Archive | Federal St

Streetscape treatment clinches Federal St tower design choice

Melbourne-based developer ICD Property has selected a design by Woods Bagot, also of Melbourne, in partnership with local firm Peddle Thorp, for a 180m, $200 million apartment & hotel tower to rise on the site of the Federal St carpark in central Auckland.

ICD ran a design competition among 5 firms – London-based Zaha Hadid, locals Warren & Mahoney and international firms Woods Bagot, Cox Architecture and Elenberg Fraser – asking them to create 2 designs, one following current city planning rules and the other showcasing what could be built with generous planning regulations & a primary focus on design excellence.

Woods Bagot teamed up with Peddle Thorp, Zaha Hadid & Cox Architecture with Opus, and Elenberg Fraser with Jasmax.

The chosen design is a 48-level tower about 180m tall, containing 226 apartments, a 233-room 5-star hotel, a ground-floor market place for vendors to sell local produce through to eateries & bars, and a rooftop zen garden. ICD expects to complete it by about 2022.

The Federal St carpark, half a block from the SkyTower.

ICD bought the parking building at 65 Federal St, corner of Kingston St, from SkyCity Entertainment Group Ltd in May for $40 million. For a 1641m² site, that works out at $24,375/m². When the sale went through in May, Colliers capital markets national director Peter Herdson said high profile apartment & hotel development sites in the cbd had sold for $20-22,500/m².

The existing parking building has 427 spaces on 7 levels, & total floorspace of 11,487m². The sale price equated to $93,677/parking space.

Casino, hotel & conventions operator SkyCity has been using the building for staff parking, but that will move to the NZ International Convention Centre under construction between Hobson & Nelson Sts.

The new tower will stand half a block from the 237m-tall SkyTower.

Streetscape defines city character

The new tower’s ground-floor design.

Woods Bagot principal & design leader Peter Miglis said: “We know that the skyline defines a city’s identity, yet it is the streets – where people inhabit the city – that define its character. So, understanding the future vision for Auckland was important when designing the building’s lower level.

“Through Federal St’s transformation into a pedestrian laneway, it has the potential to become a public destination, like a town square or public plaza, and that’s very much what we had in mind with the idea of a market place where local produce is on sale alongside restaurants & cafes.”

Local architect, urban designer & Save Our Harbour campaigner Julie Stout, who was on the selection panel, said the design would greatly enhance Auckland’s skyline, but the detail & thought put into the lower levels of the tower was key: “The most elegant thing that Woods Bagot & Peddle Thorp did was address the street. They created a very active urban people space and populated it with everyday activities like eating, shopping & a market-type environment.

“This area of Auckland is going to see exponential growth in the next 10 years with the convention centre, more hotels in SkyCity and the city rail link being finished. There is going to be a flood of people into that area, Federal St will be a terrific laneway street and this building will create an interesting community building.”

Links: ICD Federal St website
Video of 65 Federal St

Earlier story:
10 May 2018: Melbourne developer buys Federal St carpark

Attribution: Company release.

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Remuera & Mt Albert units sell at auctions

An apartment in a gated Remuera development and a Mt Albert unit sold at Bayleys auctions last week. Another 3 units and a Karaka lifestyle or development block were passed in.

CBD

Federal St

The Federal, 207 Federal St, unit 1008:
Features: 2-bedroom apartment
Outgoings: rates $1575/year including gst
Outcome: passed in, back on market at $569,000
Agents: Lucy Piatov & Chris Bell

Isthmus east

Remuera

3 Laxon Terrace, apartment O:
Features: 71m², 2-level townhouse in secure gated development, 2 bedrooms, deck & balcony, double garage
Outgoings: rates $2014/year including gst; body corp levy $2272/year after early payment discount
Outcome: sold for $830,000
Agents: Paul Sissons & Harry Cheng

Broadway Park, Ascot, 8 Middleton Rd, unit G02:
Features: 142m² apartment in pet-friendly complex, 2 bedrooms, 2 bathrooms, secure basement parking space
Outgoings: rates $3355/year including gst; body corp levies $6152/year (Broadway), $2206/year (Ascot)
Outcome: passed in
Agent: Paul Sissons

Isthmus west

Mt Albert

69F Woodward Rd:
Features: 2-bedroom 1970s solid concrete, ground-floor end unit, garden, 2 parking spaces
Outcome: sold for $581,000
Agents: Clive Lay & Kalala Bowden

North-east

Milford

2 Argyle Terrace, unit 4:
Features: 2 bedrooms, garage + second parking space
Outcome: passed in
Agent: Joan Barton

South

Karaka

75 Whangapouri Rd:
Features: 9.5ha site fenced into 7 paddocks, in area of lifestyle homes & new subdivisions
Outcome: passed in
Agents: Shane Snijder, Kristina Liu & Peter Sullivan

Attribution: Agency release.

