Archive | Greenlane

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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Argosy sells Greenlane office building

Argosy Property Ltd has unconditionally sold the office building at 626 Great South Rd, Greenlane, for $10.6 million, 8.2% over the current book value of $9.8 million. Settlement is scheduled for Friday 30 November.

Argosy chief executive Peter Mence said: “The property was held within our non-core pool of assets and we have taken the opportunity to continue divesting assets in an attractive vendors’ market. The settlement proceeds will initially be applied to reducing bank debt. While we still see the property market as being very firm, we continue to consider acquisitions & divestments where they fit within our long-term strategy.”

The 4-level office building has a net lettable area of 2647m², plus parking.

Attribution: Company release.

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3 sold in focus on cross-leases

7 of the 11 homes auctioned at Barfoot & Thompson’s city office yesterday afternoon were cross-leases, and 3 sold.

Also up for auction were a townhouse not on a cross-lease, an apartment & 2 standalone houses, all passed in.

A Newmarket apartment auctioned in the morning didn’t attract a bid.

The brick-&-tile sausage block is the standard from the past and they’re generally holding buyer interest, though the one in the photo above, in Mt Albert, didn’t attract a bid. Recent indications from the auctionrooms are that owners of suburban units & cross-leased homes, having gone to market, are resisting price reductions.

Isthmus east

Greenlane

93 Wheturangi Rd, unit 2:
Features: cross-lease, 1/5 share in 1942m², 2-bedroom unit, study, conservatory, garage
Outcome: sold for $1.057 million
Agents: Wendy Sadd & Helen Lam

Mt Wellington

36 Panama Rd, unit 1:
Features: cross-lease, ¼ share in 1232m², 2-bedroom unit, garage
Outcome: no bid
Agent: Paula Boontueng

Newmarket

Queen’s Lodge, 176 Broadway, unit C308:
Features: 64m², 2-bedroom apartment, 2 ensuites, secure covered parking space
Outgoings: body corp levy $2144/year for unit, $415/year for parking
Income assessment: $650-680/week
Outcome: no bid, back on market at $658,000
Agents: Selina Zheng & Tommy Zhang

Onehunga

49 Namata Rd, unit 2:
Features: cross-lease, 1/3 share in 895m², 2-bedroom unit – double-glazed, insulated, rewired; carport
Outcome: sold for $750,000
Agent: Kelly Fan

Remuera

17A Armadale Rd:
Features: cross-lease, 1/3 share in 858m², 3 bedrooms, 2 bathrooms, carport
Outcome: passed in at $1,281,500
Agents: Wayne Guo & Coco Wang

Isthmus west

Mt Albert

8 Counsel Terrace, unit 3:
Features: cross-lease, 1/6 share in 1315m², one-bedroom unit
Outcome: no bid, back on the market at $610,000
Agents: Wayne Guo & Zoe Zhang

Mt Eden

145 Mt Eden Rd, unit 10:
Features: 2-bedroom apartment, parking space
Outgoings: body corp levy $4343/year
Outcome: passed in at $820,000
Agent: Mozhgan Bahrami

573C Mt Eden Rd:
Features: 209m², 4-bedroom townhouse, 3 bathrooms, double garage
Outcome: passed in at $1.55 million
Agents: Ricky Fan & Joyce Gu

Mt Roskill

98 Melrose Rd, unit 4:
Features: cross-lease, ¼ share in 1378m², 75m² 2-bedroom unit, parking space
Outcome: passed in at $560,000
Agents: Michael Zhang & Debbie-Lee Wallace

North-west

New Lynn

1 Riverview Rd, unit 1:
Features: cross-lease, half share in 1042m², 180m² 3-bedroom unit, 2 bathrooms, double garage
Outcome: sold for $907,500 at auction brought forward
Agents: Anna Lechtchinski & Alex Wu

Attribution: Auction.

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Apartments & workshop all passed in

All 4 apartments & suburban units taken to auction by Bayleys last week were passed in.

A car workshop in the Wairau Valley was also passed in.

