Archive | High St

City restaurant & Flat Bush office passed in at auction, but Colliers gets 2 other sales

Both the city restaurant premises & Flat Bush office auctioned at Colliers today were passed in, but the agency reported 2 non-auction sales, one an office in central Manukau and the other an office & warehouse in the North Harbour estate at Rosedale on the North Shore.

CBD

High St

42C High St:
Features: 110m² retail unit at foot of the Metropolis apartment tower, 2 parking spaces, 2 storage units, tenant Café BBQ Duck Ltd
Rent: $92,500/year net + gst on 7-year lease, initial term from 1 December 2016, 3 set annual increases followed by market reviews, one 7-year right of renewal
Outgoings: $43,003/year + gst; casual parking space $80/week including gst included in rental; net lease capped at $20,000 + gst until 1 December 2021 under vendor underwrite
Outcome: passed in at $1.45 million at auction
Agents: Tony Allsop & Gawan Bakshi

North-east

North Harbour

7A Parkhead Place:
Features: 1196m² office & warehouse tenanted by Australasian company Vocus (NZ) Ltd
Rent: $196,000/year + gst + opex
Outcome: sold to an investor for $3.3 million + gst
Agents: Matt Prentice & Euan Stratton

South

Flat Bush

Laidlaw Business Park, 42 Ormiston Rd, unit 9:
Features: vacant 483m² office, 12 parking spaces
Outcome: passed in at auction
Agents: Matthew Barnes & Chris Wakim

Manukau Central

20 Lambie Drive, unit 6:
Features: 385m² second-storey open plan office unit, 8 parking spaces
Outcome: sold with vacant possession for $1.32 million
Agents: Matthew Barnes, Ryan Gibb & Alex Harper

Attribution: Auction documents, agency release.

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Bermac signs 10 leases in 2018

Bermac Property Ltd has completed 10 leases from Whangarei to Blenheim this year, 6 of them around Auckland.

Warren Berman & Zane McAlpine left senior roles at CBRE in Auckland in 2016 to set up Bermac as a property consultancy & advisory business. They say independence is its key point of difference – it isn’t aligned to any single real estate agency, commercial valuer or other property services provider. (More details about the directors below).

CBD

High St

35 High St, part level 5:
Features: 57m² office premises leased to Recruitment Studio Ltd
Term: 3 years
Rent: undisclosed; leased on a gross rent basis with fixed annual increases
Agent: Zane McAlpine

Victoria St

62 Victoria St West, part level 3:
Features: 206.3m² office, modern fitout
Term: 2-year lease
Rent: undisclosed
Agent: Warren Berman

62 Victoria St West, part level 3:
Features: 132.7m² office, modern fitout
Term: undisclosed
Rent: $350/m² net
Agent: Warren Berman

Isthmus east

Mt Wellington

79 Carbine Rd:
Features: 1265m² of semi-improved land, 33 parking spaces
Term: 5 years 4 months
Rent: undisclosed
Agent: Warren Berman & Zane McAlpine

87 Carbine Rd:
Features: 937m² of warehouse, office & amenities, 24 parking spaces
Term: 6 years
Rent: undisclosed
Agent: Warren Berman & Zane McAlpine

89 Carbine Rd:
Features: level 1 office totalling 981m² of office & amenities, 22 parking spaces
Term: 6 years
Rent: undisclosed
Agent: Warren Berman & Zane McAlpine

North

Whangarei

41A Herekino St:
Features: 102m² industrial unit with amenities
Term: 3 years with rights of renewal
Rent: undisclosed
Agent: Zane McAlpine

North-east

Browns Bay

64 Clyde Rd:
Features: 202m² retail premises leased to the F45 Gym franchise
Term: 4 years
Rent: undisclosed; leased on a net rent basis with fixed annual increases
Agent: Warren Berman

South Island

Marlborough

Blenheim

8 Opawa St:
Features: 100m² industrial unit with amenities & parking
Term: 3 years with rights of renewal
Rent: undisclosed
Agent: Zane McAlpine

South of the Bombays

Bay of Plenty

Rotorua – Whakarewarewa

23-25 Scott St, unit 1:
Features: 230m² industrial unit with office, amenities & parking
Term: 2 years with rights of renewal
Rent: undisclosed
Agent: Zane McAlpine

About Berman’s directors:

Mr Berman has 25 years’ experience in real estate in South Africa & New Zealand. He ran his own property consultancy business from 2003-07 with his main client Shortland Management Ltd, which outsourced the management of its portfolio to him. He headed CBRE’s Auckland asset services business for 5 years and also worked for JLL & the Franklin Co Ltd in New Zealand.

