Tag Archives | Christchurch

Stokes turn eyes from retirement villages to luxury apartments on Avon

Retirement village owners & operators Chris & Jenny Stokes, who sold their interests in the Aria villages to newly listed retirement village operator Arvida Group Ltd in 2015, have come up with a different proposition for their hometown, Christchurch.

They lodged the resource consent application last week for the luxury Upper House Apartments at 108 Park Terrace, across the Avon River from North Hagley Park, and plan to build 4 430m² apartments & a 680m² 2-storey penthouse in the exclusive development.

Harcourts marketing agent Grant Chappell said the building would combine superior design & materials with innovative structural systems to ensure protection from natural disasters.

Mr Stokes said there was demand for generously sized properties with 5-star home comforts as well as the security, privacy & low maintenance of apartment living: “Multi-unit apartment blocks are everywhere, but Upper House has been developed with luxury & sophistication in mind.

“We want people to enjoy the benefits of an apartment without living in a shoebox. Upper House will be the only large format apartments on the market that are opulent, stylish & functional.”

The 3-bedroom homes will have 2.7m-high ceilings, climate control, open plan living, a media room, a home office, 2 basement parking spaces, storage, a car washdown area, bicycle parks and a lift.

“The outdoor terrace & garden is 50m², which is bigger than a double garage. With an outdoor kitchen & gas fire, it’s the perfect place to entertain friends or enjoy a quiet moment to yourself. The penthouse takes it one step further with a 105m² upper level including a rooftop terrace garden where you can enjoy endless views of the river, treetops, Hagley’s Lake Victoria & the snow-covered Southern Alps.”

Each apartment, designed by Daniel Sullivan and Kate Loader of Architects’ Creative, has a large European-style kitchen with walk-in pantry, breakfast bar & bench space.

The Stokes engaged structural engineer Orlando Barcena from Centraus and Christchurch soil specialists Geotech Engineering to design a pile foundation reaching to Canterbury shingle to ensure solid bearing: “The foundation & basement design use steel framing with buckling restrained braces, which means occupants are not only protected in the event of seismic activity but any damage can be quickly & easily repaired.”

They’re anticipating a 3-month resource consent process, enabling a construction start in September.

The apartments are priced from $3.25 million to $5.7 million for the penthouse.

Attribution: Agency release, Companies Register.

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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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East Tamaki & Papakura commercial sales

Knight Frank agents have sold an industrial unit in East Tamaki and a shop in Papakura, and completed 2 leases in Christchurch.

Sales

South

East Tamaki

89 Springs Rd, unit F:
Features: 260m² industrial unit, 148m² upstairs accommodation
Outcome: sold for $1 million at a 5.2% yield
Agent: David Wards

Papakura

182 Great South Rd, unit 3:
Features: 98m² vacant shop
Outcome: price confidential
Agent: David Wards

Leases

South Island – Canterbury

Burnside

25A Sheffield Crescent, unit 2:
Features: 695m² warehouse
Rent: $53,000/year + gst + opex
Agent: Terry Connolly

Sockburn

2 Distribution Lane, unit 1:
Features: 580m² office & warehouse, 12 parking spaces
Rent: $102,500/year + gst + outgoings
Agent: Campbell Taylor

Attribution: Agency release.

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2 sales & 2 leases for Knight Frank

Knight Frank agents have signed 2 sales & 2 leases on the Auckland isthmus and in Christchurch.

Sales

Isthmus east 

Onehunga

46 Mt Smart Rd:
Features: 1533m² level site, block of 10 fully tenanted 2-bedroom units on a single freehold title
Outcome: sold for a confidential price
Agent: Douglas Fan

South Island – Canterbury 

Sockburn

2 William Lewis Drive, unit 3:
Outcome: sold for $845,000 + gst
Features: 349m² unit – office 145m², warehouse 204m², 7 parking spaces
Agent: Campbell Taylor

Leases

Isthmus east 

Mt Wellington

45 Mt Wellington Highway, unit 2:
Features: 240m² office
Rent: $63,900/year + gst + opex
Agent: Michelle Kennard

South Island – Canterbury 

Riccarton

41 Riccarton Rd:
Rent: $212,641.80/year + gst + opex
Features: 1000m² retail space, 35 parking spaces
Agents: Louise Urban & Anna Morawiec

Attribution: Agency release.

