Archive | Takanini

Bunnings Takanini sells on 5.24% yield

Bunnings Warehouse Takanini has been sold for $26.5 million following a strong response to the tendering of the property.

The 10,433m² building on a 1.7ha corner site at 167-173 Great South Rd was opened in December 2013 and has been sold with a new 12-year lease back to Bunnings at a 5.24% yield through Dave Stanley, James Chan & Tony Chaudhary of Bayleys Real Estate. It was the first Bunnings Warehouse property in Auckland to be offered for sale this year.

Mr Stanley said: “The property attracted very strong interest, with a large number of tenders received from Auckland & Wellington-based investors as well as from offshore parties. The low yield achieved for the property reflects a combination of factors that made it a very compelling investment. These included a high quality, modern building located on a very high profile site in one of Auckland’s fastest growing areas, with a long lease to one of Australasia’s best retail covenants.”

Bunnings’ New Zealand general manager, Jacqui Coombes, said the sale was in line with the group’s long-term strategic approach of releasing capital on lease terms which provide flexibility to Bunnings from an operational perspective, while providing investors with exposure to high quality retail properties backed by the strength of the Bunnings covenant.

The area around the store has developed into a significant retail precinct occupied by numerous national & international brands. Nearby neighbours include Countdown, Pak‘n Save, The Warehouse and a host of smaller retail & convenience stores, many of them in the Southgate Shopping Centre & Takanini Village.

“Takanini has experienced significant expansion in the last 5-10 years and that growth looks set to continue with a second stage of retail development planned for Takanini Village and 469ha of land zoned future urban under the unitary plan which could accommodate up to an estimated 4500 new dwellings,” Mr Stanley said.

Attribution: Agency release.

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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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3 commercial sales in Matakana, Henderson & Takanini

A mixed-use Matakana site (in picture foreground) sold by Colliers & NAI Harcourts agents is one of 3 new transactions reported by Colliers. The other 2, both commercial, are in Henderson & Takanini.

North

Matakana

33, 35 & 41 Matakana Valley Rd:
Features: 3369m² mixed-use site in 3 titles, each with a house on it
Outcome: sold for $2.1 million
Agents: Jonathan Lynch (Colliers) & Richard Parkinson (NAI Harcourts)

North-west

Henderson

404 Great North Rd:
Features: 1268m² 2-storey building, 634m2 ground-floor retail vacant
Outcome: sold for $1.8 million
Agents: Michael Bray & Craig Smith

South

Takanini

15 Inlet Rd:
Features: 7701m² site, 3433m² showroom/warehouse in 2 buildings, Trade Depot Ltd lease expires next March
Rent: $323,000/year net from present lease
Outcome: sold for $3.375 million
Agents: Paul Jarvie & Andrew Hooper

Attribution: Agency release.

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Papakura building with upstairs apartments proposed among 3 southern sales

A retail building in Papakura (pictured), with NZ Post & Co-op Bank as tenants and an apartment development proposed upstairs, is among 3 properties Bayleys agents have sold around the south of the Auckland region. The other 2 were a vacant building in Takanini and an industrial site containing development land in Tuakau.

South

Papakura

138-142 Great South Rd:
Features: 2023m2 site zoned commercial 3, 1579m2 retail building, 20 parking spaces; 498m2 leased to NZ Post for 9 years from December 2010, one 6-year right of renewal; 288m2 leased to the Co-operative Bank for 3 years from October 2013, one 3-year right of renewal; 335m2 vacant; 11 upper-level apartments proposed
Rent: $173,949/year net + gst
Outcome: sold for $2.36 million
Agents: Piyush Kumar & Peter Migounoff

Takanini

4 Graham Rd, unit E:
Features: industrial building – 398m2 warehouse, 196m2 office
Outcome: sold vacant for $1.19 million
Agents: Janak Darji, Tony Chaudhary & Peter Migounoff

Tuakau

23A Carr St:
Features: 1.4302ha industrial site, purchaser to complete the subdivision into 2 lots – 9346m2 lot 1 has a 1960m2 packing shed with 650m2 canopy, leased for 6 years from February, one 6-year right of renewal; lot 2 is 4951m2 of development land
Rent: lot 1, $135,000/year net + gst
Outcome: sold for $2.3 million in total – lot 1 for $1.8 million at a 7.5% yield, lot 2 for $500,000
Agents: Shane Snijder, Peter Migounoff & Gordon Gibson

Attribution: Agency release.

