Archive | Agency

CBRE sales & leasing activity

Published 14 August 2007

In this first batch of deals reported by CBRE sales people, I’ve omitted 2 of the biggest transactions in which the agency was involved – sales of the Carter Holt Harvey portfolio & of the Lion Nathan property on Khyber Pass Rd, which have both already been reported.


The list below is a mix of sales & leases. It will be followed by more deals completed in Manukau and on the North Shore. The list appears on the Property organisations/Agencies/CBRE page, and individual transactions will be repeated on the Neighbourhood pages.




Newmarket, 136 Broadway, ASB Building, lease between 136 Broadway Ltd (lessor) & Gourmet Food Publishing Ltd (lessee) on one office floor, 305m² net lettable area at $233/m², one parking space at $40/week rental; agent Wendy Sharkey


Onehunga, 148 Arthur St, unit 14 (opposite Dressmart), 449m² one-storey freehold retail building erected in 2001 on 1118m² site, 24 parking spaces, occupied by Paperplus with Kiwibank outlet, on lease running for 8 years from May 2005, sold for $1.95 million at 7.9% yield in transaction between private investors; CBRE agents Ivan Mendonca & Lindsay Jackson




East Tamaki, 31 Stonedon Drive, warehouse & 2 levels of offices, showroom & amenities, completed in September 2003, previous owner Matand Trust, new owner-occupier Gasparre Holdings Pty Ltd, gross floor area 1275m² on 2000m² site, 16 parking spaces, sold with vacant possession for $2.2 million; agents Nigel Hewitson & Scott Soroka




Wellington, 181 Wakefield St, Gillies Group House office lease between Wake Holdings Ltd (lessor) & Karactaz Ltd (lessee); 110.7m² plus carparks, rental $350/m²; agent Jay Parag


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

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Harwood’s Simes buys Belle Property Queenstown

Published 14 August 2007

Christchurch-based real estate company Simes Ltd has expanded into the Southern Lakes, buying upmarket real estate company Belle Property Queenstown Ltd.


Belle was part of the Belle Property Pty Ltd group founded in Sydney in 2000 by Chris Meehan & Mark Elmowy.Simes chief executive Layne Harwood said: “This is a very exciting development for Simes. Adding Belle Property Queenstown to our company complements all our current work.“The Simes focus is on commercial property, with more than a century’s business heritage and the number one commercial real estate position in Christchurch. Belle is an Australasian company which is well known as a successful marketer of premium homes.”Layne Harwood says he & wife Linda, the Simes chief operating officer, had long admired the Belle Property marketing style and now looked forward to growing the brand in Queenstown and introducing it to Christchurch.“Belle Property has a unique & successful marketing approach to top-of-the-line homes. It is unrivalled in this country and will help us maximise the profile of Christchurch’s most outstanding & elegant homes.“I have spoken to former Belle staff in Queenstown, who all speak passionately about the Belle Property brand. I know we are buying a brand people feel very fond of and proud to market their homes with.”Belle Property Group chief operating officer Anthony Harris said the sale was good news for South Island real estate: “Layne & Linda have a proven track record of business & real estate experience & success – they have certainly made their mark on Christchurch since they bought Simes 18 months ago.”Mr Harwood started his career as a property valuer nearly 3 decades ago and established his own commercial valuation practice in Auckland, before expanding into property consultancy, property development & management consultancy.Barfoot & Thompson recruited him in 1998 and, from 2000-05, he headed the commercial property division. In his 5 years at the helm it grew from 15 to 70 staff, and from $50 million to more than $500 million of sales.


