Archive | Neighbourhoods

2 old suburban centre retail strips sell

Streetfront retail properties in New Lynn & Papatoetoe – both redevelopment prospects – sold under the hammer at Colliers’ auction today.

North-west

New Lynn

3114-3120 Great North Rd (pictured above):
Features: 486m² site zoned business – metropolitan centre, 307m² single-level strip retail building, 18m street frontage, 4 tenants, 3 leases expire in 2021, 2023 & 2025 with no renewal right, rear parking
Rent: $85,240/year net + gst
Outcome: sold for $1.3 million + gst
Agents: Gareth Fraser, James Appleby & Josh Coburn

South

Papatoetoe

74 St George St, Papatoetoe (outlined).

74 St George St:
Features: 1174m² site zoned business – city centre, allowing for development up to 27m high, 368.5m², land at rear used as shared parking, building fully tenanted
Rent: $101,641/year net + gst
Outcome: sold for $1.95 million + gst
Agents: Gareth Fraser & Matthew Barnes

Attribution: Auction documents.

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Sale St redevelopment sells

A redeveloped building on Sale St (pictured), above Victoria Park, and 2 development properties at Greenlane & in Papakura are the leading sales in Colliers’ latest transactions list.

CBD

Kitchener St

2 Kitchener St, unit 1:
Features: 1026m² retail unit, 3 tenancies
Rent: $223,500/year net + gst
Outcome: sold for $3.5 million + gst at a 6.39% yield
Agents: Adam White, Simon Felton & Gawan Bakshi

Victoria Quarter

Hobson Towers, 26 Hobson St, level 6:
Features: 325m² office floor, 14 parking spaces
Outcome: sold with vacant possession for $2.03 million + gst
Agents: Tony Allsop, Simon Child & Roger Seavill

34 Sale St:
Features: 6317m² redevelopment, 4 office floors, 2 parking levels
Outcome: sold for $63 million + gst at “a yield in the early 5%s”
Agents: Simon Child, Sam Gallaugher & Matt Lamb

Isthmus east

Greenlane

614 & 616 Great South Rd, Greenlane.

614 & 616 Great South Rd:
Features: 3867m² commercial property, net lettable area 2125m² in 2 buildings
Outcome: sold for $11.6 million at a 3.1% yield on holding income
Agents: Gareth Fraser, Simon Child, Josh Coburn & Colliers’ capital markets team

South

Papakura

40-44 East St, lot 2:
Features: vacant 1507m² corner site formerly occupied by the New World Papakura carpark
Outcome: sold for $1.54 million + gst
Agents: Chris Wakim & Matthew Barnes

South of the Bombays

Wellington

Petone

140 Hutt Rd:
Features: 1160m² site, 1020m² warehouse, showroom & office, 10 parking spaces
Outcome: sold with vacant possession for $2.475 million + gst
Agents: Kieran Lennon (Colliers) in joint agency with Gollins Commercial

Taita

1115 High St:
Features: 4818m² development site
Outcome: sold with vacant possession for $1.95 million + gst, with quotes in place for the removal of 1170m² of various structures
Agents: Tim Julian & Janette Lillas

Attribution: Agency release.

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Mairangi Bay sale heads Shore transactions

Bayleys commercial agents on the North Shore have sold a fully tenanted Mairangi Bay site (pictured) which has consent for apartment development, and a Rosedale industrial unit, and have signed 5 leases around the Shore and one for a Karangahape Rd shop.

