Archive | Barfoots

Barfoot home sales slide, but top end holds median & average up

Barfoot & Thompson managing director Peter Thompson said on Wednesday Auckland residential property prices remained “rock solid” in September, even though sale numbers fell to levels not seen in the month of September for 7 years.

“Sellers were prepared to accept prices at close to what have prevailed for the past 6 months, but have been declining low offers,” he said.

“The over-riding sentiment of sellers was that the fundamentals that have driven the market for the past 2 years have not changed, and that prices are not likely to fall significantly. There are a significant number of buyers actively searching, and those that are realistic & prepared to meet the market are making a purchase.

“Factors such as high population growth, stable mortgage interest rates & a shortage of supply remain.

“The general election coming in the middle of the sales period added uncertainty to a market that has been flat since April, and did have an impact on sales numbers. In September, it resulted in sales numbers being down 15.3% on the previous month.

“However, the average sales price increased by 1% over that for August to $928,213 and the median price increased by 4.9% to $860,000.

“A contributing factor to prices edging higher in September was that two-thirds of all sales were of properties for in excess of $750,000, with 38.6% reaching a sale price in excess of $1 million.

“Properties in the higher price brackets tend to be less affected by uncertainty about potential future price movements.

“September’s average & median prices are marginally higher than what they were in September 2016.

“With the general election out of the way and a future government likely to be confirmed by mid-October, the normal spring lift in new listings for sales pre-Christmas and greater sales activity is likely to return to the market by early November.”

Mr Thompson said new listings for September were solid at 1414, up 12.2% on August, and at month end total listings were 3829, down 4.1% from the end of August.

“Rural & lifestyle property sales mirrored those of residential properties, with sales numbers being lower & prices stable.”

The figures:

Attribution: Agency release.

Continue Reading

Auction results, and a market assessment

Amid the noise over a decline in residential sales, it’s important to establish where that’s happening and in what types of market.

In Auckland, it was not at all surprising that a steep rise in prices should be followed by a decline, while Reserve Bank measures tightening borrowing have forced a further decline through the inability to borrow, and the absence of Chinese borrowers this year – compared to auctionrooms last year that were filled with Chinese buyers who appeared to have no limits – has taken further steam out.

The auction results presented below are from Barfoot & Thompson’s cbd apartments auction yesterday – 2 units, one sold – and from residential auctions on Tuesday & Wednesday.

Of the total 13 properties listed below, 8 sold, but the selection I’ve focused on is presented for the geographical mix as much as for the housing type.

Now that Auckland Council’s unitary plan is almost entirely in place, the real estate world has begun presenting more properties for their redevelopment potential, and many of those with such potential at lower prices are in isthmus fringe areas such as Point England & Glen Innes to the east, Mt Roskill & Mt Albert to the west. Unlike the regional fringes where new subdivisions are being developed – on the Hibiscus Coast to the north, across the top of the harbour to the west, and in a number of districts through old Papakura & Franklin to the south – these ones are close to the city centre, within 10km compared to beyond 25km or 40km.

On the isthmus, a house that was once in a bad neighbourhood can now command a price tag above $1 million, and all it’s done is age. Bad neighbourhoods could be defined as having a high state housing ratio, low-decile incomes, large families squeezed into small homes, poorer construction materials, and a general lack of foliage on sections and in streetscapes.

Those new price tags will force the old families out, and little is being created for them to move to. Those price rises in the bad neighbourhoods will also help lift already-soaring prices in the good neighbourhoods – the leafy areas of the eastern suburbs, for example.

Much of the entry-level housing is in cross-leased houses or mostly old brick-&-tile units. The prices for those can be as high as a modern product such as a 3-year-old GJ Gardner home (one in Mt Albert is listed below).