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6 commercial sales around Manukau

Bayleys agents have completed 6 commercial sales in Clendon, Manukau Central & Wiri.

South

Clendon

421 Roscommon Rd, unit A:
Features: 1340m2 retail building
Outcome: sold vacant for $1.995 million
Agent: Tony Chaudhary

429 Roscommon Rd:
Features: 2100m2 business 5 site, 540m2 warehouse
Outcome: sold vacant for $2.025 million
Agents: Tony Chaudhary, Janak Darji & Amy Weng

Manukau Central

78B Grayson Avenue:
Features: 205m2 industrial building – 194m2 warehouse, 25m2 office, 2 parking spaces
Outcome: sold vacant for $405,000
Agent: Mike Marinkovich

12 Lambie Drive (pictured):
Features: Underdeveloped 7218m2 business 5-zoned site, 5255m2 2-level building with mix of office & warehouse, fully leased to 11 tenants, 92 parking spaces
Rent: $588,100/year net + gst
Outcome: sold for $7 million at an 8.4% yield
Agent: Alan Haydock

Wiri

1 Hautu Drive, unit 5:
Features: 471m2 industrial building – 294m2 warehouse, 97m2 office, 80m2 showroom
Outcome: sold vacant for $1.150 million
Agents: Nick Bayley & Marty Roestenburg

6A & B Earl Richardson Avenue:
Features: 2 small industrial units – 240m2 road-front unit & 180m2 unit, 9 parking spaces
Outcome: sold vacant for $850,000
Agent: Mike Marinkovich

Attribution: Agency release.

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10 sales & 3 leases in South Auckland

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

South

Sales

Clover Park

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

Manukau

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

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

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

Manurewa

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

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

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

Papakura:

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

55 Hunua Rd, Papakura, sold post-auction.

55 Hunua Rd, Papakura, sold post-auction.

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

Pukekohe

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

Leases 

Manurewa

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

Takanini

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

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

 

Attribution: Agency release.

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Boutique vineyard & industrial cluster among sales

The boutique Karaka Point vineyard at Clarks Beach has been sold as a going concern and a Pukekohe cluster of industrial buildings (pictured) has been sold as a single entity.

They’re among 4 sales and one lease recorded by Bayleys’ Franklin & South Auckland sales team.

South

Sales

Drury

236 Great South Rd, unit 8: 
Features: 150m² warehouse & office building
Outcome: sold vacant for $265,000
Agent: Peter Migounoff

Pukekohe

12 Cape Hill Rd:
Features: 7276m2 of industrial buildings on 3.287ha site, 6 established tenants and an additional building planned for the expansion of one of these
Rent: $480,860/year net + gst
Outcome: sold for $5.3 million at a 9.1% yield
Agent: Shane Snijder, Peter Migounoff & Graeme Moore

Takanini

3 Heb Place, units 1, 2, & 3:
Features: 3 industrial units totalling 1603m2 – 1236mwarehouse, 367m2 office space; unit 1 has a 5-year lease expiring in April 2020, with 2 3-year rights of renewal, units 2 & 3 are vacant
Rent: $75,000/year net + gst
Outcome: sold for $2.2 million
Agent: Mike Marinkovich

Waiau Pa, Clarks Beach

5C Wallace Drive:
Features: 8.1ha Karaka Point boutique vineyard with cellar facility, a large garden & function centre plus a substantial homestead & orchard
Outcome: sold as freehold going concern for $2.99 million
Agents: John Algie, Paul Dixon & Stephen Scott

Lease

Papakura

16 Dent Place, unit 1:
Features: 1052m2 warehouse plus 105m2 office & 45m2 mezzanine, leased for one year with rights of renewal until 2022
Rent: $85,000/year net + gst
Agents: Shane Snijder & Peter Migounoff

Attribution: Agency release.

