Archive | Wiri

Corrected: Argosy sells Dalgety Drive property to owner-occupier

Published 21 March 2017, yield detail added 22 March 2017
Argosy Property Ltd has disposed of the industrial property at 67 Dalgety Drive in Wiri for $6.85 million, which the company said was a 44% premium to its most recent book value.

The company did an interim revaluation of its portfolio last September, for the first time since 2009, and that valuation of $4.45 million put the passing yield at 8.38%. The sale price is 54% up on that. The building has a net lettable area of 3698m².

Chief executive Peter Mence said yesterday Argosy classified the property as non-core. The buyer is a private company which will operate from the site once the lease of the current tenant, RLA Polymers Ltd, expires on 31 March.

Attribution: Company release, calculator.

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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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Argosy settles Wiri purchase

Argosy Property Ltd has settled its acquisition of the industrial property at 240 Puhinui Rd, Wiri.

Chief executive Peter Mence said on Friday the new design/build property had identical design & specifications to the very high modern standard of the adjacent Argosy-owned property at 19 Nesdale Avenue.

Both properties are occupied by Cardinal Logistics Ltd, with matching 15-year leases in place.
Argosy signed to buy 240 Puhinui Rd in November 2015 for $22.6 million on completion of the new design/build facility for Cardinal.

Earlier story:
30 November 2015: Argosy buys twice in Wiri

Attribution: Company release.

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Changda launches 2 projects to build 1700 Auckland homes

A provincial Chinese construction company, Changda, formally launched 2 Auckland projects in the last days which should result in about 1700 homes being built over the next 5-8 years on sites designated as special housing areas.

Image above: The Sunny Heights project design screened at today’s launch ceremony, with a view over Orewa to the ocean, and the Whangaparaoa Peninsula to the south.

Changda is based in Weifang City, in Shandong Province between Beijing & Shanghai, but provincial doesn’t mean small. The ultimate parent company, Weifang Changda Construct Group, was founded in 1949 and is rated as one of the top 100 competitive construction enterprises in China. Group turnover last year was $2.1 billion, primarily in the construction sector.

Its projects include residential, commercial, industrial & developing infrastructure and it promotes itself as a leader in developing construction technology. It has 30 national patents and has won numerous national & Shandong science & technology awards. Internationally, the group has contracts to build in the United Arab Emirates, Israel, Guinea-Bissau, Thailand, Guyana & Hong Kong.

In Auckland, it has 2 companies – Changda International Development Ltd for its 1100-home development beside the Vodafone Events Centre in Manukau and Changda International NZ Ltd for the Sunny Heights project above Orewa.

Both project launches involved ceremonies beginning with local Maori input, and local input to the projects was emphasised in numerous ways.

I’ll have more detail on these 2 projects over the weekend.

Attribution: Company releases, launch events.

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Updated: 9 sell at Bayleys’ Auckland commercial auction, 2 post-auction, 3 in Wellington, 1 in Whakatane

Published 28 October 2016, updated 7 November 2016:
9 of the 16 properties auctioned in Bayleys 6th Total Property portfolio for the year were sold under the hammer on Wednesday or shortly after.

They included 2 Post Shops, and the post-auction sale of 2 properties in a mixed portfolio offered by one vendor.

Another 2, in Manurewa & Wiri, have sold post-auction at prices substantially above the levels they were passed in at (details below).

In Wellington, all 3 properties in the Total Property offering yesterday were sold. Another in Whakatane was also sold.

The Auckland auction opened with the sale of 2 Post Shop/ Kiwibank premises, one in Royal Oak (pictured) selling on a yield just under 5% and one in Mt Eden on a 3.6% yield. The second of these, on Dominion Rd, went on the market at $3.1 million and sold for $750,000 more. Auction of a third Post Shop property, in Penrose, was postponed. 2 others in Kaitaia & Thames were up for tender, closing yesterday.

3 of the 4 properties offered by Kermani Properties Ltd were passed in and the fourth, a commercial kitchen & retail premises at ground level in the Grand Chancellor Hotel building, was withdrawn. However, sales were later concluded on a standalone building in the Otara town centre & 2 buildings on Papakura’s Broadway.