CBD

Learning Quarter:

Forte, 37 Symonds St, unit 505:
Features: 2-bedroom apartment, 2 bathrooms, deck
Outgoings: rates $1253/year including gst; body corp levy $3634/year
Outcome: sold for $540,000
Agents: Justin Choi & Zoran Farac

Longview, 6 Whitaker Place, unit 4D:
Features: 55m², one-bedroom apartment, deck
Outgoings: rates $1278/year including gst; body corp levy $3996/year
Outcome: no bid
Agents: Justin Choi & Stephen Shin

Isthmus east

Ellerslie

50 Amy St, unit 9:
Features: 3-storey townhouse, 3 bedrooms, carport
Outcome: sold for $785,000
Agent: Karin de Leeuw

Epsom

10 Orakau Avenue, unit 2:
Features: 2-bedroom townhouse, internal-access garage
Outcome: sold for $1.32 million
Agents: John Zhang & Louissa Bao

Glen Innes

52 Taniwha St:
Features: 837m² section, 3 bedrooms, study, garage, 4 offstreet parking spaces – in redeveloping Wai O Taiki Bay area bordering Glendowie, zoned mixed housing suburban
Outcome: sold for $1.09 million
Agents: Paul Neshausen & Sam Bowen

Mt Wellington

13A Wilkie Place:
Features: cross-lease, half share in 935m², 5-bedroom house – 3 bedrooms upstairs, separate & consented 2-bedroom flat downstairs with own entrance, carport, 2 offstreet parking spaces
Outcome: sold for $920,000
Agents: Jane Wang & Luke Shi

Stonefields

10 Robert Sale Rise:
Features: 354m² section, 235m² townhouse, 5 bedrooms, 3 bathrooms, 2 family rooms & separate lounge, double garage
Outcome: sold for $1.6 million
Agents: Frances Li & Ian Thornhill

Isthmus west

Mt Albert

60D Taylors Rd:
Features: 291m² section, 4-bedroom house, 3 bathrooms, family room, separate lounge, double internal–access garage, built 3 years ago by GJ Gardner
Outcome: sold for $1.36 million
Agents: Paul Donovan & Sharon Walls

Tremont Apartments, 4 Wagener Place, unit 409:
Features: top-floor apartment, 2 bedrooms, secure parking space
Outcome: passed in
Agents: George Fong & Laura Mc Auley

Mt Eden

706 Mt Eden Rd & 2A Watling St:
Features: 2 houses on 809m² corner section, each with own half-share cross-lease – 80m² 2-bedroom house on Mt Eden Rd, 140m² 3-bedroom house, double garage on Watling St
Income assessment: current rental expectation $1000-plus/week
Outcome: passed in when both offered together, no bid on Watling alone
Agents: Kelly Zhang & Hattie Liu

Mt Roskill

98 Melrose Rd, unit 3:
Features: 2-bedroom unit, carport
Outcome: no bid
Agents: Richard Han

North-west

Henderson

16 Matuhi Rise:
Features: 3-bedroom duplex, garage & workshop, carport, in-ground pool
Outcome: passed in, back on market at $649,000
Agents: Repeka Lelaulu & John Elgar

Te Atatu Peninsula

8 Celsmere Lane:
Features: renovated 2-bedroom house on 528m² section
Outcome: sold for $1.12 million
Agents: Angel Li & Louis Lai

Attribution: City apartments auction, auction documents.

Continue Reading

3 auction sessions, 4 sales

12 homes were auctioned for 4 sales at Barfoot & Thompson’s city office this week, short of an active audience each time.

On Wednesday: 8 homes, 3 sold at auction. 2 units on cross-leases, 6 standalone houses.

This morning: One CityLife apartment, a 29-minute auction with little bidding and resulting in sale at a price the vendor had been offered over 3 months ago. It was also the same price as an identical unit 6 storeys up the building was sold for at auction last September. After stalling at $415,000, it was declared on the market and sold after a quick series of $500 raises.

This afternoon: 2 cross-leased suburban units & a house, one of the units sold.

