Archive | Panmure

Auckland warehouses sell, new Queenstown retail units ignored

2 Auckland warehouses were sold yesterday at CBRE’s first multi-property auction in 7 years (discounting a joint promotion with Bayleys in 2015), but 3 retail units in the new Ramada Remarkables hotel in Queenstown struggled to muster 2 bids (other than vendor indicators) between them.

Agencies sometimes take “out of town” properties to auction in the country’s biggest investor market, Auckland, and often enough find the big-city investors don’t materialise, as happened in this case.

Isthmus east

Panmure

34 Allenby Drive:
Features: 855m² site, existing house vacant, resource consented for 6 apartments & a terraced house
Outcome: vendor bids of $900,000 & $980,000, passed in
Agent: Peter Turner

North-west

New Lynn

12 Stock St:
Features: 660m² warehouse zoned light industrial, ground floor occupied by karate dojo on lease running to 1 March 2018 with 2 2-year rights of renewal; the vendor, the Auckland Play Centre Association, has vacated the upstair offices; 8 parking spaces
Outcome: sold for $970,000
Agents: Michael Bray & Deborah Dowling

South

East Tamaki

28C Andromeda Crescent:
Features: 901m² clearspan warehouse – 728m² warehouse with 4.8m stud height, 85m² warehouse office, 88m² first-floor office; new roof, 2 roller doors, sealed yard, tenant vacating in March        
Outcome: sold for $1.75 million
Agents: Patrick Sammon & Lewis Watson

South Island

Queenstown

Developer Rob Neil of Safari Group (NZ) Ltd, who has specialised in development of Quest hotels and, more recently, Ramada hotels, built the 59-suite Ramada Remarkables at Remarkables Park, including the 3 retail outlets which were taken to auction.

Total rent from 5 new tenancies is $300,900/year.

Agents for all 3 retail units were Richard Larman & Ellie Martin.

24 Hawthorne Drive, unit 2:
Features: 2 tenancies of 58m² & 88m², a rental car office & a gym, 2 parking spaces
Rent: $83,400/year net from 6-year leases, each with 2 3-year rights of renewal      
Outcome: passed in after a starting bid at $500,000 and closing with vendor bids of $1.05 million & $1.4 million, the last indicator representing a yield of 5.96%

24 Hawthorne Drive, unit 6:
Features: 228m² Franks Eatery, 8-year lease, 3 4-year rights of renewal, 2 parking spaces
Rent: $128,400/year net
Outcome: no bid

24 Hawthorne Drive, unit 7:
Features: 2 tenancies of 95m² & 61m²; the larger finance company tenancy of 6 years, 2 3-year rights of renewal, 2 parking spaces; the smaller ophthalmologist’s tenancy of 5 years, 3 3-year rights of renewal, 2 parking spaces
Rent: $89,102.12/year net
Outcome: passed in after a starting bid at $1 million and closing with a vendor bid of $1.4 million, representing a yield of 6.36%

Attribution: Auction.

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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.

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Updated: Takapuna properties bought on development-based yields as 9 sell at Bayleys’ commercial auction

Published 26 October 2017, updated 28 October 2017:
Bayleys’ 7th Total Property commercial auction in Auckland for the year ended with 9 properties sold, 8 passed in, and the auction of the one remaining property on the list was deferred a week. Another, in Birkenhead, has been sold post-auction.

The sales included 2 adjoining converted houses (pictured) on Lake Rd, Takapuna, sold at yields on present uses of 2.7% & 4.1%. Both have more intensive development potential.

