Archive | Papatoetoe

6 intensive homes sell at auction but “no bids” raise questions

6 of the 10 intensive homes auctioned at Barfoot & Thompson’s city office yesterday were sold under the hammer.

Out of a total residential offering of 20 properties at 2 auctions, 8 were sold, so a strong outcome on intensive dwellings, weaker on standalone homes.

But the more interesting factor arose at the end of the second auction. Of the 7 properties, 2 had sold just short of $1.5 million, 2 had sold below $1 million, one was passed in, and remaining were a cross-leased townhouse at Bucklands Beach and a modest 3-bedroom standalone in Glen Eden. Neither attracted a bid, with the auctioneer closing after seeking a $550,000 start for the Glen Eden home.

In a short few months, the residential market has gone from overpricing enthusiasm to underpricing by neglect, the inability to finance at lower levels or exclusion of likely bidders by regulation.

CBD

Victoria Quarter

The Galleries, 23 Graham St, unit 26:
Features: 200m², 3 bedrooms, 3 bathrooms, study, balcony, 2 parking spaces, storage locker
Outcome: no bid
Agents: Louise Allan & Alex Allan

Isthmus east

Ellerslie

3 Ellerslie Park Rd, flats 2 & 3:
Features: 2 2-bedroom flats, parking space each
Outcome: sold for $1.16 million
Agents: Barry Saxon

Epsom

26 Orakau Avenue, unit 2:
Features: cross-lease, 1/3 share in 839m², 2-bedroom unit, garage
Outcome: sold for $951,000
Agent: Dee Brennan

Greenlane

24 Puriri Avenue, unit 4:
Features: 88m², 2-bedroom unit, internal-access garage
Outcome: sold for $860,000
Agents: Janice Hamilton-Cox & Philip Cox

Mission Bay

21A Comins Crescent:
Features: 3-bedroom townhouse, 2 bathrooms, courtyard, terrace, carport
Outcome: no bid
Agents: Alex Baker

Remuera

117 Grand Drive, unit 2:
Features: refurbished 3-bedroom townhouse, 2 bathrooms, 2 carport spaces, pool, bordering Waiatarua Reserve
Outcome: sold for $1.05 million
Agents: Stephen Rendell

Royal Oak

13C Raurenga Avenue:
Features: 419m² section, 4-bedroom townhouse, 3 bathrooms, double internal-access garage
Outcome: sold for $1.461 million
Agents: Frances Li & Ian Thornhill

North-east

Takapuna

9B Puriri St:
Features: cross-lease, half share in 1012m², 3 bedrooms, garage
Outcome: sold for $875,000
Agents: Will Gluestein

South

Bucklands Beach

119 Bucklands Beach Rd, unit 1:
Features: cross-lease, 1/5 share in 1618m², 4-bedroom townhouse, 2 bathrooms, internal-access garage
Outcome: no bid
Agents: Frances Li & Raymond Chan

Papatoetoe

81A Huia Rd, unit 1:
Features: 69m², 2-bedroom unit, tandem carport
Income assessment: $440/week current
Outcome: no bid
Agents: Neno Radinovich

Attribution: Auctions.

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Auction raises more questions than bidders’ hands

Barfoot & Thompson’s apartments auction today raised more questions than bidders’ hands.

In a sparsely population city auctionroom, the 4 properties on offer were a cbd apartment, a cross-lease in Ellerslie, a unit in Papatoetoe where the unit title wasn’t yet issued, and a Glen Innes house on a section – like thousands around Auckland now – with subdivision potential following rezoning.

The Connaught apartment had a bidder, but the margin between them and the vendor was about $200,000, setting the vendor’s target about $20,000 above the price achieved for a larger unit last July, when the market was far more active.

Excluding parking & balcony, the vendor would have been seeking about $14,000/m² internal, compared to a bid set at about $9000/m².

New apartment developments’ prices have moved well above the $10,000/m² that was a benchmark 2 years ago – construction costs have helped push some about $15,000/m² – but for older buildings those sorts of returns raise a question of how much of the windfall arising from price rises over the last 4 years is acceptable or readily achievable.

The Ellerslie cross-lease sold under the hammer after the vendor edged down but the other 2 properties attracted no bid.

A unit where the unit paperwork hadn’t been completed presented a risk most wouldn’t take in a declining market.

And, while the far eastern Tamaki suburbs on the isthmus started to attract more interest late last year, the unitary plan has opened thousands of residential properties up for potential subdivision, negating windfall opportunities and (in theory at least) opening suburbia up to cheaper new housing.

