Archive | Papakura growth

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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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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Knight Frank sale & lease

Knight Frank agents in South Auckland have started the year with a sale of 2 industrial units in Papakura and an office lease in Mt Wellington.

Sale:

South

Papakura

19 Vernon St, units G & F:
Features: 2 industrial units – unit F 321m², unit G 324m²
Outcome: sold for $1.3 million + gst
Agent: Josh Franklin

Lease:

Isthmus east

Mt Wellington

570 Mt Wellington Highway, unit B4:
Features: 150m² office
Rent: $56,454/year + gst
Agents: Michelle Kennard & Jarrod Qin

Attribution: Agency release.

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500-home Bellfield subdivision approved

Housing accord territorial authority commissioners have approved the Bellfield special housing area & qualifying development application by Motleon Ltd (Sir Noel Robinson) for an eventual 500 houses at Opaheke, between Papakura & Drury in South Auckland.

The proposal went before commissioners Barry Kaye (chair), David Hill & Murray Kay in November and they signed off their approval on 15 December.

Motleon sought approval for a subdivision containing 91 residential lots, including 27 vacant lots which will provide the bulk of the housing, and a commercial lot. Work on the subdivision will include stream diversions & reclamation and redevelopment of Opaheke Park, including park infrastructure.

The proposal was accepted in tranche 4 of Auckland Council’s series of special housing areas in 2014 and rezones 27ha from future urban to a combination of mixed housing urban, mixed housing suburban, neighbourhood centre & open space:conservation, and establishes the Opaheke 1 precinct.

The commissioners have approved development up to 6 storeys (27m) on the site, at No 29 & un-numbered land on Bellfield Rd, 15 Hazeldene Place, 117 & 121Z Opaheke Rd, and Opaheke Park at 165 Opaheke Rd.

The former Papakura District Council limited the use of part of the land to a public golfcourse when it was previously sold to Papakura Golf Course Ltd, but that encumbrance was discharged in 2014. The Papakura Pony Club had informal use of some of the site, but the Papakura Local Board set a 31 December deadline for the club to vacate the land.

The low-lying site is in the Opaheke catchment and has farm drains, intermittent & permanent streams running through it. The area drains into Slippery Creek and ultimately Pahurehure Inlet, in the upper reaches of the Manukau Harbour. A single stream runs through Opaheke Park.

Link:
Bellfield special housing area decision

Attribution: Decision.

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Bayleys agents add sales & lease in East Tamaki & Papakura

On top of 2 post-auction sales in Manurewa & Wiri completed last week (update link below), Bayleys agents in South Auckland have added another 4 sales & a lease in East Tamaki & Papakura.

South

Sales

East Tamaki

272 Ti Rakau Drive, unit B:
Features: 443m² restaurant & bar on Burswood Rd corner, 10-year lease to Ye Olde Bailey from September 2007, with one 5-year right of renewal
Outcome: sold for $1.425 million at a 6% yield
Agent: Tony Chaudhary

Sir William Avenue, unit D:
Features: industrial unit – warehouse 155m², office 15m², 4 parking spaces
Outcome: sold vacant for $475,000
Agents: John Bolton & Roy Ruldolph

Papakura

71 Great South Rd, unit A:
Features: 93m2 ground-floor commercial unit, offstreet parking front & rear
Outcome: sold vacant for $275,000
Agents: Peter Migounoff, Piyush Kumar & Roy Rudolph

71 Great South Rd, unit E:
Features: 350m2 vacant first-floor office
Outcome: sold for $650,000
Agents: Peter Migounoff, Piyush Kumar, Roy Rudolph & John Bolton

Lease

Papakura

16 Dent Place, unit 2:
Features: 1600m² warehouse, 58m² office, 50m² mezzanine, 14 parking spaces, leased for 3 years with 2-yearly rent reviews & 2 2-year rights of renewal
Rent: $130,000/year net + gst
Agents: Shane Snijder & Peter Migounoff

Earlier story:
28 October, updated 7 November 2016: Updated: 9 sell at Bayleys’ Auckland commercial auction, 2 post-auction, 3 in Wellington, 1 in Whakatane

Attribution: Agency release.

