Archive | Barfoot and Thompson Commercial

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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Industrial unit & 2 apartments sell

An industrial unit in St Johns and 2 apartments were sold under the hammer at Barfoot & Thompson’s city auction today.

A Queens Lodge apartment in Newmarket, with 3 parking spaces, didn’t attract a bid.

Apartments

CBD

Victoria Quarter

Harvard on Hobson, 147 Hobson St, unit 12K:
Features: 2 bedrooms
Outgoings: body corp levy $4762/year
Outcome: sold for $352,500
Agents: Livia Li & Alan Guo

Zest, 72 Nelson St, unit 1328 (building pictured):
Features: 48m² corner unit, 2 bedrooms, 2 bathrooms, parking space
Outgoings: rates $1290/year including gst; body corp levy $5303/year
Income assessment: $495/week + $70/week for parking, current; assessment $565/week
Outcome: sold for $445,000
Agents: Selina Zheng & Alan Guo

Isthmus east

Newmarket

Queens Lodge, 176 Broadway, unit B309:
Features: 2 bedrooms, 2 bathrooms, 3 covered parking spaces
Outgoings: rates $2031/year including gst for unit & parking; body corp levies $1824/year for unit, $566, $522 & $522/year for the 3 parking spaces
Income assessment: $590/week for apartment & 3 parking spaces
Outcome: no bid
Agent: Simon Cai

Commercial

Isthmus east

St Johns

65 Elizabeth Knox Place, unit 4:
Features: vacant 230m² industrial unit, 80m² mezzanine, small office, 5 parking spaces
Outcome: sold for $880,000 + gst
Agent: Mike Jensen

Attribution: Auction.

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Bendon showroom sells at auction but 3 other properties fail to attract a bid

A Bendon Retail showroom in Otara sold on a 4.4% yield at Barfoot & Thompson’s commercial auction yesterday.

2 retail assets in an Avondale shopping centre building – one with some residential potential and both with a 32.5m height limit through their town centre zoning under the new unitary plan – were passed in without a bid. A Ponsonby office unit also failed to attract a bid.

Isthmus west

Avondale

1976 Great North Rd, unit 5:
Features: 140m², ground-floor retail unit with 10 years to run on lease
Rent: $49,735/year net + gst
Outcome: declared reserve $695,000, no bid
Agents: Reese Barragar & Colin Stewart

1976 Great North Rd, unit 6:
Features: 227m², 3 tenants – 2 retail + unconsented residential
Rent: $75,400/year gross
Outcome: declared reserve $895,000, no bid
Agents: Reese Barragar & Colin Stewart

Ponsonby

70 Ponsonby Rd, unit G5:
Features: office unit, 2 large signboards & secure parking space, on ground floor of the Quest apartment complex
Rent: $42,640/year net + gst on new long-term lease
Outcome: no bid, back on market at $898,000 + gst
Agents: Reese Barragar & Murray Tomlinson

South

Otara

18 Birmingham Rd:
Features: 1143m² section, 602m² building; Bendon Retail Ltd, tenant since 1999, is on 2-year lease with one more 2-year right of renewal
Rent: $53,857/year net + gst
Outcome: sold for $1.211 million at a 4.44% yield on current rent
Agents: James Marshall & Murray Tomlinson

Attribution: Auction.

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5 intensive residentials & 2 warehouses sell at Barfoots

Barfoot & Thompson sold 5 intensive residential properties – apartments, townhouses, suburban units, cross-leases – at its city auctions on Wednesday-Thursday, leaving 9 unsold, and sold both commercial properties on offer.

After some long silences during the residential auction yesterday, one of the warehouses was brought back and sold after some spirited bidding. The other warehouse was sold shortly after auction.

Apartments

CBD

Queen St

Queen’s Residences, 8 Airedale St, unit 1104:
Features: one-bedroom apartment, study, balcony
Outgoings: body corp levy $1858/year
Outcome: sold for $470,000 at auction brought forward
Agents: Simon Cai & Terry Kim

Uptown

Amora, 100 Greys Avenue, unit 7D:
Features: one-bedroom apartment, management contracted to the hotel until 2020, hotel pays body corporate & council levies, annual CPI increases for income
Outgoings (paid by hotel): body corp levy $4531/year + one-off $1628 special levy to install common area air-conditioning
Income assessment: exceeding $9800/year + gst
Outcome: sold for $215,000
Agents: Mike Campbell

