Archive | Bayleys

Spread of sales & leases by Shore agents

Latest transactions signed by Bayleys’ North Shore agents included sale of a hostel in the university precinct of downtown Auckland, the lease on a Ranui shop and a sale & 2 leases in the Rosedale area of Albany.

Sales

CBD

Uptown

47 St Paul St, unit 2B:
Features: 179m² 10-room Central Hostel, parking space
Outcome: sold in September for $1.18 million + gst
Agent: David Han

North-east

Rosedale

27-29 William Pickering Drive, unit F4:
Features: 210m² office, 6 parking spaces
Rent: about $55,600/year net + gst
Outcome: sold in September for $765,000 + gst at a 7.27% yield
Agents: Ildy Meixner & Alex Strever

Leases

North-east

Rosedale

1-3 Parkhead Place, unit 2:
Features: 448m² office unit, 9 parking spaces
Rent: leased in September for $95,000/year net + gst, parking $16/space/week      
Agents: Alex Strever, Laurie Burt & Matt Mimmack

10 Vega Place, unit G:
Features: 330m² industrial unit – warehouse 190m², showroom 70m², office 70m², 6 parking spaces
Rent: leased in September for $53,000/year net + gst, premises rental $160.61 (including parking)
Agents: Alex Strever & Laurie Burt

North-west

Ranui

20B Pooks Rd:
Features: 90m² retail
Rent: leased in August for $20,000/year net + gst, premises rental $222/m²
Agents: Dev Choudhury & Damian Stephen

Attribution: Agency release.

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Summit on Symonds commercial units & Grey Lynn demolition yard sell

3 commercial units on the ground floor of the Summit on Symonds building (pictured), at the corner of Karangahape Rd & Symonds St at the top of the cbd, have been sold by Bayleys agent Millie Liang.

Also sold is a Grey Lynn property currently used as a demolition yard.

CBD

Uptown

Summit on Symonds, 103-105 Symonds St, new retail units on ground floor of apartment building on the corner of Karangahape Rd:

105 Symonds St, unit 9:
Features: 43m² unit occupied by Wash Station NZ laundromat
Rent: 8-year lease from March 2016, 2 4-year rights of renewal, 2% annual rental increases & reviews to market every 4 years       
Outcome: sold for $570,000 at a 5.33% yield
Agent: Millie Liang

103 Symonds St, unit 10:
Features: 40m² unit, parking space, occupied by physiotherapist
Rent: 3-year lease from August, 2 3-year rights of renewal, 2% annual rental increases & reviews to market at renewal
Outcome: sold for $600,000 at a 5.2% yield
Agent: Millie Liang

105 Symonds St, unit 11:
Features: 68m² unit occupied by The Corner Café
Rent: 8-year lease from March 2016, 2 4-year rights of renewal, 2% annual rental increases & reviews to market every 4 years
Outcome: sold for $890,000 at a 5.37% yield
Agent: Millie Liang

Isthmus west

Grey Lynn

18 Westmoreland St:
Features: 2782m² development site zoned mixed use (18m height limit), warehouse & office building of about 1850m², currently used as demolition sales yard
Outcome: sold with vacant possession for $8.5 million at $3055/m²
Agent: Alan Haydock

Attribution: Agency release.

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4 provincial sales for Bayleys

Bayleys has sold 4 properties down country in its Total Property auction series – in Tairua, Taupiri, Opotiki & Lower Hutt.

South of the Bombays

Bay of Plenty

Opotiki

108 Church St:
Features: 413mcbd site, 330m2 building occupied by ANZ Bank since construction in 1985
Rent: $48,685/year net + gst       
Outcome: sold for $516,000 at a 9.44% yield, bank currently on a one-year lease from July with 5 one-year rights of renewal
Agents: Brendon & Lynn Bradley and Kim Williams

Coromandel

Tairua

148 Main Rd:
Features: 822mcommercially zoned site on State Highway 25, single-level streetfront building with established bakery tenancy, 3 storage sheds at rear
Rent: $29,807/year net + gst
Outcome: sold for $553,000 at a 5.39% yield
Agents: Josh Smith & Belinda Sammons

Waikato

Taupiri

1 Railway Rd:
Features: 3948m2 site, 986m2 Fonterra subsidiary Farm Source rural supply services store
Rent: $137,842/year net + gst
Outcome: sold for $2.25 million at a 6.12% yield, 8-year lease runs until 2023, 4 3-year eights of renewal
Agent: Josh Smith

Wellington

Lower Hutt

305 Jackson St:
Features: 290m2 site, 175m2 single-level office building, 71% new building standard seismic assessment
Rent: assessed potential rent $43,700/year net + gst   
Outcome: sold with vacant possession for $676,000
Agents: Andrew Smith & Paul Cudby

Attribution: Agency release.

