Archive | Victoria Quarter

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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Wharf studio sells at auction

A leasehold Princes Wharf studio sold at Ray White City Apartments’ auction today, but the other 4 units on offer were all passed in. One of those was in a multi-offer as the auction ended.

CBD

Uptown

Kiwi on Queen, 421 Queen St, unit 912:
Features: 52m², fully furnished 4 bedrooms
Outgoings: rates $1536/year including gst; body corp levy $6794/year including gst
Income assessment: $760/week, fixed until June 2019
Outcome: passed in at $482,000
Agents: Mitch Agnew & Ryan Bridgman

Victoria Quarter

Ascent, 149 Nelson St, unit 307:
Features: 42m², 2m² deck, one bedroom
Outgoings: rates $1091/year including gst; body corp levy $2298/year including gst
Income assessment: $390/week current
Outcome: passed in at $221,000
Agents: Dominic Worthington & Ady Huang

Waterfront

Princes Wharf, 139 Quay St, shed 20, unit 3:
Features: leasehold, 37m² studio, sliding panels to separate bed, deck
Outgoings: rates $1188/year including gst; opex, ground rent & rates total $18,950/year ($394.80/week), all including gst; opex $5212/year, ground rent $12,551/year; 97-year ground lease from 1999, now with 3%/year increases, next ground rent review 20139
Income assessment: $450/week, fixed until July 2019
Outcome: sold for $123,000
Agents: Dominic Worthington & Ady Huang

Isthmus east

Parnell

Stonemason’s, 27 Falcon St, unit 1E:
Features: 41m², one bedroom, basement parking space; building has remediation issues
Outgoings: rates $1340/year including gst; body corp levy $3989/year including gst
Outcome: passed in at $410,000
Agents: Judi & Michelle Yurak

Isthmus west

St Marys Bay

The Ridge, 21 Hargreaves St, unit 5F:
Features: 73.2m², 11m² balcony, 2 bedrooms, 2 bathrooms, parking space
Outgoings: rates $1980/year including gst; body corp levy $5938/year including gst
Income assessment: $1855/week fully serviced & furnished, minimum one-week stay; $650-700/week long-term unfurnished; $750-795/week long-term furnished
Outcome: passed in after sole bid by vendor at $900,000
Agents: Krister Samuel & Steve King

Attribution: Auction.

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Augusta to settle Cook St deal today

Augusta Capital Ltd said yesterday its transaction to buy 54 Cook St, at the top of the Auckland central business district, was unconditional and would settle today.

After leasing the former Radio NZ studios building to tourism company Jucy Group Ltd in September, Augusta decided to buy the building from the Augusta Value Add Fund No 1 Ltd to seed a tourism fund.

Jucy will operate a Snooze hotel business at the Cook St building. It’s better known operation is the Jucy rental vehicles business.

Augusta said it could proceed with the latest transaction, the purchase of the last unsold property held by the value–add fund, after the last condition, on the cost estimate, was satisfied.

Earlier stories:
23 October 2018: Fund shareholders approve sale to initiate Augusta tourism fund
24 September 2018: Pod hotel the opportunity for Augusta to close value-add fund with strong return and open tourism fund

Attribution: Company release.

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7 apartment sales out of 9 units on offer

7 of the 9 apartments & suburban units auctioned by Bayleys last week were sold under the hammer. The mortgagee auction of another unit was postponed.

CBD

Kitchener St

St James, 28-36 Wellesley St, unit 4F:
Features: 2 bedrooms, parking space, across Kitchener St from Auckland Art Gallery & Albert Park
Outcome: sold for $945,000
Agents: Julie Quinton, Diane Jackson & Paula Halford

Queen St

Dilworth, 22-32 Queen St, unit 5G:
Features: studio, high stud
Outgoings: rates $1473/year including gst; body corp levy $4291/year including gst
Outcome: sold for $450,000
Agents: Steve Kirk, Habeeb Urrahman & Chris Cairns

Portland Tower, 62 Queen St, unit 12D:
Features: one bedroom, managed by Quest
Outgoings: rates $5009/year including gst, but hotel pays rebate to owner; income about $11,000/year net + gst
Outcome: sold for $250,000
Agent: Dave Hamlyn

Uptown

CityZone, 11 Liverpool St, unit 1106:
Features: 44m², 2 bedrooms, deck, basement parking space
Outgoings: rates $1246/year including gst; body corp levy $3868/year
Income assessment: $570-600/week
Outcome: sold for $415,000
Agents: Habeeb Urrahman, Steve Kirk & Chris Cairns

