal
Outcome: sold for $775,000 at 5.39% yield

Unit 11, Mike Pero & Barbershop Co:
Features: Barbershop 64m², Mie Pero 40m²
Rent – Barbershop: $25,844 at $400/m², 6-year lease plus 2 3-year rights of renewal; Mike Pero – $16,962/year at $425/m², 6-year lease plus 2 3-year rights of renewal
Outcome: sold for $841,000 at 5.09% yield

Unit 13, Jetts:
Features: 322m²
Rent: $86,921/year at $270/m², 8-year lease plus 7-year right of renewal
Outcome: sold for $1.4 million at 6.2% yield

South
Manukau

577 Great South Rd:
Features: 4775m² site, 2095m² building – high-stud warehouse 1670m², area under mezzanine 213m², mezzanine 212m², 100% new building standard
Rent: $208,000/year from 3 tenants
Outcome: sold for $2.75 million at 7.56% yield
Agents: Ash Vincent, Peter Kermode & Jimmy O’Brien

Attribution: Auction.

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Updated: 13 sold in Bayleys’ Total Property auction

8 of 16 properties on Bayleys’ Total Property commercial auction list were sold under the hammer on Wednesday, but by the end of the week the sales had climbed to 13, including one prior & another 4 post-auction. The auction for another 4 properties was postponed.

CBD

Learning Quarter

42 Airedale St:
Outcome: passed in at $2.4 million
Agents: Millie Liang

Isthmus east

Newmarket

142 Broadway, unit 1A:
Outcome: no bid
Agents: Luke Carran & Owen Ding

Penrose

10 Walls Rd:
Features: 584m² warehouse, showroom & office building, split into 2 tenancies, on 825m² corner site with dual access
Rent: $36,000/year net + gst from one tenancy
Outcome: passed in at $1.1 million, sold post-auction for $1.15 million at an 8.4% yield
Agents: James Valintine & James Hill

352-354 Remuera Rd, Remuera.

352-354 Remuera Rd, Remuera.

Remuera

352-354 Remuera Rd:
Features: 339m² 2-storey building in heart of Remuera Rd shopping strip, anchor tenant the Phoenix Tree Garden Restaurant plus a clothing store & travel agency
Rent: $131,460/year net + gs
Outcome: sold for $2.86 million at a 4.6% yield
Agents: Quinn Ngo, Owen Ding & James Chan

Isthmus west

Grey Lynn

Updated: 20 Newton Rd:
Features: 303m2 site in mixed-use zone, 450m2-level building with A grade seismic rating, ground-floor workshop & showroom leased to auto interior business, vacant 225m2 upper level fitted out to high standard offering residential use options
Rent: $33,642/year net + gst (under-rented) from short-term ground-floor lease
Outcome: passed in at $1.35 million, sold post-auction for $1.375 million
Agents: James Were & Scott Kirk

Mt Albert

88 Hendon Avenue:
Features: 71m² shop in suburban retail strip occupied by dairy on 3-year lease from April 2013 with one right of renewal
Rent: $16,800/year net + gst
Outcome: sold for $340,000 at a 4.9% yield
Agents: James Appleby & William Coates

North-east

Albany

14 Corinthian Drive, units 3 & 4:
Outcome: auction postponed
Agents: Eddie Zhong & Damian Stephen

270 Oteha Valley Rd, units 6 & 7:
Outcome: auction postponed
Agents: Quinn Ngo & Eddie Zhong

Glenfield

560 Glenfield Rd:
Outcome: passed in at $2.75 million
Agents: Simon Aldridge & Michael Nees

Milford

1 Shakespeare Rd:
Features: 556m² corner site on intersection of Shakespeare, East Coast & Kitchener Rds, 290m² vacant building formerly used as fitness complex
Outcome: passed in at $1.2 million, sold post-auction for $1.3 million at land value of $2338/m²
Agents: Simon Aldridge & Michael Nees

North-west

New Lynn

2 Crum Avenue:
Features: 400m² warehouse, showroom & office building on 696m² dua- access corner site
Rent: $14,000/year net + gstar from short-term lease on first-floor offices
Outcome: sold for $1.275 million
Agents: William Coates, Mike Adams, James Appleby & Cameron Melhuish

3102 Great North Rd:
Features: 160m² 2-storey retail & office building on 152m² site in established shopping strip, 2 tenants on short-term leases
Rent: $24,000/year net + gst
Outcome: sold prior for $450,000 at a 5.3% yield
Agents: Quinn Ngo & Katie Wu

404-406 Titirangi Rd, Titirangi.

404-406 Titirangi Rd, Titirangi.

Titarangi

404-406 Titirangi Rd:
Features: 575m² retail complex on high-profile 2664m² site in tightly held Titirangi Village, 3 tenants plus 237m² of recently vacated ground floorspace
Rent: $133,570/year net + gst
Outcome: sold for $3.9 million
Agent: Mike Adams

South

Manukau

Update: 333 East Tamaki Rd, unit G:
Features: 529mindustrial unit – warehouse 362m2, office 90m2, mezzanine 76m2, 8 parking spaces
Outcome: passed in at $640,000, sold vacant post-auction for $650,000
Agents: Clint Barber & John Bolton

792 Great South Rd, unit 7:
Features: 87m² retail premises in Pacific Square retail complex, 10-year lease to Vista Cafe from May 2006, 2-yearly rent reviews to CPI plus one 8-year right of renewal
Rent: $48,975/year net + gst
Outcome: sold for $580,000 at an 8.4% yield
Agents: Tony Chaudhary, Janak Darji & Amy Weng

Papakura

32 Broadway:
Features: 382m² corner site, single-level retail block, seismic rating 70% new building standard, 3 established tenancies
Rent: $66,890/year net + gst
Outcome: sold for $725,000 at a 9.2% yield
Agents: Tony Chaudhary & Jamak Darji

79-85 Great South Rd:
Features: 1123m² medical centre on 2185m² site with redevelopment potential under its proposed unitary plan zoning of metropolitan centre, occupied for nearly 20 years by Counties Accident & Medical, whose lease expires next year with no right of renewal
Rent: holding income of $196,577/year net + gst
Outcome: sold for $1.815 million
Agents: Tony Chaudhary, Shane Snijder & Janak Darji

2 & 6 Railway St West (pictured at top of page):
Features: 3118m², 2-building bulk retail complex on 6319m² site in 2 titles, 68 parking spaces, 7 tenancies including Noel Leeming plus other national retailers
Rent: $497,573/year net + gst
Outcome: sold for $6.175 million at an 8.05% yield
Agents: Peter Migounoff & Piyush Kumar

Attribution: Auction.

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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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