Archive | CBD

Brewery’s former head office, 2 retail & commercial units sold

Bayleys agents have sold Lion Breweries’ former head office building in Newmarket (more recently known as BUPA House, pictured), a Symonds St retail unit and a commercial unit on The Strand.

CBD

Uptown

105 Symonds St, unit 5:
Features: 69.5mretail unit occupied by Portuguese bakery on 6-year lease, 3 3-year rights of renewal 
Rent: $50,388/year net + gst with 2% annual increases
Outcome: sold for $790,000 at a 6.38% yield
Agents: Millie Liang & Quinn Ngo

Isthmus east

Newmarket

5 Kingdon St:
Features: 1191msite zoned metropolitan centre, 4712m10-level commercial building constructed in the mid-1980s as Lion Breweries’ head office; 6 office levels, ground-floor restaurant, parking for 72 cars over 3 levels accessed off Suiter St; fully leased to 7 tenants & four sub-tenants, weighted average lease term close to 3 years
Rent: $1,485,570/year net + gst
Outcome: sold for $19.75 million at a 7.52% yield to a developer planning to retrofit the building & upgrade office accommodation
Agent: Layne Harwood

Parnell:

77 The Strand, unit D:
Features: 63m2 ground-floor premises in 2-level multi-unit complex, 2 parking spaces; polished concrete floor & high stud with self-contained bathroom
Outcome: sold vacant for $483,000
Agents: Scott Kirk & James Were

Attribution: Agency release.

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Updated: 5 (now 7) of 14 sell at Bayleys’ Auckland commercial auction, 3 of 3 in Tauranga

Published 25 October 2018, updated 29 October 2018 & 13 January 2019:
5 of the 14 properties were sold at Bayleys’ Total Property commercial auction on Wednesday and 5 attracted no bid.

At the agency’s Tauranga auction, all 3 properties were sold under the hammer.

Update 1: One property has been sold post-auction – a takeaway outlet in the Wairau Junction retail centre. The outcomes for 2 of the Auckland properties were transposed – for Ellerslie & Blockhouse Bay – and have been corrected below.

Update 2: The manager’s unit in The Sands apartment complex at Onetangi on Waiheke Island was sold just before Christmas, after attracting no interest at auction.

CBD

Chancery

Chancery Square, 44 Courthouse Lane, unit A206:
Features: 45m² unit leased to property management company
Rent: $33,500/year net + gst + outgoings
Outcome: sold for $380,000 at an 8.82% yield
Agents: Mike Adams & Jean-Paul Smit

Queen St

Mid-City, 239 Queen St, unit 1Y:
Features: m²,
Rent: $27,360/year net + gst, occupied by hair salon, lease term runs to April 2021 with further rights of renewal
Outcome: withdrawn from auction
Agent: Oscar Kuang

Hauraki Gulf islands

Waiheke Island

Onetangi

Updated: The Sands, 141 The Strand, unit 1:
Features: 104m² manager’s unit in the Sands apartment complex
Rent: $28,723/year net + gst + outgoings
Outcome: passed in without a bid at auction in October, sold in December for $525,000 + gst at a 5.47% yield
Agents: Brian Caldwell & Mana Tahapehi

Isthmus east

Ellerslie

Updated: 101 Main Highway, unit 12:
Features: 272m² Asian supermarket at Ellerslie shopping centre, 10 parking spaces
Rent: $60,000/year net + gst, 5-year lease in place with 2 5-year rights of renewal
Outcome: passed in at $800,000 (2 results transposed – originally posted as $2.7 million), sold in November for $820,000 at a 7.32% yield
Agents: Oscar Kuang, Beterly Pan & Nicolas Ching

Onehunga

222 Onehunga Mall:
Features: 273m² site, 2-storey building, seismic rating 75% new building standard, local town centre zoning has 27m height control
Rent: commercial & residential tenants
Outcome: withdrawn from auction
Agent: Oscar Kuang