Victoria Quarter

Heritage Tower, 22 Nelson St, unit 906:
Features: one bedroom, parking space on separate title, in hotel pool but sold with vacant possession
Outcome: sold for $712,500
Agents: Chris Cairns, Steve Kirk & Habeeb Urrahman

Isthmus east

Onehunga

152 Grey St:
Features: 690m² section zoned mixed housing urban, villa converted into 2 flats, each of 2 bedrooms, parking space
Outcome: sold for $1.325 million
Agent: Eve Park

Parnell

Cleveland Gardens, 22 Cleveland Road, unit 20:
Features: 2 bedrooms, balcony, parking space
Outcome: sold for $850,000
Agent: Fleur Denning

St Heliers

42B Waimarie St:
Features: 348m² terraced townhouse, no body corporate, 4 bedrooms, 2 living rooms, 2 bathrooms, double internal-access garage, utility room, additional storage
Outcome: passed in, back on market at $2.689 million
Agents: David Nightingale & Katya Yushkova

Isthmus west

Avondale

4/76 Riversdale Rd, unit 4:
Features: one bedroom, deck, carport
Outcome: mortgagee auction postponed
Agents: Cherry Killgour & Steve Leyland

North-east

Albany

The Ridge, 71 Spencer Rd, unit C11:
Features: 2 bedrooms, parking space
Outcome: passed in, back on market at $505,000
Agents: Zoe Tietze & Julie Quinton

Attribution: Agency release.

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2 Unilodge studios & Harvard apartment sell

Ray White City Apartments agents Josh Muriwai & Zoran Farac sold 2 Unilodge studios and a larger Harvard apartment at auction yesterday. The one other unit on offer, in Parnell, was passed in.

I’m out of town and don’t have full details from the auction, but will post them when they come through.

CBD

Learning Quarter

Unilodge, 138 Anzac Avenue, unit 204:
Features: studio
Outcome: sold for $46,000
Agents: Josh Muriwai & Zoran Farac

Unilodge on Beach, 133 Beach Rd, unit 108:
Features: studio
Outcome: sold for $52,000
Agents: Josh Muriwai & Zoran Farac

Victoria Quarter

Harvard, 147 Hobson St, unit 88:
Features: 3 bedrooms
Outcome: sold for $330,000
Agents: Josh Muriwai & Zoran Farac

Isthmus east

Parnell

Gladstone Apartments, 118 Gladstone Rd, unit 1F:
Features: one bedroom, parking space
Outcome: passed in
Agent: Sue Holland

Attribution: Agency release.

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Fund shareholders approve sale to initiate Augusta tourism fund

Augusta Capital Ltd said on Friday the shareholders of Augusta Value Add Fund No 1 Ltd had approved the sale of 54 Cook St, at the corner of Nelson St at the top of the Auckland cbd, to the Augusta Capital group.

The transaction is one of a series of events following the lease of the building to Jucy in September. First, the building would be transferred from one entity to another under Augusta’s control, and that will seed a tourism fund.

The transaction remains conditional on obtaining a satisfactory cost estimate from Augusta’s quantity surveyor by this Friday.

Managing director Mark Francis said if the sale proceeds, settlement should occur on Wednesday 31 October.

Link:
24 September 2018: Pod hotel the opportunity for Augusta to close value-add fund with strong return and open tourism fund

Attribution: Company release.

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One apartment sold out of 9 on offer at auction

An apartment in the Volt on Queen St (pictured) was the only one of 9 units on offer to sell at Ray White City Apartments’ auction today.

CBD

Learning Quarter

The Whitaker, 2 Whitaker Place, unit 5C:
Features: 53m², one bedroom, parking space
Outgoings: rates $1168/year including gst
Outcome: no bid
Agent: Andrew Bond

Quay Park

Mirage, 86 The Strand, unit 508:
Features: leasehold, 33m² studio, covered parking space
Outgoings: rates $1149/year including gst
Outcome: no bid
Agents: Mitch Agnew & Ryan Bridgman

Queen St

Guardian, 105 Queen St, unit 511:
Features: 35m², one bedroom
Outgoings: rates $1570/year including gst; body corp levy $3382/year
Income assessment: $480-520/week furnished
Outcome: passed in at $300,000
Agents: May Ma & Mark Li

