Tag Archives | East Tamaki

Both commercial properties sell at Colliers auction

Both warehouse properties auctioned at Colliers in Auckland today sold under the hammer, the first at East Tamaki at a yield just over 6%, and the second at Rosedale at 5.5%.

North-east

Rosedale

4A Rothwell Avenue:
Features: 974.9m² renovated unit in the North Harbour industrial estate – office 168.5m² on 2 levels, clearspan warehouse 806.4m², 6.4m stud height, roller doors at both ends, leased to international tenant Clariant
Rent: $120,640/year net + gst on lease with 2.5 years to run
Outcome: sold for $2.205 million at a 5.47% yield
Agents: Matt Prentice, Jimmy O’Brien & Shoneet Chand

South

East Tamaki

5 Greenmount Drive:
Features: 3995m² site, 2748m² office & warehouse – warehouse 2362m², office & amenities 298m² on 2 levels, mezzanine storage 87m², tenant Talvor Motorhomes Ltd on new 6-year lease, one 6-year right of renewal
Rent: $244,500/year net + gst + opex
Outcome: sold for $4.05 million at a 6.04% yield
Agents: Andrew Hooper, Dwayne Warby & Matt Prentice

Attribution: Auction documents.

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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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3 suburban commercials sell but Vic Park Market premises all passed in

2 light industrial properties and an Ellerslie office building were sold at yields ranging from 5% (Airport Oaks) up to 6.9% (Ellerslie) at Colliers’ auction today.

They were followed by the Victoria Park Market (pictured above) management office, which was sold, and 4 restaurant & hospitality premises at the market, none of which received a bid (apart from one vendor bid on the first restaurant).

The market properties were all taken to auction by Drake City Ltd (Shahin Behrooz Kermani).

CBD

Victoria Quarter – 5 premises in the Victoria Park Market

Management office:
Features: 40.25m²
Rent: $15,750 + gst, reviews 2 years to cpi + 2% or market, whichever is higher
Outcome: sold for $292,500 at a 5.4% yield
Agents: Gareth Fraser & Simon Felton

Indian Village, units 4A, 5A, 6 & 7, Drake St:
Features: 207m², original 10-year lease runs until 28 February 2023, 2 5-year rights of renewal
Rent: $134,745/year net + gst, reviews on market soft ratchet
Outcome: no bid
Agents: Gareth Fraser, Simon Felton & Tony Allsop

The White Rabbit, unit 73, Drake St:
Features: 490m², rooftop deck, original 10-year lease runs until 30 April 2022, 2 5-year rights of renewal
Rent: $212,341/year net + gst, reviews to market
Outcome: no bid
Agents: Gareth Fraser, Adam White & Tony Allsop

The Oakroom, unit 74, Drake St:
Features: 224m², original 12-year lease runs until 31 October 2023, 6-year right of renewal
Rent: $100,794/year net + gst, reviews on market soft ratchet
Outcome: no bid
Agents: Gareth Fraser, Adam White & Simon Felton

Hansik Restaurant, unit 75, Drake St:
Features: 303m², original 5-year lease runs until end of 2019, 2 5-year rights of renewal
Rent: $100,000/year net + gst, reviews structured
Outcome: passed in after vendor bid at $1 million
Agents: Gareth Fraser, Tony Allsop & Adam White

Isthmus east

2 Kalmia St, Ellerslie.

Ellerslie

2 Kalmia St:
Features: 2032m² mixed-use site, net lettable area 1477m² in 4-level air-conditioned building, multiple tenants, dual road access, 45 parking spaces
Rent: $373,992.13/year net + gst
Outcome: sold for $5.4 million at a 6.9% yield
Agents: Gareth Fraser, Simon Child & Greg Goldfinch

South

Airport Oaks

46 Andrew Baxter Drive:
Features: 2940m² light industrial site, tenant Aquafit NZ Ltd, net lettable area 1816m² – offices & amenities 253m² at $200/m², warehouse 1031m² at $112/m², canopy 532m² at $60/m²
Rent: $197,992/year net + gst, new 5-year lease, 12-month bank bond
Outcome: sold for $3.9 million at a 5.08% yield
Agents: Brad Johnston & Paul Jarvie