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

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Bayleys Total Property auction results

Published 9 July 2007

Results from the recent series of Total Property auctions conducted around the North Island by Bayleys Real Estate:


Auckland City




CBD, 3 Bacons Lane, 38m² retail tenancy occupied by a lunchbar/cafe in the Chancery complex sold for $515,000 at a 7.9% yield on $40,920 net rent. Josbro Ltd renewed its lease for a further 6 years in December 2006. (Ross McFarlane, Bayleys Manukau & Quinn Ngo, Bayleys Auckland Central)


Balmoral, 583 Dominion Rd, an 8-unit retail complex recently extensively modernised & reconfigured:

·         Shop 1 unit B: 52m² unit occupied by Super Polio on 10-year lease from January 2005 with 2-yearly rent reviews, sold for $480,000 at a 5.4% yield on $26,000/year net rent. (Colin Stewart, Dominic Ong, Cameron Melhuish, Bayleys Auckland Central)

·         Shop 2 unit A: 53m² unit occupied by Super Turkish Kebabs on 10-year lease from February 2005, sold for $600,000 at a 5.7%yield on $34,450/year net rent. (Colin Stewart, Dominic Ong & Cameron Melhuish)

·         Shop 3 unit C: 53m² unit occupied by Bombay Classic on 8-year lease from February 2006, sold for $364,000 at a 6.6% yield on $24,075/year net rent. (Colin Stewart, Dominic Ong, Cameron Melhuish)

·         Shop 4 unit D: 53m² unit occupied by IQQ Rice on 6-year lease from December 2004, sold for $378,000 at a 6.3% yield on $23,850/year net rent. (Colin Stewart, Dominic Ong, Cameron Melhuish)

·         Shop 6 & 7 unit F: 2 ground-floor retail tenancies of 139m² (J South Internet Café) & 86m² (Insta Cellulars Ltd) with offices above, sold for $1 million at a 7.75% yield on $77,500/year total net rent. (Colin Stewart, Dominic Ong & Cameron Melhuish)

·         Shop 8 unit G: 50m² tenancy occupied by a Japanese café, sold for $381,000 at a 6.56% yield on $25,000/year net rent from a 10-year lease from January 2005. (Colin Stewart, Dominic Ong & Cameron Melhuish)


Meadowbank, 35-47 St Johns Rd, 249m² retail tenancy occupied by an Amcal pharmacy at the entrance to the mall & opposite Foodtown, sold for $1,465,000 at a 6.78% yiled on $99,000/year net rent from a 7-year lease from May 2003 with one 7-year right of renewal. (John O’Brien & James Chan, Bayleys Auckland Central)


Newmarket, corner Khyber Pass Rd & York St, 467m² unit divided into 2 tenancies on the ground floor of a parking building, sold for $2.45 million at an 8.4% yield on $206,666/year total net rent. The tenants are Sun World, a Chinese restaurant, & Heaven Souvenirs Ltd. (James Chan & Quinn Ngo)


Sandringham, 521-531 & 576-586 Sandringham Rd, 2 character retail buildings sold before auction for undisclosed sums. (Dominic Ong & Cameron Melhuish)


Passed in:


Balmoral, 583 Dominion Rd, Shop 5, unit E: 74m² retail premises currently unoccupied but producing $39,000/year net rent until December, passed in for $400,000. (Colin Stewart, Dominic Ong & Cameron Melhuish)


Herne Bay, 234-236 Jervois Road & 2A Kelmarna Avenue, a 409m² building on 819m² of land, passed in at $2.25 million. The property has development potential but is producing $89,130/year net rent from a lease to Portofino Restaurant and hairdressing & fashion shops. (Jack Downer, Bayleys Auckland Central)


Onehunga, 56 Princes St, soon-to-be-completed vacant 580m² warehouse with parking for 18 vehicles, passed in at $1.25 million. (Ross McFarlane, Bayleys Manuakau & Gabrielle Ellett, Bayleys Auckland Central)






Mangere Town Centre, ASB Bank, high-profile 219m² building on 228m² of land, sold for $703,000 at a 5.97% yield on $42,000/year net rent. ASB Bank has been the tenant since October 1991, with final expiry of its renewal rights in October 2009. (Dominic Ong & Nicolas Ching, Bayleys Auckland Central & Mark Pittaway, Bayleys Manukau)


Manukau, 726 Great South Rd, high-profile business 4-zoned 3360m² corner site of next to the entrance  to the Southern Motorway, sold for $2 million. (Shane Snijder, Jane High & Ben Bayley, Bayleys Manukau)


