Tag Archives | East Tamaki

East Tamaki property sold as Steel & Tube rings in changes

The exit door has been swinging at Steel & Tube Holdings Ltd, and the departures now include property.

Interim chief executive Mark Malpass said in September the board had determined to test the property market, putting its East Tamaki distribution centre up for sale, and on Friday he said the company had accepted an unconditional offer.

“At the heart of any change is recognition that we are a company that provides steel solutions, not a commercial property company. A sale & leaseback would release capital, improving the efficiency of our balance sheet, while still reflecting the importance of the property through favourable lease terms,” Mr Malpass said in September.

On Friday he said the company had signed an unconditional agreement to sell its 68 Stonedon Drive property for $32.577 million on a sale & leaseback basis. The transaction will be completed on 20 December.

That followed a statement from new chair Susan Paterson at the annual meeting on Thursday, that the company believed it could use funds from the sale to generate a better return for shareholders: “Steel & Tube intends to apply the sale proceeds to repay debt and strengthen its balance sheet. This positions the company well for future growth.”

Mr Malpass said the sale didn’t change the earnings guidance the company gave on Thursday – half-year earnings before interest & tax (ebit)) down $9-10 million, but restored in the second for full-year ebit “materially the same” as for the year just gone, which was $31.1 million.

In the first half of the 2018 financial year the company has seen margin pressures from higher steel purchase prices, which the market took some time to pass on to customers. The company has increased selling prices across its portfolio of steel products from mid- November and expects margins to improve in the second half of the financial year.

Mr Malpass said recent changes to the senior executive team were also bringing a fresh focus and, together with the board, he was targeting a turnaround of poorly performing business units and efficiency gains through a change programme.

Ms Paterson told the annual meeting: “Our strategy is to maximise value for our shareholders by creating a sustainable, long-term, successful business. The capital investment made into acquisitions & the business in the past 5 years has created a strong platform for Steel & Tube. However, we are very aware that the company has been too slow to realise the significant benefits & value from these.

“Management & the board are focused on resetting the performance of the business and delivering a sustainable improvement in financial performance, and we expect Steel & Tube to be a significantly stronger business in 12-24 months.”

The board has identified 2 key goals – to provide superior value to customers and to simplify the business. Among guidance points:

  • Half-year ebit is expected to be impacted by working capital review, reorganisation & restructuring activities, increased depreciation costs for a new ERP (enterprise resource planning) system and the slow response by the industry to margin pressures arising from increased costs of supply. Steel & Tube announced price changes to take effect from mid-November in response to market cost pressures
  • The recent implementation of the new ERP system is a key enabler now available to the business and has helped assist management with a review of slow-moving inventory
  • About half the expected decrease in half-year ebit is due to an anticipated writedown of inventory
  • Excluding the one-off inventory valuation adjustment included in the half-year earnings guidance, full year EBIT for the 2018 financial year is expected to be materially the same as the 2017 financial year EBIT of $31.1 million, as the impacts from recent price changes and the benefits of change actions are realised.

The change programme, to enable the company to maximise the value of investments made over the last 5 years, includes:

  • The realignment & simplification of Steel & Tube businesses into 2 streams (distribution & infrastructure), including the integration of acquired businesses
  • Delivering sustainable earnings growth and leveraging the value from the recent capital expenditure programme, including the new ERP system
  • Strengthening the company’s capital structure, including optimising the supply chain and review of the company’s property portfolio
  • Reviewing working capital with a focus on surplus slow-moving inventory items; and
  • A continuing focus on quality, health & safety and the environment.

 Attribution: Company releases, annual meeting speechnotes.

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6 commercial properties & residential development site sell

Bayleys agents in South Auckland have sold 6 commercial properties in East Tamaki, Manukau & Wiri, and a 5ha residential development site at The Gardens, Manurewa.