The mindset of cheaper new suburban development hasn’t set in yet, and may need a council push in terms of infrastructure provision & pricing, but the number of sections starting to come to the market indicates enough willingness to sell, and for intensification to gradually get underway.

CBD

Learning Quarter

The Connaught, 14 Waterloo Quadrant, unit 5I:
Features: 50m² including balcony, one-bedroom apartment, parking space
Outgoings: body corp levy $4455/year
Income assessment: $400/week
Outcome: passed in at $450,000
Agent: Bernard Scahill

Isthmus east

Ellerslie

141 Celtic Crescent, unit 5:
Features: cross-lease, 1/5 share in 1760m², 3-bedrooms, 2 bathrooms, internal-access garage
Outcome: sold for $800,000
Agent: Paul Studman

Glen Innes

16 Epping St:
Features: 688m² site in terrace housing & apartments zone under the unitary plan, 4 bedrooms
Outcome: no bid
Agent: Jack Hu

South

Papatoetoe

81A Huia Rd, unit 2:
Features: 69m² 3-bedroom unit, 25m² sleepout with own bathroom, double carport – unit title yet to issue and body corporate levy yet to be determined
Outcome: no bid
Agent: Neno Radinovich

Attribution: Auction.

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2 more apartments sell at Bayleys

2 apartments were sold at Bayleys auctions last week, on top of 5 at sessions in the agency’s new Wynyard Quarter auctionroom last Wednesday. Another one was sold prior and 4 were passed in.

CBD

Queen St

Quest on Queen, 62 Queen St, unit 2D:
Features: 2-bedroom loft, 2 bathrooms, patio
Outgoings: rates $1696/year including gst; body corp levy $4828/year
Outcome: sold for $760,000
Agent: Blair Haddow

Uptown

Hopetoun Residences, 15 Hopetoun St, unit 1A:
Features: 3 bedrooms, 2 bathrooms, deck, 2 parking spaces
Outcome: sold for $1.55 million
Agents: Robyn Clark & Peter Tanner

Isthmus west

Herne Bay

42E West End Rd:
Features: 3 bedrooms, 2 bathrooms, 2 secure parking spaces, storage
Outcome: passed in
Agent: George Passmore

Mt Roskill

1307 Dominion Rd Extension, unit 2:
Features: 115m², 2- bedroom unit, annex & conservatory
Outcome: sold prior for $685,000
Agent: Jan Honey

St Marys Bay

54 Hackett St:
Features: 2-bedroom unit, parking space
Outcome: passed in, back on market at $1.18 million
Agent: Chris Batchelor

Waterview

3 Tutuki St:
Features: 3 bedrooms, 2 bathrooms, deck
Outcome: passed in
Agents: Lisa Smyth & David Downie

South

Papatoetoe

233A St George St, unit 3:
Features: 3-bedroom unit, parking space
Outcome: passed in
Agent: Steve Gill

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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5 sell at Colliers retail & commercial auction

The first 5 properties auctioned at Colliers yesterday all sold under the hammer, but there was no bid on the sixth and the auction of the seventh was postponed.

3 of the properties were in local or neighbourhood centres, offering a range of shops (some vacant). The one pictured, on Glengarry Rd, Glen Eden in West Auckland, has 5 shops, but 4 of the basement storage units are vacant.

CBD

Queen St

175 Queen St, part level 2:
Features: 82m² strata unit, long-term tenant
Rent: $42,808/year gross
Outcome: auction postponed
Agents: Simon Felton, Adam White & Gareth Fraser

North-east

Hillcrest

51 Eban Avenue:
Features: 900m² site, new purpose-built childcare centre
Rent: $165,880/year net, new 12-year lease with personal guarantees, fixed 2% annual increases
Outcome: sold for $3.01 million at a 5.5% yield
Agents: Shoneet Chand & Peter Kermode

North-west

Glendene

4343 Great North Rd:
Features: 344m² lettable area in local centre, 2 tenancies, pharmacy as anchor
Rent: $87,880/year net + gst
Outcome: no bid
Agents: Deborah Dowling & Michael Bray

Glen Eden

94-106 Glengarry Rd (pictured):
Features: 1027m² neighbourhood centre site, 950m² lettable area on 2 levels, 5 shops, 4 basement storage units
Rent: $125,803/year net + gst, potential including 4 vacant storage sheds $174,451/year
Outcome: sold for $2.18 million
Agents: Michael Bray, Deborah Dowling & Gareth Fraser