Pakuranga, 8-10 Rylock Place, a stand-alone 1673m² high-stud warehouse with 5220m² of land on 2 titles, sold with vacant possession for $1.9 million. (Jane High, Shane Snijder & Ben Bayley, Bayleys Manukau)


Manurewa, 29-39 Station Rd, fully tenanted retail property consisting of 640m² of buildings on 628m² of land opposite the Manurewa railway station, sold for $1,262,000 at a 6.9% yield on $87,688/year net rent from 8 separate tenancies. (Shaun Paterson, Bayleys Manukau & Mike Ashton, Bayleys Counties)


Passed in:


East Tamaki, 175 Harris Rd, 944m² building occupied by BNZ on a 3144m² stand-alone site, passed in for $3.55 million. The property is producing $264,500/year net rent from a 12-year lease from October 1996 with 2 3-year rights of renewal. (Gordon Gibson, Bayleys Manukau)


Manukau, 16 Ryan Place, 930m² warehouse & office building on stand-alone 2027m² site, passed in for $1.06 million. The property is producing $84,676/year net rent from a 5-year lease to Manukau Auto Spares from September 2002 and a monthly lease to Hughes Construction Ltd. (James Devlin & Neville Orpen, Bayleys Manukau)


North Shore




Albany, 100 Don McKinnon Drive, units 14-20, 6-shop foodcourt with a total area of 507m², in the Northridge Plaza shopping centre, sold for $2.5 million at a 9.4% yield on $234,887/year net rent. (Quinn Ngo & James Chan & Richard Yang, Bayleys Auckland Central)


Passed in:


Albany, 100 Don McKinnon Drive, unit 25, a 449m² outlet occupied by Pumpkin Patch, passed in at  $1,925,000. Pumpkin Patch exercised a 6-year right of renewal in December 2006 at $154,000/year net rent.




Papakura, 182 Great South Rd, unit C, 99m² retail unit in the Selwyn Centre shopping mall, sold for $300,000. The property is producing $26,550/year net rent from a 6-year lease to SME Business Systems Ltd from December 2002 with one 6-year right of renewal. (Mike Ashton)




Passed in:


Henderson, 261 Lincoln Rd, modern 357m² building on prominent 2000m² corner site with daily exposure to 45,000 passing vehicles, offered with vacant possession, passed in at $1.41 million. (Chris Upright, Craig Smith & Mark Jorgenson)


New Lynn, 33-37 Totara Avenue, 487m² 2-level stand-alone building with road frontage, currently producing $94,264/year net rent from short-term leases,passed in at $850,000 on a vendor bid. (Chris Upright & Craig Smith, Bayleys Auckland Central)






Cambridge, 75 Hautapu Rd, 2016m² warehouse/office complex on 1.35ha, sold for $2.4 million at a 7.1% yield on $170,000/year met rent. The property is occupied by Carter Holt Harvey Ltd on an 8-year lease from October 2006 with 2 4-year rights of rene

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Government proposes end to REI self-regulation

Published 29 May 2007

Associate Justice Minister Clayton Cosgrove announced an end to self-regulation for the real estate sector today.

He said this move was one of the Government’s proposals to bring accountability & transparency to the industry, and to establish an independent complaints system that protects consumers.The proposals are in the Government document Preferred options for reform of the Real Estate Agents Act 1976, which sets out proposals to change the licensing, complaints & disciplinary system for real estate agents & salespeople.Mr Cosgrove said the industry’s "closed shop" practices for dealing with public complaints no longer measured up: "Major concerns have been raised by the public & real estate agents themselves about how the industry deals with complaints & disciplinary matters.

“Last year I asked the Real Estate Institute to come back to me with proposals to improve accountability & transparency in the industry. Sadly the REINZ came back with proposals that kept the complaints system in-house."I am proposing to remove the regulatory functions from the industry because it has failed to protect customers from rogue agents. I am also proposing to create an independent Real Estate Licensing Authority responsible for investigating & resolving complaints.