CBD

Waterfront

Sebel, 85-93 Customs St West, unit S:
Features: leasehold, 628m² floor area, tenant Soul Bar on 9-year lease + rights of renewal until 2038
Rent: $437,500/year net + gst + outgoings including ground rent, rent reviews to CPI + fixed increases
Outcome: passed in
Agent: Mark Pittaway

16 Viaduct Harbour Avenue, unit 1A, ground floor:
Features: leasehold, 439m² office including balcony, 5 secure covered parking spaces
Rent: $248,500/year gross + gst, net $124,026/year + gst, 6-year lease to Auckland Council with rights of renewal
Outcome: passed in
Agent: Mark Pittaway

Isthmus east

Onehunga

360 Onehunga Mall:
Features: 538m² site zoned residential – terrace housing & apartment building, 2-level 341m² building constructed in 2010, ground-floor liquor store, 4-bedroom accommodation above
Rent: $93,712.50/year net + gst
Outcome: sold for $1.96 million at a 4.78% yield
Agents: Ken Lu, Damien Bullick & Alan Haydock

Panmure

100 Queens Rd:
Features: 979m² site, 1701m² floor area, multi-tenanted retail property
Rent: $131,181/year net + gst + outgoings, rising to $139,432/year next April 
Outcome: auction deferred until Wednesday 6 December
Agent: Mark Pittaway

Penrose

766 Great South Rd:
Features: 998m² site, 300m² single-level medical clinic, multiple tenants include GP practice, physiotherapist, occupational therapist & accountant
Rent: $65,050/year net + gst
Outcome: sold for $1.065 million at a 6.11% yield
Agents: Tony Chaudhary, Janak Darji, James Hill & James Chan

25 Walls Rd:
Features: 1037m² light industry-zoned site, 702m² high stud warehouse & office building, new 6-year lease to well established import & distribution tenant
Rent: $106,302/year net + gst     
Outcome: sold for $2.305 million at a 4.61% yield
Agents: Mike Adams & Phil Haydock

Isthmus west

Mt Eden

54 Mt Eden Rd:
Features: 400m² site zoned mixed use, in Grammar zone, 130m² villa, garage + 3 parking spaces
Outcome: passed in at $1.4 million
Agents: Alan Haydock, Phil Haydock & Damien Bullick

North-east

Birkenhead

221-225 Hinemoa St:
Features: 522m² floor area, medi-spa & beauty salon a tenant since 2004 & on new 5-year lease, 2 small shops, penthouse apartment
Rent: $122,304/year net + gst from commercial premises, apartment vacant
Outcome: passed in at $3.5 million
Agents: James Kidd & Michael Nees

Updated: 60-62 Mokoia Rd:
Features: 405m² site in town centre zone (21m height limit) retail strip, 744m² floor area, 3 tenants
Rent: $131,018.33/year net + gst + outgoings
Outcome: passed in at $2.2 million, sold shortly after auction for $2.3 million at a 5.7% yield
Agents: Michael Nees & Nick Howe-Smith

Takapuna

58-60 Jutland Rd:
Features: 371m² site zoned neighbourhood centre (13m height limit), 398m² 2-level building with mix of commercial & residential tenancies – 3 ground-floor retail units, anchored by a superette, 2 flats above; secondary access at the rear, where there are 4 parking spaces
Rent: $100,088/year net + gst current, development upside   
Outcome: sold for $2.09 million at a 4.79% yield
Agents: Adam Curtis, Damian Stephen & Nick Howe-Smith

398 Lake Rd:
Features: 888m² site in mixed use zone, 321m² 2-level building; the Skin Institute has occupied the premises since 1994 and has recently renewed its lease until September 2023, with 3 further 3-year rights of renewal; zoning provides potential for residential accommodation with sea views on top of commercial base
Rent: $165,000/year/net + gst    
Outcome: sold for $4.04 million at a 4.08% yield
Agents: Ranjan Unka, Tonia Robertson & Ashton Geissler

400 Lake Rd:
Features: 890m² site zoned mixed use, 272m² converted split-level character residential building, fully leased to long established law firm Turner Hopkins with 5½ years to run on lease, longer-term potential for multi-level redevelopment
Rent: $96,000/year net + gst
Outcome: sold for $3.61 million at a 2.66% yield
Agents: Tonia Robertson, Ranjan Unka & Terry Kim

North-west

Henderson

42 Paramount Drive, units 6 & 7:
Features: 280m² for 2 units consented for restaurant use, separate entrances, in retail complex off Lincoln Rd
Outcome: sold vacant for $1.408 million
Agents: David Han, Terry Kim & Matt Lee

