Archive | Mt Wellington

Newmarket office building sells, Australian furniture retailer moves into Mt Wellington

Colliers agents have sold a Newmarket office building and leased a large Mt Wellington unit to Australian furniture retailer Nick Scali Ltd.

Isthmus east

Sale

Newmarket

1 Broadway:
Features: 1455m² site, 2269m² office building
Outcome: sold to private investor, price not disclosed
Agents: Adam White, David Burley & Hamish West

Lease

Mt Wellington

50-56 Mt Wellington Highway:
Features: 2695m² large-format retail unit on the front of the Harvey Norman Centre, leased to Australian furniture retailer Nick Scali Ltd
Rent: no figures
Agent: Leroy Wolland

Attribution: Agency release.

Continue Reading

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All up, the agency offered 34 residential properties at its auctions and sold 11. 3 were withdrawn or had their auction postponed.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

Continue Reading

Section’s potential becomes more of an issue in residential market

As more of Auckland’s unitary plan has become operative this year, awareness has grown of the changes in residential land potential, and therefore potential value.

Real estate agencies will frequently list properties for auction which may/may not have a house on site, but will be promoted for their development potential rather than the value of those existing improvements.

Sale based on that potential redeveloped value means there will be a steady supply of sites throughout suburbia gaining consents for intensification – perhaps 4 townhouses where there was once a single house. In some areas aggregation of sites may make sense, such as in or near a shopping centre, to enable development of apartments.

The drawback is that we are a nation of close to zero experience of apartment living until the 1990s, unlike Australia, where the 3-floor walkup (no lift required if you kept development below 4 levels) became commonplace in Sydney, in particular.

New Zealand’s one experiment in suburban intensification was the “sausage block” of brick & tile units – flats, usually only on ground level but sometimes with a second layer.

They differ from central city apartments in that they generally have some parking provision, and their construction isn’t nearly as expensive as multi-level apartment blocks. Remedial requirements may be confined to the affected unit/s, rather than being spread across multiple owners as happens in apartment blocks.

Pricing will dictate that the trend to intensification continues, offering a choice between more travel & having closer neighbours.

In my auction reports over the last couple of years I’ve paid particular attention to apartment sales because they’re as much an investment product as a home. Standalone houses, on the other hand, have been more an owner-occupier product, with investors holding under 30% of stock until the onslaught over the last 5 years by foreign investors looking for assets they can quickly convert cash into. That onslaught (not all foreign, but at prices boosted by foreign investors looking for quick conversion) has helped lift the investor holding in housing stock closer to 40%.

Now, with intensification of land use likely to spread and become more widely accepted as a norm, residential land prices will become more significant.

Intensification will be priced in – as a general rule – thereby also pushing the prices of standalone homes up, although there’s a lull at the moment after heavy overbuying by foreign investors, speculators, and the least powerful investors of all, first-homebuyers.

Auction results

At Bayleys’ residential auctions around Auckland last week, 3 properties were sold for their land potential, including one a couple of sections back from the water at Whitianga.

CBD

Uptown

8 Scotia Place, unit 7F:
Features: one-bedroom apartment, parking space; remedial issues, start date set
Outcome: auction postponed
Agents: Marcus Fava

Isthmus east

Glendowie

2 Navarre Rd:
Features: 802m² corner site, zoned residential mixed housing urban, existing house a 3-bedroom 1950s bungalow
Outcome: sold for $1.566 million at $1953/m²
Agents: Dean Markle & Jill Murphy

Mt Wellington

19 Ferndale Rd:
Features: 2 bedrooms, double garage
Outcome: sold for $708,000
Agents: Richard Griffin & Pheon Hung

Parnell

27 St Stephens Avenue, unit 3:
Features: 1057m² section, 138m² 3-bedroom townhouse, 2 bathrooms, deck, courtyard, double internal-access garage
Outgoings: rates $3100/year including gst
Outcome: sold for $1 million
Agent: Fleur Denning

North-west

Te Atatu Peninsula

5 Peachgrove Rd:
Features: 809m² flat site, zoned terrace housing & apartment, 3-bedroom house
Outcome: sold for $1.115 million at $1378/m² land
Agents: Tina Tang & Ryan Steven

South of the Bombays

Whitianga

4 Marlin St:
Features: vacant 579m² section near beach
Outcome: sold for $420,000 at $725/m²
Agents: Bev Calder & Sheree Henderson

Attribution: Agency release, my comments.

