Archive | Agency

Dowling moves to CBRE to open West Auckland office

Deborah Dowling (pictured), who managed Colliers’ new West Auckland office based in the NorthWest Shopping Centre when it was split last year from the North Shore office, has moved to CBRE as its managing director for both territories.

She has a team of 8 agents working from CBRE’s city office until their new premises in the NorthWest centre are ready in late August.

CBRE’s senior managing director for New Zealand, Brent McGregor, said today: “Being able to establish a physical presence out west provides clear advantage to our clients. Deborah’s team has about 40 years’ experience in the western & North Shore suburbs. With dedicated specialists for each area, CBRE’s clients in these locations are in very capable hands.”

Mr McGregor said the new office would open at a time of important change in Auckland’s infrastructure development: “The newly opened Waterview Connection provides significant commercial property opportunities in the western suburbs due to the enhanced freight logistics it provides.”

He said the team had experience across industrial, retail, commercial, development land & lifestyle blocks.

“Deborah & her team are well known for their success running auction campaigns for their clients, and will continue to do so in the new CBRE office. The West Auckland office will be set up with full auction facilities, allowing CBRE to run regular auctions from both West Auckland & the Auckland cbd.”

Attribution: Agency release.

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6 sales & 7 leases for Bayleys in Manawatu & Wellington

Bayleys offices in the lower North Island, but primarily in the Wellington region, have reported 6 sales & 7 leases of commercial space.

Image above: 57 Kiln St, Silverstream.

South of the Bombays


Palmerston North

43 Alderson Drive:
Features: 7552m² site, 1504m² industrial building used as a cold storage facility by national tenant Big Chill on a 12-year lease from 2013 with annual CPI increases; includes 1692m² of adjoining development land
Rent: $369,937/year net + gst
Outcome: sold for $5.4 million at a 6.85% yield
Agent: Fraser Press

328-330 Broadway:
Features:1356m² cbd site, 2-level 920m² commercial building, 7 tenants; 3 ground-floor retail tenants including TAB and offices above, on 2- to 3-year leases
Rent: $149,100/year net + gst
Outcome: sold for $1.8 million at an 8.3% yield
Agents: Karl Cameron, Lewis Townshend & Bede Blatchford



138 The Terrace:
Features: 605m² site, 9-level 3000m² office building, 7 tenants including Kiwibank, Chen Palmer & QE2 National Trust, on varying lease expiries through until 2023
Rent: $679,083/year net + gst
Outcome: sold for $7.55 million at an 8.99% yield
Agent: Mark Sherlock

Lower Hutt – Wingate

15 Eastern Hutt Rd, Wingate.

15 Eastern Hutt Rd:
Features: 4108m² site – 1438m² yard, 2670m² warehouse building; purpose-built distribution centre for Harvey Norman which has a 5-year lease from November 2016, with 4 5-year rights of renewal
Rent: $264,230/year net + gst
Outcome: sold for $3.5 million at a 7.55% yield
Agents: Mark Hourigan & Fraser Press


35 Te Roto Drive:
Features: 1.0865ha corner site with parking for over 100 cars & 3616m² data centre; Unisys NZ Ltd has occupied the site for 17 years and signed a new 5-year lease in October 2016, with 3 3-year rights of renewal
Rent: $457,000/year net + gst
Outcome: sold for $5.71 million at an 8% yield
Agents: Mark Sherlock & Stephen Lange

Upper Hutt – Silverstream

57 Kiln St:
Features: 4.0369ha site 167 parking spaces, 23,481m² warehouse & office building developed in the 1980s as Foodstuffs (Wellington) Ltd’s head office & distribution centre; 12,228m² of high stud, clearspan, drive-through warehousing, 5420m² of lower stud warehousing & 5733m² of offices partly refurbished in 2012
Outcome: sold by Foodstuffs to another owner-occupier for $10 million
Agents: Richard Faisandier, Mark Hourigan & Fraser Press




102-122 Lambton Quay, level 8:
Features: 379m² of B grade office space, one-year lease term
Rent: $130,165/year + gst at $350/m²
Agent: Jim Wana


6 Hurring Place, unit 2a:
Features: 1680m² industrial building with office accommodation over 2 levels
Rent: $273,030/year net + gst
Agent: John Pritchard

