Archive | Agency

Leaseback supports strong Mt Maunganui sale price

A Mt Maunganui industrial property has been sold by Colliers agents on a 5.15% yield on current rent, with a leaseback available.

South of Bombays

Mt Maunganui

133 Newton St:
Features: 1312m² site, 817m² office/showroom/warehouse; leased until June 2019 with no right of renewal, tenant down-sizing its operation & offering a leaseback until May 2019
Rent: $100,000/year net + gst + outgoings       
Outcome: sold for $1.91 million + gst
Agents: Rob Schoeser & Simon Clark

Attribution: Agency release.

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2 sales & 8 leases for Shore agents

Bayleys agents on the North Shore have signed 2 sales in Albany and 8 leases – 7 on the Shore and the other in Glen Eden.

Sales

North-east

Albany

86 Bush Rd, unit M:
Features: 65m² office unit, 2 parking spaces     
Outcome: sold in September for $375,000 + gst
Agent: Alex Strever

100 Don McKinnon Drive, unit C:
Features: 180m² unit – retail 150m², office 30m², shared parking
Outcome: sold in October for $1.398 million + gst at $7767/m²
Agents: Rosemary Wakeman, Adam Curtis & Millie Liang

Leases

North-east

Devonport

57-59 Victoria Rd:
Features: 200m² retail area
Rent: leased in October for $80,000/year net + gst, premises rental $400/m²  
Agents: Chris White & Adam Curtis

Rosedale

5-7 Paul Matthews Rd, unit E:
Features: 700m² industrial unit – office 325m², warehouse 375m², 15 parking spaces
Rent: leased in September for $120,000/year net + gst
Agents: James Kidd & Chris White

Takapuna

56-60 Hurstmere Rd, shop 1:
Features: 53m² shop
Rent: leased in September for $31,920/year net + gst, premises rental $602/m²
Agent: Ildy Meixner

507 Lake Rd, ground floor:
Features: 200m² retail space
Rent: leased in September for $110,000/year net + gst, premises rental $550/m²
Agents: Adam Curtis & Adam Watton

Wairau Valley

89 Ellice Rd, unit 10B:
Features: 125m² industrial unit, 2 parking spaces
Rent: leased in September for $32,000/year net + gst
Agents: Dean Gilbert-Smith, Adam Curtis & Adam Watton

54 View Rd, ground floor, unit C:
Features: 118m² retail space, one parking space
Rent: leased in September for $21,000/year net + gst
Agents: David Han & Terry Kim

75 View Rd, unit 10:
Features: 61m² office, 2 parking spaces
Rent: leased in October for $13,000/year net + gst      
Agents: Terry Kim & David Han

North-west

Glen Eden

182 West Coast Rd, unit 5:
Features: 100m² retail unit, shared parking
Rent: leased in October for $35,000/year net + gst, premises rental $350/m²
Agents: Steven Liu & Damian Stephen

Attribution: Agency release.

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11 South Island commercial sales

Bayleys agents in the South Island have completed 9 sales in Christchurch and 2 more in Ashburton & Nelson.

South Island

Christchurch

Addington

24 Clarence St South:
Features: 510m² vacant industrial building, 8 parking spaces, sealed yard, 328m² warehouse, 140m² of offices over 2 levels, 90m² mezzanine
Outcome: sold vacant for $735,000 at a 6.99% cap rate on expected rental
Agents: Stewart White, Chris Frank & Alex White

Hornby

31 Canada Crescent:
Features: 3050m² site-year-old 1609m² industrial building – 1344m² of 6.5m-high clearspan warehouse, 265m² showroom/office, seismic rating 100% of new building standard, 29 parking spaces, leased to international company Pentair on 5-year lease from February 2014 with 2 5-year rights of renewal
Rent: $190,000/year
Outcome: sold for $2.55 million at a 7.45% yield
Agent: Nick O’Styke

45 Carmen Rd:
Features: 2256m² high profile corner service station with retail area & 25 parking spaces, occupied by Gasoline Alley with 5 years to run on initial 8-year lease term & 3 4-year rights of renewal
Rent: $164,834/year         
Outcome: sold for $2.3 million at a 7.1% yield
Agent: Nick O’Styke

15 Green Lane, unit 1:
Features: shared 1732m² site, 368m² north-facing industrial building, seismic rating 77% of new building standard, 8 parking spaces
Rent: $54,000/year
Outcome: sold for $773,000 at a 6.99% yield on well established tenancy
Agent: Nick O’Styke

