Archive | Market

Glen Eden property sold

Jones Lang LaSalle has sold a Glen Eden office & warehouse combination (outlined) on a 6.1% yield, although the warehouse will become vacant on settlement.

North-west

Glen Eden

7 Waikaukau Rd:
Features: 2 buildings – a 264m² front office building and a 1728m² warehouse at rear
Rent: combined rent $90,200/year, but warehouse will be vacant at settlement; office building is leased for $26,400/year + gst + opex until June 2020
Outcome: sold for $1.475 million at a 6.1% yield on current rent
Agents: Jason Armstrong & Alex Wefers

Attribution: Agent release.

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3 apartments & 2 suburban units sell at Barfoots

3 apartments were sold at Barfoot & Thompson’s city auctions yesterday out of 8 on offer, and 2 of the 4 suburban units were sold. The sales included a unit in City Gardens (pictured), where owners have succeeded in leaky building litigation but the work hasn’t been done yet.

A commercial office unit in Mt Wellington didn’t attract a bid.

CBD

Albert St

City Gardens, 76 Albert St, unit 19K:
Features: 42m², one bedroom, parking space
Outgoings: body corp levy $581/year; estimated remediation levy $24,735 on top of payment from litigation claim
Outcome: sold for $306,000
Agents: Sarah Garlick & Estee Zeng

Learning Quarter

Eden Hall, 3 Eden Crescent, unit 6:
Features: 90m², 2 bedrooms, garage
Outgoings: body corp levy $6294/year
Outcome: sold for $960,000
Agents: Liz Derbyshire & Leo Shin

Uptown

Avoka, 31 Day St, unit 4C:
Features: 81m², fully furnished one bedroom, parking space
Outgoings: body corp levy $7370/year
Outcome: no bid
Agents: Selina Zheng & Tommy Zhang

Chatham, 70 Pitt St, unit 506:
Features: 67m², 2 bedrooms, storage locker, parking available
Outgoings: body corp levy $4837/year
Outcome: passed in
Agents: Luke Shi & Alexander Kramarenko

Bianco off Queen, 8 White St, unit 9C:
Features: 54m², 2 bedrooms, balcony
Income assessment: not in hotel management, rent assessment $600/week
Outcome: auction postponed until Thursday 23 March
Agents: Annie Xu & Sean Zhang

Victoria Quarter

Grand Chancellor, 1 Hobson St, unit 603:
Features: 57m², one bedroom, parking space, storage locker
Outgoings: body corp levy $4592/year
Outcome: sold for $633,000
Agent: Aaron Cook

Grand Chancellor, 1 Hobson St, unit 704:
Features: 56m², fully furnished 2 bedrooms, storage locker
Outgoings: body corp levy $4169/year
Outcome: no bid, back on market at $595,000
Agent: Aaron Cook

Hobson Gardens, 196 Hobson St, unit 11B:
Features: 100m² sub-penthouse, 2 bedrooms, 2 bathrooms, enclosed balcony, 2 parking spaces
Outgoings: body corp levy $10,070/year, special levy set for further remedial works
Outcome: no bid, back on market at $868,000
Agent: Michele Ballinger

Regatta Court, 92 Nelson St, units A & B:
Features: 2 units on ground floor, no bedrooms or bathrooms, leased to hotel management
Outgoings: body corp levy $1615/year
Income assessment: $20,224.80/year net + gst
Outcome: passed in, back on market at $425,000
Agents: Wendy Feng & Jack Li

Isthmus east

Mt Wellington

6 Faber Avenue, unit 1:
Features: cross-lease, half share in 1168m², 2-bedroom duplex, deck, double garage & carport
Outcome: no bid
Agents: Samantha Chaudhry & Leo Perera

Panmure

68 Ireland Rd, unit 2:
Features: 3-bedroom unit, parking space
Outgoings: body corp levy $1268/year
Outcome: sold for $582,500
Agents: Mark Tung & Michelle Mi

Isthmus west

Mt Albert

17 Owairaka Avenue, unit 3:
Features: cross-lease, 1/3 share in 766m², 2-bedroom unit, garage
Outcome: sold for $735,000
Agent: Les Walbridge

North-west

New Lynn

11B Akehurst Avenue:
Features: cross-lease, 1/3 share in 1011m², 2-bedroom unit, deck, carport
Outcome: no bid
Agent: Ricky Fan

Commercial

Isthmus east

Mt Wellington

161 Marua Rd, unit 2:
Features: 113m², first-floor office & showroom, kitchen, storage, 3 parking spaces
Outcome: no bid
Agents: Mike Jensen

Attribution: Auctions.

