Archive | Rosedale

3 Grange units & a Rosedale industrial sold

Bayleys agents have sold 3 units in the Grange retail development at Warkworth (pictured) and an industrial unit in Rosedale.

North-east

Sales

Rosedale

11 Orbit Drive, unit 3:
Features: 555m² industrial unit – warehouse 375m², office 180m², 9 parking space       
Outcome: sold in July for $2 million + gst, at $3604/m² land & building
Agents: Matt Mimmack & Ranjan Unka

Warkworth

The Grange, 97 Auckland Rd:
Unit 3:
Features: 200m² unit, leased for 10 years from September 2016 to Indian restaurant with 2 5-year rights of renewal
Rent: $50,500/year net + gst with annual CPI + 1% increases & review to market on renewal
Outcome: sold for $815,000 at a 6.2% yield
Agents: James Chan, Matt Lee, Adam Curtis & Adam Watton

Unit 7:
Features: 60.3m² unit, leased to a building company for 5 years from July 2017 with no right of renewal
Rent: $22,500/year net + gst with annual CPI + 1% increases & review to market in July 2019
Outcome: sold for $417,500 at a 5.39% yield
Agents: James Chan, Matt Lee & Quinn Ngo

Unit 15:
Features: 367.5m² unit, occupied by Fit Factory 24-hour gymnasium on 6-year lease from March 2017 with 2 6-year rights of renewal
Rent: $91,925/year net + gst with annual CPI + 1% increases and review to market on renewal
Outcome: sold for $1.3 million at a 7.07% yield
Agents: James Chan, Matt Lee & Quinn Ngo

Lease

Wairau Valley

44-48 Ellice Rd, unit 6A:
Features: 110m² office unit, 2 parking spaces (no charge)
Rent: leased in August for $16,000/year net + gst, premises rental $145.45/m²  
Agent: Trevor Duffin

Attribution: Agency release.

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Sale & 4 leases on Shore

Bayleys agents on the North have secured 4 leases and one sale outside the auction room.

North-east

Sale

Wairau Valley

18 Poland Rd:
Features: 3811m² site, 2773m² industrial building, tenant Fresco Shades NZ Ltd
Rent: $290,000/year net + gst
Outcome: sold in August for for $4.95 million + gst at $1785/m² land & building
Agents: Matt Mimmack & Ranjan Unka

Leases

Birkenhead

84 Mokoia Rd, shop 1A:
Features: 98m² shop, parking space
Rent: $30,000/year net + gst, parking $1024/year, premises rental $306/m²       
Agent: Ildy Meixner

Rosedale

4C Arrenway Drive:
Features: 170m² retail, 4 parking spaces
Rent: $55,000/year net + gst excluding parking,
Outcome: premises rental $323.53/m²
Agents: Steven Liu (Bayleys) & Jerry Zheng (NAI Harcourts)

Wairau Valley

18 Link Drive, unit 9:
Features: 404m² retail area, 10 parking spaces
Rent: $82,000/year net + gst excluding parking, premises rental $202.97/m²
Agents: Alex Strever & Ildy Meixner

59 Porana Rd, unit 17:
Features: 95m² industrial unit – warehouse 75m², office 20m², 2 parking spaces
Rent: $15,600/year net + gst, premises rental $164.21/m² (parking included)
Agents: Trevor Duffin

Attribution: Agency release.

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Updated: 2 post-auction sales; strong yields for some, no bid on others as 6 sell at Bayleys’ commercial auction

Published 3 August 2017, updated twice on 9 August 2017
Sale of a small character building at the foot of College Hill at Bayleys’ Total Property commercial auction last Wednesday showed the right property could still sell at a yield under 5%.

That was confirmed by the post-auction sale of a Hurstmere Rd property in Takapuna, at a yield just below 4%. Also sold post-auction was a 2-storey building in East Tamaki occupied by a bar & gaming lounge, sold on a 6.5% yield.

Mind you, sub-5%, or even below 4%, isn’t quite a match for the sub-3% yields 2 old converted houses at the top of College Hill went for at auction in June.