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4 apartments sell at auction

Published 7 September 2018
4 of the 7 apartments auctioned at Ray White City Apartments yesterday were sold under the hammer.

CBD

Federal St

Federal City Apartments, 207 Federal St, unit 402:
Features: 61m², fully furnished 2 bedrooms, balcony
Outgoings: rates $1478/year including gst; body corp levy $5109/year
Income assessment: $580-600/week furnished
Outcome: passed in at $507,000
Agents: May Ma & Mark Li

Quay Park

The Docks, 6 Dockside Lane, unit 318:
Features: leasehold, 65m², 2 bedrooms, parking space
Outgoings: rates $1769/year including gst; body corp levy $9287/year after 10% discount for payment by due date, including $4487/year ground rent
Income assessment: $600/week current
Outcome: sold for $178,000
Agent: Victor Liu

Uptown

Kiwi on Queen, 421 Queen St, unit 514:
Features: 52m², 4 bedrooms
Outgoings: rates $1478/year including gst; body corp levy $5789/year after 10% discount for payment by due date
Income assessment: $650/week
Outcome: sold for $486,000
Agent: Victor Liu

Victoria Quarter

88 Cook St, unit 32:
Features: 175m², 4 bedrooms + flexi-room, 2 bathrooms, 2 parking spaces
Outgoings: rates $2113/year including gst; body corp levy $3367/year
Outcome: no bid
Agent: Victor Liu

Marina Park, 146 Fanshawe St, unit 51:
Features: 51m², 2 bedrooms, tandem parking, reclad & new code compliance certificate issued in 2012
Outgoings: rates $1660/year including gst; body corp levy $3523/year after 10% discount for payment by due date
Income assessment: $490/week current
Outcome: sold for $516,000
Agent: Victor Liu

Zest, 72 Nelson St, unit 1203:
Features: 37m², 2 bedrooms, parking space
Outgoings: rates $1304/year including gst; body corp levy $4285/year
Income assessment: $450/week current, sold with vacant possession
Outcome: sold for $368,500
Agent: Victor Liu

Wynyard Quarter

Stratis, Lighter Quay, 83 Halsey St, unit 608:
Features: leasehold, 101m² on top floor, furnished 3 bedrooms, 2 bathrooms, 2 parking spaces
Outgoings: rates $2989/year including gst; body corp levy $54,660/year
Outcome: passed in after sole bid at $700,000
Agent: Damian Piggin

Attribution: Auction.

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$90,000 gains in 3 years on 2 apartments at auction

2 apartments auctioned at Barfoot & Thompson today sold for $90,000 more, or just over that, than they sold for 3 years ago. Both were previously auctioned in August 2015. Prices peaked towards the end of 2016 and the auction market has been slower since then.

A unit at 207 Federal St went for $93,500 more, and a Quay Regency unit on Quay St (pictured) went for $90,000 more. The Quay St unit also requires joinery maintenance.

CBD

Federal St

The Federal, 207 Federal St, unit 701:
Features: 61m², 2-bedroom corner unit
Outgoings: body corp levy $5542/year
Income assessment: $580/week until 11 September
Outcome: sold for $567,500; sold in August 2015 for $473,000, and in May 2006 for $396,000
Agents: Annie Xu & Sean Zhang

Waterfront

Quay Regency Apartments, 148 Quay St, unit 7F:
Features: furnished one bedroom, joinery repairs required
Outgoings: body corp levy $4786/year
Outcome: sold for $582,000; sold in August 2015 for $492,000
Agent: Estee Zeng

Attribution: Auction, files.

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Updated: Fisher sells 22 Fanshawe St to Conrad

Published 17 June 2018, updated 20 June 2018:
Fisher Funds Management Ltd has sold the GroupM Building, at 22 Fanshawe St & the foot of Federal St in downtown Auckland, to the Conrad Properties Group Ltd for $50 million. Settlement is due on 30 November.

Update: The land size and Conrad’s stated intention have been added, and floorspace total corrected.

Harold McCracken of Savills brokered the transaction. The buyer, Conrad, is primarily an apartment tower developer but intends to hold the building as a long-term investment. It has Union & Co on Union St under construction at the top of the cbd, Queens Square under construction on Queen St just above Mayoral Drive, and has recently completed Park Residences between St Patrick’s Square & Albert St, and Victoria Residences across the street from the SkyCity casino.