South

East Tamaki

9 Lady Ruby Drive, unit E:
Features: 160m² industrial unit – 129.5m² ground-floor warehouse, office & amenities, 30m² of mezzanine office, 4 parking spaces
Outcome: sold vacant for $500,000
Agents: Katie Wu, Roy Rudolph & John Bolton

22 Neilpark Drive, unit A:
Features: 337m2 roadfront unit in 3-unit development, A grade food premises comprising about 172mof processing space & warehousing, 58mof chillers & freezers and 63mof offices & amenities
Rent: previously generating $65,000/year net + gst
Outcome: sold with vacant possession for $910,000
Agents: Roy Rudolph, John Bolton, Katie Wu & Karl Price

33 Springs Rd, unit D:
Features: 897m² industrial unit – 460m² high stud clearspan warehouse, dual roller door access, 198m² of ground-floor showroom, office & amenities, 239m² of first-floor offices & amenities with separate entrance
Outcome: sold vacant for $1,817,500
Agents: John Bolton, Roy Rudolph & Katie Wu

Manukau

5 Jack Conway Avenue, unit C:
Features: 471m² 2-level commercial building – 230m² ground-floor tenant Gordy’s Bar & Gaming Lounge has 8-year lease from December 2016, with 3 4-year rights of renewal, 241m² first floor tenanted by Bartercard NZ Ltd on 8-year lease from March 2013, with 2 4-year rights of renewal
Rent: $130,000/year net + gst
Outcome: sold for $1.92 million at a 6.77% yield
Agents: Rod Grieve & Maxine Bates

Manurewa

The Gardens, 261 Hill Rd:
Features: 5.1445ha of mostly bare land with an easy contour, part zoned mixed housing suburban, part future urban
Outcome: sold with vacant possession for $7 million at $136/m2
Agents: Peter Migounoff & Piyush Kumar

Wiri

20 Hobill Avenue:
Features: 3140m² site zoned light industry, modern 600m² industrial building, fully fenced & gated rear site with sealed yard that provides options to extend building
Outcome: sold to an owner occupier for $1.97 million with short-term holding income from vendor & additional income from cellphone tower
Agent: Mike Marinkovich

34 Hobill Avenue, unit E:
Features: 350m² mid-1980s roadfront industrial unit – 156m² warehouse, 194m² showroom, office & amenities over 2 levels
Outcome: sold vacant to an owner-occupier for $1.02 million
Agent: Mike Marinkovich

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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8 out of 10 sell at Bayleys commercial auction

8 of the 10 properties in Bayleys’ Total Property commercial auction yesterday were sold under the hammer.

6 of them were vacant or with short leases. Of the 3 where a yield could be calculated, an Asian supermarket in Papakura (outlined in picture) sold at 4.7%, a Grange hair salon at Warkworth sold at 5.9% and a Birkenhead property with 5 tenants sold at 6%.

Isthmus east

Onehunga

12 George Terrace:
Features: vacant 521m² site, 515m² refurbished standalone industrial building, zone allows live/work or residential
Outcome: sold for $1.4 million
Agents: James Valintine & William Gubb

Parnell

11 Farnham St:
Features: 269m² site, standalone building with 4 levels built 10 years ago, 659m² floor area, private lift to penthouse on top 2 floors, conservatory, 4 bedrooms, 5/6-car garage + secured yard parking on ground floor, partitioned office & amenities on level 1, air-conditioned on levels 1-3
Outcome: sold for $3.22 million
Agents: Millie Liang

St Johns

121 Morrin Rd:
Features: 4755m² site, 2312m² high stud warehouse, 6 roller doors, small office, yard + parking
Rent: short-term tenancy in place
Outcome: sold for $6.81 million
Agents: Jamsheed Sidhwa, Luke Carran & James Valintine

North-east

Birkenhead

49-55 Birkenhead Avenue:
Features: 801m² site, 481m² floor area, 5 tenants, town centre zoning has 21m height limit
Rent: $112,070/year net + gst
Outcome: sold for $1.867 million at a 6% yield
Agents: Michael Nees, David Huang & Oscar Kuang

Browns Bay

755 Beach Rd:
Features: vacant 1029m² site, 70m² building, mixed use zoning allows building height up to 4 storeys
Outcome: passed in at $700,000
Agents: Ranjan Unka & Anna Radkevich

Rosedale

372 Rosedale Rd, unit 2A:
Features: 186.7m² first-floor office, 6 parking spaces, tenant Bayleys Real Estate Ltd
Rent: $58,209/year net + gst + outgoings, 18-month lease from 1 April, 2 18-month rights of renewal
Outcome: no bid
Agents: Matt Mimmack & Eddie Zhong

Unsworth Heights

1 Greenwich Way, shop 7:
Features: 186m² retail unit, tenant BookPrint Ltd
Rent: $51,520/year net + gst + outgoings
Outcome: withdrawn from auction
Agents: Dean Gilbert-Smith & Adam Curtis