Still, there was a buzz in the auctionroom which has been missing from most auctions in recent months, as auctioneers have tried to squeeze an offer from a smattering of mostly reluctant bidders.

6 properties were sold under the hammer at yesterday’s commercial auction. 4 attracted no bid out of the 7 passed in. Another 2 properties on the list had their auctions postponed and one was withdrawn completely.

Finance has become a central issue in all forms of property transaction, and agents told me of numerous new barriers in the way of a sale, such as insistence on tighter lease terms where those terms had previously not even been raised.

Scores of properties have been passed in without attracting a bid at auctions around Auckland this year, but the absence of a bid on the ANZ premises in the Lincoln North shopping centre in Henderson yesterday was in stark contrast to the frenzy of bidding that occurred when developer Frank Reynolds sold the centre down in 2009.

That was about 18 months into the global financial crisis, a time when caution abounded, but it was also a time when there were plenty of Chinese buyers keen on small retail & fast-food premises and willing to bid strongly. With a new 9-year lease in place, the ANZ premises sold in 2009 for $3.03 million at a 5.47% yield. On that day, all 22 units in the centre sold under the hammer.

CBD

Victoria Quarter

20 Centre St:
Features: 260m² – 83m² café, 177m² office & showroom,
Rent: $100,000/year net + gst
Outcome: no bid
Agents: Oscar Kuang, Ben Wallace & James Chan

Isthmus east

Otahuhu

21 Hall Avenue:
Features: 397m² site zoned business town centre, vacant 269m² building previously occupied by a bank, 5 rear parking spaces  
Outcome: sold for $1.23 million
Agents: Piyush Kumar Peter Migounoff, Tony Chaudhary & Janak Darji

Parnell

11 Farnham St:
Features: 269m² site, standalone building with 4 levels built 10 years ago, 659m² floor area, private lift to penthouse on top 2 floors, conservatory, 4 bedrooms, 5/6-car garage + secured yard parking on ground floor, partitioned office & amenities on level 1, air-conditioned on levels 1-3
Outcome: auction postponed
Agents: Millie Liang

Isthmus west

Avondale

1843 Great North Rd:
Features: 2309m² site zoned multi-use commercial with 32.5m height limit, café & villa with 250m² floor area
Rent: $42,898/year net + gst
Outcome: auction postponed
Agents: Laurie Bell & Kate Kirby

Freemans Bay

3 College Hill:
Features: 276m² site, fully leased 592.5m² 3-level character building, retailer Boardertown occupies basement & ground floor, office tenant above, on leases running to 2023 & 2024 plus signage lease
Outcome: sold for $3.075 million at a 4.92% yield
Agents: Cameron Melhuish, Andrew Wallace & Genevieve Thompson-Ford

North-east

Rosedale

100 Bush Rd, units C & D:
Features: unit C 245m², Unit D 167m², corner office building, new 6-year lease from 1 June, 15 parking spaces
Rent: $118,575/year net + gst
Outcome: withdrawn from auction
Agents: Laurie Burt & Dean Gilbert-Smith

1 Cebel Place, unit B:
Features: 668m² warehouse, showroom & office unit, 15 parking spaces, Wesfarmers subsidiary NZ Safety Blackwoods renewed its lease for 4 years in June, with one further 4-year right of renewal
Rent: $134,000/year net + gst + opex
Outcome: sold for $2.38 million at a 5.63% yield
Agents: Laurie Burt, Matt Mimmack, Tony Chaudhary & Amy Weng

8 Piermark Drive, unit D:
Features: 401m² industrial unit in modern unit-title development with drive-round access, 265m² of high stud warehousing, 2 levels of showroom & office space, 7 parking spaces
Outcome: sold vacant for $1.3 million
Agents: Laurie Burt & Matt Mimmack