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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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Updated: 14 out of 23 sell at Bayleys’ Total Property auction, one since

Published 23 September 2016, updated 26 September 2016:
Bayleys had a strong performance at its Total Property auction on Wednesday, selling 14 of the 23 properties on offer, including 4 of the 5 retail outlets in the new Grange development on the southern fringe of Warkworth (pictured above).

Update: The last of those Grange units has been sold post-auction on a 5.6% yield.

Isthmus east

Onehunga

33-35 Selwyn St:
Features: 1272m² under-utilised site in 2 titles zoned town centre – Onehunga (24.5m height limit), 562m² office building, new 6-year lease plus one 6-year right of renewal, to law firm Daniel Overton & Goulding, which has been in occupation since 1973
Rent: $170,000/year net + gst, 2% fixed annual rental increases
Outcome: sold for $4.25 million at a 4.0% yield
Agents: Nigel McNeil, Meredith Graham & Tony Chaudhary

Isthmus west

Grey Lynn

8 Vinegar Lane:
Features: 103m² mixed use-zoned site with resource & building consents for 4-level building, ground-floor retail & 3 levels of residential
Outcome: no bid
Agents: Quinn Ngo James Chan

North

Mangawhai

6 Molesworth Drive:
Features: 4824m² corner site, fully tenanted 2-level 1325m² commercial building
Rent: $243,292 /year net + gst
Outcome: passed in at $3.7 million
Agents: Duncan Napier & Helen Bartrom

Warkworth

The Grange, 67 Auckland Rd, 5 retail units:
Unit 8:
Features: 62m² unit leased to Tank Juice for 10 years, one 5-year right of renewal
Rent: $35,822 /year net + gst, fixed annual 3% rental increases
Outcome: sold for $655,000 at a 5.46% yield
Agents: Matt Lee, James Chan & Jan Hutcheson

Unit 8A:
Features: 48m² unit leased to Noodle Noodle for 10 years, one 5-year right of renewal
Rent: $27,500 /year net + gst, fixed annual rental increases to CPI plus 1% & market reviews every 5 years
Outcome: sold for $475,000 at a 5.78% yield
Agents: Matt Lee, James Chan & Jan Hutcheson

Updated: Unit 10:
Features: 59m² unit leased to Kebabs on Queen for 7 years, one 5-year right of renewal
Rent: $32,450 /year net + gst, fixed annual rental increases to CPI plus 1% and to market in the fourth year of the lease
Outcome: passed in at $550,000 on vendor bid, sold post-auction for $580,000 at a 5.6% yield
Agents: Matt Lee, James Chan & Jan Hutcheson

Unit 17:
Features: Childcare centre licensed for 80 children, 390m² of indoor space, 442m² outdoor play area, new 20-year lease to Educare Group, which has 8 childcare facilities in Northland and is expanding into other parts of the North Island
Rent: $174,400 /year net + gst, fixed annual 3% rental increases, review to market after 10 years
Outcome: sold for $3.35 million at a 5.19% yield
Agents: Matt Lee, James Chan, Jan Hutcheson & Stephen Scott

Unit 21:
Features: 389m² unit, 6-year lease, one 6-year right of renewal to bulk retailer Floorwise
Rent: $100,500 /year net + gst, fixed annual rental increases to CPI plus 1%, 3-yearly market rent reviews
Outcome: sold for $1.55 million at a 6.48% yield
Agents: Matt Lee, James Chan, Jan Hutcheson & Stephen Scott

Whangarei

Onerahi, 1 Whangarei Heads Rd:
Features: 2686m² site, 480m² purpose-built brain rehabilitation facility, Bupa Care Services has renewed leased for 3 years with 2 3-year rights of renewal
Rent: $160,933 /year net + gst
Outcome: passed in at $1.6 million on vendor bid
Agent: Ross Blomfield