Uptown

Volt, 430 Queen St, unit 1117:
Features: 40m², 2 bedrooms
Outgoings: rates $1304/year including gst; body corp levy $3901/year after 10% prompt payment discount
Income assessment: $490/week fixed until February
Outcome: sold for $340,000
Agents: Victor Liu

Victoria Quarter

Harvard, 147 Hobson St, unit 2F:
Features: 37m², 2 bedrooms
Outgoings: rates $1071/year including gst; body corp levy $3262/year after 10% prompt payment discount
Income assessment: $430/week current
Outcome: sole bid $280,000 from the vendor, passed in
Agent: Krister Samuel

Harvard, 147 Hobson St, unit 9J:
Features: 38m², 2 bedrooms
Outgoings: rates $1207/year including gst; body corp levy $5050/year
Income assessment: $435/week current
Outcome: passed in at $289,000
Agent: Krister Samuel

Stanford, 189 Hobson St, unit 2G:
Features: 41m², 2 bedrooms,
Outgoings: rates $1130/year including gst; body corp levy $3356/year after 10% prompt payment discount
Income assessment: $430/week current
Outcome: passed in after bid at $250,000, vendor bid at $280,000
Agent: Krister Samuel

Stanford, 189 Hobson St, unit 3B:
Features: 35m², 2 bedrooms
Outgoings: rates $1052/year including gst; body corp levy $3356/year after 10% prompt payment discount
Income assessment: $430/week current
Outcome: sole bid $280,000 from the vendor, passed in
Agent: Krister Samuel

North-east

Albany Heights

125 Gills Rd, unit 46:
Features: 154m², 3-bedroom townhouse, 2.5 bathrooms, double garage
Outgoings: rates $1841/year including gst; body corp levy $3526/year
Income assessment: $590/week, fixed until 8 March, appraisal $600-650/week unfurnished
Outcome: passed in at $650,000
Agents: May Ma & Mark Li

Attribution: Auction.

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Eclipse & Landings units sell

An Eclipse apartment (pictured) was sold at an auction brought forward and a unit in the leasehold Landings at Quay Park was also sold under the hammer at Ray White City Apartments today.

Apartments in Zest & the Connaught and a suburban unit at Pt England were passed in.

CBD

Learning Quarter

Connaught, 14 Waterloo Quadrant, unit 1F:
Features: 75m², 2 bedrooms, full makeover includes new kitchen & bathroom, decks off living room & both bedrooms, single internal-access garage
Outgoings: rates $2059/year including gst; body corp levy $6497/year
Outcome: passed in at $752,000
Agents: Steve & Lisa Stone

Quay Park

The Landings, 10 Ronayne St, unit 205:
Features: leasehold, 47m², 2 bedrooms (details corrected)
Outgoings: rates $1149/year including gst; body corp levy $2338/year, ground rent $1952/year (increasing to $3361/year for next term)
Income assessment: $410/week
Outcome: sold for $140,000
Agents: James Mairs & Lucia Gao

Uptown

Eclipse, 156 Vincent St, unit 1F:
Features: 41m², furnished one bedroom, 16m² private courtyard, storage locker
Outgoings: rates $1343/year including gst; body corp levy $3669/year including water
Income assessment: $450/week, fixed until next May
Outcome: sold for $350,000 at auction brought forward (acceptable offer was $345,000)
Agents: Judi & Michelle Yurak

Victoria Quarter

Zest, 72 Nelson St, unit 1223:
Features: 36m², 2 bedrooms
Outgoings: rates $1188/year including gst; body corp levy $4517/year
Income assessment: $460-480/week furnished
Outcome: passed in at $290,000
Agents: Judi & Michelle Yurak

Isthmus east

Pt England

59 Pt England Rd, unit 2:
Features: cross-lease, 291m² lot (1/3 share in 872m²), 64m² building, 2-level 2-bedroom suburban unit, parking space
Outgoings: rates $1394/year including gst
Outcome: passed in at $300,000
Agents: Stephen Ng & Ali Khandanpour

Attribution: Auction.

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5 apartments out of 12 sell at auction

5 of the 12 apartments auctioned at Ray White City Apartments yesterday sold under the hammer.

2 vendors had 2 apartments each up for sale and none of them sold first time round. 2 of those units in the leasehold Landings at Quay Park (pictured) sold when offered together, but the other vendor’s pair, in the Zest complex, remained unsold.

Units sold in Kiwi on Queen, Mount Terrace and at Thompson Park in Mt Wellington.

At the bottom of the market, a unit in the Unitec student accommodation village, where remediation is required, attracted just 2 bids and was passed in at $2000.

