Archive | Penrose

Augusta gets some remodelling for second industrial fund property

Augusta Capital Ltd confirmed its intention to establish an industrial property fund on 22 December, when it entered into an agreement for the new fund to unconditionally acquire the property at 862 Great South Rd, Penrose.

Augusta managing director Mark Francis said the fund would acquire the Penrose property for $19.05 million, with settlement set for 29 March.

The company settled the $44.9 million acquisition of its first fund asset, the Hub industrial property at Seaview in Wellington, on 20 December.

The 2.37ha Penrose property is fully occupied by Graphic Packaging International NZ Ltd (formerly known as Colorpak NZ Ltd), which will surrender the front portion of the property and enter into a new 8-year lease for the rear portion (from completion of certain works in the second half of 2018).

Graphic Packaging is ultimately owned by NYSE-listed Graphic Packaging Holding Co, which produces packaging for consumer products companies.

Mr Francis said the vendor (a private individual) was obliged under the sale & purchase agreement to complete a demolition of the front portion of the site. Once that’s done, the front portion presents various development options for the new industrial fund. The vendor has also agreed to underwrite $12 million of shares in the new fund (secured by a right to set off against the purchase price payable).

Mr Francis said the acquisition reinforced Augusta’s intention for the fund to be weighted towards the Auckland industrial market. He said Augusta was completing due diligence & negotiations on a further 2 Auckland properties.

Timing of the public offering for the new fund will be announced in the New Year.

Earlier stories:
20 December 2017: Augusta settles Hub purchase
13 December 2017: Augusta buys Wellington property as seed for new industrial fund

Attribution: Company release.

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3 Caltex service stations sold

3 Caltex service station & associated Fix store sites around Auckland have been sold to separate buyers for a total $12.775 million.

Each has close to 16 years left to run on 20-year initial lease terms plus 3 4-year rights of renewal; a triple net lease structure with all ongoing maintenance & capital expenditure the tenant’s responsibility; 2-yearly fixed rental increases of 4%, as well as reviews to market in November 2023 & on renewal.

Bayleys agents Alan Haydock & Damien Bullick were the agents for all 3.

Isthmus east

Penrose

682 Great South Rd:
Features: 2335m² site zoned light Industry, multiple main road frontages
Rent: $195,104/year net + gst
Outcome: sold for $3.9 million at a 5.00% yield

Isthmus west

Mt Roskill

913 Dominion Rd:
Features: 3201m² site zoned business-mixed use
Rent: $192,816 /year net + gst
Outcome: sold for $4.175 million at a 4.62% yield

Sandringham

340 Sandringham Rd:
Features: 3965m² site on corner of St Lukes Rd, zoned business-mixed use
Rent: $211,120/year net + gst
Outcome: sold for $4.7 million at a 4.49% yield

Attribution: Agency release.

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Ngati Whatua wants East-West Link consents buried

Auckland iwi Ngati Whatua Orakei raised its concern on Friday that the East-West Link through Penrose & Onehunga could go ahead one day, even though the current government has cancelled it.

The $1.85 billion link was intended to run between State Highway 1 at Mt Wellington & State Highway 20 at Onehunga.

The board of inquiry which heard the NZ Transport Agency’s application for it released its draft report & decision on 14 November – by which time new prime minister Jacinda Ardern & Auckland mayor Phil Goff had confirmed it would be cancelled in its present form. The board confirmed 2 notices of requirement and granted resource consents, subject to conditions.

Ngati Whatua Orakei Trust spokesperson Ngarimu Blair said: “While the iwi welcomes the stated aim of the new government to scrap the project, this does not provide a sufficient degree of certainty and Transport Minister Phil Twyford needs to formally honour the Government’s commitment to cancel the project completely.

“The notices of requirement & resource consents have a 15-year period for implementation, and will therefore outlast the current term of government. We want to ensure the East-West Link as proposed never goes ahead, no matter who is in government at the time.

“We have written to Minister Twyford asking that the Government direct the NZ Transport Agency to formally withdraw the notices of requirement and surrender the consents.

“This would avoid the danger of the current government’s intentions being undermined. We note in this regard that the NZ Transport Agency are currently proceeding with moves to implement the project as if nothing had changed post-general election.”

Mr Blair said Ngati Whatua Orakei, Te Kawerau a Maki & Makaurau Marae, along with other community & conservation groups such as The Onehunga Enhancement Society (TOES) and the Royal Forest & Bird Protection Society, went to great expense & effort to stop the motorway during a gruelling 3-month hearing before the Environmental Protection Authority board of inquiry.

Royal Forest & Bird environmental lawyer Sally Gepp said the society was concerned that the decision to grant the consents & designations meant key policies in the brand-new Auckland unitary plan “have been treated as little more than words on a page.