Te Aro

3 Market Lane
Features: Lease assignment of 1960m² of office space on 3 levels by Xero to co-working business BizDojo encompassing just over 3 years on the initial lease term plus further rights of renewal until 2027 as well as naming rights; Xero will relocate this year from 3 buildings to become anchor tenant in the nearby former Manthel Motors heritage building being redeveloped by The Wellington Co Ltd
Rent: Undisclosed
Agents: Luke Frecklington & Luke Kershaw

82 Tory St:
Features: 250m² of restaurant space, 6-year lease term
Rent: $120,000/year + gst at $350/m²
Agent: Luke Frecklington

Lower Hutt

531 High St:
Features: 3569m² lowrise office building, 75 parking spaces, leased for 6-year term
Rent: $856,080/year + gst at $240/m²
Agent: Matt Gibbs


4 Glover St:
Features: 2500m² industrial building, 7m high warehouse with multiple entries, offices, 15 parking spaces
Rent: $330,000/year + gst
Agent: John Pritchard

Upper Hutt

20 Somme Rd:
Features: 1000m², 2 floors of office & lab space with modern fitout; 12-year lease term begins on 1 October
Rent: $212,220/year + gst
Agent: Matt Gibbs

Attribution: Agency release.

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2 commercial properties sell at Colliers auction

Both commercial properties auctioned at Colliers yesterday were sold under the hammer.

The agents said the Onehunga property’s overall size and warehouse:office ratio was in huge demand from occupiers, with little to no supply in this size & price range, and it was under-rented.

Isthmus east


34 Princes St:
Features: 627m² mixed-use site, 405m² net lettable area – warehouse 341m², office 63m², seismic rating 75% of new building standard
Rent: $43,000/year net + gst (under-rented)    
Outcome: sold for $1.185 million
Agents: Ben Cockram & Hamish West


Flat Bush

2 Bishop Dunn Place, unit 3:
Features: vacant 132m² ground-floor office fronting Te Irirangi Drive  
Outcome: sold for $685,000
Agents: Matthew Barnes & Jeremy Barnett

Attribution: Auction documents.

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Christchurch leases signed

Knight Frank agents have signed tenants to 3 new office & warehouse leases around Christchurch.


South Island – Canterbury


49 Sir William Pickering Drive, unit 3:
Features: 100m² first-floor office, 4 parking spaces
Rent: $28,310/year net + gst + opex
Agents: Tom Lax & Campbell Taylor


35 Illinois Drive, unit 10:
Features: 113m² warehouse unit with small office
Rent: $15,500/year net + gst + opex
Agent: Myles Addington


22 Sonter Place, unit 1:
Features: 470m² warehouse – 180m² office/showroom, parking
Rent: $78,000/year net + gst + opex
Agent: Craig Edwards

Attribution: Agency release.

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Petrol station sells on 4.6% yield

A Ponsonby petrol station has been sold on a 4.6% yield and a Morningside warehouse has been leased by Colliers agents. In Christchurch, the agency has sold a Riccarton office building at auction.


Isthmus west


47 Jervois Rd:
Features: 550m² unit title, BP petrol station
Outcome: sold for $2.285 million at a 4.6% yield
Agents: David Palmer & John Davies

South Island


Christchurch – Riccarton

15 Leslie Hills Drive:
Features: 832m² site, 354m², 2-storey office building, 9 parking spaces
Rent: $80,000/year net + gst + opex from renewed 2-year lease
Outcome: sold at auction for $902,500
Agents: Mark Macauley & Will Franks


Isthmus west


18-20 Morningside Drive:
Features: 1600m² site, 1300m² warehouse owned by Metge Properties Ltd, 15 parking spaces, new long-term lease to Brownies Mattresses Ltd
Agents: Jonathan Lynch & Leroy Wolland

Attribution: Agency release.

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NZL to move Mt Maunganui operations to Tauriko

Freight & logistics company NZL Group Ltd has signed to move its Mt Maunganui operations to a $20 million purpose-built facility at the Tauriko Business Estate, 10km from the port, between state highway 29 over the Kaimais to the Waikato and the highway 36 bypass to Rotorua.