Takapuna

Updated: 178 Hurstmere Rd:
Features: 567m² site, 995m² building with dual frontage to Hurstmere Rd & Killarney St, 2 ground-floor shops, first-floor restaurant & hairdressing salon
Rent: $269,117.76/year net + gst + opex current from 4 tenancies after a lease on vacant space was concluded, (originally I used the rental figure used at the start of the campaign, $159,118, plus potential for further $120,000/year)
Outcome: passed in at $6.5 million, sold post-auction for $6.8 million at a 3.96% yield
Agents: Brian Caldwell, Ashton Geissler & Damian Stephen

Wairau Valley

7 Porana Rd, unit C:
Features: vacant 245m² industrial unit, 5 parking spaces        
Outcome: no bid
Agents: Ashton Geissler & Matt Mimmack

135 Sunnybrae Rd:
Features: 1257m² roadfront site, 683m² partly earthquake-prone warehouse & workshop building, longstanding upholstery tenant recently exercised final 2-year right of renewal, smaller rear tenancy on short lease       
Outcome: sold for $1.625 million at a 5% yield to a car sales business
Agents: Ashton Geissler & James Kidd

North-west

Henderson

The Lincoln North shopping centre.

Lincoln North shopping centre, 192 Lincoln Rd, unit 4A:
Features: 503m², ANZ Bank branch on 6-year lease from December 2015, 3 3-year rights of renewal
Rent: $167,550/year net + gst
Outcome: no bid
Agents: Oscar Kuang & James Chan

Westgate

7 Maki St, unit 3:
Features: retail unit, NZ Post as tenant
Rent: $112,513/year net + gst
Outcome: no bid, back on the market at $1.725 million + gst
Agents: Andrew Wallace, Cameron Melhuish & Genevieve Thompson-Ford

South

East Tamaki

Botany South, 8 Bishop Lenihan Place, unit H:
Features: 158m², vacant retail unit in 19-unit complex, 7 allocated parking spaces
Outcome: sold for $580,000
Agents: Terry Kim, Tony Chaudhary & Steven Liu

Updated: 272 Ti Rakau Drive, unit B:
Features: 443m² 2-storey building, 9 parking spaces, bar & gaming lounge on 10-year lease starting in March
Rent: $118,000/year net + gst + opex
Outcome: passed in at $1.6 million, sold post-auction for $1.825 million at a 6.5% yield
Agents: Tony Chaudhary, Janak Darji & Amy Weng

Takanini

88-94 Great South Rd, unit F:
Features: 1191m² floor area, 6 tenancies fully leased
Rent: $242,000/year net + gst     
Outcome: passed in at $3.5 million
Agents: Piyush Kumar & Peter Migounoff

Earlier stories:
13 June 2017: Sub-3% yields on College Hill, and Queen St office sells
8 July 2009: 22 out of 22 shops go at auction

Attribution: Auction.

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4 commercial sales at Rosedale and in Bay of Plenty

Colliers agents have sold a Rosedale office & storage unit and 3 Bay of Plenty properties, 2 of them at auction.

North-east

Rosedale

59 Apollo Drive, unit I3:
Features: air-conditioned 355.5m² unit – office 313.5m², storage 42m² with roller-door access, deck 38m², 14 parking spaces
Outcome: sold for $1.425 million
Agent: Nick Recordon

South of the Bombays – Bay of Plenty

Mt Maunganui

24 Aerodrome Rd:
Features: 4396m² industrial development site, vacant 520m² building        
Outcome: sold for $2.5 million + gst
Agents: Rob Shoeser & Simon Clark

33 Newton St:
Features: 2310m² site running between Newton St and the rail tracks beside  Maunganui Rd, 5-unit 1520m² industrial, office & warehouse complex, fully leased, zoned commercial, which would allow more retail & office uses
Rent: $152,225/year net + gst
Outcome: sold at auction on 14 July for $2.6 million at a 5.85% yield
Agents: Simon Clark, Rob Shoeser & Duncan Woodhouse

Tauranga

44 Fourth Avenue:
Features: 445m² car yard, 78m² building just off Cameron Rd, 5-year lease
Rent: $42,000/year net + gst       
Outcome: sold at auction on 14 July for $750,000 at a 5.6% yield
Agents: Simon Clark, Duncan Woodhouse & Rob Schoeser

Attribution: Agency release.