East Tamaki

9 Bostock Place:
Features: 7099m² site, 3526m² floor area, longstanding tenant, potential to split building, large yard, dual road access
Rent: $392,532/year net + gst, 6-year lease
Outcome: withdrawn from auction
Agents: Paul Higgins & Greg Goldfinch

90 Lady Ruby Drive:
Features: 849m² light industrial site, gross lettable area 724m² – office 180m² at $210/m², workshop 38m² at $125/m², mezzanine above workshop 38m² at $60/m², warehouse 505m² at $125/m², canopy 31m² at $55/m², 100% seismic rating, tenant Tex Onsite Ltd
Rent: $109,802/year net + gst, new 5-year lease
Outcome: sold for $1.93 million at a 5.7% yield
Agents: Paul Jarvie & Jolyon Thomson

Attribution: Auction.

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5 South Auckland buildings sold

4 industrial properties & a commercial building occupied by healthcare tenants have been sold over the summer by Bayleys agents in South Auckland.

South

East Tamaki

22K Greenmount Drive:
Features: 395m2 industrial building – 285m2 warehouse, 65m2 office & amenities, 45m2 unconsented mezzanine, 7 parking spaces, dual road access
Outcome: sold vacant for $846,000
Agent: Mike Marinkovich

Manukau Central

7 Ryan Place, unit D:
Features: 240m2 industrial unit, 3-year lease to auto tenant from April 2015 plus 2 3-year rights of renewal
Rent: $30,000/year net + gst
Outcome: sold for $485,000 at 6.2% yield
Agents: Nick Bayley, Karl Price & Nelson Raines

Papakura

14-16 Parker St:
Features: abandoned development project, 2.875ha of vacant industrial land in 2 titles, dual road access; over $1.7 million has been spent on preconstruction siteworks, geotech report & plans for a 3000m2 building also undertaken
Outcome: sold for $4.56 million at $158.60/m2
Agents: Shane Snijder & Peter Migounoff

Papatoetoe

230 Great South Rd
Features: 1533m2 site – 1019m2 commercial building leased to 2 healthcare service providers until 2020
Rent: $210,000/year net + gst
Outcome: sold for $3.45 million at a 6.1% yield
Agents: Tony Chaudhary, Amy Weng & Janak Darji

Wiri

55 Ash Rd, unit 1: 548m2 warehouse & office unit, one tenant has occupied it since it was built in 2003
Rent: $65,000/year net + gst
Outcome: sold for $1.27 million at a 5.11% yield
Agent: Nick Bayley & Karl Price

Attribution: Agency release.

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PFI buys one, sells one in East Tamaki

Property for Industry Ltd has bought an industrial property at 11 Turin Place and settled the sale of another one at 27 Zelanian Drive, both in East Tamaki.

11 Turin Place has 6936m² of warehouse, 1072m² of breezeway canopies and 457m² of office & amenities on a 1.9ha site, and is leased for 15 years to Thermakraft, supplier of building & wall wrap, roofing underlay & window flashing tape. The lease provides fixed rental growth of 4.55% every 2 years.

PFI bought the property in a sale & leaseback transaction for a net $14.2 million, representing a yield on purchase of 6.5%.

The company announced its sale of the vacant industrial property at 27 Zelanian Drive, for a net sale price of $8.3 million, on 13 December.

Attribution: Company release.

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13 sales around North Island

13 sales & 2 leases around the North Island have been reported by Colliers.

Sales

Isthmus east

Newmarket

7 Edgerley Ave:
Features: 716m² site, 464m² commercial building
Outcome: sold for $3.45 million, representing $4818/m² land & building
Agents: Jonathan Lynch & Simon Child

Otahuhu

132 Portage Rd:
Features: 4960m² site, 2324m² office & warehouse
Outcome: sold for $4.5 million at a 6.5% yield
Agents: Hamish West, Ben Herlihy, Andrew Hooper & Matt Prentice

Penrose

60 Hugo Johnston Drive:
Features: 4175m² industrial property, 1117m² 2-level office building & 1087m² standalone warehouse
Outcome: sold for $5.45 million at a 6.72% yield
Agents: Paul Jarvie, Brad Johnston & Greg Goldfinch

