Archive | Colliers International

2 warehouses sell at yields under 5.2%

2 warehouses in Penrose & Mt Wellington were sold on firm yields at Colliers’ auction yesterday – 4.79% on the Greenpark Rd property (pictured) and 5.17% in Mt Wellington.

A third property, a mix of office & warehouse used for clothing storage but offered vacant, attracted no bid but was under negotiation post-auction.

Isthmus east

Mt Wellington

7A Te Apunga Place:
Features: 3012m² site zoned light industrial, 732m² net lettable area – warehouse 472m², storage 144m², office & amenities 116m², tenant Visor Distributors (2017) Ltd
Rent: $120,000/year net + gst, new 6-year lease from 30 June, 2 3-year rights of renewal
Outcome: sold for $2.32 million at a 5.17% yield
Agents: Hamish West & Todd Kuzmich

Parnell

33C Falcon St, unit 3D:
Features: 643m² office & warehouse offered vacant – offices 299m², amenities 22m², storage 44m², warehouse 249m², loading bay 29m², 5.25m stud in warehouse, roller door, 12 stacked parking spaces, one in open
Outcome: passed in, only bid was from vendor at $2 million
Agents: David Burley & John Davies

Penrose

4-6 Greenpark Rd:
Features: 1160m² site zoned light industrial, 584m² net lettable area – warehouse 317m², offices & amenities 102m², showrooms 166m², canopy 8m², tenant Vesta Electrical Supplies Ltd
Rent: $78,000/year net + gst, initial lease term expires 30 April 2021, 2 4-year rights of renewal
Outcome: sold for $1.63 million at a 4.79% yield
Agents: Paul Jarvie, Brad Johnston & Matt Prentice

Attribution: Auction.

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2 industrial leases & a sale

Colliers agents have leased a large new Goodman Property Trust warehouse in Penrose, an Avondale industrial property and sold an Invercargill warehouse.

Isthmus east

Penrose

Gate Industry Park, 395 Church St:
Features: 6723m² industrial property – warehouse 4223m², stud height 9m, warehouse amenities 333m², enclosed canopy 941m², air-conditioned offices 1226m² over 2 floors, yard 2300m², 55 parking spaces, leased by Goodman Property Trust to Easy2C Ltd for a term of 5 years & 3 months
Rent: $600,726.20/year net + gst
Agents: Andrew Hooper & Greg Goldfinch

Isthmus west

Avondale

17-19 Patiki Rd:
Features: 4878m², leased to Glidepath Ltd
Rent: $620,000/year net + gst     
Agents: Dwayne Warby & Shoneet Chand

South Island

Invercargill

5 Liddell St:
Features: 1827m², warehouse & showroom leased to Ideal Electric Ltd
Outcome: sold for $1,001,500 at a 7% yield
Agents: Mark Simpson & Rory O’Donnell

Attribution: Agency release & promotional material.

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Updated: National spread of commercial sales for Colliers

Published 5 September 2017, updated 7 September 2017:
Colliers agents have reported a spread of sales from Riverhead & Silverdale in the north of the Auckland region, through Napier and down to Cromwell & Invercargill. Changed details about the Silverdale property are shown immediately below.

North-east

Silverdale

Corrected: 164 Foundry Rd:
Features: 2500m² secure fenced yard – 603m² warehouse, 189m² office & amenities, additional covered storage area, leased to Go-Bus Transport Ltd [originally written as a 3610m² warehouse, no mention of other parts of the property]
Rent: $220,000/year net + gst
Agents: Jimmy O’Brien, Ryan de Zwart & Josh Coburn

North-west

Riverhead

1047-1049 Coatesville-Riverhead Highway:
Features: 1652m², 2-tenant new retail development
Rent: $281,933/year net + gst
Outcome: sold for $5.175 million at a 5.45% yield
Agents: John Davies & Jimmy O’Brien

South of the Bombays

Hawke’s Bay

Napier

47 Petane Rd:
Features: 6439m², hotel + caravan park
Outcome: sold for $1.41 million, at an 8.5% yield
Agents: Reuben George & Dan Walker

South Island

Central Otago

Cromwell

27 McNulty Rd:
Features: 2652m², commercial site leased to Caltex
Outcome: sold for $905,000, at a 6% yield
Agents: Mark Simpson, Rory O’Donnell & Dean Collins