Parnell

29B Bath St:
Features: 175m² site, 139m² commercial unit, parking space
Rent: $42,000/year net + gst current contract, 2 2-year rights of renewal
Outcome: no bid
Agent: Millie Liang

Isthmus west

Blockhouse Bay

Updated: 35 Margate Rd, flats 1-6:
Features: 2497m² site, 6 2-bedroom residential units, each of about 55m² & on separate titles, parking space each, offered in one package
Rent: $200,000/year net + gst from 2-year lease
Outcome: passed in at $2.7 million (2 results transposed – originally posted as $800,000)
Agents: Quinn Ngo, Matt Lee & James Chan

Eden Terrace

1 Exmouth St:
Features: 665m² vacant section on Newton Rd corner, leased to Wilson Parking, mixed use zoning
Rent: $21,495/year net + gst, early termination clause
Outcome: withdrawn from auction
Agents: Owen Ding, James Chan & Jarrod Qin

Pt Chevalier

1110 Great North Rd, unit D:
Features: 345m², town centre fruit & vegetable shop + parking, leased to PTC Fresh NZ for 5 years from December 2016 with 2 5-year rights of renewal
Rent: $108,312/year net + gst
Outcome: sold for $1.55 million at a 6.99% yield
Agents: Nicolas Ching, Quinn Ngo & James Chan

350 Pt Chevalier Rd:
Features: 696m² site zoned business – neighbourhood centre, housed greengrocery for over 50 years
Outcome: sold with vacant possession for $1.87 million at a land value of $2686/m²
Agents: John Procter, Alan Elliott & Cameron Melhuish

North-east

Orewa

Tamariki Plaza, 1-19 Cammish Lane, unit J:
Features: vacant 190m² commercial unit, one parking space + share of 35 parking spaces
Outcome: passed in at $700,000
Agents: Mustan Bagasra

Rosedale

101 Apollo Drive, unit D:
Features: vacant 120m² ground-floor office unit, 4 parking spaces
Outcome: auction postponed
Agents: Tonia Robertson & Jane McKee

Rosedale Retail Centre, 94 Rosedale Rd, unit 2:
Features: 73m² shop at entrance to zero-vacancy retail centre
Rent: $37,520/year net + gst + outgoings
Outcome: sold prior
Agents: Eddie Zhong, Steven Liu & Meng He

Wairau Valley

18 Ashfield Rd, unit D:
Features: industrial unit, 110m² ground floor, 30m² storage above, monthly tenancy
Outcome: sold for $440,000
Agents: Trevor Duffin & James Yu

65-71 Porana Rd, unit E:
Features: 133m² unit occupied by Hollywood bakery
Rent: $55,000/year net + gst + opex, new 6-year lease
Outcome: auction postponed
Agents: Adam Curtis, Damian Stephen & Steven Liu

Updated: Wairau Junction, 162-178 Wairau Rd, unit 7:
Features: 45m² kebab outlet
Rent: $30,600/year net + gst + outgoings
Outcome: passed in at $500,000, sold post-auction for $550,000 at a 5.56% yield
Agents: Andrew Lin & Ranjan Unka

North-west

Henderson

192 Universal Drive, unit A1:
Features: 756m², corner store in Lincoln North Shopping Centre, 7-year lease to Super Cheap Auto NZ from July 2016, annual fixed 3% rental increases & one 5-year right of renewal
Rent: $225,221/year net + gst, 3% annual increases
Outcome: sold for $3.93 million at a 5.73% yield
Agents: Matt Lee, James Chan, Quinn Ngo, Terry Kim & David Han

South

Clendon Park

439 Roscommon Rd, unit 2:
Features: 97m² retail unit, tenant Clendon Foodmarket
Rent: $41,600/year net + gst, 6-year lease from 2015
Outcome: no bid
Agents: Matt Lee, Quinn Ngo & Piyush Kumar

439 Roscommon Rd, unit 3:
Features: 97m² retail unit, tenant Crown Liquor
Rent: $43,201/year net + gst, 4-year lease from 2016, rights of renewal
Outcome: no bid
Agents: Matt Lee, Quinn Ngo & Piyush Kumar