Colliers industrial leasing specialist Rob Schoeser said NZL would move to a high-tech 17,000m² warehouse with a new head office on Whango Place, Tauriko, scheduled for completion in mid-2018.

NZL occupies a site at Mt Maunganui owned by businessman & former MP Bob Clarkson, who will develop the new facility. NZL has signed a 15-year lease with rights of renewals.

Mr Schoeser said the supply of land around NZL’s Mt Maunganui headquarters was limited, and Tauriko was the only area in Tauranga with enough land for such a large development.

Tauriko Business Estate is a 255ha development site, 9.9km from the port of Tauranga.

New Plymouth-based Transport Investments Ltd bought NZL Group a month ago from Ken Harris, who led a management buyout of the group from P&O Australia Ports Pty Ltd in 2006.

Attribution: Agency release, company documents.

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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.



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



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


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



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


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


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)
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)
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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2ha Helensville residential subdivision site sold

A 2ha site on the Kaipara River at Helensville with a scheme for 28 homes has been sold by Colliers.



5 Mill Rd:
Features: 2.07ha development site on the Kaipara River, zoned for single housing, proposed scheme for 28 sections of 601-1028m²
Outcome: sold for $2.35 million
Agents: Ryan de Zwart, Craig Smith & Matt Prentice

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.



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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8 properties sell at Bayleys’ southern auctions

8 North Island properties south of Auckland were sold in Bayleys’ Total Property auction series last week.

Image above: The Turners Auto building in Palmerston North, including the Workshop bar, sold last week on a 6.4% yield.

Bay of Plenty – Rotorua

Fairy Springs

153 Fairy Springs Rd:
Features: 1184m² site opposite Skyline Skyrides – 86m² showroom, 130m² 3-bedroom house plus 72m² workshop/garage
Outcome: sold with vacant possession for $580,000
Agents: Mark Slade & Brei Gudsell


320 Malfroy Rd:
Features: 3039m² commercial site, 502m² building split into 2 tenancies, education facility & dance studio, on 2- & 3-year leases
Rent $60,000/year net + gst
Outcome: sold for $650,000 at a 9.23% yield
Agents: Mark Slade & Brei Gudsell


Palmerston North

201-203 John F Kennedy Drive:
Features:  7454m² corner site, recently refurbished 2440m² warehouse & commercial building; anchor tenant NZX-listed Turners Auto has been in occupation for 19 years and renewed last July for 9 years; 392m² Workshop bar is the other occupant on 6-year lease from December 2016  
Outcome: sold for $3.855 million at a 6.4% yield
Agents: Dave & Kate Looney


Te Awamutu

61 Bruce Berquist Drive:
Features: 4732m² industrial site occupied by longstanding storage business, 132 units totalling 1520m² leased to over 100 tenants
Rent $192,000/year net + gst
Outcome: sold for $2.52 million at a 7.62% yield
Agent: Andrew Shaw

Te Rapa

31 McKee St:
Features: 1990m² industrial site, 661m² of modern buildings, 3 long-term tenants
Rent $90,973/year net + gst
Outcome: sold for $1.51 million at a 6.02% yield
Agent: Andrew Shaw

Wellington – Lower Hutt


15 Wakefield St:
Features: 769m² site, 792m² high stud, column-free warehouse by the Dowse Interchange, holding income from lease expiring 31 January 2018
Rent: $70,000/year gross + gst
Outcome: sold for $450,000
Agents: Paul Cudby & Matt Gibbs


12 Horlor St:
Features: 406m² site, 393m² 1950s industrial building with good seismic rating plus 5 parking spaces; 296m² ground-floor warehouse/workshop, showroom plus 97m² mezzanine office
Rent: estimated potential income of $39,725/year net + gst
Outcome: sold with vacant possession for $480,000
Agent: Paul Cudby


10 Te Puni St:
Features: 2130m² site adjacent to new Rebel Sports and Briscoes stores in Petone West’s growing bulk retail precinct, 1503m² high stud warehouse, office & showroom building, leased to 3 tenants with final lease expiries from 2018-20
Rent: $146,401/year net + gst (estimated full market rental $207,299 year net + gst)
Outcome: sold for $2.394 million at a 6.1% yield
Agents: Matt Gibbs & Fraser Press

Attribution: Agency release.

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