Islington

6 Doric Way:
Features: 3414m² of industrial land in Waterloo Business Park
Outcome: sold to an owner-occupier for $857,750 at $250/m²
Agents: Stewart White, Alex White & Chris Frank

Richmond

245 Stanmore Rd:
Features: 1469m² site, 360m² building
Outcome: sold for $650,000 at a 5.8% yield, currently on a month-to-month lease
Agents: Stewart White, Chris Frank & Alex White

Sockburn

29 Epsom Rd:
Features: 830m² site, 498m² industrial building split into 2 units, seismic rating 90% of new building standard, 2 established tenants, 9 parking spaces
Rent: $75,000pa + gst      
Outcome: sold for $1.2 million at a 6.25% yield
Agent: Nick O’Styke

14 Watts Rd:
Features: 1.1279ha site, 5628m² warehouse & office building, large amount of parking
Rent: $502,918/year from lease that expired 31 October
Outcome: sold for $5.5 million
Agents: Stewart White, Chris Frank & Alex White

Woolston

33 Maunsell St:
Features: 1312m² site zoned industrial general, 2 adjoining tilt-slab warehouses totalling 410m², 40% & 60% seismic assessments, plus 3-bedroom dwelling with separate entrance
Rent: assessed market rental $50,000/year net
Outcome: sold with vacant possession for $672,000
Agents: Greg Mann & Garry Ottmann

Mid-Canterbury

Ashburton

390 East St:
Features: 994m² site, 1329m² former Ministry of Works building, seismic rating 40% of new building standard, lease back to NZ Post until October 2020 with one 3-year right of renewal, 2 additional casual tenancies and 396m² of vacant space
Outcome: sold post-auction for $562,500 at a 9.96% yield
Agents: Blair Young & Mitchell Wallace

Nelson

Tahunanui

47 Muritai St:
Features: 2001m² site, 2-storey 480m² motel complex comprising 14 units, 3-bedroom manager’s residence
Outcome: sold freehold for $1.37 million at a 6.4% yield, lease in place until November 2046
Agent: Gill Ireland

Attribution: Agency release.

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Spirited bidding on one, vendor bids dominate on 2

Properties on Barrys Point Rd in Takapuna and at Helensville, both earmarked as development prospects sold under the hammer at NAI Harcourts’ commercial auction yesterday, but after that the dominant bidders were the vendors.

Many auctioneers use vendor “bids” to coax prospective buyers into getting bidding underway, and will use these “bids” as an indicator again if offers are well short of reserve. But yesterday, auctioneer Andrew North found himself making 3 vendor bids on each of the last 2 properties on offer, against one on each from the floor.

You could put that down to the state of the market, but the lack of interest in those 2 properties followed spirited bidding for the Barrys Point Rd site.

North-east

Rosedale

331 Rosedale Rd, unit 1A:
Features: 129m² air-conditioned café on new 8-year lease with renewals to 2041, patio; 58m² ground-floor office, 14 parking spaces including 2 leased out
Rent: $77,235/year + opex + gst from 2 tenants, 2 parking spaces leased out at $260/month ($3120/year + gst)
Outcome: passed in after a bid from the floor at 1 million, followed by 3 vendor indicator bids up to $1.2 million
Agent: Albert Quan

Takapuna

42 Barrys Point Rd:
Features: 825m² site, 188m² building – ground 155m², basement storage 33m², 12 parking spaces, vacant possession after Espresso Relax Ltd tenancy expired, 18m height limit (including 2m roof form)
Rent: was $40,978/year + gst
Outcome: sold for $1.75 million
Agents: Andrew Bruce, Marty van Barneveld & Rob Meister

North-west

Helensville

15 Railway St:
Features: 1366m² site in 2 titles, 166m² floorspace, gravelled yard, vacant possession
Outcome: sold for $650,000 at $476/m² land
Agents: Rene Geertshuis & Geoff Thorne

Henderson

84 Henderson Valley Rd:
Features: 5014m² site, 660m² floor area, occupied by glass fibre-reinforced concrete company GRC NZ Ltd on lease with final expiry in 2024
Rent: $81,000/year net + opex + gst
Outcome: passed in after vendor bids at $1.3 million & $1.4 million, a bid from the floor at $1.41 million and a final vendor bid at $1.5 million
Agent: Marty van Barneveld

Attribution: Auction.

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Coke’s Shore warehouse sold

CocaCola’s North Shore warehouse was sold on a 5.5% yield at Colliers’ auction yesterday.