Sales

North-east

Mairangi Bay

368 Beach Rd:
Features: 836m² site, 644.77m² mixed use building, 6 tenancies, local centre-zoned site has conent for an apartment development
Rent: $210,314/year net + gst
Outcome: sold in October for $4.175 million + gst at $4994/m² land, 4.9% yield with current small vacancy, 5% fully tenanted
Agents: Michael Nees & Dean Gilbert-Smith

Rosedale

BizPark North Shore, 63 Arrenway Drive, unit 2:
Features: 118m² industrial unit – office 50m², warehouse 68m², 2 parking spaces
Outcome: sold vacant in November for $585,000 + gst
Agent: Ian Waddams

Leases

CBD

Uptown

258 Karangahape Rd, shop B:
Features: 130m² shop – retail 110m², warehouse 20m²
Rent: leased in November for $45,000/year net + gst, premises rental $346/m²
Agent: Terry Kim

North-east

Rosedale
156 Bush Rd, unit B:
Features: 229.4m² industrial unit – office 122.9m², warehouse 69.6m², other area 37.4m², 4 parking spaces
Rent: leased in November for $39,000/year net + gst
Agent: James Kidd

23 Canaveral Drive, unit B:
Features: 513m² industrial unit – retail 184.5m², warehouse 300m², other area 28.5m², 8 parking spaces
Rent: leased in November for $87,000/year net + gst
Agent: Matt Mimmack

12 Parkhead Place, unit B:
Features: 545m² industrial unit – warehouse 412m², office 133m², 12 parking spaces
Rent: leased in November for $107,000/year net + gst
Agents: Laurie Burt & Matt Mimmack

Sunnynook

20 Tonkin Drive, shop 2:
Features: 56m² shop
Rent: leased in November for $16,000/year net + gst, premises rental $286/m²
Agent: Dev Choudhury

Wairau Valley

18 Link Drive, unit C:
Features: 500m² retail unit – retail 350m², mezzanine 50m², other area 100m²
Rent: leased in November for $130,000/year net + gst, premises rental $260/m²
Agent: Trevor Duffin

Attribution: Agency release.

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2 sales & 6 leases by Commercial Realty

Commercial Realty Ltd agents have completed 2 sales & 6 leases with values over $50,000 in the last 3 months.

Sales

Isthmus east

Penrose

1016a Great South Rd:
Features: 882m² industrial unit
Outcome: sold for $2.775 million to a nearby owner-occupier
Agents: David Turner & Danny Guise

South

East Tamaki

325 Ti Rakau Drive, unit 5:
Features: 180m² industrial unit, 2 levels, 3 parking spaces
Outcome: sold for $550,000 to an air-conditioning company as owner-occupier
Agents: David Turner & Brad Rathbun

Leases

Isthmus east

Penrose

16 Olive Rd:
Features: 988m² industrial premises, leased to a quickly expanding national tenant
Rent: $110,000/year net + gst
Agents: Willie Fernandes & Danny Guise

North-west

Swanson

212 Swanson Rd, units 1 & 2:
Features: 990m², long-term lease
Rent: $71,000/year net + gst
Agent: Daniel Speck

South

Drury

4 Creek St:
Features: 630m², warehouse plus yard area
Rent: $105,000/year net + gst
Agents: Mark Bramwell & Brad Rathbun

East Tamaki

1E Lady Ruby Drive:
Features: 460m² warehouse & office unit, road frontage
Rent: $65,000/year net + gst
Agent: David Turner

Takanini

12 Marphona Crescent, unit 1:
Features: 365m² industrial unit with road frontage, leased to an overseas company
Rent: $60,000/year net + gst
Agent: Brad Rathbun & David Turner

12 Marphona Crescent, unit 2:
Features: 360m² industrial unit, leased to an international tenant before development completion
Rent: $55,000/year net + gst
Agent: Danny Guise

Attribution: Agency release.

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10 commercial sales around Bay of Plenty & Waikato

Bayleys agents have sold 10 properties around the Bay of Plenty & Waikato, including 2 more industrial sites at the Tauriko business estate outside Tauranga, 2 properties in Tauranga and 3 around Hamilton.

Out of the main centres, the most prominent sale was of the Lemon & Paeroa premises in Paeroa (pictured above).

