Archive | Jones Lang LaSalle

Dozen sales for JLL

JLL agents have sold 11 commercial properties around Auckland and one in Palmerston North.


Learning Quarter

44E Anzac Avenue:
Features: 168m² office floor with apartment conversion potential, 2 parking spaces
Rent: $35,280/year net
Outcome: sold for $580,000 at a 6% yield
Agent: Jason Armstrong

Isthmus east


Knights Inn, 234 Green Lane West:
Features: 26-unit motel
Outcome: sold for $9.5 million
Buyer’s agents: Jason Armstrong & Jarred Hill

Isthmus west

Blockhouse Bay

552-554 Blockhouse Bay Rd:
Features: 2 shops of 50m² & 53m², leased to a hair salon & a Thai food takeaway
Rent: $44,240/year net + gst
Outcome: sold for $911,000 at a 4.85% yield
Agent: Kevin Reardon

Grey Lynn

27 Nixon St:
Features: 455m² 2-level building, residential over ground-floor warehouse
Outcome: sold vacant for $2.2 million
Agents: Jason Armstrong & Alex Wefers

30a Pollen St:
Features: 377m² industrial unit – 306m² ground-floor warehouse, 70m² office & amenities, 4 parking spaces
Rent: $68,000/year net + gst
Outcome: sold for $1.365 million at a 4.98% yield
Agents: Alex Wefers & Jarred Hill

60A Surrey Crescent:
Features: 147m² industrial unit, 4 parking spaces
Rent: $37,000/year net + gst
Outcome: sold for $728,000 at a 5.08% yield
Agents: Alex Wefers & Jarred Hill

Mt Albert

43a Linwood Avenue, unit 7:
Features: 260m² vacant warehouse unit, 6 parking spaces
Outcome: sold for $750,000 at a 5.2% yield on market rent
Agent: Alex Wefers

Mt Eden

45A Normanby Rd:
Features: 582m² industrial unit – 385m² warehouse, 197m² office & amenities, 10 parking spaces
Outcome: sold vacant for $2.058 million
Agent: Ben Jamieson

23 Edwin St, unit G02:
Features: 105m² office unit, 4 parking spaces, new 3-year lease
Rent: $50,000/year net + gst
Outcome: sold for $1.05 million at a 4.76% yield
Agent: Ben Jamieson


Mairangi Bay

17-19 Apollo Drive:
Features: vacant 13,008m² zoned general business
Outcome: sold on behalf of AUT, price confidential
Agents: Jason Armstrong & Dave Mayhew

41 Centorian Drive:
Features: 20,172m² of subdivisible residential land zoned mixed suburban, longtime home of medical publisher Adis International Ltd (more recently Springer Science+Business Media)
Outcome: sold, price confidential
Agents: Jason Armstrong & Dave Mayhew

South of the Bombays


Palmerston North

10-15 The Square:
Features: 1830m² of office & retail space
Outcome: sold, price confidential
Agent: Jason Armstrong

Attribution: Agency release.

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3 Shore commercial sales & a lease

JLL agent Jaye Miller has finalised a sale & a lease on separate Wairau Valley properties in the last 10 days, following a mid-year Wairau Valley sale and another at Rosedale.




10 Canaveral Drive, unit 6:
Features: 473m² office & warehouse unit, 7 parking spaces
Outcome: sold in June for $1.19 million at a 6.05% yield
Agent: Jaye Miller

Wairau Valley

75G Ellice Rd:
Features: 782m² building occupied by Bakers Harvest, 14 parking spaces, at the back of a unit development
Outcome: sold last week for $1.7 million at a 5.08% yield
Agent: Jaye Miller

89-93 Ellice Rd, unit 3A:
Features: 125m² unit,
Outcome: sold in July for $621,500 at a 3.34% yield on current rent, 4.8% at market rent
Agent: Jaye Miller


Wairau Valley

20 Parity Place:
Features: 650m² building
Rent: leased this week for $90,000/year net + gst
Agent: Jaye Miller

Attribution: Agent release.

