Archive | Takanini

4 intensive residential & development properties sell

A mix of 4 properties in the intensive living & residential development sectors were sold at Bayleys auctions this week – an apartment in the 1930s Brooklyn building in the cbd, one of 2 properties in the future urban zone 28km north of the cbd at Dairy Flat, a St Heliers townhouse and a Manurewa section with development consents in place.

CBD

Learning Quarter

Brooklyn, 66 Emily Place, unit 14:
Features: one-bedroom apartment in 1930s building
Outgoings: rates $1532/year including gst; body corp levy $4208/year
Outcome: sold for $461,000
Agents: Diane Jackson & Julie Prince

Isthmus east

St Heliers

41C Vale Rd:
Features: 3-bedroom townhouse, 3 bathrooms, courtyard, parking space
Outcome: sold for $1.125 million
Agents: John Howard & Josie Moon

North-east

The 2 rural properties marked future urban, one sold and the other passed in.

Dairy Flat

18 Green Rd:
Features: flat 3.38ha in 18 paddocks, 3-bedroom house, 2 bathrooms, double garage
Outcome: passed in
Agents: Graeme Mann & Karen Asquith

20 Green Rd:
Features: 9620m² site, 2 tenanted houses, one of 2 bedrooms, the other of 3 bedrooms & 2 bathrooms, each with a single garage
Outcome: sold for $1.3 million
Agents: Graeme Mann & Karen Asquith

South

Manurewa

40 Sturdee Rd:
Features: 809m² section, 3-bedroom house near motorways, health facilities & shopping centres, resource & building consents for development approved
Outcome: sold for $725,000
Agents: Shan Collings & Marlene Dragicevich

Takanini

220 Great South Rd, unit 1:
Features: 161m² refurbished standalone mainstreet bungalow containing 7 single-level offices
Outcome: passed in
Agents: Piyush Kumar & Peter Migounoff

Attribution: Agency release.

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10 sell at Bayleys’ commercial auction

9 properties were sold under the hammer and one post-auction of the 17 in Bayleys’ commercial auction yesterday. Another 3 were sold prior.

[Today’s report is short on some detail.]

CBD

Learning Quarter

5 Eden Crescent, units A & B:
Features: 600m² strata title, renovated, licensed karaoke bar & restaurant
Rent: $161,000/year net + gst
Outcome: passed in at $2.5 million
Agents: Oscar Kuang & Nicolas Ching

Queen St

239 Queen St, unit 1A:
Features: new 12-year lease
Rent: $150,657/year net + gst
Outcome: withdrawn from auction
Agents: Quinn Ngo & James Chan

Isthmus east

Ellerslie

38 Eaglehurst Rd, unit 7:
Features: warehouse
Outcome: declared reserve of $600,000, sold for $800,000
Agents: Andrew Wallace & Cameron Melhuish

Epsom

206 Manukau Rd:
Features: 898m² corner section,
Rent: $67,340/year holding income
Outcome: passed in at $3.55 million
Agents: Owen Ding & James Chan

Mission Bay

2 Atkin Avenue, unit 1:
Features: 374m² site zoned mixed use (up to 18m) under unitary plan, 3-bedroom unit, garage
Outcome: sold for$1.955 million
Agents: Phil Haydock & Angela Yang

Onehunga

18 George Terrace:
Features: 342m² site zoned mixed use, warehouse, office, amenities
Outcome: sold for $1.072 million
Agents: James Valintine & William Gubb

4 Newsome St:
Features: 493m², permissible height 20m
Outcome: no bid
Agents: Tony Chaudhary & James Valintine

Panmure

100 Queens Rd:
Features: town centre zone under unitary plan
Rent: $121,000/year net + gst
Outcome: passed in at $1.6 million
Agents: Mark Pittaway

Isthmus west

Eden Terrace

12 Fleet St:
Features: 336m² site
Rent: $52,260/year
Outcome: sold prior at declared reserve of $1.25 million
Agents: James Were & Scott Kirk

Mt Roskill

439 Mt Albert Rd:
Features: corner site, 4-bedroom home, internal garage, 3 commercial tenancies on ground floor
Outcome: auction postponed
Agents: Phil Haydock & Angela Yang

Ponsonby

91 College Hill:
Features: 337m² site zoned mixed use, 275m² gross floor area, 5 secure parking spaces
Outcome: sold for $2,577,500
Agents: Nigel McNeill & Meredith Graham

Sandringham

513 Sandringham Rd:
Features: retail + refurbished 3-bedroom flat
Rent: $88,060/year
Outcome: sold for $1.75 million
Agents: Scott Kirk & Damien Bullick

North-east

Northcote

44 Akoranga Drive:
Features: 946m² corner site, mixed use zone next to AUT
Outcome: sold for $2.5 million
Agents: Michael Nees & Simon Aldridge

Takapuna

6 & 6A Blomfield Spa:
Outcome: withdrawn from auction
Agents: Simon Aldridge & David Huang

Wairau Valley

170 Wairau Rd, unit 18:
Features: Hell Pizza on long-term lease
Rent: $54,000/year net + gst + outgoings
Outcome: sold for $990,000
Agents: Paul Dixon & Tony Chaudhary

North-west

Glendene

3 Bancroft Crescent:
Features: 3584m² site, long-term tenant, 6-year lease term with renewal rights
Rent: $225,000/year net + gst
Outcome: passed in at $2.775 million
Agents: Dave Stanley & Stuart Bode

New Lynn

3019 Great North Rd & 2 Bentinck St:
Features: 1459m² corner site in 2 titles, vacant possession
Outcome: passed in at $1.625 million at $1114/m²
Agents: Mike Adams & Scott Kirk

South

Botany Downs

286 Cascades Rd:
Features: 7493m² site opposite Pakuranga golfcourse, 70m frontage to Cascades Rd
Outcome: sold for $6.1 million
Agents: Dave Stanley & Graeme Sun

Botany South

Bishopsgate business centre, 2 Bishop Dunn Place, unit 32:
Features: 134m² first-floor office, storage, 2 parking spaces
Outcome: sold for $465,000
Agents: Geoff Wyatt & Dave Stanley

Takanini

292 Great South Rd:
Features: 2209m² site, standalone office & warehouse building anchored by long-term office lease + 2 warehouse tenants
Rent: $152,592/year net + gst
Outcome: sold for $2.68 million
Agents: Sunil Bhana & Peter Migounoff

South of the Bombays

Gisborne

412 Gladstone Rd:
Features: 670m² store, seismic rating 100% new building standard, 6-year lease term
Rent: $122,569/year
Outcome: passed in at $1.5 million, sold post-auction for $1.52 million at an 8% yield
Agents: Paul Garland & Colin McNab

Attribution: Auction.

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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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