Archive | Mt Wellington

Leases signed on Mt Wellington motel & 3 Shore office units

Bayleys agents on the North Shore have signed up leases on 3 office units in Albany, Milford & Takapuna, and the lease on a Mt Wellington motel.

Leases

Isthmus east

Mt Wellington

580 Mt Wellington Highway:
Features: 984m² motel (ex-Duchess Motor Lodge)
Rent: $180,000/year net + gst, premises rental $183/m²
Agent: Terry Kim

North-east

Albany

61 Constellation Drive, level 3, suite 308:
Features: 5.5m² office
Rent: $10,821.84/year net + gst at $1967.61/m²
Agent: Jane McKee

Milford

164 Kitchener Rd, unit 5:
Features: 30.76m² office, 3 parking spaces
Rent: $21,340/year net + gst, parking $30/space/week, rental excluding parking $16,660/year, premises rental $542/m²
Agent: Ian Waddams

Takapuna

18 Anzac St, unit 3:
Features: 101m² office
Rent: $26,350/year net + gst at $261/m²
Agents: Dean Gilbert-Smith & Damian Stephen

Attribution: Agency release.

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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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6 commercial deals around Auckland, Porirua & Central Otago

Colliers agents have reported 5 sales in Auckland, Porirua & Central Otago, including one at an auction brought forward, plus leasing of a design-build project in Penrose.

Isthmus east

Mt Wellington

4 Rakino Way:
Features: 4500m² site, 2180m² office & warehouse occupied by Fero Ltd
Rent: $291,504/year net + gst + opex from new 6-year lease with rights of renewal
Outcome: sold for $4.45 million + gst at a 6.55% yield
Agents: Ben Herlihy & Joshua Franklin

Penrose

15-21 Bell Avenue:
Features: 2.49ha site, 6600m² industrial facility, to be developed by Southpark Corp Ltd for an Australasian automotive & water products tenant on a 12-year initial lease
Agents: Hamish West & Paul Higgins

North-east

Takapuna

Parklane Motor Inn, 2 Rewiti Avenue:
Features: 3096m² site, 2160m² motor inn, 32 rooms, 40 offstreet parking spaces,
Outcome: sold for $10.6 million + gst
Agents: Dean Humphries & Gawan Bakshi

South

East Tamaki

24 Harris Rd, unit 7C:
Features: 267m² warehouse unit
Outcome: sold for $600,000 + gst, at a 5.43% yield, at auction brought forward from 17 October after pre-auction offer accepted
Agents: Jolyon Thomson & Greg Watson

South Island

Central Otago

Alexandra

85-87 Tarbert St:
Features: 2024m² site in 2 titles, 939m² retail showroom, office & warehouse leased to PGG Wrightson Ltd
Outcome: sold for $1.35 million + gst at an 8% yield
Agents: Mark Simpson & Rory O’Donnell

South of the Bombays

Wellington

Porirua

10 Norrie St:
Features: 854m² site, 660m² warehouse & showroom
Outcome: sold for $1.1 million + gst
Agents: Vince Southee & Dean Anderson

Attribution: Agency release.

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Chaudhary team sells 5 childcare centres

Tony Chaudhary’s South Auckland team at Bayleys has sold 5 childcare centres in Mt Wellington, Manurewa, Papakura, Wattle Downs & Weymouth.

3 were sold on 6% yields, one a few dollars off that, and the Mt Wellington one was sold on a 5.2% yield.

In a story on this website on Monday, the Chaudhary team featured its successes in selling a number of fuel stations (ordinarily, long called service stations, but that’s not always the case now).

Isthmus east

Mt Wellington

73 Aranui Rd:
Features: 1012m² site zoned residential – mixed housing suburban, 221m² childcare centre, originally a 1960s house extended in the 1990s, licensed for 40 children, 8-year lease from December 2017, 2 8-year rights of renewal, fixed annual rental increases of 2%
Rent: $93,600/year net + gst
Outcome: sold for $1.805 million at a 5.19% yield
Agents: Tony Chaudhary, Janak Darji & Paul Dixon

South

Manurewa

4 Browns Rd:
Features: 1132m² site zoned residential – mixed housing urban, 317m² childcare centre licensed for 50 children, new 15-year lease
Rent: $117,000/year net + gst
Outcome: sold for $1.95 million at a 6% yield
Agents: Tony Chaudhary, Amy Weng & Janak Darji