Warkworth

The Grange, 67 Auckland Rd, unit 22A & 22B:
Features: 119m² shop, tenant Vivo Beauty Ltd
Rent: $49,100/year net + gst, new 8-year lease
Outcome: sold by the developer, Square & Main Street Ltd (Adam Reynolds) for $830,000 at a 5.9% yield
Agents: Matt Lee, James Chan & Henry Napier

North-west

Henderson

111 Lincoln Rd, unit FB:
Features: retail unit, tenant Petstock
Rent: $105,000/year net + gst, new 6-year lease
Outcome: withdrawn from auction
Agents: Tony Chaudhary & James Chan

South

East Tamaki

20 Ra Ora Drive:
Features: vacant 4885m² site, metalled, fenced & electronic security gate, former Howick Bus Co Ltd depot
Outcome: sold for $2 million
Agents: John Bolton, Roy Rudolph & Katie Wu

Papakura

303-305 Great South Rd:
Features: 2023m² site zoned business mixed use, Asian supermarket tenant
Rent: $161,740/year net + gst, new 4-year lease + 3 4-year rights of renewal
Outcome: sold for $3.44 million at a 4.7% yield
Agents: Quinn Ngo, Matt Lee & Piyush Kumar

Takanini

305 Great South Rd:
Features: vacant 990m² industrial site, 448m² warehouse
Outcome: sold for $1.52 million
Agents: Shane Snijder & Peter Migounoff

Attribution: Auction.

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Sale & 4 leases for Knight Frank

Knight Frank has sold an East Tamaki building and secured 4 leases, one in St Johns and the other 3 in Christchurch.

Sale

South

East Tamaki

12-16 Harris Rd:
Features: 4186m² site, 2195m² industrial building
Outcome: sold for $4.75 million with a 2-year leaseback & a yield of 5.6%
Agent: Josh Franklin

Leases

Isthmus east

St Johns

24 Morrin Rd, unit F:
Features: 185m² warehouse, 46m² first-floor office, 35m² ground-floor showroom
Rent: not disclosed
Agents: Scott Worrall & Damon Wyllie

South Island – Canterbury

Christchurch

185 Manchester St, unit 3:
Features: 26m², first-floor office suite
Rent: $16,900/year + gst + opex
Agent: Tom Lax

Middleton

11 Midas Place, unit A:
Features: 135m² warehouse, 30m² showroom/office, 5 parking spaces
Rent: $22,000/year + gst + opex
Agents: Myles Addington & Elliot Clayton

Sydenham

8-12 Battersea St:
Features: 817m² warehouse, 100m² showroom/office, 10 parking spaces
Rent: $82,000/year + gst + opex
Agents: Myles Addington & Elliot Clayton

Attribution: Agency release.

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Updated: 2 post-auction sales; strong yields for some, no bid on others as 6 sell at Bayleys’ commercial auction

Published 3 August 2017, updated twice on 9 August 2017
Sale of a small character building at the foot of College Hill at Bayleys’ Total Property commercial auction last Wednesday showed the right property could still sell at a yield under 5%.

That was confirmed by the post-auction sale of a Hurstmere Rd property in Takapuna, at a yield just below 4%. Also sold post-auction was a 2-storey building in East Tamaki occupied by a bar & gaming lounge, sold on a 6.5% yield.

Mind you, sub-5%, or even below 4%, isn’t quite a match for the sub-3% yields 2 old converted houses at the top of College Hill went for at auction in June.

Still, there was a buzz in the auctionroom which has been missing from most auctions in recent months, as auctioneers have tried to squeeze an offer from a smattering of mostly reluctant bidders.

6 properties were sold under the hammer at yesterday’s commercial auction. 4 attracted no bid out of the 7 passed in. Another 2 properties on the list had their auctions postponed and one was withdrawn completely.

Finance has become a central issue in all forms of property transaction, and agents told me of numerous new barriers in the way of a sale, such as insistence on tighter lease terms where those terms had previously not even been raised.

Scores of properties have been passed in without attracting a bid at auctions around Auckland this year, but the absence of a bid on the ANZ premises in the Lincoln North shopping centre in Henderson yesterday was in stark contrast to the frenzy of bidding that occurred when developer Frank Reynolds sold the centre down in 2009.