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8 out of 10 sell at Bayleys commercial auction

8 of the 10 properties in Bayleys’ Total Property commercial auction yesterday were sold under the hammer.

6 of them were vacant or with short leases. Of the 3 where a yield could be calculated, an Asian supermarket in Papakura (outlined in picture) sold at 4.7%, a Grange hair salon at Warkworth sold at 5.9% and a Birkenhead property with 5 tenants sold at 6%.

Isthmus east

Onehunga

12 George Terrace:
Features: vacant 521m² site, 515m² refurbished standalone industrial building, zone allows live/work or residential
Outcome: sold for $1.4 million
Agents: James Valintine & William Gubb

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: sold for $3.22 million
Agents: Millie Liang

St Johns

121 Morrin Rd:
Features: 4755m² site, 2312m² high stud warehouse, 6 roller doors, small office, yard + parking
Rent: short-term tenancy in place
Outcome: sold for $6.81 million
Agents: Jamsheed Sidhwa, Luke Carran & James Valintine

North-east

Birkenhead

49-55 Birkenhead Avenue:
Features: 801m² site, 481m² floor area, 5 tenants, town centre zoning has 21m height limit
Rent: $112,070/year net + gst
Outcome: sold for $1.867 million at a 6% yield
Agents: Michael Nees, David Huang & Oscar Kuang

Browns Bay

755 Beach Rd:
Features: vacant 1029m² site, 70m² building, mixed use zoning allows building height up to 4 storeys
Outcome: passed in at $700,000
Agents: Ranjan Unka & Anna Radkevich

Rosedale

372 Rosedale Rd, unit 2A:
Features: 186.7m² first-floor office, 6 parking spaces, tenant Bayleys Real Estate Ltd
Rent: $58,209/year net + gst + outgoings, 18-month lease from 1 April, 2 18-month rights of renewal
Outcome: no bid
Agents: Matt Mimmack & Eddie Zhong

Unsworth Heights

1 Greenwich Way, shop 7:
Features: 186m² retail unit, tenant BookPrint Ltd
Rent: $51,520/year net + gst + outgoings
Outcome: withdrawn from auction
Agents: Dean Gilbert-Smith & Adam Curtis

Warkworth

The Grange, 67 Auckland Rd, unit 22A & 22B:
Features: 119m² shop, tenant Vivo Beauty Ltd
Rent: $49,100/year net + gst, new 8-year lease
Outcome: sold by the developer, Square & Main Street Ltd (Adam Reynolds) for $830,000 at a 5.9% yield
Agents: Matt Lee, James Chan & Henry Napier

North-west

Henderson

111 Lincoln Rd, unit FB:
Features: retail unit, tenant Petstock
Rent: $105,000/year net + gst, new 6-year lease
Outcome: withdrawn from auction
Agents: Tony Chaudhary & James Chan

South

East Tamaki

20 Ra Ora Drive:
Features: vacant 4885m² site, metalled, fenced & electronic security gate, former Howick Bus Co Ltd depot
Outcome: sold for $2 million
Agents: John Bolton, Roy Rudolph & Katie Wu

Papakura

303-305 Great South Rd:
Features: 2023m² site zoned business mixed use, Asian supermarket tenant
Rent: $161,740/year net + gst, new 4-year lease + 3 4-year rights of renewal
Outcome: sold for $3.44 million at a 4.7% yield
Agents: Quinn Ngo, Matt Lee & Piyush Kumar

Takanini

305 Great South Rd:
Features: vacant 990m² industrial site, 448m² warehouse
Outcome: sold for $1.52 million
Agents: Shane Snijder & Peter Migounoff

Attribution: Auction.

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2 NZ Post properties sell in Christchurch

2 NZ Post properties were sold in Christchurch on Friday to start Bayleys’ sixth Total Property commercial auction series for the year. An Ashburton property was passed in.