My focus

I report on the general residential auctions primarily from an intensification perspective – apartments as an investment sector, which they largely still are, but last year I added details of cross-leases to these reports because the cross-lease seems both a way of intensifying land coverage and raising land prices while making it harder to extend more intensive uses such as apartment blocks.

Looking at yesterday’s selection of 8 properties, you will see 2 suburban units, one in a single-storey block, the other 2 storeys, effectively “sausage blocks” but on cross-leases.

2 of the houses are on very small sections – 300m² & 344m², and another sits on 475m², all heading towards the modern section of 2-300m², which limits both storage & building expansion.

2 were in the range of the traditional quarter or fifth of an acre (1012 or 809m²), which are often regarded these days as development prospects and priced on that basis. And those land prices vary widely, at yesterday’s auction from about $700/m² up to $4800/m² (ignoring the value of improvements), the differences depending on the suburb they’re in.

Little of that has the young owner-occupier as the next buyer, which means suburban infill will continue as it’s been happening for the last 30 years. If the courts confirm the unitary plan provision of the ability to intensify over a wide swathe of Auckland suburbia, more intensive infill will speed up, competing at times with larger development proposals.

CBD

Queen St

CityLife, 171 Queen St, unit 1310:
Features: 48m², fully furnished one-bedroom apartment
Outgoings: body corp levy $5922/year
Outcome: sold for $420,000
Agents: Livia Li & Alan Guo

Isthmus east

Ellerslie

9 Arron St:
Features: 300m² section, 3-bedroom bungalow, basement storage, garage
Outcome: passed in at $1.1 million
Agents: Di Lynds & Leonie Stabler

16 Lonsdale St, unit 1:
Features: cross-lease, 1/6 share in 1992m², 2 bedrooms, 2 bathrooms, internal-access garage
Outcome: sold for $925,000
Agents: Debbie-Lee Wallace

Epsom

149A The Drive:
Features: 344m² section, 4-bedroom house, office, covered deck, garage
Outcome: sold for $1.65 million
Agents: George Fong & Laura McAuley

Onehunga

181A Arthur St, unit 1:
Features: cross-lease, 1/5 share in 1844m², renovated ex-state house duplex, 2 bedrooms, deck
Outcome: no bid
Agents: Elvira Abdrazakova

Isthmus west

Hillsborough

40 Aldersgate Rd:
Features: 690m² section, 5 bedrooms, 4 bathrooms, study, patio, double carport, pool, overlooking Manukau Harbour
Outcome: no bid
Agent: Helen Lam

Mt Eden

5 Atanga Avenue:
Features: 531m² section, 3-bedroom house, study, internal-access garage
Outcome: passed in at $2.125 million
Agents: Frank Excell & Ketiesha Elliott

91 Valley Rd, unit 2:
Features: cross-lease, 1/5 of 999m², 2-bedroom unit, garage
Outcome: no bid
Agents: Frank Excell & Ketiesha Elliott

Mt Roskill

20 Gilletta Rd:
Features: 475m² section, 3-bedroom bungalow, deck
Outcome: sold for $875,50
Agents: Kevin He & Gail Beaton

New Windsor

160 Methuen Rd:
Features: 911m² section, 3-bedroom house
Outcome: no bid
Agent: Kelly Zhang

Sandringham

255 Balmoral Rd, unit 6:
Features: cross-lease, 1/6 of 911m², 2-bedroom unit, garage
Outcome: sold for $702,000
Agents: Leonie Stabler & Di Lynds

North-west

New Lynn

6 Cutler St:
Features: 1115m² section, 4-bedroom house, basement garage, storage
Outcome: passed in at $800,000
Agent: Jennifer Peary

Attribution: Auctions.

Continue Reading

Green light for Antipodean construction

Construction will start in July on the Antipodean apartment building at 39 Beach Rd.

The development by Paul Doole will have 161 apartments. The green light for a construction start followed the signing of 100 contracts through Barfoot & Thompson Projects.