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Epsom office building sells

JLL agents Jarred Hill & Jason Armstrong have sold a Great South Rd building near the Market Rd corner in Epsom with a rent underwrite in place.

Under the mixed-use zone, the site can be developed up to 4 storeys or 18m.

Isthmus east


97 Great South Rd:
Features: 1053m² site, 718m² office building, 2 established tenants on leases expiring at the start of 2020, covered parking
Rent: $175,000/year
Outcome: sold for $3.9 million, reflecting a 5.1% yield on underwritten market rental (landlord underwrote rent to market level $200,000 net for the remaining lease term)
Agents: Jarred Hill & Jason Armstrong

Attribution: Agent release.

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4.3% yield in Morningside reflects area’s transformation

Agents who sold a dual-frontage Morningside property on a 4.3% yield say the suburb is seeing changes under the unitary plan, improved access & intensive residential development that will transform it in a short timeframe.

Under the unitary plan, the property at 617 New North Rd is in the local centre business zone, which allows for retail, office, food, beverage, apartments & commercial services. “Developers may build up to 18m in this zone,” JLL agent Jarred Hill said.

Leases on this property run through to 2024, but around it considerable change is anticipated, partly arising from improved motorway & rail links: “It’s around 1.2km to the North-western Motorway system, a 12-minute walk from Kingsland village, and only a few minutes’ walk to Morningside railway station. Access will only improve once the city rail link upgrade is complete.”

Alex Wefers said the area was being developed and would see substantial population growth – up by a third (13,000) through to 2043. The Urbanaut craft brewery has just opened at 597 New North Rd, and the Station 580 apartment complex is due to open at 580 New North Rd late next year.

Isthmus west


617 New North Rd:
Features: 943m² site, 2 buildings on one title with combined floor area of 505m², leased to the Unite Union & Peel to Pip Café, with 2-bedroom apartment occupied by café tenants, both leases have final expiries in 2024, 6 parking spaces, dual street frontage to Western Springs Rd & New North Rd
Rent: $108,398/year net combined rent
Outcome: sold for $2.5 million at a 4.3% yield
Agents: Alex Wefers & Jarred Hill

Attribution: Agency release.

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Glen Eden property sold

Jones Lang LaSalle has sold a Glen Eden office & warehouse combination (outlined) on a 6.1% yield, although the warehouse will become vacant on settlement.


Glen Eden

7 Waikaukau Rd:
Features: 2 buildings – a 264m² front office building and a 1728m² warehouse at rear
Rent: combined rent $90,200/year, but warehouse will be vacant at settlement; office building is leased for $26,400/year + gst + opex until June 2020
Outcome: sold for $1.475 million at a 6.1% yield on current rent
Agents: Jason Armstrong & Alex Wefers

Attribution: Agent release.

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5% yield off Khyber Pass

A Grafton office & warehouse, between Khyber Pass Rd & Mt Eden Prison, has been sold on a 5% yield.

Isthmus east


12 Auburn St:
Features: 749m² site, 762m² office & warehouse zoned mixed use
Rent: $170,000/year net, 8-year leased from 1 May 2017, one 3-year right of renewal
Outcome: sold for $3.4 million at a 5% yield
Agent: Ben Jamieson, JLL

Attribution: Agent.

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Marken Place unit in Wairau Valley sold

A unit in Marken Place, a cul-de-sac at the top of the Wairau Valley, has been sold by JLL North Shore agent Jaye Miller.


Wairau Valley

7-9 Marken Place, unit F:
Features: 260m² industrial unit
Outcome: sold for $685,000 at a 3.8% yield
Agent: Jaye Miller

Attribution: Agent release.

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Christchurch development site sells

A large development “island” next to the Avon River in Christchurch has been sold through a tender conducted by JLL.

