Archive | Agency

North Shore’s Snell prevents total Cantabrian cleanup at auctioneering competition

Christchurch contestants took out 3 of the top 4 awards at the Real Estate Institute’s auctioneering competition in Auckland this week.

Ned Allison (Harcourts Grenadier) won the senior competition and Mark McGoldrick (Harcourts Canterbury, Ilam) was runner-up. They’ll represent New Zealand at the Australasian auctioneering championships in Adelaide in September.

In the “rising stars” competition for the Colin Brown Memorial Cup, Tim Snell (Harcourts Cooper & Co East Coast Bays, Auckland) won and Caleb Griffioen (Gold Real Estate, Christchurch Parklands) was runner up.

The annual championships drew 21 senior entries and 18 for the rising stars contest.

Real Estate Institute chief executive Bindi Norwell said the competition was wide open as the reigning champions didn’t enter.

Attribution: Institute release.

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3 ex-Masala restaurants nearly make $8 million forfeiture order price tag at auction

3 restaurants in the former Masala chain were sold for $7.875 million at Bayleys’ auction yesterday, just short of a forfeiture order made in February.

Image above: Dining room of the former Masala restaurant in Mt Eden.

A Glen Eden shop with the Mad Butcher as tenant and a Dilworth apartment at the foot of Queen St were also sold under the hammer.

The restaurants, owned by JKK Holdings Ltd (Supinder Singh & Daisy Kaur) were taken to auction by the Official Assignee under the Criminal Proceeds (Recovery) Act after Justice Rebecca Edwards agreed in the High Court to an $8 million assets forfeiture order between the Commissioner of Police and 8 companies & 2 individuals associated with the Masala restaurant chain.

Justice Edwards said in her decision approving the settlement: “The settlement sum of $8 million represents almost all of the unlawful benefit said to have been derived from the tax evasion offending. The settlement sum is expected to be met in full through the sale of restrained properties.”

The 2 individuals, Joti Jain & Rajwinder Singh Grewal, were sentenced in 2015 to home detention and ordered to pay reparations on a long list of immigration & exploitation charges.

In March, Ms Jain was reported to have left New Zealand ahead of an appeal against being deported, but she was in the auctionroom yesterday.

All 3 restaurants in Mt Eden, Stanmore Bay & Birkenhead attracted multiple bidders. The properties were marketed for sale on an “as is where is” basis and subject to occupancy.

Apartments

CBD

Queen St

Dilworth, 22 Queen St, unit 5L:
Features: one bedroom, high stud
Outcome: sold for $530,000
Agents: Julie Prince & Diane Jackson

Commercial

Isthmus west

Mt Eden

510 Mt Eden Rd:
Features: 554m² section, 200m² restaurant in converted villa at corner of Disraeli St in Mt Eden village, additional 206m² downstairs area gives potential to split risk
Outcome: sold for $3.61 million on “as is where is” basis, subject to occupancy
Agents: Scott Kirk, Adam Curtis, John Algie

North-east

Birkenhead

188-192 Hinemoa St:
Features: 835m² site, development potential, 280m² restaurant in converted villa, wraparound covered deck, vacant office area below restaurant previously used as accommodation
Outcome: sold for $2.535 million on “as is where is” basis, subject to occupancy
Agents: Adam Curtis, John Algie & Damian Stephen

Stanmore Bay

195 Brightside Rd:
Features: 1783m² site, 276m² restaurant
Outcome: sold for $1.73 million on “as is where is” basis, subject to occupancy
Agents: Jeremy Milton, John Algie & Adam Curtis

North-west

Glen Eden

5 Oates Rd, unit 5:
Features: 292m² corner unit in block of 13 shops, dual access, split internally between retail, office storage, meat processing & cool storage, opportunity to split or occupy the tenancy
Rent: $92,040/year net + gst from established tenant, the Mad Butcher
Outcome: sold for $1.375 million at a 6.7% yield
Agents: Adam Curtis, Adam Watton & Oscar Kuang

Earlier story:
28 February 2017: $8 million Masala assets forfeiture agreed

Attribution: Auction.

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Neales Rd building sells

Colliers agents have sold an industrial building on Neales Rd, East Tamaki.

South

East Tamaki

11 Neales Rd:
Features: 2693m² industrial site, 1454m² building, 2 tenancies – 694m² front unit with mix of high & low stud, 760m² rear unit has factor & office/amenity space, yard
Outcome: sold for $2.385 million + gst
Agents: Jolyon Thomson & Paul Higgins

Attribution: Agency release.

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2 mixed-use buildings and a childcare centre sell

Bayleys agents have sold 2 buildings zoned mixed use in Kingsland & Glen Eden, and a new childcare centre at Westgate.