South

Beachlands

40 9th View Avenue:
Features: 1416m² site zoned residential – terrace housing & apartment building, opposite entranceway to Pine Harbour marina, modern 640m² single-level showroom building;
Rent: $36,443/year holding income
Outcome: sold for $1.65 million from lease to Pine Harbour Motorsport Museum
Agents: Nick Bayley & Dave Stanley

East Tamaki

46 Neilpark Drive:
Features: 2100m² site, 2 adjoining clearspan warehouse & office units totalling 1012m²
Rent: $110,000/year net + gst holding income from short-term leaseback of both units to vendor
Outcome: sold shortly after auction for $2.65 million
Agents: Katie Wu, John Bolton & Roy Rudolph

Papakura

80 Hunua Rd, lot 2:
Features: 9453m² site, 6302m² warehouse
Rent: $360,000/year net + gst     
Outcome: passed in at $4 million
Agents: Shane Snijder & Peter Migounoff

Wiri

55 Ash Rd, unit 4:
Features: 200m² unit in industrial precinct, parking
Rent: $28,600/year net + gst
Outcome: passed in at $625,000
Agents: Karl Price & Nick Bayley

South of the Bombays

Manawatu – Dannevirke

69 High St:
Features: 617m² site, 693m² building, long-term tenant Westpac on new 5-year lease, 3 more 3-year rights of renewal, second tenant Cooly Properties Ltd on one-year lease to end of next year
Rent: $59,000/year net + gst from bank, $30,000/year net + gst from second tenant
Outcome: no bid
Agent: Rollo Vavasour

Attribution: Auction.

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Office building in new intensive housing zone sells

An office building (pictured) in Panmure now zoned for terrace housing & apartments sold at a flat 5% yield at NAI Harcourts’ auction yesterday.

Isthmus east

Panmure

2 Kings Rd:
Features: 951m² corner section, 509m² floor area, in new terrace housing & apartment buildings zone
Rent: $66,625/year net + gst + outgoings, one year remaining on lease
Outcome: sold for $1.33 million
Agents: Peta Laery & Richard White

Attribution: Agency release.

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Slow, but a 61% success rate at auctions

Image above: The Oxford on Mount St – one apartment sold, one passed in.

It took auctioneer Murray Smith 30 minutes & much twiddling of his thumbs this morning before he banged his hammer down for the sale of one apartment. Next up, there were 3 bidders and a sale ensued in a few minutes.

In 5 sessions this week, auctioneers at Barfoot & Thompson’s city office put through 41 residential properties, 16 of them which I categorise as intensive (apartments, townhouses, suburban units – I wasn’t at all sessions and don’t know if any others were cross-leased).

A year ago, that would have been the throughput on a Wednesday or Thursday morning, so volume is well down.

But the sales ratio under the hammer this week was strong – 25 sold out of 41 homes offered, a 61% success rate. For the intensives, 9 sold out of 16 offered, a 56% success rate.

CBD

Albert St

Quay West, 8 Albert St, unit 1202:
Features: 74m², one-bedroom apartment, balcony, parking space
Outcome: sold for $695,000
Agents: Cici & Miro Wang

Commerce/Gore

HarbourCity, 16 Gore St, unit 28I:
Features: 38m², one-bedroom apartment
Outgoings: body corp levy $2851/year, $5099 special levy for leaks remediation
Outcome: sold for $279,000
Agent: Jason Buckwell

Federal St

207 Federal St, unit 506:
Features: 61m², 2-bedroom apartment, balcony
Outcome: sold for $536,000 at auction brought forward
Agents: Cici & Miro Wang

Learning Quarter

Celestion, 19 Anzac Avenue, unit 1002:
Features: 55m² apartment including balcony, 2 bedrooms
Outgoings: body corp levy $4536/year
Outcome: sold for $535,000
Agents: Zoran Farac & Leo Shin

Oxford, 13-15 Mount St, unit 4H:
Features: 34m² studio, deck
Outgoings: body corp levy $2147/year
Outcome: sold for $290,000
Agents: Leo & Stephen Shin