Isthmus west

Mt Eden

108 Mt Eden Rd:
Features: 1070m² site, 700m² 2-level office building
Outcome: sold for $4.55 million, representing $4252/m² land & building
Agent: Jonathan Lynch

North-east

Rosedale

63 Apollo Drive, unit B1:
Features: 444m² commercial uni,
Outcome: sold vacant for $1.85 million
Agents: Nick Recordon & Janet Marshall

North-west

Kumeu

202-220 Main Rd:
Features: 4153m² site, 1740m² office & warehouse
Outcome: sold for $2.2 million, representing $530/m² land & building
Agents: Jonathan Lynch & Craig Smith

South

East Tamaki

27 Zelanian Drive:
Features: 5863m² vacant office & warehouse
Outcome: sold for $8.475 million
Agents: Andrew Hooper, Greg Goldfinch, Paul Higgins & Brad Johnston

South of the Bombays

Bay of Plenty

Mt Maunganui

24 Pacific Avenue:
Features: 675m² site, 440m² retail building,
Outcome: sold for $3.075 million at a 4.3% yield
Agents: Simon Clark, Rob Schoeser & Hadley Brown

Rotorua

422-430 Ngongotaha Rd:
Features: 2.66ha industrial development site, 1056m² warehouse,
Outcome: sold vacant for $2.4 million
Agent: Mark Rendell

Manawatu

Palmerston North

360 Albert St:
Features: 382m² site, 220m² retail building,
Outcome: sold for $800,000 at a 5.5% yield
Agents: Phil Nevill, Grant Lloyd & Doug Russell

314-322 Rangitikei St:
Features: vacant 1616m² property,
Outcome: sold for $1 million
Agents: Grant Lloyd, Phil Nevill & Doug Russell

Waikato

Hamilton

69 Vickery St, unit 9:
Features: 681m² industrial/retail unit,
Outcome: sold for $1.416 million at a 5.68% yield
Agent: John Hagar

Wellington

Lower Hutt

71 Port Rd:
Features: 4049m² site, 2411m² office & warehouse
Outcome: sold for $2.83 million
Agents: Tim Julian & Kieran Lennon

Leases

Isthmus east

Mt Wellington

103 Carbine Rd:
Features: 1664m² commercial premises leased to ECL Group Fuel Systems Ltd for a 6-year term on behalf of Windward Properties Ltd
Agents: Hamish West, Paul Higgins & Andrew Hooper

South of the Bombays – Wellington

Lower Hutt

109 Port Rd:
Features: 4852m² commercial premises leased to Linfox Logistics NZ Ltd for a 6-year term on behalf of Seaview Commercial Investments Ltd
Agent: Kieran Lennon

Attribution: Agency release.

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Bayleys Shore agents finish year with 4 sales & 6 leases

Bayleys agents on the North Shore finished 2016 with 4 sales outside the auctionroom, 2 of them in Freemans Bay & East Tamaki, and 6 leases on the Shore.

The sales included 2 adjoining properties across the street from the New World supermarket in Freemans Bay (pictured), used for their office space but sold for their land at $6490/m².

Sales:

Isthmus west

Freemans Bay

3 Scotland St & 44 Ireland St:
Features: 490m² in 2 titles zoned mixed use, 2 office buildings totalling 281.7m², 7 parking spaces
Rent: $63,669/year net
Outcome: sold through a tender in December for $3.18 million + gst at a 2% yield, land price $6490/m²
Agents: Paul Prouse, Ranjan Unka & Stephen Scott

North-east

Northcote

218-224 Lake Rd:
Features: 2494m² site, 896m² office building zoned mixed housing, 32 parking spaces
Outcome: sold in November for $4.45 million + gst at $1784.28/m² land & building
Agents: Tonia Robertson & Chris White

Rosedale

6-8 Omega St, unit 5:
Features: 165m² office unit, 3 parking spaces + 2 shared
Outcome: sold for $540,000 + gst, at $3272/m² land & building
Agents: Ildy Meixner & Alex Strever (Bayleys), Brian Paulin (Barfoot & Thompson)