Continue Reading

14 of 36 intensive homes sell through auction

14 intensive homes sold in the auctionroom or shortly after, out of 36 offered at Barfoot & Thompson’s city office in 6 sessions from Tuesday-Thursday this week.

They were a mix of cbd & suburban apartments, suburban units & townhouses, and some cross-leases (I ignore standalone homes not on cross-lease sections, and also didn’t manage to check for cross-leases at every auction session).

Many were passed in without a bid offered, and were back on the market soon after with a price stipulated.

Image above: The Ivory, Conrad Properties’ new apartment development just off the new university campus on the former Lion Nathan brewery site on Khyber Pass Rd, and back from Newmarket Broadway – the new style of suburban intensive living.

CBD

Learning Quarter

Seaview, 4 Short St, unit 7A:
Features: 143m², 3 bedrooms, 2 bathrooms, deck, parking space; vendor to pay roof repair levy in full
Outgoings: body corp levy $8542/year
Outcome: passed in at $700,000, back on market at $968,000
Agents: Annie Xu & Sean Zhang

Sapphire Apartments, 76 Wakefield St, unit 307:
Features: 33m², one bedroom apartment
Outgoings: rates $1110/year including gst; body corp levy $2270/year after 10% discount
Income assessment: $380/week
Outcome: sold for $338,000
Agents: Annie Xu & Sean Zhang

Sapphire Apartments, 76 Wakefield St, unit 610:
Features: 60m², 2-bedroom apartment
Outgoings: rates $1435/year including gst; body corp levy $4340/year
Outcome: passed in at $485,000
Agents: Stephen Shin & Zoran Farac

Uptown

Q Central, 58 Liverpool St, unit 6D:
Features: leasehold, 2-bedroom penthouse loft
Outgoings: rates $1436/year including gst; body corp opex levy $3727/year, ground rent $8049/year
Income assessment: $600-640/week
Outcome: sold for $127,000
Agents: Stephen & Leo Shin

Victoria Quarter

Heritage Tower, 22 Nelson St, unit 1119:
Features: air-conditioned one bedroom, covered parking space, out of hotel pool, remedial work on building is underway
Outgoings: rates $/year including gst; body corp levy $/year
Income assessment: $/week
Outcome: no bid, back on market at $435,000
Agents: Alexander Kramarenko & Luke Shi

Zest, 72 Nelson St, unit 512:
Features: 2-bedroom apartment
Outcome: withdrawn from auction
Agent: James Yu

Isthmus east

Ellerslie

43 Celtic Crescent, unit 4:
Features: 2-bedroom unit, carport
Outcome: sold post-auction
Agent: Michelle Mi

Epsom

8 Bowling Avenue, unit 2:
Features: 72m², 2-bedroom unit, garage
Outcome: sold for $836,000
Agents: Mike Pedersen

87 Buckley Rd:
Features: cross-lease, half share in 1012m², 3-bedroom house, double garage
Outcome: sold post-auction
Agents: Paul Hodgman

Ivory, 10 Lion Place, unit 403:
Features: 65m² including balcony, 2-bedroom apartment, 2 bathrooms
Outcome: sold for $745,000
Agent: Cici Wang

44 St Andrews Rd, unit 8:
Features: studio
Outcome: sold for $388,000
Agent: Leonie Stabler

Meadowbank

128A St Johns Rd, unit 2:
Features: 2-bedroom unit, conservatory, double carport
Outcome: sold for $820,000
Agents: Kathy Bower & Julie Fitzpatrick

Mt Wellington

27 Stanhope Rd:
Features: cross-lease, half share in 809m², 3 bedrooms, garage
Outcome: sold for $927,000
Agent: Melody Lowe

Newmarket

Queen’s Lodge, 176 Broadway, unit B409:
Features: 2-bedroom apartment, 2 bathrooms, parking space
Outcome: passed in
Agents: Amy Ho & Jonas Ho

One Tree Hill

2 Ewenson Avenue, unit 4:
Features: cross-lease, 1/7 share in 1510m², 2 bedrooms, balcony, carport
Outcome: passed in at $500,000, back on market at $605,000
Agent: Robin Liu

