Archive | Pokeno

Updated: Strong yields at Bayleys’ Total Property auction, but also numerous no-bids

Published 17 April 2015, updated 22 April 2015
11 properties were sold under the hammer out of 25 offered at Bayleys’ Total Property commercial auction on Wednesday, and one property was sold prior. Another property, a development site in Avondale, has been sold post-auction.

The strength of yields was emphasised by the sale of a Dargaville property on a 6.6% yield. Yet there was also a high number of properties passed in without a bid being offered.

The sales included 3 of 6 outlets in the former Highland Park Shopping Centre cinema (above).

Isthmus east

Panmure

188 Queens Rd:
Outcome: passed in at $960,000
Agents: Mark Pittaway

Remuera

7 Patey St:
Outcome: passed in at $3 million
Agents: Mark Pittaway

Isthmus west

Avondale

Updated: 30-32 Rosebank Rd:
Features: 868m² elevated corner development site next to the Avondale train station – 2 industrial buildings and a bungalow totalling 322m² leased to 3 tenants, plans drawn up for a 32-apartment development
Rent: holding income of $44,416/year
Outcome: no bid at auction, sold later for $1.15 million
Agents: James Were & Scott Kirk

64 Shoreham St:
Features: 612m² residential 5-zoned site, 2 2-bedroom flats & 1-bedroom flat in brick & tile dwelling
Rent: $42,640/year gross
Outcome: sold for $1.166 million at a 3.5% gross yield
Agents: Quinn Ngo & Harry Cheng

The vacant site at 1 Exmouth St, Newton.

The vacant site at 1 Exmouth St, Newton.

Eden Terrace

1 Exmouth St:
Features: 655m² high profile corner, bare land site zoned mixed use, currently used for parking
Outcome: sold for $1.92 million at $2931m²
Agents: Owen Ding & James Chan

Mt Eden

349 Dominion Rd:
Outcome: no bid
Agents: Nigel McNeill & Leah La Hood

23 Edwin St:
Features: 245m² office/showroom unit plus 7 parking spaces in Zone 23 complex with 2 years remaining on 6-year lease
Rent: $87,160/year net + gst
Outcome: sold prior for $1.15 million at 7.6% yield
Agents: Clint Barber

Newton

10 South St:
Outcome: no bid
Agents: Paul Dixon & Greg Scott

North

Dargaville

94 Normanby St:
Features: new 200m² building on 759m² main-street site, 9 parking spaces, developed by Wallace Development Co Ltd, leased to Rabobank for 9 years from February 2015 plus 2 3-year rights of renewal
Rent: $58,550/year net + gst, with annual CPI + 1% reviews
Outcome: sold for $885,000 at a 6.6% yield
Agents: Ross Blomfield

Kaitaia

4-8 Dunn St:
Features: 1228m² Carters Hardware store on 4155m² industrial zoned site, leased to Carter Holt Harvey for 15 years from August 2007 plus 2 6-year rights of renewal
Rent: $140,000/year net + gst
Outcome: sold for $1.275 million at an 11% yield
Agents: Alan Broadbent

North-west

Henderson

91-93 Central Park Drive:
Outcome: passed in at $7.5 million
Agents: Laurie Bell & Grant Miller

Te Atatu South

276 Te Atatu Rd:
Features: 3298m² residential development site zoned living 1 (450m² per site subject to council approval) with potential for 6 townhouses and zoned terrace housing & apartments under the proposed unitary plan, currently has a single large dwelling with swimming pool in landscaped grounds
Outcome: sold for $1.78 million to buyer from mainland China at $534/m²
Agents: Quinn Ngo & James Chan

South

Botany

25 Bishop Dunn Place:
Outcome: no bid
Agents: Jamsheed Sidhwa & Luke Carran

Highland Park

20-22 Dunrobin Place, unit 2 (Coffee Club):
Features: 110m² unit in converted former cinema premises in Highland Park Shopping Centre occupied by Coffee Club on 8-year lease from March 2014 plus 8-year right of renewal
Rent: $52,500 net + gst/year, with fixed annual 3% increase
Outcome: sold for $972,000 at a 5.4% yield
Agents: Quinn Ngo, Sunil Bhana & Tony Chaudhary

