Archive | Otahuhu

Allenby Park sale among 4 South Auckland deals

The 68-unit Allenby Park hotel complex in Papatoetoe (pictured above) has been sold as a freehold going concern, one of 4 recent commercial sales in South Auckland by Bayleys. The complex has drive-around access and has recently been upgraded throughout, including a new roof.

Bayleys’ business, tourism & leisure team leader, Paul Dixon, said the new owner had indicated an intention to continue operating the accommodation business although longer term the 8345m² site had potential for further development as site coverage is only 42%.

A Takanini site with a small workshop on it has been sold at auction by Bayleys after competition between 7 bidders lifted the price from a starting offer of $600,000 to an eventual sale to a local owner-occupier, after 84 bids, at $941,000.



7 Piki Thompson Way:
Features: 2064m² in 3 titles zoned terrace housing & apartments, 608m² commercial building & surrounding parking; leased to Maori services provider Te Roopu Taurima o Manukau until July 2021
Rent: $65,922 /year net + gst, annual CPI increases
Outcome: sold for $1.7 million at land value of $823/m² & a 3.87% yield
Agent: Dave Stanley


5 Vernon St:
Features: 1012m² level site zoned mixed use, 116m² 1950s villa; consented for 3 industrial units
Outcome: sold vacant for $760,000 at $751/m²
Agents: Dave Stanley, Peter Migounoff & Piyush Kumar


477 Great South Rd:
Features: 8345m² site zoned mixed housing suburban, recently upgraded 68-unit Allenby Park hotel complex, in-house restaurant, bar & standalone 2-level conference facility; potential for further site development as building coverage only about 3500m²
Outcome: sold as a freehold going concern for $16 million
Agents: Paul Dixon, Janak Darji & Tony Chaudhary


22 Oakleigh Avenue, Takanini.

22 Oakleigh Avenue:
Features: 1159m² security-fenced site zoned light industry, 184m² workshop built in 2000
Rent: estimate of $40-48,000/year net + gst
Outcome: sold with vacant possession for $941,000
Agents: Rod Grieve & Peter Migounoff

Attribution: Agency release.

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Goodman scores 2 new projects

The Goodman Property Trust has announced 2 new industrial projects for its Savill Link industrial estate & Highbrook Business Park in Auckland totalling $54.1 million, including $14.6 million for land value allocation.

Trust management company Goodman (NZ) Ltd’s chief executive, John Dakin, said today the preleased facilities would occupy almost 4ha of development land, add 19,467m² of rentable area to the portfolio and generate over $3.3 million/year income once completed.

Those 2 new commitments will take Goodman’s current development workload to $233 million. Mr Dakin said the new projects continued the strong momentum of the last 18-24 months and further progressed the rapid build-out of the trust’s strategic landholdings.

The new projects:

  • A 14,050m² design-build warehouse facility for Australasian packaging specialist NCI Holdings Pty Ltd at Savill Link in Otahuhu, and
  • A 5417m² warehouse expansion for national carrier & existing customer Move Logistics Ltd at Highbrook.

Excluding land allocations, Mr Dakin said the 2 projects would require additional investment of $39.5 million.

Mr Dakin said: “Regional growth & the impact of online retailing is driving demand for well located industrial & business space facilities across Auckland. With portfolio occupancy of 99% we are effectively at capacity. To alleviate the supply shortfall we are intensifying our development programme with a combination of build-to-lease & design-built facilities.”

The current project list:

Attribution: Company release.

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5 industrial sales around isthmus & Mangere

Bayleys agents have completed 5 industrial sales around the east of the Auckland isthmus and in Mangere, ahead of today’s second Total Property auction for the year. I’ll have the auction results tomorrow.

The sales included one of the properties Augusta Capital Ltd has bought to seed its new industrial property fund.