Mr McAlpine began his property career in 2001 at Kea Property Group Ltd, where he learned the fundamentals of property, facilities & financial management from the ground up during 7 years of service. He also worked at CBRE for 7 years – in 2 spells – and was national director responsible for asset services there from 2012-16. And he was also responsible Oyster Property Group Ltd’s commercial property management portfolio for 2 years.

Link: Bermac Property

Attribution: Company release.

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One sale out of 7 apartments auctioned, another sold post-auction

Published 1 December 2017, updated 4 December 2017:
One apartment sold, 6 were passed in (only one without a bid) and one was withdrawn from Ray White City Apartments’ auction on Thursday. 3 of the unsold properties had remediation issues.

Post-auction, a second apartment in the Soho Lofts between Queen & High Sts has been sold substantially above the pass-in figure. The building doesn’t yet have a code compliance certificate, although most remedial works have been completed.

CBD

High St

Updated: Soho Lofts, 55 High St, unit 4A:
Features: 59m², one bedroom
Outgoings: rates $1279/year including gst; body corp levy $2985/year, remediation still underway
Income assessment: $400/week until July 2018, appraisal $480-500/week
Outcome: passed in at $405,000, sold post-auction for $480,000
Agents: Josh Muriwai & Liz McCarthy

Learning Quarter

Wakefield Apartments, 18 Wakefield St, unit 2C:
Features: 2 bedrooms, 2 bathrooms, parking space
Outcome: auction cancelled
Agents: May Ma & Mark Li

Quay Park

The Docks, 2 Dockside Lane, unit 306:
Features: terminating leasehold, 150 years from 1996, ground rent reviewed every 7 years, next review November 2018; 60m², 2 bedrooms, 2 bathrooms, parking space; defects discovered, remediation plan underway
Outgoings: rates $1617/year including gst; body corp levy $9009/year including $3513/year ground rent
Income assessment: $650/week current
Outcome: passed in at $210,000
Agents: Dominic Worthington & Ady Huang

Hudson Brown, 57 Mahuhu Crescent, unit 401:
Features: leasehold, next ground rent review November 2018; 38m², one bedroom, deck, secure covered parking space
Outgoings: rates $1448/year including gst; body corp levy $7009/year including ground rent
Income assessment: $460/week current
Outcome: passed in at $110,000
Agent: Dominic Worthington

Victoria Quarter

Altitude, 34 Kingston St, unit 1B:
Features: 40m², 2 bedrooms
Outgoings: rates $1071/year including gst; body corp levy $3447/year
Income assessment: $460-480/week furnished
Outcome: passed in at $310,000
Agents: Adam Gurr

Zest, 72 Nelson St, unit 209:
Features: 36m², furnished 2 bedrooms
Outgoings: rates $1149/year including gst; body corp levy $3070/year
Income assessment: $400/week current, rising to $420/week on 13 December
Outcome: passed in at $305,000
Agents: Michelle & Judi Yurak

Zest, 72 Nelson St, unit 312:
Features: 40m², 2 bedrooms, balcony
Outgoings: rates $1162/year including gst; body corp levy $3306/year
Income assessment: $480-520/week furnished
Outcome: sold for $365,000
Agents: Michelle & Judi Yurak

Beaumont, 220 Victoria St West, unit 2B:
Features: 90m², one bedroom, parking space; auctioneer Ted Ingram said a remediation claim was made in 2008 but no proceedings were ever filed; however another owner said the claim was ongoing; with no bid, Mr Ingra commented: “You’ve probably achieved the result you’re after”
Outgoings: rates $1687/year including gst; body corp levy $6539/year
Income assessment: $650-700/week furnished
Outcome: no bid
Agents: Damian Piggin & Daniel Horrobin

Attribution: Auction.

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Updated: 3 sell out of 10-apartment offering, 4th sells shortly after

Published 24 November 2017, updated 28 November 2017:
3 of the 10 apartments & suburban units auctioned at Ray White City Apartments on 23 November sold under the hammer. A fourth, in the Soho Lofts, was sold shortly after the auction.

