Archive | Otara

Bendon showroom sells at auction but 3 other properties fail to attract a bid

A Bendon Retail showroom in Otara sold on a 4.4% yield at Barfoot & Thompson’s commercial auction yesterday.

2 retail assets in an Avondale shopping centre building – one with some residential potential and both with a 32.5m height limit through their town centre zoning under the new unitary plan – were passed in without a bid. A Ponsonby office unit also failed to attract a bid.

Isthmus west

Avondale

1976 Great North Rd, unit 5:
Features: 140m², ground-floor retail unit with 10 years to run on lease
Rent: $49,735/year net + gst
Outcome: declared reserve $695,000, no bid
Agents: Reese Barragar & Colin Stewart

1976 Great North Rd, unit 6:
Features: 227m², 3 tenants – 2 retail + unconsented residential
Rent: $75,400/year gross
Outcome: declared reserve $895,000, no bid
Agents: Reese Barragar & Colin Stewart

Ponsonby

70 Ponsonby Rd, unit G5:
Features: office unit, 2 large signboards & secure parking space, on ground floor of the Quest apartment complex
Rent: $42,640/year net + gst on new long-term lease
Outcome: no bid, back on market at $898,000 + gst
Agents: Reese Barragar & Murray Tomlinson

South

Otara

18 Birmingham Rd:
Features: 1143m² section, 602m² building; Bendon Retail Ltd, tenant since 1999, is on 2-year lease with one more 2-year right of renewal
Rent: $53,857/year net + gst
Outcome: sold for $1.211 million at a 4.44% yield on current rent
Agents: James Marshall & Murray Tomlinson

Attribution: Auction.

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Updated: 9 sell at Bayleys’ Auckland commercial auction, 2 post-auction, 3 in Wellington, 1 in Whakatane

Published 28 October 2016, updated 7 November 2016:
9 of the 16 properties auctioned in Bayleys 6th Total Property portfolio for the year were sold under the hammer on Wednesday or shortly after.

They included 2 Post Shops, and the post-auction sale of 2 properties in a mixed portfolio offered by one vendor.

Another 2, in Manurewa & Wiri, have sold post-auction at prices substantially above the levels they were passed in at (details below).

In Wellington, all 3 properties in the Total Property offering yesterday were sold. Another in Whakatane was also sold.

The Auckland auction opened with the sale of 2 Post Shop/ Kiwibank premises, one in Royal Oak (pictured) selling on a yield just under 5% and one in Mt Eden on a 3.6% yield. The second of these, on Dominion Rd, went on the market at $3.1 million and sold for $750,000 more. Auction of a third Post Shop property, in Penrose, was postponed. 2 others in Kaitaia & Thames were up for tender, closing yesterday.

3 of the 4 properties offered by Kermani Properties Ltd were passed in and the fourth, a commercial kitchen & retail premises at ground level in the Grand Chancellor Hotel building, was withdrawn. However, sales were later concluded on a standalone building in the Otara town centre & 2 buildings on Papakura’s Broadway.

CBD

Queen St

175 Queen St, unit 14:
Features: vacant 228m² top floor, secure basement parking space
Outcome: passed in at $800,000
Agents: Quinn Ngo & Matt Lee

Victoria Quarter

Grand Chancellor, 1 Hobson St:
Features: 320m² street-level retail unit with kitchen, 2 entrances from hotel lobby & street
Outcome: withdrawn from auction
Agents: Millie Liang & Oscar Kuang

Isthmus east

Otahuhu

56-58 Atkinson Avenue:
Features: Box Building, 283m² corner site, residential & commercial tenants
Rent: $74,396/year net + gst
Outcome: no bid
Agents: Tony Chaudhary & Janak Darji

Penrose

39 Station Rd:
Features: 822m² site, 413m² Post Shop building, 7 parking spaces, seismic rating 60% new building standard
Rent: $63,000/year net + gst
Outcome: auction postponed
Agents: Cameron Melhuish & Andrew Wallace

Remuera

551-553 Remuera Rd:
Features: 531m² site, 220m² 2-level character building, ground-floor retail, offices upstairs, rear access off Upland Rd; 3-year lease from May to long established tenant School Uniform Centre, in occupation since 1998, with 2 3-year rights of renewal
Rent: $57,200/year net + gst
Outcome: sold for $1.69 million at a 3.38% yield
Agents: James Chan, Quinn Ngo & Owen Ding