South

East Tamaki

26 Ross Reid Place:
Features: 7218m² industrial site, 4722m² building
Rent: $616,008.71/year net
Outcome: sold in December for $10 million + gst at a 6.16% yield
Agents: Laurie Burt, Michael Nees, Simon Aldridge & David Huang

Leases:

North-east

Albany

221-223 Dairy Flat Highway, shop 2:
Features: 88m² shop, 3 parking spaces
Rent: leased in December for $26,000/year net + gst at $295.50/m² (assuming parking free)
Agents: Steven Liu & Ildy Meixner

Milford

6-8 Milford Rd, level 1:
Features: 20m² office, no parking
Rent: leased in December for $7500/year net + gst, premises rental $375/m²
Agent: David Huang

Rosedale

9 Beatrice Tinsley Crescent, part unit F:
Features: 278m² warehouse, no parking
Rent: leased in December for $32,000/year net + gst, premises rental $115/m²
Agent: Laurie Burt

61 Constellation Drive, part building 3, level 2:
Features: 292m² office, 9 parking spaces
Rent: leased in December for $109,778.40/year net + gst, $93,398 excluding parking, parking at $35/space/week, premises rental $320/m²
Agents: Ryan Dannhauser, Alex Strever, Jane Sims & Paul Prouse

7 Vega Place, unit F:
Features: 155m² unit – warehouse 57.6m², showroom 20m², low-stud area 17m², office 20m² (40m² unspecified), 3 parking spaces
Rent: leased in December for $23,000/year net + gst at $148/m² (assuming parking free)
Agent: Laurie Burt

36 William Pickering Drive, unit 7:
Features: 305.5m² floor & yard – office 102m², warehouse 137.5m², yard 66m², 5 parking spaces
Rent: leased in December for $40,000/year net + gst at $130.90/m² (assuming parking free)
Agents: Laurie Burt & Trevor Duffin

Attribution: Agency release.

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One property sells in truncated Colliers auction

Just one property sold at Colliers’ commercial auction on Wednesday, a Birkdale site on the North Shore with consent for a childcare centre.

2 other properties occupied by childcare centres, in Otahuhu & Albany, were passed in. A commercial showroom in East Tamaki and a real estate agency auctionroom & office in the Royal Oak Mall were also passed in.

The auction was reduced by the withdrawal of 4 food outlets, 3 at the new 301 Lincoln Rd development in Henderson and one at the also new development at 651 Whangaparaoa Rd, on the Whangaparaoa Peninsula.

Isthmus east

Otahuhu

18 Princes St:
Features: 1090m² site, 348m² floor area, established childcare centre purpose-built in 2011, occupied by Blossoms Educare on new 15-year lease, 3 10-year rights of renewal
Rent: $163,800/year net + gst at $44/child/week
Outcome: passed in at $2.8 million
Agents: Shoneet Chand & Peter Kermode

Royal Oak

Royal Oak Mall, 691 Manukau Rd, unit 58:
Features: 342m² office unit with Ray White auctionroom, seismic rating of 71% of new building standard, new 6-year lease, parking at mall & Pak ‘n Save
Rent: $80,000/year net + gst
Outcome: no bid
Agents: Gareth Fraser, Jonathan Lynch & Greg Goldfinch

North-east

Albany

287 Oteha Valley Rd:
Features: 1138m² site, 460m² lettable area, Magicland Ltd childcare centre on 15-year lease from completion of development in July by Wallace Development Co Ltd, one 10-year right of renewal, beside new retail development
Rent: $203,840/year net + gst
Outcome: no bid
Agents: Mike Ryan, Ellie Martin & Euan Stratton

Birkdale

126 Birkdale Rd:
Features: 916m² site, consented for childcare centre for 45 children
Outcome: sold for $1.1 million
Agents: Peter Kermode & Shoneet Chand

Whangaparaoa

651 Whangaparaoa Rd:
Features: vacant 127m² unit, 35m² outdoor
Outcome: withdrawn from auction
Agents: Deborah Dowling, Euan Stratton & Jessica Martin

North-west

Henderson

301 Lincoln Rd, unit A1, Aroma Thai restaurant:
Features: 159.4m², in new development, 8-year lease, 2 4-year rights of renewal
Rent: $76,512/year net + gst
Outcome: withdrawn from auction
Agents: Shoneet Chand, Craig Smith & Peter Kermode

