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Propbd on Q Th16Feb17 – Auction results – Ray White, Barfoot apartments & commercial

With an extra newsletter out today, I’ve added in the short version of apartment auction results from Barfoot & Thompson (including one commercial) this morning & Ray White City Apartments this afternoon. Full version will follow overnight.

Ray White:

The Quadrant, 10 Waterloo Quadrant, unit 1308: sold for $269,000, agents Damian Piggin & Daniel Horrobin
The Connaught, 14 Waterloo Quadrant, unit 3E: sold for $367,000, May Ma & Mark Li
The Met, 11 Durham St East, unit 4G: passed in at $220,000, Liz McCarthy
Cintra, 3 Whitaker Place, unit 7P: sold for $205,000, James Mairs
Madison on the Square, 37 Federal St, unit 4A: sold for $725,000, Krister Samuel
Parnell, 30 Heather St, unit 2E: passed in at $669,000, Mohan Ball & Tim Warmington
Silo Apartments, 23 Emily Place, unit 6B: passed in at $385,000, Steve King
Scene 1, 2 Beach Rd, unit 610: sold for $117,000, Adam Gurr

Barfoot & Thompson:

Onehunga, 1 Paynes Lane (commercial): sold for $1.4 million, agents James Marshall & Nick Wilson
Endeans, 2 Queen St, unit 3C: sold for $1.79 million, Liz Derbyshire
Grand Chancellor, 1 Hobson St, unit 411: sold for $366,000, Aaron Cook
City Oaks, 188 Hobson St, unit 803: passed in at $450,000, John Zhang & Richard Tan
Ascent, 149 Nelson St, unit 623: no bid, Sihem Labidi
Eden Terrace, 15 Rendall Place, unit 101: sold for $843,000, Alastair Brown & Hayley Sok
Fiore 2, 168 Hobson St, unit 605: passed in at $420,000, Annie Xu & Sean Zhang
Celestion, 19 Anzac Avenue, unit 302: auction postponed, Jason Buckwell

Attribution: Auctions.

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Propbd on Q W7Dec16 – Auction results from Colliers, Bayleys & Barfoots

2 sell at Colliers
2 commercial units & apartment sell at Bayleys
57% intensives clearance at Barfoots

2 sell at Colliers

2 of the 3 commercial properties auctioned at Colliers today were sold under the hammer. Results:

Penrose, 49 Felix St, sold for $1.36 million, agents Ben Cockram & Todd Kuzmich
Onehunga, 37 Church St, sold for $1.21 million, Ben Cockram & Ben Herlihy
New Lynn, 3105 Great North Rd, passed in at $310,000, Deborah Dowling & Michael Bray

2 commercial units & apartment sell at Bayleys

2 separate commercial units in the Rosedale business precinct at Albany and the one city apartment auctioned at Bayleys today were sold under the hammer. Results:

Rosedale, 9 John Glenn Avenue, unit 2, sold for $1.81 million, Laurie Burt & Ashton Geissler
CBD, Learning Quarter, 96 on Symonds, 96 Symonds St, unit 1501, sold for $351,000, Marcus Fava
Rosedale, Interplex, 10 Canaveral Drive, unit A, sold for $1.25 million, Matt Mimmack & Alex Strever

57% intensives clearance at Barfoots

Barfoot & Thompson ran 2 residential auctions in 2 rooms at its city office today – back to the heyday of listings, but not of sales. All up, the 4 auctions put 70 homes before buyers, with another 6 sold prior.

27 were sold under the hammer for a 39% clearance rate, or 43% counting the sold priors, and 17 of the auctionroom sales were of intensive properties – apartments, suburban units or on cross-leased land. From an intensive list of 30 properties (the list below), that’s a clearance rate of 57%. Results from the intensive offering:

Meadowbank, 25A Fancourt St, cross-lease, no bid, agent Neno Radinovich
Waterview, 6A Alverston St, cross-lease, sold for $1.216 million, Stephen Shin & Barry He
Quay Park, Quba, 2 Tapora St, unit 425, leasehold, no bid, Jill Jackson & Emma John
Onehunga, 93J Mays Rd, sold for $573,000, Sue Ma & Hattie Huo
Mission Bay, 47 Tamaki Drive, unit 4, passed in, Amanda Zhou & Yuyu Cao
Ellerslie, 126 Marua Rd, unit 4, cross-lease, sold for $650,000, Steve Hood
St Johns, 2 Strong St, unit 3, cross-lease, sold for $626,000, Helen McVicar
Glendowie, 321 Riddell Rd, cross-lease, passed in, Grant & Moira Marshall
Remuera, 10A Muir Rd, cross-lease, sold for $1.02 million, Julie Fitzpatrick & Kathy Bower
St Heliers, 41 Sylvia Rd, unit 2, cross-lease, no bid, Kelly Midwood
St Heliers, 17 Ashwell St, units 1, 2 & 3, cross-lease, sold for $2.36 million, Thomas & Helen Weber
Mt Eden, 45 Edenvale Crescent, sold for $1.545 million, Kathy Bower
Remuera, 1 Mainston Rd, cross-lease, no bid, Steve Hood
Epsom, 11 Woodhall Rd, unit 2, cross-lease, sold for $1.205 million, Dee Brennan
Pakuranga, 1 Greenhill Crescent, unit 1, cross-lease, sold for $934,000, Dong & Lucca Liu
Mt Roskill, 1193A Dominion Rd, cross-lease, passed in, Kelly Zhang
Epsom, 10 Penrhyn Rd, cross-lease, sold for $1.975 million, Diana Buczkowski & Peter West
Greenlane, 24 & 26 Garland Rd, 2 homes on 1705m², passed in, John Zhang & Louissa Bao
Mt Roskill, 78 Haycock Avenue, unit 2, cross-lease, sold for $655,000, William & Simon MacLean
Epsom, 22 Pah Rd, unit 5, cross-lease, sold for $805,000, Dee Brennan
Greenlane, 11 Tawera Rd, unit 9, cross-lease, no bid, Danny Upton & James Yu
Epsom, 38 Epsom Avenue, unit 2B, no bid, Ricky Yap
Henderson, 15 Universal Drive, 2 homes on 1158m², no bid, George Fong & Maggie Xue
Learning Quarter, Oxford, 13 Mount St, unit 5K & parking unit 1Q, no bid, Duncan Wu
Mt Roskill, 61A Boyce Avenue, unit 2, cross-lease, no bid, David Chen & Joey Zhuang
Kingsland, 4F Don Croot St, unit, sold for $627,000, Matt O’Brien & Anah Jordan
Pt Chevalier, 5 Kanuka St, cross-lease, passed in, Andrew Gallagher & Matt O’Rourke
Mt Roskill, 639 & 2/641 Richardson Rd (listed as Avenue), one section fee simple and the other on cross-lease, no bid, Sunny Yang
Mt Wellington, 24 Bailey Rd, unit 1, cross-lease, sold for $550,000, Karin de Leeuw
Remuera, 34B Monteith Crescent, unit C, no bid, Lily Zhang & Jacquie Jia

Attribution: Auctions.

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Propbd on Q Th1Dec16 – auction results galore – apartments, cross-leases, Total Property

I have a large volume of auction results in various stages of processing, so you can check whether they’ve sold while I continue with the full details for each one.

Ray White City Apartments Thursday:

Tetra House, 85 Wakefield St, unit 606, sold for $365,000
One on Ophir, 1 Ophir St, unit 1A, sold for $583,900
Waterloo Towers, 20 Waterloo Quadrant, unit 8, sold for $650,000
Queens Residence, 8 Airedale St, unit 1507, no bid
Ellerslie Court, 3A Harrison Rd, unit 6, no bid
Aura, 53 Cook St, unit 1315, passed in at $410,000
Pulse, 80 Richmond Rd, unit 3S, passed in with vendor indicator bid of $400,000
Wiltshire, 89 Victoria St West, unit 2C, no bid

Barfoot & Thompson Thursday afternoon residential (apartments, townhouses & cross-leases only):

Mt Albert, 41 Owairaka Avenue, unit 3, cross-leased unit, sold for $695,000
Onehunga, 12A Wallath Rd, cross-lease, sold for $740,000
Onehunga, 40 Spring St, unit 1, no bid
Onehunga, 93Q Mays Rd, terrace, no bid
Meadowbank, 146 St Johns Rd, unit 8, no bid
Greenlane, 15 Matai Rd, unit 1, cross-leased unit, passed in
Royal Oak, 16 Boyd Avenue, unit 2, cross-leased unit, no bid
18 Wakefield St, unit 3H, apartment, sold for $700,000
Greenlane, 3A Nolan Rd, cross-lease, passed in
Blockhouse Bay, 158 & 160 Boundary Rd, 2 units, withdrawn from auction
Howick, 57B Cook St, cross-lease, sold for $965,000

Barfoot & Thompson Thursday apartments & commercial:

Grey Lynn, 376 Great North Rd, commercial building, sold for $3.85 million
Metropolis, 1 Courthouse Lane, unit 2302, passed in at $430,000
Darlinghurst, 50 Eden Crescent, unit 1C, passed in at $405,000
Newmarket, 8 Clayton St, unit 23, sold for $450,000
Harvard, 147 Hobson St, unit 10P, sold for $486,000

Barfoots Wednesday afternoon residential (apartments, townhouses & cross-leases only):

Three Kings, 26A Princes Avenue, cross-lease, sold for $1.01 million
Epsom, 9 Karetu Rd, cross-lease, sold for $2.2 million
Freemans Bay, 11 Sheridan Lane, cross-leased unit, sold for $1.44 million
Remuera, 3G Laxon Terrace, unit, passed in
Mt Eden, 72 Prospect Terrace, unit 2, cross-leased townhouse, no bid
Mt Eden, 39A View Rd, cross-lease, sold for $1.355 million
Grey Lynn, 61 Wellpark Avenue, cross-lease, no bid
Epsom, 593 Manukau Rd, unit 2, cross-leased unit, passed in
Greenlane, 170 Green Lane West, unit 6, in body corporate, passed in
Avondale, 1, 1A & 3 Glendon Avenue, 3 houses on separate titles, total 2276m², no bid
Remuera, 90 Remuera Rd, unit 15, cross-leased apartment, no bid
Epsom, 53 Disraeli St, unit 1, cross-lease, sold for $1.255 million
Western Springs, 27 Bannerman Rd, cross-lease, no bid
Avondale, 6 Methuen Rd, cross-lease, sold for $992,000
Sandringham, 94 St Lukes Rd, unit 3, cross-lease, no bid
Avondale, 32 Powell St, house in body corporate, sold for $805,000
Onehunga, 8 Inkerman St, unit 9, cross-leased unit, passed in
Sunnyvale, 123 Millbrook Rd, unit 1, cross-lease, no bid