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George Court unit sells, then all quiet

City Sales’ apartments auction started well yesterday, with the sale of a unit in the George Court building on Karangahape Rd (pictured) at over $8800/m². Then things went quiet, 2 of the remaining 5 units on offer were passed in on the sole bid of the vendor and only a few bids were made on the remaining 3.

CBD

Queen St

Portland Tower, 62-64 Queen St, unit 6C:
Features: 41m², one bedroom, 6m² deck
Outgoings: rates $1139/year including gst; body corp levy $5720/year
Outcome: passed in at $490,000
Agents: Steve Kirk & Habeeb Urrahman

Uptown

George Courts, 238 Karangahape Rd, unit 3H:
Features: 68m², one bedroom, parking space
Outgoings: rates $1734/year including gst; body corp levy $5924/year
Outcome: sold for $601,000
Agents: Gabrielle Hoffmann & Nicola Hunt

City Zone, 11 Liverpool St, unit 17K (door 1701):
Features: 45m², 2 bedrooms, deck
Outgoings: rates $1177/year including gst; body corp levy $3331/year
Outcome: passed in at $370,000
Agents: Steve Kirk & Habeeb Urrahman

Victoria Quarter

Aura, 53 Cook St, unit 310:
Features: 49m², 2 bedrooms, deck
Outgoings: rates $1113/year including gst; body corp levy $3685/year
Outcome: passed in at $380,000
Agents: Steve Kirk & Habeeb Urrahman

Waterfront

Lighter Quay, 83 Halsey St, unit 407:
Features: leasehold, 49m², one bedroom, deck
Outgoings: rates $1722/year including gst; body corp levy $2293/year, ground rent $3619/year, residents’ society levy $2312/year
Outcome: passed in after sole bid from vendor at $150,000
Agents: Gabrielle Hoffmann

Isthmus east

Mt Wellington

Ellerslie Court, 3A Harrison Rd, unit 1:
Features: 42m², one bedroom, deck, parking space
Outgoings: rates $1080/year including gst; body corp levy $2977/year
Outcome: passed in after sole bid from vendor at $300,000
Agents: Chris Bell & Lucy Piatov

Attribution: Auction.

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Developer settles for 5.26% yield on new shops but childcare centre owner holds out 60 points firmer

A longstanding Mt Eden childcare centre was passed in with the yield at 4.66% at Colliers’ auction today, but the developer of a new local retail centre (pictured) at Westgate settled for 60 basis points over that strong cap rate to achieve sales on 3 of the 4 units on offer.

The development company, Frontier Properties Ltd (Dean & Julie Whimp), got a 5.26% yield on the sale of a pizza outlet & a barber shop, and 5.27% on a bakery, but couldn’t attract interest below 5.56% for a dentist’s premises.

The yield on the barber shop was almost trimmed to 5.23%, but the $5000 raise turned out to be an error.

Isthmus west

Mt Eden

158 Balmoral Rd:
Features: 607m² site, bungalow occupied by childcare licensed for 27 children,
Rent: $71,604/year net + gst, 10-year lease term from May 2015, 2 5-year rights of renewal, rental rate $51/child/week
Outcome: passed in at $1.535 million, representing a 4.66% yield
Agents: Shoneet Chand & Peter Kermode

North-west

Westgate

575 Don Buck Rd, 4 retail premises in new development
Agents on all 4: Shoneet Chand, Euan Stratton & Deborah Dowling

Unit 2, Sal’s Pizza:
Features: 73.5m², 7-year lease, 2 7-year rights of renewal
Rent: $40,480/year net + gst
Outcome: sold for $770,000 at a 5.26% yield

Unit 3, Don Buck Bakery:
Features: 73.5m², 8-year lease, 2 4-year rights of renewal
Rent: $40,480/year net + gst
Outcome: sold for $768,500 at a 5.27% yield

Unit 4, Nexus Barber:
Features: 73.5m², 6-year lease, 2 4-year rights of renewal
Rent: $39,744/year net + gst
Outcome: sold for $755,000 at a 5.26% yield

Unit 5, Massey Smiles:
Features: 105.5m², 10-year lease, 2-5-year rights of renewal
Rent: $55,620/year net + gst
Outcome: passed in at $1 million, representing a 5.56% yield

Attribution: Auction.