Apartments

Isthmus east

Grafton

8 Nugent St, unit 502:
Features: 86m², 2-bedroom sub-penthouse, heat pump, 3 panel heaters, 2 bathrooms with underfloor heating, balcony, secure parking space, storage locker
Outgoings: rates $2232/year including gst; body corp levy $4635/year
Outcome: passed in
Agent: Luke McCaw

Greenlane

11 Tawera Rd, unit 1:
Features: 2-bedroom unit, parking space
Outcome: passed in
Agent: Phoenix Chen

Isthmus west

Ponsonby

171 Ponsonby Rd, unit 4:
Features: 2-bedroom apartment, deck, 2 covered parking spaces
Outcome: passed in, back on market at $1.05 million
Agents: Robyn Clark & Peter Tanner

North-east

Browns Bay

8 Phillipa Place, unit 2:
Features: 2-bedroom unit, garage
Outcome: passed in
Agent: Aata Wairepo

Commercial

North-east

Wairau Valley

18-20 Ashfield Rd, unit K:
Features: 156m² workshop & office, new roof in 2015, seismic rating 100% of new building standard
Rent: leased for 2 years from 1 April to Buddy Autoparts Ltd for $29,000/year net + gst + outgoings, 2 2-year rights of renewal
Outcome: passed in
Agents: James Yu & Trevor Duffin

Attribution: Agency release.

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Oyster goes unconditional on Central Park purchase

The Goodman Property Trust’s $209 million sale of the Central Park Corporate Centre to a joint venture led by property fund manager Oyster Property Group Ltd has gone unconditional.

The trust’s manager, Goodman (NZ) Ltd, announced the sale last November, when one condition remained – Overseas Investment Office approval. Oyster is 50% owned by the ASX-listed Cromwell Property Group.

Settlement is scheduled for 29 June.

Goodman (NZ) chief executive John Dakin said in November the sale represented a significant milestone in the repositioning of the Goodman trust, marking the last of its major identified asset sales.

The property fronts Great South Rd beside the Southern Motorway at the Ellerslie-Panmure roundabout in Auckland.

Earlier stories:
17 November 2017: One condition left on Central Park sale, and Air NZ extends at Fanshawe St
10 November 2017: Big property sale follows first-half profit setback for Goodman

Attribution: Company release.

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Knight Frank sales & leases

Knight Frank agents have completed 2 sales in Christchurch and 6 leases in Auckland, the Bay of Plenty & Christchurch.

Sales

South Island – Canterbury

Christchurch

Middleton

32A Birmingham Drive:
Features: 306m², 2-level office building, 10 parking spaces
Outcome: sold for $900,000 with vacant possession
Agent: Hamish Haddow

Sockburn

33 Nga Mahi Rd, unit 8:
Features: industrial unit – 112m² warehouse, 57m² showroom & offices, 4 parking spaces, seismic rating 75% of new building standard
Outcome: sold for $365,000 with vacant possession
Agent: Sam Stone

Leases

Isthmus east

Greenlane

253 Great South Rd, part level 1, office 2:
Features: new serviced office, open plan area with hot desks, access to shared breakout space, meeting & boardroom
Rent: leased for $47,020/year net + gst, including 3 parking spaces
Agent: Sophie Dixon

South Island – Canterbury

Christchurch

CBD

77 Tuam St, unit 4:
Features: 68m², ground-floor retail unit, mezzanine, parking space
Rent: undisclosed
Agent: Tom Lax

Riccarton

251 Blenheim Rd, unit 5:
Features: 87.52m² showroom & office, 132.47m² warehouse, 4.9m² storage, 6 parking spaces
Rent: leased for $35,000/year net + gst + opex
Agent: Terry Connolly

South of the Bombays

Bay of Plenty

Mt Maunganui

4 Aerodrome Rd, units 9 & 10:
Features: 1050m², high-spec warehouse & office, yard & parking
Rent: new 10-year lease, $103,000/year net + outgoings + gst
Outcome:
Agent: Myles Addington

2 Boeing Place, unit 1:
Features: 111m² industrial unit
Rent: leased for $19,450/year + opex + gst
Agent: Myles Addington

Papamoa

43 Enterprise Drive, units 2 & 3:
Features: 229m², warehouse & office unit, yard & parking
Rent: $30,000year net + outgoings + gst
Agent: Myles Addington

Attribution: Agency release.