41 Tawhiri Rd, unit 4:
Features: 2-bedroom unit, parking space
Outcome: sold for $755,000
Agent: Wendy Sadd

Parnell

Freemont Towers, 11 Freemont St, unit 13:
Features: 1960s apartment block, 50m², one bedroom, offstreet parking
Outcome: sold for $660,000
Agent: Ian Griffiths

Mayfair, 75 Parnell Rd, unit 12A:
Features: 62m², one-bedroom apartment
Outgoings: body corp levy $5901/year
Outcome: no bid
Agent: Melody Lowe

21 York St:
Features: m², 3-bedroom terrace, study, balcony, conservatory, offstreet parking
Outcome: no bid, back on market at $1.85 million
Agent: Bobby McMillan

Remuera

82D Clonbern Rd:
Features: cross-lease, 5/56 share in 4799m², 2-level townhouse, 3 bedrooms, study, double carport
Outcome: passed in at $1.1 million
Agents: Min Kim

731D Remuera Rd:
Features: 3-bedroom townhouse, 2 bathrooms, study, double internal-access garage
Outcome: no bid, back on market at $880,000
Agent: Alex Baker

Royal Oak

49 Turama Rd, unit 4:
Features: 2-bedroom 1970s brick & tile unit, internal-access garage
Outcome: passed in
Agents: James Yu & Danny Upton

St Heliers

10 Maxine Place, unit 3:
Features: 3-bedroom unit, 2 bathrooms, garage
Outcome: passed in
Agent: Bob Gordon

7 Walmsley Rd, unit 2:
Features: 130m² townhouse, 3 bedrooms, garage
Outcome: no bid, back on market at $1.289 million
Agents: Kelly Midwood & Hamish Hargrave

Isthmus west

Avondale

16 Highbury Avenue, unit 5:
Features: 2-bedroom 1960s unit
Outcome: passed in, back n market at $585,000
Agents: Anna Lechtchinski & Alex Wu

Blockhouse Bay

143 Donovan St:
Features: cross-lease, half share in 1020m², 3-bedroom house, carport
Outcome: no bid, back on market at $939,000
Agent: Kris Jamieson

Eden Terrace

Viscount, 33D(R) New North Rd:
Features: 110m², 2-level, 2-bedroom terraced apartment
Outcome: withdrawn from auction
Agent: Sue Saywell

Grey Lynn

497 Great North Rd:
Features: 3-level 4-bedroom terrace, 2 bathrooms
Outcome: sold post-auction
Agents: Cristina Casares

Mt Albert

22 5th Avenue, unit 4:
Features: cross-lease, quarter share in 1147m², 2-bedroom unit, carport
Outcome: sold for $715,000
Agents: Wendy Sadd & Michele Ballinger

65 Woodward Rd, unit 5:
Features: 2 bedrooms, carport
Outcome: sold for $718,000
Agents: Christine Wooding & Joanne Yu

Mt Eden

277 Mt Eden Rd, unit 3:
Features: cross-lease, 1/10 share in 1120m², 66m² 2-bedroom unit, garage
Outgoings: body corp levy $5000/year
Income assessment: $480/week, fixed until 30 December
Outcome: no bid, back on market at $695,000
Agents: Annie Xu & Sean Zhang

573C Mt Eden Rd:
Features: 243m² section, 209m², 4 bedrooms, 3 bathrooms, double garage
Outcome: no bid
Agents: Ricky Fan & Joyce Gu

584 Mt Eden Rd:
Features: 575m² section, 348m², 2-level townhouse, 5 bedrooms, 3 bathrooms, double internal-access garage
Outcome: passed in at $2.9 million
Agent: Helen Lam

Waterview

1594 Great North Rd, unit 2:
Features: cross-lease, quarter share in 1196m², 3-bedroom unit, garage
Outcome: no bid
Agent: Elvira Abdrazakova

North-west

New Lynn

6 Islington Avenue, unit 2:
Features: 184m², 4-bedroom duplex townhouse, 3 bathrooms, tandem internal-access garage (one space turned into a gym)
Outcome: no bid
Agents: Aken Yuan & Michelle Zhou

South

Mangere Bridge

16D Coronation Rd:
Features: 3-bedroom 1970s brick & tile unit, garage
Outcome: no bid
Agents: Danny Upton & James Yu

Attribution: Auctions.