Oxford, 13 Mount St, unit 13F:
Features: 42m², one-bedroom apartment
Income assessment: $360/week current
Outcome: passed in
Agent: Yuyu Cao

Victoria Quarter

Marina Park, 146 Fanshawe St, unit 12:
Features: one-bedroom apartment, garage
Outcome: withdrawn from auction
Agents: Bella Stefano & Sherry Shao

Waterfront

Princes Wharf, 137 Quay St, unit 10:
Features: leasehold, 57m², one-bedroom apartment, balcony
Outgoings: 5-yearly ground rent review has been replaced with a fixed annual increase of 3% or CPI, whichever is greater
Outcome: no bid, back on market at $228,000
Agent: Anah Jordan

Isthmus east

Ellerslie

178A Ladies Mile:
Features: 3-bedroom standalone townhouse, deck, carport
Outcome: passed in at $730,000
Agents: Anna Stephens-Brown

Epsom

22 Rangiatea Rd, unit 3:
Features: 98m², 2-bedroom unit, garage, storage, 2-year-old roof, ceiling insulated
Outcome: passed in at $880,000
Agent: Helen Lam

Mt Wellington

51 Ireland Rd, unit 41:
Features: 2-bedroom terrace, study, carport, in gated complex
Outcome: passed in at $480,000, back on market at $560,000
Agent: Kevin Liu

Panmure

10B Allenby Rd:
Features: 2-bedroom upstairs end unit, garage, storage
Outcome: no bid
Agents: George Fong & Paul Sun

Parnell

28C Stanwell St:
Features: 2-bedroom garden apartment, 2 bathrooms, study, courtyard, 2 parking spaces
Outcome: sold for $775,000
Agent: Cindy Yu

St Johns

35 Simkin Avenue, unit 2:
Features: 2-bedroom unit, carport, basement workshop
Outcome: passed in, back on market at $698,000
Agent: May Long

Isthmus west

Mt Eden

14 Lovelock Avenue, unit 10:
Features: 2-bedroom apartment, balcony, parking space
Outcome: sold for $640,000
Agent: Prasanna Kumar & Aaron Julian

Waterview

1510 Great North Rd, unit 15:
Features: 88m², 3-bedroom apartment, 2 bathrooms, parking space, newly reclad & code compliance certificate issued in January
Outcome: sold for $380,000
Agents: David Dowse & Susie Calderwood

North-west

Henderson

16 Buscomb Avenue:
Features: 1033m² site, 3-bedroom house + 2 separate 2-bedroom units, all redecorated, new kitchens & bathrooms; house has basement garage, carport, storage; units have their own entrance from Sel Peacock Avenue, offstreet parking; zoned terrace housing & apartments
Outcome: sold for $1.771 million
Agent: Jim Murray

Attribution: Auctions, auction documents.

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All 4 commercial properties sell at Barfoots auction

All 4 commercial properties auctioned at Barfoot & Thompson’s city office yesterday were sold, one shortly after auction.

All 4 went at yields of 5% or slightly over that, although a mainstreet shop in Henderson (pictured) was rated “comfortably under-rented”.

Isthmus east

Onehunga

134 Captain Springs Rd:
Features: 1343m² light industrial site, 1002m² building – 908m² warehouse, 94m² office, near new roof & guttering, 3-phase power, leased to Vaico Ltd on 3+3+3-year lease term, market rent reviews every 2 years
Rent: $109,800/year net + gst     
Outcome: sold for $2,187,500 at a 5% yield
Agents: Nick Wilson & James Marshall

Panmure

2 Domain Rd:
Features: 248m² corner site, 49m² workshop, rezoned terraced housing & apartments
Rent: $24,000/year net + gst from long-term tenant
Outcome: sold post-auction for $460,000 at a 5.2% yield
Agent: Mike Jensen

Parnell

155 Parnell Rd:
Features: 68m² ground-floor retail unit, tenant on new 6-year lease from July 2016, covered parking space
Rent: $59,700/year net + gst + outgoings         
Outgoings: body corp levy $11,523/year
Outcome: sold for $1,172,500 at a 5.1% yield
Agents: John Stringer & Agnes Teh

North-west

Henderson

397 Great North Rd:
Features: 271m² site, 200m² mainstreet retail; auctioneer Murray Smith said the rent was “comfortably below market – it could be heading up to $40,000”
Rent: $27,130/year net + gst at a 4.98% yield on current rent, 7.3% on the potential $40,000
Outcome: sold for $545,000
Agents: Duane Mullooly & Chris Peterson

Attribution: Auction.