“The authority will have wide investigative powers and will be able to order a wide range of penalties & remedies, including compensation & delicensing of agents. A public register of real estate agents & salespeople will be established, that will include any breaches of the industry standards against the names of agents or salespeople involved."Mr Cosgrove said the reforms would restore the confidence of consumers & honest real estate agents: "Consumers will be better protected by an independent disciplinary process with effective redress for breaches of a new code of conduct and of the law. Honest real estate agents will benefit from no longer being tarnished by the last land shark who ripped off a consumer and who brings the entire industry into disrepute."

The proposals will also have significant consequences for the institute: "As the disciplinary function of the REINZ would move to the new authority, real estate agents would no longer be required to be members of REINZ. Instead they will have to be licensed by the authority."The Minister said a series of community meetings would be held around the country to hear public views on the options. Submissions close on Tuesday 10 July.

Mr Cosgrove said he aimed to introduce a bill to amend the act into Parliament within a few months, with the aim of passing the legislation by late this year or early next year.

In support of reform, Mr Cosgrove cited the number of complaints received by the Real Estate Institute and handed on to the Real Estate Licensing Board in the past 3 years: 

In 2004, 132 complaints received, none referred to the boardIn 2005, 163 complaints received, 7 referred to the boardIn 2006, 212 complaints received, 2 referred to the board. 

REINZ welcomes discussion document

Despite the minister’s scathing criticism, the Real Estate Institute welcomed the release of the discussion document. National president Murray Cleland said: “Most of the changes Associate Justice Minister Clayton Cosgrove is announcing today were well telegraphed in advance so come as no surprise.

“It is good, however, finally to have the detail of the Government’s proposals and a solid basis on which to engage.

“The institute has been seeking over many years to have the Real Estate Agents Act 1976 overhauled because it is badly out of date. It is the act, for example, which has prevented the institute from imposing fines greater than $750.

“Similarly, we support enhanced consumer protections such as the establishment of a complaints system that is transparent. The institute has been giving consideration ourselves as to how this might best be achieved so we are pleased that these issues are now being addressed and that we have a firm timetable for reform.”

Mr Cleland did express some concerns though. He said it wasn’t clear how the licensing authority’s role in setting educational entry requirements would mesh with the existing industry training organisation, and the omission of property managers & letting agents from the proposed regime suggested they wouldn’t be required to be licensed, leaving the consumer relatively unprotected.

Meanwhile former Consumer Association chief David Russell will get on with a review of the institute’s code of ethics & rules of practice. He’s due to deliver his interim report on Wednesday 20 June.


Website: Ministry of Justice, reform options page


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Attribution: Ministerial & REINZ releases, story written by Bob Dey for this website.

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Oysters galore at DTZ

Published 27 May 2007

DTZ NZ Ltd’s Auckland office opened May by opening oysters – Bluff, and lots of them, for a client function at the Hilton Hotel on Princes Wharf.

More than 250 guests from the property fraternity & related businesses turned out for the oyster & chardonnay night.

DTZ chief executive Ross Pickett said: “This has become our signature annual function. We had a great evening & attendance, which once again offered us a chance to thank our clients in a fittingly luxurious fashion.”

The Hilton’s Aquamarine room ensured the perfect setting – harbour views, plush surrounds & sophisticated music providing just the right atmosphere to enjoy fine wine, food & great company.

Click all the photos to enlarge. From top to bottom, left to right:

Photo on right: Peter Mence; Saatyesh Bhana & Mark Norman from ING NZ Ltd

Left: David Comery of Mt Wellington Trust Hotels, Shane Evans & David Bower of DTZ

Right: Justin Stortelers of DTZ & Emma Mountfort of Investment Property Titles Ltd

Left: Ross Pickett, DTZ, gives the welcoming address

Right: Dianne Rice, Griffiths Group; Wanley Simpson, Creative Spaces; Don Linderberg,

Waitakere Properties Ltd

Left: Mark Parlane, DTZ; Bridget Fowler, Deborah Knight & Sara Macdonald of

Trust Investments

Right: Ross Pickett, DTZ; Tim Stables, Deloitte; Jason Galea, ANZ Banking Group

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Attribution: Photos courtesy of DTZ, DTZ release, story written by Bob Dey for this website.