South

Airport Oaks

14 Andrew Baxter Drive:
Features: 2023m² site, 1182m² net lettable area, occupied by NZ Bloom Ltd
Rent: $160,000/year net + gst from new 6-year lease
Outcome: sold for $3.135 million at a 5.1% yield
Agents: Paul Jarvie & Brad Johnston

Papatoetoe

21 East Tamaki Rd:
Features: 700m² site, 516m² lettable area on 2 levels 
Rent: $120,300/year + gst
Outcome: sold for $1.61 million at a 7.47% yield
Agents: Jeremy Barnett, Matthew Barnes & Gareth Fraser

138 Great South Rd:
Features: 848m² corner site 621m² lettable area
Rent: $53,462/year + gst current from 2 shops, one other vacant
Outcome: sold for $1.65 million
Agents: Jeremy Barnett, Matt Barnes & Gareth Fraser

Attribution: Auction.

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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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Heritage building sells 2 months after auction

A heritage building in Pukekohe (pictured) passed in at Bayleys’ Total Property auction on 1 June has been sold on a firm yield, and a brand-new warehouse in the Stonehill Business Park at Wiri has been leased.

They’re among the latest 5 transactions reported by Bayleys’ East Tamaki office.

South

Papatoetoe

558 Great South Rd:
Features: 2530m2 main residential site with 1130m2 Budget Travellers Inn 40-room motel complex
Outcome: sold as freehold going concern for $4.4 million
Agent: Tony Chaudhary

Pukekohe

3 West St:
Features: 276m2 cbd site, 392m2 2-level heritage building dating back to the early 1900s, 3 tenancies including Thai restaurant, café & bakery plus first-floor 4-bedroom apartment, 34% new building standard
Rent: $71,406/year net + gst
Outcome: passed in at 1 June auction at $1.04 million, sold post-auction for $1.1 million at a 6.5% yield
Agent: Graeme Moore

Takanini

206 Great South Rd:
Features: 1339m2 site with warehouse & office, occupied by car wholesaler on 4-year lease from January 2014
Rent: $60,000/year net + gst
Outcome: sold for $1.275 million at a 4.7% yield
Agent: Tony Chaudhary

Wiri

17A Hobill Avenue:
Features: 245m2 industrial unit – 142m2 warehouse, 52m2 office, 52m2 showroom, plus 15m2 canopy, 5 parking spaces
Outcome: sold vacant for $710,000
Agent: Mike Marinkovich

Lease

Wiri

3 Wilco Place:
Features: Brand new 1444m2 industrial building in new Stonehill Business Park – 1228m2 of high stud warehouse, dual roller door access, 216m2 office, 14 parking spaces, leased for 5 years from July 2016 with 2 5-year rights of renewal
Rent: $214,000/year net + gst
Agent: Mike Marinkovich

Attribution: Agency release.

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Deal on supermarket land opens way for Old Papatoetoe mall revamp

Auckland Council entity Panuku Development Auckland’s transformation plans for various areas around the region are about to hit Papatoetoe.

Upgrading of the mall in Old Papatoetoe will start soon following signing of a deal allowing expansion of the mall’s existing supermarket. The mainstreet mall is on a 2.5ha block Auckland Council owns on the southern side of St George St, between Tavern Lane & Wallace Rd.

Panuku’s plans for the site which will see it opened up with new plaza space and a reconfiguration of shops, making it easier & safer to get from St George St.

Foodstuffs North Island Ltd has lodged resource consent to redevelop the Papatoetoe New World supermarket and expand it on the 3065m² site the council has sold to the company. Foodstuffs expects to start that work next year.

Panuku development director Allan Young said sale of the suprmarket land was essential to trigger the next phase of works: “The sale of this land means we can get on with the carpark upgrade and the long-awaited refresh of the mall. It’s an exciting time for Papatoetoe. We have secured an excellent mix of medical & health-focused tenants for the refreshed mall and, coupled with an upgraded New World, this will really pump new life into the area.”

Work is expected to start on the carpark reconfiguration this month and the mall upgrade next month.

Panuku also plans to work in partnership with a private developer to build about 80 apartments & terrace houses on the large carpark adjacent to Tavern Lane. This project is still in the planning stages.

Attribution: Panuku release.

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3.6% yield in Newmarket leads Bayleys’ 9 Greater Auckland sales

Bayleys sold 6 properties under the hammer at its Greater Auckland auction yesterday and another 3 prior – the last under that banner before it becomes part of the Total Property series.

