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One apartment & a suburban unit sell, but Parnell section takes the cake

A CityLife unit sold under the hammer at Barfoot & Thompson’s apartments auction yesterday, but the 5 apartments that followed were all passed in. At the agency’s second city auction for the day, a suburban unit in Onehunga sold under the hammer – and a vacant rear section in Parnell (pictured) beat them all, selling for $3900/m².

CBD

Learning Quarter

Bankside, 8 Bankside St, unit 5A:
Features: studio
Outgoings: body corp levy $4322/year
Outcome: passed in at $275,000, back on market at $339,000
Agents: Zoran Farac & Justin Choi

Metro City, 82 Wakefield St, unit GA:
Features: 76m² internal, 2 bedrooms, 2 balconies totalling 18m², study, covered parking space
Outgoings: body corp levy $8179/year
Outcome: passed in at $630,000
Agents: Aden Xu & Anni Hao

Queen St

CityLife, 171 Queen St, unit 703:
Features: 63m², one bedroom
Outgoings: body corp levy $6536/year
Outcome: sold for $476,000
Agent: Aaron Cook

Uptown

Amora, 100 Greys Avenue, unit 5Q:
Features: one bedroom, parking space
Outgoings: guaranteed rent, hotel pays body corp levies & rates
Outcome: passed in at $250,000
Agents: Mike Campbell & Claire Leonard

132 Vincent St, unit 4C:
Features: 81m² internal, 2.7m stud, 2 bedrooms, 2 bathrooms with underfloor heating, 11m² balcony, parking space
Outgoings: body corp levy $5544/year + special lift levy $2094
Outcome: no bid
Agent: Aaron Cook

Victoria Quarter

Alpha, 17 Vogel Lane, unit 102:
Features: one-bedroom ground-floor apartment, terrace, parking space
Outgoings: body corp levy $3107/year
Outcome: passed in at $425,000, back on market at $520,000
Agents: Donna Rugay & Ian Waddams

Isthmus east

Onehunga

20 Heretaunga St, unit 2:
Features: 2-bedroom unit, courtyards, garage
Outcome: sold for $570,000
Agent: Kevin Liu

Parnell

8A Ayr St:
Features: 400m² rear section
Outcome: sold for $1.56 million at $3900/m²
Agent: Helen Lam

Attribution: Auctions.

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Tunnel dig starts on Albert St

Work began on Monday on bulk excavation for the city rail link cut-&-cover rail tunnels under Albert St in downtown Auckland.

City Rail Link Ltd project director Chris Meale said it was a milestone for the project: “This work marks a significant point in the construction process as we will start to see the tunnels taking shape. It will be exciting & challenging work from an engineering perspective, as we build rail tunnels below groundwater level, while maintaining surface-level access to Albert St for foot & vehicle traffic.

“The bulk excavation is also providing employment opportunities with about 50 people working on site. This is likely to increase to 80 by the end of the year, once tunnel box construction & waterproofing works are underway, with many being workers employed by local sub-contractors.”

The excavation represents about 10% of the 3.45km length of the twin-tunnel underground rail link, and involves digging 18m (about 5 storeys) at the deepest (southern) point, using long-reach excavators above ground and smaller machinery inside the reinforced trench. The tunnels will then be constructed with a cast concrete floor, walls & roof before the trench is backfilled.

The work will be undertaken progressively from Wyndham St at the southern end to Customs St at the northern end. Excavation at the southern end is expected to be complete by October this year and the northern by the middle of next year.

Construction of the tunnel box is expected to start late this year and be completed by late 2018.

By spring 2019, this section of Albert St will be reinstated with a new road surface, bus lanes, widened footpaths & street furniture.

For those interested in watching the big dig, CRL & contractors the Connectus joint venture (McConnell Dowell & Downer) have provided viewing windows at the Wyndham St pedestrian crossings.

Cut-&-cover construction is being used at each end of the CRL tunnels – between Britomart Station and the future Aotea Station and, later, where it connects to the western line at Mt Eden. Between Aotea & Mt Eden stations, the tunnels will be between 13-42m below ground and bored using a 7m-diameter tunnel boring machine.

The city rail link is jointly funded by the Government & Auckland Council and is expected to be completed in 2023-24. Their joint venture company, City Rail Link Ltd, took over the project on 1 July.

Image above: Looking north along the CRL tunnel route on Albert St.