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Hobsonville Pt townhouse sells

One townhouse was sold out of 3 auctioned at Bayleys branches around Auckland last week.

Isthmus east

Newmarket

Domain Terraces, 1AE George St:
Features: 228m² Paddington terrace, 3 bedrooms, 2.5 bathrooms, loft, storage, 2 parking spaces
Outgoings: rates $3931/year including gst; body corp levy $11,739/year
Outcome: passed in
Agents: Gary & Vicki Wallace

Panmure

7B Sunset View Rd:
Features: 2-level duplex, 3 bedrooms, 2 bathrooms, double internal-access garage
Outcome: passed in, back on market at $849,000
Agents: Tim Stewart

North-west

Hobsonville Point

Buckley, 2 Station St:
Features: 3 bedrooms, 2 bathrooms, 2 lounges, parking space, one-year-old GJ Gardner townhouse
Outcome: sold for $900,000
Agents: Clare Ellis & Amelia-Jane Hoffmann

Earlier story:
Updated 22 August 2017: Updated: Now 3 commercial sales but homes passed in at auction

Attribution: Agency release.

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5 intensive homes, 4 standalones sell at auctions

Out of 18 intensive homes (apartments, suburban flats & homes on cross-leased sites) auctioned at Barfoot & Thompson’s city office over 5 sessions this week, 3 apartments & a cross-lease were sold under the hammer, and another cross-lease was sold post-auction.

Both apartments taken to mortgagee auction were sold. The auction of one apartment was postponed.

All up, 32 residential properties were offered at those 5 sessions (from Tuesday afternoon to Thursday morning). On top of the 5 intensive homes sold, 4 standalone homes were sold out of the 14 auctioned.

CBD

Albert St

Quay West, 8 Albert St, unit 2703:
Features: 3 bedrooms, 2 bathrooms, 2 covered parking spaces
Outgoings: body corp levy $19,999/year + gst ($13,888 opex, $6111 reserve)
Outcome: passed in at $1.73 million, back on market at $1.79 million
Agents: Helen Lin & Cici Wang

Learning Quarter

UniLodge, 138 Anzac Avenue, unit 201:
Features: leasehold, one-bedroom student apartment
Outgoings: body corp levy $7520/year ($3014 operating fund, $4507 ground rent), $18,274 of arrears owed at 30 June
Outcome: sold for $58,000 at mortgagee auction
Agent: Philip Davis

Uptown

C-Vu, 36 Day St, unit 6G:
Features: 2 bedrooms, deck, parking space; building is undergoing remediation, this apartment now ready for occupation
Outgoings: I don’t have these details, which would affect price
Outcome: sold for $461,000 at mortgagee auction
Agent: Philip Davis

Chatham, 70 Pitt St, unit 702:
Features: 50m², one-bedroom apartment, parking space, storage locker
Outgoings: body corp levy $6487/year
Outcome: auction postponed
Agents: Wendy Feng & Jack Li

132 Vincent St, unit 3C:
Features: 81m², 2-bedroom apartment, 2 bathrooms (both with underfloor heating), balcony, parking space, high stud ceilings
Outcome: passed in at $760,000
Agents: Stephen Shin & Justin Choi

132 Vincent St, unit GC:
Features: 81m², 2-bedroom apartment, 2 bathrooms (both with underfloor heating), 11m² covered deck, high stud ceilings, option to buy a parking space
Outgoings: body corp levy $5004/year + $473 lift special levy
Outcome: no bid, back on market at $769,000
Agent: Betty Shao