A building on Morrow St, Newmarket, went on the market at $4.725 million and sold after about 70 bids at $6.125 million, at a 3.57% yield. It was the property people had come to see – the packed auctionroom began to empty, except there was more action with the next lot on the list, a shop in Rialto, around the corner on Broadway. That sold at a 5.2% yield.

Usually at these auctions interest dwindles towards the end, but the list was shorter than most in the Greater Auckland series have been and the final offering, a vacant retail unit in Papatoetoe, brought on a bidding battle between 3 local investors. The property went on the market at $710,000 and sold after about 60 bids at $871,000.

CBD

CBD eastern fringe

31 Beach Rd:
Features: 288m² building on development site adjoining site of proposed Antipodean apartments; under the proposed unitary plan, the height limit would be 50m
Rent: $85,000/year holding income
Outcome: passed in at $2.45 million
Agents: Oscar Kuang & James Chan

Queen St

Mid-City, 239 Queen St, unit 2D:
Features: 242.4m² in 2 tenancies – 150.9m² yum cha restaurant, balance vacant, chattels valued at over $200,000 included in sale
Rent: partly tenanted with income of $31,000/year net + gst
Outcome: withdrawn from auction
Agent: Millie Liang

Isthmus east

Epsom

561-563 Manukau Rd & 2B Empire Rd:
Features: 3 buildings on 410m² corner site, 376m² floor area – 2-storey weatherboard building, retail on street, one-bedroom flat above; 2-storey office building on side street, 7 parking spaces; proposed unitary plan would increase potential to 16m height in double Grammar zone
Outcome: sold for $2.175 million
Agents: Damien Bullick & Alan Haydock

Newmarket

Cotton On in the Rialto, Newmarket Broadway.

Cotton On in the Rialto, Newmarket Broadway.

Rialto, 153 Broadway, unit 1G:
Features: 187m² shop in Rialto tenanted by Cotton On on 8-year lease from September 2015
Rent: $158,780/year net
Outcome: sold for $3.05 million
Agents: James Chan & Matt Lee

34 Morrow St:
Features: 754m² corner site across Morrow St from the rear of the Westfield 277 Broadway mall, where extension is planned, mixed-use zoning, 601m² floor area, 2 levels of retail & showroom, 10 parking spaces
Rent: $218,820/year + gst, fully leased
Outcome: sold for $6.125 million at a 3.57% yield
Agents: Kate Kirby

Onehunga

157 Neilson St:
Features: 1066m² site, 672m² building, 492m² high-stud warehouse, 69m² office/reception area, 111m² mezzanine, multiple roller doors
Outcome: sold prior for $1.175 million
Agents: James Valintine & Sunil Bhana (in conjunction with CBRE)

104 Princes St:
Features: 1204m² site, 770m² commercial/light industrial building – 100m² refurbished office, 670m² high stud warehouse
Outcome: passed in at $1.25 million
Agents: James Valintine & Mike Adams

Isthmus west

Grey Lynn

8 Newton Rd:
Features: 304m² site, 318m² total floor area, New York loft-style apartment upstairs, commercial possibilities downstairs, seismic rating 70% new building standard
Outcome: passed in at $1.4 million
Agents: Tonia Robertson & James Chan

North-east

Albany

6 Omega St, unit 2:
Features: 168m² ground-floor office, 3 exclusive parking spaces
Outcome: no bid
Agents: Ranjan Unka & Dean Gilbert-Smith

Silverdale

32 Forge Rd, unit E:
Features: 334m² warehouse & office unit, 7m stud
Outcome: sold prior for $650,000
Agents: Rosemary Wakeman & Ashton Geissler

North-west

New Lynn

7 Portage Rd:
Features: 2404m² site, 1164m² warehouse & office building
Outcome: sold vacant to owner-occupier for $2.4 million
Agents: Mike Adams & James Appleby

South

East Tamaki

333 East Tamaki Rd, unit B:
Features: 420m² office, showroom & warehouse, versatile configuration, 2 roller doors at front & rear, 7 parking spaces
Outcome: sold prior for $780,000
Agents: Katie Wu & John Bolton

41 Trugood Drive, unit 1:
Features: 867m² industrial unit, high stud warehousing, leased to Anzor Fasteners Ltd for 12 years from March 2008 with 2 4-year rights of renewal, 12 parking spaces
Rent: $141,580/year net + gst + opex
Outcome: sold for $2.32 million at a 6.1% yield
Agents: Matt Mimmack & Jamsheed Sidhwa

Papatoetoe

39 East Tamaki Rd, Papatoetoe.

39 East Tamaki Rd, Papatoetoe.

39 East Tamaki Rd, unit B:
Features: vacant 360m² retail unit (outlined), building has seismic rating of 70% new building standard, onsite parking
Outcome: sold for $871,000
Agents: Tony Chaudhary & Janak Darji

Waiuku

57 Queen St:
Features: 2016m² site, standalone building, 2 tenants, 25 parking spaces
Rent: $67,353/year net + gst
Outcome: passed in at $850,000
Agent: Stuart Bode

Attribution: Auction.