CBD

Queen St

175 Queen St, unit 14:
Features: vacant 228m² top floor, secure basement parking space
Outcome: passed in at $800,000
Agents: Quinn Ngo & Matt Lee

Victoria Quarter

Grand Chancellor, 1 Hobson St:
Features: 320m² street-level retail unit with kitchen, 2 entrances from hotel lobby & street
Outcome: withdrawn from auction
Agents: Millie Liang & Oscar Kuang

Isthmus east

Otahuhu

56-58 Atkinson Avenue:
Features: Box Building, 283m² corner site, residential & commercial tenants
Rent: $74,396/year net + gst
Outcome: no bid
Agents: Tony Chaudhary & Janak Darji

Penrose

39 Station Rd:
Features: 822m² site, 413m² Post Shop building, 7 parking spaces, seismic rating 60% new building standard
Rent: $63,000/year net + gst
Outcome: auction postponed
Agents: Cameron Melhuish & Andrew Wallace

Remuera

551-553 Remuera Rd:
Features: 531m² site, 220m² 2-level character building, ground-floor retail, offices upstairs, rear access off Upland Rd; 3-year lease from May to long established tenant School Uniform Centre, in occupation since 1998, with 2 3-year rights of renewal
Rent: $57,200/year net + gst
Outcome: sold for $1.69 million at a 3.38% yield
Agents: James Chan, Quinn Ngo & Owen Ding

Royal Oak

794 Manukau Rd:
Features: 581m² site on roundabout, 277m² single-level building, A grade seismic rating; town centre zoning, 27m height overlay; building occupies about half the site on one title, separate land-only title used for casual parking
Rent: $103,000/year net + gst; Post Shop/ Kiwibank franchisee contributes $58,000, balance paid by liquor store
Outcome: sold for $2.07 million at a 4.97% yield
Agents: Cameron Melhuish & Alan Haydock

Isthmus west

Mt Eden

371 Dominion Rd:
Features: 974m² corner site, 581m² 2-level building fully occupied on 3- to 6-year lease terms; Post Shop/Kiwibank franchisee & copy centre occupy the ground floor with an office tenant above; An underutilised vacant land area behind the building, accessed off King Edward St, provides a development opportunity; local centre zoning allows buildings up to 3 storeys incorporating upper floor residential
Rent: $134,362/year net + gst
Outcome: sold for $3.85 million at a 3.59% yield
Agents: Cameron Melhuish & Alan Haydock

North

Whangarei

Kensington, 11 Kensington Avenue:
Features: 2300m² site, new 650m² radiology facility set among other healthcare complexes, 9-year lease to TRG Imaging, NZ’s largest radiology group, one 6-year right of renewal
Rent: $192,000/year net + gst
Outcome: sold for $3.115 million at a 6.16% yield
Agents: Ranjan Unka & Ross Blomfield

North-east

Albany

6-8 Omega St, units 7 & 9:
Features: office units of 227m² & 222m², 8 exclusive parking spaces + more shared
Rent: $110,000/year net + gst from new 3-year lease
Outcome: withdrawn from auction
Agents: Alex Strever & Dean Gilbert-Smith

52 Oteha Valley Rd, unit A:
Features: 70m² retail unit occupied by liquor store
Rent: lease recently renewed for 3 years at $30,102/year net
Outcome: sold for $585,000 at a 5.14% yield
Agents: Matt Mimmack & Alex Strever

South

East Tamaki

20 Kerwyn Avenue, factory 1:
Features: cross-lease, half share in 3000m², 765m² medium-stud industrial premises on high visibility corner site with dual street access; 587m² factory/workshop with 4 roller doors
Rent: longstanding monthly tenancy returning $81,900/year
Outcome: sold for $1.825 million at a 4.48% yield
Agents: Jamsheed Sidhwa & Luke Carran

11 Stonedon Drive, unit H:
Features: 170m² industrial unit, 2 roller doors, 3 parking spaces; tenant of 12 years, United Industries, has signed for an additional 5 years, with 5 more 5-year rights of renewal
Rent: $32,400/year net + gst
Outcome: sold for $720,000 (including $93,913 gst) at a 5.17% yield
Agents: Nelson Raines

Manurewa

Updated: 185-189 Great South Rd:
Features: 2-level 1124m² commercial unit with multiple retail & office tenants, between New World & South Mall entrance
Rent: $215,921/year net + gst
Outcome: passed in at $2 million, sold post-auction for $2.45 million at an 8.81% yield
Agents: Oscar Kuang, James Chan, Tony Chaudhary & Janak Darji

Otara

The Kermani building on Fair Mall place, Otara, sold post-auction.