CBD

Kitchener St

Metropolis, 1 Courthouse Lane, unit 1101:

Features: 35m², one bedroom, storage unit
Outgoings: rates $1265/year including gst; body corp levy $3516/year
Income assessment: $475/week, fixed until 16 January
Outcome: passed in at $402,000
Agents: Ron Yang & Adam Gurr

Learning Quarter

Mount Terrace Apartments, 33 Mount St, unit 15A:
Features: 61m², fully furnished 2 bedrooms
Outgoings: rates $1440/year including gst; body corp levy $7716/year including water
Outcome: sold vacant for $390,000
Agent: Victor Liu

The Wakefield, 18 Wakefield St, unit 7F:
Features: 56m², vacant one bedroom
Outgoings: rates $1362/year including gst; body corp levy $2895/year
Income assessment: $550-580/week furnished
Outcome: no bid
Agents: Dominic Worthington & Ady Huang

Quay Park

The Landings, 10 Ronayne St, units 410 & 510:
Features: both leasehold, each 53m², 2 bedrooms, parking space
Outgoings: unit 410 – rates $1362/year including gst; body corp operational levy $4035/year, ground rent $5800/year; unit 510 – rates $1381/year including gst; body corp operational levy $4172/year, ground rent $5998/year
Income assessment: both $550/week current
Outcome: each passed in at $205,000; both units sold together for $450,000
Agents: Dominic Worthington & Ady Huang

The Landings, 8 Ronayne St, unit 1002:
Features: leasehold, 51m², 2 bedrooms, 2 bathrooms, balcony, tandem parking
Outgoings: rates $1498/year including gst; body corp operational levy $4768/year, ground rent $6955/year
Outcome: passed in after bid at $210,000 & vendor bid at $225,000
Agents: Dominic Worthington & Ady Huang

Uptown

Kiwi On Queen, 421 Queen St, unit 211:
Features: 45m², fully furnished 2 bedrooms
Outgoings: rates $1265/year including gst; body corp levy $4973/year including water
Income assessment: $500-520/week furnished
Outcome: sold vacant for $420,500
Agents: May Ma & Mark Li

Victoria Quarter

Zest, 72 Nelson St, units 214 & 415:
Features: each 23m², fully furnished one bedroom
Outgoings: unit 214 – rates $926/year including gst, body corp levy $2014/year; unit 415 – rates $936/year including gst, body corp levy $2071/year
Income assessment: each $300/week, current
Outcome: unit 214 – passed in at $160,000; unit 415 – passed in at $155,000; units 415 & 214 together – passed in after bid at $300,000, vendor bid at $400,000
Agent: Victor Liu

Isthmus east

Mt Wellington

Thompson Park Apartments, 8 Thompson Park Rd, unit 32:

Features: 98.26m² including 11.42m² of balconies, 2 bedrooms, 2 bathrooms, study, storage locker, 2 parking spaces
Outgoings: rates $1844/year including gst; body corp levy $3395/year
Income assessment: $650-700/week
Outcome: sold for $740,000
Agent: Steve King

Isthmus west

Eden Terrace

Uptown on New North Rd, 83 New North Rd, unit GB:
Features: 83m² ground-floor apartment on 113m², 2 bedrooms, patio, 2 parking spaces
Outcome: no bid
Agent: Andrew Bond

Pt Chevalier

125 Carrington Rd, Building 310, door 9:
Features: leasehold, 2 bedrooms, 2 bathrooms, one of 45 apartments containing 130 rooms under management in Unitec student accommodation village, remedial work for weathertightness issues not yet completed – body corporate approved for financial assistance under an MBIE (Ministry of Business, Innovation & Employment) claim
Outgoings: rates $1607/year including gst; body corp levy $6210/year – ground rent being reviewed to market after initial period of 10c/year peppercorn rent, negotiation range $3621-5965/year + gst; buyer to pay any levy to cover new ground rent
Income assessment: each room $245/week during 2 semesters in pooled scheme; owner also benefits from share of rental pool; gross rent for both units $13,423/year in April 2018 year, net $6726/year
Outcome: property offered on an ‘as is, where is’ basis, passed in at $2000
Agents: James Mairs & Andrew Bond

Attribution: Auction.

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Updated: Wolfe St sale the big prize as 5 commercial properties sold at auction, 2 post-auction sales

Published 20 September 2018, updated 4 October 2018:
5 of the 9 Auckland properties auctioned in Bayleys’ Total Property 6 series were sold under the hammer on 19 September, and 2 more – on Wellesley St in the cbd and in Ponsonby – have been sold post-auction.