Royal Oak

794 Manukau Rd:
Features: 581m² site on roundabout, 277m² single-level building, A grade seismic rating; town centre zoning, 27m height overlay; building occupies about half the site on one title, separate land-only title used for casual parking
Rent: $103,000/year net + gst; Post Shop/ Kiwibank franchisee contributes $58,000, balance paid by liquor store
Outcome: sold for $2.07 million at a 4.97% yield
Agents: Cameron Melhuish & Alan Haydock

Isthmus west

Mt Eden

371 Dominion Rd:
Features: 974m² corner site, 581m² 2-level building fully occupied on 3- to 6-year lease terms; Post Shop/Kiwibank franchisee & copy centre occupy the ground floor with an office tenant above; An underutilised vacant land area behind the building, accessed off King Edward St, provides a development opportunity; local centre zoning allows buildings up to 3 storeys incorporating upper floor residential
Rent: $134,362/year net + gst
Outcome: sold for $3.85 million at a 3.59% yield
Agents: Cameron Melhuish & Alan Haydock

North

Whangarei

Kensington, 11 Kensington Avenue:
Features: 2300m² site, new 650m² radiology facility set among other healthcare complexes, 9-year lease to TRG Imaging, NZ’s largest radiology group, one 6-year right of renewal
Rent: $192,000/year net + gst
Outcome: sold for $3.115 million at a 6.16% yield
Agents: Ranjan Unka & Ross Blomfield

North-east

Albany

6-8 Omega St, units 7 & 9:
Features: office units of 227m² & 222m², 8 exclusive parking spaces + more shared
Rent: $110,000/year net + gst from new 3-year lease
Outcome: withdrawn from auction
Agents: Alex Strever & Dean Gilbert-Smith

52 Oteha Valley Rd, unit A:
Features: 70m² retail unit occupied by liquor store
Rent: lease recently renewed for 3 years at $30,102/year net
Outcome: sold for $585,000 at a 5.14% yield
Agents: Matt Mimmack & Alex Strever

South

East Tamaki

20 Kerwyn Avenue, factory 1:
Features: cross-lease, half share in 3000m², 765m² medium-stud industrial premises on high visibility corner site with dual street access; 587m² factory/workshop with 4 roller doors
Rent: longstanding monthly tenancy returning $81,900/year
Outcome: sold for $1.825 million at a 4.48% yield
Agents: Jamsheed Sidhwa & Luke Carran

11 Stonedon Drive, unit H:
Features: 170m² industrial unit, 2 roller doors, 3 parking spaces; tenant of 12 years, United Industries, has signed for an additional 5 years, with 5 more 5-year rights of renewal
Rent: $32,400/year net + gst
Outcome: sold for $720,000 (including $93,913 gst) at a 5.17% yield
Agents: Nelson Raines

Manurewa

Updated: 185-189 Great South Rd:
Features: 2-level 1124m² commercial unit with multiple retail & office tenants, between New World & South Mall entrance
Rent: $215,921/year net + gst
Outcome: passed in at $2 million, sold post-auction for $2.45 million at an 8.81% yield
Agents: Oscar Kuang, James Chan, Tony Chaudhary & Janak Darji

Otara

The Kermani building on Fair Mall place, Otara, sold post-auction.

The Kermani building on Fair Mall place, Otara, sold post-auction.

19 Fair Mall Place:
Features: 501m² site in heart of the town centre, multi-tenanted 980m² building; ground floor fully leased on 3- to 6-year terms to butcher, TAB, pizza outlet & discount store; 485m² upstairs, recently occupied by a nightclub, is vacant
Rent: $174,702/year net + gst
Outcome: passed in at $1.675 million, sold shortly after for $1.76 million
Agents: Oscar Kuang & James Chan

Papakura

28-30 Broadway:
Features: 488m² site in 2 titles, 2 adjoining retail & office buildings totalling 569m², metropolitan centre zoning has height allowance of 40.5m
Outcome: passed in at $510,000, sold shortly after for $545,000 with vacant possession
Agents: Oscar Kuang, Peter Migounoff & Tony Chaudhary