Isthmus east

Mt Wellington
1066 Great South Rd, unit T:
Features: 93m² industrial unit
Outcome: sold with vacant possession for $315,000 at $3387/m² land & building
Agent: Ben Wallace

20 Paisley Place:
Features: 1.363ha site, 7877m² industrial building; Americold NZ Ltd has a lease expiring 30 November 2019, and primary producer logistics company Icepak Ltd, a subsidiary of Halls Group, is to lease the property for 12 years from 1 December 2019
Outcome: sold to Augusta Industrial Fund for $25,384,615 at a 6.5% yield
Agents: Chris Bayley & Mike Houlker


35 Atkinson Avenue:
Features: 1095m² site, recently refurbished 520m² industrial building, fully occupied by 4 tenants, anchored by new 10-year lease
Outcome: sold for $1.63 million at a 6.13% yield
Agents: Scott Kirk, James Were & Tony Chaudhary

St Johns

67H Elizabeth Knox Place:
Features: 300m² industrial unit – warehouse 160m², office 140m²
Outcome: sold for $1,195,000 with vacant possession at $3983/m² land & building
Agents: Greg Hall & Chris Bayley



4 Waokauri Place:
Features: 3733m² site, steel manufacturing plant comprising 2112m² of warehouse & 220m² of offices; longstanding owner-occupier Formsteel Technologies Ltd has leased back for 6 years with 2 3-year rights of renewal
Outcome: sold for $4 million at a 6.35% yield
Agents: Dave Stanley & Jamsheed Sidhwa

Attribution: Agency release.

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3 southern commercial buildings sold

Bayleys agents have completed 3 commercial building sales in 3 southern suburbs – Otahuhu, Otara & Papatoetoe (building pictured).

Isthmus east


79 Atkinson Avenue:
Features: Under-developed 932m² town centre-zoned site, 263m² single-level commercial premises originally constructed in the 1970s as an office building, currently occupied by Vietnamese restaurant on 4-year lease until October 2018 with one 4-year right of renewal, 16 parking spaces
Outcome: sold for $1,500,001 at a 3.01% yield
Rent: $46,500/year net + gst
Agents: Tony Chaudhary, Janak Darji & Amy Weng



52 Lovegrove Crescent:
Features: 6070m² site, 2 office buildings with interconnecting ground levels, totalling 2781m²; Ministry of Social Welfare in occupation since 2006, current leases running until mid-2022 plus 2 3-year rights of renewal; 90 parking spaces, 375m² of vacant basement office space
Rent: $350,132/year net + gst
Outcome: sold for $3.875 million at a 9.03% yield
Agents: Sunil Bhana, James Hill, Tony Chaudhary & Janak Darji


196 Great South Rd (pictured):
Features: 1067m² site with town centre zoning, 746m² 2-level commercial building, occupied by ANZ since the 1990s, current lease running until April 2020 plus 2 3-year rights of renewal, 17 parking spaces at rear
Rent:  $140,483/year net + gst
Outcome: sold for $2.8 million at a 5.02% yield
Agents: Janak Darji, Tony Chuaudhary & Amy Weng

Attribution: Agency release.

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Auckland Plan refresh approved for consultation, 2 private plan changes to be notified

Auckland Council’s planning committee approved the revised draft Auckland Plan for formal public consultation yesterday.

A joint consultation on this plan and on the council’s 10-year budget, 2018-28, will open on 28 February and run until 28 March. The council’s governing body will approve the consultation document on 7 February.

The Auckland Plan, first adopted in 2012 and now reviewed for the second time, is the spatial plan that sets the direction for how, where & when Auckland will grow over the next 30 years.

Other planning committee business

Manurewa Takanini Papakura integrated area plan:

The committee endorsed the Manurewa Takanini Papakura Integrated Area Plan, which provides a planning framework to guide how the area develops over the next 30 years.

2 private plan change requests under new unitary plan

Otahuhu, King’s College, Mangere & Hospital Rds:

The committee agreed to publicly notify King’s College’s private plan change request to rezone 2 land parcels, one to the north-east of the main campus and the other to the south.

The private plan change will rezone land adjoining Mangere Rd from special purpose – school to terrace housing & apartment buildings, and land adjacent to Hospital Rd from terrace housing & apartment buildings and single house zones to special purpose – school.

Ellerslie, 614-616 Great South Rd, Goodman Property Trust:

The committee agreed to publicly notify Goodman Property Trust’s private plan change request to rezone 614-616 Great South Rd from business park to mixed use.

Link: Planning committee agenda 28 November

Attribution: Council releases.

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Development sites & warehouses sell

Colliers’ latest 5 sales around the country include a vacant development site at Mercer, just south of the Bombay Hills, which had been on the market since March.