Isthmus east

Epsom

562B Manukau Rd:
Features: 3-bedroom townhouse, 2 bathrooms, 2 toilets, internal-access double garage
Outgoings: body corp levy zero – owners will maintain their own units
Outcome: passed in, back on market at $1.36 million
Agents: Allen Wang

Meadowbank

7 Hawkins St, unit 1:
Features: 2-bedroom unit
Outgoings: body corp levy $1158/year
Outcome: passed in
Agents: Danny Upton & James Yu

Panmure

43 Kings Rd, unit 5:
Features: cross-lease, 1/5 share in 1230m², 2 bedrooms, deck, carport
Outcome: sold for $644,000
Agents: Margaret Johnston & Phyllis Brooks

Parnell

9-11 Fox St, unit 1:
Features: 95m², 2-bedroom apartment, high stud, parking space, 2 large outdoor living areas, parking space
Outgoings: body corp levy $7707/year
Outcome: sold for $700,000
Agent: Cindy Yu

Remuera

82 Bassett Rd, unit 4:
Features: cross-lease, 7/50 share in 3192m², 2 levels, 3 bedrooms, decks, garage
Outcome: passed in, back on market at $1.39 million
Agents: Cici Wang & Leo Liu

Isthmus west

Mt Albert

101 Richardson Rd, unit 2:
Features: cross-lease, 1/5 share in 1439m², 2 bedrooms, carport
Outcome: no bid, back on market at $659,000
Agents: Christine Wooding & Joanne Yu

101 Richardson Rd, unit 3:
Features: cross-lease, 1/5 share in 1439m², 2 bedrooms, carport
Outcome: no bid, sold post-auction
Agents: Christine Wooding & Joanne Yu

Mt Roskill

14A Glass Rd:
Features: cross-lease, half share in 822m², 4 bedrooms, 2 bathrooms, garage
Outcome: no bid, back on market at $865,000
Agents: Frances Li & Ian Thornhill

Sandringham

11A Watson Avenue:
Features: cross-lease, half share in 1181m², 3 bedrooms, 2 bathrooms, office, deck, internal garage
Outcome: passed in, back on market at $1.565 million
Agents: Kath & Dayle Barnes

North-west

New Lynn

34 Miro St, unit 3:
Features: cross-lease, 1/3 share in 1011m², 67m² unit, 3 bedrooms, 2 bathrooms, carport
Outcome: no bid, back on market at $729,000
Agent: Lawrence Yuan

Attribution: Auctions.

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4 intensive properties sell

4 intensive residential properties were sold at Barfoot & Thompson’s city auctions on Wednesday, out of 11 units & cross-leases offered (Thursday results to come in separate story).

Isthmus east

Epsom

55 Empire Rd:
Features: cross-lease, half share in 965m², 3 bedrooms, double internal-access garage
Outcome: sold for $1.66 million
Agents: Di Lynds & Leonie Stabler

Glendowie

18 Cranbrook Place, unit 1B:
Features: 3 bedrooms, carport
Outgoings: body corp levy $1472/year
Outcome: passed in
Agents: Jane Wang & Dragon Zhou

18 Cranbrook Place, unit 6A:
Features: 2-bedroom unit
Outgoings: body corp levy $1153/year
Outcome: passed in
Agent: Zdenka Zinajic

Kohimarama

21A Melanesia Rd:
Features: cross-lease, 1/3 share in 766m², 3 bedrooms, double garage
Outcome: passed in
Agents: Maree Currie & Paul Robertson

Panmure

12 Kings Rd, unit 4:
Features: cross-lease, quarter share in 1256m², 3 bedrooms
Outcome: passed in
Agent: Nanette Graham

Parnell

20A St Georges Bay Rd:
Features: cross-lease, quarter share in 835m², 2 bedrooms, study, double internal-access garage
Outcome: passed in at $1 million
Agent: Linda Galbraith

St Heliers

42 West Tamaki Rd:
Features: cross-lease, 1/3 share in 1098m², 3 bedrooms, double carport
Outcome: sold for $1.14 million
Agents: Sam Bowen & Charles Benedict

