Tag Archives | NAI Harcourts

Office building in new intensive housing zone sells

An office building (pictured) in Panmure now zoned for terrace housing & apartments sold at a flat 5% yield at NAI Harcourts’ auction yesterday.

Isthmus east

Panmure

2 Kings Rd:
Features: 951m² corner section, 509m² floor area, in new terrace housing & apartment buildings zone
Rent: $66,625/year net + gst + outgoings, one year remaining on lease
Outcome: sold for $1.33 million
Agents: Peta Laery & Richard White

Attribution: Agency release.

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Devonport development site sells

A former service station site on Vauxhall Rd, Devonport, sold for $2606/m² at NAI Harcourts’ auction today.

The property was offered on “as is, where is” basis. It’s occupied by a vehicle repair business at the moment, but the vendor waived responsibility for building compliance, potential soil contamination and the condition & status of the site & building.

Council records showed the fuel tanks were removed about 2011.

North-east

Devonport

66 Vauxhall Rd:
Features: 1084m² site in 2 titles, 211m² workshop in former service station, holding income potentially for 3 years
Outgoings: $7478/year + gst rates & insurance, paid by the tenant
Rent: $37,859/year net + gst + opex, 15-year term from September 2005
Outcome: sold for $2.825 million at $2606/m² land
Agents: Dave Lane & Phil Clark

Attribution: Auction.

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Strong Rosedale yield at auction

NAI Harcourts has sold a Rosedale warehouse & office property on a 5.04% yield at auction.

North-east

Rosedale

234C Bush Rd:
Features: 435m² industrial building – warehouse 228m², office 207m², 6 parking spaces, leased until December 2019
Rent: $58,000/year net + opex + gst
Outcome: sold for $1.15 million at 5.04% yield
Agents: Marty van Barneveld & Mike Fotu

Attribution: Agency release.

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Rosedale unit sells at 4.3%

A Rosedale industrial unit (pictured) was sold at auction by NAI Harcourts on a 4.31% yield on 1 June, but the 2 commercial properties auctioned yesterday were both passed in.

Isthmus east

Onehunga

67 Victoria St:
Features: vacant industrial property, 1359m² site, 788m² floor area
Outcome: passed in
Agents: Jerry Zheng & Ben Liao

Remuera

575 Remuera Rd:
Features: 140m² building being vacated, ground-floor shop & upstairs residential
Outcome: passed in
Agent: Tim Turner

North-east

Rosedale

15C Paul Matthews Rd:
Features: 327.1m² industrial unit – warehouse 201.3m², ground & first-floor offices 125.8m², 5 parking spaces
Rent: $50,000/year net + gst
Outcome: sold for $1.16 million at a 4.31% yield
Agents: Albert Quan & Dave Lane

Attribution: Agency release.

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3 auction sales for NAI Harcourts

NAI Harcourts has sold 3 commercial properties at auction this month, 2 in the Rosedale area on the North Shore and one in Kelston.

North-east

Rosedale

9A Beatrice Tinsley Crescent:
Features: 408m² unit
Outcome: sold to an investor for $1.355 million
Agents: Mike Fotu & Andrew Bruce

5C Piermark Drive:
Features: 339m² unit
Rent: $55,700/year net + gst
Outcome: sold for $1.01 million at a 5.5% yield
Agents: Mike Fotu & Marty Van Barneveld

North-west

Kelston

34 Cartwright Rd:
Features: 2092m² site, 948m² unit
Rent: $80,217/year net + gst
Outcome: sold to an investor for $1.33 million at a 6% yield
Agents: Marty Van Barneveld & Andrew Bruce

Attribution: Agency release.

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Birkenhead building passed in

A Birkenhead building (outlined) with 2 streetfront tenancies but otherwise vacant was passed in at NAI Harcourts’ auction yesterday.

North-east

Birkenhead

12 Birkenhead Avenue:
Features: 837m² site, 884m² 3-level building zoned town centre under the proposed unitary plan, with potential height limit of 27m, first & second floors vacant
Outgoings: $11,611/year
Rent: holding income of $75,000/year + gst, including outgoings, from 91m² ground-floor shop & 153m² restaurant
Outcome: passed in at $2.3 million
Agents: Isaac Tankard & Jerry Zheng

Attribution: Auction.

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NAI Harcourts on Shore boosts property management role

The NAI Harcourts commercial agency on the North Shore has begun lifting its property management business after taking on Debi Rowan’s Verve Property Management Ltd portfolio on 1 July.

Ms Rowan launched Verve in 2005 after working at property & investment manager Viranda Holdings Ltd, and built up to 120 commercial & industrial properties under management, many of them for expatriate Kiwis. NAI Harcourts has added another 30.

That side of the NAI Harcourts business is run by Rob Meister, while his joint venture partner, Andrew Bruce, handles agency.

“We wanted a way to get critical mass,” Mr Meister said. “It’s an important thing to have for clients. They want to know you can provide a full service agency. Most of our clients & properties are north of the harbour bridge.”

He said the Brickworks development (pictured) at Hobsonville Point was an example of the synergies that could be achieved between traditional agency & property management – NAI Harcourts leased the retail premises on the ground floor, property-managed it, sold the individual units and then picked up the management again.

Mr Meister & Mr Bruce have a joint venture agreement and a management agreement with Martin Cooper, of Cooper & Co Ltd, who owns the franchise for NAI North Shore and has a very large property management business, separate from this.