In Auckland, a Saleyards Rd property in Otahuhu has been sold with a short-term lease in place, and at Rosedale on the North Shore an owner-occupier has bought 2 office & warehouse units.

Isthmus east


17 Saleyards Rd:
Features: 6807m² industrial property, 3462m² building leased to Service Foods Ltd on a term of 12 months from settlement, with annual 3% increases & 2 3-month rights of renewal
Outcome: sold for $6.3 million
Agents: Hamish West, Ben Herlihy, Andrew Hooper & Jeremy Barnett



22 William Pickering Drive:
Features: 2 office/warehouse units totalling 2180m²
Outcome: sold as one lot to an owner occupier, Auckland BioSciences Ltd, for $6.03 million
Agents: Mike Ryan & Matt Prentice

South of the Bombays

Bay of Plenty

Mt Maunganui

127 Newton St:
Features: 1293m² commercial property suitable for multiple uses, 480m² warehouse
Outcome: sold for $1.2 million + gst
Agents: Rich Davidson & Simon Clark



Site beside State Highway 1:
Features: 22,925m², vacant business-zoned site
Outcome: sold for $1.95 million
Agents: Ash Vincent & Greg Goldfinch

South Island – Canterbury


54 Salisbury St:
Features: 523m² commercial site, next to a 4047m² parcel of bare land bought recently by Christchurch Casino to ensure Victoria St remains a vibrant precinct  
Outcome: sold at auction to a private local investor for $775,000
Agents: Courtney Doig & Hamish Doig

Attribution: Agency release.

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Updated: 2 post-auction sales; strong yields for some, no bid on others as 6 sell at Bayleys’ commercial auction

Published 3 August 2017, updated twice on 9 August 2017
Sale of a small character building at the foot of College Hill at Bayleys’ Total Property commercial auction last Wednesday showed the right property could still sell at a yield under 5%.

That was confirmed by the post-auction sale of a Hurstmere Rd property in Takapuna, at a yield just below 4%. Also sold post-auction was a 2-storey building in East Tamaki occupied by a bar & gaming lounge, sold on a 6.5% yield.

Mind you, sub-5%, or even below 4%, isn’t quite a match for the sub-3% yields 2 old converted houses at the top of College Hill went for at auction in June.

Still, there was a buzz in the auctionroom which has been missing from most auctions in recent months, as auctioneers have tried to squeeze an offer from a smattering of mostly reluctant bidders.

6 properties were sold under the hammer at yesterday’s commercial auction. 4 attracted no bid out of the 7 passed in. Another 2 properties on the list had their auctions postponed and one was withdrawn completely.

Finance has become a central issue in all forms of property transaction, and agents told me of numerous new barriers in the way of a sale, such as insistence on tighter lease terms where those terms had previously not even been raised.

Scores of properties have been passed in without attracting a bid at auctions around Auckland this year, but the absence of a bid on the ANZ premises in the Lincoln North shopping centre in Henderson yesterday was in stark contrast to the frenzy of bidding that occurred when developer Frank Reynolds sold the centre down in 2009.

That was about 18 months into the global financial crisis, a time when caution abounded, but it was also a time when there were plenty of Chinese buyers keen on small retail & fast-food premises and willing to bid strongly. With a new 9-year lease in place, the ANZ premises sold in 2009 for $3.03 million at a 5.47% yield. On that day, all 22 units in the centre sold under the hammer.


Victoria Quarter

20 Centre St:
Features: 260m² – 83m² café, 177m² office & showroom,
Rent: $100,000/year net + gst
Outcome: no bid
Agents: Oscar Kuang, Ben Wallace & James Chan

Isthmus east


21 Hall Avenue:
Features: 397m² site zoned business town centre, vacant 269m² building previously occupied by a bank, 5 rear parking spaces  
Outcome: sold for $1.23 million
Agents: Piyush Kumar Peter Migounoff, Tony Chaudhary & Janak Darji


11 Farnham St:
Features: 269m² site, standalone building with 4 levels built 10 years ago, 659m² floor area, private lift to penthouse on top 2 floors, conservatory, 4 bedrooms, 5/6-car garage + secured yard parking on ground floor, partitioned office & amenities on level 1, air-conditioned on levels 1-3
Outcome: auction postponed
Agents: Millie Liang