Highland Park, unit 3 (Pita Pit):
Features: 82m² unit occupied by Pita Pit on 10-year lease from March 2014 plus 2 5-year rights of renewal
Rent: $32,000 net + gst/year, with annual CPI increase capped at 3%
Outcome: sold for $591,000 at a 5.4% yield
Agents: Quinn Ngo, Sunil Bhana & Tony Chaudhary

Highland Park, unit 4 (Anytime Fitness):
Outcome: no bid
Agents: Quinn Ngo & Geoff Wyatt

Highland Park, unit 5 (Tank Juice):
Features: 88m² unit occupied by Tank Juice on 8-year lease from June 2014 plus 2 6-year rights of renewal
Rent: $35,000 net + gst/year, with fixed annual 3% increase
Outcome: sold for $600,000 at a 5.8 % yield
Agents: Sunil Bhana & Geoff Wyatt

Highland Park, unit 6 (vacant):
Outcome: no bid
Agents: Quinn Ngo & Geoff Wyatt

Highland Park, unit 7 (Flow):
Outcome: passed in at vendor bid of $550,000
Agents: Sunil Bhana & Geoff Wyatt

Howick

19 Wellington St:
Outcome: no bid
Agents: Mark Pittaway & James Chan

Mangere East

48 Buckland Rd:
Features: 154.5m² purpose-built childcare centre licensed for 39 children, on 698m² main residential-zoned site, leased to Evolve Group 3 Ltd for 15 years from December 2014 plus 3 5-year rights of renewal
Rent: $77,500/year net + gst, with annual CPI reviews and to market every 3 years
Outcome: sold for $1.32 million at a 5.9% yield
Agents: Toni Robertson, Tony Chaudhary & James Chan

Papatoetoe

93 East Tamaki Rd:
Features: veterinary clinic located on main residential-zoned 872m² site, leased for 6 years from April 2013 with 3 6-year rights of renewal
Rent: $48,000/year net + gst
Outcome: sold for $860,000 at a 5.6% yield
Agents: Paul Dixon & Tony Chaudhary

7 Ryan Place, unit D:
Features: 240m² industrial unit, new 3-year lease to established tenant
Rent: $30,000/year net + gst
Outcome: sold for $380,000 at a 7.9% yield
Agents: Nick Bayley & Dave Stanley

Pukekohe

201-205 King St:
Outcome: no bid
Agents: Pyush Kumar & Peter Migounoff

Takanini

4 Graham Rd, unit E:
Outcome: no bid
Agents: Mike Marinkovich & Peter Migounoff

South of the Bombays – Waikato

Pokeno

3 Hitchen Rd:
Outcome: passed in at vendor bid of $950,000
Agents: Peter Migounoff & Shane Snijder

Attribution: Auction.

Continue Reading

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.

Continue Reading

Updated: Total Property auction sell rate gets over 50%

Published 5 December 2014, updated with full details 6 December:

In a big Total Property commercial auction at Bayleys on Wednesday, 16 properties were sold under the hammer, 4 sold prior, 2 were offered together then individually but didn’t sell, and 2 were withdrawn.

2 more properties have sold since the auction, taking the sell rate to just over 50% on what was offered.

Keenest bidding was for 2 distinctly properties which didn’t look exceptionally attractive but attracted more than 50 bids each, one at Pokeno (photo above, details at foot of page) and the other in Remuera (see under Isthmus east).

