Tag Archives | Colliers

Remuera shop leased, provincial sales

A Remuera shop has been leased, and warehouses in Christchurch & Napier sold by Colliers agents.

Sales

South Island

Christchurch

163 Wordsworth St, unit 2:
Features: 238m² refurbished warehouse
Outcome: sold at auction for $400,000
Agents: Christian Kellar & Oliver Salt

South of the Bombays

Hawke’s Bay

Napier

78 Taradale Rd & 32 Severn St:
Features: 6886m² warehouse/showroom & partly leased 3982m² industrial site
Outcome: sold as trade deals, Taradale Rd for $3 million, Severn St for $686,000
Agent: Danny Blair

Leases

Isthmus east

Remuera

360 Remuera Rd:
Features: 274.1m² shop, leased to Bed Bath N Table
Agent: Nilesh Patel

South of the Bombays

Wellington

Petone

8 Te Puni St:
Features: 1604m² office, leased by Cook Strait Properties Ltd to Mavero Ltd (Flip Out franchise) for a 6-year term
Rent: $250,000/year + gst
Agent: Ben Taylor

Attribution: Agency release.

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Bidders stay clear of office unit auction

The one property up for auction at Colliers yesterday, an office unit on Pitt St at the top of the cbd, failed to attract a bid.

CBD

Uptown

29 Pitt St, unit 2:
Features: 170m² office unit, secure covered parking space
Outcome: no bid
Agents: Simon Felton & Tony Allsop

Attribution: Auction documents.

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5 sales by Colliers

Colliers agents have sold a Victoria Park Market restaurant and a Rosedale office in Auckland. In the South Island, the agency has offices in Christchurch & Dunedin and a quake-damaged motel in Christchurch.

CBD

Victoria Quarter

Victoria Park Market, Drake St, unit 74:
Features: 268m² net lettable area, New York-style restaurant & bar, the Oak Room, on 6.5-year lease
Rent: $100,794/year + gst     
Outcome: sold for $1.3 million at a 7.8% yield
Agents: Adam White, Simon Felton, Gareth Fraser & Tony Allsop

North-east

Rosedale

9C William Pickering Drive:
Features: 377m² 2-level office     
Outcome: sold by private investor to owner-occupier Zen Connections Ltd for $1.395 million
Agents: Janet Marshall & Kerry Cook

South Island

Christchurch

Merivale

49 Papanui Rd:
Features: quake-damaged former Adelphi motel, 1517m² site, 12 motel units & a manager’s unit
Outcome: sold at auction for $1.7 million on an “as is, where is” basis
Agents: Will Franks & Mark Macauley

Rolleston

7 Tennyson St:
Features: 2781m² site, 261m² retail, new 10-year lease to Restaurant Brands Ltd
Rent: $170,000/year net + gst     
Outcome: sold at auction for $3.215 million + gst at a 5.3% yield
Agents: Courtney Doig & Charlie Oscroft

Dunedin

ASB House, 248 Cumberland St, levels 1 & 2:
Outcome: sold for $2.825 million at a 7.6% yield
Agent: Dean Collins

Attribution: Agency release.

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Onehunga warehouse sells at auction

An Onehunga warehouse (outlined in blue in photo) was sold at Colliers’ auction today, but a Milford property with potential upstairs development was passed in.

Isthmus east

Onehunga

51 Angle St:
Features: 556m² site zoned heavy industry, 413.8m² warehouse, 45.1m² office
Outcome: sold vacant for $1.345 million
Agents: Jeremy Barnett & Ben Cockram

North-east

Milford

83-85 Kitchener Rd:
Features: 261m² site, 295.7m² floor area, 2 first-floor apartments consented, 4 parking spaces
Rent: $98,000/year net from 2 ground-floor tenants, potential additional residential rent of $50,000/year
Outcome: passed in
Agents: Mike Ryan, Euan Stratton & Matt Prentice

Attribution: Auction documents.

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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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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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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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Record apartment supply looming

A record 11,000 apartments are due to be completed in Auckland over the next 3 years, according to Colliers’ half-yearly residential development report, out yesterday.

Alan McMahon.

Research & consulting national director Alan McMahon said 5033 units in 75 projects were due for completion in 2017-18, and 5922 units in 62 projects in 2019-20.

Those levels are higher than the previous apartment supply peak in 2005, which was followed by a 5-year slowdown.

Mr McMahon said Aucklanders would continue to pay a premium for newly built houses & apartments despite the overall residential market softening: “Prices may have stabilised and sales slowed, but homebuyers still seem to be prepared to pay a premium for a new home.

“New-build prices/m² have increased since our last report. For a new apartment, the average price in individual projects ranges from $9222-13,435/m², and for a new terraced & detached dwelling the prices range from $5787-10,773/m², depending on typology & location.

“A key driver is the Auckland public’s wariness of poor quality home environments and sometimes poor quality construction.

“The apartments being built or planned at present tend to be larger and of higher quality than those built around the 2005 peak – the era of smaller, typically lower quality ‘shoebox’ apartments.”

Mr McMahon said Auckland’s rapidly maturing infrastructure had also made many new projects more desirable: “In the period since our last residential report, we’ve seen good progress on city rail link construction and the opening of the Waterview tunnel.

“Once completed, the rail project will increase the desirability of apartments near train stations in areas such as Mt Eden & Onehunga, while the Waterview tunnel makes it easier to travel to & from north-western suburbs like Hobsonville Pt.”

The how-to of cheaper housing

Mr McMahon said slowing sales didn’t indicate reduced demand, because the population continued to grow apace, and immigration policy changes were unlikely to significantly reduce demand from buyers.

“The residential slowdown is less about base demand than pricing. We do think the median house price will reduce eventually – but by building less expensive homes at scale, not by price reduction of existing properties.

“How to increase that supply significantly when funding is tight, materials & other costs of construction are high, and all the larger builders are at capacity already, is the problem.

“New construction firms & techniques as well as new institutional private renters will be required, along with some imaginative thinking around policy, tenure & finance.”

Attribution: Agency release.

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