Victoria Quarter

Harbour Green, 11 Union St, unit 1110:
Features: refurbished 2-bedroom apartment, balcony, carport
Outgoings: rates $1316/year including gst; body corp levy $5185/year
Income assessment: $520-540/week
Outcome: no bid
Agents: Selina Zheng

SugarTree, 27 Union St, unit 809:
Features: 2-bedroom apartment, 2 bathrooms, study, 2 balconies, storage locker, parking space
Outgoings: body corp levy $6999/year
Outcome: passed in at $870,000, back on market at $890,000
Agents: Livia Li & Alan Guo

Isthmus east

Epsom

1 Epsom Avenue, unit 1:
Features: cross-lease, 1/10 share in 1438m², 3-bedroom unit, balcony, carport
Outcome: no bid, back on market at $765,000
Agents: George Fong & Paul Sun

614C Manukau Rd:
Features: cross-lease, 1/4 share in 800m², 3 levels, 4 bedrooms, 4 bathrooms, 2 living areas, double internal-access garage
Outcome: no bid
Agents: Diana & Peter West

Mission Bay

Garden Court, 105 Tamaki Drive, unit 12:
Features: 2-bedroom apartment, parking space; the asset offered was 6500 shares in Garden Court Flats Ltd & the right to vacant possession of this flat
Outcome: passed in at $1 million
Agents: Andy Dye

Parnell

Farnham Terraces, 8 Farnham St, unit 2A:
Features: 140m², 2-bedroom terrace, 2 bathrooms, storage locker, tandem parking
Outgoings: body corp levy $6278/year
Outcome: passed in at $931,000
Agents: Selina Zheng & Jason Li

Royal Oak

16 Beckenham Avenue, unit 1:
Features: cross-lease, half share in 817m², 3 bedrooms, 2 bathrooms, internal-access garage
Outcome: sold for $1.301 million
Agents: Leonie Stabler & Di Lynds

St Johns

23 Strong St, unit 1:
Features: cross-lease, quarter share in 622m², 2-bedroom unit, deck, parking space
Outcome: passed in, back on market at $610,000
Agents: Cristina Casares & Jacqui Freeman

Isthmus west

Eden Terrace

10 Flower St, unit 105:
Features: 2-bedroom apartment, parking space
Outgoings: body corp levy $3912/year
Outcome: no bid
Agents: Jason Buckwell

Herne Bay

37 Sentinel Rd, unit 2:
Features: cross-lease, 1/3 share in 1442m², 3-bedroom freestanding townhouse, 2 bathrooms, attic, double garage
Outcome: sold for $1.56 million
Agents: Jack Atherton & Sherryl Jones

Mt Albert

21 Burch St, unit 6:
Features: 86m², 2-bedroom unit, balcony, garage
Outgoings: body corp levy $1040/year
Outcome: sold for $795,000
Agents: Lisa Redgrove & George Damiris

Mt Eden

69 View Rd, unit 4:
Features: cross-lease, 1/6 share in 769m², 2-bedroom apartment, offstreet parking
Outcome: passed in, back on market at $745,000
Income assessment: $540/week current
Agents: Frank Excell & Ketiesha Elliott

Commercial

Isthmus east

Onehunga

154 Captain Springs Rd:
Features: 1793m² site, 1321m² warehouse with small office, 300m² front yard, 250m from Te Papapa Station
Rent: $122,000/year net + gst + outgoings on monthly arrangement
Outcome: passed in at $2.275 million, sold for $2.476 million after further negotiation
Agents: James Marshall & Nick Wilson

Penrose

922 Great South Rd:
Features: vacant 1163m² site, 482m² warehouse, showroom & office, 450m² yard, 21 parking spaces
Outcome: passed in with no bid, sold for $1.302 million after auction reopened
Agents: Nick Wilson & James Marshall

Attribution: Auctions.

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From the Barfoots auctions: Is there a trend?

The constant question in the auctionrooms, now that the extreme price escalation of the last couple of years is over, is: Is there a trend?

And the answer is ‘No’. After a hard push in one direction, forcing some regulatory or finance action, a lull is a reasonable expectation. But there will still be outliers – a property that’s a special attraction, something that brings 2-3 bidders up against each other whereas, for many properties, if the first hope is missed the next might do just as well.

One of the 2 apartments auctioned at Barfoot & Thompson’s city auction on Thursday was sold under the hammer. The other, in Stonefields, was passed in. A commercial property in Panmure, with vacant upstairs space, was also passed in.

