Archive | Colliers International

Bidders stay clear of office unit auction

The one property up for auction at Colliers yesterday, an office unit on Pitt St at the top of the cbd, failed to attract a bid.

CBD

Uptown

29 Pitt St, unit 2:
Features: 170m² office unit, secure covered parking space
Outcome: no bid
Agents: Simon Felton & Tony Allsop

Attribution: Auction documents.

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5 sales by Colliers

Colliers agents have sold a Victoria Park Market restaurant and a Rosedale office in Auckland. In the South Island, the agency has offices in Christchurch & Dunedin and a quake-damaged motel in Christchurch.

CBD

Victoria Quarter

Victoria Park Market, Drake St, unit 74:
Features: 268m² net lettable area, New York-style restaurant & bar, the Oak Room, on 6.5-year lease
Rent: $100,794/year + gst     
Outcome: sold for $1.3 million at a 7.8% yield
Agents: Adam White, Simon Felton, Gareth Fraser & Tony Allsop

North-east

Rosedale

9C William Pickering Drive:
Features: 377m² 2-level office     
Outcome: sold by private investor to owner-occupier Zen Connections Ltd for $1.395 million
Agents: Janet Marshall & Kerry Cook

South Island

Christchurch

Merivale

49 Papanui Rd:
Features: quake-damaged former Adelphi motel, 1517m² site, 12 motel units & a manager’s unit
Outcome: sold at auction for $1.7 million on an “as is, where is” basis
Agents: Will Franks & Mark Macauley

Rolleston

7 Tennyson St:
Features: 2781m² site, 261m² retail, new 10-year lease to Restaurant Brands Ltd
Rent: $170,000/year net + gst     
Outcome: sold at auction for $3.215 million + gst at a 5.3% yield
Agents: Courtney Doig & Charlie Oscroft

Dunedin

ASB House, 248 Cumberland St, levels 1 & 2:
Outcome: sold for $2.825 million at a 7.6% yield
Agent: Dean Collins

Attribution: Agency release.

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Onehunga warehouse sells at auction

An Onehunga warehouse (outlined in blue in photo) was sold at Colliers’ auction today, but a Milford property with potential upstairs development was passed in.

Isthmus east

Onehunga

51 Angle St:
Features: 556m² site zoned heavy industry, 413.8m² warehouse, 45.1m² office
Outcome: sold vacant for $1.345 million
Agents: Jeremy Barnett & Ben Cockram

North-east

Milford

83-85 Kitchener Rd:
Features: 261m² site, 295.7m² floor area, 2 first-floor apartments consented, 4 parking spaces
Rent: $98,000/year net from 2 ground-floor tenants, potential additional residential rent of $50,000/year
Outcome: passed in
Agents: Mike Ryan, Euan Stratton & Matt Prentice

Attribution: Auction documents.

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Leaseback supports strong Mt Maunganui sale price

A Mt Maunganui industrial property has been sold by Colliers agents on a 5.15% yield on current rent, with a leaseback available.

South of Bombays

Mt Maunganui

133 Newton St:
Features: 1312m² site, 817m² office/showroom/warehouse; leased until June 2019 with no right of renewal, tenant down-sizing its operation & offering a leaseback until May 2019
Rent: $100,000/year net + gst + outgoings       
Outcome: sold for $1.91 million + gst
Agents: Rob Schoeser & Simon Clark

Attribution: Agency release.

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Tauriko & Silverstream business land sales

Colliers agents in the Bay of Plenty have sold a Tauriko industrial development site (pictured) and a Tauranga office building.

In Otago, 2 lots in the Silverstream Business Park in Mosgiel have been sold.

South of the Bombays

Bay of Plenty

Tauranga

115 Cameron Rd:
Features: 810m² site, 2-storey 851m² office building, 10 parking spaces
Rent: $158,594/year net + outgoings + gst
Outcome: sold for $3.1 million at a 5.1% yield
Agents: Simon Clark & Duncan Woodhouse

Tauriko

lot 232 Kennedy Rd:
Features: vacant 4799m² industrial development site, rear right-of-way for dual access
Outcome: sold for $1,775,630 at $370/m² land
Agents: Rachel Emerson, Simon Clark & Brad Johnston

South Island

Otago

Mosgiel

Silverstream Industrial Park, 180 Dukes Rd, lots 2 & 11:
Features: 2700m² of warehouse & office 
Outcome: sold to an owner-occupier for $1.15 million + gst
Agent: Dean Collins

Attribution: Agency release.

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Workspace office sells off plans

Published 30 October 2017, original version replaced:

A Kea Property Group office in the Workspace development area at Hobsonville has been sold off the plan by Kea associate Corinthian Properties Ltd (Dave McAlpine & Zane Gifford), through Colliers.

North-west

Hobsonville

102C Hobsonville Rd:
Features: 600m² office, part of a $23 million development by Kea Property Group which includes a childcare centre, retail, cafes, commercial services & offices, with completion expected November 2018
Outcome: sold off the plan for $2.848 million + gst
Agents: Sean Finnegan & Craig Smith

Link: Kea Property Group, 102C Hobsonville Rd project

Attribution: Agency release.

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4 Merchant Quarter retail units sell

4 of the 5 Merchant Quarter retail units auctioned at Colliers yesterday were sold under the hammer, 2 of them at sub-5% yields.