Barfoots Wednesday morning residential (apartments, townhouses & cross-leases only):

Glendowie, 32 Roberta Avenue, unit 4, cross-leased unit, sold for $1.35 million
Glendowie, 36 Wendover Rd, cross-lease, sold for $1.32 million
Kohimarama, 38 Whytehead Crescent, unit 1, cross-leased unit, no bid
St Heliers, 42 Sylvia Rd, cross-lease, passed in

Bayleys Wednesday residential:

148 Quay St, unit 11C, apartment, passed in (vendor bid at $1.2 million)
Herne Bay, 2 Herne Bay Rd, unit 4, cross-leased unit, sold for $800,000
St Heliers, 24 Auckland Rd, unit 4, cross-lease, passed in at $950,000
Te Atatu South, 132 Edmonton Rd, unit 3, cross-lease, passed in at $650,000
Bianco off Queen, 8 White St, unit 6A, apartment, sold for $650,000
Metropolis, 1 Courthouse Lane, unit 2312, apartment, passed in at $775,000
Henderson, 16 Frank Evans Place, unit 1, cross-leased townhouse, no bid
Pt Chevalier, 209A Pt Chevalier Rd, cross-leased unit, sold for $764,000

Bayleys Wednesday Total Property commercial:

205 Federal St, unit R1, passed in at $475,000
23 Whitaker Place, units 110 & 111, sold for $150,000
Mid-City, 239 Queen St, unit 2A, no bid
105 Symonds St, shop 5, Nata Portuguese Bakery, passed in at $500,000
105 Symonds St, shop 9, laundromat, passed in at $350,000
105 Symonds St, shop 11, The Corner Café, passed in at $500,000
103-105 Symonds St, unit 15, Anytime Fitness, withdrawn from auction
Onehunga, 106 Beachcroft Avenue, sold vacant for $1.505 million
Onehunga, 255 Onehunga Mall, sold for $2.21 million
Otahuhu, 121 Church St, declared reserve of $800,000, sold prior for $933,000
Panmure, 141-157 Queens Rd, no bid, Mark Pittaway
Penrose, 419B Church St East, passed in after vendor bid at $3.7 million
Morningside, 4 Taylors Rd, sold vacant for $2.9 million
Pt Chevalier, 1191 Great North Rd, sold for $155 million
Birkenhead, 268 Onewa Rd, unit 10A, withdrawn from auction
Torbay, 934 Beach Rd, sold for $1.8 million

Warkworth, stage 3 of the Grange, 67 Auckland Rd:
Unit 5A, Cizzlin, sold for $1.005 million at a 6.47% yield
Unit 13B, The Grange Bakery, sold for $560,000 at a 5.34% yield
Unit 11, Fish Nets, sold for $565,000 at a 5.48% yield
Unit 14, Green Bay Fruit & Veg, passed in after vendor bid at $1.25 million
Unit 22, Cross Gate Variety Store, withdrawn from auction

Henderson, 349 Great North Rd, sold for $1.045 million
Henderson, Lincoln North shopping centre, 192 Lincoln Rd, unit B4, sold for $465,000
East Tamaki, 12 Amera Place, unit 5, passed in at $900,000
East Tamaki, 9-11 Nandina Avenue, sold for $2.86 million
Howick, 8-14 Moore St, passed in at $2.11 million
Manukau, 792 Great South Rd, unit 6, passed in at $750,000
Papatoetoe, 52-58A St George St, no bid
Pukekohe, 1722 & 1748 Buckland Rd, no bid
Napier, 359 Marine Parade, sold for $3.75 million
Whitianga, 17 Monk St, sold for $1.03 million

City Sales Wednesday:

Eden Apartments, 32 Eden Crescent, unit 10D, sold prior
96 on Symonds, 96 Symonds St, unit 101, passed in at $321,000
Connaught, 14 Waterloo Quadrant, unit 4K, sold for $340,500
CityZone, 11 Liverpool St, unit 1107, passed in at $340,000
Grey Lynn, 33 Mackelvie St, unit 1C, passed in at $410,000

Colliers Wednesday:

Takanini, 9 Walters Rd, sold vacant for $1.2 million

Attribution: Auctions.

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Propbd on Q Sn30Oct16 – Auckland Airport & Air NZ bonds, Summerset forecast, Kirkcaldie takeover complete

Auckland Airport issues $225 million of bonds
Air NZ issues $50 million of bonds
Summerset looking at 40-46% profit lift
Brierley completes Kirkcaldie takeover

Auckland Airport issues $225 million of bonds

Auckland International Airport Ltd has closed its 7-year bond issue after a bookbuild with $225 million of bonds issued.

The interest rate for the fixed rate bonds is 3.97%/year, reflecting a margin of 1.35% over the underlying swap rate. The offer opened on Wednesday with a margin of 1.4%/year indicated.

The bonds will be issued on Wednesday. There was no public pool for the offer but they’ll be listed on the NZX debt market.

Air NZ issues $50 million of bonds

Air NZ Ltd allocated $50 million of bonds in its 6-year unsecured, unsubordinated, fixed-rate issue on Friday. The interest rate is 4.25%/year.

