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Four Waterfront sales

Two Northland properties sold under hammer

Bayleys Real Estate has sold four properties in its Waterfront selection, two under the hammer on Tuesday and two before the auction.

Waterfront auction results:


Kerikeri, Pagoda Lodge Estate, sold for $860,000.

Buckleton Beach, beachfront three-bedroom home, including a bunkroom with its own lounge, sold for $1.11 million.

Martins Bay, Jackson Crescent, 400m² house on 5.66ha property overlooking the bay, passed in at $1.725 million.


North Shore, Castor Bay, Beach Rd, 370m² beachfront house sold before auction for $1.81 million to an expat who spotted the property on the internet just before he flew back to England.

Central North Island:

Lake Rotoiti, Okere Falls, four-bedroom house sold before auction, price undisclosed.

Lake Okareka, Acacia Rd, Mannersdorf, a three-bedroom house on 1277m², received no bids.

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Kelland on move

Kelland moving

Kelland Real Estate plans to be on the move in a few months, but the question on staff lips at the end of last week was: which design?

The small firm established by Deborah Kelland (below) in Bath St, Parnell, operates from open rented premises with large floor-to-ceiling windows opening on to a sheltered balcony.

Ms Kelland has bought an old villa in the middle of the small Gladstone Rd shopping centre, up from the Rose Gardens and across the Parnell gully, but wanted her staff’s views on which design to opt for. The choice, between Jasmax, Brent Hulena and Fearon Hay, should be decided this week.

All designs have a gallery, and the design of Geoff Fearon and Tim Hay also has a tree inside an atrium, with the gallery looking on to it. The 404m² site allows for a net 404m² of floor area.

“We hope to be in by October,” Ms Kelland said.

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Bayleys launches Easter portfolio

Wide mix in Easter auction list

Bayleys’ Easter portfolio is test of faith in the suburban and provincial markets for industrial and commercial property.

It opens with a clean, high-turnover Mobil service station on a busy North Shore road — rent $200,000 and a garage tenancy returning another $20,000, both excluding gst.

Among some straight investments such as the Noel Leeming store on a long lease in Pakuranga, and Fletcher Challenge Energy’s New Plymouth office (also on a long lease, but with the breakup of the Fletcher group planned), there are redevelopment sites, buildings that could do with a lick of paint, bare land in Mt Maunganui, a fringe-city warehouse and workshop block and a four-screen multiplex in Hastings.

In Palmerston North there are multi-tenancy retail and office offerings, in Wellington 108 The Terrace and Shelly Motors on Wakefield St (as a future development prospect), and in the South Island State Insurance’s Invercargill office block is for lease, Koppers Hickson’s Blenheim Rd yard in Christchurch is for sale, and the old Cumberland St woolstore vacated by Hirequip is open for redevelopment.

Bayleys is running six auctions for this selection, the first in Napier on 7 April, four the next week in Auckland, Hamilton, Wellington and Tauranga, and the last in Dunedin on 18 April.

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Yield gap boosts cbd trade

$30 million of sales on Bayleys’ sheet for past month

Investors using the current yield gap to advantage have helped boost central Auckland property sales to $30 million in the past month, says Bayleys’ commercial & industrial sales manager, Mike Bayley.

Borrowing rates on commercial property ranged between 7.5-8.5%, significantly below the income yields on most properties. Mr Bayley said a number of investors had used this positive yield gap to leverage their purchases and increase their return on equity.

Central business district sales included the old T& G building on Wellesley St and the Liquorland site on Hobson St. Sales on the fringes included the former Equiticorp House at 73 Symonds St, an office building at 87-89 Anzac Ave and Fujitsu House on Khyber Pass Rd.

The Axis Property Group (Greg Wilkinson) sold Fujitsu House, and bought the Liquorland site in a trade which also involved a Wellington transaction.

Kirkpatrick quits T&G for $7.8 million

The T&G building, on the top side of the Elliott-Wellesley St corner above Smith & Caughey, was sold for $7.8 million. The character landmark was built in the 1920s.

It has 7600m² on five levels, is almost fully leased and is producing net rent of $660,000/year.

It has two ground-floor restaurants, the original Tony’s and Daikoku. Features include high stud, kauri floors, pressed steel ceilings and big arch windows popular for boutique-style office space. The building has a category B Historic Places Trust classification.

It was sold by Concrete Properties Ltd (James Kirkpatrick) and the sale was negotiated by John Halstead, of Bayleys.

Ex-Equiticorp House sold for $7 million

At 73 Symonds St, the former Equiticorp House (and Bayleys’ home for part of the 80s), now named Keystone Towers, was sold for just under $7 million.