Bay of Plenty

Tauranga

1339 Cameron Rd:
Features: 1005m² site, 360m² single-level commercial building leased to 2 food & beverage businesses, 17 parking spaces
Rent: $53,352/year net + gst, rental increase of $28,000/year for one tenancy in March 2019
Outcome: sold for $1.2 million at a 5.46% yield
Agent: James Ross

Greerton

6 Hynds Rd, unit 1:
Features: 766m2 modern, high stud warehouse, large mezzanine, high quality offices, 6 parking spaces
Outcome: sold with vacant possession for $1 million
Agents: Myles Addington & Graeme Coleman

Tauriko

31 & 39 Paerangi Place, Tauriko, sold at $425/m².

31 & 39 Paerangi Place:
Features: 12,591m2 flat industrial site in Tauriko Business Estate in 2 freehold titles (11,041m2 & 1550m2), 3 street frontages, utility services, roading & titles in place
Outcome: sold for $5,351,175 at $425/m2
Agents: Lloyd Davidson & Jo Stewart

Lot 414:
Features: 837m2 of bare industrial land, one of limited number of smaller sites in Tauriko Business Estate, title expected to be issued second quarter of 2019
Outcome: sold for $375,000 at $448/m2
Agent: Lloyd Davidson

Waikato

Hamilton

CBD:

28 Harwood St:
Features: 2104m2 corner site on edge of cbd, 3328m2 Opus House, 1980s office building with grade A seismic rating, 38 parking spaces; 2 national occupants, Opus International Ltd the anchor tenant
Rent: $599,813/year net + gst
Outcome: sold for confidential price
Agents: Scott Kirk, Mike Swanson & David Cashmore

Beerescourt

430 Ulster St:
Features: cross-lease, 170m² dwelling consented for office use, 4 offices with kitchen, bathroom & onsite parking
Outcome: sold with vacant possession for $471,000 to owner-occupier who will renovate for finance company business
Agent: Jason Kong

Frankton

87e Killarney Rd:
Features: Freshly renovated 120m² industrial unit plus 3 parking spaces
Outcome: sold with vacant possession for $325,000, including GST, to building industry owner occupier
Agent: Anne-Marie Brown

Paeroa

2 Seymour St:
Features: 2546m² corner site at northern entrance to township with 444m² L&P building (with replica 6m L&P bottle); anchor tenancy L&P Café Bar & Brasserie, which underwent a substantial refurbishment in 2015, on 3-year lease from December 2016, with one 3-year right of renewal; buyer will occupy vacant part of the premises (previous asking rental $19,000/year)
Rent: $53,352/year net + gst
Outcome: sold post-auction for $650,000
Agents: Jo Stewart & Brendon Bradley

Putaruru

91 Tirau St:
Features: 332m² business-zoned site on State Highway 1 at the northern entrance to township, 118m² office premises in need of refurbishment
Outcome: sold for $116,500 with vacant possession
Agents: Brendon & Ryan Bradley

Tokoroa

2-4 & 6 Waratah Place:
Features: 2 adjoining titles totalling 4075m² of industrial land, exposure to State Highway 1, 183m² workshop; part of one title leased to BP Oil NZ Ltd for truckstop operation at peppercorn rental of $1/year + gst, balance of both sites vacant
Outcome: sold for $316,000
Agents: Ryan & Brendon Bradley

Attribution: Agency release.

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2 city apartments sell at auction

2 units were sold at Ray White City Apartments auction today, and an Onehunga townhouse was passed in.

In a market where vendors have been under pressure to meet a generally lower bidding range, the reserve on a CityZone apartment was dropped to $300,000 (about $7800/m² internal), and then dropped another $5000. In the ensuing bidding frenzy, a sale at $300,500 resulted.

A studio in Oakwood Hall on Wakefield St (pictured) sold at $8000/m² internal, so both sales were in what seems the acceptable range at the moment for good secondary stock. For comparison, a 29m² Oakwood Hall studio sold at auction in June last year for $283,000, so about $9800/m², at a time when prices for older apartments were still rising to fill the gap of about $5000/m² between them & brand-new apartments.