201-203 Great South Rd:
Features: 438m² site, vacant 700m² floor area – 390m² ground-floor retail in former bank, 131m² mezzanine, 179m² rear warehouse & parking
Outcome: no bid
Agents: Piyush Kumar & Peter Migounoff

82 Hunua Rd:
Features: 1.9488ha site zoned industrial 4 (heavy zoning)
Outcome: no bid
Agents: Shane Snijder & Peter Migounoff

Wiri

Updated: 14 Aerovista Place:
Features: 3931m² bare land, zoned heavy industrial, new 5-year lease from March 2016 to Titan Containers NZ
Rent: $100,000/year net + gst
Outcome: passed in at $1.55 million, sold post-auction for $1.75 million at a 5.71% yield and a land value of  $445/m2
Agents: Nick Bayley & Dave Stanley

South of the Bombays

Bay of Plenty

Whakatane

34 Valley Rd:
Features: 3046m² site, 1548m² storage facility, multi-tenanted 74-unit complex with 95-100% occupancy
Outcome: sold as a freehold going concern for $1.325 million
Agents: Brendon Bradley & Matthew Gibbard

Manawatu

Palmerston North

14-18 Broadway Avenue (auctioned in Auckland):
Features: 337m² site, 1400m² floor area,
Rent: $36,000/year net + gst from 2 tenants
Outcome: no bid
Agents: Quinn Ngo & Owen Ding

Wellington

Lower Hutt – Alicetown

31 Wakefield St:
Features: 485m² workshop/office building, fully refurbished & strengthened to 75% of new building standard, new 6-year lease to Central Electrical which has been in occupation for 15 years
Rent: $55,000/year net + gst, annual 2.5% increases
Outcome: sold for $720,000 at a 7.63% yield
Agents: Andrew Smith & Paul Cudby

Tawa

180-182 Main Rd:
Features: 506m² site in shopping precinct, 670m² 2-level commercial building, 5 leased retail tenancies on ground floor plus 5 smaller office tenancies above and one larger vacant office tenancy
Outcome: sold for $869,000
Agent: Jon Pottinger

Upper Hutt

806 – 808 Fergusson Drive:
Features: 916m² fringe city site, 960m² high stud warehouse; Jetts Gym & Pak ’n Save have new leases running until 2022
Rent: $110,000/year net + gst
Outcome: sold for $1.21 million at a 9.09% yield
Agents: Matt Gibbs & Fraser Press

Attribution: Auction, agency releases.

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Marsden B land among Colliers sales

The 45ha site of the former Marsden B power station at Ruakaka in Northland has been sold for $8.5 million.

The 250MW oil-fired power station, overlooking the beach at Ruakaka near the Marsden Point oil refinery, was mothballed in 1978 without being commissioned and eventually became the property of Mighty River Power Ltd. The plant was sold in 2012 to United Telecoms Ltd of Bangalore, India, dismantled & shipped to India. The Marsden A power station, also oil-fired, was largely dismantled in 1997-98 and the job finished in 2012.

Another 83ha at Marsden Point was acquired about 10 years ago by Oliver Scott through various companies & trusts in his North Holdings group, but Westpac NZ Ltd put those companies into receivership in May 2015, with total debt to the bank of $56.8 million.

The power station site is one of 3 sales reported by Colliers agents this week (and, for Marsden B, NAI Harcourts). Another is a Lovegrove Crescent warehouse in Otara, sold 8 months after being passed in at auction, and the third is a showroom on Cavendish Drive, Manukau.

North

Ruakaka

Sime Rd:
Features: 45ha bare land, former Marsden B power station site
Outcome: sold for $8.5 million
Agents: Tim Lichtenstein & Alan McMahon (Colliers) & Peter Peeters (NAI Harcourts)

South

Manukau Central

39C Cavendish Drive:
Features: 430m² showroom
Outcome: sold for $960,000
Agents: Ash Vincent & Jolyon Thomson

Otara

15 Lovegrove Crescent, unit 5:
Features: 2253m² site, 1479m² office & warehouse net lettable area
Rent: $107,500/year net (at auction date)
Outcome: sold for $1.2 million after being passed in at auction last October at $850,000, followed by vendor indicator “bids” of $1 million & $1.07 million
Agents: Jolyon Thomson, Ben Cockram & Jonathan Lynch

Attribution: Agency release, Companies Office, files.