CBD

High St

Updated: Soho Lofts, 55 High St, unit 6A:
Features: 196m², 2 bedrooms, study, 2 bathrooms, 2 parking spaces in separate building, 155 Queen St
Outgoings: rates $2435/year including gst for apartment, $1356 & $769/year for parking; body corp levy $8815/year for apartment, $1482/year including gst for each parking space; vendor indemnified buyer against liability for any outstanding remediation work, to finalise code compliance certificate & for any further litigation costs
Outcome: passed in after bids up to $1.185 million, closing with vendor bid at $1.25 million; a sale was concluded later in the day at $1.25 million
Agents: Josh Muriwai & Liz McCarthy

Learning Quarter

Celestion, 19 Anzac Avenue, unit 1402:
Features: 50m², furnished 2 bedrooms, 10m² balcony
Outgoings: rates $1448/year including gst; body corp levy $4725/year
Income assessment: vacant – outside hotel lease
Outcome: passed in at $496,000
Agents: Michelle & Judi Yurak

96 on Symonds, 96 Symonds St, unit 502:
Features: 45m², fully furnished 3 bedrooms
Outgoings: rates $1201/year including gst; body corp levy $4783/year
Income assessment: $650/week fixed until March – out of apartment management pool; appraisal $650-680/week
Outcome: sold for $501,000
Agents: May Ma & Mark Li

Uptown

Nova en Scotia, 18 Scotia Place, unit 9G;
Features: 51m², 2 bedrooms, secure parking space & storage locker
Outgoings: rates $1513/year including gst; body corp levy $4953/year
Income assessment: vacant – appraisal $470-500/week in present condition, $500-550/week renovated
Outcome: sold for $542,500
Agents: Mitch Agnew & Ryan Bridgman

Victoria Quarter

Sugartree Centro, 145 Nelson St, unit 801:
Features: 42m², one bedroom, 4.6m² balcony
Outgoings: body corp levy $2375/year
Income assessment: $480-520/week furnished
Outcome: no bid
Agents: Lisa Zhang

Isthmus east

Epsom

Ivory, 10 Lion Place, unit 201:
Features: 103m², 3 bedrooms, 2 bathrooms, balcony, 2 secure basement parking spaces, 2 storage units
Outgoings: body corp levy $4172/year
Outcome: sold for $1.386 million
Agents: Tanya Kwasza & Andrea Manni

Parnell

Stonemason’s House, 27 Falcon St, unit 3C:
Features: 53m², one bedroom, mini Juliette balconies
Outgoings: rates $1633/year including gst; body corp levy $3291/year
Outcome: passed in at $420,000
Agents: Tanya Kwasza & Andrea Manni

Isthmus west

Eden Terrace

43 Virginia Avenue East, unit 104:
Features: 61m², fully furnished 2 bedrooms, deck, secure basement parking space
Outgoings: rates $1246/year including gst; body corp levy $4195/year
Income assessment: $500/week, fixed until September 2018, appraisal $500-550/week furnished
Outcome: passed in at $350,000
Agents: May Ma & Mark Li

Sandringham

10 Begbie Place, unit 7:
Features: cross-lease, 1/8 share in 1310m², 44m² unit, one bedroom
Outgoings: rates $1451/year including gst
Income assessment: $315/week unfurnished
Outcome: vendor bid at $300,000, passed in at $301,000
Agents: Dusan Valenta & Adele Keane

North-west

Te Atatu South

59 Royal View Rd, unit 2:
Features: 3 bedrooms, garage
Outgoings: rates $1723/year including gst
Outcome: offered on “as is, where is” basis, passed in at $605,000
Agents: Zarlane & Bernie Grubisic

Attribution: Auction.

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3 central area buildings & Eden Terrace development property sold

Bayleys agents have sold 3 central area properties on High St (pictured above), Queen St and on Vernon St, plus an Eden Terrace site intended for development.

The Vernon St building is just up from the convergence of Victoria & Wellesley Sts at Victoria Park, and round the corner from some major developments occurring along Sale St.