Papakura

336 Great South Rd:
Features: 1419m² corner site zoned residential – mixed housing suburban, new 2-level 511m² childcare centre consented for 85 children, purpose-built for All About Children, 17 parking spaces, 15-year lease, 2 10-year rights of renewal
Rent: $243,000/year net + gst
Outcome: sold for $4,057,860 at a 5.99% yield
Agents: Tony Chaudhary, Janak Darji & Amy Weng

Wattle Downs

149 Mahia Rd:
Features: 818m² site zoned residential – mixed housing urban, 181m² childcare centre licensed for 40 children, new 15-year lease
Rent: $93,600/year net + gst
Outcome: sold for $1.56 million at a 6% yield
Agents: Tony Chaudhary, Amy Weng & Janak Darji

Weymouth

436 Weymouth Rd:
Features: 901m² site zoned residential – mixed housing urban, 305m² childcare centre licensed for 45 children, new 15-year lease
Rent: $105,300/year net + gst
Outcome: $1.755 million at a 6% yield
Agents: Tony Chaudhary, Amy Weng & Janak Darji

Earlier story, 9 September 2018: Chaudhary notches up fuel station sales

Attribution: Agency release.

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Warehouse sells, vendor bids dominate auction of Grey Lynn property

A Mt Wellington warehouse occupying less than half the site was sold at Colliers’ auction today, but a Grey Lynn property with permit questions (pictured) was passed in after a series of vendor bids.

The Grey Lynn property, on the corner of Williamson Avenue & Mackelvie St, has 4 tenancies including a billboard & communications equipment.

The sole bid priced the property at a 6.58% yield, but the final vendor indicator bid priced it at a 4.46% yield.

Isthmus east

Mt Wellington

2 Donnor Place:
Features: vacant 1372m² site in industrial precinct, 754m² warehouse net lettable area (47% site coverage) – warehouse 514m², storage 55m², offices 185m²
Outcome: sold for $2.45 million
Agents: Hamish West & Ben Cockram

Isthmus west

Grey Lynn

26B Williamson Avenue:
Features: corner of Mackelvie St, 355m² site zoned mixed use, 2 building tenants (Mickey’s Gym & a travel agency) occupy 531m², other 2 tenancies are for an advertising billboard & communications equipment, all expiring in 2021-22 and 3 with renewal periods; 5 parking spaces, seismic rating 100% of new building standard, zoning allows development up to 27m; property offered “as is” as some building works don’t have consent, code compliance certificate, certificate of acceptance or final sign-off
Outgoings: rates $15,181 + gst
Rent: $131,530/year net + gst
Outcome: passed in after bid at $2 million & 4 vendor bids up to $2.95 million
Agents: Jonathan Lynch, Kris Ongley & Hamish Paterson

Attribution: Auction.

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East Tamaki & Mt Wellington warehouses sell

Bayleys agents have sold 2 warehouses in East Tamaki & Mt Wellington (picture above).

Isthmus east

Mt Wellington

24 Vestey Drive:
Features: 2834m² site, 1780m² industrial building – 1025m² of factory/warehouse space, 3 roller doors plus 2 levels of offices on street frontage, 28 parking spaces; Jazz Print, in occupation since 1996, has a 6-year lease from settlement & 2 3-year rights of renewal
Rent: $250,000/year net + gst, 2% annual rental increases
Outcome: sold for $5.15 million at a 4.85% yield
Agents: James Hill, Sunil Bhana & Mike Houlker

84 Lady Ruby Drive, East Tamaki.

South

East Tamaki

84 Lady Ruby Drive:
Features: 2153m² site, 843m² industrial building, 8m high clearspan warehouse roof, 2 levels of showroom & offices; 36.5% site coverage provides opportunity for expansion
Rent: $100,000/year net + gst holding income
Outcome: sold for $3.2 million to an owner-occupier
Agents: Katie Wu, John Bolton & Roy Rudolph

Attribution: Agency release.

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Mt Wellington unit sells

A Mt Wellington unit was sold at a suburban Bayleys auction this week. A city penthouse and a Remuera terrace were passed in.

A report on Thursday (link below) carries the detail of a Freemans Bay loft sold at the agency’s city branch auction.

CBD

Learning Quarter

Sapphire, 76 Wakefield St, unit 1503:
Features: 200m², 3-bedroom penthouse, 3 bathrooms, 2 living areas including double-height glazed atrium lounge, 40m² balcony, 2 basement parking spaces
Outcome: passed in
Agents: Harry Cheng & Cheryl Regan

Isthmus east

Mt Wellington

11 Monaco Place, unit 1:
Features: 2-bedroom unit, private courtyard, internal-access garage
Outcome: sold for $750,000
Agent: Ross Anstis

Remuera

533C Remuera Rd:
Features: 267m², 3-storey terrace, 3 bedrooms all with ensuites, double internal-access garage
Outcome: passed in
Agent: Amanda Maloney

Earlier story:
12 July 2018: Tiny commercial site & Freemans Bay loft sell at auction

Attribution: Agency release.