North-east

Rosedale

6-8 Civil Place:
Features: 3255m² site, 1933.80m² floor area, designed & built for Coca Cola Amatil (NZ) Ltd in 2007 on a 9-year lease term, renewed for 9 more years in January 2016
Rent: $315,000/year net + gst     
Outcome: sold for $5.74 million at a 5.49% yield
Agents: Matt Prentice, Shoneet Chand & Josh Coburn

Attribution: Agency release.

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Wairau Valley sale, Apollo Drive lease

Colliers agents on the North Shore have sold a Wairau Valley office building (pictured) and leased a small unit on Apollo Drive.

North-east

Sale

Wairau Valley

66 Hillside Rd:

Features: 809m² site, 587² net lettable area, air-conditioned office building, workshop with roller door access, separate rental stream from Vodafone licence
Outcome: sold vacant for $1.92 million on 25 October
Agents: Janet Marshall & Mike Ryan

Lease

Mairangi Bay

39-43 Apollo Drive, unit 8:

Features: 136m² unit, 4 parking spaces
Rent: leased 25 October for $41,000/year net + gst        
Agents: Janet Marshall & Nick Recordon

Attribution: Agency release.

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Tauriko & Silverstream business land sales

Colliers agents in the Bay of Plenty have sold a Tauriko industrial development site (pictured) and a Tauranga office building.

In Otago, 2 lots in the Silverstream Business Park in Mosgiel have been sold.

South of the Bombays

Bay of Plenty

Tauranga

115 Cameron Rd:
Features: 810m² site, 2-storey 851m² office building, 10 parking spaces
Rent: $158,594/year net + outgoings + gst
Outcome: sold for $3.1 million at a 5.1% yield
Agents: Simon Clark & Duncan Woodhouse

Tauriko

lot 232 Kennedy Rd:
Features: vacant 4799m² industrial development site, rear right-of-way for dual access
Outcome: sold for $1,775,630 at $370/m² land
Agents: Rachel Emerson, Simon Clark & Brad Johnston

South Island

Otago

Mosgiel

Silverstream Industrial Park, 180 Dukes Rd, lots 2 & 11:
Features: 2700m² of warehouse & office 
Outcome: sold to an owner-occupier for $1.15 million + gst
Agent: Dean Collins

Attribution: Agency release.

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6 sales south of Bombays, 3 in Christchurch development in Total Property auction series

6 properties south of Auckland were sold last week in Bayleys’ Total Property 7 auction series down the North Island.

In Christchurch, 3 units in a 17-unit development by Latitude Group Ltd (Ken Wimsett & Callum Baker) were sold in the Total Property auction. The developer envisaged uses would range from retail, office, hospitality & commercial services to trade supplies.

South of the Bombays

Bay of Plenty

Mt Maunganui

314 Maunganui Rd, units E & F:
Features: 2 adjoining office units totalling 223m², on the ground floor of Custom House commercial complex in high profile corner position; Bayleys’ franchisee Success Realty Ltd has occupied for past 10 years & renewed for further 10 years from October 2017, with 2 5-year rights of renewal
Rent: $99,668/year net + gst
Outcome: sold for $2.22 million at a 4.49% yield
Agents: Brendon & Lynn Bradley

Hawke’s Bay

Havelock North

2A Lindsay St:
Features: 472m² site, 195m² single-storey commercial building, seismic assessment 75% of new building standard, 5 parking spaces; occupied by hair stylist on 12-year lease from September 2016 following completion of building extension for a beauty clinic division
Rent: $45,751/year net + gst
Outcome: sold for $815,000 at a 5.61% yield
Agent: Jacob Smith

Taranaki

New Plymouth, Bell Block

29-37 Paraite Rd:
Features: 1.084ha site, dual access, 2182m² industrial building including 621m² of canopies; international oil & gas company has occupied the site since 2012 on 7-year lease with 3 one-year rights of renewal
Rent: $199,112/year net + gst
Outcome: sold for $2.6 million at a 7.66% yield
Agents: Alan Johnston & Iain Taylor

Wellington

Gracefield

21-29 Bell Rd South, unit 6:
Features: 475m² tilt slab industrial unit built in 2008 and occupied since then by Fletcher Building subsidiary Foreman Commercial Interiors Ltd, current lease until June 2020 & no renewal right; 217m² high-stud warehousing plus 258m² of offices over 2 levels, 8 parking space
Rent: $70,400/year net + gst
Outcome: sold for $1.04 million at a 6.77% yield
Agent: Richard Faisandier

Petone

216 Jackson St:
Features: 227m² site, 313m² 2-level mixed-use building, ground-floor 138m² dairy, rear access to courtyard, 175m² 3-bedroom character apartment above completely refurbished in 2009
Outcome: sold for $1.1 million at a 5.5% yield on periodic tenancies
Agents: Andrew Smith & Paul Cudby