In the agency’s city auctions on Wednesday, both apartments – in Parnell & St Marys Bay – were passed in.

Among the other offerings that I classify as intensive – suburban units, the occasional townhouse and the many cross-leases – 10 were sold and 4 passed in.

The auctionroom was crowded for a time on Wednesday, sparsely populated for the specialist offerings on Thursday morning.

Vendors continue to have to adjust their aspirations downward, but that downward pressure is less evident when what’s on offer is a cross-lease – in many instances, a cheaper entry point to a more exclusive suburb.

The 19 properties listed below include 4 apartments & one commercial property and are mostly on the east of the isthmus. As usual I’ve ignored the main stream of standalone residential offerings.

Thursday auction – apartments

CBD

Learning Quarter

Darlinghurst, 50 Eden Crescent, unit 2H:
Features: 60m², 2 bedrooms, high stud, storage locker & parking space on separate title nearby
Outgoings: body corp levy $284/year
Outcome: sold for $581,000
Agent: Aaron Cook

Isthmus east

Stonefields

Illico Apartments, 4 Bluegrey Avenue, unit 405:
Features: one bedroom, balcony, allocated parking space + guest parking
Outgoings: body corp levy $3024/year
Outcome: passed in at $500,000
Agent: Thelina Nuval

Wednesday auctions – suburban units, cross-leases & apartments:

Isthmus east

Epsom

6 Empire Rd, unit 3:
Features: 2-bedroom unit, internal-access garage
Outcome: sold for $1.166 million
Agents: Derek Helliwell & Cathy Giles

510C Manukau Rd:
Features: 3-bedroom townhouse, 3 bathrooms, double garage
Outgoings: body corp levy $4896/year
Outcome: passed in
Agents: George Fong & Laura McAuley

46 The Drive, unit 3:
Features: cross-lease, 1/3 share in 814m², 2-bedroom unit, garage
Outcome: sold for $953,000
Agent: Maria Lambert

Greenlane

20A Matai Rd, unit 1:
Features: cross-lease, half share in 1257m², 4 bedrooms, double garage
Outcome: sold for $1.32 million
Agents: Paul Robertson & Maree Currie

Mt Wellington

10 Alana Place, unit 2:
Features: cross-lease, 1/7 share in 2625m², 2-bedroom unit, garage
Outcome: sold for $650,000
Agent: Stephen Rendell

One Tree Hill

191A Campbell Rd:
Features: cross-lease, 1/3 share in 1717m², 4 bedrooms, 2 bathrooms, study, double garage
Outcome: no bid
Agents: Andre Bodde & Paul Hodgman

56 Rawhiti Rd, unit 1:
Features: cross-lease, half share in 938m², 2-bedroom cottage, internal-access garage
Outcome: sold for $1.15 million
Agents: Alex Baker & Julie Fitzpatrick

Parnell

29C Bath St:
Features: 2-bedroom apartment, deck, offstreet parking
Outgoings: body corp levy $5809/year
Outcome: passed in
Agent: Linda Galbraith

Remuera

22B Peach Parade:
Features: cross-lease, quarter share in 1449m², 3 bedrooms, double carport
Outcome: sold for $1.02 million
Agents: Stanley & Barbara Armon

18 Rotomahana Terrace, unit 1:
Features: cross-lease, 1/3 share in 1014m², 2-bedroom unit, garage, storage
Outcome: sold for $835,000
Agent: Steve Hood

St Heliers

37C The Parade:
Features: cross-lease, 1/3 share in 1012m², 2 bedrooms, garage
Outcome: sold for $912,500
Agents: Helen McVicar & Helen Clelland

St Johns

69 & 71 Swainston Rd:
Features: cross-lease – No 69: 2 half shares in 607m², 2 2-bedroom units; No 71: 802m², 2 2-bedroom units
Outcome: passed in when offered together & separately
Agent: Helen McVicar

St Johns Park

38 Pyatt Crescent:
Features: cross-lease, half share in 828m², 3 bedrooms, study, garage
Outcome: sold for $1.252 million
Agent: Michael Ataman

Isthmus west

Mt Eden

51 Grange Rd:
Features: cross-lease, quarter share in 1637m², 4-bedroom villa, 2 bathrooms, 2 lounges, study, double garage
Outcome: passed in
Agents: Frank Excell & Ketiesha Elliott

114 Landscape Rd, unit 2:
Features: cross-lease, half share in 688m², 3 bedrooms, 2 bathrooms, garage
Outcome: sold for $1.189 million
Agents: Paul Donovan & Sharon Walls

St Marys Bay

12 New St, unit 7:
Features: one-bedroom apartment
Outgoings: body corp levy $2749/year
Income assessment: $460/week current
Outcome: passed in
Agent: Louise Stringer

Commercial

Isthmus east

Panmure

7-9 Basin View Lane:
Features: 245m² site, 430m² floor area, 3 tenancies on 2 levels, 220m² upstairs space vacant
Rent: $31,812.50/year net + gst + outgoings
Outcome: passed in at $785,000
Agent: Jane Chen

Attribution: Auctions.

