Archive | Victoria Quarter

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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6-tenant O’Connell St retail package sells

Bayleys agents have sold 6 properties around the Auckland cbd & western fringe, including 6 retail tenancies in an O’Connell St building (pictured).

CBD

Learning Quarter

44 Anzac Ave, unit L6:
Features: vacant 173mnorth-facing office unit with decks; includes boardroom, multiple office areas, kitchen & utilities room plus 2 onsite parking spaces
Outcome: sold for $647,000 + gst (if any)
Agent: 
Ken Hu

O’Connell St

12-14 O’Connell St, units A, B & C:
Features: 6 ground-floor retail tenancies on 3 unit titles totalling 359m2; Proper Pizza occupies third of the space on 10-year lease from April 2018, other occupants include a Wishbone café, florist, chocolate shop & hair salon on 3- to 8-year leases
Rent: $333,490/year net + gst
Outcome: sold for $5.2 million at a 6.41% yield
Agents: Nicolas Ching, Beterly Pan & James Chan

Queen St:

396 Queen St, unit 9:
Features: 26m² retail unit next to Skybus ticket office & departure stop; beneath Sheraton Four Point Hotel currently being constructed within the tower (255 hotel rooms over 21 levels)
Outcome: sold for $600,000 at $23,077/m²
Agent: Millie Liang

Victoria Quarter

17-19 Nelson St:
Features: block of 20 fully leased parking spaces on individual titles in 4-level building; parks all have 9-year head lease to Tournament Parking Ltd with fixed annual 2% rental increases
Rent: $90,149/year net + gst
Outcome: sold for $1.98 million at a 4.55% yield
Agents: Alan Haydock & Damien Bullick

Waterfront

16 Viaduct Harbour Ave, level 5:
Features: leasehold, 448m² office floor; current 15-year lease until 2028 to Tramco Ltd, which undertook a major refurbishment in January 2017 and pays all outgoings including ground rent
Rent: $175,340 /year net + gst
Outcome: sold for $1.45 million at a 12.09% yield
Agents: Damien Bullick & Sunil Bhana

Isthmus west

Freemans Bay

70 College Hill:
Features: 298m² corner site, 127m² character villa offering commercial & residential options
Outcome: sold vacant for $1.45 million
Agents: Andrew Wallace & Cameron Melhuish

Attribution: Agency release.

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Met & Eclipse apartments sell

An apartment in the newly remediated Met building between Queen & High Sts, in the centre of the cbd, and one in the Eclipse at the top of Vincent St sold at Bayleys’ residential auction yesterday. The Met unit went for $9420/m².

A Fiore 2 apartment and a cross-leased townhouse in St Heliers were passed in.

CBD

High St

The Met, 11 Durham St East, unit 2K:

Features: 69m², 2 bedrooms, high stud, new code compliance certificate just issued
Outgoings: rates $1963/year including gst; body corp levy $3550/year including gst
Outcome: sold for $650,000
Agents: Habeeb Urrahman & Chris Cairns

Uptown

Eclipse, 156 Vincent St, unit 12L:
Features: 2 bedrooms, balcony, parking space
Outgoings: rates $1827/year including gst; body corp levy $2999/year including gst
Outcome: sold for $625,000
Agents: Chris Bell & Lucy Piatov

Victoria Quarter

Fiore 2, 168 Hobson St, unit 801:
Features: 53m², one bedroom
Outgoings: rates $1498/year including gst; body corp levy $2999/year including gst
Outcome: passed in at $450,000, back on the market at $519,000
Agents: Chris Bell & Lucy Piatov

Isthmus east

St Heliers

16 Hampton Drive, unit A:
Features: cross-lease, ¼ share in 1239m², 3-bedroom townhouse, 2 bathrooms, double internal-access garage
Outcome: no bid
Agents: Blair Haddow & Jono King

Attribution: Auction.

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Studio pushes to new price level in resale as buyers put pressure on other reserves

3 of the 9 apartments auctioned at Ray White City Apartments yesterday – in 96 on Symonds, the Sapphire & Siena Terraces – were sold under the hammer.