That was about 18 months into the global financial crisis, a time when caution abounded, but it was also a time when there were plenty of Chinese buyers keen on small retail & fast-food premises and willing to bid strongly. With a new 9-year lease in place, the ANZ premises sold in 2009 for $3.03 million at a 5.47% yield. On that day, all 22 units in the centre sold under the hammer.

CBD

Victoria Quarter

20 Centre St:
Features: 260m² – 83m² café, 177m² office & showroom,
Rent: $100,000/year net + gst
Outcome: no bid
Agents: Oscar Kuang, Ben Wallace & James Chan

Isthmus east

Otahuhu

21 Hall Avenue:
Features: 397m² site zoned business town centre, vacant 269m² building previously occupied by a bank, 5 rear parking spaces  
Outcome: sold for $1.23 million
Agents: Piyush Kumar Peter Migounoff, Tony Chaudhary & Janak Darji

Parnell

11 Farnham St:
Features: 269m² site, standalone building with 4 levels built 10 years ago, 659m² floor area, private lift to penthouse on top 2 floors, conservatory, 4 bedrooms, 5/6-car garage + secured yard parking on ground floor, partitioned office & amenities on level 1, air-conditioned on levels 1-3
Outcome: auction postponed
Agents: Millie Liang

Isthmus west

Avondale

1843 Great North Rd:
Features: 2309m² site zoned multi-use commercial with 32.5m height limit, café & villa with 250m² floor area
Rent: $42,898/year net + gst
Outcome: auction postponed
Agents: Laurie Bell & Kate Kirby

Freemans Bay

3 College Hill:
Features: 276m² site, fully leased 592.5m² 3-level character building, retailer Boardertown occupies basement & ground floor, office tenant above, on leases running to 2023 & 2024 plus signage lease
Outcome: sold for $3.075 million at a 4.92% yield
Agents: Cameron Melhuish, Andrew Wallace & Genevieve Thompson-Ford

North-east

Rosedale

100 Bush Rd, units C & D:
Features: unit C 245m², Unit D 167m², corner office building, new 6-year lease from 1 June, 15 parking spaces
Rent: $118,575/year net + gst
Outcome: withdrawn from auction
Agents: Laurie Burt & Dean Gilbert-Smith

1 Cebel Place, unit B:
Features: 668m² warehouse, showroom & office unit, 15 parking spaces, Wesfarmers subsidiary NZ Safety Blackwoods renewed its lease for 4 years in June, with one further 4-year right of renewal
Rent: $134,000/year net + gst + opex
Outcome: sold for $2.38 million at a 5.63% yield
Agents: Laurie Burt, Matt Mimmack, Tony Chaudhary & Amy Weng

8 Piermark Drive, unit D:
Features: 401m² industrial unit in modern unit-title development with drive-round access, 265m² of high stud warehousing, 2 levels of showroom & office space, 7 parking spaces
Outcome: sold vacant for $1.3 million
Agents: Laurie Burt & Matt Mimmack

Takapuna

Updated: 178 Hurstmere Rd:
Features: 567m² site, 995m² building with dual frontage to Hurstmere Rd & Killarney St, 2 ground-floor shops, first-floor restaurant & hairdressing salon
Rent: $269,117.76/year net + gst + opex current from 4 tenancies after a lease on vacant space was concluded, (originally I used the rental figure used at the start of the campaign, $159,118, plus potential for further $120,000/year)
Outcome: passed in at $6.5 million, sold post-auction for $6.8 million at a 3.96% yield
Agents: Brian Caldwell, Ashton Geissler & Damian Stephen

Wairau Valley

7 Porana Rd, unit C:
Features: vacant 245m² industrial unit, 5 parking spaces        
Outcome: no bid
Agents: Ashton Geissler & Matt Mimmack

135 Sunnybrae Rd:
Features: 1257m² roadfront site, 683m² partly earthquake-prone warehouse & workshop building, longstanding upholstery tenant recently exercised final 2-year right of renewal, smaller rear tenancy on short lease       
Outcome: sold for $1.625 million at a 5% yield to a car sales business
Agents: Ashton Geissler & James Kidd

North-west

Henderson

The Lincoln North shopping centre.