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Medical clinic sells at Colliers auction

A medical centre in Penrose attracted strong bidding at Colliers’ commercial auction yesterday, but a Lovegrove Crescent, Otara, property with development space was passed in.

Isthmus east

Penrose

Penrose Clinic, 766 Great South Rd:
Features: 998m² site, 300m² floor area, building’s IEP seismic rating 100% of new building standard, fully tenanted medical centre
Rent: $60,198/year net + gst
Outcome: sold for $935,000 at a 6.44% yield
Agents: Gareth Fraser, Simon Child & Charlie Oscroft

South

Otara

5-15 Lovegrove Crescent:
Features: 2253m² site, 1479m² net lettable area, 
Rent: $107,500/year net
Outcome: top bid of $850,000 followed by vendor bids of $1 million & $1.07 million, passed in
Agents: Jolyon Thomson & Ben Cockram

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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Wide range of properties sold at Greater Auckland auction

18 commercial properties were sold under the hammer out of 30 taken to auction in Bayleys’ Greater Auckland portfolio on Wednesday. They ranged from 2 retail units in the old Auckland Electric Power Board building on Queen St in the cbd to a section with 2 houses on it at Pokeno and 3 shops in Tuakau.

CBD

Federal St

209 Federal St:
Features: 60m² ground-floor shop at entry to apartment complex, offered with vacant possession
Rent: vacant
Outcome: no bid
Agents: Millie Liang

Queen St

Power board building, 187-189 Queen St, unit A:
Features: 171m² retail unit, one of 3 units taken to auction by Landmark Property Holdings Ltd (Greg Wilkinson)
Rent: established tenant BBQ King returning $90,079/year net + gst
Outcome: sold for $1.61 million at 5.6% yield
Agents: Alan Haydock & James Chan

187-189 Queen St, unit B:
Features: 176m² retail unit
Rent: $438,759/year net + gst, fully leased by OPSM since 1996
Outcome: withdrawn from auction
Agents: Alan Haydock & James Chan

187-189 Queen St, unit C:
Features: 56m² retail unit
Rent: established tenant Lush returning $160,000/year net + gst
Outcome: sold for $3.23 million at 4.95% yield
Agents: Alan Haydock & James Chan

Victoria Quarter

51F Hobson St:
Features: 994m², 3 restaurant tenants, fully leased, 23 basement parking spaces
Rent: $270,841/year net + gst, anchor tenant has just renewed for 6 years
Outcome: no bid
Agents: Damien Bullick & Alan Haydock

Isthmus east

Epsom

107 Great South Rd, unit C:
Features: 253m² unit, 8 parking spaces, seismic rating 100% new building standard
Rent: fully leased, returning $71,073/year net + gst
Outcome: sold for $985,000
Agents: Laurie Bell & Kate Kirby

Glen Innes

25-27 Mayfair Place:
Features: 292m² 2-level building on 151m² site in Glen Innes’ main retail strip, dual frontage, 2 ground-floor tenants on leases running until 2016 & 2017, upstairs office space vacant
Rent: $42,000/year
Outcome: sold post-auction for $570,000
Agents: Quinn Ngo & Owen Ding

Panmure

172 Queens Rd:
Features: 149m² shop on main street
Rent: $36,000/year net from superette
Outcome: sold for $540,000 at 6.85%
Agents: Tony Chaudhary & Janak Darji

Penrose

996B Great South Rd:
Features: 430m² showroom & office, high-stud storage
Rent: $75,000/year net + gst from new lease
Outcome: passed in at $980,000
Agents: Greg Hall & James Hill

Isthmus west

Herne Bay

155 Jervois Rd:
Features: 657m² site, 147m² villa occupied by Merino Kids
Rent: $63,826/year net + gst
Outcome: passed in at $1.73 million
Agents: Ranjan Unka & Brian Caldwell

157 Jervois Rd:
Features: 371m² site, 150m² villa occupied by Ardmore Development Ltd
Rent: $38,000/year net + gst
Outcome: passed in at $1.36 million
Agents: Ranjan Unka & Brian Caldwell

Mt Roskill

204 Richardson Rd:
Features: 840m² corner site, 505m² floor area, 4 shops + ASB atm at busy intersection, telecommunications lease to Vodafone
Rent: $120,717/year
Outcome: passed in at $2 million
Agents: James Chan & Matt Lee