The Kermani building on Fair Mall place, Otara, sold post-auction.

19 Fair Mall Place:
Features: 501m² site in heart of the town centre, multi-tenanted 980m² building; ground floor fully leased on 3- to 6-year terms to butcher, TAB, pizza outlet & discount store; 485m² upstairs, recently occupied by a nightclub, is vacant
Rent: $174,702/year net + gst
Outcome: passed in at $1.675 million, sold shortly after for $1.76 million
Agents: Oscar Kuang & James Chan

Papakura

28-30 Broadway:
Features: 488m² site in 2 titles, 2 adjoining retail & office buildings totalling 569m², metropolitan centre zoning has height allowance of 40.5m
Outcome: passed in at $510,000, sold shortly after for $545,000 with vacant possession
Agents: Oscar Kuang, Peter Migounoff & Tony Chaudhary

201-203 Great South Rd:
Features: 438m² site, vacant 700m² floor area – 390m² ground-floor retail in former bank, 131m² mezzanine, 179m² rear warehouse & parking
Outcome: no bid
Agents: Piyush Kumar & Peter Migounoff

82 Hunua Rd:
Features: 1.9488ha site zoned industrial 4 (heavy zoning)
Outcome: no bid
Agents: Shane Snijder & Peter Migounoff

Wiri

Updated: 14 Aerovista Place:
Features: 3931m² bare land, zoned heavy industrial, new 5-year lease from March 2016 to Titan Containers NZ
Rent: $100,000/year net + gst
Outcome: passed in at $1.55 million, sold post-auction for $1.75 million at a 5.71% yield and a land value of  $445/m2
Agents: Nick Bayley & Dave Stanley

South of the Bombays

Bay of Plenty

Whakatane

34 Valley Rd:
Features: 3046m² site, 1548m² storage facility, multi-tenanted 74-unit complex with 95-100% occupancy
Outcome: sold as a freehold going concern for $1.325 million
Agents: Brendon Bradley & Matthew Gibbard

Manawatu

Palmerston North

14-18 Broadway Avenue (auctioned in Auckland):
Features: 337m² site, 1400m² floor area,
Rent: $36,000/year net + gst from 2 tenants
Outcome: no bid
Agents: Quinn Ngo & Owen Ding

Wellington

Lower Hutt – Alicetown

31 Wakefield St:
Features: 485m² workshop/office building, fully refurbished & strengthened to 75% of new building standard, new 6-year lease to Central Electrical which has been in occupation for 15 years
Rent: $55,000/year net + gst, annual 2.5% increases
Outcome: sold for $720,000 at a 7.63% yield
Agents: Andrew Smith & Paul Cudby

Tawa

180-182 Main Rd:
Features: 506m² site in shopping precinct, 670m² 2-level commercial building, 5 leased retail tenancies on ground floor plus 5 smaller office tenancies above and one larger vacant office tenancy
Outcome: sold for $869,000
Agent: Jon Pottinger

Upper Hutt

806 – 808 Fergusson Drive:
Features: 916m² fringe city site, 960m² high stud warehouse; Jetts Gym & Pak ’n Save have new leases running until 2022
Rent: $110,000/year net + gst
Outcome: sold for $1.21 million at a 9.09% yield
Agents: Matt Gibbs & Fraser Press

Attribution: Auction, agency releases.

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Warehouse takes over ex-Dick Smith premises in Wiri

Argosy Property Ltd has confirmed the long-term lease of 17 Mayo Rd in Wiri to The Warehouse Ltd, an existing Argosy tenant.

The new lease is for a 10-year term over the entire property (13,350m² net lettable area), with annual CPI rent reviews.