Lincoln North shopping centre, 192 Lincoln Rd, unit 4A:
Features: 503m², ANZ Bank branch on 6-year lease from December 2015, 3 3-year rights of renewal
Rent: $167,550/year net + gst
Outcome: no bid
Agents: Oscar Kuang & James Chan

Westgate

7 Maki St, unit 3:
Features: retail unit, NZ Post as tenant
Rent: $112,513/year net + gst
Outcome: no bid, back on the market at $1.725 million + gst
Agents: Andrew Wallace, Cameron Melhuish & Genevieve Thompson-Ford

South

East Tamaki

Botany South, 8 Bishop Lenihan Place, unit H:
Features: 158m², vacant retail unit in 19-unit complex, 7 allocated parking spaces
Outcome: sold for $580,000
Agents: Terry Kim, Tony Chaudhary & Steven Liu

Updated: 272 Ti Rakau Drive, unit B:
Features: 443m² 2-storey building, 9 parking spaces, bar & gaming lounge on 10-year lease starting in March
Rent: $118,000/year net + gst + opex
Outcome: passed in at $1.6 million, sold post-auction for $1.825 million at a 6.5% yield
Agents: Tony Chaudhary, Janak Darji & Amy Weng

Takanini

88-94 Great South Rd, unit F:
Features: 1191m² floor area, 6 tenancies fully leased
Rent: $242,000/year net + gst     
Outcome: passed in at $3.5 million
Agents: Piyush Kumar & Peter Migounoff

Earlier stories:
13 June 2017: Sub-3% yields on College Hill, and Queen St office sells
8 July 2009: 22 out of 22 shops go at auction

Attribution: Auction.

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Neales Rd building sells

Colliers agents have sold an industrial building on Neales Rd, East Tamaki.

South

East Tamaki

11 Neales Rd:
Features: 2693m² industrial site, 1454m² building, 2 tenancies – 694m² front unit with mix of high & low stud, 760m² rear unit has factor & office/amenity space, yard
Outcome: sold for $2.385 million + gst
Agents: Jolyon Thomson & Paul Higgins

Attribution: Agency release.

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Lessor sells 3 Ellerslie titles

The lessor’s interest in 3 Ellerslie titles is among 3 eastern suburbs sales by Bayleys commercial agents. An East Tamaki live/work unit has also been sold.

Isthmus east

Ellerslie

19-23 Kalmia St:
Features: Lessor’s interest in 3 titles totalling 1599m², 20-year perpetually renewable ground lease paid by 3 occupants, with 5-yearly rent reviews calculated by multiplying unencumbered freehold market value of land by 6.5%, next review November 2020; rezoned business – mixed use under the unitary plan with height limit increased to 18m
Rent: $114,000/year net + gst
Outcome: sold for $2.75 million at a 4.16% yield
Agents: Alan Haydock &Damien Bullick

Mt Wellington

284F Marua Rd:
Features: 91m² office/showroom unit with kitchen & amenities
Outcome: sold vacant for $430,000
Agents: Greg Hall & Sunil Bhana

Onehunga

37 Princes St:
Features: 320m² site zoned mixed use, 185m² industrial workshop, 2-year lease to auto tenant, final expiry in June 2018
Rent: $22,000/year net + gst
Outcome: sold for $850,000
Agents: James Valintine & Greg Hall

South

East Tamaki

7 Torrens Rd, unit 4A:
Features: 2-level work/live premises totalling 145m² plus balcony & private courtyard, 3 parking spaces; ground-floor showroom/office and low stud warehouse, 3-bedroom apartment on first floor
Outcome: sold for $650,000 with vacant possession
Agent: Mike Marinkovich

Attribution: Agency release.

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Wairau Valley paint shop sells on 3.1% yield

If property auctions are losing their gloss as lending becomes tighter, Colliers’ auction in Auckland yesterday didn’t show too many signs of it.

The first property up, Resene Paints’ Wairau Valley outlet, was sold on a 3.1% yield and the second, a new warehouse in Wiri, went for a still strong 4.7%.

The other 2 properties up for auction were both vacant, one selling and the other passing in. The auction of the fifth property on the list, was deferred until next week.