Onehunga

6B Henderson Place:
Features: 284m² office & warehouse with parking
Rent: $36,000/year + gst from established tenant
Outcome: sold for $490,000
Agents: Shane Snijder

St Lukes

55 Sainsbury Rd, unit 8:
Features: 120m² unit on 2 levels, parking, fully leased to boutique chocolate manufacturer
Rent: $35,000/year net + gst
Outcome: sold for $490,000
Agents: Leah La Hood & Kate Kirby

North-east

Albany

428 Albany Highway:
Features: 266m² floor area on 1550m² zoned residential 5, 15 parking spaces
Rent: $110,000/year net + gst from 12-year lease to Secret Garden childcare centre
Outcome: sold for $1.827 million at 6.02% yield
Agents: Shane Snijder & Tony Chaudhary

13 Beatrice Tinsley Crescent, unit 7:
Features: 171m² vacant industrial unit, high-stud warehousing
Outcome: sold for $416,000
Agents: James Kidd & Matt Mimmack

Belmont

148 Lake Rd:
Features: 178m², sports bar plus flat & small office upstairs
Rent: $45,000/year net
Outcome: passed in at $700,000 vendor bid
Agents: Brian Caldwell & Simon Aldridge

Devonport

2 Calliope Rd:
Features: 721m² site, vacant mixed-use villa, 3 bedrooms, study, decks, courtyard, retail area to the roadfront, possibility to increase to 5 bedrooms
Outcome: sold for $1.095 million
Agents: Michael Block

81 Stanley Point Rd, Flats 1 & 2:
Features: 1133m² waterfront development site, resource consent granted for 2 large luxury apartments
Rent: vacant
Outcome: no bid
Agents: Helen Michell & Scott Kirk

North-west

Henderson

344 Great North Rd:
Features: 158m² shop in retail strip
Rent: $60,000/year + gst from TAB tenancy
Outcome: sold for $900,000 at 6.66% yield
Agents: Matt Lee & James Chan

424 Great North Rd:
Features: 854m² corner site, 940m² floor area including 285m² mezzanine floor
Rent: $124,064/year from 6-year lease to Waitemata Backcare Beds
Outcome: sold for $1.295 million
Agents: Quinn Ngo & Owen Ding

27 Waipareira Avenue, unit E:
Features: 230m² warehouse & 116m² office & mezzanine, NZ Post as established tenant, IEP rating A+, 6 parking spaces
Rent: $35,000/year net + gst from lease renewed this month
Outcome: sold for $467,500
Agents: Mike Adams & Laurie Bell

South

East Tamaki

2 Bishop Browne Place, unit 7:
Features: 178m² showroom, retail or office unit in established business centre near Botany South Centre and next to Bishop Gate Centre
Rent: vacant
Outcome: passed in at $600,000 vendor bid
Agents: Katie Wu & John Bolton

357 East Tamaki Rd, lot 1:
Features: 1982m² site, titles in industrial subdivision to be issued May-June, full services will be available, one of 5 lots on auction list offered by subdivider East Tamaki LP (David Gaze), 2 other lots already sold
Outcome: sold for $865,000
Agents: John Bolton & Simon Andrews

357 East Tamaki Rd, lot 2:
Features: 1298m² site in subdivision
Outcome: sold for $700,000
Agents: John Bolton & Simon Andrews

357 East Tamaki Rd, lot 4:
Features: 4403m² site in subdivision
Outcome: withdrawn from auction
Agents: John Bolton & Simon Andrews

357 East Tamaki Rd, lot 5:
Features: 6507m² site in subdivision
Outcome: withdrawn from auction
Agents: John Bolton & Simon Andrews

357 East Tamaki Rd, lot 9:
Features: 2929m² site in subdivision
Outcome: sold for $900,000
Agents: John Bolton & Simon Andrews

Otara

7 Fair Mall:
Features: 612m² site, 545m²shop with 18m-wide frontage, potential to subdivide
Rent: $132,000/year net from established tenant
Outcome: passed in at $1.4 million vendor bid after no other bid
Agents: Tony Chaudhary & Amy Weng

Papakura

41 Elliot St, unit 6:
Features: 415m² floor area, pool operated by swim school, fitout owned by vendor
Rent: $71,000/year net
Outcome: sold for $650,000
Agents: Shane Snijder & John Bolton