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4 sales & 7 leases in latest Bayleys results

Bayleys agents have completed 4 commercial sales on Queen St, in the Heritage Auckland hotel building, at Rosedale and in Petone, and 7 leases in Dairy Flat, Rosedale, Silverdale & the Wellington cbd.

Image above: The former Farmers’ Grand Tearoom in the Heritage Auckland hotel, bought for conversion to a penthouse apartment.

Sales

CBD

Queen St

155 Queen St, units 11A, B & C:
Features: 631m² office unit in 3 titles, 2 parking spaces on separate titles, occupied by NZ Institute of Studies, longer-term residential development potential
Rent: $150,000/year net + gst
Outcome: sold for $1.9 million at a 7.89% yield
Agents: Anna Radkevich & Ranjan Unka

Victoria Quarter

Heritage Auckland, 35 Hobson St:
Features: 539m² on the top floor of the Heritage Auckland Hotel, formerly the Farmers department store’s Grand Tearoom, has operated as a function centre since hotel conversion in the late 1990s; the hotel has indicated it won’t be renewing the 20-year lease expiring in October next year; high stud ornate ceiling, 2 external decks with harbour & city views plus 4 parking spaces
Rent $200,782/year net + gst
Outcome: sold for $2.5 million at an 8.03% yield or $4638/m², buyer has indicated intention to convert to penthouse apartment
Agent: Matt Lee & James Chan

North-east

Rosedale

14 Vega Place, unit C:
Features: 354m² industrial unit, 8 parking spaces, tenant Adrenalin Publishing Ltd in occupation for 16 years and has renewed for a further 4 years from 1 July
Rent $62,420/year net + gst
Outcome: sold for $1.18 million at a 5.29% yield
Agents: Ashton Geisler, Laurie Burt & Mike Adams

South of the Bombays

Petone

2 Jackson St:
Features: 2010m² site, 1500m² store occupied by Kathmandu for 15 years
Rent: $243,000/year net + gst
Outcome: sold for $4.1 million at a 5.92% yield
Agent: Richard Faisandier

Leases

North-east

Dairy Flat

17 Kahikatea Flats Rd, units C1 & C2:
Features: 280.8m² building area – warehouse 150m², office 90m², other area 40.8m², yard 3000m², no parking spaces
Rent: leased in June for $111,450, premises rental $396.90/m²
Agent: Rosemary Wakeman

Rosedale

Part 1-3 Parkhead Place:
Features: 581m² industrial unit – warehouse 411m², office 137m², other area 33m², 8 parking spaces
Rent: leased in June for $80,000/year net + gst, premises rental $137.69/m² (no separate charge for parking)
Agent: Laurie Burt

Silverdale

19 Foundry Rd, unit A:
Features: 142m² industrial unit – warehouse 92m², office 50m², 2 parking spaces
Rent: leased in June for $25,000/year net + gst, premises rental $176.05/m² (no separate charge for parking)
Outcome:
Agent: Rosemary Wakeman

150 Foundry Rd:
Features: 225m² industrial unit – warehouse 150m², office 75m², 4 parking spaces
Rent: leased in June for $32,500/year net + gst, premises rental $144.44/m² (no separate charge for parking)
Agent: Rosemary Wakeman

8 Peters Way:
Features: 1356.6m² office & warehouse – warehouse 976m², office 205m², showroom 175.6m² 21 parking spaces
Rent: leased in June for $195,000/year net + gst, premises rental $143.74/m² (no separate charge for parking)
Outcome:
Agent: Rosemary Wakeman

South of the Bombays

Wellington cbd

20 Customhouse Quay, part level 12:
Features: 349.4m² of A grade office space leased for 7 years
Rent: $242,246/year + gst
Agents: Luke Kershaw & Luke Frecklington

20 Customhouse Quay, part level 12:
Features: 225m² of A grade office space leased for 9 years
Rent: $156,025/year + gst
Agents: Luke Kershaw & Luke Frecklington

Attribution: Agency release.