The GroupM building, constructed on the 1283m² site in 1987 and originally occupied by law firm Kensington Swan, has a ground-floor café, column-free 610m² floorplates on 9 of the 11 office levels and slightly smaller floorplates on the top 2 floors, for a total 7796m². It has 51 parking spaces on 2 basement levels plus 15 at ground.

Advertising, marketing & media investment company GroupM Ltd signed a 5-year lease in October 2015 on 1200m² of the completely refurbished building, including naming & signage rights.

The building has been held by the Fisher Institutional Property Fund since Fisher Funds Management acquired Tower Investments Ltd from insurance company Tower Ltd in 2013.

Brent Buchanan.

Fisher Funds head of direct property, Brent Buchanan, said the funds manager had been steadily repositioning its $435 million retail, office & industrial portfolio to cater for growing demand in property assets from KiwiSaver & other investors. In the last year it’s completed over $30 million of development on existing assets and it’s investing another $80 million into its retail portfolio, particularly at Bayfair Shopping Centre in Mt Maunganui & Merivale Mall in Christchurch.

Mr Buchanan said the sale was “a continuation of the fund’s strategy to recycle capital out of older assets, and reweight the portfolio towards the industrial & retail sectors. With continuing Kiwisaver inflows, the fund is seeking to grow its investment portfolio”.

The Fisher Funds Institutional Fund has delivered an unleveraged total return of 11.78%/year over the last 5 years. “We are building on our successful track record with a major development programme and with capital to deploy in new opportunities. This is an exciting time for the fund.”

Earlier story:
2 November 2015: GroupM gets naming rights on 22 Fanshawe

Attribution: Company release, leasing brochure.

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City apartments sell in $9-10,000/m² range at auction

An apartment on St Patrick’s Square (building pictured) and another at the top of the Auckland cbd, in Scotia Place, sold under the hammer at Ray White City Apartments’ auction yesterday. 3 others were passed in at an auction which attracted multiple bidders on 2 properties, none on another.

Assuming a 5% return on current parking price, the 1950s Madison on the Square apartment – across the square from the brand-new Park Residences – was priced at about $9750/m².

At the top of the hill, the Nova en Scotia apartment, with no parking, was priced at $9000/m².

CBD

Federal St

Madison on the Square, 37 Federal St, unit 3D:
Features: 44m², one bedroom, secure basement parking space
Outgoings: rates $1526/year including gst; body corp levy $4668/year
Income assessment: $435/week current, parking $60/week fixed until 23 August; apartment appraisal $500-600/week fully furnished
Outcome: sold for $491,500
Agent: Krister Samuel

Uptown

Volt, 430 Queen St, unit 1607:
Features: 72m², 3 bedrooms, 2 bathrooms, balcony, secure basement parking space
Outgoings: rates $1669/year including gst for apartment, parking $182/year; body corp levy $8383/year including hot & cold water
Income assessment: $650-700/week furnished
Outcome: passed in at $640,000
Agents: Judi & Michelle Yurak

Nova en Scotia, 18 Scotia Place, unit 7G:
Features: 50m², 2 bedrooms
Outgoings: rates $1396/year including gst; body corp levy $4049/year
Income assessment: $490/week current
Outcome: sold for $452,000
Agent: Bain Duigan

Isthmus east

Grafton

Bridgeside, 127 Grafton Rd, unit P1:
Features: 65m², one bedroom, 2 separate basement parking spaces, storage locker
Outgoings: rates $1519/year including gst; body corp levy $5478/year
Outcome: passed in at $535,000
Agents: Mitch Agnew & Ryan Bridgman

Isthmus west

Eden Terrace

Memphis, 4 Rendall Place, unit 4A:
Features: 66m², 2 bedrooms, 3 parking spaces, storage locker
Outgoings: rates $1454/year including gst; body corp levy $5488/year
Outcome: no bid
Agent: Anna Birkenhead

Attribution: Auction.

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Widely divergent prices as apartments sell

Both apartments auctioned at City Sales today were sold under the hammer, at widely divergent prices.

A small studio in 96 on Symonds (building pictured) went for just over $12,000/m² but a 2-bedroom unit in the Federal, at the lower end of Federal St, didn’t match the high-price performance and went for $8500/m² – still a respectable price in a market where bidders are a rare commodity.

Neither unit has a parking space or balcony.