29a McNulty Rd:
Features: 4906m², tenanted industrial property
Outcome: sold for $1.625 million, at a 6.45% yield
Agents: Mark Simpson, Rory O’Donnell & Dean Collins

31 McNulty Rd:
Features: 5618m²,  tenanted industrial property
Outcome: sold for $1.945 million, at a 6.4% yield
Agents: Mark Simpson, Rory O’Donnell & Dean Collins

Southland

Invercargill

5 Liddell St:
Features: 1827m², commercial investment leased to Ideal Electric         
Outcome: sold for $1,001,500, at a 7% yield
Agents: Mark Simpson & Rory O’Donnell

Attribution: Agency release.

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Henderson industrial unit sells at 5.6%

A roadfront unit in a 15-unit industrial block on Te Pai Place, between Lincoln Rd & Central Park Drive in Henderson, was sold on a 5.59% yield at Colliers’ auction today.

North-west

Henderson

20 Te Pai Place, unit 1:
Features: 650m² unit split into 3 separate tenancies, onsite parking for 18 cars, 100% seismic rating
Rent: $70,450/year net + gst       
Outcome: sold for $1.26 million at a 5.59% yield
Agents: Euan Stratton, Matt Prentice & Dhiru Patel

Attribution: Auction.

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Silverdale lease

Colliers agents on the Shore and in South Auckland were involved in securing the agency’s latest Auckland result, a Silverdale industrial lease.

Leased

North-east

Silverdale

168 Foundry Rd:
Features: 3319m² sealed fenced yard, leased to scaffold company
Rent: $93,900/year net + gst        
Agents: Colliers North Shore & Highbrook offices

Attribution: Agency release.

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Retail units sell on Broadway and in Hamilton & Hastings

Colliers agents have sold 2 ground-floor retail units at 255 Broadway in Newmarket (pictured), and 2 retail properties in Hamilton & Hastings.

Isthmus east

Newmarket

255 Broadway, unit G2:
Features: 508m² retail unit, 9-year lease to Macpac Ltd runs until 2023, includes 4%/year fixed increases
Rent: $390,000/year net + gst     
Outcome: sold to a Christchurch-based investor for $6.725 million at a 6.25% yield
Agents: John Davies & David Burley

255 Broadway, unit 3:
Features: 106m² retail unit, leased to Partridge Jewellers
Outcome: sold to an offshore investor for $4.58 million at a 4.5% yield
Agents: John Davies & David Burley

South of the Bombays

Hawke’s Bay

Hastings

905 Heretaunga St West:
Features: 1039m² site, 500m² retail development, 3 tenants, 10 parking spaces
Rent: $101,242/year net + gst
Outcome: sold for $1.3 million at a 7.8% yield
Agent: Danny Blair

Waikato

Hamilton

265 Clyde St:
Features: 1.2276ha site, 5446m² shop tenanted by The Warehouse
Rent: $650,000/year net + gst     
Outcome: sold for $8.55 million + gst at a 7.6% yield
Agents: Mark Brunton & Alan Pracy

Attribution: Agency release.

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2 Shore leases signed

Colliers North Shore agents have signed 2 new commercial leases in Birkdale and in Albany.

Leases

North-east

Albany

7 Henry Rose Place, unit D:
Features: 125m² office & 345m² warehouse leased to CDK Stone NZ Ltd
Rent: $75,000/year net + gst
Agents: Ryan de Zwart, Sam Sherning & Mike Ryan

Birkdale

4 Verbena Rd:
Features: 389m² warehouse leased to Vincent Payne Design Ltd
Rent: $30,000/year net + gst
Agents: Euan Stratton & Sean Honeycombe

Attribution: Agency release.

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Otago merger takes Colliers into residential

Colliers will get its first specialist residential real estate division in New Zealand through the merger of its Queenstown franchise with local residential agency Hoamz Ltd.

The new company, Otago Realty Holdings Ltd, will operate from offices in Queenstown, Wanaka & Dunedin as a franchise of Colliers International NZ Ltd from a target merger date of 1 November.

Colliers Queenstown managing director Alastair Wood, who will head the new company, said it would build on both brands’ strengths and offer specialists in residential & commercial real estate, leasing, valuation & advisory.