CBD

Queen St valley

9B Victoria St East:
Features: 48m² retail unit occupied by convenience store & money exchange business on 3-year lease until June 2015, with one 3-year right of renewal
Rent: $48,000/year net + gst
Outcome: sold for $775,000 at a 6.19% yield
Agents: Quinn Ngo & Matt Lee

Victoria Quarter

Victoria Park Market, 210 Victoria St West, unit 58:
Features: 41m² retail unit, leased unitl 2018 with 2 4-year rights of renewal
Rent: $26,832/year + gst
Outcome: no bid, passed in at vendor’s bid of $350,000
Agents: Paul Dixon & Samantha Ferguson

Isthmus east

Epsom

Greenwoods Corner, 567 Manukau Rd:
Features: 172m² site, 137m² vacant shop formerly occupied by fashion retailer
Outcome: sold for $750,000
Agents: Ben Wallace & Brendan Graves

Otahuhu

Great South Lodge, 32-34 Great South Rd:
Features: 4 shops of 73-80m² + 696m² 28-room guesthouse with 95% occupancy
Rent: $306,092/year
Outcome: passed in at vendor bid of $2.1 million
Agents: Dave Stanley & Ben Bayley

47 Huia Rd:
Features: 2592m² site, 2393m² net lettable area, 75% new building standard, vacant development opportunity with potential to split into separate tenancies
Outcome: passed in at $800,000
Agents: Simon Andrews & Nick Bayley

59-81 Station Rd:
Features: 1943m² site, 3-level building – 499m² retail, 331m² rear warehouse, 1905m² 31-room guesthouse in the old Orpheus Theatre
Rent: $332,000/year net + gst
Outcome: no bid
Agents: Ben Bayley & Dave Stanley

Panmure

8 Basin View Lane:
Features: 106m² single-storey building on 106m² site in heart of commercial centre
Outcome: sold with vacant possession for $258,000
Agents: Tony Chaudhary & Janak Darji

Parnell

8 Augustus Terrace:
Features: 4-level 309m² office building with 6 parking spaces, designed & originally occupied by award-winning architect Ken Crosson on 190m² elevated site with unobstructed views of the city centre & harbour; 94m² level 2 is vacant
Rent: $59,000/year net + gst from short-term leases on levels 1 & 3
Outcome: sold for $1.342 million
Agents: Matt Lee & James Chan

Penrose

176-178 Station Rd:
Features: 1621m² site in 2 titles with redevelopment potential, occupied by panelbeaters
Rent: $92,560/year net + gst
Outcome: sold for $1.23 million at a 7.52% yield
Agents: Mark Pittaway

1 Wootton Rd, Remuera.

1 Wootton Rd, Remuera.

Remuera

1 Wootton Rd:
Features: 2-level 309m² building, commercial tenancy & vacant residential space on ground floor, 2 residential tenancies above on 551m² residential 7B-zoned site with 2 street frontages in Remuera’s medical belt
Rent: $67,000/year net + gst
Outcome: sold for $2.31 million
Agents: Shayne Snijder, Robert Ashton & Quinn Ngo

Royal Oak

772-776 Manukau Rd:
Features: 364m² building, 4 retail & 2 office tenancies on 639m² leasehold site opposite shopping mall, ground-lease term of 20 years from 1 November 2001 with 20-year rights of renewal until 30 October 3001
Rent: $139,172/year net + gst, all outgoings & ground rent paid by tenants
Outcome: sold for $795,000 at a 17.5% yield
Agents: Ranjan Unka, Deep Purohit & Quinn Ngo

St Johns

23 Hannigan Drive, unit 6:
Features: 224mindustrial unit – 113.5m2 high stud warehousing, 31.5m2 office, 79m2 mezzanine
Outcome: sold prior with vacant possession for $336,000
Agent: Millie Liang

Isthmus west

Balmoral

660 Dominion Rd:
Features: 944m² 2-level building, 522m² tenanted, on 470m² site on the corner of Halston Rd, 5-year head lease until July 2018 to Ruy Ltd, which operates a restaurant on the first floor and subleases 125m² on the first & ground floors to a fast-food tenancy; 313m² on the ground floor, formerly occupied by a supermarket, is vacant
Outcome: passed in at $1.71 million, sold post-auction for $1.75 million
Agents: Millie Liang

Ponsonby

1 Jervois Rd, units Q & R:
Features: 2 ground-floor units in Three Lamps retail complex leased to Media Works for 3 years until January 2017 with 3 3-year rights of renewal
Rent: $25,330/year net + gst
Outcome: sold prior for $400,000 at a 6.33% yield
Agents: Michael Block, Damian Stephen & Eddie Zhong