CBD 

High St

41 High St:
Features: 240m² site, 434m² 2-level character building, ground floor previously occupied by fashion store is vacant while upstairs is leased to tanning clinic with March 2018 final expiry
Rent $61,219/year net + gst
Outcome: sold for $5.9 million
Agents: Cameron Melhuish & Mike Adams

Queen St

239 Queen St:
Features: 38m² retail unit on Queen St frontage of Mid City complex; new 12-year lease to Avanchi kebab takeaway, in occupation for over 10 years
Rent: $150,219/year net + gst
Outcome: sold for $2,935,657 at a 5.13% yield
Agents: Quinn Ngo & James Chan

Victoria Quarter

2A-2D Vernon St: 
Features: 3-level mixed-use unit-titled building comprising 111m2 boutique office floor with monthly tenancy, 3 81-90m2 apartments above, plus basement parking
Rent: $37,080/year net + gst on office space; apartments leased at $700-750/week on monthly residential tenancies
Outcome: sold for $3.2 million at a 4.7% yield
Agents: Cameron Melhuish, Matt Gordon & Genevieve Thompson-Ford

1 Minnie St, Eden Terrace.

Isthmus west

Eden Terrace

1 Minnie St:
Features: underdeveloped 1115m² elevated corner site zoned mixed use, 809m² 3-level building with warehouse, office & showroom space on first 2 levels & 3-bedroom apartment above
Outcome: sold to a developer for $3.888 million with vacant possession on long-term settlement
Agents: Scott Kirk & James Were

Attribution: Agency release.

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3 sales & 2 leases around inner city

Bayleys agents have sold 3 retail & foodcourt spaces in the inner city, and have signed a large lease on a 2-storey building (pictured) off Queen St just above Mayoral Drive and another lease in the former Ports of Auckland building on Princes Wharf.

CBD

Sales

High St

3–7 High St, unit G2:
Features: 88m2 retail outlet, new 5-year lease plus one 5-year right of renewal to Timberland, relocated from Britomart, with 2% annual rental increases from third year of lease
Rent: $95,175/year net + gst
Outcome: sold for $2.115 million at a 4.9% yield
Agents: Sarah Boles & Jim Wana (Bayleys Wellington)

Queen St

115 Queen St, unit C:
Features: 220mformer foodcourt premises at rear of Burger King outlet
Outcome: sold with vacant possession for $1.68 million to offshore Chinese buyer intending to establish restaurant
Agents: Quinn Ngo, Owen Ding & James Chan

Shortland St

3-13 Shortland St, unit 6C:
Features: 30m2 retail unit on ground floor of ex-South British Insurance building, leased to Flight Centre for 6 years from May 2014
Rent: $70,000/year net + gst
Outcome: sold for $1.4 million at a 5% yield to offshore Chinese investor
Agents: James Chan & Matt Lee

Leases:

Uptown

10 Turner St (pictured):
Features: 1361m2 standalone 2-level office building, 27 basement parking spaces, leased for 6 years to education tenant
Rent: $300,000/year net + gst
Agents: Nicolas Ching & Beterly Pan

Waterfront

Princes Wharf, 139 Quay St, unit 1A:
Features: 151m2 ground-floor retail premises, leased to icecream retailer for 10 years from December, with one 10-year right of renewal, 2-yearly reviews to market
Rent: $235,000/year net + gst
Agent: Sarah Boles

Attribution: Agency release.

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7 sub-5% sales at Bayleys commercial auction

Today’s Reserve Bank cut in the official cashrate was well & truly factored into commercial property prices yesterday at Bayleys’ Total Property auction as 6 fully leased properties sold at sub-5% yields. 3 more were sold at yields under 5.6%, and another at sub-5% was achieved at an auction brought forward.

11 of the 16 properties on the day’s auction list were sold under the hammer.

CBD

High St

3-7 High St, unit G1:
Features: 173m² retail unit on ground floor of 7-storey character building, new 3-year lease to fashion retailer Flo & Frankie from 1 October + 3 3-year rights of renewal
Rent: $150,000/year net + gst
Outcome: sold for $2.83 million at a 5.3% yield
Agents: Sarah Boles

Learning Quarter

The Waldorf Tetra, 85 Wakefield St.

The Waldorf Tetra, 85 Wakefield St.