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Strong Rosedale yield at auction

NAI Harcourts has sold a Rosedale warehouse & office property on a 5.04% yield at auction.

North-east

Rosedale

234C Bush Rd:
Features: 435m² industrial building – warehouse 228m², office 207m², 6 parking spaces, leased until December 2019
Rent: $58,000/year net + opex + gst
Outcome: sold for $1.15 million at 5.04% yield
Agents: Marty van Barneveld & Mike Fotu

Attribution: Agency release.

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Industrial unit & office building sell, 6 leases signed

Bayleys agents on the North Shore have sold a Rosedale industrial unit and an office building across the road from Smales Farm, and signed 6 lease deals.

North-east

Sales

Rosedale

19 Orbit Drive, unit B:
Features: 748m² industrial unit – warehouse 438m², office 286m², other area 24m², 11 parking spaces
Outcome: sold in May for $2.2 million + gst at $2941/m² land & building
Agents: Ashton Geissler & Laurie Burt

Takapuna

43 Taharoto Rd:
Features: 897m² site, 700m² 2-level office building occupied by the Waitemata District Health Board and TRG Imaging Ltd, 20 parking spaces, on corner of Shea Rd opposite the Vodafone building at Smales Farm
Rent: $218,475.20/year net + gst
Outcome: sold in June for $4.1 million + gst at a 5.33% yield
Agents: Adam Watton, Adam Curtis & Eddie Zhong

Leases

Albany

28 Corinthian Drive, ground floor:
Features: 81m² retail, 4 parking spaces
Rent: leased in June for $45,350/year net + gst, parking $35/space/week, net $38,070/year excluding parking, premises rental $470/m²
Agents: Eddie Zhong & Dean Gilbert-Smith

Devonport

57-59 Victoria Rd, room 4:
Features: 20m² office,
Rent: leased in June for $8400/year net + gst, premises rental $420/m²
Agents: Jane Sims & Chris White

Rosedale

6 Ascension Place, unit C:
Features: 221m² industrial unit, 3 parking spaces
Rent: leased in June for $29,000/year net + gst, premises rental $131/m² (no charge for parking)
Agents: Ashton Geissler & James Kidd

9-11 Lovell Court, unit Q:
Features: 136m² industrial unit – warehouse 68m², office 68m², 4 parking spaces
Rent: leased in May for $28,000, premises rental $205/m² (no charge for parking)
Agent: Laurie Burt

Wairau Valley

33 Porana Rd, unit 4:
Features: 110m² warehouse, 2 parking spaces
Rent: leased in June for $18,750/year net + gst, premises rental $170.45/m² (no charge for parking)
Agent: Trevor Duffin

39-45 Porana Rd, unit E:
Features: 207m² industrial unit – warehouse 107m², office 100m², 4 parking spaces
Rent: leased in June for $32,500/year net + gst, premises rental $157/m² (no charge for parking)
Agents: Colin Harper & Laurie Burt

Attribution: Agency release.

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Rosedale unit sells at 4.3%

A Rosedale industrial unit (pictured) was sold at auction by NAI Harcourts on a 4.31% yield on 1 June, but the 2 commercial properties auctioned yesterday were both passed in.

Isthmus east

Onehunga

67 Victoria St:
Features: vacant industrial property, 1359m² site, 788m² floor area
Outcome: passed in
Agents: Jerry Zheng & Ben Liao

Remuera

575 Remuera Rd:
Features: 140m² building being vacated, ground-floor shop & upstairs residential
Outcome: passed in
Agent: Tim Turner

North-east

Rosedale

15C Paul Matthews Rd:
Features: 327.1m² industrial unit – warehouse 201.3m², ground & first-floor offices 125.8m², 5 parking spaces
Rent: $50,000/year net + gst
Outcome: sold for $1.16 million at a 4.31% yield
Agents: Albert Quan & Dave Lane

Attribution: Agency release.