North-east

Albany

75 Corinthian Drive, unit C:
Features: 117m² ground-floor unit compromising 4 private offices, reception, kitchenette & bathroom, 43m² rear courtyard, 4 exclusive parking spaces, part of a commercial development adjoining the district court
Outcome: sold with vacant possession for $650,000
Agents: Jane Sims & Tonia Robertson

231 Dairy Flat Highway, in Albany Village.

231 Dairy Flat Highway, in Albany Village.

231 Dairy Flat Highway:
Features: 809m² freehold site, local centre zoning, in the centre of Albany Village, fully leased 2-level 905m² commercial building; 16 retail & office tenancies; IEP seismic assessment 99% of new building standard
Outcome: sold for $3.5 million at a 7.19% yield
Rent: $251,613 /year net + gst
Agents: Alex Strever, Dean Gilbert-Smith & Eddie Zhong

300 Dairy Flat Highway:
Features: vacant 3193m² high exposure corner site, rezoned to mixed housing suburban under the unitary plan
Outcome: no bid
Agents: Oscar Kuang & Owen Ding

Belmont

157-159 Lake Rd, Belmont.

157-159 Lake Rd, Belmont.

157-159 Lake Rd:
Features: 306m² corner site, local centre zoning, 197m² single-level retail building; anchor tenant Belmont Liquor Centre, income also from a Thai takeaway and a Spark telecommunications tower
Rent: $57,400 /year net + gst
Outcome: sold for $1.4 million at a 4.1% yield
Agents: Simon Aldridge & Michael Nees

Milford

29 Shakespeare Rd, sold at a 4.4% yield.

29 Shakespeare Rd, sold at a 4.4% yield.

29 Shakespeare Rd:
Features: 1105m² light Industry-zoned site, 664m² building; new 4-year lease to panelbeater; 330m² of undeveloped land used for parking
Rent: $90,000 /year net + gst
Outcome: sold for $2.025 million at a 4.4% yield
Agents: Simon Aldridge & Chris White

Rosedale

27-29 William Pickering Drive, unit D3:
Features: 225m² roadfront corner first-floor office unit, 6 exclusive parking spaces, new 3-year lease
Rent: $62,490 /year net + gst
Outcome: passed in on vendor bid at $850,000
Agents: Ryan Dannhauser & Gilbert-Smith

Wairau Valley

59-61 View Rd, unit 9:
Features: 162m² industrial unit, tenant Goodstore NZ Ltd occupies multiple units in the block and has recently signed a new 4-year lease
Rent: $23,000 /year net + gst
Outcome: sold for $483,000 at a 4.8% yield
Agents: James Kidd & Ashton Geissler

49 Porana Rd, units 3 & 4:
Features: 2 industrial units on one title, 128m² & 129m², over 80% warehousing, occupied on short-term leases
Rent: $41,600 /year net + gst
Outcome: passed in for $650,000
Agents: Ranjan Unka & Adam Watton

North-west

Whenuapai

8 Kawakawa Place:
Features: 1743m² on one title freehold industrial site in 14-lot Neil Group subdivision opposite Westgate Town Centre with resource consent for 4-unit development
Outcome: sold with vacant possession for $862,000 at $495/m²
Agents: Grant Miller & Laurie Bell

South

Howick

25-33 Picton St:
Features: 539m² site in the heart of Howick Village’s commercial precinct, fully leased 957m² 2-level retail & office building, 7 tenancies
Rent: $246,137 /year net + gst
Outcome: passed in at $4.9 million on vendor bid
Agents: Chris Bayley & Tony Chaudhary

116-118 Vincent St:
Features: 1618m² industrial site in 2 titles, 430m² of vacant buildings
Outcome: passed in at $1.5 million
Agents: Dave Stanley & Nick Bayley

Papakura

1 Croskery Rd:
Features: 6334m² corner site, 1442m² industrial building, 10-year head lease to a construction company from May 2011
Rent: $150,000 /year net + gst
Outcome: sold for $2.51 million at a 5.97% yield
Agents: Mike Adams & Peter Migounoff

Papatoetoe

320 & 322 Great South Rd, Papatoetoe.