The funds will be used for general business purposes, including repaying some of the bonds which mature on 15 November.

Summerset looking at 40-46% profit lift

Summerset Group Holdings Ltd said on Friday it was forecasting underlying profit for the year to December in a range of $53-55 million, which would be a 40-46% increase on the $37.8 million last year.

Chief financial officer Scott Scoullar said it reflected positive trading conditions across all its villages: “Occupation right sales have been strong since the half year, and are the key driver of the underlying profit forecast.”
The company didn’t provide a forecast for NZ IFRS net profit after tax due to the inherent uncertainty in fair value movement of investment property, a key component of this profit measure.

The directors provide an underlying profit measure to show realised & unrealised components of fair value movement of investment property & tax expense.

Brierley completes Kirkcaldie takeover

The former Kirkcaldie & Stains Ltd, renamed Wellington Merchants Ltd in July, will be delisted and its shares will cease to be quoted from close of business on Friday 11 November, following completion of the $3.45/share takeover by Sir Ron Brierley’s Mercantile Investment Co Ltd on Wednesday.

Kirkcaldie’s sold its Harbour City Centre building in Wellington 2 years ago, and its department store across the road last year to Australian retailer David Jones Ltd, which is owned by South African retailer Woolworths Holdings Ltd.

Earlier stories:
12 September 2016: Cashed-up retailer’s directors approve new Brierley bid
5 June 2015: Kirkcaldie & Stains to become a David Jones store
24 September 2014: Harbour City Centre sale approved

Attribution: Company releases.

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Propbd on Q Th29Sept16 – Unappealed unitary plan sections operative, short results from 7 auction sessions

Council makes operative what it can of the unitary plan
Results from 7 auction sessions
Both units passed in at Ray White auction
5 units sell at Barfoots
Newton Rise apartment sells at City Sales auction
5 apartments sell at Bayleys, commercial unit prior
7 intensive properties sell at Barfoots’ Wednesday auctions

I haven’t done a Propbd on Q for a while, but I’ve got far enough behind over the last couple of days that it makes sense to offer you the short version of auctions.

I spent a couple of hours at the Town Hall this morning – skipped out after the governing body approved making the unitary plan operative (minus the parts that have been appealed) and before the valedictories. The council’s annual report went through without question.

Council makes operative what it can of the unitary plan

Auckland Council’s governing body took 20 minutes today to make its unitary plan operative, excluding those parts subject to appeal or judicial review.

Regional coastal plan provisions not subject to challenge will go to the Minister of Conservation, Maggie Barry, for approval.

Franklin councillor Bill Cashmore, re-elected unopposed, will handle any matters that can be resolved without a hearing from the end of the current council’s term on 16 October and the first meeting of the newly reconvened governing body on 1 November.

Regulatory services director Penny Pirrit told the governing body today one joint appeal lodged by Auckland 2040 & the Character Coalition was broad in scope and had the potential to impact residential development around the region.

Both organisations opposed the unitary plan independent hearings panel’s resolution of how out-of-scope matters should be dealt with, and that’s the basis of the appeal to the High Court.

Results from 7 auction sessions

Below, the brief results of 7 auctions over the last 2 days – 4 sessions at Barfoot & Thompson’s city rooms, the others at Bayleys, City Sales & Ray White City Apartments.

All up, 79 properties were on offer, of which 34 were sold. Excluding standalone homes on regular sections, but including some development land and a couple of houses broken into flats, 18 were sold out of the 40 properties I categorise as intensive.

I’ll have more detail overnight on all auctions.

Both units passed in at Ray White auction

A Mt Eden unit and a Metropolis apartment were both passed in at Ray White City Apartments’ auction today. Auction results:

Mt Eden, 66 Mt Eden Rd, unit 12B, passed in after bid of $340,000, reserve reduced to $360,000, agent Krister Samuel
Metropolis, 1 Courthouse Lane, unit 1508, passed in at $820,000, James Mairs

5 units sell at Barfoots

Barfoot & Thompson sold 4 apartments in the morning and one suburban unit in the afternoon at its city residential auctions today. Auction results:

The Quadrant, 10 Waterloo Quadrant, unit 1314, sold for $430,000, Romelle Smith & Alan Vessey
Columbia on Nelson, 15 Nelson St, unit 3X, no bid, Livia Li & Alan Guo
Tower Hill, 1 Emily Place, unit 13D, passed in at $700,000, Ashlee Zhang & Ocean Shao
Parkside, 6H Scotia Place, no bid, Selina Zheng & Tommy Zhang
Herne Bay, 5 Curran St, unit 3, sold for $800,000, Louise Stringer & Jim Liu
Parnell, 30 Heather St, unit 2C, sold for $710,000, Annie Xu & Sean Zhang
Greenlane, 2 Atarangi Rd, unit 2, passed in, Aaron Cook & Betty Shao
Oakwood Hall, 81 Wakefield St, unit 5A, sold for $240,000, Ashlee Zhang & Ocean Shao
Onehunga, 66F Grey St, sold for $395,000, Richard Prasad
Mt Eden, 19 Ellerton Rd (7–bedroom home converted into 3 flats), passed in at $1.9 million, Gill Macdonald

Newton Rise apartment sells at City Sales auction

An apartment in the Newton Rise building, Eden Terrace, was sold under the hammer at City Sales’ auction yesterday.