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Sale & lease for Knight Frank

Knight Frank reports one sale & one lease, both in Christchurch, in the last week.

South Island – Canterbury

Sale:

Christchurch – Waltham

340A Wilsons Rd:
Features: 355m², warehouse & office, parking
Outcome: sold for $380,000 + gst
Agent: Terry Connolly

Lease: 

Christchurch cbd

65 Victoria St:
Features: 261.2m² ground-floor retail space
Rent: $99,256/year + gst + outgoings
Agent: Tom Lax

Attribution: Agency release.

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Cryers Rd warehouse sells at 5.9%

Knight Frank’s South Auckland office has sold a Cryers Rd warehouse in East Tamaki for over $11 million on a 5.9% yield. It’s one of 2 sales & 4 leases completed by the agency in Auckland & Christchurch last week.

Sales:

South

East Tamaki

48 Cryers Rd:
Features: 8800m² site, 6000m², 10m+ stud height warehouse with office/amenities, covered canopy
Rent: about $660,000/year current
Outcome: sold to a family trust for $11.333 million + gst at a 5.9% yield
Agents: Dave Arlidge, Josh Franklin & Damon Wyllie

Manukau Central

18 Lambie Drive, unit 71:
Features: 75m² high stud warehouse, 20m² office/amenities, 30m² mezzanine, 3 parking spaces, secure gated compound
Outcome: sold for $360,500 + gst
Agents: Josh Franklin & David Wards

Leases:

Isthmus east

Mt Wellington

151 Marua Rd, unit B:
Features: 1700m² warehouse, yard, 9 parking spaces
Rent: $170,000/year + gst & opex
Agents: Josh Franklin & Jarrod Qin

South

East Tamaki

Higbrook business park, The Crossing, 60 Highbrook Drive, building 5, T1 level 2:
Features: new 463m² office space, 6 covered parking spaces
Rent: confidential
Agents: Josh Franklin & Damon Wyllie

South Island

Christchurch

2-10 Papanui Rd, units 2, 3, 4, 20 & 21:
Features: 278m² office, parking space
Rent: $98,260/year + gst + outgoings
Agent: Tom Lax

203 Papanui Rd:
Features: 194.7m² office, 3 parking spaces
Rent: $72,825/year + gst + outgoings
Agent: Tom Lax

Attribution: Agency release.

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16 Total Property sales outside Auckland

Bayleys sold 15 properties in the Bay of Plenty & Wellington in its Total Property auction series last week, and one in Christchurch.

South of the Bombays

Bay of Plenty

Mt Maunganui

tilda-166-maunganui-rd162 Maunganui Rd:
Features: 388m² cbd site, 407m² building with long-established homeware & gift store tenant and periodic residential tenancy above
Rent: $98,402/year net + gst
Outcome: sold for $2.085 million at a 4.71% yield
Agents: Brendon & Lynn Bradley

166 Maunganui Rd:
Features: 230m² cbd site, 390m² building (adjoining No 162) leased to fashion retailer Tilda; the owners also occupy the residential premises above
Rent: $87,688/year net + gst
Outcome: sold for $1.76 million at a 4.98% yield
Agents: Brendon & Lynn Bradley

Rotorua

1268 Haupapa St (pictured at top):
Features: 907m² site on cbd fringe, 877m² office building, 2 levels plus mezzanine, extensively refurbished in 2007 to provide A grade space, 5 tenancies on 1- to 4-year terms, 10 parking spaces
Rent: $170,164/year net + gst
Outcome: sold for $2.2 million at a 7.73% yield
Agents: Mark Slade & Brei Gudsell

Selwyn Heights, 82 Ferry Springs Rd & 8 Old Quarry Rd:
Features: 3338m² industrial-zoned development site, double street access
Rent: $37,700/year holding income from residential tenancies
Outcome: sold for $750,000 at $224/m²
Agents: Mark Slade & Brei Gudsell

Tauranga

418 Devonport Rd:
Features: 1037m² residentially zoned corner site, 3 cross-leased titles, fully occupied by 2 residential & one commercial tenants, all on periodic tenancies
Rent: $39,666/year gross
Outcome: sold for $930,000
Agents: Brendon Bradley & James Ross