Isthmus west

Kingsland

343 New North Rd:
Features: 372m² site zoned mixed use (height limit 21m), 222m² industrial building with mezzanine storage, constructed in mid 1970s; automotive tenant in occupation for over 20 years, now on month-to-month lease
Rent: $36,000/year net + gst
Outcome: sold for $1.65 million at a 2.18% yield
Agents: Kate Kirby & Stephen Scott

North-west

Glen Eden

41 Cartwright Rd:
Features: 2062m² site zoned mixed use, 3 industrial buildings of 345m², 372m² & 527m², one tenanted & 2 vacant, both vacant premises refurbished & ready for occupation; 3-year lease on 372m² building to automotive tenant until August 2019, 2 3-year rights of renewal; residential redevelopment potential longer term
Rent: $24,000/year net + gst
Outcome: sold for $1.7 million
Agents: James Valintine & William Gubb

Westgate

575 Don Buck Rd, unit 6:
Features: 3998m² site, new 1159m² childcare centre licensed for 110 children; one of 6 units in recently built commercial complex near intersection with Fred Taylor Drive, leased to Learning Tree Childcare Centre for 15 years plus 2 10-year rights of renewal
Rent: $286,000/year net + gst, 3% fixed rental increases every 2 years from November 2020
Outcome: sold for $4.7 million at a 6.08% yield
Agents: Tony Chaudhary, Janak Darji, James Chan & Matt Lee

Attribution: Company release.

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Shop & small industrial unit sell at auction

Barfoot & Thompson agents sold 2 commercial properties at auction yesterday, one a Mt Roskill liquor store and the other an industrial unit in Mt Wellington.

Isthmus east

Mt Wellington

84 Elizabeth Knox Place, unit 2:
Features: 140m² air-conditioned industrial unit – 2 offices, showroom, unconsented mezzanine floor, camera security system, 3 parking spaces
Outcome: sold vacant for $706,000
Agent: Mike Jensen

Isthmus west

Mt Roskill

1228 Dominion Rd:
Features: 159m² site, dual access, 238m² building, liquor store & basement,
Rent: $42,000/year + gst + outgoings, next rent review August 2018
Outcome: sold for $815,000 at a 5.15% yield
Agents: Nick Wilson & Cam Paterson

Attribution: Auction.

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Brooklyn apartment & Thames retail passed in

A refurbished apartment in the Brooklyn building on Emily Place and a Thames retail building were passed in at Bayleys’ auction on Wednesday.

Apartment

CBD

Learning Quarter

Brooklyn, 66 Emily Place, unit 44:
Features: refurbished one-bedroom apartment
Outgoings: body corp levy $4862/year
Outcome: passed in after bid at $450,000 and vendor bid at $475,000
Agents: Julie Prince & Diane Jackson

Commercial

South of the Bombays

Coromandel

Thames, 101 Pahau St:
Features: 587m² building, 2 retail tenants – Resene Paints Ltd & St John Op Shop, upstairs office suite vacant
Rent: $48,600/year net + gst
Outcome: passed in at $665,000
Agents: Geoff Graham

Attribution: Auction.

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Henderson warehouse sells

A vacant warehouse on Brick St, Henderson, sold under the hammer at Colliers’ auction on Wednesday.

North-west

Henderson

14 Brick St:
Features: vacant 1444m² site on corner of Mihini St, 551m² office & warehouse, 3 roller doors
Outcome: sold for $1.7 million
Agents: Dhiru Patel & Dwayne Warby

Attribution: Auction documents.

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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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Epsom office building sells

JLL agents Jarred Hill & Jason Armstrong have sold a Great South Rd building near the Market Rd corner in Epsom with a rent underwrite in place.

Under the mixed-use zone, the site can be developed up to 4 storeys or 18m.

Isthmus east

Epsom

97 Great South Rd:
Features: 1053m² site, 718m² office building, 2 established tenants on leases expiring at the start of 2020, covered parking
Rent: $175,000/year
Outcome: sold for $3.9 million, reflecting a 5.1% yield on underwritten market rental (landlord underwrote rent to market level $200,000 net for the remaining lease term)
Agents: Jarred Hill & Jason Armstrong

Attribution: Agent release.

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Mixed-use building above Birkenhead bush passed in

A multi-tenant property in the middle of the Birkenhead business area was passed in at Colliers’ auction on Wednesday.

The property has been held by one family since 1965. The site drops away and the rear vacant portion of about 430m² of undeveloped land adjoins Le Roys Bush Reserve.

North-east

Birkenhead

49-55 Birkenhead Avenue:
Features: 802m² site, 481m² floor area on 3 levels, zoned mixed use, 6 tenancies – 2 shops at street level, a rear commercial office space and 2 other commercial tenancies and a basement storage unit
Rent: $109,830/year net from 5 tenants
Outcome: no bid
Agents: Euan Stratton, Jimmy O’Brien & Ellie Martin

Attribution: Agent release.

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