Archive | Agency

Harcourts forms NSW partnership, continues Tasmanian growth

Published 9 December 2008

Harcourts Group Ltd has formed a partnership with Dougmal Real Estate, which operates in the Macarthur & Illawarra regions of New South Wales, and has become the biggest franchise group in Tasmania.


The 15-office Dougmal group will be rebranded as Dougmal Harcourts, taking Harcourts close to 40 offices in New South Wales.


Leading real estate industry speaker & author Doug Malouf founded Dougmal 40 years ago. He’s had a long relationship with Harcourts, speaking at many of the group’s conferences in Harcourts’ earliest days.


In Tasmania the group has 17 offices, 4 years after launching a joint venture with local firm M&M Real Estate. It’s averaged one new office opening each quarter.


Want to comment? Email [email protected].                                       

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

Continue Reading

Huge crowd in for Bayleys’ Auckland Total Property auction

Published 4 December 2008

For an uncertain property market, the crowd at Bayleys’ final Auckland auction for the year of its Total Property portfolio was extraordinary – about 300 people overflowing from the auction room and through the foyer on Wednesday.


Past Total Property auctions have featured some prominent assets with multi-million-dollar price tags, but the Auckland offering this week was all under $5 million and some under $1 million – the segments of the commercial market that have stayed strongest.


The first property offered had 2 unusual features for a Bayleys auction – it was a mortgagee sale and the price included gst, making the scene-setting yield calculation that much harder.


The 2-level renovated premises on the southern edge of the Mt Eden Village were passed in at $3.56 million, equating to an 8.9% yield net of gst.


Next up was a small North Shore neighbourhood shopping centre on Chivalry Rd, Glenfield, held by one family since it was built in the 1960s. Fully leased and earning just over $135,000 a year, plus gst, the shops went for $1.87 million at a 7.2% yield.


2 units in a Kumeu retail centre were sold for $665,000, rent & yield undisclosed, and a Caltex service station on a standalone site at the Western Springs onramp to the North-western Motorway – probably worth more vacant than in its present use – sold for $2.8 million at a 7.8% yield.


3 properties taken to auction by a mortgagee of interests held by John Gray – who faces a bankruptcy application in the High Court on Monday 15 December – were all passed in. One was the Mt Eden Village building, the second was the Mt Albert Lodge motel on Carrington Rd, Mt Albert, passed in at $2.2 million, and the third was the Ramarama Country Inn, last on the auction list and receiving no bids.


NZ Mortgage Income Trust Group Investment Fund, of Dunedin, was the first mortgagee on 2 of the properties and the second mortgagee on the other.


Full auction list:




CBD, 50 Fort St, 107m² freehold retail investment in the Harbour City apartment building, passed in at $400,000 (Mark Sun)


K Rd ridge, 278-280 Karangahape Rd, 332m² refurbished character building on 306m² site returning $129,000 + gst/year, sold for $1.45 million at 8.9% yield (Cameron Melhuish & Alan Haydock)


Isthmus east:


Greenlane, 460 Great South Rd, car yard returning $180,000 + gst + outgoings/year, no bid (Mike Adams & Clint Barber)


Greenlane, 1 Puriri Avenue, 460m² site occupied by Continental Car Services Ltd on short-term lease at $30,000 + gst/year, sold post-auction at $450,000 (Kathryn Robinson & David Gubb)


Isthmus west:


Eden Terrace, 130 New North Rd, 1022m² 2-level office & showroom building on 741m² site, returning $185,739/year, passed in at $1.8 million (Richard Yang)


Mt Albert, 201 Carrington Rd, Mt Albert Lodge motel at corner of Wilcott St, 1970s 2-level motel on 2436m² site containing 25 units plus manager’s accommodation & office, turnover about $450,000, taken to auction by mortgagee, passed in at $2.2 million (Larry Sewell)


Mt Eden, 476 Mt Eden Rd, 2-level renovated 1940s building on 642m² site on the southern edge of the Mt Eden Village, 3 ground-floor retail units & 3 first-floor office units on individual titles, returning $290,000 + gst/year with one unit under rent review, passed in at $3.56 million (sales, Larry Sewell & John O’Brien)