South of the Bombays

Bay of Plenty

Bethlehem

272A State Highway 2:
Features: 809m² site, 305m² 2-level commercial building, anchor ground-floor pharmacy tenancy, smaller dental tenancy above on leases renewed until 2021 plus further renewals
Rent: $62,730/year net + gst
Outcome: sold for $1.26 million at a 4.98% yield
Agent: Myles Addington

Judea

66 Koromiko St:
Features: 2536m² industrial site, 1519m² standalone building comprising 1123m² of warehouse & workshop space, 4 large roller doors; the balance 2 levels of offices, showroom, storage & amenities; tenant Paramount Stainless has recently renewed for the next 3 years with one final right of renewal to 2024
Rent: $122,000/year net + gst
Outcome: sold for $1.8 million at a 6.78% yield
Agent: Graeme Coleman

Tauranga:

199, 207 & 213 Cameron Rd:
Features: 2192m² redevelopment site zoned city centre, allowing 19m² building height, next to central fire station on main arterial, car dealers have operated from site since the early 1970s, 2 tenancies expiring in August 2020
Rent: $190,715/year net + gst
Outcome: sold for $6.25 million + gst at a 3.05% yield, land value $2851/m²
Agents: Lloyd Davidson & Laura Taylor

Coromandel

Thames

517 Pollen St:
Features: 1521m² site, 1410m² building occupied by multiple tenants including NZ Post Ltd on long-term lease, 16 parking spaces
Rent: $107,717.53/year net + gst, multiple tenants
Outcome: no bid
Agents: Millie Liang & Josh Smith

Attribution: Agency release.

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Spencer & Zest apartments sell

2 apartments in the Spencer on Byron (pictured) & Zest were sold at Ray White City Apartments’ final auction for the year yesterday.

No bid was made for a unit in the leasehold Docks complex, where owners are progressing a leaky building claim & remedial work. The top bid for the fourth property up for auction, a house at Greenhithe, went on an offer contract.

The agency will resume its auctions on 24 January.

CBD

Quay Park

The Docks, 4 Dockside Lane, unit 311:
Features: leasehold, 74m², 2-bedroom corner apartment, balcony, parking space; the building has leaky issues and the buyer waives any right of recovery against the vendor; the buyer will be liable for any further levies
Outgoings: rates $1904/year including gst; body corp levy $18,586/year including gst, which includes ground rent of $11,785/year
Income assessment: $660/week until August
Outcome: no bid
Agent: Victor Liu

Victoria Quarter

Zest, 72 Nelson St, unit 627:
Features: 37m², 2 bedrooms, parking space
Outgoings: rates $1265/year including gst; body corp levy $4901/year including gst
Income assessment: unit $400/week until February, park $65/week until April
Outcome: sold for $380,000
Agent: Victor Liu

North-east

Greenhithe

1 Northbrook Close:
Features: 505m² section, 176m² house, 4 bedrooms, 2 bathrooms, double garage + offstreet space
Outgoings: rates $2694/year including gst
Outcome: passed in with offer on contract at $1.01 million
Agents: Zoran Farac & Marco Sahar

Takapuna

Spencer on Byron, 9-17 Byron Avenue, unit 1008:
Features: 48m², one bedroom with French doors to balcony, parking space
Outgoings: rates $5391/year including gst; body corp levy $3874/year including gst
Outcome: sold for $336,000 + gst
Agents: Gillian Gibson & James Mairs

Attribution: Auction.

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Precinct secures tenants for Wynyard & 1 Queen St

Precinct Properties NZ Ltd has secured the Media Design School as a tenant in its 10 Madden St development in the Wynyard Quarter, and law firm Bell Gully in the refurbished 1 Queen St, which will be incorporated into the Commercial Bay precinct.