Link: CRL cut-&-cover tunnel excavation

Attribution: Company release.

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Goodman settles Henderson purchase

The Goodman Property Trust has settled its $18.9 million acquisition of the Concourse Industry Park in Henderson.

The trust announced its purchase of the former Alloy Yachts premises & an adjoining industrial property on the corner of Selwood Rd & The Concourse, Henderson, last September.

The 2 former boatbuilding premises have about 22,120m² of high volume warehouse space & 1250m² of associated office.

Management company Goodman (NZ) Ltd’s chief executive, John Dakin, said last year the trust intended to amalgamate the 2 sites into a single 4ha estate: “Close to the cbd and with direct access to State Highway 16 from the Lincoln Rd interchange, this property will become one of Auckland’s best located industrial estates when the western ring route completes in 2017 [and it’s just opened].”

Mr Dakin said the vacant warehouse buildings would be refurbished & reconfigured. Fully leased, they were expected to generate a passing yield of about 7%. The estate also offered 2ha of further development opportunity.

Image above: Goodman’s map showing its Concourse site.

Earlier story:
15 September 2016: Goodman sells Christchurch package on top of Fanshawe St lease confirmation & Henderson project

Attribution: Company release.

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6 sales & 7 leases for Bayleys in Manawatu & Wellington

Bayleys offices in the lower North Island, but primarily in the Wellington region, have reported 6 sales & 7 leases of commercial space.

Image above: 57 Kiln St, Silverstream.

South of the Bombays

Manawatu

Palmerston North

43 Alderson Drive:
Features: 7552m² site, 1504m² industrial building used as a cold storage facility by national tenant Big Chill on a 12-year lease from 2013 with annual CPI increases; includes 1692m² of adjoining development land
Rent: $369,937/year net + gst
Outcome: sold for $5.4 million at a 6.85% yield
Agent: Fraser Press

328-330 Broadway:
Features:1356m² cbd site, 2-level 920m² commercial building, 7 tenants; 3 ground-floor retail tenants including TAB and offices above, on 2- to 3-year leases
Rent: $149,100/year net + gst
Outcome: sold for $1.8 million at an 8.3% yield
Agents: Karl Cameron, Lewis Townshend & Bede Blatchford

Wellington

CBD

138 The Terrace:
Features: 605m² site, 9-level 3000m² office building, 7 tenants including Kiwibank, Chen Palmer & QE2 National Trust, on varying lease expiries through until 2023
Rent: $679,083/year net + gst
Outcome: sold for $7.55 million at an 8.99% yield
Agent: Mark Sherlock

Lower Hutt – Wingate

15 Eastern Hutt Rd, Wingate.

15 Eastern Hutt Rd:
Features: 4108m² site – 1438m² yard, 2670m² warehouse building; purpose-built distribution centre for Harvey Norman which has a 5-year lease from November 2016, with 4 5-year rights of renewal
Rent: $264,230/year net + gst
Outcome: sold for $3.5 million at a 7.55% yield
Agents: Mark Hourigan & Fraser Press

Paraparaumu

35 Te Roto Drive:
Features: 1.0865ha corner site with parking for over 100 cars & 3616m² data centre; Unisys NZ Ltd has occupied the site for 17 years and signed a new 5-year lease in October 2016, with 3 3-year rights of renewal
Rent: $457,000/year net + gst
Outcome: sold for $5.71 million at an 8% yield
Agents: Mark Sherlock & Stephen Lange

Upper Hutt – Silverstream

57 Kiln St:
Features: 4.0369ha site 167 parking spaces, 23,481m² warehouse & office building developed in the 1980s as Foodstuffs (Wellington) Ltd’s head office & distribution centre; 12,228m² of high stud, clearspan, drive-through warehousing, 5420m² of lower stud warehousing & 5733m² of offices partly refurbished in 2012
Outcome: sold by Foodstuffs to another owner-occupier for $10 million
Agents: Richard Faisandier, Mark Hourigan & Fraser Press

Leases

Wellington

CBD

102-122 Lambton Quay, level 8:
Features: 379m² of B grade office space, one-year lease term
Rent: $130,165/year + gst at $350/m²
Agent: Jim Wana

Newlands

6 Hurring Place, unit 2a:
Features: 1680m² industrial building with office accommodation over 2 levels
Rent: $273,030/year net + gst
Agent: John Pritchard