Hoamz managing partner Fred Bramwell, who will lead the agency side of the new business, said: “While we’re saying goodbye to the Hoamz brand locally, we’re ensuring we keep ahead of the market to meet the needs of both sellers & buyers. Since launching our business in 2003, we’ve always looked to offer something different & unique to our customers. We’re confident that joining an innovative, market-leading global brand like Colliers International will achieve just that. Our 2 brands are already well aligned in terms of philosophy, culture & unmatched teamwork.”

The new company will also incorporate the region’s largest full service independent valuation & advisory business, combining the existing Colliers Queenstown & Wanaka practices with Dunedin-based Chapman Consultancy (2008) Ltd.

Attribution: Agency release.

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Southern commercial sales include vineyard

Colliers agents have sold 4 commercial properties in Hastings, 2 more in Levin & Palmerston North, and a small vineyard in Nelson.

South Island

Nelson

Upper Moutere

12 Sunrise Valley Rd:
Features: 12.9ha vineyard & winery
Outcome: sold for $3.45 million
Agents: Ken Montgomery & Mike Lavern

South of the Bombays

Hawke’s Bay

Hastings

905 Heretaunga St West:
Features: 1039m² site, 500m² floor area, 10 parking spaces, fully leased to Pizza Hut, Cash Converters & Civic Video shops on new leases signed November-February for terms of 4 years 5 months to 6 years
Rent: $101,242/year net + gst     
Outcome: sold for $1.3 million, at a 7.8% yield
Agent: Danny Blair

404 Miller St:
Features: vacant 903m² site, 573m² warehouse          
Outcome: sold for $1.357 million
Agents: Danny Blair

822 Omahu Rd, unit 1:
Features: 510m² unit in new 6-unit warehouse development   
Outcome: sold for $1.46 million, at a 6.5% yield
Agent: Danny Blair

Bay Plaza, 217 Russell St North:
Features: 342m² site, 386m² retail including 45m² mezzanine space, Curtain Studio on new 6-year lease, 3 3-year rights of renewal
Rent: $105,500      
Outcome: sold for $1.56 million, at a 6.8% yield
Agent: Danny Blair

Horowhenua

Levin

29-31 Queen St West:
Features: 755m² site, 2-storey office & retail building, 1470m² floor area
Rent: $86,540.08/year net + gst + opex 
Outcome: sold for $955,000 at a 9.1% yield
Agents: Doug Russel, Phil Nevill & Grant Lloyd

Manawatu

Palmerston North

413-421 Church St:
Features: 1710m² retail showroom, Freedom Furniture the tenant for the last 10 years, signed a new 6-year lease from November 2016
Rent: $235,000/year net + gst + opex
Outcome: sold for $4.005 million at a 5.9% yield
Agents: Phil Nevill & John Hagar

Attribution: Agency release.

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Whangaparaoa retail units sell

2 retail spaces in a commercial centre opened on the Whangaparaoa Peninsula late last year, were sold under the hammer at auction at Colliers’ Takapuna office on Wednesday.

A Mairangi Bay office was also sold, but a shop in the Grange, on the southern edge of Warkworth, was passed in.

North-east

Mairangi Bay

18 Triton Drive, unit H3:
Features: 238m² first-floor office, 4-year lease
Rent: $65,280/year net + gst        
Outcome: sold for $985,000 at a 6.62% yield
Agents: Janet Marshall & Nick Recordon

Warkworth

The Grange, 67 Auckland Rd, unit 22:
Features: 373m² of retail space in the Grange retail precinct, Cross Gate Discount Store on 6-year lease
Rent: $86,700/year net + gst
Outcome: passed in
Agents: Euan Stratton & Sean Honeycombe

Whangaparaoa

651 Whangaparaoa Rd, unit 2:
Features: 128m² of new retail space, 35m² of outdoor dining, occupied by Valentino’s Gelato Café,10-year lease
Rent: $68,155/year net + gst        
Outcome: sold for $1.41 million at a 4.83% yield
Agents: Euan Stratton & Jessica Martin

651 Whangaparaoa Rd, unit 3:
Features: 50m² of retail space occupied by Hello World Travel on an 8-year lease
Rent: $27,500/year net + gst        
Outcome: sold for $580,000 at a 4.74% yield
Agents: Euan Stratton & Jessica Martin

Image: The development at 651 Whangaparaoa Rd, in foreground.

Attribution: Agency release.

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