320 & 322 Great South Rd, Papatoetoe.

320 & 322 Great South Rd:
Features: 1459m² site in 2 titles zoned Papatoetoe town centre (24.5m height limit) and surplus land at rear on its own 595m² title; 2-level 1040m² commercial building, 4 tenants including long-term occupants Li’l Abner Takeaways & the Village Foodmart, new 5-year lease on top floor to night club
Rent: $119,415 /year net + gst
Outcome: sold for $3.31 million at a 3.6% yield after being declared on the market at $2.5 million
Agents: Matt Lee, James Chan & Tony Chaudhary

Wiri

11 Bolderwood Place:
Features: 3087m² site, 1540m² industrial building – 1070m² warehouse with 3 gantry cranes, 140m² canopy, 320m² office, 150m² mezzanine, 660m² yard
Outcome: sold vacant for $3.235 million
Agents: Nick Bayley & Karl Price

Attribution: Auction.

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7 sub-5% sales at Bayleys commercial auction

Today’s Reserve Bank cut in the official cashrate was well & truly factored into commercial property prices yesterday at Bayleys’ Total Property auction as 6 fully leased properties sold at sub-5% yields. 3 more were sold at yields under 5.6%, and another at sub-5% was achieved at an auction brought forward.

11 of the 16 properties on the day’s auction list were sold under the hammer.

CBD

High St

3-7 High St, unit G1:
Features: 173m² retail unit on ground floor of 7-storey character building, new 3-year lease to fashion retailer Flo & Frankie from 1 October + 3 3-year rights of renewal
Rent: $150,000/year net + gst
Outcome: sold for $2.83 million at a 5.3% yield
Agents: Sarah Boles

Learning Quarter

The Waldorf Tetra, 85 Wakefield St.

The Waldorf Tetra, 85 Wakefield St.

Waldorf Tetra, 85 Wakefield St, units E & K:
Features: 15 serviced, fully furnished apartments plus additional space currently used as a common room, totalling 447m² on 2 titles on one floor, lease to Waldorf Group until February 2018 with no right of renewal
Rent: $152,104/year net + gst
Outcome: sold for $2.75 million at a 5.53% yield
Agents: Quinn Ngo, James Chan & Matt Lee

Queen St

115 Queen St, unit C:
Features: 210m² ground-floor retail unit fronting pedestrian lane at foot of Swanson St, for sale with vacant possession
Rent: had holding income of $104,000/year + gst until end of August
Outcome: no bid
Agents: Quinn Ngo & Owen Ding

Isthmus east

Onehunga

6 Newsome St, Onehunga.

6 Newsome St, Onehunga.

6 Newsome St:
Features: 477m² site, 336m² building in Onehunga industrial precinct, recently renewed 4-year lease to Petty Dies & Laser Cutting Ltd, which also occupies interconnected neighbouring property
Rent: $33,000/year net + gst
Outcome: sold for $810,000 at a 4.07% yield
Agents: James Valintine & Greg Hall

93 Selwyn St:
Features: 959m² site (improvements not included) zoned terrace housing & apartment building under proposed unitary plan, holding income from lease to community trust childcare centre until February 2018, with 6-month cancellation clause
Rent: $12,000/year net + gst
Outcome: sold for $1.7 million
Agents: Paul Dixon & Tony Chaudhary

Panmure

24 Queens Rd:
Features: 175m² site in retail strip, town centre zoning under proposed unitary plan, 223m² building, pizza outlet on ground floor & law firm above
Rent: $33,000/year net + gst
Outcome: passed in at $510,000
Agents: Simon Aldridge & Oscar Kuang