CBD

Federal St

Federal, 18 Federal St, unit 5H:
Features: 60m², 2 bedrooms
Outgoings: rates $1370/year including gst; body corp levy $4978/year
Income assessment: $540-600/week
Outcome: sold for $510,000 at $8500/m²
Agent: Georgia Featherstone

Learning Quarter

96 on Symonds, 96 Symonds St, door 1004:
Features: 18m² fully furnished studio
Outgoings: rates $981/year including gst; body corp levy $2453/year
Income assessment: $315/week, fixed until 1 October
Outcome: sold for $217,000 at $12,056/m²
Agent: Susan Frear

Attribution: Company release.

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Melbourne developer buys Federal St carpark

SkyCity Entertainment Group Ltd has signed an unconditional agreement to sell the Federal St carpark in downtown Auckland to ICD Property Investment Ltd (Michael Mai, Melbourne) for $40 million.

The 427-space carpark is on SkyCity’s books at $22 million.

It’s on the corner of Kingston St, half a block from SkyCity’s casino, hotel & hospitality precinct.

SkyCity said ICD was selected as preferred buyer after a tender managed by Colliers and signed a conditional agreement in late April. It will pay a 10% deposit, with settlement in 12 months.

SkyCity said in a release: “The sale of the Federal St carpark is consistent with SkyCity’s intention to move to an ‘asset-lighter’ strategy, which includes looking to divest non-core assets & businesses.

“The proceeds of the sale will be used initially to pay down debt and then fund future growth opportunities as they arise. The carpark is currently occupied by SkyCity staff that will be moved to the NZ International Convention Centre carpark when the first 600-space tranche is completed. Following this, SkyCity intends to operate the Federal St carpark for casual visitors & leaseholders through to settlement of the transaction with ICD.”

Attribution: Company release.

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Quiet times at 3 auction sessions – but one sale close to $15,000/m²

The generally quiet time in residential auctionrooms was emphasised in 3 sessions at Barfoot & Thompson’s city office on Wednesday & Thursday.

Those performances answer the question I’m asked most these days:

The everything question: What’s happening in the market? At auctions, bidders have become a rare species, which puts pressure on vendors. Even where there are bidders, there’s a common reluctance to offer anything near yesterday’s reserve.

Chinese buyers (local or visiting) have been notable for their absence for over a year, courtesy of restrictions in China and now here.

On Wednesday I watched a mate bid on the last property listed for the day. He & his wife were the only potential customers left in the room. After some nudging, they lifted their offer a little, but not enough to excite the auctioneer and nowhere near the vendor’s expectation.

A small unit well up the new Conrad tower on the corner of Albert & Swanson Sts, Park Residences, achieved a sale price close to $15,000/m² ($14,885), which is in the realm of pricing for new product in the central city.

The pricing of new product over the last 3 years or so had also lifted values for secondary stock, but I see secondary prices dropping back under $10,000/m² unless the apartment is distinctive, and below $8000/m² for older units.

On Thursday, the auction of the one property scheduled for Barfoot’s apartments & commercial morning session, a unit on Princes Wharf, was deferred a fortnight.

In the afternoon session, an Onehunga house was sold and the other 9 homes listed were passed in, 6 of them without a bid placed. The afternoon offering included a Remuera cross-lease, a Stonefields terrace and an Ascent penthouse on Nelson St (details of them below).

Wednesday afternoon was a more productive session for the auctioneer – 5 sales under the hammer, another sold shortly after and one sold prior out of 20 homes listed. From that session, you can check details below of 10 apartments, suburban units & cross-leases.

The properties are listed below geographically, not according to auction session.

Barfoot’s also issued its residential market calculations for April today. You can click through to that at the foot of this item.

The auctions:

CBD

Albert St

Park Residences, 35 Albert St, unit 1602:
Features: 35m², studio + study, 5m² balcony, in new Conrad development opened last month
Outgoings: body corp levy $2346/year
Outcome: sold for $521,000
Agents: Tom Jiang & Tim Lee

Federal St

The Federal, 18 Federal St, unit 2B:
Features: 51m², one-bedroom apartment, balcony
Outgoings: body corp levy $3274/year
Outcome: passed in at $418,000
Agents: John Zhang & Richard Tan

Uptown

Pembridge, 38 Symonds St, unit 16:
Features: one-bedroom apartment, parking space
Outgoings: body corp levy $3378/year
Outcome: passed in at $375,000
Agents: Jo Pickering