Waldorf Tetra, 85 Wakefield St, units E & K:
Features: 15 serviced, fully furnished apartments plus additional space currently used as a common room, totalling 447m² on 2 titles on one floor, lease to Waldorf Group until February 2018 with no right of renewal
Rent: $152,104/year net + gst
Outcome: sold for $2.75 million at a 5.53% yield
Agents: Quinn Ngo, James Chan & Matt Lee

Queen St

115 Queen St, unit C:
Features: 210m² ground-floor retail unit fronting pedestrian lane at foot of Swanson St, for sale with vacant possession
Rent: had holding income of $104,000/year + gst until end of August
Outcome: no bid
Agents: Quinn Ngo & Owen Ding

Isthmus east

Onehunga

6 Newsome St, Onehunga.

6 Newsome St, Onehunga.

6 Newsome St:
Features: 477m² site, 336m² building in Onehunga industrial precinct, recently renewed 4-year lease to Petty Dies & Laser Cutting Ltd, which also occupies interconnected neighbouring property
Rent: $33,000/year net + gst
Outcome: sold for $810,000 at a 4.07% yield
Agents: James Valintine & Greg Hall

93 Selwyn St:
Features: 959m² site (improvements not included) zoned terrace housing & apartment building under proposed unitary plan, holding income from lease to community trust childcare centre until February 2018, with 6-month cancellation clause
Rent: $12,000/year net + gst
Outcome: sold for $1.7 million
Agents: Paul Dixon & Tony Chaudhary

Panmure

24 Queens Rd:
Features: 175m² site in retail strip, town centre zoning under proposed unitary plan, 223m² building, pizza outlet on ground floor & law firm above
Rent: $33,000/year net + gst
Outcome: passed in at $510,000
Agents: Simon Aldridge & Oscar Kuang

Isthmus west

Mt Eden

471 Mt Eden Rd (pictured at top):
Features: 273m² business 1 corner site going to mixed use under proposed unitary plan, 113.5m² retail premises with short-term tenancy, 6 parking spaces
Rent: $87,821.50/year net + gst holding income
Outcome: sold for $1.885 million at a 4.66% yield
Agents: Phil Haydock & Tony Chaudhary

Newton

3 Abbey St, Newton, sold at a 4.31% yield.

3 Abbey St, Newton, sold at a 4.31% yield.

3 Abbey St:
Features: 607m² mixed-use site on corner of Gundry St, 2-level building occupied by Art + Object for 9 years, final 3-year right of renewal from September exercised
Rent: $152,000/year net + gst + outgoings
Outcome: sold for $3.525 million at a 4.31% yield
Agents: Dave Stanley, Alan Haydock & Tony Chaudhary

North-east

Rosedale

42 Constellation Drive:
Features: 121m² ground-floor premises in commercial complex, leased to 3A Copies & Design Ltd
Rent: $30,000/year net + gst
Outcome: sold for $560,000 at a 5.36% yield
Agents: Own Ding, James Chan & Eddie Zhong

9 Orbit Drive, Rosedale, sold at a 4.47% yield.

9 Orbit Drive, Rosedale, sold at a 4.47% yield.

9 Orbit Drive, unit 1:
Features: 664m² roadfront office & warehouse unit, 10 parking spaces, new 6-year lease to Advanced Lighting Technologies (NZ) Ltd
Rent: $95,000/year net + gst, increasing to $110,000/year in 2017
Outcome: sold for $2.125 million at a 4.47% yield
Agents: Matt Mimmack & Ashton Geissler

9 Parkhead Place, unit B:
Features: 246.5m² industrial unit – high stud warehouse 208.5m², office & amenities 38m²
Rent: $29,000/year net + gst, leased until March 2017
Outcome: sold for $655,000 at a 4.43% yield
Agents: Matt Mimmack & James Kidd

Wairau Valley

15 Kaimahi Rd:
Features: 1011m² industrial site – 404m² yard, 521m² warehouse, established tenant Geovert Ltd has renewed for 5 years from 1 August
Rent: $64,752/year net + gst
Outcome: sold for $1.369 million at 4.73% yield
Agent: Matt Mimmack

North-west

Henderson

260 Swanson Rd, unit E:
Features: 100m² retail unit, established tenant Ezycash on renewed 4-year lease + 3 further terms of 4 years
Rent: $30,000/year net + gst
Outcome: passed in at $610,000
Agents: Mark Pittaway