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5% yield off Khyber Pass

A Grafton office & warehouse, between Khyber Pass Rd & Mt Eden Prison, has been sold on a 5% yield.

Isthmus east

Grafton

12 Auburn St:
Features: 749m² site, 762m² office & warehouse zoned mixed use
Rent: $170,000/year net, 8-year leased from 1 May 2017, one 3-year right of renewal
Outcome: sold for $3.4 million at a 5% yield
Agent: Ben Jamieson, JLL

Attribution: Agent.

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Auckland house median slips

The Real Estate Institute said today the median house sale price in Auckland in February, $800,000, was down $5000 from January but up $50,000 on the median a year ago.

Nationally, the equation was up on both previous periods – up $5000 on January and up $45,000 on a year ago.

The $1 million-plus price bracket regained some of the market share it lost in January. After falling from 13% in December to 10.6% in January, the top bracket was back up to 11.3% of the market in February.

The breakdown of sales in price brackets and their share of the market in February 2017 & February 2016:

$1 million-plus, 708 (675), 11.3% (9.3%)
$600,000-999,999, 1639 (1656), 26.2% (22.7%)
$400,000-599,999, 1632 (1934), 26.1% (26.5%)
Under $400,000, 2247 (3026), 36.4% (41.5%)

Around the region on the old boundaries, February 2017 median & sales with January 2017 & February 2016 in brackets:

Rodney, $832,500 ($897,500, $760,000), 148 (112, 163)
North Shore, $1,013,000 ($965,000, $940,000), 296 (182, 372)
Waitakere, $805,000 ($761,500, $683,000), 200 (170, 289)
Auckland City, $891,000 ($845,500, $825,000), 464 (416, 549)
Manukau, $800,000 ($815,000, $749,500), 273 (193, 320)
Auckland region, $800,000 ($805,000, $750,000), 1661 (1247, 1936)
NZ, $495,000 ($490,000, $450,000), 6253 (4307, 7291)

Attribution: Institute release.

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11 Total Property auction sales outside Auckland

11 commercial properties were sold at Bayleys’ Total Property auctions outside Auckland last week, on top of 12 sales through its Auckland auction.

A new office building in Hamilton (pictured) sold at a 5.4% yield and an older Hamilton building at a 6.4% yield, yields on Porirua food outlets varied from 5.6% to 7.9%, and 2 buildings in Christchurch sold at yields of 5.8% & 6.1%.

North

Kerikeri

185 Waipapa Rd:
Features: 6340m2 site, 8km from centre of Kerikeri, 590m2 industrial building, 3 short-term leases all expiring in May
Rent: $53,000/year net + gst
Outcome: sold for $785,000 at a 6.75% yield
Agent: Alan Broadbent

South of the Bombays

Bay of Plenty

Tauranga

56 Elizabeth St:
Features: 481m2 cbd site next to large carpark, 890m2 2-level building, partly occupied by Subway, balance of ground floor & upper-level office space vacant
Rent: $43,028/year net + gst; estimated potential income about $180,000/year net + gst
Outcome: sold for $2.15 million
Agents: Brendon & Lynn Bradley

Waikato

Frankton

92 Kent St:
Features: 607m2 corner site, 352m2 2-level building, long established tenant Waikato Drycleaners on 3-year lease from September 2014, 2 3-year rights of renewal
Rent: $32,000/year net + gst
Outcome: sold for $500,000 at a 6.4% yield
Agents: Brendon & Lynn Bradley & Mike Swanson

Hamilton

238 Anglesea St:
Features: 825m2 cbd site on the corner of Collingwood St, 1426m2 2-level new A grade office building, fully leased to 3 tenants on 3- to 6-year leases, Mike Greer Homes on ground floor and the Public Trust above
Rent: $254,661/year net + gst
Outcome: sold for $4.7 million at a 5.4% yield
Agents: Alex ten Hove & Mike Swanson