The biggest prize was the price paid for a small warehouse in the middle of Wolfe St, in the heart of the cbd, sold for a land price of $19,298/m² after standing vacant for 23 years.

For that sale, Bayleys’ international division head, James Chan, flew to Hong Kong to translate the auction proceedings for the vendor.

Image above: 6 Wolfe St (outlined), in the heart of the cbd.

CBD

Chancery

Chancery, 2A-2B Courthouse Lane, unit A101:
Features: 314m² unit, 3 tenants
Rent: $132,436/year net + gst
Outcome: sold for $2.02 million + gst
Agents: Damien Bullick, Ken Hu & Alan Haydock

Learning Quarter

Waldorf Celestion, 19 Anzac Avenue, unit 207:
Features: 20.8m², 11-year lease to NZ Waldorf Apartments Management Ltd from March 2017, 11 secure parking spaces + laundry room
Rent: $45,000/year net + gst
Outcome: sold for $790,000 + gst
Agents: Andrew Wallace & Genevieve Thompson-Ford

Waldorf, 6-12 St Martins Lane, unit B1A:
Features: 149.6m², laundry, dining & bathroom facilities, 11-year lease to NZ Waldorf Apartments Management Ltd
Rent: $44,900/year net + gst
Outcome: no bid
Agents: Genevieve Thompson-Ford & Andrew Wallace

Queen St

MidCity arcade, 239 Queen St, unit 1Y:
Features: m², leased to hair salon, current term runs until April 2021, with further renewal rights
Rent: $27,360/year net + gst
Outcome: auction postponed
Agents: Oscar Kuang

Victoria Quarter

Updated: 145 Wellesley St West, unit 1:
Features: 71m² ground floor office unit, parking space, new 3-year lease to telecommunications company Sunx Global Ltd, which has been tenant since 2010
Rent: $32,300/year net + gst + outgoings
Outcome: passed in at $450,000 + gst, sold post-auction for $470,000 at a 6.87% yield
Agents: Nicolas Ching & James Chan

Wolfe St

6 Wolfe St:
Features: 285m² site, 1912 brick warehouse opposite the historic Yates building running from Albert to Federal St, which is being gutted for a new development
Outcome: sold for $5.5 million + gst
Agents: Nick Thompson, Robert Platt & James Chan

Isthmus east

Onehunga

6 Henderson Place, unit L:
Features: vacant 396m² warehouse & office unit, 10 parking spaces
Outcome: passed in at $1.1 million + gst
Agents: Kate Kirby & Laurie Bell

Isthmus west

Grey Lynn

SOMA, 12 Mackelvie St, unit G01:
Features: new 253m² ground floor retail, showroom or office space
Outcome: withdrawn from auction
Agents: Kate Kirby & Stephen Scott

Ponsonby

Updated: 12-14 Fitzroy St:
Features: 245m² site, 180m² corner unit, 3 parking spaces
Rent: $111,000/year net + gst
Outcome: passed in at $2.5 million + gst, sold post-auction for $2.62 million at a 4.24% yield
Agents: Damien Bullick & Alan Haydock

North-east

Albany

Rosedale Plaza, 215 Rosedale Rd, unit 8:
Features: 208m² of retail, mezzanine office & warehouse/storage space, rear roller door access, 4 exclusive parking spaces; 5-year lease from September 2016, plus 2 3-year rights of renewal, to specialist fishing equipment & apparel retailer West Shell
Rent: $45,000/year net + gst
Outcome: sold pre-auction for $850,000 + gst at a 5.29% yield
Agents: Adam Curtis, Damian Stephen & Adam Watton

Orchard Park retail centre, 21 Corinthian Drive, unit 7A:
Features: 87m² restaurant unit, 10-year lease to Double Happy from September 2017
Rent: $55,014/year net + gst + opex
Outcome: sold for $1.15 million + gst
Agents: Meng He, Steven Liu & Eddie Zhong

South

Manukau Central

6 Jack Conway Avenue, unit D:
Features: 567m² warehouse, rear roller door access, seismic rating 100% of new building standard, ground floor & warehouse vacant
Rent: top floor leased until February 2023 for $30,000/year gross + gst
Outcome: sold for $1.45 million + gst
Agents: Owen Ding, Simon Davies & Nelson Raines

Attribution: Auction.

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