New Lynn

80 Delta Avenue:
Features: 1142m² site, 1469m² 2-level warehouse & office building, part-tenanted, vendor occupying the balance
Rent: $54,050/year net + gst
Outcome: sold for $1.7 million
Agents: Grant Miller, Laurie Bell & Mike Adams

2-6 Todd Plaza:
Features: 377m² town centre site, 313m² single-level character building fully leased to 3 tenants – Thai restaurant, Glover Real Estate & dairy
Rent: $105,420/year + gst + outgoings
Outcome: sold for $2.11 million at a 4.99% yield, auction brought forward with declared reserve of $1.975 million
Agents: Tony Chaudhary, Amy Weng & Mike Adams

South

Highland Park

20-22 Dunrobin Place, unit 7:
Features: 180m² unit, 8-year lease to Flow Academy of Motion from June 2014, has had seismic upgrade to A+
Rent: $54,000/year net + gst
Outcome: passed in at $880,000
Agents: Eddie Zhong & Ranjan Unka

Papakura

61-63 O’Shannessey St:
Features: 500m² site in 2 titles, refurbished 957m² building, Veolia Water NZ Ltd head office
Rent: $149,062/year net + gst
Outcome: no bid
Agents: Graeme Moore

South of Bombays – Coromandel

Hahei

404 Lees Rd:
Features: 21ha of waterfront land, full coastal access
Outcome: withdrawn from auction
Agents: John Greenwood & Belinda Sammons

Attribution: Auction.

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2 central commercial sales for Barfoots

Barfoot & Thompson Commercial agents have sold 2 central city properties, one a retail unit on High St and the other an office building just off Queen St above Mayoral Drive.

CBD

High St

13 High St:
Features: 98m² retail unit
Outcome: sold vacant in July for $800,000
Agents: John Stringer & Scott Whitten

Uptown

16 Waverley St (pictured):
Features: 731m² site, 2157m² 7-level commercial building plus 33 basement parking spaces, 50m height limit
Rent: $252,934 with some vacancy
Outcome: sold in May for $6,507,500
Agents: John Stringer, Murray Tomlinson & Reese Barragar

Attribution: Agency release.

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Bayleys agents sign 9 sales & 13 leases

Bayleys agents have signed 9 sales & 13 leases in the cbd to finish the year off in style. They include apartment management rights & several land sales on the eastern fringe, and a number of smaller leases sprinkled around the cbd.

CBD sales:

Albert St

17 Albert St, unit 10C:
Features: 98moffice.
Outcome: sold vacant for $300,000
Agent: Andrew Wallace

CBD east

16-22 Anzac Avenue:
Features: Tasman House, 2556m2 8-level office building on 410m2 SMA2-zoned site, mix of short-term tenancies, one floor vacant
Rent: $387,853/year net + gst
Outcome: sold for $6.4 million at a 6.1% yield, purchaser plans to redevelop into either upgraded office space or student accommodation
Agent: Nigel McNeill

29 Beach Rd:
Features: 245m2 development site, 3-level commercial building with short-term tenancies; current SMA2 zoning will be enhanced under the proposed unitary plan with increased height limit of 50m & 4:1 site coverage
Outcome: sold for $2.55 million at a land value of $10,408/m2
Agent: Nigel McNeill

85 Beach Rd, unit G:
Features: 420m2 retail outlet
Outcome: sold vacant for $1.18 million
Agents: Phil Haydock & Jean-Paul Smit

163-165 Beach Rd (pictured):
Features: 1330m2 site, one-level 1162m2 warehouse split into 2 occupied tenancies; current SMA2 zoning, proposed unitary plan will increase height limit to 30m and allow 4:1 site coverage
Rent: $233,243/year net + gst holding income from 2 tenants
Outcome: sold for $6.7 million at $5058/m2 land value & 3.5% yield
Agents: Nigel McNeill & Colin McKenna

Learning Quarter

82A Symonds St:
Features: 128m2 office unit
Outcome: sold vacant for $700,000
Agents: Kate Kirby & Stephen Scott

Quay Park

30 Beach Rd:
Features: Management rights for Scene 3 apartments complex comprising 163 leasehold apartments, 104 managed units on long-term residential rental leases with 100% occupancy, 3 commercial units, 156m2 manager’s residence, 12mmanager’s office & 4 parking spaces
Management revenue: $115,136.45/year
Outcome: sold for $1.46 million
Agents: Paul Dixon & John Greenwood