Newton Rise, 121 Newton Rd, unit 4B, sold for $636,000, Steve Kirk & Habeeb Urrahman

5 apartments sell at Bayleys, commercial unit prior

5 apartments were sold at Bayleys’ residential auction yesterday and a commercial unit in the Wairau Valley was sold prior at a 5.19% yield. Auction results:

96 on Symonds, 96 Symonds St, unit 803, no bid, Marcus Fava
Hobson Quay, 10 Hobson St, unit 3J, sold for $396,000, Dave Hamlyn & Marcus Fava
Parnell, Aero Apartments, 27 Cheshire St, unit 20, sold for $702,000, Chris Reeves
Eden Terrace, Newton Rise, 121 Newton Rd, unit 3B, sold for $600,000, Jan Honey
Herne Bay, 2A Buller St, unit 1, sold for $1.43 million, Robyn Clark & Peter Tanner
Herne Bay, 11 Sentinel Rd, no bid, Jock Kooger & Pawel Smuga
Mt Eden, 1 Akiraho St, unit 14, sold for $710,000, Summer Sun
Mt Roskill, 1370-1376 Dominion Rd, 2800m² development site, passed in at $3.8 million, Glenn Baker

Commercial:
Wairau Valley, 16 Link Drive, unit L, sold prior for $1.19 million at a 5.19% yield, Trevor Duffin & Ashton Geissler

7 intensive properties sell at Barfoots’ Wednesday auctions

7 of 18 properties in a range of intensity (apartments, suburban units, townhouses, cross-leased houses) auctioned at Barfoot & Thompson on Wednesday were sold under the hammer. Auction results:

Onehunga, 461 Onehunga Mall, unit 2, cross-leased, sold for $1.25 million, agent Paul Studman
Te Atatu South, 12 Poto Rd (house converted to 2 flats), no bid, Sharlene Huang
Glendowie, 14C Crossfield Rd, cross-leased, sold for $790,000, Jane Wang & Dragon Zhou
Remuera, 128A Upland Rd, cross-leased, passed in at $1.3 million, Dennis Dunford
Panmure, 51 Ireland Rd, unit 36, townhouse, passed in at $528,000, Rain Diao & Jane Chen
Mt Eden, 8 Graysons Lane, cross-leased, sold for $1.885 million, Repeka Lelaulu
Remuera, 103 Remuera Rd, unit 2, terrace, no bid, Ross & Joss Goodall
New Lynn, 1 Armstrong Place, unit 1, cross-leased, passed in, Aken Yuan & Michelle Zhou
Belmont, 13 Creamer Avenue, unit 3, cross-leased, passed in, Jonathan White
Meadowbank, 86 St Johns Rd, unit 2, cross-leased, no bid, Chase Liu
Mt Eden, 3 Akiraho St, unit 9, apartment, sold for $861,000, George Fong & Laura McAuley
Herne Bay, 15B Saratoga Avenue, cross-leased unit, passed in, Carl Madsen & George Damiris
Mt Eden, 25 Rossmay Terrace, unit 18, townhouse, no bid, Repeka Lelaulu
Howick, 47 Drake St, unit 2, cross-leased, sold for $850,000, Doug Lum
Epsom, 1A Merivale Avenue, unit, passed in, George Fong & Alex Wu
Avondale, 48 Eastdale Rd, unit 3, cross-leased, sold for $565,000, Francis Fan
New Lynn, 66 Arawa St, unit 2, cross-leased, no bid, Steve Su
Te Atatu Peninsula, 9B Tawa Rd, cross-leased unit, sold for $560,000, Emma Zhang

Attribution: Auctions, council.

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Propbd on Q F5Aug16 – Wiri site for Turners, Ryman at Hobsonville, Metlifecare unconditional at Red Beach, port alliance, Stride buy OK

Turners buys Wiri property for anticipated business growth
Ryman buys at Hobsonville
Metlifecare unconditional on Red Beach site
New alliance between Auckland & Napier ports
Stride acquisition of 2 Westfield malls gets OK

Turners buys Wiri property for anticipated business growth

Turners Ltd has bought a 1ha site on the corner of Roscommon Rd & Vogler Drive in Wiri for $4.8 million. Chief executive Todd Hunter said on Wednesday the company bought the property to extend its footprint into South Auckland and to allow for the expansion of Turners’ fast-growing truck & machinery business.

“Acquisitions of strategic property sites are becoming an increasingly important part of the growth strategy for Turners Group NZ (ex-Turners Auctions) to allow for further footprint expansion as the business grows, and to achieve stronger control over property overheads. As part of this strategy Turners have previously purchased properties in South Auckland & Christchurch.”

This property is a highly visible corner site with easy access to motorways & arterial roads.

Ryman buys at Hobsonville

Ryman Healthcare Ltd will invest over $200 million developing a new 4ha retirement village site on Scott Rd, Hobsonville.

Ryman chair David Kerr told the annual meeting in Whangarei on 27 July the village would offer independent living & care options for over 400 residents.

The company also expects to have work underway on its second site at Brandon Park in Melbourne this year. In February, Ryman announced it had bought a third site at Burwood East and was on target to have 5 villages open in Melbourne by 2020.

Metlifecare unconditional on Red Beach site

Metlifecare Ltd said on 29 July it had gone unconditional on acquisition of a site on the former Peninsula golfcourse at Red Beach for its 16th Auckland retirement village. Settlement is due on 19 August and a resource consent hearing is scheduled for 30 August.