CBD

Learning Quarter

Oakwood Hall, 81 Wakefield St, unit 9C:
Features: 30m² studio, 6m² balcony
Outgoings: rates $1110/year including gst; body corp levy $5261/year including gst
Income assessment: $430/week
Outcome: sold for $240,000
Agents: Damian Piggin & Krister Samuel

Uptown

CityZone, 11 Liverpool St, unit 1912:
Features: 40m² including 1.5m² balcony, 2 bedrooms
Outgoings: rates $1246/year including gst; body corp levy $4319/year including gst
Income assessment: $500/week, fixed until 15 February
Outcome: sold for $300,500
Agents: Damian Piggin & Krister Samuel

Isthmus east

Onehunga

36A Hill Rd
Features: cross-leased, 157m², refurbished 2-storey 3-bedroom townhouse, double internal-access garage
Outgoings: rates $2517/year including gst; body corp levy $/year including gst
Income assessment: $730-780/week unfurnished
Outcome: passed in at $910,000
Agent: Adam Gurr

Attribution: Auction.

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Council committee ignores point of waterfront stadium request: agreement to test feasibility

Proponents of a stadium on the Auckland waterfront laid out their plans for Auckland Council’s planning committee yesterday, including a long question-&-answer session.

Image above: The model showing the proposed stadium, on display during the consortium’s presentation.

It was an information session, mainly explaining the process the Auckland Waterfront Consortium wants to go through over the next 3 years, not a request for assistance or prelude to a consent process.

But there was a request, as legal representative Mike Sage outlined at the outset: “We’re here today to request the council to enter into an agreement with the consortium & the Crown to test the feasibility of the consortium’s proposal that Bledisloe Wharf & the basin between Bledisloe & Queen’s Wharves should be transformed into a breathtakingly & beautiful precinct.”

That request was sidelined during the following 90 minutes. After the committee asked its many questions, committee chair Chris Darby linked the proposal to other propositions & the overall need to masterplan that area of the waterfront, thanked the consortium members and they were on their way.

The consortium’s waterfront map.

How the council might meet the feasibility test request – or whether the Government had already agreed to participate – wasn’t discussed.

Like other major infrastructure proposals, such as a ports alliance & moving the port out of town, this one could easily drift out to sea unless the council is prodded more firmly.

Shortly before the session ended, Cllr Ross Clow protested that Cllr Darby appeared to be presupposing the consortium’s proposal would proceed: “What about Eden Park Trust Board coming with their presentation – we do a business case on the status quo?” he asked.

Cllr Darby said the council could integrate some of the ideas being tossed around when it begins its review of the city waterfront masterplan, which at the moment doesn’t include this section of the waterfront: “I’m actually saying there does need to be a plan of our waterfront,” he responded.

“There is a stadium study [withheld from Radio NZ for 5 months, and then released with large sections blacked out] that identifies a preferred location to be then tested against the incumbent, which is Eden Park. That work is clearly identified as work yet to be done.”

Cllr Darby said the council could consider “over the coming weeks” whether it wanted to embark on examining a masterplan for the waterfront right along to the Pt Erin baths.

The Bledisloe precinct & Eden Park redevelopment proposal

In tandem, the proposal for a 50,000-seat stadium sunk to the sea floor at the end of Bledisloe Wharf, with the ability to expand to 65,000 seats, would be combined with redevelopment of the hallowed Eden Park to build an estimated 2500 apartments.

The wharf itself would have an estimated 2500 apartments built on it, plus retail, hospitality, hotels, commercial space & public space.

The proponents presenting yesterday:
Dave Wigmore (The Property Strategists Ltd, overall)
Mike Sage (Simpson Grierson, legal & overall picture)
Richard Goldie (Peddle Thorp, architecture)

  • I’ll post committee questions in a second stadium item later today.