Pokeno

68 Great South Rd:
Features: 837m² section on main road, 2 houses on it
Rent: $570/week gross rental
Outcome: sold for $735,000
Agents: Graeme Moore

Tuakau

14-18 George St:
Features: 706m² site, 3 retail tenants in 248m² building
Rent: $40,355/year
Outcome: sold for $560,000
Agent: Shane Snijder

Wiri

17F Hobill Avenue:
Features: 209m² warehouse, near new, high stud, tilt slab, clearspan
Rent: vacant
Outcome: passed in at $375,000 vendor bid
Agents: James Valintine & Simon Andrews

Attribution: Auction.

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One sells & 8 pass in at NAI Harcourts auction

The first property up for sale at NAI Harcourts’ auction at the Royal NZ Yacht Squadron yesterday, an Otara shop with office space above, was sold under the hammer at a 4.5% yield, but that was the end of the good run as the remaining 8 properties were passed in.

Almost all of them required a vendor bid to get things started and 4 finished with the vendor’s indicator as the last bid.

Hauraki Gulf Islands

Waiheke – Surfdale

8 Miami Avenue:
Features: 809m² site, 297m² interior, deck, 2 tenants plus one vacant shop under negotiation
Rent: potential $75,165/year + gst
Outcome: passed in at second vendor bid, $1 million
Agents: Andrew Bruce & Rob Meister

Isthmus west

Eden Terrace

18 St Benedicts St:
Features: 298m² floor area, 6 assigned parking spaces
Rent: $48,000/year + gst
Outcome: passed in at $625,000
Agents: Fiona Li & Mike Ponsonby

Mt Roskill

46 Carr Rd:
Features: 809m² site, 581m² warehouse & office
Rent: $69,600/year + gst
Outcome: passed in at second vendor bid, $800,000
Agents: James Lee & Nick Mi

North-east

Albany

75K Corinthian Drive, ground-floor unit:
Features: 122m² ground floor, potential for retail or showroom, 45m² rear courtyard
Rent: vacant
Outcome: passed in at $370,000
Agents: Dave Lane

215 Rosedale Rd, unit L
:
Features: 307m² first-floor office, 9 allocated parking spaces
Rent: $64,740/year net + gst
Outcome: passed in at $730,000
Agents: Dave Lane

North-west

Waimauku

5-19 Factory Rd:
Features: 1000m² Fresh Choice supermarket
Rent: $190,000/year + gst + outgoings on long lease
Outcome: passed in at $2.75 million vendor bid
Agents: David Savery

South

Howick

113 Meadowland Drive, unit E:
Features: 80m² shop,
Rent: $27,940/year + gst
Outcome: passed in at $350,000 vendor bid
Agent: Nicolas Ching

Otara

133 Bairds Rd:
Features: 230m², 2 levels, retail & office, long-established pharmacy as tenant
Rent: $22,500/year + gst
Outcome: sold for $502,000
Agents: Peter King-Turner & Vincent Cheong

Papatoetoe

13-15 St George St:
Features: 466m² site, 2 shops + residential accommodation upstairs
Rent: $57,000/year + gst
Outcome: passed in at $775,000
Agents: Nicolas Ching

Attribution: Auction.

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6 retail & business units passed in at Barfoots auction

5 of the 6 retail & business units in a new development at 151 Lincoln Rd, Henderson, were passed in at a Barfoot & Thompson Commercial auction yesterday. The other one had been sold before the auction at an undisclosed price, which was the basis of reserves for those up for auction. A unit in Fair Mall at Otara was also passed in.

The Lincoln Rd units, on a 1258m² site at the corner of Moselle Avenue, were developed by Vaco Investments (Moselle) Ltd (Antony Arnerich) and marketed by John Stringer & Peter Jeromson. There are 5 ground-floor food outlets and an upstairs childcare centre.

North-west

Henderson

151 Lincoln Rd:
5 of the 6 retail & business units in this new development were passed in at auction. They were marketed by John Stringer & Peter Jeromson.