Western Springs, 790 Great North Rd, Caltex service station leased to 2015 with renewals to 2045 on rent of $218,668 + gst/year, 2579m² standalone site, sold for $2.8 million at 7.8% yield (Stuart Bode)




Albany, 239A Rosedale Rd, 140m² shop returning $45,333 + gst/year, passed in at $450,000 (Sarah de Zwart)


Albany, 28 The Avenue, unit 4, 90m² retail unit with vacant possession, passed in at $170,000 (Rosemary Wakeman)


Glenfield, 112 Chivalry Rd, neighbourhood shopping strip with 7 shops returning $135,252 + gst/year, sold for $1.87 million (Stuart Bode & Greg Healey)




Kumeu, 90 Main Rd, units C & D in Colonial Village commercial centre, units 79.6m² & 90.8m², sold for $665,000




East Tamaki, 30 Andromeda Crescent, business 5 site returning $42,000 holding income, passed in at $600,000 (John Bolton & Katie Wu)


Howick, Somerville shopping centre, 9 Gooch Place, shop A2, passed in at $835,000 (James Chan & Quinn Ngo)


Mangere, 203 Kirkbride Rd, unit 5, 144m² of offices on 2 floors available with vacant possession or 50% occupied, passed in at $250,000 (Fleur Board & Peta Laery)


Manukau, 60-62 Plunket Avenue, corner Cavendish Drive, 169m² office building on 1347m² industrial site, returning net $60,000/year, sold for $740,000 at 8.1% yield (Chris Upright & Mark Pittaway)


Pakuranga, 60 Ti Rakau Drive, units C, D & E, separate tenants, units of 105-110m² in recently refurbished retail development, no bids (Geoff Wyatt & Dave Stanley)


Papatoetoe, 96 Station Rd, BP service station, 463.5m² building, 170m² canopy, 2329m² site, returning $83,400 + gst/year from long lease, sold for $895,000 at 9.3% yield  (Shane Snijder)


Ramarama, 1474 Great South Rd, 30-unit Ramarama Country Inn with restaurant & bar, on 1138m² site in 2 titles, taken to auction by mortgagee NZ Mortgage Income Trust Group Investment Fund, no bid (Larry Sewell)


Want to comment? Email [email protected].


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

Continue Reading

Fire alarm doesn’t put auctioneer off stride

Published 21 November 2008

CBRE completed the auctioning of 9 Carters hardware outlet sites yesterday, but not before a fire alarm took auctioneer John Abbott & his entourage out on to Quay St for the last property on offer.


Mr Abbott had made it most of the way through bidding on the third of 4 properties offered in the Auckland auction when the fire alarm started ringing in the PricewaterhouseCoopers Tower, across Quay St from Princes Wharf on the city waterfront.


The third property, at Warkworth, was passed in – the precise figure was a little unclear as the gathering made it towards the fire exit staircase – but in case the top bidders were able later to go into negotiation.


For the fourth property, at Panmure, Mr Abbott took his gavel and most of the people from the auction room down to the waterfront and carried on business as usual – albeit, with a few pigeons looming dangerously and passersby casting odd looks.


All the properties are on 9-year leases back to Carter Holt Harvey Ltd.


The Auckland results:


Dargaville, 8-10 Normanby St, 765m² building on 3427m² site, rent $63,695 + gst/year, passed in at $630,000Tauranga, 40 Waihi Rd & 14 Birch Avenue, 4602m² building on 12,449m² site, rent $482,306 + gst/year, sold for $5.38 millionWarkworth, 43 Auckland Rd (State Highway 1, southern end), 1478m² building on 13,582m² site, rent $164,120 + gst/year, passed inPanmure, 130 Jellicoe Rd, 2190m² building on 8817m² site, sold for $3.4 million.

Want to comment? Email [email protected].


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

Continue Reading

First 2 Carters depots sell at auction

Published 18 November 2008

2 South Island Carters depots sold at auction today:


Christchurch, sold for $5.04 million at a 9.55% yieldInvercargill, sold for $1.8 million at a 10.46% yield

3 Wellington depots will be auctioned in Wellington tomorrow and 4 in Auckland on Thursday.


CBRE private client group director Richard Kirke said before the auction series he expected the properties would appeal to investors looking for future development and also those simply looking for a passive investment.