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Ex-bank branch in mall attracts no interest, but Grafton apartment sells

A mall bank branch that’s about to be vacated attracted no bid at Barfoot & Thompson’s city auction today, but a Grafton apartment was sold under the hammer.

The apartment is in a block on the downhill, motorway side of the SKHY conversion of the former Winstone office tower & related development being undertaken by Lamont & Co (NZ) Ltd on Khyber Pass Rd.

Apartments

Isthmus east

Grafton

8D Madeira Lane (& 64 Khyber Pass Rd):
Features: 126m², 2 bedrooms, 2 bathrooms, study, balcony, 2 secure parking spaces
Outgoings: body corp levy $5014/year
Outcome: sold for $810,000
Agents: Johnson Chen & Emily Chen Ye

The ASB Bank branch at the Meadowbank mall, to be vacated.

Commercial

Isthmus east

St Johns

Meadowbank Shopping Centre, 35 St Johns Rd, unit 1:
Features: 271m² ASB Bank branch which will be vacated
Outcome: no bid
Agents: William Koreman & Gary Ng

Attribution: Auction.

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Gillies Ave offramp site & Interplex warehouse sell

Safari Group (NZ) Ltd has paid $4001/m² to buy a site beside the Southern Motorway offramp at Gillies Avenue, Epsom, for an apartments hotel, but hasn’t decided on the brand yet.

Safari has developed Quest, Ramada & Wyndham hotels around New Zealand as well as apartments & commercial property.

The consented development shape for 41-43 Gillies Avenue.

The site at 41-43 Gillies Avenue comes with a consented Leuschke design for 86 apartments. It’s across the intersection from the historic Highwic House, which has its entry off Mortimer Pass in Newmarket.

The sale was agreed before the scheduled closing of tenders this week.

It was one of 2 large commercial property sales by Barfoot & Thompson Commercial agents leading into Easter. The other was a vacant warehouse in the Interplex business park at Rosedale, on the North Shore, which is now up for lease.

Isthmus east

Epsom

41-43 Gillies Avenue:
Features: 2689m² beside the southbound offramp from the Southern Motorway at Gillies Avenue, 2 large houses occupy the site
Outcome: sold for $10.76 million at $4001/m²
Agent: Marie-Anne Molloy

Big Shore warehouse sale

6 Canaveral Drive, Rosedale.

Barfoot & Thompson Commercial agents said they’d achieved the highest price for an industrial property sale on the North Shore in 2½ years with the sale of a vacant warehouse in the Interplex business park to a local investor.

North-east

Rosedale

Interplex business park, 6 Canaveral Drive:
Features: 6417m² site, vacant 3228m² warehouse & office building – warehouse 2732m², dual roller-door access, office 448m² on 2 levels, showroom 48m², 70 parking spaces
Outcome: sold for $7.5 million
Agents: Chris Peterson, Chase Erceg, Simon Farland & Duane Mullooly

Attribution: Agent releases.

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Grey Lynn retail property sells

A Grey Lynn property containing 4 shops plus upstairs space was sold under the hammer at Barfoot & Thompson’s city commercial auction today. A Newmarket shop was passed in.

Isthmus east

Newmarket

33D Remuera Rd:
Features: 82m² shop
Rent: $38,250/year net + gst, lease up for renewal in 12 months
Outcome: passed in at $790,000
Agents: Kim Loo & Rex Fowler

Isthmus west

Grey Lynn

596-602 Great North Rd:
Features: 488m² section, 357m² floor area on 2 levels, 4 shops + upstairs accommodation or office
Outcome: sold for $2.38 million
Agents: Chris Peterson

Attribution: Auction.

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Otahuhu commercial unit & 3 apartments sell

A ground-floor commercial unit in Otahuhu attracted strong bidding at Barfoot & Thompson’s city auction today. Along with that sale, 3 of the 6 cbd apartments on the list also sold, including a penthouse in The Peaks (pictured) sold for just over $1.3 million.