The auction series comes to Auckland today, with 10 properties on the auction list.

South Island

Canterbury

Ashburton

390-400 East St:
Features: 994m² corner site in Ashburton’s main street, 1329m² building, 3-year ground-floor lease from settlement to NZ Post & Kiwibank, 2 upstairs monthly tenancies, 396m² of vacant space
Rent: $56,052/year net + gst
Outcome: passed in at $425,000
Agents: Blair Young & Mitchell Wallace

Christchurch

Bishopdale

31 Bishopdale Court (pictured above):
Features: 278m² site, 309m² refurbished & strengthened building; 6-year lease until October 2022, with 2 3-year rights of renewal to arts supplies, giftware & book retailer Paper Tree, which also has NZ Post & Kiwibank services contract that includes 534 postboxes
Rent: $62,000 /year net + gst
Outcome: sold for $1.1 million at a 5.64% yield
Agents: Blair Young & Mitchell Wallace

Woolston

713 Ferry Rd:
Features: 566m² corner site adjacent to recently opened New World supermarket, 320m² standalone building – 201m² Discount Dairy tenancy which holds NZ Post services contract with 590 postboxes on lease until June 2024, and 119m² occupied by laundromat with a lease until February 2023
Rent: $60,832/year net + gst
Outcome: sold for $871,000 at 6.98% yield
Agents: Blair Young & Mitchell Wallace

Attribution: Agency release.

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2 Airport Oaks sales

2 Airport Oaks properties have been sold by Bayleys agents.

South

Airport Oaks

2 Freight Place (pictured):
Features: 7279m² site on corner of Richard Pearse Drive, 5270m² industrial building constructed in the early 2000s, occupied by third party logistics provider Online Distribution Ltd on 10-year lease until 31 October 2024 with rights of renewal until October 2033
Rent: $559,606/year net + gst
Outcome: sold for $9.735 million at a 5.75% yield
Agents: Mike Adams & Dave Stanley

38 Richard Pearse Drive:
Features: 4854m² site, 2873m² industrial building, remaining weighted average less term of 3.71 years from 3 tenancies – 1232m² of former office space over 2 levels at the front converted in 2007 to a gym; a physiotherapy clinic occupies 142m²; 1499m² of rear warehouse space has been furniture company Early Settler’s distribution centre since 2009, in conjunction with an adjoining property
Rent: $351,750/year net + gst
Outcome: sold for $4.845 million at a 7.26% yield
Agents: Jamsheed Sidhwa, Luke Carran & Nelson Raines

Attribution: Agency release.

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6 Orchard Park transactions among 15 sales & leases

3 units in the Orchard Park retail hub at Albany have been sold and 3 leased by Bayleys agents in the last month.

Goodman Group bought the 12.1ha for Orchard Park in 2012 from Rick Martin’s Cornerstone Group Ltd and its banker, Bank of Scotland subsidiary BOSIAL (BOS International (Australia) Ltd).

The site, at the southern end of what was the Albany City leasehold land, is on both sides of Corinthian Drive, which curls round the southern slope facing back toward Auckland, and is freehold again.

The 3-building Orchard Park retail hub has been developed by Northbridge Properties Ltd (Craig Green). It has 16 units in 2026m² and 94 common parking spaces and is the second stage of retail in the development. The first stage, the Corinthian retail centre, has 14 units.

The Orchard Park deals are among 6 sales & 9 leases in the latest transaction report from Bayleys’ North Shore office.

Sales

North-east

Albany

Orchard Park retail hub, 21-25 Corinthian Drive, unit 8A:
Features: 76m² retail unit
Outcome: sold in August for $701,000 + gst at $9224/m²
Agent: Eddie Zhong

Orchard Park retail hub, 21-25 Corinthian Drive, unit 11A:
Features: 81m² retail unit, shared parking
Rent: $49,971/year net + gst including $5421/year parking share
Outcome: sold in September for $912,000 + gst at $11,993/m², yield 5.48%
Agents: Eddie Zhong, Damian Stephen & Michael Block

Orchard Park retail hub, 21-25 Corinthian Drive, unit 11B:
Features: vacant 92m² retail unit
Outcome: sold in August for $940,000 + gst at $10,217/m²
Agents: Eddie Zhong, Damian Stephen & Michael Block