The Media Design School will occupy 4760m² in 10 Madden St on a 15-year lease term. As announced in November, Precinct committed to stage 2 in the Wynyard Quarter on an uncommitted basis. Chief executive Scott Pritchard said yesterday the Media Design School lease took leasing commitment to 60% of the project’s office area.

He added: “The addition of the Media Design School to our Innovation Precinct is significant and demonstrates the momentum that’s underway to create a vital new creative community. We believe Wynyard Quarter will be on a par with leading international innovation precincts and, having secured one of the world’s leading design & digital tertiary institutions, is a huge advance.”

The building, scheduled for completion at the end of 2020, will have a total net lettable area of 8290m². Mr Pritchard said that, once fully leased, the project should generate a yield on cost in excess of 7.0%.

At 1 Queen St, Mr Pritchard said Bell Gully had committed unconditionally to about 3800m² of office space. The law firm has been a tenant of the Vero Centre on Shortland St for 18 years.

Mr Pritchard said the 1 Queen St project was 76% precommitted following the previously announced commitment by InterContinental Hotels Group to 11 levels of the building: “We are delighted to have secured leading law firm Bell Gully at 1 Queen St, 3 years ahead of practical completion. Securing this commitment from outside our existing portfolio is a great result and illustrates the quality of the Commercial Bay precinct.”

Attribution: Precinct release.

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Law firm says it’s leaving Vero Centre, not saying exactly when

Law firm Bell Gully has told its Auckland landlord, Kiwi Property Group Ltd, it will vacate its premises in the Vero Centre on Shortland St between the 2023-25 financial years.

Separately, Precinct Properties NZ Ltd said Bell Gully would move to its 1 Queen St office tower, which is to be refurbished over the next 3 years. It will have a hotel on the lower 11 floors, offices above, and now has 76% precommitment.

Bell Gully hasn’t determined exactly when it will leave. The firm has been a Vero Centre tenant since the building opened 18 years ago. It currently occupies 5912m² on 5 floors.

Kiwi Property chief executive Clive Mackenzie said: “We wish Bell Gully every success in their onward journey. While we are disappointed to see the firm leave, the advance notice by Bell Gully provides us with sufficient time to begin discussions with prospective tenants.”

The Vero Centre is 94% occupied, with a weighted average lease term of 7.0 years. Kiwi Property’s whole office portfolio has 98% occupancy and a portfolio weighted average lease term of 10.0 years.

Attribution: Kiwi Property & Precinct Properties releases.

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Self-drive, the catalyst for monumental transformation

I read a US newsletter at the weekend that looked at change resulting from self-driving electric cars, but not just about the vehicles themselves. In this commentary, I take the possibilities further.

My conclusion: Change is not going to happen overnight, but it will be rapid, it will change how you regard your personal convenience and it will wring fundamental changes in property use, and therefore in property ownership, tenancy, value, design.

While you work through the questions & issues below, keep in mind that common use of land-based self-driving electric vehicles might become historic almost before it becomes common.

First, the questions:

Will you own a car – or, in families, multiple cars?

Will you expect to drive to work, as you do now?

Where will you park?

Who will provide that parking?

How do you shop? Mostly, weekly at the supermarket?

Do you use your car for lazy storage?

Do you use storage, music up loud, door-to-door as your excuses for an aversion to public transport?

How might pricing of vehicle ownership, journeys & parking change, and how might public transport be transformed?

Why own for minimal use when you can summons a vehicle at will, to take you door-to-door if necessary?

Now go through some answers:

While you might maintain that you need your car, most decisions of that nature have never really been yours to make.

The people who created mass production of cars were able to do so based on pricing low enough for widespread ownership. But think back to New Zealand’s brief era of carless days, when your vehicle had to be off the road for a stipulated one day/week, which roughly coincided with the start of mass importing of second-hand cars from Japan. Suddenly, from the inconvenience of having to travel by public transport occasionally, New Zealand was awash with cheap cars. You could go where you wanted, whenever you wanted.