Te Aro

3 Market Lane
Features: Lease assignment of 1960m² of office space on 3 levels by Xero to co-working business BizDojo encompassing just over 3 years on the initial lease term plus further rights of renewal until 2027 as well as naming rights; Xero will relocate this year from 3 buildings to become anchor tenant in the nearby former Manthel Motors heritage building being redeveloped by The Wellington Co Ltd
Rent: Undisclosed
Agents: Luke Frecklington & Luke Kershaw

82 Tory St:
Features: 250m² of restaurant space, 6-year lease term
Rent: $120,000/year + gst at $350/m²
Agent: Luke Frecklington

Lower Hutt

531 High St:
Features: 3569m² lowrise office building, 75 parking spaces, leased for 6-year term
Rent: $856,080/year + gst at $240/m²
Agent: Matt Gibbs

Ngauranga

4 Glover St:
Features: 2500m² industrial building, 7m high warehouse with multiple entries, offices, 15 parking spaces
Rent: $330,000/year + gst
Agent: John Pritchard

Upper Hutt

20 Somme Rd:
Features: 1000m², 2 floors of office & lab space with modern fitout; 12-year lease term begins on 1 October
Rent: $212,220/year + gst
Agent: Matt Gibbs

Attribution: Agency release.

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Institute figures show Auckland housing market quiet, rest of country bubbling

Real Estate Institute statistics out yesterday showed Auckland’s residential median sale price was still rising, but only by 2.5%/year, whereas the rest of the country was up 11.4%.

The divergence in price between Auckland & the rest of the country remains wide. Auckland’s median in June was $850,500 ($830,000 in June 2016), while the median for the rest of the country was $431,000 ($387,000).

The institute’s house price index showed Auckland falling 0.6% over the year, but the rest of the country rising 9.2%. The national movement for the year was up 2.8%.

Auckland sales volumes fell 33.2% over the last year, and nationally sales fell 24.7%.

Real Estate Institute chief executive Bindi Norwell said yesterday: “We know that it’s winter and the election is just 2 months away now, which typically impacts the number of properties sold in the market. The number of properties sold across the country is the lowest we’ve seen in the month of June for 3 years – particularly in the $500,000-&-under property price bracket. This slowdown in transactional activity, but stabilising price trend, highlights the underlying dynamics between housing demand & housing supply, with population growth continuing to rise faster than building consents & dwelling supply.”

“The June figures show us that a number of things are happening across the residential real estate market – inventory levels are impacting pricing, loan:value ratios are having a significant impact in terms of buyers’ ability to purchase properties (particularly for first-time buyers) and that the major trading banks are being more cautious with their approach to lending, particularly their view of how highly leveraged Kiwis are when it comes to properties.

“Talk of a decline in prices may be premature, with the seasonally adjusted median price trends still rising across many regions in New Zealand. The Auckland market is the most mature in terms of the property cycle. However, at worst, prices in the Auckland region are steady at present. The data also shows an emerging trend of section sales in Auckland occurring more quickly than dwelling sales, highlighting that demand for sections is still rising in Auckland while demand for dwellings is easing.

“With the looming election, Auckland prices are showing all the signs of stabilising that we would normally expect, and we anticipate this being a similar trend over the coming months until the election is over.”

The number of properties available for sale rose by 1895 in June compared to 12 months ago, although the number of properties for sale in the Auckland region has increased by 3097 (57%).  Excluding Auckland, the number of properties for sale fell by 1203 (7.4%).

The number of properties sold by auction continued to decline, down to 828 auction sales in June (14% of all sales, from 13% in May, 24% in June 2016).

Auckland median prices & volumes on old council boundaries:

Price brackets:

Attribution: Real Estate Institute release.

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Retail Property Group valuation up 44% as NZX listing looms

NZ Retail Property Group Ltd’s pre-transaction restructuring to enable a backdoor NZX listing through Bethunes Investments Ltd has been completed, and Bethunes chair Chris Swasbrook said on Monday legally binding documentation to formalise the transaction should be entered within a week.

When Bethunes (previously the philatelic business Mowbray Collectables Ltd) said in March it had signed a non-binding conditional term sheet with NZRPG and its controlling shareholder, Westgate Power Centre Ltd (headed by Mark Gunton, pictured above), the shares in NZRPG were estimated at about $400 million.