The eight-level, 5366m² building’s main tenants are Keystone Solutions and the National College of Multimedia & Technology, which have leases running until 2003. Level 3 is vacant and there are 59 on-site parking spaces. Total net income is about $913,000. John Halstead negotiated the sale for Kiwi Income Property Trust.

Axis sells Fujitsu House for $6.74 million

Fujitsu House, a three-storey building with 2648m² of offices above covered basement parking for 77 cars, was sold for $6.74 million. Net rent is $693,135/year.

It was built in the late 1980s, and had its foyer, entry and lift fully refurbished in 1999. The main tenant is Fujitsu New Zealand, which occupies two floors on a lease expiring in 2005. The vendor was Axis Property Group (Greg Wilkinson) and the sale was negotiated by John Halstead and David O’Connell.

Axis has bought the Liquorland site (the old Robbie Burns site), opposite TVNZ on the corner of Victoria and Hobson Sts, for close to $5 million from Pembroke Holdings Ltd (Bryce & Amelia Herbert) for retail redevelopment. The site consists of two adjoining lots totalling 2602m², with a 3200m² building currently occupied by Liquorland, whose lease expires this month.

Part of the transaction involved the trading of Axis’s NZ Office Products property on Middleton Rd in Johnsonville, Wellington. The Johnsonville property is an 8718m² distribution centre on 5.7ha, leased to NZ Office Products until 2009 at net rent of $510,000/year. These sales were negotiated by Bruce Whillans and Stuart Bode.

A 4212m² office building at 87-89 Anzac Ave, with a second street frontage to Eden Crescent, was sold for Okahu Holdings Ltd for $2.7 million. The property is producing $230,000 net rent/year. One of the tenants is a private cinema operator. The sale was negotiated by John Halstead and James Chan.

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Bayleys 13 February auction results

Waterfront properties prove popular

Sales at Bayleys’ 13 February auction included:

a 9820m² waterfront property at North Cove, Kawau Island, with cottage, separate boathouse & jetty, sold for $810,000; agents Barbara Larsen & Allan Dray, Bayleys Warkworth.

a 14ha property on the Omaha River (page 45 of the Bayleys Waterfront magazine), with a 4-bedroom house, pool, spa & barn, 700m of water frontage with riparian rights & its own jetty, sold for $1.32 million; agent Linda Goodfellow, Bayleys Warkworth.

1182m² beachfront property with a 2-bedroom bach at Mariners Grove, Algies Bay, sold for $790,000; agents Jennie Georgetti and Linda Goodfellow, Bayleys Warkworth.

2329m² section above Daniel Reef in Wonderview Rd, Leigh, with wide views over the Hauraki Gulf, sold for $248,000; agent Chester Rendell, Bayleys Auckland.

a turn-of-the-century villa set on 1859m² of landscaped grounds, near the Russell boatramp, sold for $520,000; agent Irene Bremner, Bayleys Paihia.

a 9.3 ha equine/lifestyle property with horse facilities & substantial house in Ramarama, sold for $830,000; agent Don Macky.

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“Hip apartment team” the new Kelland’s marketing look

Young urban specialists get involved in projects early

Changing times dictate new approaches, and Deborah Kelland (left) has done that in various ways. The new offices of her firm, Kelland’s Realty, on Gladstone Rd in Parnell make a statement and the creation of a “hip apartment team” makes another.

Kelland’s has specialised in city apartment work, competing there with Bayleys for a time, but is now off Princes Wharf, is tying up some of last year’s projects and thinking ahead on how to make things work for the next cycle.

The firm has become even more firmly project-orientated, rejecting the take-all model of traditional real estate agency.

Very precise customer targets

“Our target? Affluents who want desirable, creative and substantial properties.

“We have some niche markets: coastal subdivisions and individual coastal properties; designer houses, including penthouses; creative commercial projects; quality investments such as UniLodge (just started on Anzac Ave), Sebel, Metropolis, major projects,” Ms Kelland said.

Ross Hawkins has been specialising in the coastal developments, particularly the Omaha South project which will double the size of the settlement on the Omaha peninsula.

Meanwhile, back in the city, Myles Green, Matt Baird and Blair Watson (left to right) are members of the “hip apartment team”.

Axis projects went well

Kelland’s put through some successful projects for Greg Wilkinson’s Axis Group last year — revivals of old Whitcoulls space, which was turned into the Met and Soho apartments off High and Queen Sts.

“We’ve sold 83 of 87 of these, in three refurbished historic buildings, Whitcombe & Tombs, Lewis Eady and the Securities building. They have studs up to 3.4m high, exposed concrete beams and sprinklers, with designer fitout.

“The Met was much smaller, but the second stage included lofts up to 126m², industrial New York in their style, very popular.”

Mr Green said there was a broader range of buyer for the Met, which he believed would show good returns. Settlement is occurring at the moment.

