Archive | Jones Lang LaSalle

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.

North-west

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

Grafton

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.

North-east

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

Christchurch

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 

Avondale

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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Accor puts 3 French Polynesian resorts on market

The Accor hotel & resort group has put 3 French Polynesian resorts on the market as it turns its focus back to investment in its home base, Europe.

JLL’s hotels & hospitality group has been appointed to sell the Sofitel Bora Bora Marara Beach Resort, Sofitel Bora Bora Private Island (pictured) and Sofitel Moorea Ia Ora Beach Resort. Expressions of interest close on Wednesday 26 November.

The Sofitel Bora Bora Marara has 55 overwater, beachside & garden bungalows; the private island in the lagoon has 30 bungalows & a luxury villa; and the Moorea resort has113 bungalows & views across to Tahiti.

JLL hotels & hospitality group senior vice-president Peter Harper said it was a rare offering that presented investors &d owner-operators with a counter-cyclical opportunity.

JLL NZ’s national director of hotels, Stephen Doyle, who specialises in South Pacific hotel & resort valuations, said yesterday international tourist arrivals to French Polynesia rose 11.5% in the second quarter of 2014 over the same period last year, according to the Institute of Statistics for French Polynesia.

Attribution: Agency release.

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Wairau warehouse & Wiri site sold

Published 21 July 2010

Jones Lang LaSalle agents have acted in the sale of a Wairau Park warehouse and a Wiri industrial site recently.

 

North-east

 

Wairau Park, 64 Diana Drive, 5060m² warehouse & office built in the 1980s on a 10,345m² site, with parking for 85 cars, sold by Taranaki investors to Cabash Investments Ltd (now Finmore Properties Ltd, directors Felicity & Greg Smale, of Smales Farm) for $3 million (Dave Smale & Sam Smith)

South

 

Wiri, 33 Ha Crescent, 15,762m² site sold by Jezza Developments Ltd (John Sax, of Southpark Corp Ltd) to the Newhead Trust for $4.4 million (Paul Steele)

 

 

Want to comment? Go to the forum.

 

Attribution: Agency release, story written by Bob Dey for the Bob Dey Property Report.

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JLL creates project & development services division

Published 13 November 2005


Jones Lang LaSalle has created a fully integrated project & development services division, already popular internationally for the property consultancy.



It provides the client with stepped management of every development, ensuring the generation of business assets in an organised, efficient & controlled manner for the lowest practical cost and within the most expedient timeframe. Jonathan Williams, director of the new division, said: “This is achieved through the implementation of modern project management principles in the hands of skilled professionals, offering results beyond those possible under the more prevalent traditional methods.


“Last year, the firm managed $US4 billion of capital works worldwide, with $US1 billion of those in the Asia Pacific region, so there’s definitely a market need to be met here. Creating a project & development services division in New Zealand will provide a home-based solution for local Jones Lang LaSalle clients.”


Under the Jones Lang LaSalle project management model, services are offered on a strategic partner basis, in support of existing client facility departments. This is a full governance role, where the project manager becomes the voice of the client from the initiation of the project. It includes management of all procurement, design, construction, consolidation & relocation processes, delivering quantifiable benefits & facilities that are closely aligned with the client’s overall business objectives.


Mr Williams has spent 23 years in the property development & construction industries, largely in the UK. He has spent the last 3 years working with major New Zealand contractors, familiarising himself with local procedures & processes.


If you want to comment on this story, write to the BD Central Discussion forum or send an email to [email protected].

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Deutsche trust awards management of NRM Building to JLL

The DB RREEF Trust has appointed Jones Lang LaSalle’s management division as building manager for the new NRM Building in Auckland.


The Manson Developments Ltd project under construction on the old Northern Roller Mills site between Fort St and the top of Shortland St, is DB RREEF’s first New Zealand investment.


The Deutsche Office Trust contracted in August to buy it on completion for $110.4 million. The office trust & 2 other Deutsche trusts in Australia decided at the same time to merge into the new DB RREEF Trust, with their units stapled.


The building has 18,758m² over 28 levels.


“Our appointment to this key mandate reinforces our dominance of the prime office building management sector in New Zealand. We are able to offer our clients a combination of people, infrastructure & experience that is unrivalled in the market,” JLL management services director John Dunn said.


JLL has been engaged to manage the commissioning of the building before practical completion, which is due in April or May 2005. The company has also been signed for the ongoing property & facilities management of the location.


JLL also manages Kitchener Group and AMP portfolios.


Earlier story:


5 August 2004: Major restructure at Deutsche Bank Australia Real Estate

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