Except, it’s reached the point that you can’t quite go whenever you want, because congestion has reached such a level that your journey becomes much slower. In response you look at passengers passing you in the bus lane and ponder joining them, or you drive to work in the dark.

In Auckland, if you cross the harbour bridge in peak traffic, you can see maybe 10 people near you – one per vehicle, all forced by congestion to travel slowly.

Parking made harder

The era of Uber is upon us – and the suggestion is that the Uber will lose its driver too. Pricing will dictate whether you travel as a solitary occupant in a car, or multiple. Either way, you will be taken from your door to your ultimate destination, or perhaps to a conveyance which carries more people.

Your own car will sit in its garage, and soon you will figure you don’t need it. One reason will be that you can order up a vehicle to suit your travel purpose – if you have more luggage, a bigger vehicle; travelling to the supermarket you don’t need space, but travelling home you do. Or perhaps you do all that shopping onscreen, without going anywhere.

You may see those possibilities as pure & unlikely conjecture until you consider the next point: the decision won’t be yours.

The next stage in your decision on how to get to a fixed place of work will occur when your employer, or the building owner, decides you don’t need a parking space because self-drives & public transport eliminate the need. Parked cars which do nothing but sit, waiting for you to come back in 8 hours, are a very large expense. The building owner will convert that parking space to other uses, especially if it becomes harder to fill every space.

Then, the road maintenance equation

It occurs to you that your journey could be much faster because there’s less competition on the road… Except, who pays for that road’s existence & maintenance? The motorist, the local council & the Government do – the motorist via taxes & levies, the council via rates & perhaps fuel taxes & targeted rates, the Government via those taxes & levies.

If there are fewer users, or use is far more efficient courtesy of the self-drive & decline of private ownership, government & council will pursue ways to lower their costs. And when they discover less road surface is needed, or they can get away with providing less, they will reduce maintenance. Much like Auckland Council’s decision not to mow the berm outside your house anymore, authorities will see the way clear to trim road surfaces based on saving money – 4 lanes back to 2 and, within suburbs, 2 back to a single lane.

This can happen because there will be fewer parked cars, and eventually none, the self-drives will be able to negotiate a single lane, and.. well, you’ll have even more berm to mow. The road surface that remains will be a coarser, cheaper product next time it’s laid, the maintained suburban road surface can be shrunk, and arterials – even motorways – probably can too.

You’ll turn your garage over to storage, or another bedroom, or a games room or home office.

The city end of the equation

Your decision on how to travel will be driven by external imperatives – council maintenance costs, shifts in tax spending, reduced provision of parking. Many of the parking lots around the inner city have existed because of property development downturns. The bungy site on Victoria St, right in the heart of the city, is vacant because the 1987 property & sharemarket crashes killed development plans, and more recent plans there have been more grandiose than real.

Feeding on to Victoria St East, the exit from the council’s Victoria St parking building is briefly on to High St – which is a popular nominee as one of the streets for a council project to trial more car-free areas. The council’s Downtown parking building has been considered for a number of years as a high value development proposition. Changes such as those would be dramatic, but no longer whimsical once self-drive vehicles start to appear.

Now to city occupants, and then to fringe centres

Offices & apartments without parking provided will become the norm, and those old basement parking floors will lose that value. Owners will look to new uses in old buildings and design parking out of new buildings. In the old buildings that will be an interesting exercise, because in many of them the ceilings will be too low. It will take ingenuity to find economic solutions.

For the individual, you’ve lost your parking floor in the office building, and all the other parking floors & parking buildings are being converted. You will be forced to seek other travel options – bus & train for distance or, as we’re starting to see, bike or scooter for shorter journeys.

But not everybody works in a central city office or shop. Suburban work centres are likely to face the same pressures for change, and industrial precincts might too. Think, as a property owner, what you can do with the space occupied by 30 or 50 employees’ cars. Tenants, especially in outlying areas, pay low rent for parking. Building them out will provide a better return.

Other consequences

If you accept that these kinds of change are not just on their way sometime, but more likely imminent – perhaps within a decade – you can turn your mind to other consequences.