“We’ve found the whole High St area has gone ahead and there still seems to be good rental demand there. Tenants are typically taking apartments from six months to a year.”

An interesting feature of these apartments is that, with no parking provided, some tenants are able to leave their car in employer-provided parking.

Aero features industrial look, high lofts

The next project is again a refurbishment, this one the Aero apartments by architect Colin Leuschke and Chris Morton, in the former Jean Jones building on Cheshire St, 22 apartments featuring an industrial look with high-stud ceilings, and mezzanine floors on upper units.

Two were sold before last September’s launch, all are now sold and work has begun for an end-June completion. These apartments were priced from $118,000 (gst included) for a street-facing 35m² studio to $245,000 for 69m², containing one bedroom, a study, a mezzanine level and a balcony with views across the steam locomotive sheds to the Domain, a short distance up from Carlaw Park.

“The high loft space was a major selling point. It was a quiet market towards the end of last year and it’s flown out the door.”

About six of the buyers are investors, with projections of 10% gross returns on studios, 8.5-9% net from $285-315/week rent on prices of about $150,000.

Similar Parnell project out soon

The Kelland’s team expect to have another Parnell project out soon, in similar industrial-look vein, probably pitched at a higher market. “We’ll release a few in the next three months, a lot over the next six months,” he said.

One of the interesting inquiries has come from developers — wanting to know why Aero has worked. Part of the secret, in marketing terms, may have been that the marketing team has been involved with the project from an early stage.

“People like the smaller boutique developments. Of course, they’re also the harder ones to stack up.”

He expects future projects to refine the ideas of the recent batch, and for there to be a move away from “the absolute shoebox. A studio at 2.4m stud height doesn’t work, but 3.5m opens up a whole new space.”

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30,000m² of leases

Leasing agent Bayleys’ top performer

Leasing agent Paul Hain has beaten Bayleys Real Estate’s best sales agents to rank as the firm’s top performer for the year to March.

Among the 30,000m² of leases he negotiated were 4000m² to call centre company Teletech in the 277 building in Newmarket, 3000m² in the Old City Markets building at Viaduct Harbour to AGC, three floors of the refurbished Axa building on Shortland St to Hesketh Henry, subleasing of three floors of Clear’s old headquarters on Symonds St to computer company CSC, and 4500m² in Manson Developments’ Millennium Centre on Great South Rd, Greenlane, to Mighty River Power and Spotless Services.

Mr Hain has also been involved in helping tenants renegotiate their leases and stay put, including Marsh Ltd’s lease on three floors of the NZI Building at 151 Queen St.

Ranked second on Bayleys’ performance list for the year was Geoffrey McRae, of Bayleys’ Auckland office and the firm’s top-ranking national residential agent, with $35 million of sales.

Outside Auckland, Mark Hourigan of Wellington was Bayleys’ leading commercial and industrial auction sales agent.

The expanded Bayleys business had a record sales year with 4763 transactions through 27 offices, up 53%, worth a total $2 billion, up 41%.

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Bayleys tots up $500 million in commercial sales this year

Other sales:

Clemow Drive, 8.8%

Remuera Rd medical, 8.75%

Kingsland Gull, 9.3%

Sinclair Merz Teed St for syndication, 11.5%

Modern office block on Centre St, 7.6%

Seven sales out of Total Property series in Auckland

Bayleys’ Auckland commercial sales team has signed up more than $500 million of transactions this year.

Sales from the latest Total Property portfolio were:

Takapuna, 71 Barry’s Pt Rd, sold under the hammer for $840,000 at an 8.9% yield with a lease to established tenants Cycle Treads & Sports Promotion expiring November 2005. The 1601m² site has vacant land with subdivision potential. Marketing agent Luke Richardson.

City, 109 Queen St, a high profile shop opposite Shortland St, sold to a Christchurch investor for $1.51 million at a 10.2% yield. The 262m² shop and mezzanine level is head-leased to the National Bank until January 2005, with a sub-lease to Bivouac outdoor clothing and equipment store. Marketing agent James Chan.

City western fringe, 7-9 Union St, a high-profile development site on the corner of Nelson and Union Sts sold for $1.35 million at a 13.2% yield. The 1456m² total lettable area is shared by three tenants — Telford Adina Ltd, Look Outdoor Ltd and Nu-Klear Developments. Marketing agent David Young.

Mt Wellington, 36A Hannigan Drive, a modern 636m² warehouse/showroom/office building sold for $575,000 at a 12% yield. Leased on assignment to Creo Retail and Commercial Interiors until 2004.

Airport Oaks, 164 Montgomerie Rd, a 1.4925ha site with 1350m² of factory/warehouse/office sold with vacant possession for $665,000. Marketing agents Hayden Bryant & Alan Jennings.