Wellington

Grenada North

16 Jamaica Drive, unit 44:
Features: 175m2, 6.4m-high warehouse/factory unit, 3 parking spaces in Grenada business park
Outcome: sold vacant for $355,000
Agent: Andrew Smith

Lower Hutt

Alicetown, 5 Victoria St:
Features: 299mworkshop, 3-4 park parking spaces
Outcome: sold vacant for $350,000
Agents: Andrew Smith & Paul Cudby

Porirua

1C Hagley St:
Features: 109m2 unit occupied by Chef’s Palette noodle bar for 3 years from May 2015, 2 3-year rights of renewal, one rear parking space
Rent: $18,130/year net + gst
Outcome: sold for $325,000 at a 5.6% yield
Agent: Jon Pottinger

1D & 1E Hagley St:
Features: 603m2 unit occupied by Dynasty Chinese restaurant for 6 years from July 2014, with one 6-year right of renewal, 2 rear parking spaces
Rent: $72,561/year net + gst
Outcome: sold for $920,000 at a 7.9% yield
Agents: Jon Pottinger

South Island

Canterbury

Amberley

218-240 Carters Rd:
Features: 2.8867ha in 2 titles on State Highway 1 site, 8500m2 of vacant land available for development or lease, about 1000m2 of industrial buildings with 6 tenancies, short average lease term, 60m2 vacant, anchored by timber company Goldpine
Rent: $112,000/year net + gst
Outcome: sold for $1.45 million at a 7.72% yield
Agents: Stewart White, Chris Frank & Alex White

Christchurch

Sockburn, 22 Alloy St:
Features: 1041m2 site, 13 offstreet parking spaces, 546m2 warehouse & office building; Teltrac Communications Ltd has occupied it since early 1990s and has new 6-year lease from January 2017 and 2 4-year rights of renewal
Rent: $92,000/year net + gst
Outcome: sold for $1.504 million at a 6.1% yield
Agents: Stewart White, Chris Frank & Alex White

Waltham, 18 Iversen Terrace:
Features: 1000m2 site, 815m2 warehouse & office building; Larson-Juhl NZ Ltd has occupied it since 2002 & exercised final 3-year right of renewal in September 2016
Rent: $83,816/year net + gst
Outcome: sold for $1.445 million at a 5.8% yield
Agent: Nick O’Styke

Attribution: Agency release.

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Fiore corner office space leased

Office space on both levels of the revived Wong Doo building (ex-Canvas City, pictured) at the corner of Hobson & Cook Sts was among 3 leases Bayleys agent signed this month. The other 2 were in the Wairau Valley on the North Shore.

The Hobson St building was saved from imminent demolition in 2005 when Auckland City Council gave it a category B heritage scheduling. That also resulted in a change to the design of the Fiore apartment building, eventually completed as 2 structures, with the old corner building incorporated beneath the second apartment building.

Leases:

CBD

Hobson St

Fiore, 166 Hobson St:
Features: 200m² office in the revived Wong Doo building (ex-Canvas City) at the corner of Hobson & Cook Sts
Rent: leased in March for $110,000/year net & gst, premises rental ground floor $700/m², first floor $400/m²
Agents: Terry Kim, Nelson Patchett & Sarah Boles

North-east

Wairau Valley

49 Porana Rd, unit 2:
Features: 130m² industrial unit – warehouse 120m², office 10m², 3 parking spaces
Rent: leased in March for $22,100/year net + gst, premises rental $170/m² (parking free)
Agents: Adam Watton & Adam Curtis

71 Wairau Rd:
Features: 246m² industrial unit – office 88m², warehouse 158m²
Rent: leased in March for $44,720/year net + gst, premises rental $181.79/m²
Agent: Colin Harper

Attribution: Agency release.

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New zones highlighted for residential sales

The potential of new zoning under Auckland’s unitary plan is becoming a strong point for residential land sales as auction prices for houses decline and far more properties are passed in this year than last.

That was the case with 2 properties sold at Bayleys auctions this week, and a third had the existing commercial use as an attraction.

In the city centre, a 2-bedroom Metropolis apartment was sold under the hammer.