795 Cameron Rd.

795 Cameron Rd.

795 Cameron Rd:
Features: 147m² site beside Tauranga Hospital, character 2-storey building, longstanding dairy on ground floor, 4-year lease from April 2016, one 4-year right of renewal, tenant also occupies 2-bedroom first-floor flat
Rent: $27,587/year net (commercial $12,350 + gst, residential $13,500)
Outcome: sold for $400,000 at a 6.89% yield
Agents: Brendon Bradley & Mat Gibbard

Te Puke

41 Jellicoe St:
Features: 592m² cbd site, 561m² 2-storey mixed-use building, 2 retail & one office tenant on monthly tenancies plus vacant 2-bedroom flat, basement garage & storage area
Rent: $19,627/year net + gst, potential annual net income about $40,000
Outcome: sold for $506,000
Agents: Brendon Bradley & Mat Gibbard

Wellington

Johnsonville

3 Disraeli St:
Features: 436m² site with exposure to Countdown carpark; 510m² workshop & office,  2 parking spaces, auto lease expiring mid-November, potential net rental of $60,000/year + gst
Outcome: sold for $890,000
Agents: Jon Pottinger & Fraser Press

Kapiti Coast

91-93 Mill Rd, Otaki.

91-93 Mill Rd, Otaki.

Otaki, 91-93 Mill Rd:
Features: 2204m² corner site in 6 titles, 268m² additional leased land, 987m² recently upgraded Countdown supermarket, 6-year lease to Countdown owner General Distributors Ltd from November 2014, 2 6-year rights of renewal
Rent: $157,000/year net + gst
Outcome: sold for $2.1 million at a 7.47% yield
Agents: Stephen Lange & James Chan

Lower Hutt

125 Naenae Rd, Lower Hutt.

125 Naenae Rd, Lower Hutt.

Naenae, 125 Naenae Rd, unit 1:
Features: 432m² 2-level building – 240m² showroom/office & 192m² warehouse in 8-unit complex on main arterial road, 5 parking spaces, tenant in occupation since 2010 on new 3-year lease, one 3-year right of renewal
Rent: $26,906/year net + gst
Outcome: sold for $370,000 at a 7.27% yield
Agents: Andrew Smith & Richard Faisandier

92-100 Queens Drive, unit 3:
Features: 2 corner retail tenancies totalling 105m², plus storage & parking space, frontage to Bunny St, 3-year leases to April & July 2017
Rent: $40,645/year net + gst
Outcome: sold for $405,000 at a 10% yield
Agents: Andrew Smith & Paul Cudby

92-100 Queens Drive, unit 4:
Features: 60m² retail unit in McKay House, directly opposite the entrance to Westfield Queensgate shopping centre (now owned by Diversified NZ Property Trust, managed by Stride Property Group); 3-year lease from April 2016 to Boss Haircuts
Rent: $16,722/year net + gst
Outcome: sold for $190,000 at an 8.8% yield
Agents: Andrew Smith & Paul Cudby

Petone

62 Hutt Rd:
Features: substantially upgraded 524m² building, dual street frontage – 256m² showroom, 201m² rear warehouse/storage, 67m² mezzanine office, 3 parking spaces
Outcome: sold vacant for $565,000
Agents: Paul Cudby & John Pritchard

Plimmerton

2 Freshfields Place:
Features: 807m² corner site in North Point industrial precinct with building consent for 477m² 3-unit office & warehouse complex, first slab laid
Outcome: sold for $310,000 at $384/m²
Agents: Andrew Smith & Jon Pottinger

Porirua

3A Kapuni Grove:
Features: 1003m² levelled, metalled & fenced industrial site, dual street frontage
Outcome: sold for $241,000 at $240/m²
Agents: John Pritchard, Jon Pottinger & Fraser Press

South Island

Christchurch

Hornby, 51 Waterloo Rd:
Features: 8000m² industrial site, 1370m² warehouse, 292m² of office & amenities & 198m² showroom, large mostly sealed yard
Outcome: sold with vacant possession for $3.45 million
Agents: Stewart White & Chris Frank

Attribution: Agency release.

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Colliers sales around the country

Colliers agents have reported sales on the North Shore, in Hamilton & Tauranga and in Christchurch & Queenstown.