In a roadshow presentation about its future look issued on Monday, Bethunes said: “Based on current valuations, NZRPG is expected to have about $575 million of assets in its property portfolio, including rights to acquire additional assets. About 40% of its total property assets – including the assets to be acquired – are development in nature.”

The portfolio comprises holdings in 3 Auckland town centres – Westgate, Milford & Birkenhead – and the Fraser Cove shopping centre in Tauranga.

NZRPG is unique in New Zealand in selling apartments above 2 of its mall developments – Milford (under way after a long consent battle) & Birkenhead (plans outlined).

Its main project has been at Westgate, at the top of the North-western Motorway (State Highway 16) in Auckland, where it accumulated 57ha for a masterplanned town centre servicing the north-west and still holds 28ha that’s ready to build on, on top of the developments already constructed.

In the words of the presentation, “Its existing [Westgate] holdings have a strong & stable cashflow and are well positioned to build on organically as demand materialises.”

The company said it had a defined path to portfolio growth: “NZRPG has been at the forefront of planning for the urban intensification required to provide a credible outcome for Auckland’s growth aspirations (and supported by the Auckland unitary plan).

“It is focused on the strategic development of its existing retail centres into planned town environments & mixed use assets. This is expected to include the provision of residential overlays to all its town centre properties, which will enhance the retail performance and allow for capital to be recycled into the core business.”

NZRPG board named

When NZRPG takes over the Bethunes listing, the board will comprise Paul Duffy as independent chair and directors Mark Gunton, Sean Joyce & Bruce Cotterill. Mr Gunton, founder of the business 30 years ago, is an executive director and the others are independent.

Mr Duffy is a former chief executive & executive director of Stride Property Ltd and now chairs Augusta Capital Ltd. He’s also a director of NPT Ltd, the NZX-listed property company which Augusta secured a big enough toehold in to defeat Kiwi Property Group Ltd in April in a contest for NPT’s management contract.

Mr Cotterill was elected as independent chair of NPT in April after winning a board seat on Augusta’s nomination.

Mr Joyce is a corporate & commercial lawyer in Auckland, has been a non-executive director of a number of companies listed on the NZAX & NZSX, a non-executive director of a consumer finance company & a funds management firm.

One NZX-listed shell company he’s chaired, NZF Group Ltd, was renamed Blackwell Global Holdings Ltd on Monday after a reverse listing by Taiwanese wholesale investor Chai Kaw Sing (Michael Chai).

Links:
NZ Retail Property Group
NZX 10 July 2017: NZ Retail Property Group presentation

Earlier stories:
10 March 2017: Gunton looks to backdoor-list Retail Property Group through Bethunes
25 May 2016: Milford shopping centre expansion approved

Attribution: Bethunes release, NZRPG & Joyce websites.

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Development pipeline changes outlook of suburban apartment sector

Suburban owner-occupier apartments are becoming an increasingly significant component of Auckland’s apartment market, CBRE research shows.

Investors have always formed part of the suburban sector – well over half the market until early 2015, as the research paper shows. But, as investment apartment numbers stuck at around 1200, the owner-occupier share has steadily grown every quarter since mid-2015.

In the paper released on Monday, CBRE Research senior director Zoltan Moricz & senior analyst Tamba Carleton said steady growth in development of suburban owner-occupier apartments over the last 18 months meant they now accounted for a quarter of the current pipeline and, should all projects proceed to completion, suburban owner-occupier stock would double by the end of 2019.

“Although this boom in supply is well above long-term averages, the majority of the pipeline is presold. And, while there are a range of complex issues constraining the market, there is sizeable growth potential for suburban owner-occupier apartment development in the near future.”

CBRE’s researchers counted 2280 suburban owner-occupier units built between 1995 and the first part of 2017. The pipeline is nearly as big as the volume constructed over the last 20 years, with 2190 units planned to be completed between now and the end of 2019.

“This level of growth is unprecedented in Auckland’s history, and is reflective of a structural shift in housing composition & societal attitudes toward density. Early adopter buy-in has been highly localised, with a high proportion of presale buyers either living in or at least familiar with the area.

“There has been limited buyer resistance, with comparatively few of the 20 suburban project abandonments driven by a lack of buyers. However, in some locations community resistance has shaped the surrounding pipeline or in extreme cases reduced it completely.”