Square metre calculations below are based on more intensive use, excluding the value of the existing house.

CBD

Kitchener St

Metropolis, 1 Courthouse Lane, unit 2014:
Features: 2-bedroom apartment, secure covered parking space
Outcome: sold for $577,500
Agent: Harry Cheng

Isthmus east

Royal Oak

20 Acorn St:
Features: 828m² flat section zoned apartments & terrace housing, 4 bedrooms, garage
Outcome: sold for $2.82 million at $3406/m² land
Agent: Dianne Burt

Isthmus west

Sandringham

470 Sandringham Rd (pictured):
Features: 675m² corner site zoned mixed housing urban, 5-bedrooms-plus, 2 bathrooms
Outcome: sold for $1.5 million at $2222/m² land
Agent: Summer Sun

South

Howick

110 Ridge Rd & 12 Nelson St:
Features: 1741m² corner road-frontage site on 2 titles, a house on each section, 11m height & 45% site coverage as of right, agent says existing commercial use of the past 20+ years means mixed commercial & housing a possibility
Outcome: sold for $2.6 million at $1493/m² land
Agent: Gary Robertson

Attribution: Agency release.

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7 apartments sell at Ray White auction

7 of the 9 apartments auctioned at Ray White City Apartments today were sold under the hammer.

CBD

Federal St

Federal, 207 Federal St, unit 704:
Features: 61m² including balcony, fully furnished 2 bedrooms
Outgoings: rates $1430/year including gst; body corp levy $5083/year
Income assessment: $500/week current
Outcome: sold for $525,000
Agent: Victor Liu

Uptown

Q City, 11B City Rd, unit 3A:
Features: leasehold, 59m², one bedroom, leased to Housing NZ until April 2019
Outgoings: rates $1253/year including gst; body corp levy $3296/year, ground rent $6800/year
Income assessment: $18,936/year
Outcome: sold for $92,000
Agents: Ryan Bridgman & Mitch Agnew

Nova en Scotia, 18 Scotia Place, unit GE:
Features: 44m², vacant one bedroom
Outgoings: rates $1316/year including gst; body corp levy $3488/year
Outcome: passed in at $375,000
Agents: Bain Duigan

Victoria Quarter

Grand Chancellor, 1 Hobson St, unit 403:
Features: 57m², one bedroom, 5m² deck, storage, parking space
Outgoings: rates $1582/year including gst; body corp levy $4411/year
Income assessment: $650-700/week furnished
Outcome: sold vacant for $618,000
Agent: Krister Samuel

H47, 47 Hobson St, unit 401:
Features: 61m², one bedroom, secure parking space
Outgoings: rates $1544/year including gst; body corp levy $4704/year
Income assessment: $590-650/week furnished
Outcome: sold vacant for $605,000
Agents: Ryan Bridgman & Mitch Agnew

Heritage Tower, 22 Nelson St, unit 318:
Features: 37m² studio, balcony
Outgoings: rates $1025/year including gst; body corp levy $3361/year
Income assessment: appraisal $450-480/week furnished
Outcome: sold for $295,400
Agents: Ron Yang, Damian Piggin & Daniel Horrobin

Ascent, 149 Nelson St, unit 726:
Features: 53m², 2 bedrooms, secure parking space
Outgoings: rates $1101/year including gst; body corp levy $3562/year; special levy of $10,137 was due from current owner by 20 February
Income assessment: $470/week fixed until January 2018
Outcome: sold for $405,000
Agents: Simon Harrison, Damian Piggin & Daniel Horrobin

Harbour Green, 11 Union St, unit 301:
Features: 47m², fully furnished 2 bedrooms
Outgoings: rates $1240/year including gst; body corp levy $4012/year
Income assessment: $650/week furnished
Outcome: no bid
Agents: Ron Yang & Danial Horrobin

SugarTree, 27 Union St, Prima unit 813:
Features: 53m², one bedroom, 10m² covered deck
Outgoings: rates $1567/year including gst; body corp levy $3311/year
Income assessment: $480/week fixed until August, appraisal $500-530/week
Outcome: sold for $510,000 at auction brought forward
Agents: Ady Huang & Dominic Worthington

Attribution: Auction.

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