Isthmus west

Mt Eden

471 Mt Eden Rd (pictured at top):
Features: 273m² business 1 corner site going to mixed use under proposed unitary plan, 113.5m² retail premises with short-term tenancy, 6 parking spaces
Rent: $87,821.50/year net + gst holding income
Outcome: sold for $1.885 million at a 4.66% yield
Agents: Phil Haydock & Tony Chaudhary

Newton

3 Abbey St, Newton, sold at a 4.31% yield.

3 Abbey St, Newton, sold at a 4.31% yield.

3 Abbey St:
Features: 607m² mixed-use site on corner of Gundry St, 2-level building occupied by Art + Object for 9 years, final 3-year right of renewal from September exercised
Rent: $152,000/year net + gst + outgoings
Outcome: sold for $3.525 million at a 4.31% yield
Agents: Dave Stanley, Alan Haydock & Tony Chaudhary

North-east

Rosedale

42 Constellation Drive:
Features: 121m² ground-floor premises in commercial complex, leased to 3A Copies & Design Ltd
Rent: $30,000/year net + gst
Outcome: sold for $560,000 at a 5.36% yield
Agents: Own Ding, James Chan & Eddie Zhong

9 Orbit Drive, Rosedale, sold at a 4.47% yield.

9 Orbit Drive, Rosedale, sold at a 4.47% yield.

9 Orbit Drive, unit 1:
Features: 664m² roadfront office & warehouse unit, 10 parking spaces, new 6-year lease to Advanced Lighting Technologies (NZ) Ltd
Rent: $95,000/year net + gst, increasing to $110,000/year in 2017
Outcome: sold for $2.125 million at a 4.47% yield
Agents: Matt Mimmack & Ashton Geissler

9 Parkhead Place, unit B:
Features: 246.5m² industrial unit – high stud warehouse 208.5m², office & amenities 38m²
Rent: $29,000/year net + gst, leased until March 2017
Outcome: sold for $655,000 at a 4.43% yield
Agents: Matt Mimmack & James Kidd

Wairau Valley

15 Kaimahi Rd:
Features: 1011m² industrial site – 404m² yard, 521m² warehouse, established tenant Geovert Ltd has renewed for 5 years from 1 August
Rent: $64,752/year net + gst
Outcome: sold for $1.369 million at 4.73% yield
Agent: Matt Mimmack

North-west

Henderson

260 Swanson Rd, unit E:
Features: 100m² retail unit, established tenant Ezycash on renewed 4-year lease + 3 further terms of 4 years
Rent: $30,000/year net + gst
Outcome: passed in at $610,000
Agents: Mark Pittaway

New Lynn

80 Delta Avenue:
Features: 1142m² site, 1469m² 2-level warehouse & office building, part-tenanted, vendor occupying the balance
Rent: $54,050/year net + gst
Outcome: sold for $1.7 million
Agents: Grant Miller, Laurie Bell & Mike Adams

2-6 Todd Plaza:
Features: 377m² town centre site, 313m² single-level character building fully leased to 3 tenants – Thai restaurant, Glover Real Estate & dairy
Rent: $105,420/year + gst + outgoings
Outcome: sold for $2.11 million at a 4.99% yield, auction brought forward with declared reserve of $1.975 million
Agents: Tony Chaudhary, Amy Weng & Mike Adams

South

Highland Park

20-22 Dunrobin Place, unit 7:
Features: 180m² unit, 8-year lease to Flow Academy of Motion from June 2014, has had seismic upgrade to A+
Rent: $54,000/year net + gst
Outcome: passed in at $880,000
Agents: Eddie Zhong & Ranjan Unka

Papakura

61-63 O’Shannessey St:
Features: 500m² site in 2 titles, refurbished 957m² building, Veolia Water NZ Ltd head office
Rent: $149,062/year net + gst
Outcome: no bid
Agents: Graeme Moore

South of Bombays – Coromandel

Hahei

404 Lees Rd:
Features: 21ha of waterfront land, full coastal access
Outcome: withdrawn from auction
Agents: John Greenwood & Belinda Sammons

Attribution: Auction.