52 Oteha Valley Rd, unit M:
Features: 278m² standalone retail, corner unit in 13-unit retail complex completed in 2001
Outcome: sold vacant in August for $2.1 million + gst at $7554/m²
Agents: Adam Curtis, Adam Watton & Eddie Zhong

Rosedale

43 Omega St, unit 1H:
Features: 226m² first-floor air-conditioned office unit, 6 parking spaces
Outcome: sold vacant in July for $660,000 + gst at $2920/m² land & building
Agent: Ryan Dannhauser

North-west

Glen Eden

44 Ambler Avenue:
Features: 1348m² residential site           
Outcome: sold in August for $1.28 million + gst
Agents: Michael Block & Damian Stephen

Leases

North-east

Albany

Orchard Park retail hub, 21-25 Corinthian Drive, unit 6B:
Features: 144m² retail area, shared parking
Rent: leased in August for $90,000/year net + gst, premises rental $625/m²
Agent: Eddie Zhong

Orchard Park retail hub, 21-25 Corinthian Drive, unit 7A:
Features: 87m² retail area
Rent: leased in August for $53,672/year net + gst, premises rental $616.92/m²
Agents: Steven Liu & Eddie Zhong

Orchard Park retail hub, 21-25 Corinthian Drive, unit 8B:
Features: 78m² retail area, shared parking
Rent: leased in August for $48,000/year net + gst, premises rental $615/m²
Agent: Eddie Zhong

Rosedale

9 Apollo Drive, unit G:
Features: 130m² office, 4 parking spaces
Rent: leased in May for $31,875/year net + gst, including 4 parking spaces at $21.99/space/week; net rent excluding parking $27,300/year, premises rental $210/m²
Agents: Jane Sims & Steven Liu

43 Apollo Drive, unit D, suite 1:
Features: 15m² office, parking space
Rent: leased in August for $7713/year net + gst, parking $21.35/space/week; net rent excluding parking $6603/year, premises rental $440/m²
Agent: Jane Sims

5 Douglas Alexander Parade, unit C4:
Features: 55m² industrial unit – warehouse 40m², office 15m², 2 parking spaces
Rent: leased in August for $11,500/year net + gst (no allocation for parking), premises rental $209/m²
Agent: Laurie Burt

9 John Glenn Avenue, unit 1:
Features: 755m² warehouse – warehouse 493m², office 198m², mezzanine 64m², 10 parking spaces
Rent: leased in August for $103,000/year net + gst, premises rental $136/m² (no allocation for parking)
Agents: Laurie Burt (Bayleys) & Chase Erceg (Barfoot & Thompson)

59 Paul Matthews Rd, unit 4:
Features: 182.7m² industrial unit, 4 parking spaces
Rent: leased in August for $36,000/year net + gst, parking $15/space/week, net excluding parking $32,880, premises rental $178/m²
Agents: Ildy Meixner & Laurie Burt

Takapuna

15 Auburn St, unit 1C:
Features: 100m² office, 2 parking spaces
Rent: leased in August for $26,000/year net + gst (no allocation for parking), premises rental $260/m²
Agents: Chris White & Jane Sims

Link:
Northbridge Properties 2015 plan, Orchard Park retail hub

Earlier story:
28 September 2012: Goodman’s Orchard Park a 12ha office & light commercial precinct

Attribution: Agency release.

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4 isthmus commercial sales

Bayleys’ city & fringe commercial team has completed sales in the fast-changing Sale St above Victoria Park (13 Sale St outlined in the picture above), and in Morningside, Newton & Remuera.