30-32 Waione St:
Features: 1568m² corner redevelopment site zoned general business, in 2 titles, 3 street frontages; 625m² of industrial buildings, large yard area at rear
Rent: holding income $91,650/year gross + gst until 30 April 2018
Outcome: sold for $1.4 million
Agents: Andrew Smith & Richard Faisandier

South Island

Canterbury

Ferrymead

987 Ferry Rd, unit 2:
Features: 158m² unit, 4 parking spaces on own titles in retail complex opened last year; 10-year lease to law firm Saunders & Co plus 3 5-year rights of renewal
Rent: $58,455/year net + gst
Outcome: sold for $1.028 million at a 5.69% yield
Agents: Blair Young & Mitchell Wallace

Unit 6:
Features: 292m² unit, 7 parking spaces; 2 tenancies, one with a 10-year lease to Moroccan restaurant & the other with a 6-year lease to Bayleys’ Canterbury franchisee Whalan & Partners Ltd, both with further renewal rights
Rent: $122,798/year net + gst
Outcome: sold for $1.935 million at a 6.35% yield
Agents: Blair Young & Mitchell Wallace

Unit 10: 
Features: 209.5 unit, 6 parking spaces; ANZ Bank has done an extensive fitout and has a 6-year lease from July 2016, with 3 3-year rights or renewal, 3-yearly market rent reviews plus annual CPI-indexed increases
Rent: $71,332/year net + gst
Outcome: sold for $1.3 million at a 5.48% yield
Agents: Blair Young & Mitchell Wallace

Attribution: Agency release.

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Workspace office sells off plans

Published 30 October 2017, original version replaced:

A Kea Property Group office in the Workspace development area at Hobsonville has been sold off the plan by Kea associate Corinthian Properties Ltd (Dave McAlpine & Zane Gifford), through Colliers.

North-west

Hobsonville

102C Hobsonville Rd:
Features: 600m² office, part of a $23 million development by Kea Property Group which includes a childcare centre, retail, cafes, commercial services & offices, with completion expected November 2018
Outcome: sold off the plan for $2.848 million + gst
Agents: Sean Finnegan & Craig Smith

Link: Kea Property Group, 102C Hobsonville Rd project

Attribution: Agency release.

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Updated: Takapuna properties bought on development-based yields as 9 sell at Bayleys’ commercial auction

Published 26 October 2017, updated 28 October 2017:
Bayleys’ 7th Total Property commercial auction in Auckland for the year ended with 9 properties sold, 8 passed in, and the auction of the one remaining property on the list was deferred a week. Another, in Birkenhead, has been sold post-auction.

The sales included 2 adjoining converted houses (pictured) on Lake Rd, Takapuna, sold at yields on present uses of 2.7% & 4.1%. Both have more intensive development potential.

CBD

Waterfront

Sebel, 85-93 Customs St West, unit S:
Features: leasehold, 628m² floor area, tenant Soul Bar on 9-year lease + rights of renewal until 2038
Rent: $437,500/year net + gst + outgoings including ground rent, rent reviews to CPI + fixed increases
Outcome: passed in
Agent: Mark Pittaway

16 Viaduct Harbour Avenue, unit 1A, ground floor:
Features: leasehold, 439m² office including balcony, 5 secure covered parking spaces
Rent: $248,500/year gross + gst, net $124,026/year + gst, 6-year lease to Auckland Council with rights of renewal
Outcome: passed in
Agent: Mark Pittaway

Isthmus east

Onehunga

360 Onehunga Mall:
Features: 538m² site zoned residential – terrace housing & apartment building, 2-level 341m² building constructed in 2010, ground-floor liquor store, 4-bedroom accommodation above
Rent: $93,712.50/year net + gst
Outcome: sold for $1.96 million at a 4.78% yield
Agents: Ken Lu, Damien Bullick & Alan Haydock

Panmure

100 Queens Rd:
Features: 979m² site, 1701m² floor area, multi-tenanted retail property
Rent: $131,181/year net + gst + outgoings, rising to $139,432/year next April 
Outcome: auction deferred until Wednesday 6 December
Agent: Mark Pittaway

Penrose

766 Great South Rd:
Features: 998m² site, 300m² single-level medical clinic, multiple tenants include GP practice, physiotherapist, occupational therapist & accountant
Rent: $65,050/year net + gst
Outcome: sold for $1.065 million at a 6.11% yield
Agents: Tony Chaudhary, Janak Darji, James Hill & James Chan