The property is on freehold land across the road from the leasehold Scene 3, so upper levels of the 50m building will have an unobstructed view to the harbour over the Scene units on Quay Park, where there’s a 30m height limit.

One-third of the units in the development are “up-&-over” maisonettes, apartments on 2 levels with a bedroom on each level and living space on the upper level. A separate one-bedroom unit slots into the rest of the space on the lower level.

A feature right across the 65m-wide building is that all apartments will have wide frontages, all with balconies. Internal sizes range from 32m² studios and 41m² one-bedroom units through 64m² for some one-bedroom units, 81-85m² for single-level 2-bedroom units, 90m² for the maisonettes, up to a small selection of 126m² 3-bedroom units. Balconies will range from 6m² for the studios up to 49m² on some of the upper-level maisonettes. The units were priced in a range of $10-15,000/m² plus parking, with 2.7m stud heights throughout.

Earlier story:
9 November 2015: Antipodean brings an unusual mix to Beach Rd

Attribution: Agency release.

Continue Reading

5 apartments sell at Barfoots auction

5 of the 6 apartments auctioned at Barfoot & Thompson today sold under the hammer or shortly after.

The last unit up for auction was a mid-level apartment in the Victoria City building (pictured), owned by the vendors since the building was converted from BNZ offices in 1993, and sold today at $8000/m². It sits between the Victopia apartments (at far left) and Conrad Property Group Ltd’s Victoria Residences, now under construction, and across Victoria St from the SkyCity casino.

CBD

Commerce/Gore Sts

HarbourCity, 16 Gore St, unit 32G:
Features: 2 bedrooms, Oaks hotel management contract terminates 4 July
Outgoings: body corp levy $3782/year excluding water & gas, additional $1242 levied last September, leaky building claim filed in High Court in 2014
Outcome: passed in at $385,000 + gst
Agents: Wendy Feng & Alexander Kramarenko

Learning Quarter

Tower Hill, 1 Emily Place, unit 13E:
Features: 76m², one bedroom, balcony, parking space
Outgoings: rates $1780/year including gst; body corp levy $4250/year
Outcome: sold for $775,000
Agents: Rean Khoo & Mamun Rashid

Victoria Quarter

Aura, 53 Cook St, unit 1313:
Features: 49m², fully furnished 2 bedrooms, storage locker
Outgoings: body corp levy $4648/year
Income assessment: $500-550/week
Outcome: sold for $433,500
Agents: Alex Allan & Rita Herceg

First Imperial, 125A Hobson St, unit 6B:
Features: 70m², 2 bedrooms, secure parking space
Outgoings: body corp levy $6530/year
Outcome: passed in at $525,000, sold shortly after for $550,000
Agents: Rita Herceg & Alex Allan

Ascent, 149 Nelson St, unit 702:
Features: 41m², one bedroom, extensive remediation works on the building underway, past remediation levies paid, including levy of $8580 due 6 May
Outgoings: body corp levy $2490/year
Outcome: sold for $240,000
Agent: Mike Campbell

Victoria City, 77 Victoria St West, unit 4A:
Features: 60m², 2 bedrooms
Outgoings: body corp levy $8909/year
Outcome: sold for $480,500
Agent: Elvira Abdrazakova

Attribution: Auction.

Continue Reading

7 units sell at Barfoots auction

2 city centre apartments and 5 suburban apartments, townhouses & cross-leased homes were sold at Barfoot & Thompson’s auction yesterday.