Fewer cars, fewer motor mechanics, a whole sector of insurance becomes redundant. Car sale yards & car loans will be history. Tradies will become lords of the road, but their costs will also rise through higher contributions for upkeep. Delivery vans will have a bigger role.

Just the change from oil to electric is a revolution in itself. The oil industry has held sway for a century, but its decline will be swift if battery-operated travel can prove efficient, practical & cheap. That will ring in momentous change in international affairs, in economic relationships, in degrees of political power. Revolutions in self-drive & public transport will force local change.

Real or unreal? We don’t know yet. What we do know is that if change like this is catapaulted into our lives, it pays to start thinking of options early.

Attribution: Comment.

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St Marks apartment sells

One apartment was sold at Bayleys auctions last week out of 4 on offer.

CBD

Quay Park

Hudson Brown, 57 Mahuhu Crescent, unit 417:
Features: leasehold, 84m², 2-level 2-bedroom apartment, parking space, storage locker
Outgoings: rates $1808/year including gst
Income assessment: $650/week-plus
Outcome: passed in
Agents: Habeeb Urrahman, Steve Kirk & Chris Cairns

Isthmus east

Epsom

The Ivory, 10 Lion Place, unit 504:
Features: 2 bedrooms, 2 bathrooms, balcony, parking space
Outcome: passed in, back on market at $899,000
Agents: Grace Lee & Eric Cher

Remuera

St Marks, 10 St Marks Rd, unit 202:
Features: 124m², 2 bedrooms, 2 bathrooms, 2.9m-high stud, 2 parking spaces
Outcome: sold for $1.925 million
Agents: Karen Spires & Trisha Vincent

96 Upland Rd, unit 2E:
Features: 3 bedrooms, 2 bathrooms, 2 covered + 2 offstreet parking spaces
Outcome: passed in
Agents: Warren Fenning & Louise De Martin

Attribution: Agency release.

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Updated: Bayleys year-end auction series yields $25.6 million from 14 sales

Published 7 December 2018, updated 14 December 2018:
Bayleys sold 11 properties for $21.6 million at its final Total Property commercial auction in Auckland on Wednesday. A Newmarket property has since been sold.

One property auctioned at the agency’s East Tamaki office on Tuesday added $2.3 million and 2 auctions brought forward to November added $1.7 million to the return, for a total $25.6 million.

The first 2 properties auctioned on Wednesday, both small premises in prominent spots in tightly held eastern suburbs neighbourhoods, were sold on yields of 3.6% (St Heliers, pictured above) & 4.7% (Remuera).

CBD

Learning Quarter

26 Airedale St:
Features: 220m² site, 2-level 364m² building, seismic rating 50% new building standard, concept plan available for 17-storey 68-unit apartment building
Rent: $139,00/year gross + gst
Outcome: no bid
Agents: Owen Ding & Sarah Liu

Isthmus east

Newmarket

Updated: 375-389 Khyber Pass Rd, unit 7:
Features: 88m² retail unit occupied by Hair Design salon on a new lease from October, 2 parking spaces 
Rent: $36,000/year gross + gst
Outcome: passed in at $510,000, sold post-auction for $551,000 at a 6.53% yield
Agents: Quinn Ngo & Matt Lee

Onehunga

155 Neilson St:
Features: 980m² site zoned heavy industrial, 625m² warehouse, office & showroom, 2 tenants 
Rent: $91,811.38/year net + gst
Outcome: sold for $1.75 million at a 5.25% yield
Agents: James Hill, James Valintine, Sunil Bhana, Amy Weng & Tony Chaudhary

3 Pukemiro St:
Features: 556m² site, 390m² industrial building – clearspan warehouse, office & amenities, seismic rating 70% new building standard 
Outcome: sold with vacant possession for $1.15 million
Agents: William Gubb & James Valintine

Parnell

11A Cheshire St:
Features: 1031m² development site next to the new Parnell train station, resource & building consents in place for a 6-level apartment complex
Outcome: withdrawn from auction
Agents: Owen Ding & James Chan