Isthmus west


1843 Great North Rd:
Features: 2309m² site zoned multi-use commercial with 32.5m height limit, café & villa with 250m² floor area
Rent: $42,898/year net + gst
Outcome: auction postponed
Agents: Laurie Bell & Kate Kirby

Freemans Bay

3 College Hill:
Features: 276m² site, fully leased 592.5m² 3-level character building, retailer Boardertown occupies basement & ground floor, office tenant above, on leases running to 2023 & 2024 plus signage lease
Outcome: sold for $3.075 million at a 4.92% yield
Agents: Cameron Melhuish, Andrew Wallace & Genevieve Thompson-Ford



100 Bush Rd, units C & D:
Features: unit C 245m², Unit D 167m², corner office building, new 6-year lease from 1 June, 15 parking spaces
Rent: $118,575/year net + gst
Outcome: withdrawn from auction
Agents: Laurie Burt & Dean Gilbert-Smith

1 Cebel Place, unit B:
Features: 668m² warehouse, showroom & office unit, 15 parking spaces, Wesfarmers subsidiary NZ Safety Blackwoods renewed its lease for 4 years in June, with one further 4-year right of renewal
Rent: $134,000/year net + gst + opex
Outcome: sold for $2.38 million at a 5.63% yield
Agents: Laurie Burt, Matt Mimmack, Tony Chaudhary & Amy Weng

8 Piermark Drive, unit D:
Features: 401m² industrial unit in modern unit-title development with drive-round access, 265m² of high stud warehousing, 2 levels of showroom & office space, 7 parking spaces
Outcome: sold vacant for $1.3 million
Agents: Laurie Burt & Matt Mimmack


Updated: 178 Hurstmere Rd:
Features: 567m² site, 995m² building with dual frontage to Hurstmere Rd & Killarney St, 2 ground-floor shops, first-floor restaurant & hairdressing salon
Rent: $269,117.76/year net + gst + opex current from 4 tenancies after a lease on vacant space was concluded, (originally I used the rental figure used at the start of the campaign, $159,118, plus potential for further $120,000/year)
Outcome: passed in at $6.5 million, sold post-auction for $6.8 million at a 3.96% yield
Agents: Brian Caldwell, Ashton Geissler & Damian Stephen

Wairau Valley

7 Porana Rd, unit C:
Features: vacant 245m² industrial unit, 5 parking spaces        
Outcome: no bid
Agents: Ashton Geissler & Matt Mimmack

135 Sunnybrae Rd:
Features: 1257m² roadfront site, 683m² partly earthquake-prone warehouse & workshop building, longstanding upholstery tenant recently exercised final 2-year right of renewal, smaller rear tenancy on short lease       
Outcome: sold for $1.625 million at a 5% yield to a car sales business
Agents: Ashton Geissler & James Kidd



The Lincoln North shopping centre.

Lincoln North shopping centre, 192 Lincoln Rd, unit 4A:
Features: 503m², ANZ Bank branch on 6-year lease from December 2015, 3 3-year rights of renewal
Rent: $167,550/year net + gst
Outcome: no bid
Agents: Oscar Kuang & James Chan


7 Maki St, unit 3:
Features: retail unit, NZ Post as tenant
Rent: $112,513/year net + gst
Outcome: no bid, back on the market at $1.725 million + gst
Agents: Andrew Wallace, Cameron Melhuish & Genevieve Thompson-Ford


East Tamaki

Botany South, 8 Bishop Lenihan Place, unit H:
Features: 158m², vacant retail unit in 19-unit complex, 7 allocated parking spaces
Outcome: sold for $580,000
Agents: Terry Kim, Tony Chaudhary & Steven Liu

Updated: 272 Ti Rakau Drive, unit B:
Features: 443m² 2-storey building, 9 parking spaces, bar & gaming lounge on 10-year lease starting in March
Rent: $118,000/year net + gst + opex
Outcome: passed in at $1.6 million, sold post-auction for $1.825 million at a 6.5% yield
Agents: Tony Chaudhary, Janak Darji & Amy Weng


88-94 Great South Rd, unit F:
Features: 1191m² floor area, 6 tenancies fully leased
Rent: $242,000/year net + gst     
Outcome: passed in at $3.5 million
Agents: Piyush Kumar & Peter Migounoff

Earlier stories:
13 June 2017: Sub-3% yields on College Hill, and Queen St office sells
8 July 2009: 22 out of 22 shops go at auction

Attribution: Auction.