Mr Kirke said assets with guaranteed rental growth were increasingly popular in the current economic landscape: “Guaranteed rental growth is generally perceived as an advantage by both the vendor & the tenant as its transparency limits disputes and allows both parties to project future income & expenditure.


“In recent times we have seen demand moving away from market rent reviews and now many investors prefer those properties that give guaranteed rental growth such as the 3%/year on offer here.


“Investors are likely to view the depots as a ‘yield play’ where they are effectively paying prices achieved during 2007 for land, with the bonus of cashflow guaranteed through a 9-year lease to Carters.”


The annual rentals of the 9 properties range between $60-480,000/year, while the properties range in size from 3427m² in Dargaville to 13,582m² in Warkworth, with low floor:area ratios.


The Carters hardware store chain has 54 branches and is owned by Carter Holt Harvey Ltd.


Want to comment? Email [email protected].


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

Continue Reading

CBRE sells 10 of 13 at strong yields

Published 31 October 2008

CBRE sold 10 of 13 properties it took to auction yesterday – one at a yield below 6%, 4 more at yields below 7% – as the predominantly Chinese buyers looked for properties with cashflow.


10 of the units were in a newly completely expansion of the Glen Eden shopping centre on Captain Scott Rd, done by Wilkinson Property Group Ltd (Greg Wilkinson, Remuera, who shifted his focus away from inner-city apartment conversions and began this project about 2 years ago).


Auction results:


Glen Eden centre:


Unit 1, Toby Seafood on 10-year lease, earning $33,964/year, sold for $550,000 at 6.2%Unit 2, Noodle Canteen on 8-year lease, earning $34,601/year, sold for $505,000 at 6.7% yieldUnit 3, Roast Meals on 8-year lease, earning $29,588/year, sold for $384,000 at 7.7% yieldUnit 5, National Bank on 6-year lease, earning $68,754/year, sold for $1.015 million at 6.8% yield – first property up for auction, attracted 10 biddersUnit 6, TAB on 10-year lease, earning $61,366/year, sold for $910,000 at 6.7% yieldUnit 8, Green Fresh on 10-year lease, earning $85,613/year, sold for $1.01 million at 8.5% yieldUnit 10, WINZ on 3-year lease, earning $166,700/year gross ($148,691 net), sold for $1.6 million at 9.3% yieldUnit 11, Thornburys London Deli on lease expiring in May 2009, earning $34,960/year, passed in at $310,000Unit 12, Colour Plus on 5-year lease, earning $62,880/year, sold for $790,000 at 7.9% yieldUnit 13, NZ Post & Kiwibank, one year to lease expiry, earning $53,280 gross, sold for $795,000 at 5.7% yield on net

Onehunga, 33 Onehunga Mall, 900m² multi-tenanted building on 658m² site, earning $132,500/year, passed in at $1.45 million


Onehunga, 163 Onehunga Mall, 372m² multi-tenanted building on 424m² site, earning $77,980/year, passed in at auction, sold shortly after for $1.04 million at 7.5% yield


Pakuranga, 7-9 Reeves Rd, 1500m² multi-tenanted building on 2494m² site, earning $20,000/year, passed in at $2.1 million.


Want to comment? Email [email protected].


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

Continue Reading

Harcourts gets 10,000 homes under management

Published 27 October 2008

Harcourts has achieved the target of having more than 10,000 residential properties in New Zealand under its management.


Harcourts NZ Ltd chief executive Bryan Thomson said the group had increased its property management portfolio by about 40% in each of the past 2 years and he was confident it would continue to grow.


National property management operations manager Carol Benny said the portfolio growth was partly organic, along with various rent-roll acquisitions (including Blue Chip properties) and a number of mergers with former independent operators.


Want to comment? Email [email protected].


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

Continue Reading

Big turnout, low turnover at Bayleys auction

Updated 28 September 2008 (Newmarket & Howick)

Published 25 September 2008

There was a big turnout for Bayleys Total Property auction in Auckland yesterday, but only 2 sales under the hammer & 2 properties sold before the auction.