Remuera

371-373 Remuera Rd:
Features: 229m² site, 598m² 3-level 1970s building zoned town centre, café & bar lease of 319m² of ground floor & basement space runs until mid-2023, with 2 6-year rights of renewal, balance of retail space & upper-level office premises occupied by 2 other tenants
Rent: $201,434/year net + gst
Outcome: sold for $4.325 million at a 4.66% yield
Agents: Alan Haydock, Damien Bullick, Andrew Wallace & Quinn Ngo

St Heliers

413 Tamaki Drive:
Features: 235m² site zoned local centre, 288m² 2-level building, opposite St Heliers Beach & near St Heliers Bay Rd intersection, 2 tenants on 10-year leases which both run until 2022 with no rights of renewal
Rent: $169,145/year net + gst
Outcome: sold for $4.71 million at a 3.59% yield
Agents: Cameron Melhuish, Andrew Wallace & James Chan

Isthmus west

Avondale

6C Wingate St:
Features: 80m² middle unit in modern retail block in town centre with access also from Great North Rd 
Rent: $47,000/year net + gst + outgoings on new 9-year lease to Domino’s Pizza NZ Ltd
Outcome: sold for $960,000 at a 4.9% yield
Agents: Janak Darji, Tony Chaudhary & Mike Bradshaw

Freemans Bay

27 Hargreaves St:
Features: 304m² site zoned mixed use, 318m² renovated character office building, 30m² deck
Rent: $171,160/year net + gst on new 6-year lease to Studio South Ltd from March 2018, 2 3-year rights of renewal
Outcome: sold shortly after auction for $3.25 million at a 5.27% yield
Agents: Damien Bullick, Alan Haydock & Mike Adams

3 Margaret St, unit 4:
Features: 53m² ground level commercial unit leased to lawyer Susan Kingston, 2 parking spaces, zoned business town centre
Rent: $27,000/year net + gst
Outcome: sold for $620,000 at a 4.35% yield
Agents: Stuart Bode, Mike Bradshaw & Mike Adams

North-east

Orewa

2 Hillary Square:
Features: 586m² site, 648m² floor area, tenants ANZ Bank and KiwiBank/NZ Post
Rent: $262,316/year net + gst
Outcome: passed in at $4.5 million
Agents: Mustan Bagasra, Nicolas Ching & James Chan

Rosedale

63 Arrenway Drive, unit 5:
Features: 118m² industrial unit, 2 parking spaces 
Outcome: no bid
Agents: Meng He, Ian Waddams & Steven Liu

5 Ceres Court, unit 2G:
Features: 155m², first floor office unit, 5 exclusive parking spaces
Rent: $45,000.00/year net + gst + outgoings
Outcome: auction postponed
Agents: Tonia Robertson & Caroline McNaught

Silverdale

28 Anvil Rd, unit 1:
Features: 246m² industrial unit, 5 parking spaces
Outcome: sold with vacant possession for $750,000
Agents: Matt Mimmack & Rosemary Wakeman

South

Manurewa

327 Great South Rd:
Features: 3288m² yard used as car yard, zoned business light industrial 
Outcome: no bid
Agents: Piyush Kumar & Peter Migounoff

39B Holmes Rd:
Features: half share of 1182m² site, 382m² workshop + parking & yard, tenant of 15 years now on monthly lease
Rent: holding income of $39,000/year net + gst + outgoings
Outcome: sold for $771,000 at a 5.1% yield
Agents: Peter Migounoff & Piyush Kumar

Pakuranga, Highland Park

5 Aviemore Drive, unit 1:
Features: 135m² Domino’s pizza outlet in 10-unit development completed in 2006   
Rent: $63,296/year net + gst + outgoings
Outcome: sold for $1.305 million at a 4.85% yield
Agents: Amy Weng, Tony Chaudhary & Janak Darji