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Updated & corrected: Fight for Porana Rd site a feature as 7 sell at Bayleys auction, 9 now sold

Published 6 July 2016, updated 11 July 2016:
7 of the 14 properties in Bayleys’ third Auckland Total Property portfolio of the year were sold at auction on 6 July, and one was sold prior. A New Windsor property has been sold post-auction.

A feature of the day’s bidding was the battle between a Wairau Valley property’s neighbour & 3 developers (among other bidders) – the neighbour entering the fray late and outlasting his competition for the Porana Rd site (pictured). Although the transaction registers at a 3.35% yield on current monthly rent, site aggregation is always differently based.

The auction took an unusual turn for a Bayleys commercial auction after the first 3 properties were sold, as the next 4 were all passed in, followed by the Porana Rd battle.

The sale price on a Hillside Rd, Wairau Valley, property has been corrected.

Isthmus east

Grafton

73 Boston Rd:
Features: 334m² site in mixed-use zone, 114m² commercial villa, 3 parking spaces + 25m² freestanding one-bedroom flat; proposed unitary plan allows for 20.5m height
Outcome: sold for $1.7 million
Agents: Phil & Alan Haydock

Meadowbank

16-18 St Johns Rd:
Features: 223m² site, 264m² floor area, seismically strengthened to 70% new building standard & refurbished, 2 shops, 3-bedroom flat above
Rent: $80,544/year + gst, potential $116,000/year net & vacant possession of flat
Outcome: sold for $2.302 million at a 5.04% yield on the potential rent
Agents: Cameron Melhuish & Andrew Wallace

Penrose

30 O’Rorke Rd:
Features: 3120m² industrial site, 1700m² premises, leasehold interest for sale, fixed expiry 2044, fully tenanted – 3 tenants on leases to 2018 & 2020 with renewal rights; freehold held by Tram Lease Ltd
Rent: $169,800/year + gst
Outcome: reserve of $560,000 declared, no bid
Agents: Graham Anderson & Greg Hall

Isthmus west

New Windsor

Updated: 63 New Windsor Rd:
Features: corner block of shops, 170m² floor area, tenants a café, electrician & laundromat
Rent: $41,465/year net + gst
Outcome: passed in at $890,000, sold post-auction for $936,150
Agents: Oscar Kuang & Matt Lee

Ponsonby

223 Ponsonby Rd:
Features: 4 flats, 3 refurbished
Rent: fully leased, returning $125,580/year
Outcome: passed in at $3.1 million
Agents: Damien Bullick & Alan Haydock

North-east

Orewa

70 Grand Drive, units G & H:
Features: 387m² restaurant & gaming lounge in 2 units of modern complex
Outcome: no bid
Agents: Mustan Bagasra

Takapuna

347-349 Lake Rd:
Features: 245m² site, 230m² floor area
Rent: $80,500/year net + gst
Outcome: passed in at $1.7 million
Agents: Simon Aldridge & Michael Nees

Wairau Valley

Corrected: 57 Hillside Rd, unit C:
Features: 616m² industrial property – warehouse 308m², office & amenities 150m², mezzanine storage 158m²
Rent: tenant on monthly gross rent of $6500 + gst + outgoings, or $78,000/year
Outcome: sold for $1.09 million (originally written as $1.9 million)
Agents: Alex Strever & Trevor Dufin

60 Porana Rd (pictured):
Features: 1791m² site, 700m² floor area in industrial building, bought by neighbour
Rent: tenant on monthly rent of $5250 + gst + outgoings, or $63,000/year
Outcome: sold for $1.88 million at 3.35% on current rent
Agents: Trevor Duffin & Alex Strever

North-west

Glen Eden

5 Oates Rd, unit 4:
Features: 77m² strata title, bakery on 6-year lease
Rent: $27,040/year net + gst
Outcome: sold for $635,000 at a 4.26% yield
Agents: Oscar Kuang & Quinn Ngo