“Forest & Bird played an integral role in ensuring that the unitary plan provides for nature as well as people. We went to the High Court to change the unitary plan – and won – and as a result Auckland’s remaining biodiversity hotspots are protected in the plan. This decision has rendered those protections meaningless.”

Onehunga Enhancement Society chair Jim Jackson commented: “There is no way to now ‘redesign’ the Onehunga/Neilson St interchange end of the East-West Link within the designations & consents supported by the board of inquiry. Those designations & consents have to be scrapped.”

Mr Blair said Ngati Whatua o Orakei opposed the link designed for freight traffic for its “enduring & significant” adverse environmental & cultural effects.

“We look forward to having real input into the Auckland transport alignment project review and will contribute proactively on future sensible options for the Mangere Inlet & Onehunga area. There must be true collaboration amongst all the parties and not a short-sighted singular focus on road building as we’ve seen in recent years,” he said.

Historic Ngati Whatua links

Mr Blair said Ngati Whatua Orakei had a deep & ongoing connection to Te To Waka, Te Papapa, the Mangere Inlet & Onehunga area: “Its direct association with Onehunga dates back to the mid-17th century, while links through marriage connect the iwi to the entire length of the Maori occupation of the area.

“Ngati Whatua resided at Mangere & Onehunga in autumn & winter and, soon after Matariki, would plant & till the extensive gardens in the area. The Rev Samuel Marsden & John Logan Campbell both visited Ngati Whatua at Onehunga and, after the signing of the Treaty of Waitangi, Ngati Whatua Orakei with Waikato iwi were major players in the economy based around the trading port at Onehunga. The iwi moved its main base to Orakei in the mid-19th century.

“Onehunga land was ‘acquired’ from Ngati Whatua Orakei during the period of the Fitzroy waivers (1844-45), when settlers could purchase land directly from Maori vendors, itself a breach of the Treaty of Waitangi. When these transactions were later examined by land commissioners appointed by Governor Grey, the sale of only 8 acres was upheld. Of the remainder, 723a became Crown land and a further 575a were kept by the Crown as defence land – none was made available to the original owners, despite a requirement 10% of land sold was to be kept aside for the benefit of its ‘former’ Maori owners. This historic grievance was settled with Ngati Whatua Orakei in 2012.”

Links:
EPA, East-West link
About the east-west link
Draft report & decision

Attribution: Ngati Whatua release.

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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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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.

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2 industrial leases & a sale

Colliers agents have leased a large new Goodman Property Trust warehouse in Penrose, an Avondale industrial property and sold an Invercargill warehouse.

Isthmus east

Penrose

Gate Industry Park, 395 Church St:
Features: 6723m² industrial property – warehouse 4223m², stud height 9m, warehouse amenities 333m², enclosed canopy 941m², air-conditioned offices 1226m² over 2 floors, yard 2300m², 55 parking spaces, leased by Goodman Property Trust to Easy2C Ltd for a term of 5 years & 3 months
Rent: $600,726.20/year net + gst
Agents: Andrew Hooper & Greg Goldfinch

Isthmus west

Avondale

17-19 Patiki Rd:
Features: 4878m², leased to Glidepath Ltd
Rent: $620,000/year net + gst     
Agents: Dwayne Warby & Shoneet Chand

South Island

Invercargill

5 Liddell St:
Features: 1827m², warehouse & showroom leased to Ideal Electric Ltd
Outcome: sold for $1,001,500 at a 7% yield
Agents: Mark Simpson & Rory O’Donnell

Attribution: Agency release & promotional material.

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One Penrose lease & 3 in Christchurch

Knight Frank agents have signed a small industrial lease in Penrose and 3 on warehouses around Christchurch.

Leases

Isthmus east

Penrose

29 Station Rd:
Features: 376m² industrial building, leased to a local tenant
Rent: undisclosed    
Agents: Scott Worrall & Damon Wyllie

South Island – Canterbury

Middleton

317 Blenheim Rd, units 1 & 2:
Features: 2 180m² warehouse units with offices
Rent: $21,000/year each, net + gst + opex
Agents: Murray Madgwick & Greg Bevin

Phillipstown

413 Tuam St:
Features: 526m² showroom/warehouse, 7 parking spaces
Rent: $50,000/year net + gst + opex      
Agent: Sam Stone

Rangiora

346 Flaxton Rd, unit 6:
Features: 265m² high stud warehouse, 35m² showroom/office
Rent: $45,000/year net + gst       
Agent: Craig Edwards

Attribution: Agency release.

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8 out of 12 sell at Bayleys’ auction

8 of the 12 commercial properties in Bayleys’ Total Property auction on Wednesday sold under the hammer. Heaviest bidding was between intending owner-occupiers for a Penrose property on Olive Rd (pictured). 