The property – surrounded by 3 streets & newly designated parkland – is zoned central city residential, which amalgamated all the living 4 zones and allows a maximum building height of 11m.

Sales agent Chris Harding said the buyer would look to develop the site in the longer term, but in the short term the 450m² house & outbuildings were likely to be rented out as holiday accommodation.

South Island – Canterbury


2 Bangor St:
Features: 3736m² section in 4 titles, effectively an island surrounded by 3 road frontages (Bangor & Kilmore Sts & Oxford Terrace) and newly designated parkland, 450m² house built in 2011 across street from the Avon River, separate 4-car garage has 80m² flat above, with 2 bedrooms & office; all designed to be relocated in the event of redevelopment
Outcome: sold for $2.15 million
Agent: Chris Harding

Attribution: Agency release.

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Rosebank Rd retail block sells at 6%

A block of 4 shops built in 2011 on a prominent corner site in Avondale has been bought by one of the tenants through a tender by commercial property specialists JLL.

The block’s 3 tenants are Stars Bakery, Sushi Ichiban & Avondale Food Market. One 128m² unit is vacant.

JLL commercial and investment agent Chris Harding said the 6% yield was no surprise because the tenancy mix was good and the lease terms were varied.

“It’s an area set for huge industrial growth. Rosebank Rd is a busy arterial route serving a largely developed business area. The Rosebank Peninsula is the industrial hub of West Auckland. When the Waterview Connection is completed in 2017, JLL expects this area to become even more popular with industrial tenants.

Chris Beasleigh, JLL’s national director of retail, said strong yields in retail property sales were keeping these investments in high demand.

Isthmus west 


277 Rosebank Rd, corner Honan Place:
Features: 2477m² site, 456.5m² single-storey retail block, 3 units occupied & one vacant, 52 parking spaces, dual road access
Rent: $112,800/year + gst & outgoings
Outcome: sold by a family trust for $2.71 million at a 6% yield
Agents: Chris Harding, Chris Beasleigh & Ranesh Parmar

Attribution: Agency release.

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GroupM gets naming rights on 22 Fanshawe

Advertising, marketing & media investment company GroupM Ltd has signed a 5-year lease on 1200m² of the completely refurbished 22 Fanshawe St, including naming & signage rights.

Originally the Kensington Swan building and more recently known as Tower House, the 12-storey office building at the foot of Federal St will become GroupM House in February.

GroupM is the parent company of WPP media agencies Mindshare, MEC, MediaCom & Ikon, public relations agency PPR and creative agency BCG2. 120 employees will move to their new premises from 1 Cross St, Newton, & 11 Westhaven Drive, Westhaven, joining current tenants Robert Walters & Solo Espresso Café.

Debra Payne.

Debra Payne.

JLL tenant representation division associate director Debra Payne, who acted on behalf of GroupM, said proximity to public transport, local amenities & overall improvement in quality of premises motivated GroupM’s choice. Parking space was also a factor.

“At this stage in the cycle, with the influence of positive business sentiment, we are seeing tenants look to upgrade to better quality buildings with improved access to public transport and proximity to amenities for staff. Staff attraction & retention is becoming increasingly important to businesses where there is competition for skilled employees, and this plays a large role in future occupational considerations by business leaders.

“GroupM were seeking a modern building in a cbd/city fringe location that offered something unique to allow them to create an innovative & distinctive tenancy that matched the GroupM brand. 22 Fanshawe St provided the perfect solution for GroupM to rethink their old workplace design and apply some new & innovative solutions to meet their future needs.”

WPP is a global corporate client of JLL.

The building’s owner, TEL Property Nominees Ltd, is ultimately controlled by international investor Sterling Grace. Its $350 million 7-property New Zealand portfolio includes 2 other Auckland office buildings, 2 Auckland industrial properties and the Bayfair mall at Mt Maunganui.

Attribution: Agency release.

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