Chief executive Glen Sowry said the village would become home to over 500 residents and was planned to provide a full range of living options, including a 68-bed care home & a retail precinct.

Work to re-contour the golfcourse is intended to start soon, so development of the village can start in October 2017. Construction of the first stage is planned to be completed and the first residents welcomed in 2019.

Earlier story:
13 January 2015: Metlifecare buys 5ha of Red Beach golfcourse for new retirement village

New alliance between Auckland & Napier ports

Ports of Auckland Ltd & Napier Port announced a strategic alliance on Wednesday to provide operational, economic, sustainability & community benefits.

Ports of Auckland chief executive Tony Gibson said the partnership would allow the 2 ports to work together to find ways to optimise services for freight customers and achieve further scale & efficiencies in the supply chain: “It will prompt even greater competitive contestability & resilience in New Zealand’s supply chain to help lower costs to exporters & importers.

“There is a natural fit between Ports of Auckland & Napier Port. We share a similar way of working, common customers & supply chain opportunities and have similar ownership structures, so that’s a great base to work from.”

Stride acquisition of 2 Westfield malls gets OK

The Overseas Investment Office has approved Stride Property Group’s acquisition of the Westfield Queensgate shopping centre in Lower Hutt and the Westfield Chartwell shopping centre in Hamilton, through its wholesale investment vehicle, the Diversified NZ Property Trust.

Stride announced last November that Diversified had entered into an agreement with Scentre Group to acquire the shopping centres for $445 million.

Stride Investment Management Ltd, part of the Stride Property Group, manages Diversified’s property portfolio under a 10-year contract.

Stride chief executive Peter Alexander said new-look branding would be unveiled at each centre on settlement day. Stride expects to complete the deal by 22 August.

Earlier story:
27 November 2015: Scentre sells 3 malls to locals, one to go

Attribution: Company releases.

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Propbd on Q Th28July16 – the Wednesday auctions

Both sell at Colliers
5 units passed in at City Sales
No bid on Latitude 37 apartment
Parnell townhouse passed in
3 cross-leased properties sell

This morning’s auction roundup comes from 4 auction rooms (and 5 auctions) yesterday – first, 2 commercial properties at Colliers, then apartments at City Sales & Bayleys, a townhouse in the morning at Barfoots and cross-leased units at Barfoots in the afternoon.

I’ll run fuller details later today on these auctions, and on Barfoots & Ray White City Apartments’ Thursday auctions.

Both sell at Colliers

Both commercial properties auction at Colliers yesterday sold under the hammer. Auction results:

North Harbour, 8G Piermark Drive, warehouse sold for $1.175 million at a 4.88% yield, agents Matt Prentice & Jimmy O’Brien
Manukau, 8 Grayson Avenue, warehouse sold for $1.51 million at a 6.3% yield, Ash Vincent, Jolyon Thomson & Gavin Bakshi

5 units passed in at City Sales

All 5 apartments auctioned at City Sales yesterday were passed in. Auction results:

Darlinghurst, 50-52 Eden Crescent, unit 1B, passed in, agents Steve Kirk & Habeeb Urrahman
Columbia on Nelson, 15 Nelson St, unit 4H, passed in, David Brooksbank & Ivan Tvrdeich
Freemans Bay, Urba, 5 Howe St, unit 801, no bid, Maryanne Wong
Westmount, 23 Upper Queen St, unit 1E with parking space on separate title, no bid, Chris Bell & Lucy Piatov
New Lynn, 10 Crown Lynn Place, unit 1N, passed in, Trisha Shanaghan

No bid on Latitude 37 apartment

The one apartment offered at Bayleys’ residential auction yesterday attracted no bid. Auction result:

Latitude 37, 22 Pakenham Street East, unit 2B, no bid, agents Luke McCaw & Mike Peterson

Parnell townhouse passed in

A townhouse offered at Barfoot & Thompson’s residential auction yesterday morning was passed in. Auction result:

Parnell, Parnell Green, 27 Birdwood Crescent, unit 17, passed in at $680,000, agent Jill Jackson

3 cross-leased properties sell

3 of 8 cross-leased homes auctioned at Barfoot & Thompson yesterday afternoon were sold under the hammer. One suburban unit, not on a cross-lease, was passed in. Auction results:

New Lynn, 8 Miro St, unit 6, cross-lease, sold for $527,000, agent Lilian Rolston
Epsom, 14 Orakau Avenue, cross-lease, sold for $1.705 million, Kelly Zhang
Mt Albert, 132 Richardson Rd, unit 2, cross-lease, no bid, Christine Wooding & Joanne Yu
Ellerslie, 14A Gavin St, cross-lease, no bid, Robert Thompson
Mt Eden, 16 Herbert Rd, unit 4, cross-lease, no bid, Alex Yang
Sandringham, 386 Sandringham Rd, unit 4, cross-lease, sold for $730,000, Leonie Stabler
New Lynn, 8 Westall Rd, cross-lease, sold for $736,000, Holly He & Dana Yan
New Lynn, 160 Titirangi Rd, unit A2, cross-lease, passed in at $680,000, Jennifer Peary
Mt Wellington, 143 Ireland Rd, unit 1, no bid, Dennis Law

Attribution: Auction documents.