North

Paihia

Dolphin Motel, 69 Williams Rd:
Features: 1012m² site, 497m² floor area; land, buildings & business offered as freehold going concern; 10 units + one-bedroom manager’s unit
Outcome: passed in at vendor bid of $900,000
Agents: Paul Dixon & Chester Rendell

Warkworth

6 Morrison Drive:
Features: Purpose-built 527m² storage facility, comprising 57 units from 13.5-126m², developed in 2008 on 1769m² site in Woodcocks industrial estate, occupancy running at close to 100%
Outcome: sold for $1.905 million
Agents: Duncan Napier & Steve Orr

North-east

Albany

234 Bush Rd, unit C:
Features: vacant 380m² warehouse & office, 6 exclusive parking spaces
Outcome: passed in at $655,000
Agents: Alex Strever

52 Oteha Valley Rd, unit F:
Features: 92.5m² ground-floor cafe plus an exclusive 13.75m² outdoor area in the centre of the 13-shop Seville retail complex, 6 exclusive stacked parking spaces; leased to Gina’s Café & Cakes until May 2015, with 4 3-year rights of renewal
Rent: $36,000/year net + gst
Outcome: sold for $560,000 at a 6.42% yield
Agents: Damian Stephen, Eddie Zhong & Terry Kim

33 Triton Drive, unit J:
Outcome: withdrawn
Agents: Adam Curtis & Rosemary Wakeman

Northcote

50 Lake Rd:
Features: 2 adjoining mixed-use buildings on 1208m² site, 3 tenancies on 3-4 year leases, 187m² of vacant upper- level office space
Rent: $72,857/year net + gst
Outcome: sold for $1.41 million
Agents: Dean Gilbert-Smith & Simon Aldridge

Takapuna

106-108 Hurstmere Rd, unit B:
Features: 133m² retail unit occupied by a homeware & gift shop and a fashion retailer on short-term leases
Rent: $79,500/year net + gst
Outcome: passed in at $1,366,000 at a 5.8% yield
Agents: Simon Aldridge & Damian Stephen

473 Lake Rd:
Features: 197m² site with rear lane access, 129m² 2-storey building, Green Wasabi Japanese restaurant on a lease until May 2016 in the 74m² ground floor and 55m² first-floor apartment
Rent: $53,100pa/year net + gst, 30% of opex non-recoverable due to the residential tenancy
Outcome: sold for $800,000 at a 6.63% yield
Agents: Damian Stephen, Eddie Zhong & Terry Kim

Wairau Valley

18 Link Drive, unit 18:
Features: 380m² building, 9 parking spaces, leased until September 2019 with one right of renewal
Rent: $69,152/year + gst
Outcome: no bid
Agents: Trevor Duffin & John Algie

4D Target Court:
Features: 320m² industrial unit – 140m² high stud, tilt-slab warehousing, 90m² air-conditioned first-floor offices, 90m² ground-floor showroom
Outcome: sold prior with vacant possession for $575,000
Agents: Ranjan Unka & Matt Mimmack

96 Wairau Rd:
Features: 883m² business 9-zoned site occupied by car dealership U-Sell North Shore Ltd on 3-year lease
Rent: $63,000/year + gst + opex
Outcome: sold for $1.155 million at a 5.45% yield
Agents: Rosemary Wakeman, Trevor Duffin & Ranjan Unka

North-west

Henderson

11 & 13 The Concourse:
Features: 2 adjoining 1012m² sites, one with substantial workshop
Outcome: passed in at $1.25 million for both lots, No 11 passed in at $525,000 vendor bid when offered separately, no bid on No 13 alone
Agents: Grant Miller & Mike Adams

Huapai

326 Main Rd:
Features: 1012m² site for commercial development
Outcome: no bid
Agents: Angela Little & Grant Miller

Kelston

17 Cartwright Rd, units 3 & 4:
Features: 3 industrial units of 100m², 160m² & 100m², 2 tenanted and one vacant
Rent: gross $26,500/year + gst from 2 units
Outcome: no bid
Agents: Derek Presland & Paul Dixon