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St Marys Bay & Otahuhu apartments sell

A St Marys Bay terrace and a renovated Otahuhu apartment were sold under the hammer at Bayleys’ auctions last week.

Isthmus east


4 Marjorie Jayne Crescent, unit 3A:
Features: m², renovated 2-bedroom apartment, balcony, 3 parking spaces
Outgoings: rates $/year including gst; body corp levy $/year
Income assessment: $/week
Outcome: sold for $454,000
Agents: Cam Hayde, Caleb Rufer & Ellis Prince

Isthmus west

St Marys Bay

52 New St:
Features: m², 3-bedroom terrace, balcony, parking space
Outgoings: rates $/year including gst; body corp levy $/year
Income assessment: $/week
Outcome: sold for $1.325 million
Agent: Luke McCaw

Attribution: Agency release.

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Otahuhu commercial unit & 3 apartments sell

A ground-floor commercial unit in Otahuhu attracted strong bidding at Barfoot & Thompson’s city auction today. Along with that sale, 3 of the 6 cbd apartments on the list also sold, including a penthouse in The Peaks (pictured) sold for just over $1.3 million.



Queen St

Queen Victoria, 6 Victoria St East, unit 6M:
Features: 62m² + mezzanine 16m², 2 bedrooms
Outgoings: body corp levy $6616/year + $2493 special levy for exterior painting
Income assessment: $450/week
Outcome: passed in at $530,000
Agents: Zoran Farac & Stephen Shin


Bianco off Queen, 2 White St, unit 12A:
Features: 61m², 2 bedrooms, balcony, out of hotel management
Outgoings: body corp levy $5718/year
Outcome: sold for $570,000
Agents: Selina Zheng & Tommy Zhang

Victoria Quarter

Auckland City Oaks, 188 Hobson St, unit 609:
Features: fully furnished one bedroom, parking space
Outgoings: body corp levy $6208/year
Outcome: no bid
Agents: Wendy Feng & Jack Li

Hobson Gardens, 205 Hobson St, unit 4G:
Features: 163m², 3 bedrooms, 2 bathrooms, balcony off lounge + bedroom balconies, parking space
Outgoings: body corp levy $6052/year + water
Outcome: no bid
Agents: Stephen Shin & Yasu Ka

Wiltshire, 89 Victoria St West, unit 10C:
Features: 2 bedrooms, 2 bathrooms, balcony, parking space will be removed from the title
Outgoings: body corp levy $4572/year
Outcome: sold for $670,000
Agents: Fiona Lee

The Peaks, 117 Victoria St West, unit 14D:
Features: 177m², 3-bedroom penthouse, 2 bathrooms, balcony, 2 parking spaces, storage locker
Outgoings: body corp levy $8923/year
Outcome: sold for $1.316 million
Agents: Livia Li & Alan Guo


Isthmus east


632 Great South Rd, unit 5:
Features: 195m², ground-floor unit, 5 parking spaces
Outcome: sold for $700,000
Agents: Grant Magill & Errol Rudman

Attribution: Auction.

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Updated: 2 sell at Barfoots commercial auction, third sells later

Published 23 February 2017, updated 2 March 2017:

One commercial property in Otahuhu sold under the hammer and another in Penrose (pictured) sold a few minutes later at Barfoot & Thompson’s commercial auction on 23 February.

A third property, in the Surrey Crescent shops, didn’t attract a bid but was sold post-auction.

Isthmus east


71 Portage Rd, unit F:
Features: 66m² unit, previously a lunch bar at front of light industrial precinct, 5 parking spaces
Outcome: sold for $310,000
Agent: Mike Jensen


26 Botha Rd:
Features: vacant 895m² light industrial site, 2 warehouses of 239m² & 355m², parking 
Outcome: passed in at $1.15 million, sold shortly after for $1.25 million
Agents: Nick Wilson & James Marshall

Isthmus west

Grey Lynn

Updated: 604 Great North Rd:
Features: 153m² standalone retail property at the Surrey Crescent shops, rear access (1/16 share in right of way), onsite parking 
Rent: $30,500/year on lease running until November 2018
Outcome: no bid, sold post-auction for $890,000
Agents: Marie-Anne Molloy

Attribution: Auction.

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