Victoria Quarter

Ascent, 149 Nelson St, unit 803:
Features: 2-storey penthouse, one bedroom, 2 balconies, parking space
Outgoings: body corp levy $3766/year; the unit’s $9647 defects levy last year hasn’t been paid in full; the buyer will not have to pay, and won’t benefit from any proceeds from, a $4000 litigation levy this year; a $41,300 levy has been forecast for this unit for stage 2 remediation works; a High Court claim has been lodged regarding construction defects but the vendor of this unit is not a party
Outcome: no bid
Agent: Stephen Chang

Waterfront

Princes Wharf, Shed 22, unit 1:
Features: leasehold, 63m², one bedroom on western side, balcony, parking space
Outgoings: ground rent increase capped at 3%/year or CPI, whichever is greater
Outcome: auction postponed to Thursday 17 May
Agents: Stephen Shin & David Lee

Isthmus east

Ellerslie

90F Ballarat St:
Features: cross-lease, 1/6 share in 2241m², 3-bedroom house, double internal-access garage
Outcome: passed in at $850,000
Agents: George Fong & Laura McAuley

Parnell

25 Cheshire St, unit B5:
Features: one-bedroom apartment, deck, parking space
Outcome: sold prior
Agents: Matt O’Brien & Cristina Casares

Remuera

123C Ngapuhi Rd:
Features: cross-lease, quarter share in 910m², 2-bedroom unit, courtyard, carport
Outcome: passed in at $780,000
Agent: Susan Palmer

Stonefields

136 Stonefields Avenue:
Features: 1/14 share in 964m² + 200m² fee simple, 2-storey 4-bedroom terrace, 2 bathrooms, double garage
Outcome: no bid
Agents: Wendy Sadd & Helen Lam

Isthmus west

Herne Bay

29 Hamilton Rd, unit 5:
Features: cross-lease, 1/8 share in 2086m², 2-bedroom unit, balcony, parking space
Outcome: sold for $1.3 million
Agents: Felicity Scott

Mt Albert

65 Woodward Rd, unit 1:
Features: 2-bedroom townhouse, courtyard, parking space
Outcome: withdrawn from auction
Agents: Jacqui Freeman & James Ju

Mt Eden

1A Taupata St, unit 4:
Features: cross-lease, quarter share in 1472m², 2-bedroom 1980s townhouse, courtyard, carport
Outcome: no bid, back on market at $1.195 million
Agents: Ketiesha Elliott & Frank Excell

Sandringham

30 Arabi St, unit 2:
Features: cross-lease, quarter share in 1936m², 2 bedrooms
Outcome: sold for $668,000
Agents: Bella Stefano & Sherry Shao

45 Fowlds Avenue, unit 3:
Features: 2-bedroom unit, garage
Outgoings: on strata title but no body corporate levy
Outcome: sold for $831,000
Agent: Dee Brennan

Related story today: Barfoots chief sees housing market lift approaching

Attribution: Auctions.

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Onehunga light industrial units & 2 city apartments sell at auction

Both Onehunga commercial properties auctioned at Barfoot & Thompson’s city office today were sold under the hammer, and a retail property in Epsom was sold prior.

2 of the 3 central city apartments were sold – a 1930s Eden Hall unit after spirited bidding – and one was passed in.

Apartments

CBD

Federal St

Federal, 207 Federal St, unit 306:
Features: 61m², 2 bedrooms, balcony
Outgoings: body corp levy $4824/year
Outcome: passed in at $500,000
Agent: Selina Zheng

Learning Quarter

Eden Hall, 3 Eden Crescent, unit 5:
Features: 90m² 1930s art deco apartment, 3 bedrooms
Outgoings: body corp levy $5570/year
Outcome: sold for $895,000
Agent: Liz Derbyshire

Sapphire, 76 Wakefield St, unit 511:
Features: 51m², 2 bedrooms, balcony
Outgoings: rates $1435/year including gst; body corp levy $4289/year
Outcome: sold for $510,000
Agents: Stephen & Leo Shin

Commercial

Isthmus east

Epsom

83 Great South Rd:
Features: 278m² site, 92m² shop, 4 parking spaces, zoned business – local centre, which allows for 18m height
Rent:
Outcome: sold prior
Agents: Cam Paterson & Andrew Clark

Onehunga

136A Captain Springs Rd:
Features: 282m² unit zoned light industrial, predominantly warehouse, 300m from Te Papapa station
Outgoings: body corp levy $2211/year
Outcome: sold vacant for $866,000
Agents: James Marshall & Nick Wilson

136B Captain Springs Rd:
Features: 160m² warehouse + amenities, roller door access, 70% seismic rating, 2 parking spaces
Outgoings: body corp levy $2211/year
Outcome: sold vacant for $670,000
Agents: James Marshall & Nick Wilson

Attribution: Auction.

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