Jodine Clark joined NAI Harcourts in September to manage the property management business. She was business manager at Auckland Property Management Ltd, and before that was New Zealand business development manager for Rockend Pty Ltd, a property management software company based in Sydney.

The NAI Harcourts office was launched in May 2013 and is one of 14 real estate offices in Mr Cooper’s portfolio.

Earlier story:
12 August 2016: 11 Hobsonville Pt commercial units & a Beach Haven store sell at auction

Attribution: Interview.

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Wairau Rd property sells at 3.75% yield

A property on one of the highest profile corners in the Wairau Valley sold at a 3.75% yield when it was taken to auction at NAI Harcourts last week.

An adjoining property with an even higher profile was passed in. The 2 properties, in the same owner’s hands for over 40 years, are at the corner of Wairau Rd & Tristram Avenue, around the corner from the Northern Motorway offramp.

North-east

Wairau Valley

125-127 Wairau Rd:
Features: 2734m² site, 968m² floor area
Rent: $137,148/year
Outcome: sold for $3.66 million at a 3.75% yield
Agents: Andrew Bruce & Peta Laery

131 Wairau Rd (outlined in photo):
Features: 653m² site on corner of Tristram Avenue, leased to Corporate Cars until May 2018, plus a large unused billboard which previously generated $24,000/year, warehouse floor area 162m²
Rent: $61,400/year
Outcome: passed in at $1.6 million, now relisted for sale
Agents: Andrew Bruce & Peta Laery

Attribution: Agency release.

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Albany Village retail unit passed in

A retail unit in the Albany Central complex (third unit from right in picture) at the southern end of the old Albany Village didn’t attract a bid when it went to auction at NAI Harcourts today.

North-east

Albany

Albany Central, 210 Dairy Flat Highway, unit C5:
Features: 88m² retail unit in a complex of 15 commercial units, rear unit access, seismic rating 100% of new building standard, tenant Vivo Beauty Ltd has moved out but lease runs to October 2020, both allocated & shared parking
Rent: $38,679/year + gst, annual reviews to CPI or market
Outcome: no bid
Agents: Isaac Tankard & Jerry Zheng

Attribution: Auction.

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11 Hobsonville Pt commercial units & a Beach Haven store sell at auction

11 commercial units in the year-old Brickworks building at Hobsonville Point (pictured) – including an ATM machine & a dog wash – were sold at auction by NAI Harcourts on Wednesday.

They achieved yields in a range of 4.7-5.2%.

The ATM & dog wash were sold in a package with the Brickworks development’s convenience store at an even 5% yield. The other units were a medical centre & pharmacy (also sold together), a dental practice, a beauty & nail salon, a sushi shop, a café, an Indian restaurant and a pizza & burger takeaway shop.

Developer Tasman Cook Ltd also built 60 apartments & townhouses above the retail outlets on the block at 160 Hobsonville Point Rd.

Isaac Tankard was an agent on all the properties, and Andrew Bruce on all but the Devonport one.

Also sold at the NAI Harcourts auction was a convenience store in Beach Haven. An office unit on Queens Parade, opposite the Devonport wharf, was passed in.

North-east

Beach Haven

366 Rangatira Rd:
Features: 202m² section, 224m² floor area including office, standalone corner building, remodelled & expanded in 2006, occupied as a convenience store since then
Rent: $27,453/year + gst + outgoings, rent review due in September
Outcome: sold for $809,500 at a 3.39% yield

Devonport

2 Queens Parade, unit C:
Features: vacant 153m² unit opposite the Devonport wharf, 3 glass-partitioned office & open area, secure parking space
Outgoings: body corp levy $5752/year
Outcome: passed in

North-west

Hobsonville Point

Brickworks, 160 Hobsonville Point Rd:

Units 1, 88 & 99:
Features: 84m² total floor area – convenience store, ATM machine & dog wash
Rent: $45,424/year net + gst
Outcome: sold for $908,000 at a 5.00% yield

Unit 2A:
Features: 84m² beauty & nail salon
Rent: $37,000/year net + gst, 6 years from November 2015, 2 6-year rights of renewal
Outcome: sold for $710,000 at a 5.21% yield

Unit 2B:
Features: 123m² dental practice
Rent: $52,171/year net + gst, 6 years from July 2015, 3 6-year rights of renewal
Outcome: sold for $1.11 million at a 4.7% yield

Units 3A & 3B:
Features: 136m² pharmacy & 139m² medical centre
Rent: pharmacy $58,525/year net + gst, 10 years from June 2015, 3 6-year rights of renewal; medical centre $59,707/year net + gst, 5 years from June 2015, one right of renewal of 5 years & 3 of 6 years
Outcome: sold together for $2.51 million at a 4.71% yield

Unit 4:
Features: 68m², sushi shop
Rent: 32,712.50/year net + gst, 8 years from January 2016, 2 6-year rights of renewal
Outcome: sold for $650,000 at a 5.03% yield

Unit 5:
Features: 118m² cafe
Rent: $58,911/year net + gst, 10 years from June 2015, 2 8-year rights of renewal
Outcome: sold for $1.2 million at a 4.9% yield

Unit 6:
Features: 118m² Indian restaurant
Rent: $49,876/year net + gst, 6 year from February 2016, 2 6-year rights of renewal
Outcome: sold for $1 million at a 4.98% yield

Unit 7:
Features: 69m² pizza & burger takeaways
Rent: $33,848.71/year net + gst, 8 years from August 2015, one 8-year right of renewal
Outcome: sold for $700,000 at a 4.83% yield

Attribution: Agency release.

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