Links:
Livestream of committee agenda item
12 October 2018: Archimedia masterplan proposal for ports area
18 May 2018, Radio NZ on PWC downtown stadium feasibility report: No conclusion on downtown Auckland stadium in $1m report

Earlier story:
19 October 2018: Consortium releases waterfront stadium proposal details

Attribution: Council committee meeting.

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Council votes for plan change to clarify overlay status

Auckland Council will proceed to a plan change to get the weighting it wants between the special character overlay & the underlying residential zoning in the region’s 2-year-old unitary plan.

Image above (part of council map): Special character area overlays – residential, across the centre of the Auckland region, showing Birkenhead, Northcote & Devonport north of the harbour bridge, Ponsonby & southern suburbs, plus Parnell & Remuera on the southern side of the bridge.

The council’s planning department took the view that special character overlays should take precedence over the underlying zoning where the 2 were in conflict.

Council regulatory services director Penny Pirrit & resource consents general manager Ian Smallburn said in a briefing in September the council had sought external legal advice, which supported the council view of precedence, but the Environment Court, in a series of judicial review decisions that started last December, had opted for the conflicting view that the rules as written meant the overlay didn’t prevail over or cancel other rules.

Mr Smallburn said: “The court agreed with the council that the unitary plan rules were not clear, but it disagreed with our approach, ruling that both sets of rules – the special character areas overlay rules & the underlying zoning rules – should be considered equally.”

Notification next month

The council’s Auckland-wide planning manager, Phill Reid, told the planning committee today the intention was to publicly notify the plan change on 6 December, but it might be June next year before hearings are held.

The first step in the consultation process would be to talk to local boards at the chairs forum next week.

The application at the heart of this issue, by the London Pacific Family Trust, is to remodel a residential property at 12 Seymour St, St Marys Bay. An application by the owners of a neighbouring property at 10 Seymour St, Craig & Kym Andersen, to remodel their house was due for hearing on 25 October but has been put on hold. The 10 Seymour St owners have been section 274 witnesses (claiming effect as non-parties) in the 12 Seymour St process.

The review process

At the start of these judicial review proceedings in July 2017, the council told the court neighbours & others who were potentially affected had advised the council they considered its approach to administering the new unitary plan to be unlawful, and that this had caused, and would continue to cause, “prejudice to them in the form of loss of amenity, loss of development rights & consequential financial losses”.

In August, council planners identified 420 consents potentially affected by the overlay/zone conflict. That number has since been reduced to 319. Some have had to reapply for resource consent, and the council has waived those processing fees.

As well as clarifying the overlay’s dominance in sections of the unitary plan on development of buildings & subdivision, council planners want to make the wording in 4 other sections consistent – height:boundary, building coverage & paved & landscaped area, yards, and fences & walls.

Resource consents general manager Ian Smallburn told the committee today the council had about 115 potentially affected consents before it to review and had granted 54 of those.

Emotional element, and effect on neighbours

Waitemata ward councillor Mike Lee.

Mr Smallburn said there was clearly an emotional element on top of the planning confusion, and Cllr Mike Lee, whose Waitemata ward contains most of the affected properties, backed that up: “There is another aspect to this, affected neighbours, who have not been told, who apparently are still not being considered. I have had a number of distraught people asking for help, about buildings next door which are blocking out their view or their light, and nothing is done about it.

“It seems to spotlight another problem with the council’s administration of the unitary plan & Resource Management Act, and that is, we deal with the people who apply for resource consents as our customers and we treat the whole process as some sort of commercial contract between us & the customer.

“But there’s more to it than that. The Resource Management Act is a social contract. It’s not between the council & individuals, it’s between the council & the community, including neighbours, and we seem to have drifted away from that. Section 5 of the Resource Management Act, or the definition of sustainability, has at its heart ‘people & communities’ and, in practice, we just ignore it.”