Mr Moricz & Ms Carleton said the buyer stereotype was a downsizing baby-boomer couple, but the reality was “a much more diverse demographic of off-the-plan buyers who make a purchasing decision based on a combination of lifestyle & economic factors. Decisions are based on individual values & beliefs, however there tends to be sufficient buyer interest in projects that are well located, well designed and affordable relative to house prices in the immediate area.”

The researchers highlighted a major challenge facing the market as residential price growth slows – the high cost of development, mostly due to construction costs: “This has a flow-on effect to retail prices, reducing the economic attractiveness of new apartments relative to other types of dwellings and resulting a different outcome when purchasing decisions are made.

“The combination of high development costs with slowing house price growth has contributed to reduced feasibility of mid- to highrise apartments in many suburban locations. This has shifted the focus of the pipeline from purely high density toward variations of the ‘missing middle housing’, including walk-up dwelling typologies & semi-terraced apartments.

“These lower density typologies will appeal to owner-occupiers if they are well located, well designed and affordable relative to house prices in the immediate area and, with the unitary plan allowing more of this development than ever before, the suburban owner-occupier pipeline has significant growth potential moving forward.”

Attribution: CBRE report.

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4 sales & 7 leases in latest Bayleys results

Bayleys agents have completed 4 commercial sales on Queen St, in the Heritage Auckland hotel building, at Rosedale and in Petone, and 7 leases in Dairy Flat, Rosedale, Silverdale & the Wellington cbd.

Image above: The former Farmers’ Grand Tearoom in the Heritage Auckland hotel, bought for conversion to a penthouse apartment.

Sales

CBD

Queen St

155 Queen St, units 11A, B & C:
Features: 631m² office unit in 3 titles, 2 parking spaces on separate titles, occupied by NZ Institute of Studies, longer-term residential development potential
Rent: $150,000/year net + gst
Outcome: sold for $1.9 million at a 7.89% yield
Agents: Anna Radkevich & Ranjan Unka

Victoria Quarter

Heritage Auckland, 35 Hobson St:
Features: 539m² on the top floor of the Heritage Auckland Hotel, formerly the Farmers department store’s Grand Tearoom, has operated as a function centre since hotel conversion in the late 1990s; the hotel has indicated it won’t be renewing the 20-year lease expiring in October next year; high stud ornate ceiling, 2 external decks with harbour & city views plus 4 parking spaces
Rent $200,782/year net + gst
Outcome: sold for $2.5 million at an 8.03% yield or $4638/m², buyer has indicated intention to convert to penthouse apartment
Agent: Matt Lee & James Chan

North-east

Rosedale

14 Vega Place, unit C:
Features: 354m² industrial unit, 8 parking spaces, tenant Adrenalin Publishing Ltd in occupation for 16 years and has renewed for a further 4 years from 1 July
Rent $62,420/year net + gst
Outcome: sold for $1.18 million at a 5.29% yield
Agents: Ashton Geisler, Laurie Burt & Mike Adams

South of the Bombays

Petone

2 Jackson St:
Features: 2010m² site, 1500m² store occupied by Kathmandu for 15 years
Rent: $243,000/year net + gst
Outcome: sold for $4.1 million at a 5.92% yield
Agent: Richard Faisandier

Leases

North-east

Dairy Flat

17 Kahikatea Flats Rd, units C1 & C2:
Features: 280.8m² building area – warehouse 150m², office 90m², other area 40.8m², yard 3000m², no parking spaces
Rent: leased in June for $111,450, premises rental $396.90/m²
Agent: Rosemary Wakeman

Rosedale

Part 1-3 Parkhead Place:
Features: 581m² industrial unit – warehouse 411m², office 137m², other area 33m², 8 parking spaces
Rent: leased in June for $80,000/year net + gst, premises rental $137.69/m² (no separate charge for parking)
Agent: Laurie Burt

Silverdale

19 Foundry Rd, unit A:
Features: 142m² industrial unit – warehouse 92m², office 50m², 2 parking spaces
Rent: leased in June for $25,000/year net + gst, premises rental $176.05/m² (no separate charge for parking)
Outcome:
Agent: Rosemary Wakeman

150 Foundry Rd:
Features: 225m² industrial unit – warehouse 150m², office 75m², 4 parking spaces
Rent: leased in June for $32,500/year net + gst, premises rental $144.44/m² (no separate charge for parking)
Agent: Rosemary Wakeman