CBD

Learning Quarter

Waldorf Celestion, 19 Anzac Avenue, unit 1508 (pictured):
Features: 2 bedrooms, 2 balconies
Outgoings: body corp levy $5059/year
Outcome: sold for $501,000
Agents: Jason Buckwell & Selina Zheng

Victoria Quarter

34 Kingston St, unit 6A:
Features: renovated 2-bedroom apartment,
Outgoings: body corp levy $3454/year
Outcome: sold for $326,000
Agent: Raymond Zhang

Isthmus east

Glendowie

38 Riddell Rd:
Features: cross-leased, half share of 809m², 3 bedrooms, garage, offstreet parking
Outcome: sold for $1.136 million
Agent: Teresa Weiss

Mission Bay
16 Marau Crescent, unit 1:
Features: 53m², cross-leased, one-6th share of 809m², one-bedroom ground-level unit, carport
Outcome: passed in at $550,000
Agent: Alex Baker

Newmarket

176 Broadway, unit D307:
Features: 2-bedroom apartment, 2 bathrooms, balcony, secure covered parking space
Outcome: sold for $660,000
Agents: Livia Li & Alan Guo

Parnell

Parnell Green, 27 Birdwood Crescent, unit 21:
Features: 2-storey townhouse, 2 bedrooms + study, deck, offstreet parking
Outcome: passed in at $665,000
Agent: Jill Jackson

Remuera

576 Remuera Rd, unit 3:
Features: cross-leased, one-third share of 1024m², apartment, 3 bedrooms, 3 bathrooms, deck, double carport, 2 offstreet parking spaces
Outcome: passed in
Agents: Julia Nah & Nicholas Lyus

St Heliers

49A Maskell St:
Features: cross-leased, half share of 809m², 2 bedrooms, 3 offstreet parking spaces
Outcome: sold for $1.222 million
Agent: Andy Dye

Isthmus west

Eden Terrace

Memphis, 5 Charlotte St, unit 3D:
Features: 2 bedrooms, 2 basement parking spaces
Outgoings: body corp levy $4149/year
Outcome: sold for $461,500
Agent: Jason Buckwell

Mt Eden

103A Landscape Rd, unit 5:
Features: cross-leased, one-5th share of 1155m², brick & tile unit, 2 bedrooms, yard
Outcome: sold for $585,000
Agent: Bernard Scahill

Mt Roskill

1318A Dominion Rd:
Features: cross-leased, half share of 779m², 3 bedrooms, 2 levels, 2 living areas, 2 bathrooms, backyard, leased garage & carport
Outgoings: rates $2526/year including gst
Outcome: sold for $939,000
Agent: Annie Xu

Attribution: Auction.

Continue Reading

Updated: Propbd on Q W12Nov14 – City Sales bidding heavy, City Life units sell, Kiwi Income sets corporatisation date & issues result, Goodman interim result out

Heavy bidding on 2 apartments at City Sales
3 City Life units sell
Kiwi Income calls corporatisation meeting, improves operating profit
Goodman result mixed

2.35pm:
Heavy bidding on 2 apartments at City Sales

Heavy bidding among a number of buyers resulted in strong pricing on the first 2 apartments up for auction at City Sales today, one in the Wakefield building and the other in QVB, above Whitcoulls on Queen St. A third unit sold and 2 others were passed in. Auction results:

The Wakefield, 18 Wakefield St, unit 3F, sold for $368,000, sales agent Sherryl Todd
QVB, Whitcoulls building, 6 Victoria St West, unit 6L, sold for $371,500, Lucy Piatov
Guardian, 105 Queen St, unit 107, sold for $173,000, Lucy Piatov
Aero, 27 Cheshire St, unit 3, passed in at $285,000, Sherryl Todd
Hudson Brown, 57 Mahuhu Crescent, unit 105, leasehold, passed in at $200,000, Tony Kelly

3 City Life units sell

3 single units in the City Life all-suites hotel on Queen St were sold under the hammer at Barfoot & Thompson’s auction today. A unit on Selwyn Drive, Mission Bay, also sold while another across Beach Rd from Quay Park was passed in. Auction results:

Mission Bay, 29 Selwyn Avenue, unit 2, sold for $1.175 million, sales agent Mark Edmonds
City Life, 171 Queen St, unit 17E (door number 1709 + parking space), sold for $414,000, Wendy Feng
City Life, 171 Queen St, unit 17F (door number 1710 + parking space), sold for $350,000, Wendy Feng
City Life, 171 Queen St, unit 17G (door number 1711 + parking space), sold for $351,000, Wendy Feng
The Beach, 85 Beach Rd, unit 506, passed in at $270,000, back on the market at $325,000, Aaron Cook & Betty Shao

10.50am:
Kiwi Income calls corporatisation meeting, improves operating profit

Kiwi Income Property Trust has called a special meeting for Monday 15 December on its proposal to corporatise – move from being a listed trust to a listed company.