South

Airport Oaks

62 Ascot Rd:
Features: vacant 4048m² corner site, dual access, 2190m² floor area
Outcome: passed in at $2.36 million
Agents: Jamsheed Sidhwa & Luke Carran

East Tamaki

Corner Harris Rd & Nandina Avenue:
Features: 2530m², 2 road frontages
Rent: $120,000/year + gst
Outcome: passed in at $1.725 million
Agents: Shane Snijder & John Bolton

21 Stonedon Drive:
Features: 2 industrial units totalling 1041m² on separate titles on 1906m² site with large yard, new 4-year lease to G&A Adhesives with one 4-year right of renewal
Rent: $114,000/year net + gst
Outcome: passed in at $1.57 million, sold post-auction for $1.7 million at a 6.7% yield
Agents: Mark Pittaway & Tony Chaudhary

386 Ti Rakau Drive:
Features: 2121m² site occupied by a Gull service station since 2000, with Gull Petroleum (NZ) Ltd on a 15-year lease until 21 December 2015 plus one 4-year right of renewal, 226m² retail area subleased
Rent: $261,183/year net + gst with annual increases to the higher of CPI or 2%
Outcome: sold for $2.82 million at a 9.26% yield
Agents: Tony Chaudhary & Shane Snijder

Highland Park

17 Aviemore Drive, units N & M:
Outcome: withdrawn
Agents: Geoff Wyatt

Howick

180 Moore St:
Features: 1040m² corner site with multiple access, 568m² floor area,
Rent: $121,406/year + outgoings + gst
Outcome: no bid, passed in on a vendor’s bid of $1.4 million
Agents: Tony Chaudhary & Shane Snijder

Manukau

Totara Heights, 46 Eugenia Rise:
Features: 1575m² site, 353m² retail building occupied by a superette, takeaway & hairdresser with one vacancy, and 231m² basement flat
Rent: $51,651/year net + gst from 3 retail tenants, with the flat currently returning $23,400/year
Outcome: sold for $1.023 million
Agents: Tony Chaudhary & Janak Darji

Manurewa

327 Great South Rd:
Features: 3288m² of business 5-zoned land, 320m² industrial building
Outcome: sold vacant for $1.55 million
Agents: Katie Wu, Roy Rudolph & Tony Chaudhary

Papakura

41A Elliot St:
Features:546m² corner warehouse unit, renewed 3-year lease to Pulse Party & Event Hire, in occupation since 1992
Rent: $39,000/year net + gst
Outcome: sold prior for $502,000 at a 7.77% yield
Agents: Dave Stanley, Nick Bayley & Piyush Kumar

Pukekohe

83 King St:
Features: 531m² site – 219m² retail, 110m² apartment, 12 parking spaces of which 5 are leased to the neighbouring law firm
Rent: $72,723/year + outgoings + gst from 4 tenants
Outcome: offered as is where is, passed in at $860,000
Agents: Peter Migounoff & Graeme Moore

Takanini

100 Takanini School Rd:
Features: 2969m² site, 2260m² floor area, offstreet parking for 27 cars – high-stud warehouse 800m², low-stud warehouse 320m², first-floor offices 588m², social club & glass-back squash court 251m², decks
Rent: $120,000/year holding income
Outcome: no bid
Agents: Peter Migounoff & Piyush Kumar

South of Bombays

Pokeno

39 Great South Rd:
Features: 1518m² corner site zoned business 8a (multi-use within industrial), 2 road frontages, 606m² of retail, office & warehouse space
Rent: $31,200/year net + gst
Outcome: sold for $816,000
Agents: Shayne Snijder, Peter Migounoff & Tony Chaudhary

Attribution: Auction.

Continue Reading

Yashili gets consent for Pokeno dairy plant

Chinese company Yashili NZ Dairy Co Ltd has won land use consent to construct & run a $220 million infant formula plant at Pokeno, just south of the Bombay Hills in the northern Waikato.