Isthmus east

Mt Wellington

6 Rakino Way:
Features: on half share of 9000m² site, vacant 2198m² net lettable area – warehouse 1450m², ground-floor office 367m², first-floor office 381m², minimum stud height 5.6m rising to 7.2m², 2 roller doors, 26+ parking spaces
Outcome: passed in at $3.6 million
Agents: Ben Herlihy & Todd Kuzmich

North-east

Birkenhead

49-55 Birkenhead Avenue:
Features: 802m² site, 481m² of building over 3 levels, 5 tenants – 2 shops & 3 office tenancies
Rent: $109,830/year net + gst
Outcome: auction postponed to Wednesday 7 June
Agents: Euan Stratton & Jimmy O’Brien

Wairau Valley

8 Croftfield Lane:
Features: 2594m² site, 761m² building, 29% site coverage, new 10-year lease to Resene Paints Ltd starting 1 July + 10-year right of renewal
Rent: $175,000/year net + gst + opex
Outcome: sold for $5.6 million at a 3.1% yield
Agents: Ryan de Zwart, Matt Prentice & Shoneet Chand

South

East Tamaki

18 Ormiston Rd:
Features: 2791m² site, vacant 1670m² clearspan warehouse & office – factory workshop & amenities 1455m², factory office & amenities 70m², first-floor offices & entry 145m², covered deck 8.9m²
Rent: indicative rent $187,691, which would put the yield on sale price at 5.9%
Outcome: sold for $3.205 million
Agents: Jolyon Thomson & Paul Jarvie

Wiri

3 Stonehill Drive:
Features: 4215m² site, 2301m² floor area, built in 2016, 10-year lease to Jarvis Trading
Rent: $341,500/year net + gst
Outcome: sold for $7.25 million at a 4.7% yield
Agents: Paul Jarvie & Paul Higgins

Attribution: Auction.

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3 properties pulled from auction list plus 3 more in South Auckland sold

3 South Auckland properties originally included in Bayleys’ Total Property 3 auction list, but excluded before the 17 May event, have since been sold. They are 60-62 Tiraumea Drive in Pakuranga, 254A Roscommon Rd in Wiri and 336 Great South Rd, Papakura.

Another 5 properties in East Tamaki, Flat Bush, Papakura & Pukekohe have also been sold.

South

East Tamaki

37 Greenmount Drive, unit C7:
Features: 109m² industrial unit – 81m² high stud warehouse & amenities, 28m² mezzanine floor, full height roller door & 3-phase power, 2 parking spaces, controlled access to complex
Outcome: passed in
Agents: Roy Rudolph & Katie Wu

3 Torrens Rd, unit 4:
Features: 155m² unit in Burswood retail strip, ground-floor retail space of 135m2 plus 25m² mezzanine, 4 parking spaces at front & one at rear
Outcome: sold vacant for $465,000
Agents: Katie Wu & Ken Hu

Flat Bush

201 Murphys Rd:
Features: 1386m² of bare land zoned neighbourhood centre allowing for 3-level buildings, retail on ground floor & residential above
Outcome: sold for $1.95 million at $1407/m²
Agent: Dave Stanley

Pakuranga

60-62 Tiraumea Drive:
Features: 1355m² corner site in 2 titles zoned business neighbourhood centre, 430m2 single-level building, 3 shops (one vacant) plus residential accommodation
Rent: $50,010/year net + gst, estimated potential income about $65,000/year net + gst
Outcome: sold for $940,000 at a 5.3% yield on current rent, 6.9% on prospective rent
Agents: Tony Chaudhary, Janak Darji & Amy Weng

Papakura

336 Great South Rd:
Features: 1419m² corner site, resource consent granted for childcare centre catering for 85 children in 519m² of proposed building plus existing dwelling, with plans for 3 indoor play areas & 17 parking spaces
Outcome: sold for $1.45 million
Agents: Tony Chaudhary, Amy Weng & Janak Darji

82 Hunua Rd:
Features: 1.9488ha rear, mostly bare site zoned heavy industrial
Outcome: sold with vacant possession for $4.4 million at $225.70/m²
Agents: Shane Snijder & Peter Migounoff

Pukekohe

200 King St:
Features: 220m² streetfront retail & office, occupied by a sushi shop & an accountancy practice
Rent: $76,825/year net + gst
Outcome: sold for $1 million at a 7.7% yield
Agents: Shane Snijder & Peter Migounoff

Wiri

254A Roscommon Rd:
Features: 3886m² level industrial site, security-fenced yard, 497m² of various basic buildings
Rent: $5394/year net + gst holding income
Outcome: sold for $2.15 million at $556/m2
Agents: Shane Snijder, Nick Bayley & Jamsheed Sidhwa

Attribution: Agency release.

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