The trust’s half-year net profit after tax fell 62%, largely due to fair-value gains in the September 2013 half which weren’t repeated this time. Trust management chief executive Chris Gudgeon said the operational result was pleasing.

Net profit after tax fell from $61.9 million to $23.8 million. Last year it included $20.3 million of interest rate derivative gains (a $3.1 loss this time) and $4.4 million of investment property gains (a $5.1 million reduction).

Operating profit before other income, expenses & tax rose 12.3%, from $37.5 million to $42.1 million.

Link: Kiwi Income Property Trust

Goodman result mixed

Goodman Property Trust reported pretax profit down from $70.1 million to $65.3 million (mainly attributable to a decrease in the value of its interest rate swaps), pretax distributable earnings of $55.5 million, $52.4 million (up from $45.6 million) after tax.

Basic earnings/unit after tax fell from 5.43c to 4.91c, diluted from 5.26c to 4.77, diluted distributable earnings/unit after tax rose from 3.67c to 4.15c.

Link: Goodman interim report

Attribution: Company releases.

Continue Reading

Propbd on Q Th20Feb14 – One sale at Ray White auction, Fletcher earnings up 5%, One sells at City Sales, 13 sales at Barfoots

One sale at Ray White auction
Fletcher gets 5% earnings growth
One out of 3 sells at City Sales
6 apartments sell at mortgagee auction, 5 more apartments & 2 commercial properties at general Barfoots auction

1.25pm:
One sale at Ray White auction

One apartment was sold, another passed in and a new back-section unit with title yet to be issued was also passed in at Ray White City Apartments’ auction today. Auction results:

Altitude, 34 Kingston St, unit 15C, sold for $213,000, agents Damien Piggin & Daniel Horrobin
HarbourCity, 16 Gore St, unit 2G, passed in at $317,500, Damien Piggin & Daniel Horrobin
Orewa, 24A Pine Rd, 134m² building on 405m² site, passed in at single bid of $700,000, Pam Bourne

10.20am:
Fletcher gets 5% earnings growth

Fletcher Building Ltd lifted earnings/share by 5% in the December half compared to the December 2012 half-year.

Operating revenue fell by 2% to $4.273 billion; the operating surplus before significant items & tax, and the pretax operating surplus, both rose 12% to $209 million; the operating surplus after tax but before minority interests rose 5% to $159 million; the operating surplus after tax attributable to members of the listed issuer rose 5% ($8 million) to $154 million; there were no extraordinaries.

Story: Fletcher Building revenue slips, earnings up 5%

From yesterday, some auction results from City Sales and Barfoot & Thompson….

One out of 3 sells at City Sales

Heritage Farmers, 35 Hobson St, unit 644, no bid, sales agent Habeeb Urrahman
Quest Auckland, 363 Queen St, unit 1495, passed in at $230,000, Andrew Bond
Cintra, 3 Whitaker Place, unit 17K, sold for $191,000, Gabrielle Hoffmann

6 apartments sell at mortgagee auction, 5 more apartments & 2 commercial properties at general Barfoots auction