Sales:

North-east

Milford

1A Nile Rd:
Features: 2-level 300m² office building
Outcome: sold for $1.16 million
Agents: Janet Marshall & Euan Stratton

Rosedale

63 Apollo Drive, unit D2:
Features: 185m² office, 56m² storage
Outcome: sold vacant for $795,000
Agent: Nick Recordon

South of the Bombays

Bay of Plenty – Tauranga

60D, 60E & 60F Durham St:
Features: 920m² A grade office building
Outcome: sold for $4.315 million at a 6.1 % yield
Agents: Simon Clark & Rob Schoeser

Waikato – Hamilton

The Warehouse, corner Ward & Anglesea Sts:
Features: 8486m² floor area
Outcome: sold to private syndicator for $12.15 million at an 8.93% yield
Agents: Capital markets team & Mark Brunton

South Island

Canterbury – Christchurch

18 Bernard St:
Features: 960m², multi-tenanted office facility
Outcome: sold for $3.8 million at an 8.5% yield
Agents: Paul Vining & Courtney Doig

Lakes – Queenstown

Shotover Park, lot 3:
Features: 3000m² brownfield industrial site
Outcome: sold for $2.385 million
Agents: Mark Simpson, Alastair Wood, Rory O’Donnell & Mary-Jo Hudson

Leases

CBD

Queen St

385 Queen St:
Features: 887m² commercial premises leased for AMP
Agent: Eileena Stoddart

Shortland St

51 Shortland St:
Features: 1180m² commercial premises leased for AMP
Agent: Eileena Stoddart

South Island

Lakes – Queenstown

Remarkables Park, The Landing:
Features: 3 retail sites totalling 490m²
Agents: Mary-Jo Hudson & Tim Thomas

Attribution: Agency release.

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Buchan moves into new Christchurch office

Melbourne-based international architectural, interior & graphic design firm The Buchan Group has relocated its new Christchurch office to a building it designed at 144 Kilmore St, next to the northern frame in central Christchurch.

The 3-level office block has views over the new green belt & Avon River, towards the central city & Port Hills beyond.

It was built by Leighs Construction Ltd, is owned by Three One Five Ltd (Alec Fairweather, Christchurch) and has 1500m² of fringe, B grade office space. Buchan Group has taken 360m² on the top level. Other tenants include Core Education Ltd & Saturn Portfolio Management Ltd (Craig Stobo, John McConnell & Lisa Dudson).

Buchan NZ practice manager Raylene McEwan.

Buchan NZ practice manager Raylene McEwan.

Buchan moved from Cambridge Terrace to a temporary Christchurch office at 41 Moorhouse Avenue after the February 2011 earthquake, and NZ practice manager Raylene McEwan said the move to Kilmore St had not only reinvigorated the practice and provided room for expansion, but also created the opportunity to design their perfect working space.

“When designing the building and knowing we would eventually be a tenant, we looked at how we could make it more conducive to the collaborative & creative nature of our work, as well as the modern workspace environments that other tenants desired.

“As a result, the building features easy open-plan floorplates, high ceilings, floor-to-ceiling glazing on both the north & south facades, generous staff facilities, mechanical & natural ventilation and external balconies. Our own office takes advantage of high levels of natural light, exposed ceilings to greater increase the ceiling height and simplicity of plan to form breakout studio & collaboration spaces.”

Ms McEwan said it was also important for Buchan to establish its new permanent office as part of its commitment to Christchurch’s rebuilding efforts: “We’ve been heavily involved in many reconstruction, repair & new projects across the city, from the iconic RE:START shopping precinct to Riverside Apartments and The Landing at Wigram Skies, helping residents move forward after the earthquake.”

Attribution: Company release.

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Christchurch development site sells

A large development “island” next to the Avon River in Christchurch has been sold through a tender conducted by JLL.

The property – surrounded by 3 streets & newly designated parkland – is zoned central city residential, which amalgamated all the living 4 zones and allows a maximum building height of 11m.

Sales agent Chris Harding said the buyer would look to develop the site in the longer term, but in the short term the 450m² house & outbuildings were likely to be rented out as holiday accommodation.

South Island – Canterbury

Christchurch

2 Bangor St:
Features: 3736m² section in 4 titles, effectively an island surrounded by 3 road frontages (Bangor & Kilmore Sts & Oxford Terrace) and newly designated parkland, 450m² house built in 2011 across street from the Avon River, separate 4-car garage has 80m² flat above, with 2 bedrooms & office; all designed to be relocated in the event of redevelopment
Outcome: sold for $2.15 million
Agent: Chris Harding

Attribution: Agency release.

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