Pukekohe

44-48 King St:
Features: 841m² site, 381m² building, 12 parking spaces at rear
Rent: $111,349/year net + gst + outgoings, pharmacy & Dollar World shops on 3- & 4-year leases
Outcome: sold for $2.005 million at a 5.55% yield
Agents: Shane Snijder & Graeme Moore

South of the Bombays

Wellington

Rydges Hotel, 75 Featherston St, units 422 & 1317:
Features: 2 28m² hotel units, leased to Rydges Hotel until 2033
Rent: unit 422 $19,371/year including gst, unit 1317 $30,244/year including gst
Outcome: withdrawn from auction but still for sale
Agents: Nick Thompson & Jim Wana

Earlier stories:
5 December 2018: East Tamaki sale starts last Bayleys commercial auction for year, 2 other sales in Airport Oaks & Orewa
25 November 2018 (another East Tamaki auction brought forward, 22 Polaris Place): 9 business park units sold
23 November 2018: Rosedale unit sold at auction brought forward

Attribution: Auctions.

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Hereford Residences apartment passed in

An upper-level apartment in the Hereford Residences was passed in at City Sales’ auction on Wednesday.

Tawera Group’s conversion of the former Telecom office tower just off Karangahape Rd to apartments, and the addition of 4 levels, was completed last year.

CBD

Uptown

Hereford Residences, 8 Hereford St, unit 1508:
Features: 115m², 2 bedrooms, 2 bathrooms with underfloor heating, study, ducted air supply, deck, pet-friendly, 2 parking spaces
Outgoings: rates $3742/year including gst; body corp levy $6339/year including gst
Outcome: passed in at $1.415 million
Agents: Trisha Shanaghan& Gus Argyle

Attribution: Auction.

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Newton PO building among 6 sales

The former Newton Post Office building on Karangahape Rd, home to the Artspace NZ gallery, is among 6 sales by Bayleys agents at the top of the cbd and in Mt Eden, Newmarket & Parnell.

CBD

Uptown

292-300 Karangahape Rd:
Features: 934msite zoned city centre on corner of East St, 2-level 1288mformer Newton Post Office building, designed in the early 1970s by architect Ron Sang, seismic assessment 71% new building standard; partially leased to 2 tenants plus 422mof vacant ground level & basement space formerly occupied by NZ Post
Rent: $136,009/year net + gst
Outcome: sold for $6.05 million
Agents: Alan Haydock & Cameron Melhuish

Isthmus east

Newmarket

Rialto Shopping Centre, 153 Broadway, unit 5N:
Features: 38m2 retail premises on level 2
Outcome: sold vacant for $149,000
Agents: Beterly Pan & Nicolas Ching

Parnell

15 Bath St:
Features: 375mcorner site zoned mixed use (height limit 21m), 538m3-level commercial building constructed in the early 1980s providing showroom & office, basement parking for 13 cars; seismic assessment 100% new building standard, fully leased to 2 tenants
Rent: $224,657/year net + gst
Outcome: sold for $4.35 million at a 5.16% yield
Agents: Alan Haydock & Damien Bullick

Isthmus west

Mt Eden

Zone 23, 23 Edwin St, unit  G11:
Features: 169mground floor office unit, streetfront profile, 5 parking spaces
Outcome: sold vacant for $1.1 million
Agents: James Were & Scott Kirk

40 George St:
Features: 446msite zoned mixed use, 716m1980s building offering a combination of warehouse,showroom & office plus a 2-bedroom apartment; partly leased for a further 2 years with no renewal rights
Rent: $40,365/year net + gst
Outcome: sold for $2.75 million
Agents: Scott Kirk, James Were & Genevieve Thompson-Ford

471 Mt Eden Rd:
Features: 273mcorner site zoned mixed use, 113.5m² single-level retail premises, 6 parking spaces; short-term tenancy to a furniture store provides holding income 
Outcome: sold for $2.1 million
Agents: Tony Chaudhary, Janak Darji, Amy Weng & Phil  Haydock

Attribution: Agency release.

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