CBD

Victoria Quarter

13 Sale St:
Features: 438m² character office building, seismic rating 72% new building standard290m² open plan ground floor plus mezzanine, 9 secure basement parking spaces
Outcome: sold with vacant possession for $3.2 million
Agents: Cameron Melhuish, Matt Gordon & Genevieve Thompson-Ford

Isthmus east

Remuera

591 Remuera Rd:
Features: 167m² Upland Village site zoned neighbourhood centre, 159m² 2-level building built in 1973; ground-floor tenant Remuera Village Medical Centre exercised the first of 4 5-year rights of renewal in 2016, upstairs beauty clinic exercised last 2-year right of renewal in 2016
Rent:
 $65,839/year net + gst
Outcome: sold for $1.61 million at a 4.09% yield 
Agents:
 Cameron Melhuish, Andrew Wallace & Genevieve Thompson-Ford                                   

Isthmus west

Morningside

596 New North Rd:
Features: 813m² site zoned local centre, 18m height limit, 295m² warehouse & office building at rear, 2 short-term leases provide holding income until July 2018
Rent: $69,500 /year net + gst
Outcome: sold for $2.52 million
Agents: James Were & Scott Kirk

Newton

19 Newton Rd: 
Features: 1804m² site zoned business – mixed use, 18m height limit, 2123m² 3-level commercial building, 52 parking spaces, partly leased on short-term tenancies
Outcome: sold for $7.675 million
Agents: Scott Kirk & James Were

Attribution: Agency release.

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11 South Island commercial sales

Bayleys agents have sold 11 commercial properties around the South Island – in Nelson, Canterbury & South Canterbury and Otago – including the Baaa Bar (pictured), reputed to be the last student pub in north Dunedin still standing.

South Island

Canterbury

Middleton

5 Venture Place:
Features: 4768m² site, 2230m² 40m-wide clearspan warehouse, 460m² of offices, 46 offstreet parking spaces
Outcome: sold vacant for $4.05 million
Agents: Stewart White, Alex White & Nick O’Styke

Rangiora

8-10 John Rd:
Features: 1305m² site, 495m² newly constructed childcare centre; new 10-year lease plus 2 6-year rights of renewal
Outcome: sold for $2.625 million at a 6.24% yield
Agents: Stewart White, Chris Frank & Tony Chaudhary

Shirley

204 Hills Rd:
Features: 4370m² corner site, 1228m² suburban shopping centre, 9 tenants, 46 parking spaces
Rent: $371,772/year net + gst
Outcome: sold for $5.33 million at a 6.97% yield
Agents: Blair Young & Mitchell Wallace

Sockburn

10 William Lewis Drive:
Features: 2425m² vacant industrial site in central business park
Outcome: sold for $815,000 at $336/m²
Agent: Nick O’Styke

Wigram

9 Kilronan Place:
Features: 1935m² industrial site, 1014m² warehouse/workshop, 5.5m at knee with 5-tonne crane, 47m² office
Outcome: sold vacant for $1.35 million
Agents: Stewart White, Nick O’Styke & Alex White

12C Symes Rd:
Features: 890m² industrial unit, 3.5 tonne gantry crane, 13 parking spaces in small business park; seismically strengthened to 67% of new building standard; new 4-year lease
Rent: $95,000/year net + gst
Outcome: sold for $1.307 million at a 7.27% yield
Agent: Nick O’Styke

Woolston

Kennaway Rd, lot 14:
Features: new 1000m² warehouse, 200m² of offices in Portlink Industrial Park
Outcome: sold to an owner-occupier for $2.3 million in a design, build & purchase agreement
Agents: Greg Mann & Garry Ottmann

South Canterbury

Lake Tekapo

11 & 13 Sealy St:
Features: 8094m² vacant site in 2 titles, zoned residential 2 but suitable for commercial visitor accommodation
Outcome: sold for $3.5 million at $432/m²
Agent: Tracy Chen

Nelson

The Wood, 87 Grove St:
Features: 749m2  site occupied by The Bush Inn, comprising 16 studio units plus living areas, laundry & kitchen; building completely redeveloped & 100% occupied, manager’s apartment upstairs
Outcome: sold as freehold going concern for $1.25 million
Agent: Gill Ireland

Tahunanui

24 Golf Rd:
Features: 1487m² site, tenanted 13-unit 610m² motel, A grade seismic rating, standalone 3-bedroom manager’s accommodation
Outcome: sold for $1.23 million at a 6.5% yield
Agent: Gill Ireland

Otago

Dunedin

746 Great King St:
Features: 403m² site in university area & on State Highway 1 corner, 390m² bar/restaurant, leased to Baaa Sports Bar & Grill for 10 years from June 2017, 2 5-year rights of renewal
Rent: $90,000/year net + gst
Outcome: sold for $1.2 million at a 7.5% yield
Agent: Robin Hyndman

Attribution: Agency release.

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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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