Auction results.-




CBD, 417-419 Queen St, unit E, 135m² shop & business, passed in at $600,000


CBD, 3-13 Shortland St, unit B2 of the former South British building, 395m² bar occupied by Code, no bid


Isthmus east:


Grafton, 97A Grafton Rd, high-profile villa on a freehold site opposite Auckland Hospital, taken to mortgagee sale by Southern Cross Building Society with vacant possession, sold for $850,000


Update 28 September 2008:

Newmarket, 49E Nuffield St, HP8 restaurant returning net $73,229/year plus gst, 188m², sold prior for $1,064,001.99 plus gst; the rent will increase to $77,623.16/year net plus gst from March 2010 and the vendor is subsidising the difference meantime, so the sale effectively on the new income stream represented a 7.3% yield (sale, Cameron Melhuish & James Chan)


Otahuhu, 17 Saleyards Rd, 6807m² site containing 330m² offices, 2733m² warehouse, 1436m² canopy,  occupied by Darrak Produce Markets Ltd on new lease returning $360,000/year plus gst & outgoings, passed in at $3.35 million


Parnell, 86 Parnell Rd, level 2 of recently refurbished office building, tenant Blue Star Print Group (NZ) Ltd in gross 389m² with 8 parking spaces, passed in at $1.225 million


Penrose, 17 Greenpark Rd, 1939m² site containing 356m² office & amenities, 637m² warehouse/workshop, 134m² showroom/reception, 25 parking spaces, passed in at $1.8 million


St Heliers, 427-433 Tamaki Drive, 6 tenancies in 8 shops returning net of about $220,000, on perpetual Melanesian Trust 21-year ground lease with $53,000 ground rent, 911m² site, passed in at $1.875 million


Isthmus west:


Eden Terrace, 339 New North Rd, character offices recently refurbished by Layne Stephens (Layne Stephens Properties Ltd), passed in at $640,000


Mt Eden, 6 Wiremu St, home on 642m² just off Dominion Rd, sold prior




Albany, 327 Albany Highway, freehold standalone building with 3 new retail leases, anchored by Hell Pizza, returning net $124,615/year plus gst, passed in at $1.45 million


Orewa, 7 Tamariki Avenue, Tamariki House, 861m² building containing 124m² retail, 668m² office, 68m² storage on 1037m² site, returning $192,046/year plus gst, no bid


Wairau Valley, 84C Hillside Rd, 320m² warehouse with 90m² offices, passed in at $1.4 million


Wairau Valley, 19A Porana Rd, Leisurerite NZ Ltd premises, 1331m² showroom & 171m² office returning net $156,300/year, passed in at $1.4 million




Westgate, 10 Cellar Court, 686m² of factory/warehouse, 135m² showroom, 135m² mezzanine apartment, offered with vacant possession, passed in at $800,000




East Tamaki, 25 Lorien Place, unit A, 500m² vacant high–stud warehouse on 3950m² site, passed in at $1.235 million


East Tamaki, 329 Ti Rakau Drive, unit A, 318m² building occupied by Manukau City Toyota (Howard Trading Ltd), returning net $60,000/year plus gst plus outgoings, sold for $741,000


Update 28 September 2008:

Howick, 113 Meadowlands Drive, unit L, 110m² liquor shop, offered with vacant possession, passed in at $350,000


Howick, 90 Whitford Rd, unit 2, 290m² retail property next to Meadowlands shopping centre, returning $80,000/year, passed in at $780,000


Waiuku, 100 Queen St, 14 motel units plus a manager’s house, units covering 680m² of 7008m² property, passed in at $1.1 million


Want to comment? Email [email protected].


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

Continue Reading

Harcourts buys into South Africa’s Homenet Group

Published 18 September 2008

Harcourts International Ltd has entered South Africa in a joint venture with a major local real estate company.


Executive director Paul Wright said today the agreement would the New Zealand-registered company take a shareholding in the high-profile Homenet Group, which it has licensed to use the Harcourts brand & systems.


Homenet, headed by chairman Robert Ketjen & chief executive Martin Schultheiss, will be rebranded over the next 12-18 months.


Mr Wright, who’s based in Christchurch, said: “Homenet is one of the top 5 real estate organisations in South Africa, with over 130 offices throughout the republic. Partnering with them is a truly exciting step for Harcourts, continuing the strong international growth of our brand, moving closer towards our goal of being one of the world’s leading real estate franchise groups and providing even greater marketing opportunities for our clients through greater brand awareness & profile on a global stage.”