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Propbd on Q Th21July16 – Net 69,000 migrant inflow, auctions – Ray White, Barfoots, Bayleys

Migrant inflow tops 69,000/year, Auckland up 5000
5 apartments sell at Ray White
3 units sell at Barfoots
12 intensives sell at Barfoots on Wednesday

Apartment, office/warehouse & showhome all sell

I’m feeling slightly unwell but have a lot of material to write up, so initially you can check out the short version of auction prices and a few other bits & pieces here, and I’ll try to fill in detail later.

Migrant inflow tops 69,000/year, Auckland up 5000

New Zealand’s net migration inflow climbed 22% in June from a year ago to 3672 (3014 last June), taking the rolling annual figure to a net 69,090 (58,251).

The flow across the Tasman in June was a net inward 61 (outward 133), and 1983 for the year, compared a net outflow of 1185 a year ago.

The net inflow into Auckland rose by 155 for the month to 1726 (1571), and by nearly 5000 for the year to 31,788 (26,834).

5 apartments sell at Ray White

5 of the 8 apartments auctioned at Ray White City Apartments today were sold under the hammer, starting with one in the Volt where a pre-auction offer had been acceptable. Auction results:

Volt, 430 Queen St, unit 904, sold for $423,000, agents Damian Piggin & Daniel Horrobin
Nova en Scotia, 18 Scotia Place, unit 1C, passed in at $455,000, Mitch Agnew & Ryan Bridgman
Cambridge, 43 Anzac Avenue, unit 300, sold for $366,000, Damian Piggin & Daniel Horrobin
Century on Anzac, 100 Anzac Avenue, unit 4F, sold for $240,000, Krister Samuel
Altitude, 34 Kingston St, unit 6B, sold for $360,000, Krister Samuel & Ryan Bridgman
CityLife, 171 Queen St, unit 1207, no bid, Mitch Agnew & Ryan Bridgman
Ascent, 19 Nelson St, unit 516, sold for $421,000, May Ma & Mark Li
The Quays, 99 Customs St West, unit 1P, no bid, Damian Piggin & Daniel Horrobin

3 units sell at Barfoots

3 properties sold at Barfoot & Thompson’s apartments auction this morning, and then the remaining 5 were passed in, 4 without a bid being offered. Auction results:

Quay West, 8 Albert St, unit 907, sold for $890,000, Belinda Illingworth & Johnson Chen
Mt Eden, 619 Dominion Rd, unit 4, cross-lease, sold for $730,000, Aaron Cook & Betty Shao
Pullman Residences, 6 Princes St, unit 9A, sold for $782,000, Sarah Garlick & Estee Zeng
Freemans Bay, 59 Hepburn St, unit 10, passed in at $725,000, Mike Campbell
Queens Residences, 8 Airedale St, unit 309, no bid, Rico Zhao
Volt, 430 Queen St, unit 1115, no bid, Stephen Shin & Yasu Ka
Queens Residences, 8 Airedale St, unit 1808, no bid, Rico Zhao
Celestion Waldorf, 19 Anzac Avenue, unit 1604, no bid, Jason Buckwell

12 intensives sell at Barfoots on Wednesday

Barfoot & Thompson sold 8 units & cross-leased homes at its Wednesday auctions, and another 4 where pre-auction bids were acceptable. Auction results:

Royal Oak, 15 Turama Rd, unit 1, sold for $907,000, Anna Stephens-Brown
Meadowbank, 97 Gowing Drive, unit 4, sold for $622,000, Caroline Holden
Meadowbank, 157 St Johns Rd, unit 2, passed in at $850,000, Faye Torrance
Winsun Heights, 113 Vincent St, unit 11J, sold for $265,000, Livia Li & Alan Guo
Mt Eden, 7 Ellerton Rd, unit 1, cross-lease, sold for $931,000, Vern Hines & Sara Knight
Kelston, 6 Daphne St, cross-lease, sold for $671,000, Clara Wu & Shirley Zhong
New Lynn, 6 Islington Avenue, unit 3, sold for $832,000, Kelly Zhang
Onehunga, 1 Namata Rd, cross-lease, sold for $911,000, George Fong & Laura McAuley
Ellerslie, 145 Ladies Mile, house converted into 4 one-bedroom flats, passed in
Mt Roskill, 11 Parfitt St, cross-lease, no bid, Alex Yang & Holly He
Te Atatu South, 9 Marewa St, unit 1, cross-lease, no bid, Josh Aarons & Clara Wu
Remuera, 66B Orakei Rd, cross-lease, passed in, Duncan Wu
Three Kings, 852 Mt Eden Rd, unit 27, sold for $730,000, Amin Lu

Sold at auction after pre-auction offers acceptable:

Henderson, 35 Swanson Rd, unit 2, sold for $675,000, Kathy Martick
Mangere Bridge, 3A Kowhai Avenue, cross-lease, sold for $990,000, Mitch Owens
Pakuranga, 205D Pakuranga Rd, sold for $1.2 million, Eugene Yamamoto
Massey, 12 Aldern Rd, unit 3, cross-lease, sold for $616,000, Jesse Lawson

Apartment, office/warehouse & showhome all sell

A city apartment, an office & warehouse unit in the Interplex business park on the North Shore and a 4-year-old showhome at Hobsonville Point were sold at Bayleys’ auction yesterday. Auction results:

The Guardian, 105 Queen St, unit 202, sold for $530,000, David Anderson & Diane Jackson
Interplex business park, Rosedale, 14-22 Triton Drive, unit E2, office & warehouse sold for $480,000 + gst
Hobsonville Point, 15 Station St, Jalcon’s 2012 showhome, sold for $1.26 million, Terry & Janet Jones

Attribution: Statistics NZ tables, auctions.