Independent commissioner Michael Savage heard Yashili’s application in the Waikato District Council’s chambers in Ngaruawahia a month ago and released his decision this week.

The plant, on a site zoned light industrial at 71 Hitchen Rd, in the new Gateway business park in Pokeno, will produce 52,000 tonnes of milk formula powder/year. Construction & commissioning is expected to take 16 months.

The parent company, Yashili International Holdings Ltd, has plants in 3 Chinese provinces and is listed in Hong Kong. The controlling Zhang family accepted a takeover offer by China Mengniu International Co Ltd in June for their 51.8% of Yashili and CA Dairy Holdings Ltd, ultimately owned by the Carlyle Group equity investment company, also accepted the offer for its 24.2%, leaving 26% to be mopped up.

The Pokeno industrial zone was created through plan change 24 when the village was part of the Franklin district, but became operative in 2011, after Pokeno was transferred to the Waikato district amid boundary changes for the Auckland super-city.

The comprehensive preparation for growth included new residential zones and provision for medium-density housing & neighbourhood centres. The growth plan change replaced one in 2008 which would have allowed only moderate growth, and was led by Dines Property Development Ltd (Kerry Dines) & Fulton Hogan Ltd. Their joint venture company, Pokeno Village Holdings Ltd, sold Yashili the site.

Pokeno Village Holdings & the other members of the Pokeno landholders consortium, Hynds Pipe Ssystems Ltd & Winstone Aggregates, own 250ha of the 400ha in the structure plan area.

Link: Yashili Pokeno decision

Attribution: Council release, Yashili & China Mengniu exchange disclosures.

Continue Reading

Council creates new plan change for Pokeno

Published 27 December 2008

Jurisdiction: Franklin District

 

Neighbourhood: Pokeno

 

Applicant: Franklin District Council

 

Application detail: Plan change 24, Pokeno structure plan & new zoning provisions; and withdrawal of provisions of proposed rural plan change 14

 

Notification date: 18 December

 

Submission closure date: Wednesday 25 February

 

Other details: Plan change 24 is the first of the projects implementing the council’s district growth strategy. It includes:

 

design assessment criterianew objectives & policiesnew residential 2, light industrial & industrial 2 zonesnew provisions for medium-density housing & neighbourhood centresamendments to the business & residential zones and subdivision rulesscheduling of significant trees, historic buildings & areasidentification of road wideningamendments to planning maps.

Plan change 14 envisaged moderate growth in Pokeno village and provided for structure-plan areas to allow consideration of future growth. However, the district growth strategy provides a clear direction for long-term management of growth under which Pokeno would become a small town, comparable to Waiuku & Tuakau.

 

The council’s strategic group manager, Cathy Kenkel, said in the council notice the council considered it more appropriate to withdraw provisions of plan change 14 where it related to Pokeno growth areas than to notify a variation to plan change 14. She said the partial withdrawal allowed the rest of plan change 14 to continue unaffected.

 

Earlier story:

9 December 2007: Pokeno growth MoU signed

 

Want to comment? Email [email protected].

                                       

Attribution: Council notices, story written by Bob Dey for the Bob Dey Property Report.

Continue Reading

Open day on Pokeno structure plan

Published 10 August 2008

An open day will be held in Pokeno next Saturday on how the village just south of the Bombays might be transformed over the next 20 years.

 

Franklin District Council has organized the open day, together with the Pokeno Landowner Consortium & the local community.

 

The information day on the draft structure plan will be held on Saturday 16 August at 10.30-3.30, Pokeno Primary School, 54 Pokeno Rd.Council district planning manager David Pentz said: “The Franklin district growth strategy identified Pokeno as a village that is going to grow. Pokeno isn’t going to change into an urban village overnight. We want to ensure that the growth is planned & structured, meeting the needs of both the current & future Pokeno community.”

 

Earlier story:

9 December 2007: Pokeno growth MoU signedWant to comment? Email [email protected].

 

Attribution: Council release, story written by Bob Dey for The Bob Dey Property Report.

Continue Reading
WordPress Appliance - Powered by TurnKey Linux