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Chen topples Leila MacDonald as top Barfoots salesperson

Published 11 May 2007

Leila MacDonald has been toppled as Barfoot & Thompson’s number one salesperson for the first time in 4 years.


The honour has gone this year to Johnson Chen, of the city office, but Mrs MacDonald still came a close second, although she took time out during the year. She remained top residential salesperson, heading Jane Wang, of the Panmure branch.


Barfoot & Thompson recognised its top 25 salespeople at its annual convention this week. Mike Butler, Papakura, was named rural salesperson of the year and John McDonald, Whangaparaoa, the commercial salesperson of the year.


Director Peter Thompson said Mr Chen had made the top spot once before and was consistently ranked second every other year.


The top 25 for the March 2007 year:


Johnson Chen, City Leila MacDonald, Remuera Jane Wang, Panmure Daniel Huang, Meadowlands Dominic Shu, Mt Roskill Karin Cooper, St Heliers John McDonald, Whangaparaoa Mike Butler, Papakura Elizabeth du Plessis, Pukekohe Eddie Zhao, WestHarbourCraig Matheson, Whangarei Nadja Court, MairangiBayBill Carlson, Commercial William Tyndall, Pukekohe George Fong, Epsom Ross Goodall, Mt Eden Rick Hamilton, Commercial Ann Lepper, BirkenheadJitu Setia, Papatoetoe Stephen Chang, Greenlane Ron Sadler, Takapuna Helen Lam, Greenlane Paul Barnao, Remuera Todd Yelavich, MilfordSue Zhou, Dannemora. Want to comment? Click on The new BD Central Forum or email [email protected].


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

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Barfoot & Thompson opens at Pt Chevalier

Published 24 April 2007

Barfoot & Thompson opened a Pt Chevalier branch, at 1186 Great North Rd, on 16 April.

Director Peter Thompson said Barfoot & Thompson recognised Pt Chevalier as a strong growth area and wanted to have a local presence.

Branch manager is Pauline Goldfinch, who has a decade of experience with Barfoot & Thompson: “Real estate is in my blood,” she said. “Both my parents worked for Barfoot & Thompson and I’ve worked in the company’s Panmure, Mission Bay & Remuera branches before taking on this management role.”

The new branch intends to build up to about 20 salespeople and will aim to establish a property management division soon.

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

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Just 3 sales under the hammer, 5 prior at Total Property auction

Published 9 April 2007

Bayleys’ first Total Property offering for the year had a much lower proportion of auction properties and a much higher proportion of tenders – and from the auction list, 5 properties were sold before the event.

Another 9 were passed in on the day, leaving 3 sales under the hammer.

Results from the Auckland auction last Wednesday, 4 April:


CBD, 55-57 High St, levels 2 & 3, office earning net $75,000/year plus gst & outgoings, lease renewed for 6 years, passed in at $800,000 (Jack Downer)

Mt Eden, 292-310 Dominion Rd, unit A17, freehold Eden Quarter shop, sold for $798,000 at 4.94% yield on $39,415/year rent with annual reviews (sales Dominic Ong & Cameron Melhuish)

Onehunga, 10-12 Miami Parade, industrial property, 2 standalone buildings returning net $130,000/year plus gst, sold prior for $1.525 million at 8.5% yield (Simon Lee & Dominic Ong)

Otahuhu, 469A Great South Rd, fully tenanted strip retail, 182m² of showroom returning $40,700/year plus gst, passed in at $485,000 (Ross McFarlane & Shaun Paterson)

Panmure, 7 Domain Rd, 3-level concrete building originally built for a Government department, 23 parking spaces, returning net $166,000/year, sold prior for $1.885 million at 8.8% yield (Dominic Ong & Colin Stewart)

Penrose, 57-59 & 61 Station Rd, 3 tenancies returning $45,979/year plus gst plus outgoings, passed in at $500,000 (Ben Bayley & James Hill)