Cllr Lee said the council’s heritage panel at its last meeting asked for the council to make public all of the affected areas or addresses, “so affected neighbours have some notice of what’s happening to their neighbourhood, and to their property, and to their property values. I would urge the council to do that, otherwise we’re inflicting an injustice on way more than the 423 or the 319 who have been inconvenienced by an invalid process.”

For the moment, at least, Cllr Lee’s points were left unanswered as the committee voted to support the process to a plan change.

Links:
Committee agenda:
9, Auckland unitary plan (operative in part) – proposed plan change – special character areas overlay – residential
Recommendation   
Summary of proposed changes to the special character areas residential overlay

Court decisions:
24 July 2017, council application for declarations
19 December 2017, first interim decision
23 January 2018, second interim decision
15 March 2018, third decision (including declaration)
28 June 2018, costs decision

Earlier story:
12 September 2018: Council wants overlay precedence over zone rules, even after court findings

Attribution: Council committee meeting.

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Whangarei shopping centre & office building sold

The Otaika Shopping Centre in Whangarei (pictured) has been sold in Bayleys’ Total Property auction series, and a Bank St building in the centre of the city has also been sold.

North

Whangarei

38 Bank St:
Features: 144m² central cbd site, 382m² commercial building comprising ground-floor retail space & first-floor offices & storage, full glass frontage to a busy intersection
Outcome: sold with vacant possession for $1.15 million + gst
Agents: Jan Hutcheson & Neil Campbell

Raumanga

Otaika Shopping Centre:
Features: 2799m2 site on State Highway 1 at southern entrance to Whangarei, 1270m2 fully leased convenience retail complex built in the 1960s and expanded in the 1970s with 60 parking spaces; 8 tenancies with 5 10-year leases running until 2027-2028
Rent: $260,534/year net + gst
Outcome: sold at auction for $3.81 million + gst at a 6.84% yield
Agents: John Haselden & Neil Campbell

Attribution: Company release.

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Apartment & townhouse sell, 4 more passed in

Bayleys sold an apartment & a townhouse at its auctions around Auckland last week, and 4 were passed in. The auction of another townhouse was postponed.

Isthmus east

Parnell

18 Brighton Rd, unit 1:
Features: 3-bedroom townhouse, 2 living rooms, 2 bathrooms, deck, parking space, designed by Marshall Cook
Outcome: passed in
Agent: Fleur Denning

Avoncourt, 57 Gladstone Rd, unit 1:
Features: half the top floor, 2 bedrooms, office, 2 living rooms, parking space, lift from carpark
Outcome: sold for $1.64 million
Agent: Fleur Denning

25 Windsor St, unit 4:
Features: 4-bedroom townhouse, 2 living rooms, 2 bathrooms, garage + parking space
Outcome: auction postponed
Agent: Fleur Denning

Remuera

Norfolk Manor, 2 Bassett Rd, unit 7:
Features: 199m² + balconies, terrace, 4-bedroom apartment, 2 living rooms, 2 bathrooms, 2-car basement parking, storage locker
Outgoings: rates $5412/year including gst
Outcome: passed in, back on the market at $2.347 million
Agent: Paul Sissons

Royal Oak

13 Turama Rd, unit 1:
Features: 3-bedroom townhouse, 2 bathrooms, study, 2 parking spaces
Outcome: sold for $1.145 million
Agent: Andrew Rumbles

North-east

Albany

22 Library Lane, unit 7-6-11:
Features: 46.7m² + 4.9m² balcony, one-bedroom apartment completed in September, parking space
Outcome: passed in, back on market at $508,000
Agents: Tina Tang & Ansen Huang

South

Pakuranga

40 Latham Avenue, unit 5:
Features: 2-bedroom unit, carport
Outcome: passed in, back on market at $589,000
Agents: Galina & John Shutkowski

Attribution: Agency release.

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