Papakura, 61-63 O’Shannessey St, a 957m² refurbished office building fully leased to the Accident Compensation Corporation until 2007, sold for $1.4 million at an 11.8% yield. Marketing agents Richard Sullivan & Michael Ashton.

City fringe, 157-159 Symonds St, 920m² mixed-use building in eight individual unit titles — five flats and three commercial units — and 15 carparks, sold for $1.1 million at a 12.7% yield. Marketing sales agent Alan Haydock.

Other recent Auckland sales

Mt Wellington, 3 Clemow Drive, located on a major arterial linking Carbine Rd and Mt Wellington Highway, this two-level building tenanted by part of the Giltrap Group sold for $1.675 million at an 8.8% yield. Lease expiring late 2009. Marketing agents Kathryn Robinson, Mike Houlker &David Gubb.

Remuera, 134A Remuera Road, a modern building with new fitout on Remuera’s medical strip, near Bassett Rd, sold fully tenanted for $1.6 million at an 8.75% yield. Marketing agents Michael Block, Nick Smith & Daryl Devereux.

Kingsland, 384-392 New North Rd, a Gull service station outlet sold for $2.063 million at a 9.3% yield. It’s part of a larger complex including Vehicle Testing New Zealand, a liquor store and Frank Allen Tyre Services. Gull Petroleum (NZ) Ltd has a 15-year lease expiring 1 August 2014 with annual rent reviews linked to inflation. Marketing agent Stuart Bode.

Newmarket, 21-25 Teed St, a five-level 3493m² retail/office building in the heart of Newmarket sold for $6.85 million for syndication at an 11.5% yield. International engineering consultancy Sinclair Knight Mertz is the main office tenant. Marketing agent Alan Haydock.

City, western fringe, 22 Centre St, a modern five-level building plus 33 onsite carparks sold for $1.18 million at a 7.6% yield. On the fringe, back of Victoria Park Market, with views to the harbour and access to all major motorways. The 1264m² building hosts various tenants. Anchor tenant Insight Data has naming rights. Marketing agent Alan Haydock.

Bayleys stories, August 2001:

Which category? Sales by locality — and a sub-homepage to link them

Bayleys tots up $500 million in commercial sales this year

Fierce bidding as Wellington auction pulls in $2.4 million for nine lots

Hamilton’s WestpacTrust House sold for $9.2 million

Sub-story: City ripe for rent rises, say researchers

Bayleys sells 80% of Waikato offering

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Longstanding agency relationship formalised

Brunton Patton joins Colliers Jardine

Colliers Jardine has pulled Hamilton firm Brunton Patton into its network, the second significant hit in a short time for the international property consultancy. Last year Colliers Jardine achieved something of a coup when the Harcourts Commercial team in Wellington moved shop.

Brunton Patton has about 25% of the Waikato market for commercial and industrial sales over $1 million. The firm’s principal, Mark Brunton, said both Hamilton and Tauranga were seen increasingly as suburbs of Auckland in terms of travel time.

Colliers Jardine’s managing director, Mark Synnott, said turning Brunton Patton into a Colliers Jardine office was a natural extension of an informal business relationship that had existed for 10 years. Colliers Jardine, like the other international commercial consultancies, has not been expansive.

But Mr Synnott said this initiative was part of a growth strategy which would see several other business developments this year.

Overall revenue for the New Zealand group rose more than 30% last year, with no increase in the number of brokers. Mr Synnott expects the initiatives to come will raise the revenue base another 20-30% this year.

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Remuera development site tops Total Property auction

Viaduct auction sites at under 10%

A Remuera development site, at 115 Remuera Rd, fetched the top price at Bayleys’ Total Property Easter auction in Auckland.

The 1821m² freehold site attracted fierce bidding before selling for $2.05 million, giving a hefty premium over its $1.1 million capital valuation. A dwelling on the site was not part of the sale and is being removed.

Bayleys marketing agent Richard Laery said the property had been bought for development. Its residential 7B zoning allows 1 dwelling:200m², which means it has potential for 9 units.

Other properties to sell the Total Property auction included:

Wairau Park, 6 Link Drive, near-new 404m² showroom & office building leased to Northern Bay Motors, which has a Lexus agency, sold for $775,000 at a 7.7% yield.

Te Atatu North, 543 Te Atatu Road, with a new 5-year lease to BP Oil NZ Ltd, which started last December, sold for $1,125,000 at a 9.3% yield.

Viaduct Harbour, Unit G, The Quays, 63m² unit leased to Mikuni Restaurant until 2012, sold for $333,000 at a 9.52 % yield on the rental income of $31,714 (net of body corporate & ground lease rental expenses).

Viaduct Harbour, Unit J, The Quays, 181m² unit leased to Tagore Restaurant, also until 2012, sold for $883,000 at a 9.51 % yield.

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