Unit 1, Pita Pit:
Features: 100m², 10-year lease
Rent: $39,950/year net + gst, 3.5% annual fixed increases
Outcome: passed in at $670,000 at 5.96% yield

Unit 2, Bruce Lee Sushi:
Features: 100m², 10-year lease
Rent: $39,950/year net + gst, 3.5% annual fixed increases
Outcome: passed in at $660,000 at 6.05% yield

Unit 3, Yolicious:
Features: 50m², 6-year lease
Rent: $25,000/year net + gst, 3.5% annual fixed increases
Outcome: passed in at $350,000 at 7.14% yield

Unit 4, Oporto:
Features: 150m², 8-year lease
Rent: $55,000/year net + gst
Outcome: passed in at $885,000 at 6.2% yield

Unit 5, Sal’s Pizza:
Outcome: sold prior for an undisclosed sum

Unit 6, Discoveries Educare childcare centre:
Features: 600m² on first floor, 10-year lease
Rent: $115,000/year net + gst, 3.5% annual fixed increases
Outcome: passed in at $1.48 million at a 7.8% yield

South

Otara

6 Fair Mall:
Features: 1246m² freehold shopping centre site, 1403m² building including 189m² of mezzanine, 2 large tenancies – a Shop ‘N Save supermarket and a general store, plus an ATM machine, ample council parking
Rent: $248,022/year
Outcome: passed in at $2.7 million
Agent: Agnes Teh

Attribution: Auction.

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10 sales from Shore to airport

Bayleys agents have completed 10 sales from the Shore to the airport, along with one lease, in their latest roundup.

Isthmus west

Mt Eden

40 George St:
Features:446m2mixed-use site,446m2 fully leased but under-rented mid-1980s building containing showroom, workroom & residential accommodation over 3 levels
Rent: $66,705/year from mix of commercial & residential leases
Outcome: sold for $1.37 million
Agents: Damien Bullick & Scott Kirk

Onehunga

Bray Building, Onehunga Mall, sold at 8.7% yield.

Bray Building, Onehunga Mall, sold at 8.7% yield.

235-245 Onehunga Mall:
Features: 1645m2 2-level Bray Building on 1990m2 site, built in the early 1900s and substantially refurbished & expanded in 2002, 6 retail tenancies on the ground floor, anchored by NZ Post/Kiwibank & Paper Plus, office occupants above, 21 onsite parking spaces
Rent: $560,167/yearnet + gst
Outcome: sold for $6.45 million at an 8.7% yield
Agents: Tony Chaudhary, Janak Darji & James Chan

North-east

Takapuna

90-94 Hurstmere Rd:
Features: 379m2 site, 306m2 2-level building, 2 ground-floor retail tenants (2degrees & clothing store) and an office tenancy above
Rent: $138,120/year net + gst
Outcome: sold for $2.5 million at a 5.5% yield
Agent: Simon Aldridge

Wairau Valley

Wairau Junction, 170 Wairau Rd, unit 7:
Features: 60m2 unit, 4-year lease to Persia Kebabs from June 2013, 2 4-year rights of renewal
Rent: $30,000/year net + gst
Outcome: sold for $421,880 at a 7.1% yield
Agents: Matt Lee & James Chan

North-west

Massey

2-10 Triangle Rd, unit 2:
Features: 527m2 bulk retail outlet occupied by Mad Butcher franchisee, first of 2 5-year rights of renewal exercised from May 2011
Rent: $96,080/year net + gst
Outcome: sold (post-April auction) for $1.03 million at a 9.3% yield
Agents: Alan Haydock & Damien Bullick

Westgate

Westgate Shopping Centre, lot 16:
Features: 4103m2 Burger King outlet leased to Antares Restaurant Group for 5 years from December 2013 with no right of renewal
Rent: $165,000/year net + gst
Outcome: sold to offshore buyer for $2.6 million at a 6.35% yield
Agent: James Chan

South

Airport Oaks

19 Pavilion Drive:
Features: 8926m2 of business 5-zoned land in Airpark 11 industrial subdivision
Outcome: sold for $3,079,470 at $345/m2
Agents: Jamsheed Sidhwa, Luke Carran & Dave Stanley

Otahuhu

541 Great South Rd:
Features: 744m2 caryard site specialising in Japanese imports, leased to SAI Auto Co Ltd for 2 years from February 2014 with 2 2-year rights of renewal
Outcome: sold for $540,000 at 6.1% yield
Agents: Tony Chaudhary & Janak Darji