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Block of 3 flats attracts strong auction interest

4 suburban units & cross-leases sold at Barfoot & Thompson’s city residential auction yesterday out of 8 on offer.

They included a block of 3 Onehunga units sold as one lot (pictured), which attracted strong interest.

Isthmus east

Greenlane

33 Wairakei St, unit 3:
Features: 195m² section, 2-level duplex, 3 bedrooms, carport
Outcome: sold for $698,000
Agent: Debbie-Lee Wallace

Mt Wellington

298 Ellerslie-Panmure Highway, unit 3:
Features: house on cross-lease, 1/3 share in 1722m², 3 bedrooms, 2 bathrooms, 2 living rooms, internal-access double garage
Outcome: sold for $1.125 million
Agent: Susan Palmer

Onehunga

Atrium on Main, 287 Onehunga Mall, unit 217:
Features: 142m², 4-bedroom terrace, 2 bathrooms, internal-access garage + covered parking space
Outgoings: body corp levy $5015/year
Outcome: no bid
Agent: Elvira Abdrazakova

74A Trafalgar St, units 1, 2 & 3:
Features: cross-leased into 3 shares of 1087m², brick & tile block of 3 flats, 2 of 2 bedrooms, the other of one bedroom, carport each
Outcome: sold for $2.12 million
Agents: Kay Jagusch & Carolyn Brooks

Isthmus west

Avondale

2 Blumhardt Place:
Features: 325m² section + 1/20 of 256m², 2 levels, 3-bedroom attached house, 2 bathrooms, balcony, garage
Outcome: no bid, back on market at $669,000
Agents: Kris Jamieson

Lynfield

180 Halsey Drive, unit 5:
Features: 228m² section, 2-bedroom townhouse, garage
Outcome: no bid
Agents: Jannette Wouters & Kim Dahya

Mt Albert

1098 New North Rd, unit 5:
Features: cross-lease, 1/3 share in 1722m², 2-bedroom unit, conservatory, garage
Outcome: sold for $705,000
Agent: Elvira Abdrazakova

Mt Eden

69A Landscape Rd, unit 3:
Features: cross-lease, 1/11 share in 1709m², one-bedroom unit, study, carport
Outcome: no bid, back on market at $519,000
Agent: Stephen Chang

Attribution: Auction.

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Crown Group adds 2 more properties to Auckland portfolio

John Copson’s Crown Group has bought 2 more large strategic Auckland commercial properties on Greenlane’s Golden Mile and on the Albany Village Highway.

Crown bought the property of just under 9000m² at 404-444 Great South Rd, Greenlane, for $25.5 million. It’s tenanted by Auckland Vehicles Ltd, which operates the Auckland Hyundai & Auckland Isuzu dealerships, together with adjacent dwellings.

A second property at 12 Oteha Valley Rd Extension, Albany, bought days later, has added 8000m² to the 10,000m² Crown already owns next to the site on Dairy Flat Highway.

Crown Group’s property general manager, Chad Cathcart, said in a release today the properties were bought as part of an allocation of $200 million approved by Copson Holdings to Crown to acquire well located New Zealand commercial property with strategic upside: “Both properties are fully leased and provide a range of future potential uses under the Auckland unitary plan.

“These acquisitions add to the string of property purchases the group made in 2017, which included the purchase of a further hospitality precinct at 136-142 Hurstmere Rd, Takapuna, for $25 million, to add to Crown’s existing portfolio of Takapuna landholdings.”

Link:
Crown Asia Pacific Group

Attribution: Company release.

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Ex-state house among 3 intensive living sales

In a mix of 7 intensive living options at Bayleys auctions around Auckland last week, an ex-state house (pictured) sold more for its land value, and a One Tree Hill brick & tile unit also sold under the hammer, while a Hillsborough townhouse sold prior.

All up, the agency offered 34 residential properties at its auctions and sold 11. 3 were withdrawn or had their auction postponed.