Argosy chief executive Peter Mence said on Monday the property was previously occupied by Dick Smith, which left in April after entering receivership. Since then, Argosy has leased the property to various tenants on a short-term basis.

The Warehouse lease is due to start in early 2017.

Attribution: Company release.

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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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Government approves health board’s 13.1ha for housing

The Government has approved an application by the Counties Manukau District Health Board to release 13.1ha of vacant land at the Manukau SuperClinic in Wiri for housing (marked in orange).

The 13.1ha the board declared surplus comprises 0.8ha in the north-east corner, on Great South Rd, and 12.3ha in the north-west corner, fronting Kerrs Rd, and providing 9.7ha of net buildable area. The whole site covers 48.6ha.

Health Minister Jonathan Coleman and Building & Housing Minister Nick Smith announced the Government’s approval yesterday.

Mr Coleman said: “It makes sense for district health boardss to sell land they don’t need for future use as it allows them to reinvest the proceeds into new or upgraded health facilities.

“The application comes as a result of the board developing its long-term investment plan, which looked at future population growth & forecast health service demand & subsequent need for land & capital investment.

The 2 areas to be disposed of, marked in orange.

The 2 areas to be disposed of, marked in orange.

“The plan confirmed that there is sufficient remaining land on the Manukau SuperClinic site to meet future health requirements with a focus on ambulatory, elective, rehabilitation & community health & wellbeing services. The vacant land would also not be suitable for a second acute hospital if the district needed it going forward.”

Dr Smith said the next step would be to finalise a fair market price for his ministry to secure the land from the board and adding it to the Government’s Crown land housing programme: “We will be exploring with Auckland iwi the opportunity to partner with them on the proposal to develop the area for housing.

“This new site adds to the other sites we have secured to date under the Crown land programme, which is just part of a wide range of reforms & initiatives to address Auckland’s housing challenges. We have increased the new house build rate in Auckland from 10/day to 40/day. This initiative will help maintain this momentum.”

District health board chair Lee Mathias said the ministers’ approval of the sale would enable a number of projects for the retained land: “This includes the potential to expand the surgical centre and provide radiology, rehabilitation & other community health services. Proceeds from the sale will be able to be used for the purchase, improvement or extension of public health service facilities.

“Disposal of this land will also enable housing development to occur in an area facing significant population growth & housing need. We see a strong link between good housing & healthy living, which is a central part of our healthy together strategy, and we want to do what we can to help the Manukau community.”

Link: Health board land disposal pages

Attribution: Ministerial & health board releases.

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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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10ha on Kerrs Rd next target for Crown land housing

Building & Housing Minister Nick Smith said on Wednesday the Government was considering 10ha of Counties Manukau Health land for its Crown land housing programme.

The district heath board began consultation on disposing of the land on Kerrs Rd, Wiri, on Wednesday. Submissions close on Friday 5 August. The final decision on whether to release the land rests with the Minister of Health, and a decision on acquiring it for the Crown land programme will follow.

Dr Smith said: “I have been in discussions with Counties Manukau Health about its large, vacant landholdings in South Auckland. I welcome their decision to publicly consult on releasing the north-western corner of this site, on Kerrs Rd. There is a strong link between health wellbeing & housing, and it makes no sense for this land to be vacant when the area has such high housing need.

“If Counties Manukau Health recommends releasing this land after the consultation process, the Government will look to buy it at fair market price for the Crown land programme. This will provide capital for the district health board to invest in other health services, while also adding land on which the Government can facilitate the building of new homes.

“This 10ha site would have the capacity for about 250 homes, and any housing development would need to contribute to the Government’s objective of increasing the supply of social & affordable housing. The specific requirements around the proportion of these will be determined after a decision is made. We are also exploring the possibility of developing the land for housing in conjunction with local iwi.”

Dr Smith the Government had bought 4 Auckland sites, with the capacity for 940 homes, with the $52.2 million allocated to the programme in last year’s Budget. A further $100 million was announced in this year’s Budget to buy more land, and the money for the Kerrs Rd purchase would come from that.

Attribution: Ministerial release.

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