8 Peters Way:
Features: 1356.6m² office & warehouse – warehouse 976m², office 205m², showroom 175.6m² 21 parking spaces
Rent: leased in June for $195,000/year net + gst, premises rental $143.74/m² (no separate charge for parking)
Outcome:
Agent: Rosemary Wakeman

South of the Bombays

Wellington cbd

20 Customhouse Quay, part level 12:
Features: 349.4m² of A grade office space leased for 7 years
Rent: $242,246/year + gst
Agents: Luke Kershaw & Luke Frecklington

20 Customhouse Quay, part level 12:
Features: 225m² of A grade office space leased for 9 years
Rent: $156,025/year + gst
Agents: Luke Kershaw & Luke Frecklington

Attribution: Agency release.

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2ha Helensville residential subdivision site sold

A 2ha site on the Kaipara River at Helensville with a scheme for 28 homes has been sold by Colliers.

North-west

Helensville

5 Mill Rd:
Features: 2.07ha development site on the Kaipara River, zoned for single housing, proposed scheme for 28 sections of 601-1028m²
Outcome: sold for $2.35 million
Agents: Ryan de Zwart, Craig Smith & Matt Prentice

Attribution: Agency release.

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8 properties sell at Bayleys’ southern auctions

8 North Island properties south of Auckland were sold in Bayleys’ Total Property auction series last week.

Image above: The Turners Auto building in Palmerston North, including the Workshop bar, sold last week on a 6.4% yield.

Bay of Plenty – Rotorua

Fairy Springs

153 Fairy Springs Rd:
Features: 1184m² site opposite Skyline Skyrides – 86m² showroom, 130m² 3-bedroom house plus 72m² workshop/garage
Outcome: sold with vacant possession for $580,000
Agents: Mark Slade & Brei Gudsell

Westbrook

320 Malfroy Rd:
Features: 3039m² commercial site, 502m² building split into 2 tenancies, education facility & dance studio, on 2- & 3-year leases
Rent $60,000/year net + gst
Outcome: sold for $650,000 at a 9.23% yield
Agents: Mark Slade & Brei Gudsell

Manawatu

Palmerston North

201-203 John F Kennedy Drive:
Features:  7454m² corner site, recently refurbished 2440m² warehouse & commercial building; anchor tenant NZX-listed Turners Auto has been in occupation for 19 years and renewed last July for 9 years; 392m² Workshop bar is the other occupant on 6-year lease from December 2016  
Outcome: sold for $3.855 million at a 6.4% yield
Agents: Dave & Kate Looney

Waikato

Te Awamutu

61 Bruce Berquist Drive:
Features: 4732m² industrial site occupied by longstanding storage business, 132 units totalling 1520m² leased to over 100 tenants
Rent $192,000/year net + gst
Outcome: sold for $2.52 million at a 7.62% yield
Agent: Andrew Shaw

Te Rapa

31 McKee St:
Features: 1990m² industrial site, 661m² of modern buildings, 3 long-term tenants
Rent $90,973/year net + gst
Outcome: sold for $1.51 million at a 6.02% yield
Agent: Andrew Shaw

Wellington – Lower Hutt

Alicetown

15 Wakefield St:
Features: 769m² site, 792m² high stud, column-free warehouse by the Dowse Interchange, holding income from lease expiring 31 January 2018
Rent: $70,000/year gross + gst
Outcome: sold for $450,000
Agents: Paul Cudby & Matt Gibbs

Naenae

12 Horlor St:
Features: 406m² site, 393m² 1950s industrial building with good seismic rating plus 5 parking spaces; 296m² ground-floor warehouse/workshop, showroom plus 97m² mezzanine office
Rent: estimated potential income of $39,725/year net + gst
Outcome: sold with vacant possession for $480,000
Agent: Paul Cudby

Petone

10 Te Puni St:
Features: 2130m² site adjacent to new Rebel Sports and Briscoes stores in Petone West’s growing bulk retail precinct, 1503m² high stud warehouse, office & showroom building, leased to 3 tenants with final lease expiries from 2018-20
Rent: $146,401/year net + gst (estimated full market rental $207,299 year net + gst)
Outcome: sold for $2.394 million at a 6.1% yield
Agents: Matt Gibbs & Fraser Press

Attribution: Agency release.

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