Continue Reading

7 of 19 intensive homes sell at Barfoot auctions

7 sold at Barfoot & Thompson’s city office auction sessions on Wednesday & Thursday out of 19 intensive living units listed below, which include apartments in both the cbd & suburbia, traditional brick & tile units, some terraces & townhouses and, from the Wednesday afternoon session, some cross-leased properties.

The properties listed below are all intensive in some form, so exclude standalone homes (unless they’re on a cross-lease).

A regular feature of the market is the appearance of properties at various stages of leaky building remediation, and 2 fit that description here.

Every agency handling apartments also has a supply of units in the brand-new Sugartree development’s second stage, Centro, to offer. Ray White City Apartments had 2 yesterday and Barfoots had one – all passed in.

The auction rooms have mostly been quiet, and the distinguishing feature has been the high proportion of the offering which attracted no bid – 6 of those listed here – despite, in some cases, bidders registering.

CBD

Learning Quarter

Tetra House, 85 Wakefield St, unit 413:
Features: one bedroom, 2 bathrooms
Outgoings: body corp levy $4196/year
Outcome: no bid, back on market at $349,000
Agents: John Zhang & Richard Tan

Uptown

Kiwi on Queen, 421 Queen St, unit 805:
Features: 2 bedrooms
Outgoings: body corp levy $4591/year
Income assessment: $480/week current, fixed until February
Outcome: sold for $310,000
Agents: Stephen & Leo Shin

Victoria Quarter

City Oaks, 188 Hobson St, unit 210:
Features: fully furnished 2 bedrooms
Outgoings: rates $1201/year including gst; body corp levy $5775/year
Income assessment: vacant
Outcome: passed in at $260,000
Agents: Johnson Chen

Sugartree Centro, 145 Nelson St, unit 212:
Features: 100m² – 76m² internal, 24m² balcony, 2-bedroom apartment, 2 bathrooms, balcony, carport, storage locker
Outcome: passed in
Agent: Tristan Young

Isthmus east

Mt Wellington

50 Rutland Rd, unit 1:
Features: 2-bedroom unit, terrace, carport
Outcome: sold for $650,000
Agents: Carolyn & Peter Brooks

Panmure

44 Pilkington Rd, unit 5:
Features: 2-bedroom unit, garage
Outcome: no bid
Agents: Jane Wang & Angela Liu

Remuera

7B Lingarth St:
Features: 383m² section, 200m²-plus 4-bedroom townhouse, 2 bathrooms, office, courtyard, double garage
Outcome: no bid, back on market at $1.469 million
Agent: Paul Groom

50 Monteith Crescent:
Features: 1080m² section, 3 3-bedroom townhouses, all on fixed-term tenancies, 3 parking spaces
Outcome: passed in
Agent: Karin Cooper

276 Victoria Avenue, unit 1:
Features: cross-lease, 1/3 share in 993m², 2-level 4-bedroom townhouse, 2 bathrooms, conservatory, double garage
Outcome: no bid
Agents: Frances Li & Raymond Chan

Isthmus west

Grey Lynn

North Apartments, 197 Great North Rd, unit 205:
Features: 101m², 2-bedroom apartment, 2 bathrooms, balcony, double garage, secure storage
Outgoings: body corp levy $5284/year
Outcome: sold for $1.805 million
Agents: Ryan Harding & Louise Stringer

33 Mackelvie St, unit 1I:
Features: about 60m², one-bedroom apartment, secure parking
Outgoings: body corp levy $3374/year
Income assessment: $550-570/week
Outcome: sold for $550,000
Agent: Tim Roskruge

Summerfield Villas, 386 Richmond Rd, unit 1:
Features: m², 4-level 4-bedroom terrace, 2 bathrooms, double garage, reclad terrace, tandem internal-access garage; repair work on the complex now being undertaken in 3 stages following leaky building claim, work on this unit completed, vendor has set aside balance of repair levy but any further costs would be liability of new owner; there is a code compliance settlement clause
Outgoings: body corp levy $3602/year + remedial levies
Outcome: no bid
Agent: Jonathan White