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10 intensive-development units sell at Barfoots

10 intensive-development units – apartments, suburban units and properties on cross-leases – and a commercial property were sold under the hammer at Barfoot & Thompson’s auction on Wednesday. A number of others were sold pre-auction, and I was missing a few results.

Cross-lease details give you an idea of intensification that’s occurred over the years, often unobtrusively. An important factor is that land value is at a premium, and in the case of many cross-leases the share of land is small and may not be easily realised.

In that sense they closely resemble apartments, but they don’t share the vertical risk of apartment buildings.

CBD

Albert St

Stamford Residences, 26 Albert St, unit 1709:
Features: 85m², one bedroom, balcony
Outgoings: body corp levy $4795/year
Outcome: sold for $620,000
Agent: Jason Li

Federal St

The Federal, 207 Federal St, unit 407:
Features: 61m², 2 bedrooms, parking space
Outcome: sold for $545,000
Agent: Casey Chen

Learning Quarter

Unilodge, 138 Anzac Avenue, unit 1411:
Features: leasehold studio, management lease
Outcome: sold for $41,000 at mortgagee auction
Agents: Philip Davis & Paul Humphries

Argent Hall, 2 Eden Crescent, unit 3C:
Features: 30m² studio
Outcome: passed in
Agents: Stephen & Leo Shin

The Crescent, 7 Eden Crescent, unit 502:
Features: one bedroom, balcony, secure parking space
Outcome: passed in
Agents: Estee Zeng & Sarah Garlick

96 on Symonds, 96 Symonds St, unit 606:
Features: 2 bedrooms, garage
Outcome: sold for $365,000
Agents: Johnson Chen & Richard Han

Victoria Quarter

Hobson Gardens, 205 Hobson St, unit 9D:
Features: 2 bedrooms, parking space
Outcome: no bid
Agents: Philip Davis & Nicola O’Brien

Isthmus east

Epsom

223 Manukau Rd, unit 6:
Features: cross-leased, one-8th of 930m², 2-bedroom rear unit in art deco building
Outcome: no bid
Agent: James Taylor

Parnell

9 Cotesmore Way:
Features: totally renovated & reclad 3-bedroom townhouse, deck, tandem garage
Outcome: passed in
Agent: Bernard Scahill

Remuera

16 Belmont Terrace, unit 4:
Features: cross-lease, one-20th share of 1135m², studio
Outcome: sold for $410,000
Agent: Sara-Jayne Kingston

758 Remuera Rd, unit 3:
Features: cross-lease, quarter share of 1168m², 3 bedrooms, outdoor area, deck
Outcome: sold for $1.275 million
Agent: Julie Fitzpatrick

St Johns

146 St Johns Rd, unit 3:
Features: 2 bedrooms, deck, parking space
Outcome: sold for $460,000
Agent: Liz Derbyshire

Tamaki – Mt Wellington

208 Panama Rd:
Features: cross-leased, half share of 947m², 4-bedroom house, standalone double garage
Outcome: sold for $778,000
Agents: Jane Wang & Dragon Zhou

Isthmus west

Pt Chevalier

11 Novar Place:
Features: cross-leased, one-third of 1043m², 2-bedroom unit, basement garage
Outcome: sold for $635,000
Agent: John Gray

North-west

Te Atatu South

St Clair Park Village, 172 McLeod Rd, unit 211:
Features: 3 bedrooms
Outgoings: rates $/year including gst; body corp levy $/year
Income assessment: $/week
Outcome: sold for $574,000
Agents: Nicole Hou & Joyce Wang

South

Papatoetoe

7 St George St:
Features: 864m² section, 2 buildings with storage
Outcome: sold for $1.1 million
Agent: Paul Vermaak

Commercial

North

Bay of Islands – Waipapa

12D Pataka Lane:
Features: 5822m² site, 1671m² warehouse, 5km from Kerikeri near the Waipapa bulk retail centre
Outcome: passed in at mortgagee sale
Agent: Paul Gilberd

Attribution: Auctions.

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