Isthmus east

Greenlane

7 Garland Rd:
Features: 668m² corner section zoned mixed housing urban, 1930s ex-state house, 2 bedrooms, garage & carport
Outcome: sold for $1.595 million at $2388/m² land
Agents: Jeff Clayton & Helen Yan

Mt Wellington

8 Thompson Park Rd, unit 25:
Features: studio with sliding door to bedroom, parking space, built last year
Outgoings: rates $1186/year including gst
Outcome: passed in, back on market at $419,800
Agents: Harry Cheng & Cheryl Regan

One Tree Hill

123A Campbell Rd, unit 2:
Features: 2-bedroom 1960s unit, parking space
Outcome: sold for $790,000
Agent: Lindy Lawton

Remuera

16 Buttle St, unit 2:
Features: 2-bedroom unit, parking space
Outcome: passed in
Agent: John Howard

Isthmus west

Hillsborough

138B Hillsborough Rd:
Features: 3-bedroom townhouse, 2 bathrooms, 2 living rooms, parking space
Outcome: sold prior for $780,000
Agent: Dianne Burt

North-east

Long Bay

20C Caldera Drive:
Features: 4-bedroom townhouse, 2 bathrooms, 2 living rooms, double garage
Outcome: passed in
Agents: Jiang Kou & Therese Leslie

North-west

Te Atatu South

36A Tirimoana Rd:
Features: 3-bedroom townhouse, 2 bathrooms, double internal-access garage
Outcome: passed in, back on market at $859,000
Agents: Kees Van Drongelen

Attribution: Agency release.

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Warehouse sells at auction, but intensive residential sector mired in “no bids”

An Onehunga warehouse sale started Barfoot & Thompson’s regular weekly commercial & apartments auction on a strong footing yesterday, but the entire residential auction market has been much weaker for months.

The apartments segment of the Thursday morning auction saw 2 of the 7 cbd apartments sold under the hammer, one of them a certainty in an auction brought forward.

Over 2 days, of the 26 intensive residential properties I logged (including cross-leases at only one of 3 auction sessions), 7 were sold at auction and one shortly after. 8 attracted no bid, and 2 were withdrawn from auction.

The intensive segment of the market covers a wide spread of homes, from apartments in the city centre to houses on cross-leased sites in suburbia. The steadiest part of that market is the supply of traditional brick & tile suburban units, on either ground level or one up, usually with the parking that many apartments don’t offer, and with less likelihood of the horrendous costs incurred in remediation when leaks are discovered.

Commercial

Isthmus east

Onehunga

126 Captain Springs Rd:
Features: 1012m² site zoned heavy industrial, 402m² warehouse & office  
Outcome: sold for $1.353 million
Agents: James Marshall & Nick Wilson

Apartments

CBD

Federal St

18 Federal St, unit 2F:
Features: fully furnished one-bedroom apartment
Outgoings: body corp levy $3004/year
Outcome: passed in at $375,000
Agents: Elizabeth Khosravi & Hamid Farid

Learning Quarter

8 Airedale St, unit 202:
Features: one-bedroom apartment, balcony
Outgoings: body corp levy $1679/year
Income assessment: $300/week until 16 January
Outcome: no bid
Agent: Annie Xu

Silo, 23 Emily Place, unit 4C:
Features: one-bedroom apartment, balcony
Outgoings: body corp levy $2990/year, parking $829/year
Outcome: pre-auction offer $310,000 acceptable, sold for $320,000
Agents: Stephen Shin & Yasu Ka

Sapphire, 76 Wakefield St, unit 412:
Features: studio
Outgoings: body corp levy $1867/year
Income assessment: $300/week, fixed until February
Outcome: passed in at $202,000
Agents: Selina Zheng & Tommy Zhang

6 Whitaker Place, unit 11A:
Features: 85m², 2-bedroom apartment, 2 parking spaces, 2 storage lockers
Outgoings: body corp levy $8183/year
Income assessment: $650/week current, parking $65/week
Outcome: no bid
Agent: Sam Yang

38A Whitaker Place:
Features: 200m²-plus, 3-bedroom whole-floor penthouse apartment, 2 bathrooms, office, 3 balconies, 3 parking spaces, storage
Outgoings: body corp levy $14,035/year
Outcome: sold post-auction on an “as is, where is” basis
Agents: Carl Madsen & George Damiris