Mt Eden

2 Matipo St, unit 2:
Features: 2-bedroom unit, garage
Outcome: sold for $958,000
Agents: Sara Knight & Vern Hines

905 Mt Eden Rd, unit 9:
Features: 2-level 5-bedroom house, 3 bathrooms, double internal-access garage, code compliance certificate not yet issued for original construction in 2004 & recladding this year
Outgoings: body corp levy $3422/year
Outcome: passed in at $1.38 million, back on market at $1.595 million
Agent: Sue Saywell

76 Wairiki Rd:
Features: cross-lease, half share in 1015m², 2-storey 4-bedroom bungalow, 2 bathrooms, study, 3 living areas, double garage
Outcome: no bid, back on market at $1.799 million
Agents: Derek Helliwell & Cathy Giles

Sandringham

3 Mars Avenue:
Features: cross-lease, half share in 850m², 3-bedroom bungalow, 2 bathrooms, carport
Outcome: passed in at $1.2 million, back on market at $1.315 million
Agents: Sara Knight & Vern Hines

North-east

Hillcrest
104 Pupuke Rd, unit 2:
Features: cross-lease, half share in 1421m², 4-bedroom townhouse, 2 bathrooms, garage, carport
Outcome: sold for $980,000
Agent: Jonathan White

Northcote Point

12 Belle Vue Avenue, unit 4:
Features: cross-lease, 1/5 share in 1470m², 2-bedroom unit, internal-access garage
Outcome: sold for $769,000
Agent: Bev Bellas & Jo Meechan

North-west

Hobsonville

255A Hobsonville Rd, unit 1:
Features: cross-lease, half share in 703m², 3-bedroom house, internal-access garage
Outcome: passed in at $735,000, back on market at $785,000
Agents: Kelly Zhang & Sammi Huang

Attribution: Auctions.

Continue Reading

Lunn Ave property sells

Bayleys agents have sold a Lunn Avenue property in Mt Wellington, with a mix of industrial units on it.

Isthmus east

Mt Wellington

46 Lunn Avenue:
Features: 2529m² site zoned general business, 5 units on individual titles – 4 industrial units ranging from 237-549m& leased to a furniture company until next March, one 50mretail unit occupied by a sushi business on a 3-year lease from January 2017
Rent: $233,650/year net + gst     
Outcome: sold for $4.6 million at a 5.07% yield
Agents: Sunil Bhana & James Hill

Attribution: Agency release.

Continue Reading

4 commercial leases in Auckland & Christchurch

Knight Frank agents have secured 4 commercial leases, 2 on the Auckland isthmus and 2 in Christchurch.

Leases

Isthmus east

Ellerslie

130B Main Highway:
Features: 70m² office, storage shed, 4 parking spaces
Rent: $25,000/year net + gst + opex      
Agent: Sophie Dixon

Mt Wellington

1066 Great South Rd, unit R:
Features: 75m² warehouse & amenities, 73m² mezzanine office, 2 parking spaces
Rent: not disclosed  
Agent: Scott Worrall

South Island

Canterbury

Christchurch cbd

137 High St, level 1:
Features: 100.8m² first-floor office, 63.4m² balcony
Rent: $31,971/year net + gst + opex      
Agent: Tom Lax

Halswell

3 Kennedy’s Bush Rd, ground floor unit 3:
Features: 45m² ground-floor office unit, parking space
Rent: $15,000/year net + gst + opex      
Agent: Campbell Taylor

Attribution: Agency release.

Continue Reading

Kiwi acquires more expansion land at Sylvia Park

Kiwi Property Group Ltd has secured an agreement to acquire a 3.2ha property at 79 Carbine Rd & 10 Clemow Drive in Mt Wellington for $27.1 million.

Chief executive Chris Gudgeon said on Friday: “When combined with our existing landholdings on Carbine Rd & Clemow Drive, this acquisition enables us to consolidate a strategic 7.7ha landholding with a road bridge connection to Sylvia Park over the railway line.

“We have no immediate plans to redevelop the land. However, given our world-class town centre vision for Sylvia Park and Mt Wellington’s status as a metropolitan centre, it makes good sense for us as a long-term investor to increase our landholdings in this strategic location. Kiwi Property’s landholdings in Mt Wellington now total over 30ha, including the main 20.4ha Sylvia Park Shopping Centre site.”