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Propbd on Q M4July16 – New lease plus Boulcott settlement for Vital, Hellaby completes TBS buy, Augusta payout up after losing PIE status

Vital gets new lease at Kensington and settles on Boulcott
Hellaby completes TBS acquisition
Augusta to lift distribution, confirms loss of PIE status

Vital gets new lease at Kensington and settles on Boulcott

Vital Healthcare Property Trust has secured a 30-year lease at Kensington Hospital in Whangarei, and settled its acquisition of Boulcott Private Hospital in Lower Hutt.

Vital management company chief executive David Carr said on Friday Kensington Hospital Ltd had signed a new 30-year lease, including annual CPI reviews & periodic reviews to market.

The 2-level private hospital has 3 theatres & 19 beds, and includes an adjoining primary care facility.

Vital announced the conditional acquisition of Boulcott Private Hospital in December. It now has regulatory approvals and has settled the acquisition for $30.7 million on a 22-year lease to ASX-listed Pulse Health Group Ltd.

Mr Carr said: “Once we factor in the new 30-year lease at Kensington, the 22-year lease at Boulcott and the previously announced 10-year lease extension at Epworth Eastern Hospital in Melbourne, Vital’s weighted average lease term to expiry improves to about 18.2 years. On average, Vital now has about 1.8% of total income expiring annually over the next 10 years, with the largest single expiry over the same period representing about 2.2%.”

Hellaby completes TBS acquisition

Hellaby Holdings Ltd has completed its $45 million acquisition of construction services & asset maintenance company TBS Group Ltd, announced in June as a conditional agreement.

Hellaby chief executive & managing director Alan Clarke said the consideration was $40.5 million in cash, $4.5 million in shares plus an earn-out payment of up to $6 million dependent on achievement of 12-month earnings targets.

TBS was generating annualised revenues of about $85 million and was expected to add about $8 million in annualised ebit to Hellaby’s resource services group in the 2017 financial year.

It provides key maintenance services to a wide range of New Zealand clients in the oil & gas, agricultural, construction & power generator markets.

Augusta to lift distribution, confirms loss of PIE status

Augusta Capital Ltd said on Friday it expects its annualised distribution level to increase from 5c to 5.5c/share. The fully imputed first interim quarterly dividend for the financial year should be declared this month.

Managing director Mark Francis also confirmed that the loss of PIE (portfolio investment entity) status as a result of the continuing success & growth in value of its funds management business was effective from 1 July.

Attribution: Company releases.

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Propbd on Q F1July16 – Stride restructure approved, Arvida settles buy & Metlifecare settles exit from Masterton

Stride gets 82% approval for restructure
Arvida settles Masterton acquisition
Metlifecare settles sale of its Masterton village

Stride gets 82% approval for restructure

Stride Property Ltd shareholders approved changes to its constitution by an 82.4% vote in support yesterday, enabling the restructure which includes creating stapled securities and the listing of a new company, Investore Ltd.

Stride’s existing shares will stop being quoted on Monday 11 July and the shares in Stride Investment Management Ltd will be listed the next day. For every share in Stride, shareholders will get a share in the manager, and they’ll be stapled so they can’t be sold separately.

Stride shareholders will also get one Investore share for every 4 existing Stride shares, and will initially hold 33.4-38.2% of Investore.

Stride will retain 19.9% of Investore and is seeking $185 million in an IPO (initial public offering). Investore’s shares were valued in a range of $139.5-204.5 million, and the indicative price range for the IPO was $1.37-1.49/share. After the bookbuild, the price was set at $1.49.

Investore confirmed yesterday that the acquisition of the portfolio of properties from Shopping Centres Australasia Property Group Trustee NZ Ltd was unconditional and it intended to settle its acquisition of the tranche 1 assets on 12 July. Investore expects to allot shares under its IPO on 11 July.

S&P Dow Jones Indices said yesterday it would add Investore to all S&P/NZX indices of which Stride is a constituent after the close of trading on Wednesday 6 July at a zero price. No other stocks will be removed, so the S&P/NZX 50 & S&P/NZX 50 Portfolio indices will temporarily carry an additional constituent.

Earlier story:
13 June 2016: Stride unveils stapled structure & Investore IPO

Arvida settles Masterton acquisition

Arvida Group Ltd said yesterday it had settled its $20.7 million acquisition of the Lansdowne Park retirement village in Masterton. The village has 93 retirement village units, 50 aged-care beds & over 170 residents.

Arvida funded the purchase by drawing $14.7 million of debt and issuing $6 million of new shares to the vendors.

Earlier story:
27 May 2016: Arvida well ahead of forecasts

Metlifecare settles sale of its Masterton village

Metlifecare Ltd confirmed yesterday it had settled the sale of its Wairarapa Village in Masterton to a group headed by Mark Durling for $6 million.

Metlifecare chief executive Glen Sowry said the sale presented the company with an opportunity to reallocate capital to continue its focus on greenfield & brownfield developments in high growth areas that represented stronger future yields.

Earlier story:
25 April 2016: Metlifecare sells Wairarapa Village

Attribution: Company releases.

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