Mortgagee

Volt, 430 Queen St, unit 401, sold at mortgagee auction for $270,000, Philip Davis & Paul Humphries
Hudson Brown, Quay Park, 55-57 Mahuhu Crescent, 5 units offered for mortgagee sale, all leasehold, unit 2 at No 55, sold for $340,000; unit 401 at No 57 sold for $170,000; unit 402 at No 57 sold for $153,000; unit 501 at No 57 sold for $166,000; unit 502 at No 57 sold for $155,000; agents Philip Davis & Paul Humphries
Glen Eden, 30 Westward Ho Rd, unit 10c, unit with remedial issues was to have been offered at mortgagee sale, withdrawn, Philip Davis & Paul Humphries
Henderson, 2 Hulme Place, unit 7, 2-level terrace building, ground-floor warehouse, showroom or office, upstairs living, mortgagee auction postponed, agents Philip Davis & Stacey Tonner

Other apartments

Courtville, 11 Parliament St, unit 28, passed in, Sarah Garlick
Quadrant, 10 Waterloo Quadrant, unit 1512, sold for $229,000, Jason Buckwell
Dakota, Parnell, 25 Cheshire St, unit A4 sold prior, unit A2 auction postponed, Cindy Yu
Emily Place, (ex-Brooklyn), 66 Emily Place, unit 36, no bid, Trevor Edwards
176 Broadway, unit 503A, sold for $469,000, Livia Ci & Rebecca Zhao

Commercial

Mt Eden, 467 Dominion Rd, sold for $621,000 + gst, Cam Paterson
39 Pitt St, unit 2, sold for $505,000, Aaron Cook & Betty Shao

Attribution: Company release, auctions.

Continue Reading

Beaumont leasehold plus 2 Tower Hill units sell at auction

A leasehold unit in the Beaumont Quarter was sold at Barfoot & Thompson’s mortgagee auction yesterday.

2 units in the Tower Hill apartment block were also sold under the hammer.

CBD

Beaumont Quarter

22 Fisher Point Drive, unit 308:
Features: leasehold, mortgagee auction, one bedroom, parking space
Outgoings: not given
Income assessment: not given
Outcome: sold for $90,000
Agent: Paul Humphries & Philip Davis

Learning Quarter

Tower Hill, 1 Emily Place, unit 4C:
Features: 2 bedrooms, deck, storage locker, parking space with internal access
Outgoings: body corp levy $4740/year
Income assessment: not given
Outcome: sold for $552,000
Agent: Alan Vessey

Tower Hill, 1 Emily Place, unit 7G:
Features: 51m², one bedroom
Outgoings: body corp levy $3047/year
Income assessment: not given
Outcome: sold for $366,000
Agent: Aaron Cook

Attribution: Auction.

Continue Reading

Strong yields for old suburban commercial properties at Barfoots auction

2 suburban commercial properties were sold at auction by Barfoot & Thompson Commercial last week on strong yields – under 6% for 6 New Lynn shops on one title and under 7% for an Onehunga bank branch.

3078-3088 Great North Rd, New Lynn.

3078-3088 Great North Rd, New Lynn.

The New Lynn property – with the suburb’s central transformation  area immediately behind it – was developed as 3 separate buildings between 1945-50, then cut into 6 shops but retained on one title. The Onehunga property has had a banking chamber on it since the 1950s.

Isthmus west

Onehunga

192 Onehunga Mall:
Features: 400m² floor area on 491m² site, single-level reinforced concrete building comprising the original 1950s banking chamber and a 1970s rear extension, assessed as having seismic rating above 100% of new building standard, fully occupied by ANZ Bank, 4 staff parking spaces at rear
Rent: $97,860/year on lease term renewed last year until July 2016, with one more right of renewal to 2020
Outcome: sold for $1.45 million at a 6.75% yield
Agents: Agnes Teh

North-west

New Lynn

3078-3088 Great North Rd:
Features: fully leased block of 6 shops, net lettable area 703m² on 1189m² site fronting Great North Rd at corner of McRae Way, with a development area between it and the LynnMall shopping centre & new train station, 20 rear parking spaces leased to tenants
Rent: $204,982/year net
Outcome: sold for $3.476 million at a 5.86% yield
Agents: Marie-Anne Molloy

Attribution: Auction.

Continue Reading
WordPress Appliance - Powered by TurnKey Linux