Apartments

CBD

Queen St

Queen Victoria, 6 Victoria St East, unit 6M:
Features: 62m² + mezzanine 16m², 2 bedrooms
Outgoings: body corp levy $6616/year + $2493 special levy for exterior painting
Income assessment: $450/week
Outcome: passed in at $530,000
Agents: Zoran Farac & Stephen Shin

Uptown

Bianco off Queen, 2 White St, unit 12A:
Features: 61m², 2 bedrooms, balcony, out of hotel management
Outgoings: body corp levy $5718/year
Outcome: sold for $570,000
Agents: Selina Zheng & Tommy Zhang

Victoria Quarter

Auckland City Oaks, 188 Hobson St, unit 609:
Features: fully furnished one bedroom, parking space
Outgoings: body corp levy $6208/year
Outcome: no bid
Agents: Wendy Feng & Jack Li

Hobson Gardens, 205 Hobson St, unit 4G:
Features: 163m², 3 bedrooms, 2 bathrooms, balcony off lounge + bedroom balconies, parking space
Outgoings: body corp levy $6052/year + water
Outcome: no bid
Agents: Stephen Shin & Yasu Ka

Wiltshire, 89 Victoria St West, unit 10C:
Features: 2 bedrooms, 2 bathrooms, balcony, parking space will be removed from the title
Outgoings: body corp levy $4572/year
Outcome: sold for $670,000
Agents: Fiona Lee

The Peaks, 117 Victoria St West, unit 14D:
Features: 177m², 3-bedroom penthouse, 2 bathrooms, balcony, 2 parking spaces, storage locker
Outgoings: body corp levy $8923/year
Outcome: sold for $1.316 million
Agents: Livia Li & Alan Guo

Commercial

Isthmus east

Otahuhu

632 Great South Rd, unit 5:
Features: 195m², ground-floor unit, 5 parking spaces
Outcome: sold for $700,000
Agents: Grant Magill & Errol Rudman

Attribution: Auction.

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Panmure shops & 2 apartments sell

2 shops on Panmure’s main street and 2 of the 6 apartments sold at Barfoot & Thompson’s city auction this morning.

One of the apartments sold was in the converted former Beca Ltd headquarters (pictured) on Vincent St. Another apartment in that building didn’t attract a bid.

 

Apartments

CBD

Kitchener St

Metropolis, 1 Courthouse Lane, unit 1312:
Features: fully furnished, air-conditioned 2 bedrooms, balcony, storage locker, secure parking space
Outgoings: body corp levy $7916/year
Outcome: sold for $772,000
Agents: Betty Shao & Aaron Cook

Learning Quarter

Celestion Waldorf, 19 Anzac Avenue, unit 1702:
Features: 2 bedrooms, sub-penthouse with large balcony
Outgoings: body corp levy $8127/year
Outcome: no bid
Agents: Stephen & Leo Shin

Argent Hall, 2 Eden Crescent, unit 7B:
Features: 48m², one bedroom
Outgoings: body corp levy $4544/year
Outcome: passed in at $499,000
Agents: Stephen & Leo Shin

Uptown

132 Vincent St, unit GB:
Features: 104m², 2 bedrooms, 2 bathrooms, 2.7m stud, 20m² courtyard, storage unit, parking space
Outgoings: rates $2406/year including gst for unit, $165/year for parking; body corp levy $7481/year total
Outcome: no bid
Agent: Aaron Cook

132 Vincent St, unit 5J:
Features: 70m², air-conditioned one bedroom, 8m² balcony, parking space
Outcome: sold for $751,000
Agent: Aaron Cook

Victoria Quarter

Imperial Gardens, 135 Hobson St, unit 117:
Features: 51m², 2 bedrooms, 2 bathrooms, balcony, separate storage
Outgoings: body corp levy $1958/year
Income assessment: $500/week current
Outcome: no bid
Agents: Johnson Chen & Emily Chen Ye

Commercial

Isthmus east

Panmure

129-131 Queens Rd, Panmure, outlined & arrowed.

129-131 Queens Rd:
Features: 263m² site, 201m² floor area, 2 shops on one title
Rent: $17,025/year + gst + outgoings from 70m² shop, 131m² shop vacant but has rent appraisal of $26,025/year + gst + outgoings
Outcome: sold for $645,000
Agents: Jane Chen & Sue Ma

Attribution: Auction.

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