25 Walls Rd:
Features: 1037m² light industry-zoned site, 702m² high stud warehouse & office building, new 6-year lease to well established import & distribution tenant
Rent: $106,302/year net + gst     
Outcome: sold for $2.305 million at a 4.61% yield
Agents: Mike Adams & Phil Haydock

Isthmus west

Mt Eden

54 Mt Eden Rd:
Features: 400m² site zoned mixed use, in Grammar zone, 130m² villa, garage + 3 parking spaces
Outcome: passed in at $1.4 million
Agents: Alan Haydock, Phil Haydock & Damien Bullick

North-east

Birkenhead

221-225 Hinemoa St:
Features: 522m² floor area, medi-spa & beauty salon a tenant since 2004 & on new 5-year lease, 2 small shops, penthouse apartment
Rent: $122,304/year net + gst from commercial premises, apartment vacant
Outcome: passed in at $3.5 million
Agents: James Kidd & Michael Nees

Updated: 60-62 Mokoia Rd:
Features: 405m² site in town centre zone (21m height limit) retail strip, 744m² floor area, 3 tenants
Rent: $131,018.33/year net + gst + outgoings
Outcome: passed in at $2.2 million, sold shortly after auction for $2.3 million at a 5.7% yield
Agents: Michael Nees & Nick Howe-Smith

Takapuna

58-60 Jutland Rd:
Features: 371m² site zoned neighbourhood centre (13m height limit), 398m² 2-level building with mix of commercial & residential tenancies – 3 ground-floor retail units, anchored by a superette, 2 flats above; secondary access at the rear, where there are 4 parking spaces
Rent: $100,088/year net + gst current, development upside   
Outcome: sold for $2.09 million at a 4.79% yield
Agents: Adam Curtis, Damian Stephen & Nick Howe-Smith

398 Lake Rd:
Features: 888m² site in mixed use zone, 321m² 2-level building; the Skin Institute has occupied the premises since 1994 and has recently renewed its lease until September 2023, with 3 further 3-year rights of renewal; zoning provides potential for residential accommodation with sea views on top of commercial base
Rent: $165,000/year/net + gst    
Outcome: sold for $4.04 million at a 4.08% yield
Agents: Ranjan Unka, Tonia Robertson & Ashton Geissler

400 Lake Rd:
Features: 890m² site zoned mixed use, 272m² converted split-level character residential building, fully leased to long established law firm Turner Hopkins with 5½ years to run on lease, longer-term potential for multi-level redevelopment
Rent: $96,000/year net + gst
Outcome: sold for $3.61 million at a 2.66% yield
Agents: Tonia Robertson, Ranjan Unka & Terry Kim

North-west

Henderson

42 Paramount Drive, units 6 & 7:
Features: 280m² for 2 units consented for restaurant use, separate entrances, in retail complex off Lincoln Rd
Outcome: sold vacant for $1.408 million
Agents: David Han, Terry Kim & Matt Lee

South

Beachlands

40 9th View Avenue:
Features: 1416m² site zoned residential – terrace housing & apartment building, opposite entranceway to Pine Harbour marina, modern 640m² single-level showroom building;
Rent: $36,443/year holding income
Outcome: sold for $1.65 million from lease to Pine Harbour Motorsport Museum
Agents: Nick Bayley & Dave Stanley

East Tamaki

46 Neilpark Drive:
Features: 2100m² site, 2 adjoining clearspan warehouse & office units totalling 1012m²
Rent: $110,000/year net + gst holding income from short-term leaseback of both units to vendor
Outcome: sold shortly after auction for $2.65 million
Agents: Katie Wu, John Bolton & Roy Rudolph

Papakura

80 Hunua Rd, lot 2:
Features: 9453m² site, 6302m² warehouse
Rent: $360,000/year net + gst     
Outcome: passed in at $4 million
Agents: Shane Snijder & Peter Migounoff

Wiri

55 Ash Rd, unit 4:
Features: 200m² unit in industrial precinct, parking
Rent: $28,600/year net + gst
Outcome: passed in at $625,000
Agents: Karl Price & Nick Bayley

South of the Bombays

Manawatu – Dannevirke

69 High St:
Features: 617m² site, 693m² building, long-term tenant Westpac on new 5-year lease, 3 more 3-year rights of renewal, second tenant Cooly Properties Ltd on one-year lease to end of next year
Rent: $59,000/year net + gst from bank, $30,000/year net + gst from second tenant
Outcome: no bid
Agent: Rollo Vavasour

Attribution: Auction.

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