Isthmus west

Grey Lynn

14 Peel St, unit 1:
Features: cross-lease, half share in 946m², 3-bedroom villa
Outcome: sold for $1.5 million
Agent: Carl Madsen

Hillsborough

28E Hillsborough Rd:
Features: cross-lease, 1/5 share in 1960m², 5 bedrooms, offstreet parking
Outcome: no bid
Agents: John Zhang & Kevin Sun

North-west

Massey

188 Waimumu Rd, unit 2:
Features: 2-bedroom unit, garage
Outcome: passed in at $510,000
Agents: Sunny Chae & Chris Lee

South

Howick

92B Howe St:
Features: cross-lease, half share in 1017m², 3 bedrooms, double garage
Outcome: passed in at $865,000, sold shortly after for $870,000
Agents: Sara-Jayne Kingston & Sheryl Orchard

Attribution: Auctions.

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Updated: Wairau Valley car yard sells at over $2000/m² at Bayleys auction

Published 18 May 2017, updated 21 & 28 May 2017:
11 of the 21 commercial properties auctioned by Bayleys on Wednesday in its third Total Property portfolio for the year were sold under the hammer. 2 more have been sold post-auction – first, 100 Hinemoa St, Birkenhead, followed by 44 College Hill.

The first were sold, followed by a lull, but 2 of the most expensive offerings were well down the auction list.

One was a Wairau Valley car sales yard, set among a line of lowrise buildings jammed between the Northern Motorway & Wairau Rd on the North Shore, a stretch where the height limit is now 20m under the unitary plan.

The car yard was sold at $2365/m², which means it’s destined for multi-level development.

2 properties were sold for $4 million, both in Henderson. The first was a bank branch on Great North Rd, sold on a 5.5% yield, and the second, a Supercheap Auto outlet in the Lincoln North shopping centre, sold on a 5.3% yield.

CBD

Victoria Quarter

166 Hobson St:
Outcome: sold prior
Agents: Sarah Boles & Terry Kim
Story, 11 May 2017: 12 years after demolition order scrapped, Hobson St building sells

Isthmus east

Panmure

63 Queens Rd:
Features: 97m² retail unit on 2 levels occupied by Willow Hair Design, parking space
Rent: $24,000/year net + gst on new 3-year lease with 2 2-year renewals
Outcome: passed in
Agents: Ken Hu

Parnell

385 Parnell Rd, unit E:
Features: 54m², retail fully leased on month-to-month basis, 2 secure parking spaces
Rent: $32,760/year net + gst
Outcome: sold for $505,000
Agents: Andrew Wallace & Cameron Melhuish

Remuera

563 Remuera Rd:
Features: 144m² cafe, Upland Rd shopping village
Rent: $76,104/year net + gst
Outcome: sold for $1.6 million
Agents: Cameron Melhuish & Andrew Wallace

Isthmus west

Freemans Bay

42 College Hill:
Features: 511m² section, house with 124m² floor area, onsite parking
Rent: $44,500/year net + gst
Outcome: passed in at $1.5 million
Agents: James Were & Scott Kirk

Updated: 44 College Hill:
Features: 389m² section, house, onsite parking
Rent: $44,000/year net + gst
Outcome: passed in, sold post-auction for $1.5 million
Agents: James Were & Scott Kirk

Mt Roskill

74 Carr Rd:
Features: 835m² site, 697m² single-level building
Outcome: withdrawn from auction, changed to sale by deadline private treaty
Agents: Tony Chaudhary & Sunil Bhana

North

Kaikohe

39 Station Rd:
Features: 7199m² commercial property in 2 titles
Outcome: withdrawn from auction
Agents: John Greenwood & Paul Dixon

Warkworth

The Grange, 67 Auckland Rd, unit 11:
Features: 59m², Fish Nets fish & chips shop on 10-year lease in new retail development
Rent: $30,975/year net + gst
Outcome: passed in at $480,000
Agents: Matt Lee, Jan Hutcheson & James Chan