Ponsonby, 12-14 Fitzroy St, business 4 mixed-use corner site returning $54,000/year plus gst, passed in at $850,000 (Jack Downer)


Airport Oaks, 203 Kirkbride Rd, unit 7, fully tenanted, returning $40,000/year plus gst, sold for $482,000 at 8.3% yield (Shaun Paterson & Peta Laery)

Airport Oaks, 203 Kirkbride Rd, unit 8, returning $30,000/year plus gst, passed in at $390,000 (Shaun Paterson & Peta Laery)

Dannemora, corner Te Irirangi & Redcastle Drives, Dannemora Pharmacy, paying net $72,000/year plus gst plus outgoings, sold prior for $1.05 million at 6.9% yield (Mark Pittaway)

East Tamaki, 257 East Tamaki Rd, 5 tenancies returning net $176,000/year plus gst, passed in at $1.7 million (Ross McFarlane & Shaun Paterson)

East Tamaki, 166 Harris Rd, unit D, 702m² site returning $80,890/year plus gst, sold for $1.11 million at 7.3% yield (Ben Bayley & John Bolton)

East Tamaki, 14 Neil Park Drive, unit B, returning $28,000/year plus gst plus outgoings, sold prior for $380,000 at 7.4% yield (Jane High)


Drury, 228 Flanagan Rd, vacant 2.116ha rural block with commercial development potential, passed in at $870,000 (Roy Rudolph & John Bolton)


Glendene, 5 Bancroft Crescent, 3062m² site earning net $51,928/year from long-term tenant keen to stay, sold prior for $1 million at 5.2% yield (John O’Brien)

Glendene, 20 Akatea Rd, industrial land bank returning $120,000/year from short-term tenancies, passed in at $1.2 million (Ross McFarlane & Quinn Ngo)

Henderson, 415 Great North Rd, 1625m² standalone building with 3 tenancies, returning net $197,500/year plus gst, passed in at $2.8 million (Chris Upright & Craig Smith)

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

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The Joneses complains about Harcourts’ statistical ads, and complaints board agrees

Published 27 March 2007

New national real estate company The Joneses has welcomed a ruling by the Advertising Standards Complaints Board upholding a complaint it laid about Harcourts advertising.

Harcourts had compared the average price of house sales over a given month in the market with the average price of sales made by Harcourts and claimed sellers would achieve higher prices by selling through that firm.

“Harcourts is a national firm and either they don’t understand statistics, which is a worry, or they knew exactly what they were doing in misleading the Christchurch public – which is much worse,” The Joneses partner Chris Taylor said today.

The complaints board agreed the advertisement used research results in a manner which was misleading.

Mr Taylor said Harcourts had been running these advertisements for 12 months and had refused to withdraw them when The Joneses pointed out privately to the firm directly that they were misleading.

“This is another example of how our industry needs to lift its game to raise standards and regain public trust. They had ample opportunity to correct the information. We chose to lay a complaint in the interests of all real estate consumers,” Mr Taylor said.

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

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David Russell to review real estate code of ethics

Published 2 March 2007

Former Consumers’ Institute chiefe executive David Russell will chair a review of the Real Estate Institute’s code of ethics. The Real Estate Institute’s national president, Murray Cleland, said it had been a coup to get Mr Russell because he would bring to the job a reputation for integrity gained over 36 years with the Consumers’ Institute, 16 of them as its chief executive.

The code was last reviewed in 1999.

Other recent initiatives included:

new codes of practice to cover auctions, tendering, property management & advertising
improved processes to shorten the time taken to complete complaint investigations and to ensure complainants are kept informed of progress
improved training for complaints investigators, and
greater scrutiny of all licensees & salesperson’s certificates.

“We are also pushing for a complete rewrite of the Real Estate Agents Act because it is more than 30 years old,” Mr Cleland said. 

Among the improvements the institute is seeking are:

a requirement that agents & salespeople undertake continuing professional development to ensure they’re up to date with developments and with their legal obligations, and
replacement of the fidelity guarantee fund with a system of compulsory professional indemnity insurance.

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

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