Archive | Jones Lang LaSalle

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

Epsom

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

Morningside

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.

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)

 

 

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

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