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Augusta settles Southgate purchase with 36% of syndication unsold

Augusta Funds Management Ltd said on Friday its parent, Augusta Capital Ltd, had subscribed for $12.45 million (36.3%) of the $34.3 million of equity sought in its Southgate Takanini Shopping Centre syndication.

Managing director Mark Francis said the company subscription was made under its underwrite and those units remained available for sale. They are accretive to the company’s earnings while it holds them.

Augusta announced its $58.5 million purchase of the centre from Retail Holdings Ltd (now Urban Partners Ltd) subsidiaries in December and settled last Thursday. The 21,000m² retail centre is fully occupied.

Augusta’s syndication offer was fully underwritten, including $23 million by Augusta Capital, and the balance was funded through new debt facilities.

Attribution: Company release.

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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.

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Surplus council land among year-end Bayleys sales in South Auckland

A private developer has bought 2 surplus Auckland Council-owned properties (in 4 titles, marked in photo) on Cavendish Drive, Manukau, which were put up for tender at the end of last year.

The council acquired the land to facilitate the widening of Cavendish Drive, which has been completed. The sites were taken to tender through Bayleys, closing in December. Cavendish Drive has become a major connecting route to Auckland Airport and Highway 20.

The land was among a number of South Auckland properties Bayleys agents sold at the end of 2014.

South

Clevedon

17 Clevedon-Kawakawa Rd:
Features: 20.15ha vacant site zoned future residential
Outcome: sold for $5.1 million at $25.50/m²
Agents: Marty Roestenburg & Chris Bayley

Manukau

39c Cavendish Drive:
Features: 330m² showroom, 83m² office, 11 parking spaces
Outcome: sold with vacant possession for $680,000
Agents: Geoff Wyatt & Dickie Nam

182-186 & 194-198 Cavendish Drive:
Features: 2 separate sites (with another block of land, not part of the sale, in between) encompassing 3098m² of business 5 mixed use-zoned land in 4 titles ranging from 770-855m²
Outcome: sold with vacant possession for $1.85 million at $597/m²
Agents: Dave Stanley, Ben Bayley & Tony Chaudhary

22 Ryan Place:
Features: 2668m² older style industrial building, low-stud warehouse with cart docks, on 5733m² site
Outcome: sold with vacant possession for $2.9 million
Agents: Sunil Bhana, Mike Houlker & Tony Chaudhary

Manurewa

185 Great South Rd, unit 22:
Features: 1695m² unit in Southmall Shopping Centre with 6-year lease to Bargain Bazaar from June 2012, no right of renewal
Rent: $56,323/year + gst
Outcome: sold for $850,000 at a 6.6% yield
Agents: Paul Dixon & Mike Adams

327 Great South Rd:
Features: 320m² warehouse on 3288m² site
Outcome: sold with vacant possession for $1.55 million
Agents: Katie Wu & Roy Rudolf

597 Great South Rd, unit B:
Features: 144m² retail outlet
Outcome: sold with vacant possession for $620,000
Agents: Tony Chaudhary & Janak Darji

22 Popes Rd, a large Takanini industrial site.

22 Popes Rd, a large Takanini industrial site.

Takanini

22 Popes Rd:
Features: 4.1552ha flat site zoned industrial under Takinini structure plan 15, area 6, currently a lifestyle block with substantial 4-bedroom home & shedding, opposite Gen-I & Revera’s new $60 million data centre
Outcome: sold for $4.1 million at $98.6/m² to owner-occupier
Agents: Marty Roestenburg & Peter Migounoff

Wiri

2 Aerovista Place:
Features: 1240m² industrial building constructed in 2003 – 936m² warehouse, 145m² showroom, 157m² of mezzanine offices, on 2217m² business 6-zoned site
Rent: holding income until September
Outcome: sold for undisclosed sum to Expedio Ltd
Agents: Luke Carran, Jamsheed Sidhwa & Mike Marinkovich

Lease

Wiri

1 Ash Rd:
Features: 650m² ground-floor office, 29 parking spaces, leased for 3 years with annual rent reviews & 2 3-year rights of renewal
Rent: $130,052/year + gst ($200/m² including parking)
Agents: Sarah Prebble, Jamsheed Sidhhwa & James Hill

Attribution: Agency release.

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