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2 Shore sales & 5 leases, plus an Onehunga sale

Bayleys agents on the North Shore completed 2 sales & 3 lease agreements at Rosedale and another 2 leases in Takapuna, and were involved in a sale in Onehunga.

Sales

Isthmus east

Onehunga

72 & 76 Onehunga Mall:
Features: 2292m² site zoned mixed use, 1257m² building
Rent: $96,900/year net + gst
Outcome: sold in May for $1.8 million + gst at a 5.38% yield
Agents: Ranjan Unka, Scott Kirk & James Were

North-east

Rosedale

9 Airborne Rd, unit A:
Features: 288m² industrial unit occupied by Freedom Flooring Ltd – office 172m², warehouse 116m², 8 parking spaces
Rent: about $44,000/year net + gst
Outcome: sold for $850,000 + gst at a 5.18% yield, premises rental $2951/m²
Agents: James Kidd & Ashton Geissler

118 Bush Rd, unit D:
Features: 194m² work/live industrial unit – warehouse 92m², showroom 44m², living area 58m², 3 parking spaces
Outcome: sold in May for $740,000/year + gst at $3895/m² land & building
Agent: Laurie Burt

Leases

North-east

Rosedale

59 Apollo Drive, unit 4, suite 2:
Features: 44.5m² office, 2 parking spaces
Rent: leased in May for $13,500/year net + gst, premises rental $303.37/m² (no charge for parking)
Agents: Chris White & Jane Sims

8 John Glenn Avenue:
Features: 1766.4m² office & warehouse – warehouse 1268.5m², office 216.7m², canopy 281.2m², 20 parking spaces
Rent: leased in May for $270,000/year net + gst, premises rental $152.90/m², parking $10/space/week
Agents: Matt Mimmack, Ashton Geissler & Laurie Burt

11 Piermark Drive, unit I:
Features: 163m² industrial unit, 3 parking spaces
Rent: leased in May for $29,500/year net + gst, premises rental $181/m² (no charge for parking)
Agents: Laurie Burt

Takapuna

360 Lake Rd:
Features: 90m² office
Rent: leased in May for $29,000, premises rental $322/m²
Agent: Dean Gilbert-Smith

10 Northcroft St, level 2:
Features: 430m² office, no parking
Rent: leased in May for $132,870/year net + gst, premises rental $309/m²
Agents: Dean Gilbert-Smith

Attribution: Agency release.

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5 commercial leases on Shore and at Silverdale

Bayleys agents on the North Shore have signed 2 leases in the Wairau Valley and 3 others in Rosedale, Silverdale & Takapuna.

Leases

North-east

Rosedale

4 Antares Place, unit F1:
Features: 113m² office, 3 parking spaces
Rent: leased in May for $33,065/year net + gst, parking $20/space/week, net excluding parking $29,945/year, premises rental $265/m²
Agents: Ryan Dannhauser & Eddie Zhong

Silverdale

162 Foundry Rd:
Features: 572m² industrial property, 6 parking spaces
Rent: leased in May for $80,000/year net + gst, premises rental $139.86/m² (no separate parking charge)
Agents: Rosemary Wakeman

Takapuna

Smales Farm, 68-76 Taharoto Rd, B:Hive, level 1, suite 110B:
Features: 27m² office, no parking
Rent: leased in May for $29,901/year net + gst, premises rental $1107/m²
Agents: Jane Sims

Wairau Valley

12 Ashfield Rd, unit A:
Features: 470m² industrial unit – warehouse 430m², office 40m², 9 parking spaces
Rent: leased in May for $52,000/year net + gst, premises rental $111/m² (no separate parking charge)
Agents: Trevor Duffin & Chris White

56 Diana Drive, unit D:
Features: 460m² industrial unit – warehouse 310m², office 150m², 3 parking spaces
Rent: leased in May for $58,000/year net + gst, premises rental $126/m² (no separate parking charge)
Agent: Trevor Duffin

Attribution: Company release.

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