South

Manurewa

18 Mahia Rd:
Features: 2448m² corner site in 3 titles, 1606m² warehouse & workshop, same tenant for 23 years, seismic rating 90%
Rent: $168,603/year net + gst, 4-year lease from July 2015
Outcome: passed in at $2.7 million
Agents: Nick Bayley & Dave Stanley

Papakura

179-181 Great South Rd:
Features: 460m² site, 477m² building, 2 tenancies
Rent: $77,083/year net + gst
Outcome: sold for $1.31 million at a 5.9% yield
Agents: Peter Migounoff & Piyush Kumar

Somerville

90C Whitford Rd:
Features: 110m² Chinese restaurant
Rent: $40,860/year net + gst, 3-year lease renewed until September 2019
Outcome: sold for $715,000 at a 5.7% yield
Agents: Quinn Ngo & Katie Wu

South of the Bombays – Taranaki

New Plymouth

21 Currie St:
Features: 3070m² site, fully leased, former post office converted to retail, banking & Quest serviced apartments, fully leased parking
Rent: $1.1 million/year passing income
Outcome: sold prior, price not disclosed
Agents: Paul Dixon & Alan Johnston

Attribution: Auction.

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Updated: 11 sales from Bayleys’ Total Property portfolio, plus 1

Published 3 June 2016, updated 12 June 2016:
10 properties in Bayleys’ Total Property portfolio were sold at auction on Wednesday and one prior, including all 4 units in a Huapai retail development built in 2002 and leaving 8 properties still on the market.

Update: A Rosedale unit, at 11 Paul Matthews Rd, sold shortly after auction for $1.27 million.

Isthmus east

Panmure

125 Queens Rd:
Features: 410m² standalone retail & office building, former ASB Bank, part of first floor tenanted, more intensively zoned under proposed unitary plan
Rent: potential for $99,555/year + gst
Outcome: only bid was vendor bid at $1.3 million, passed in
Agents: Michael Nees & James Chan

Isthmus west

Kingsland

394 New North Rd:
Features: 673m² site zoned mixed use, anchor panelbeater tenant has been in occupation for over 20 years, additional income from billboard & 5-bedroom house
Rent: $140,678/year net + gst (less outgoings shortfall of $3649 from residential tenancy)
Outcome: sold for $2.4 million at a 5.7% yield
Agents: Tony Chaudhary & Janak Darji

Mt Eden

589-597 Mt Eden Rd (pictured above):
Features: 680m² corner site with enhanced developed potential under proposed unitary plan; neighbourhood centre zoning; 497m² of buildings comprising a single-level, 1920s retail building, containing a restaurant & closed former antique shop, and an adjoining 2-level building on Kingsview Rd with a yoga studio on ground floor & flat above
Rent: $63,363 /year net + gst (about 40% leased)
Outcome: sold for $3.61 million
Agent: Nigel McNeill, Colin McKenna & Tony Chaudhary

North-east

Albany

100 Don McKinnon Drive, unit 14:
Features: 267m² retail premises in Northbridge Plaza, 2 shops on short-term leases
Rent: $129,157/year net + gst
Outcome: sold for $1.75 million at a 7.38% yield
Agents: Anna Radkevich & Ranjan Unka

Orewa

8 Moana Avenue, unit G:
Features: 140m² retail in Westpac Plaza, option to split into 2 tenancies
Outcome: passed in at $290,000
Agents: Mustan Bagasra

Nautilus, 11 Tamariki Drive, unit 4:
Features: 85m² shop, 3-year lease, one 3-year right of renewal
Outcome: passed in $505,000
Agents: Paul Dixon & Meredith Graham

Rosedale

32 Constellation Drive, unit 4:
Features: 251m² retail premises, 3 tenants – a bakery, nutritionist & Bruce Lee Sushi – on 6- to 10-year leases from 2013, in fully leased 8-unit complex on corner of Atlas Place
Rent: $129,157/year net + gst
Outcome: sold for $2.54 million at 5.08% yield
Agents: Anna Radkevich & Ranjan Unka