301 Lincoln Rd, unit A4, Aroma Indian restaurant:
Features: 155m², in new development, 8-year lease, 2 4-year rights of renewal
Rent: $74,400/year net + gst
Outcome: withdrawn from auction
Agents: Shoneet Chand, Craig Smith & Peter Kermode

301 Lincoln Rd, units B1 & B2, Denny’s Restaurant:
Features: 421m², 6-year lease, 2 6-year rights of renewal
Rent: $141,035/year net + gst
Outcome: withdrawn from auction
Agents: Shoneet Chand, Craig Smith & Peter Kermode

South

East Tamaki

24A Harris Rd:
Features: 595m² floor area, Tile Space on 8-year lease, 2 4-year rights of renewal
Rent: $110,940/year net + gst
Outcome: passed in at $1.55 million
Agents: Jolyon Thomson & Paul Higgins

Earlier stories:
23 November 2016: Updated: Low yields maintained at 301 Lincoln Rd auction, all 3 now sold
30 November 2016: Yields 5.5% & lower on new Whangaparaoa centre’s units

Attribution: Auction.

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PFI sells vacant East Tamaki property

NZX-listed Property for Industry Ltd has sold the vacant 27 Zelanian Drive, East Tamaki, to an owner-occupier for a gross $8.475 million.

General manager Simon Woodhams said yesterday the price represented a yield on market of 6.95% and was above current book value. The transaction is due to settle on 1 February.

“PFI has sold around $45 million of property over the last 3 years, taking advantage of high levels of demand from both investors & owner-occupiers. The funds from the sale of PFI’s property at 27 Zelanian Drive will be recycled into new capital projects.”

Attribution: Company release.

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Caltex site on Fanshawe St sells

A Fanshawe St site which Z Energy Ltd said was too valuable to be a petrol station has, indeed, been sold for over 4 times its valuation as a Caltex service station.

The site was among 10 former Caltex outlets with retailers installed on short-term contracts when Z Energy took over Chevron NZ Ltd’s Caltex & Challenge brands, and is the first of the 10 to have its future decided.

Z Energy got a valuation of $5 million on it as a service station and has sold it through a Colliers tender for $23.274 million.

The pumps, across the road from Victoria Park on the edge of the Wynyard Quarter, closed at the start of August. New office developments are rising on 2 sides of it.

Sales

CBD

Wynyard Quarter

155-167 Fanshawe St:
Features: 3879m², former Caltex service station site
Outcome: sold for $23.274 million
Agents: Colliers capital markets team

Leases:

CBD

Queen St

260 Queen St:
Features: 90m², commercial premises, leased to Love My Makeup Ltd by McDonalds Restaurants Ltd
Rent: $235,000/year gross + gst
Agent: Nilesh Patel

Isthmus east

Mt Wellington

5 Tiri Place:
Features: 1160m² industrial property, lessor Tiri Partnership Ltd, lessee SKU Ltd, lease term including renewals 6 months
Rent: $52,200
Agents: Ben Herlihy, Dwayne Warby & Todd Kuzmich

North-east

Albany

6 Tawa Drive:
Features: 2095m² industrial premises leased to Auckland City Couriers Ltd – warehouse 1133.7m², mezzanine 550m², office 412m², hardstand container loading area
Rent: $232,000/year
Agents: Ryan de Zwart, Matt Prentice & Hamish West

Silverdale

18A & B David McCathie Place:
Features: 2199m² office & warehouse, leased to Masons Plastabricks Ltd
Rent: $222,500/year
Agents: Ryan de Zwart, Matt Prentice & Shoneet Chand

South

East Tamaki

331B East Tamaki Rd:
Features: 840m² industrial property, lessor GLT Properties Ltd, lessee Nexus Foams Ltd, lease term 3 years, 3 3-year rights of renewal
Rent: $13,333.33 net
Agents: Jolyon Thomson, Hamish West & Paul Higgins

Earlier story:
31 August 2016: Fanshawe St site ‘too valuable for a petrol station’

Attribution: Agency release.

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