Bidding on the studio in 96 on Symonds (pictured above) ended $31,000 above the price the owner paid at auction just 5 months ago. A number of other traders expressed surprise at the $12,056/m² price paid in June, although units smaller than the minimum that can be built these days often command higher price tags for their superior anticipated cashflow. This sale lifts the price/m² to $13,778.

Bidding on 2 units in the leasehold Landings complex beside the old Auckland railway station, and in the Manhattan on Albert St, fell about $20-30,000 short of adjusted reserves yesterday.

CBD

Albert St

Manhattan, 105 Albert St, unit 5C:
Features: 80m², 2 bedrooms,
Outgoings: rates $1749/year including gst; body corp levy $5122/year including gst
Income assessment: $560/week, fixed unril 12 December
Outcome: passed in at $571,000
Agents: Ron Yang & Adam Gurr

Learning Quarter

96 on Symonds, 96 Symonds St, unit 1004:
Features: 18m² refurbished studio
Outgoings: rates $975/year including gst; body corp levy $2453/year including gst
Income assessment: $370-390/week
Outcome: bought for $217,000 at auction in June, sold this time for $248,000
Agents: Dominic Worthington & Ady Huang

Sapphire, 76 Wakefield St, unit 810:
Features: 53m² + 6m² balcony, 2 bedrooms,
Outgoings: rates $1478/year including gst; body corp levy $4061/year including gst after 10% prompt payment discount
Income assessment: $500/week
Outcome: sold at pre-auction offer of $485,000
Agent: Lucia Gao

Quay Park

The Landings, 8 Ronayne St, unit 810:
Features: 71m², 3 bedrooms, 2 bathrooms, parking space; building has new code compliance certificate after remediation
Outgoings: rates $1633/year including gst; body corp levy $5548/year opex including gst, ground rent $7976/year
Income assessment: $680/week, fixed until March 2019
Outcome: passed in at $270,000
Agents: Dominic Worthington & Ady Huang

The Landings, 10 Ronayne St, unit 415:
Features: 47m² + 8m² balcony, 2 bedrooms, parking space
Outgoings: rates $1323/year including gst; body corp levy $3118/year opex including gst, ground rent $4482/year
Income assessment: $500/week, fixed until August 2019
Outcome: passed in at $204,000
Agents: Mitch Agnew & Ryan Bridgman

Uptown

SkyView, 7 Scotia Place, unit 8C:
Features: 71m², new 2 bedrooms, parking space
Outgoings: rates $1904/year including gst; estimated body corp levy $4399/year including gst
Income assessment: $750-800/week furnished
Outcome: passed in at $600,000
Agents: May Ma & Mark Li

Bianco off Queen, 2 White St, unit 12B:
Features: 57m², one bedroom, under hotel management, building has remediation issues
Outgoings: rates $6571/year including gst; body corp levy $2216/year opex including gst + special levy $5192
Income assessment: $800/week
Outcome: passed in on sole bid of $60,000
Agents: Ron Yang & Adam Gurr

Victoria Quarter

Altitude, 34 Kingston St, unit 5L:
Features: 27m², one bedroom
Outgoings: rates $1013/year including gst; body corp levy to be confirmed
Income assessment: $340/week
Outcome: passed in at $205,000
Agent: Damian Piggin

Ascent, 149 Nelson St, unit 303:
Features: one bedroom
Outcome: withdrawn from auction
Agent: Damian Piggin

Isthmus west

Grey Lynn

Siena Terraces, 6 Burgoyne St, unit 2N:
Features: 51m², one bedroom, balcony, tandem parking spaces
Outgoings: rates $1321/year including gst; body corp levy $3769/year including gst
Outcome: sold for $490,000
Agents: Judi & Michelle Yurak

Attribution: Auction.

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Sale St redevelopment sells

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

CBD

Kitchener St

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

Victoria Quarter

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

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

Isthmus east

Greenlane

614 & 616 Great South Rd, Greenlane.

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

South

Papakura

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

South of the Bombays

Wellington

Petone

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

Taita

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

Attribution: Agency release.

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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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