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Updated: 3 sell out of 8 at Ray White auction

Published 28 June 2018, updated 30 June 2018:
3 of the 8 apartments auctioned at Ray White City Apartments sold under the hammer, including one of the 2 units in the Volt, above Mayoral Drive (pictured).

Update: Full apartment details now posted.

CBD

Learning Quarter

Cambridge, 43 Anzac Avenue, unit 506:
Features: 18m² studio
Outgoings: rates $952/year including gst; body corp levy $4640/year including water & electricity
Income assessment: $320/week fixed until November; appraisal, $320-330/week furnished
Outcome: passed in at $150,000, back on market at $190,000
Agents: May Ma & Mark Li

Quay Park

Scene 3, 30 Beach Rd, unit 605:
Features: leasehold, 83m², 2 bedrooms, study, 2 bathrooms, deck, 2 parking spaces
Outgoings: rates $1721/year including gst; body corp opex levy $6253/year, ground lease $12,998/year
Outcome: no bid
Agent: James Mairs

Uptown

Volt, 430 Queen St, unit 117:
Features: 38m² + balcony, furnished 2 bedrooms, new furniture package a year ago
Outgoings: rates $1149/year including gst; body corp levy $3570/year
Income assessment: $2167/month from tenancy ending 17 July
Outcome: passed in at $340,000, back on market at $389,000
Agents: Judi & Michelle Yurak

Volt, 430 Queen St, unit 1416:
Features: 38m² + balcony, furnished 2 bedrooms,
Outgoings: rates $1240/year including gst; body corp levy $3975/year
Income assessment: $470-490/week furnished
Outcome: sold for $370,000
Agents: Judi & Michelle Yurak

Victoria Quarter

Zest, 72 Nelson St, unit 802:
Features: 38m² + balcony, furnished 2 bedrooms, secure parking space
Outgoings: rates $1266/year including gst; body corp levy $4150/year (water not included)
Income assessment: $450/week fixed until end November, $55/week for parking
Outcome: sold for $395,000
Agents: Judi & Michelle Yurak

Isthmus east

Mt Wellington

Thompson Park apartments, 8 Thompson Park Rd, unit 46:
Features: 91.1m² including 10.4m² balcony, 2 bedrooms, 2 bathrooms, study, heat pump, 2 parking spaces (one covered), storage locker
Outgoings: rates $1921/year including gst; body corp levy $2968/year
Income assessment: $680-720/week
Outcome: no bid
Agent: Steve King

North-east

Takapuna

Spencer on Byron, 9-17 Byron Avenue, unit 1807
Features: 48m², one bedroom, balcony, parking space
Outgoings: rates $1295/year including gst; body corp levy $3456/year
Income assessment: currently rented out on Airbnb
Outcome: passed in at $395,000
Agents: James Mairs & Gillian Gibson

South

Flat Bush

11 Carlos Drive, unit 12:
Features: 90m² including deck, 2 bedrooms, 2 ensuites, top floor, 2 bathrooms, 2 covered parking spaces; building defects identified, owner passing full rights to buyer
Outgoings: rates $1672/year including gst; body corp levy $5081/year
Income assessment: $480/week current, long-term tenant
Outcome: sold for $115,000
Agents: Dominic Worthington & Ady Huang

Attribution: Auction.

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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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Mt Wellington warehouse sells at 5% yield

A Mt Wellington warehouse, showroom & office (outlined at foot of photo) was sold just above a 5% yield at Colliers’ auction today.

Isthmus east

Mt Wellington

12 Fisher Crescent:
Features: 2000m² site, 1203m² standalone office and clearspan showroom & warehouse refurbished in 2014 – warehouse 742m², offices on 2 levels 460m², dual roller doors, 360m² concrete yard; new 4-year lease to Nilfisk Ltd in place, fixed 2.75% annual rent reviews, market reviews on renewal, 2 4-year rights of renewal
Rent: $199,986/year net + gst (warehouse $120/m², office $235/m²)
Outcome: sold for $3.975 million at a 5.03% yield
Agents: Ben Herlihy & Hamish West

Attribution: Auction.

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