Updated: 11 Paul Matthews Rd, unit 2:
Features: 524m², high stud warehouse, air-conditioned offices, in 5-unit development, 11 parking spaces
Outcome: passed in at $1.15 million, sold post-auction for $1.27 million
Agents: Matt Mimmack & James Kidd

27-29 William Pickering Drive, unit E3:
Features: 156m² ground-floor commercial space in business park, new 3-year lease term with right of renewal, 4 parking spaces
Rent: $42,688/year net + gst + outgoings
Outcome: no bid
Agents: Tonia Robertson & Chris White

North-west

Henderson

240, 240A & 240B Great North Rd:
Features: 491m² site at Te Atatu Rd roundabout, 270m² floor area, 3 shops on separate titles, vacant restaurant has double frontage & commercial kitchen
Outcome: passed in $725,000
Agents: Oscar Kuang & James Chan

Huapai

329A Main Rd, unit 2:
Features: 112m² retail unit leased to the Wine Circle until July 2018, one 6-year right of renewal
Rent: $27,903/year net + gst
Outcome: sold for $513,000 at a 5.43% yield
Agents: Stuart Bode, Terry Jones & Terry Kim

329A Main Rd, units 3 & 4:
Features: 200m² outlet leased to Pizza & Pasta until November 2016, 4 3-year rights of renewal
Rent: $26,000/year net + gst, increases to $31,000/year in November if tenant renews
Outcome: sold for $616,000 at a 4.22% yield on current rent
Agents: Stuart Bode & Terry Jones

329A Main Rd, unit 7:
Features: 95m² unit leased to Blue Chip takeaways until January 2021, one 6-year right of renewal
Rent: $30,600/year net + gst
Outcome: sold for $616,000 at a 4.97% yield
Agents: Stuart Bode, Terry Jones & Tony Chaudhary

329A Main Rd, unit 8:
Features: 95m² unit leased to The Gallery Cafe until February 2021, one 6-year right of renewal
Rent: $29,800/year net + gst
Outcome: sold for $540,000 at a 5.52% yield
Agents: Stuart Bode, Terry Jones & Tony Chaudhary

South

East Tamaki

62-64 Allens Rd, East Tamaki.

62-64 Allens Rd, East Tamaki.

61-62 Allens Rd:
Features: 7500m² business 5-zoned site, 3260m² industrial building – 2980m² medium stud warehouse, 4-roller door access, 280m² of office & amenities; 4-year lease to current tenant expires in August 2018 with no right of renewal
Rent: $248,368 /year net + gst
Outcome: sold for $5.1 million at 4.87% yield
Agents: Dave Stanley & John Bolton

451 Ti Rakau Drive, unit I:
Features: 434m² bulk retail unit in The Hub, 6-year lease from March 2016 to The Bed People, one of 6 outlets in Auckland & Waikato
Rent: $148,000/year net + gst, fixed rental increases of CPI + 2%
Outcome: sold for $2.68 million at a 5.52% yield
Agents: Rosemary Wakeman & Geoff Wyatt

Mangere

1E The Concourse:
Features: 715m² on first floor, fully licensed gaming bar & lounge, new 5-year lease, seismic rating 75% of new building standard
Rent: $111,939/year net + gst, rent reviews 2-yearly to higher of CPI + 5% or market
Outcome: no bid
Agents: Janak Darji & Tony Chaudhary

Papakura

26 Elliot St:
Features: 808m² site on a main arterial road that connects the Southern Motorway & the Papakura cbd, 2 industrial units totalling 480m² from which Hugh Munro Panelbeaters has been operating for 30 years
Rent: $55,157/year net + gst
Outcome: sold for $1,033,000 at a 5.34% yield.
Agents: Shane Snijder & Peter Migonouff

Pukekohe

3 West St:
Features: 397m², 2-storey corner building at top end of main street, 3 tenancies, 34% new building standard
Rent: $70,606/year + gst + outgoings
Outcome: passed in $1.04 million
Agents: Graeme Moore

Attribution: Auction.

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