North-east

Albany

75 Corinthian Drive, unit L1:
Features: 197m² first-floor office, new 6-year lease in place with renewal rights, 5 parking spaces
Rent: $58,800/year net + gst + outgoings
Outcome: sold for $1.095 million
Agents: Jane Sims & Tonia Robertson

Birkenhead

Updated: 100 Hinemoa St:
Features: 757m² corner site, 421m² 2-storey building
Rent: $103,907/year net + gst from 6 tenancies
Outcome: passed in at $2.7 million, sold post-auction for $2.7 million
Agents: Simon Aldridge & David Huang

27-33 Mokoia Rd, units 4, 5 & 7:
Features: 59m² total, 3 strata units next to Highbury mall, tenants are a dry cleaner & kebab shop, third unit vacant
Agents for all 3: Michael Nees, Owen Ding & Oscar Kuang
Unit 4, vacant:
Outcome: passed in at $300,000
Unit 5, kebab shop:
Rent: $24,000/year net + gst, lease running to 2030
Outcome: passed in at $470,000
Unit 7, dry cleaners:
Rent: $18,942/year net + gst, lease 6 years from last October
Outcome: passed in at $300,000

225 Onewa Rd:
Features: cross-lease, 1/3 share in 913m², vacant ex-surgery, 5 parking spaces
Outcome: sold for $650,000
Agents: Michael Nees, Owen Ding & Oscar Kuang

Rosedale

7 Vega Place, unit E:
Features: 272m² industrial unit,
Rent: $52,000/year net + gst from established tenants on new leases
Outcome: sold for $980,000
Agents: James Kidd & Matt Mimmack

Silverdale

1 Polarity Rise, ground floor:
Features: 145m², 2 shops on 2 titles for sale as one
Rent: $61,966.70/year net + gst + opex
Outcome: passed in
Agents: Ashton Geissler, Eddie Zhong & Mustan Bagasra

Takapuna

424 Lake Rd:
Features: 3 tenancies
Rent: $61,950/year net + gst, rising to $63,383 in November,
Outcome: sold for $1.5 million
Agents: Michael Nees & David Huang

Wairau Valley

107 Wairau Rd:
Features: 1184m² site, 13-year-old car dealership Car7, 40m² office 
Rent: $63,600/year net + gst, redevelopment potential up to 20m height limit
Outcome: sold for $2.8 million at $2365/m²
Agents: Brian Caldwell & Ranjan Unka

North-west

Henderson

Lincoln North Shopping Centre, 192 Lincoln Rd, unit A1:
Features: 756m² retail unit, 7-year lease to Supercheap Auto from July 2016
Rent: $212,292.82/year net + gst
Outcome: sold for $4 million at a 5.3% yield
Agents: Matt Lee, Tony Chaudhary & James Chan

373 Great North Rd:
Features: 808m² corner site, 1240m² floor area, BNZ as tenant on lease to 2020 with further renewal rights, basement parking
Rent: $219,360/year net + gst + opex, rent review in December
Outcome: sold for $4 million
Agents: Mike Adams & Laurie Burt

South

East Tamaki

44D Andromeda Crescent:
Features: 400m² industrial unit – high stud, clearspan warehouse 300m², office/amenities 40m², mezzanine 60m²
Outcome: sold for $735,000
Agents: Nelson Raines

Mangere Bridge

19 Coronation Rd:
Features: 273m² town centre site, 160m² bank branch, seismic rating 67% of new building standard
Rent: $34,000/year net + gst
Outcome: sold for $973,000
Agents: Nicolas Ching & Beterly Pan

South of the Bombays

Hawke’s Bay

Napier, Onekawa

Deco City Motor Lodge, 308 Kennedy Rd:
Features: 2682m² site, 30 studios and 1- & 2-bedroom units, conference suite, manager’s quarters, freehold going concern, Qualmark 4.5 stars, in Host Accommodation Group, seismic rating 80% of new building standard
Outcome: no bid
Agents: Paul Dixon, Daniel Moffitt & Carolyn Hanson

Attribution: Company release.

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