Uptown

132 Vincent St, unit 1F:
Features: 2-bedroom apartment, balcony, secure parking space
Outgoings: body corp levy $5605/year + $595/year for parking
Income assessment: $590/week fixed until April
Outcome: passed in at $675,000
Agent: Betty Shao

Victoria Quarter

Fiore, 152 Hobson St, unit 1206:
Features: 2-bedroom apartment, deck, parking space, storage locker
Outgoings: body corp levy $5235/year
Outcome: sold for $820,000
Agents: Selina Zheng & Tommy Zhang

Isthmus east

Ellerslie

10A Wilkinson Rd, unit 10:
Features: 2-bedroom unit
Outcome: withdrawn from auction
Agents: Rain Diao & Patsy Chen

Greenlane

18 Nolan Rd, unit 6:
Features: cross-lease, 1/7 share in 2567m², 3-bedroom home, 2 bathrooms, double garage
Outcome: sold for $1.305 million
Agents: Maria Lambert & Ann Mushet

Meadowbank

2 Cruickshank Crescent:
Features: cross-lease, half share in 764m² section, 2-bedroom duplex, carport
Outcome: passed in
Agents: John Yang & Sidney Chan

Onehunga

9 Clarke Rd, unit 1:
Features: 2-bedroom unit, carport
Outcome: sold for $738,000
Agent: Paul Hodgman

One Tree Hill

64 Rawhiti Rd, unit 6:
Features: 2-bedroom unit, internal access garage, storage
Outcome: passed in
Agents: Helen Lam & Wendy Sadd

89 Rawhiti Rd, unit 4:
Features: 3-bedroom unit, garage
Outcome: no bid, back on market at $1.195 million
Agent: Paul Hodgman

Remuera

Broadway Park, Ascot, 8 Middleton Rd, unit 202:
Features: 164m², 3-bedroom apartment, 2 bathrooms, patio, double garage, storage locker
Outgoings: body corp levy $8428/year
Outcome: no bid
Agent: Shirley Shen

St Heliers

Raeburn Court, 1 Cliff Rd, unit 2:
Features: 2-bedroom apartment, carport
Outcome: passed in
Agents: Wendy Sadd & Michele Ballinger

Raeburn Court, 1 Cliff Rd, unit 5:
Features: 2-bedroom garden apartment, carport
Outcome: no bid, back on market at $1.225 million
Agent: Karin Cooper

Isthmus west

Blockhouse Bay

7 Heaphy St, unit 2:
Features: cross-lease, 1/3 share in 1533m², 3-bedroom house, 2 bathrooms, internal-access double garage
Outcome: sold for $1.09 million
Agents: William & Simon MacLean

Freemans Bay

46C Beresford St:
Features: 3-level 3-bedroom townhouse, study, balcony, double garage
Outgoings: rates $2295/year including gst; body corp levy $2905/year
Outcome: no bid, back on market at $1.048 million
Agent: Shawn Shao

Grey Lynn

19 Maxwell Avenue:
Features: cross-lease, half share in 788m², 4-bedroom house, 2 bathrooms, offstreet parking
Outcome: passed in
Agents: Matt O’Rourke & Ryan Harding

Hillsborough

81 Hendry Avenue:
Features: cross-lease, half share in 898m², 5-bedroom house, 3 bathrooms, basement garage + offstreet parking
Outcome: no bid
Agent: Kelly Zhang

Mt Albert

71 Asquith Avenue, unit 1:
Features: 2-bedroom unit, carport
Outcome: passed in, back on market at $679,000
Agent: Kevin Liu

1 Hendon Avenue, unit 1:
Features: 3-bedroom unit, garage
Outcome: withdrawn from auction
Agent: Lily Wang

St Lukes

47 St Lukes Rd, unit 1:
Features: 2-bedroom unit, garage
Outcome: sold for $630,000
Agents: Scott Larsen & Fiona Ryan

Three Kings

14 Clinker St:
Features: cross-lease, half share in 1014m², 116m² 3-bedroom house, basement garage
Outcome: sold for $822,000
Agent: Cheryl Martin

North-east

Hillcrest

7A Almadale Place:
Features: cross-lease, half share in 908m², 3-bedroom house, double carport
Outcome: no bid, back on market at $859,000
Agent: Cheryl Martin

Attribution: Auctions & auction documents.

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