Harcourts is now in 8 countries – New Zealand, Australia, Fiji, Indonesia, Singapore, Zambia, China & South Africa.


Homenet also holds a significant shareholding in South African mortgage originator Bond Choice. Mr Schultheiss said it remained a “value for money” organisation since its inception on 1 September 1991, when a group of small independent estate agencies combined their collective marketing strengths to compete in the highly competitive South African real estate market.


Earlier stories:

26 June 2008: Te Kauwhata growth justifies a real estate agency

22 May 2008: Harcourts opens office up the Coromandel Peninsula

13 April 2008: Harcourts expands in Christchurch’s south-west

30 March 2008: On the move, March 2008, Harcourts picks WA Kiwi to run international expansion

18 March 2008: Harcourts signs deal to open in China

29 February 2008: Harcourts sets up Zambian franchise

25 January 2008: Harcourts takes over Blue Chip property management


Want to comment? Email [email protected].


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

Continue Reading

7.5% in Waikato & Northland

Published 11 September 2008

A tough market, but provincial retail space has sold at a 7.5% yield at Bayleys auctions this month.


One of the sales Bayleys cited was in the Waikato, the other in Northland.


I mentioned last week that Bayleys’ Hamilton office had shifted en masse to CB Richard Ellis. But Andy Shaw has been a top performer for the Bayleys office for many years, stayed and is continuing to do deals, including one of these auction sales last week.


Auction results:


Te Awamutu, Sloane St, 300m² United Video outlet, sold at a Bayleys auction in Hamilton for $530,000, representing a yield of 7.5%. The building, on one of the town’s main arterial routes, has a new 6-year lease to Screen Enterprises Ltd, with 2-yearly rent reviews, which has been trading out of the premises as United Video for 12 years. Marketing agent Andy Shaw, of Bayleys’ Hamilton office, said the property attracted good competition at the auction, reflecting its strong rural town location and its affordable price range.


Whangarei, Okara Drive, a 513m² bulk retail unit on the southern fringe of the Okara shopping centre, has sold at a Bayleys auction for $719,000. The unit is in a block of 3 completed in 1994 and is occupied by Bedz Direct (2007) Ltd on a 6-year lease from March 2007, with 2-yearly rent reviews. It was sold at a 7.5% yield through David Beattie & Debby Bain (Bayleys Whangarei).


Want to comment? Email [email protected].


Attribution: Bayleys release, story written by Bob Dey for this website.

Continue Reading

First a bottle of cognac, then the real stuff….

Published 9 September 2008

A couple whose bids were topped on every property offered at CB Richard Ellis’s auction of a National Bank portfolio last week, fared better in the auction room today.


First, in a practice auction, they collected a bottle of Hennessy XO cognac which new CBRE salesman Dominic Ong said he’d bought for $300. Auctioneer John Abbott said proceeds from the warmup auction would go to a charity and he brought the hammer down at $380.


The couple were then successful in buying the Eden Crescent commercial space plus 17 secure parking spaces, all on freehold strata title, in Melview Developments Ltd’s Crescent property, downhill from its Quadrant Hotel, next to the Hyatt Regency on Waterloo Quadrant.


That property went for $1.62 million, on an 11.4% yield.


The other 2 properties offered today were passed in. They were:


St Lukes, 71 Morningside Drive, passed in at $2.9 million, recently vacated 1584m² of office space on a 6595m² business 4 site with 74 parking spaces, down a right-of-way opposite Westfield’s St Lukes shopping centreNewmarket, 47-55 Nuffield St, level 1, no bid at auction; 675m² of refurbished retail & office space owned by businessman Mosen Haghi and leased to his House of Haghi Ltd carpet business on a new 6-year lease with 2 6-year rights of renewal – the business is moving from its established premises in the former power board building across the road because owner Westfield NZ Ltd is redeveloping.

Related story:

11.4% yield on Melview Eden Crescent space


Want to comment? Email [email protected].


Attribution: Auction, story written by Bob Dey for this website.

Continue Reading
WordPress Appliance - Powered by TurnKey Linux