They’re among 12 retail, food & health sector units on the ground floor of the expanded building, which has new & established apartments at the top, and parking in the middle. 2 of the ground-floor units are vacant.

Agents on all 5 units were Tony Allsop, Josh Coburn & Cheryl Higginson.

North-west

New Lynn

28-42 Totara Avenue:
Pita Pit:
Features: 108m²
Rent: $42,301.44/year net passing income, 10-year initial term, 2 5-year rights of renewal
Outcome: sold for $900,000 at a 4.7% yield

Lumino:
Features: 160m²
Rent: $52,000/year net passing income, 10-year initial term, 2 4-year rights of renewal
Outcome: sold for $1.175 million at a 4.42% yield

Spicy Hot Pot:
Features: 114.15m²
Rent: $33,060/year net passing income, 8-year initial term, 2 6-year rights of renewal
Outcome: sold for $618,000 at a 5.34% yield

Vita Source:
Features: 87.29m²
Rent: $34,333/year net passing income, 6-year initial term, 2 3-year rights of renewal
Outcome: sold for $500,000 at a 6.87% yield

Vacant space:
Features: 102m²
Outgoings: body corporate costs $6045/year – about $55/m²/year + gst
Outcome: passed in

Attribution: Agency release.

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3 sales, a syndication & a lease

Colliers agents have completed 2 sales & a lease in West Auckland, another at Rosedale, and have completed the syndication of 4 distribution centres through Silverfin Capital Ltd.

Syndication sale

Features: 4 Provida Foods Ltd national distribution centres
Outcome: sold to investors in 233 parcels in a Silverfin Capital Ltd proportionate ownership scheme for a total $11.65 million
Agents: Charlie Oscroft & Kris Ongley

North-east

Rosedale

35 William Pickering Drive, unit 4:
Features: 946m², retail showroom/warehouse
Rent: $170,000/year net + gst from tenancy running until 1 March 2018       
Outcome: sold for $2.765 million at a 6.14% yield
Agents: Jimmy O’Brien (Colliers) & Marty van Barneveld (NAI Harcourts)

North-west

Hobsonville

Hobsonville Workspace, 102 Hobsonville Rd, lots 3 & 4:
Features: 600m² off-the-plan office site developed by The Neil Group Ltd; building to be developed by Kea Properties Ltd, it will include a childcare, retail, cafes & office, completion expected end of 2018
Outcome: sold to Kea for $2.848 million + gst
Agents: Sean Finnegan & Craig Smith

Westgate

101-103 Fred Taylor Drive:
Features: 3.55ha vacant industrial development site     
Outcome: sold for $10.5 million + gst
Agents: Sean Finnegan (Craig Smith (Colliers) & David Mayhew (JLL)

Lease

North-west

Westgate

9 Northside Drive, lot 3:
Features: 720m² childcare centre leased to Eduplay Childcare Ltd
Rent: $390,000/year net + gst + opex
Outcome:
Agents: Sean Finnegan & Craig Smith

Attribution: Agency release.

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Wairau Valley lease signed

Colliers North Shore agents have secured a Diana Drive warehouse lease, in the agency office’s latest transactions update.

North-east

Wairau Valley

101 Diana Drive, unit C:
Features: 451.3m² – warehouse 243.1m², ground floor office 99.8m², first-floor office 108.4m², 7 parking spaces
Rent: leased 4 October for $66,000/year net + gst       
Agents: Mike Ryan & Matt Prentice

Attribution: Agency release.

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Development sites & warehouses sell

Colliers’ latest 5 sales around the country include a vacant development site at Mercer, just south of the Bombay Hills, which had been on the market since March.

In Auckland, a Saleyards Rd property in Otahuhu has been sold with a short-term lease in place, and at Rosedale on the North Shore an owner-occupier has bought 2 office & warehouse units.

Isthmus east

Otahuhu

17 Saleyards Rd:
Features: 6807m² industrial property, 3462m² building leased to Service Foods Ltd on a term of 12 months from settlement, with annual 3% increases & 2 3-month rights of renewal
Outcome: sold for $6.3 million
Agents: Hamish West, Ben Herlihy, Andrew Hooper & Jeremy Barnett

North-east

Rosedale

22 William Pickering Drive:
Features: 2 office/warehouse units totalling 2180m²
Outcome: sold as one lot to an owner occupier, Auckland BioSciences Ltd, for $6.03 million
Agents: Mike Ryan & Matt Prentice

South of the Bombays

Bay of Plenty

Mt Maunganui

127 Newton St:
Features: 1293m² commercial property suitable for multiple uses, 480m² warehouse
Outcome: sold for $1.2 million + gst
Agents: Rich Davidson & Simon Clark

Waikato

Mercer

Site beside State Highway 1:
Features: 22,925m², vacant business-zoned site
Outcome: sold for $1.95 million
Agents: Ash Vincent & Greg Goldfinch

South Island – Canterbury

Christchurch

54 Salisbury St:
Features: 523m² commercial site, next to a 4047m² parcel of bare land bought recently by Christchurch Casino to ensure Victoria St remains a vibrant precinct  
Outcome: sold at auction to a private local investor for $775,000
Agents: Courtney Doig & Hamish Doig

Attribution: Agency release.

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