Queen St

300 Queen St, units 5E & 6A:
Features: 114m2 & 95m2 offices
Outcome: sold vacant for $660,000
Agent: Millie Liang

Victoria Quarter

192 Victoria St West, unit 5:
Features: 144m2 office unit split over 2 levels, parking space
Outcome: sold with vacant possession for $530,000
Agents: Andrew Wallace & Cameron Melhuish

CBD leases

Albert St

63 Albert St, part level 12:
Features: 204moffice leased at $350/m2, annual rent reviews to CPI
Rent: $71,456/year net + gst
Agent: Brendan Graves

Commerce St

8 Commerce St, shop 8:
Features: 90mleased for 6 years at $1222.22/m2, one 6-year right of renewal
Rent: $110,000/year net + gst
Agent: Sarah Boles

Federal St

Telco Building, 16 Kingston St, level 9 (corner Federal St):
Features: 197moffice lease renewed at $371/m2 gross, plus one parking space, for 3 years from January 2016
Rent: $78,194/year gross + gst (including parking space @ $96.5 a week)
Agent: Matt Gordon

High St

5-7 High St:
Features: 30mcafe lease assigned until August 2020 at $1333/m2 with one 6-year right of renewal
Rent: $40,000/year net + gst
Agent: Sarah Boles

42C High St:
Features: 113mretail unit leased for 5 years at average of $839/m2, 5 2-year rights of renewal
Rent: $95,000/year net + gst
Agent: Sarah Boles

Learning Quarter

90 Symonds St, part level 3:
Features: 230moffice leased at $200/m2, 4 parking spaces at $65/week for 3 years, 3%/year increase & one 3-year right of renewal
Rent: $59,546/year net + gst
Agent: Ben Wallace

Quay Park

15 Dockside Lane:
Features: 147moffice leased at $450/m2 gross, fixed 3%/year rent increases, 4 parking spaces
Rent: $81,750/year gross + gst (including parking spaces @ $75/week)
Agent: Brendan Graves

17 Dockside Lane:
Features: 123moffice leased at $400/m2 gross, fixed 3%/year rent increases, one parking space
Rent: $53,100/year gross + gst (including parking space @ $75/week)
Agent: Brendan Graves

Queen St

205 Queen St, part level 8:
Features: 193moffice leased at $320/m2, annual rent increases of 3%, plus parking space
Rent: $73,854.65/year net + gst (including parking space @ $140/week & fitout rent of $25/m2)
Agent: Brendan Graves

Shortland St

Blacketts Building, 1 Shortland St:
Features: 151m2 character office space
Rent: $60,000/year net + gst at $397/m2
Agents: Brendan Graves & Ben Wallace

Waterfront

Princes Wharf, Shed 19, level 2:
Features: 377moffice leased at $300/m2, fixed 3% annual increases for first 5 years of 9-year lease
Rent: $113,100/year net + gst
Agent: Robert Scott & James Appleby

10 Viaduct Harbour Avenue:
Features: 346moffice, lease terms confidential
Rent: $201,865/year net + gst (including $18,000 for deck & parking spaces)
Agents: Ben Wallace & Brendan Graves

14 Viaduct Harbour Avenue, level 1:
Features: 286moffice leased at $525/m2 gross for 3 years 6 months, 4 parking spaces (2 stacked/2 free access), annual 3% rent increases, no right of renewal
Rent: $168,455/year gross + gst (including parking spaces, 2 @ $100, 2 @ $75/week)
Agent: Stephen Scott

Attribution: Agency release.

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Off-Queen commercial unit & Bunnings centre sold

Colliers International agents have completed 2 sales.

CBD

High St

55-57 High St, unit 1C:
Features: 221m² commercial unit in Met/Soho complex, entry through Little High St arcade off Durham St East; architectural & masterplanning group, the Buchan Group, which occupies an adjoining unit, will expand into this unit
Outcome: sold for $800,000
Agents: Jasmine Yao & Roger Seavill

Isthmus west

Avondale

494A Rosebank Rd:
Features: 1.6ha site occupied by 7981m² Bunnings trade centre on a new 10-year lease
Outcome: sold for $7.58 million, representing a yield of 6.45%
Agents: Jason Seymour, John Green & Greg Goldfinch

Attribution: Agency release.

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