Improvements on the newly acquired property comprise a coolstore, industrial buildings, a truck fuel stop and temporary structures for office & storage. The property is leased to 8 tenants, including Fonterra & VINZ, with current passing income of about $1 million/year and a weighted average lease term of 4.77 years.

Mr Gudgeon said Kiwi would fund the acquisition from existing debt facilities. It’s due to settle this Friday, 13 October.

Kiwi already has 3 expansion projects underway at Sylvia Park – a new dining lane, an office building & a multi-level carpark. A fourth development project, comprising a retail galleria expansion & carpark, is in an advanced planning stage.

Attribution: Company release.

Continue Reading

5 apartment & suburban unit auction sales for Barfoots

An apartment in the new Fiore 2 (pictured), across Cook St from the central police station, and 3 suburban units sold under the hammer at Barfoot & Thompson’s city auctions this week. A Newmarket apartment sold post-auction.

CBD

Learning Quarter

4 Seasons, 22 Emily Place, unit 1H:
Features: 26m² studio, 3.7m stud
Outgoings: rates $1070/year including gst; body corp levy $3477/year
Income assessment: $330/week, fixed until January
Outcome: passed in at $210,000
Agents: Zoran Farac & Leo Shin

Victoria Quarter

Fiore 2, 168 Hobson St, unit 101:
Features: 53m², one bedroom
Outgoings: rates $1640/year including gst; body corp levy $2233/year
Income assessment: $470/week current, appraisal $480-520/week
Outcome: sold at pre-auction on Tuesday for $408,000
Agents: Stephen Shin & Justin Choi

Isthmus east

Meadowbank

7A Archdall St:
Features: cross-lease, half share in 677m², 2-bedroom unit, garden, patio, double garage
Outcome: sold for $870,000
Agents: Andy Dye & Andrew Pender

Mt Wellington

27 Rutland Rd, unit 1:
Features: cross-lease, quarter share in 1011m², 2-bedroom unit, deck, garden, internal-access garage
Outcome: sold for $739,000
Agents: Carolyn & Peter Brooks

Newmarket

2B Laxon Terrace:
Features: 2 bedrooms, covered terrace, 2 side-by-side parking spaces
Outcome: passed in at $800,000, sold post-auction
Agent: Liz Derbyshire

Isthmus west

Kingsland

68C Fourth Avenue:
Features: one bedroom, private garden, carport
Outcome: sold for $489,000
Agent: Jo Pickering

Attribution: Auctions.

Continue Reading

Updated: 2 warehouses sell at yields under 5.2%, third sells later

Published 14 September 2017, updated 26 September 2017:
2 warehouses in Penrose & Mt Wellington were sold on firm yields at Colliers’ auction on 13 September – 4.79% on the Greenpark Rd property (pictured) and 5.17% in Mt Wellington.

A third property, a mix of office & warehouse used for clothing storage but offered vacant, attracted no bid but was under negotiation post-auction and later sold.

Isthmus east

Mt Wellington

7A Te Apunga Place:
Features: 3012m² site zoned light industrial, 732m² net lettable area – warehouse 472m², storage 144m², office & amenities 116m², tenant Visor Distributors (2017) Ltd
Rent: $120,000/year net + gst, new 6-year lease from 30 June, 2 3-year rights of renewal
Outcome: sold for $2.32 million at a 5.17% yield
Agents: Hamish West & Todd Kuzmich

Parnell

Updated: 33C Falcon St, unit 3D:
Features: 643m² office & warehouse offered vacant – offices 299m², amenities 22m², storage 44m², warehouse 249m², loading bay 29m², 5.25m stud in warehouse, roller door, 12 stacked parking spaces, one in open
Outcome: passed in, only bid was from vendor at $2 million, sold post-auction for $2.25 million
Agents: David Burley & John Davies

Penrose

4-6 Greenpark Rd:
Features: 1160m² site zoned light industrial, 584m² net lettable area – warehouse 317m², offices & amenities 102m², showrooms 166m², canopy 8m², tenant Vesta Electrical Supplies Ltd
Rent: $78,000/year net + gst, initial lease term expires 30 April 2021, 2 4-year rights of renewal
Outcome: sold for $1.63 million at a 4.79% yield
Agents: Paul Jarvie, Brad Johnston & Matt Prentice

Attribution: Auction.

Continue Reading
WordPress Appliance - Powered by TurnKey Linux