539, 545 & 547 Great South Rd:
Features: 3 titles totalling 1416m2, mix of retail & residential tenancies
Outcome: sold to purchaser of No 541 for $1.4 million
Agents: Tony Chaudhary & Janak Darji

Otara

8 Lovegrove Crescent, units A & B:
Features: 2 1960s industrial units on 2451m2 site, 948m2 unit A (previously returning $84,000/year gross) vacant and 486m2 unit B has a 4-year lease from April 2013
Rent: unit B returning $46,000 gross/year
Outcome: sold for $1.05 million
Agents: Tony Chaudhary & Janak Darji

Leasing

North-east

Albany

58 Apollo Drive:
Features:1875m² office & warehouse – office 498², warehouse 1245m², 28 parking spaces, lease signed in May
Rent: $280,000/year net at $149.33/m², parking spaces $10/week each
Agent:Laurie Burt

Image at top: Westgate Burger King, sold at 6.35% yield.

Attribution: Agency release.

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Cash for Scrap debt hearing put off to January

Published 19 October 2006


Auckland Regional Council’s pursuit of Otara scrap metal dealer Bill Conway for years of flouting environmental laws & polluting the Tamaki River has struck a new snag.



Mr Conway was sentenced to jail 3 years ago and his company was fined, but business has continued.


The council got an Environment Court order to enter Cash for Scrap’s Bairds Rd property in April to ensure compliance with a previous enforcement order, dating from 2002, which ARC regulatory services general manager Janine Bell said had continually been ignored.


But the company applied for, and was granted, a stay on the Environment Court order, keeping regulatory officials out.


Cash for Scrap faces a district court depositions hearing of an ARC prosecution in the week starting 4 December.


In the Auckland High Court today, Associate Judge David Abbott had an application before him for a statutory demand from both the Auckland Regional & Manukau City Councils, the last step before the liquidation process.


But counsel for Cash for Scrap, Tony Bambrook, said one further defence affidavit, from the company’s accountant, would say the company was solvent – leaving aside the usual accompanying claim that this meant the claim was debt-collecting, an improper use of the liquidation process.


While the councils have been making determined efforts to stop Cash for Scrap from continuing in business – somehow, and as soon as possible – Associate Judge didn’t have too many hearing dates available in his diary. He offered 5 December, but that would be the second day of the depositions hearing. Instead, the statutory demand application was set down for a half-day hearing on 30 January at 2.15pm.


The original enforcement order allowed the ARC to confiscate & sell equipment on site to recover any costs incurred in achieving compliance. When ARC staff made a preliminary site assessment on 27 April, before the court granted a stay, they found further contamination and decommissioned some equipment.


The order instructed Cash for Scrap to cease the unauthorised discharge of contaminants, remediate areas of the site that were polluted and cease scrap-metal recycling activities until the appropriate resource consents had been obtained.


“Many ARC site visits have taken place over the past 2 years, which have clearly shown Cash for Scrap continuing to discharge oil & other waste on to their site in such a manner that it may get into waterways. This is a breach of the Resource Management Act, and yet the business continues to operate & grow without appropriate consents and in defiance of Environment Court orders to clean up their business,” Ms Bell said.


Companies Office records show Carol Down, of Mission Bay, as the director & shareholder of Cash for Scrap since its incorporation on 1 September 2000. Mr Conway, of Kohimarama, is director of Auckland Demolition & Scrap Ltd, wound up on 16 August 2000.


Mr Conway was described as the owner & manager of Cash for Scrap when he was sentenced to 3 months jail in November 2003 for breaches of the Resource Management Act. He admitted numerous breaches of the act and Cash for Scrap was fined $25,000. The landowner, Millineum Investments Ltd (Ms Down is director & shareholder) was also fined $15,000.Mr Conway pleaded guilty in 2003 to 9 charges relating to environmental contamination and failing to comply with enforcement & abatement notices. Neighbours had notified the ARC in May 2001 when up to 3 tonnes of oil seeped from the yard into a stream feeding into the Tamaki Estuary.


Mr Conway had ordered a contractor to puncture 14 200-litre drums containing used engine oil on the banks of the stream. Oil was found in stormwater drains and tests also found battery acid in puddles. Dye tests confirmed the site’s stormwater system drained into the Tamaki Estuary.


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Attribution: High Court call, ARC release in April, story written by Bob Dey for this website.

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