Isthmus east

Parnell

481 Parnell Rd:
Features: 300m² site zoned mixed use, in double grammar zone, 225m² 2-level character dwelling converted for commercial use with resource consent to demolish; new 4-year lease from May 2017 to Mt Hobson Properties Ltd (Hamish Firth)
Rent: $80,000/year net + gst
Outcome: sold for $2.45 million at a 3.26% yield
Agents: Alan Haydock, Damien Bullick & Phil Haydock

Penrose

9 Olive Rd:
Features: 2043m² site, 1281m² older style industrial building, 884m² manufacturing warehouse, 257m² of offices & amenities and 109m² of mezzanines, first time on market in 34 years
Outcome: sold with vacant possession for $3.32 million at $2591.7/m² land & building
Agents: John Bolton & Roy Rudolph

Royal Oak

Royal Oak Mall, 691 Manukau Rd, unit AL:
Features: 226m² retail unit, occupied by Paper Plus since 1993
Rent: $48,845/year net + gst
Outcome: no bid
Agents: Nicolas Ching & Beterly Pan

North-east

Milford

47 Nile Rd:
Features: 688m² site zoned neighbourhood centre, 2 roadfront shops (superette & Thai takeaway) totalling 132m² and 92m² residential dwelling occupied by superette tenant; longer-term redevelopment potential
Rent: $56,200/year net + gst
Outcome: sold for $1.56 million at a 3.6% yield
Agents: Eddie Zhong, Terry Kim & Ranjan Unka

170 Wairau Rd, unit 22:
Features: 180m² retail unit in rear portion of Wairau Junction convenience centre, occupied by Wairau Foods & Spices which renewed in February for 6 years
Rent: $55,500/year net + gst
Outcome: sold for $840,000 at a 6.61% yield
Agents: Matt Mimmack & Ashton Geissler

Silverdale

4 Titan Place, unit R:
Features: 169m² workshop & office unit built in 2007, 3-phase power, air-conditioning, security alarm system, 2 parking spaces; 2-year lease to Ice Industrial Engravers Ltd from 1 July 2017
Rent: $22,500/year net + gst
Outcome: sold for $426,000 at a 5.28% yield
Agents: Rosemary Wakeman & Mustan Bagasra

Warkworth

The Grange, 67 Auckland Rd, unit 21A:
Features: 61m² unit in retail complex, currently fitted out as office accommodation and leased to Hawthorn Geddes Engineers & Architects for 6 years from April 2017; could be converted to retail
Rent: $21,315/year net + gst
Outcome: sold for $432,000 at a 4.93% yield; auction brought forward, bidding starting at declared reserve of $338,500
Agents: Matt Lee & James Chan

The Grange, 67 Auckland Rd, unit 15:
Features: 367m² unit in retail complex occupied by Fit Factory gym for 6 years from March 2017
Outcome: no bid
Agents: Matt Lee & James Chan

North-west

Henderson

114 Henderson Valley Rd:
Features: 2140m² site, 80-unit storage complex
Rent: $145,218/year net + gst
Outcome: passed in on vendor bid of $1.7 million
Agents: Shane Snijder & James Hill

Hobsonville

160 Hobsonville Point Rd, unit 5R:
Features: 118m² ground-floor retail unit, 2 parking spaces occupied by café on 10-year lease
Rent: $56,200/year net + gst
Outcome: no bid
Agents: Steven Liu & Eddie Zhong

South

Manurewa

232 Great South Rd:
Features: 2141m² site, 2025m² bulk retail building owned & occupied by family furniture business for 20 years, 2-year lease back
Rent: $170,000/year net + gst
Outcome: sold for $2.4 million at a 7.08% yield
Agents: Shane Snijder & Piyush Kumar

Papakura

32 Elliot St:
Features: 809m² corner site, 2-level main building, 157m² of ground-floor offices plus 106m² residential floor & 36m² terrace above currently occupied by beauty therapy business; 1920s 90m²  bungalow at rear with separate entrance & residential tenancy
Rent: $46,540/year net + gst from 2 commercial leases; $23,400/year from residential tenancy
Outcome: sold for $1.32 million at a 5.3% yield
Agents: Rod Grieve & Peter Migounoff

Attribution: Agency release.

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5 intensive residentials & 2 warehouses sell at Barfoots

Barfoot & Thompson sold 5 intensive residential properties – apartments, townhouses, suburban units, cross-leases – at its city auctions on Wednesday-Thursday, leaving 9 unsold, and sold both commercial properties on offer.

After some long silences during the residential auction yesterday, one of the warehouses was brought back and sold after some spirited bidding. The other warehouse was sold shortly after auction.

Apartments

CBD

Queen St

Queen’s Residences, 8 Airedale St, unit 1104:
Features: one-bedroom apartment, study, balcony
Outgoings: body corp levy $1858/year
Outcome: sold for $470,000 at auction brought forward
Agents: Simon Cai & Terry Kim

Uptown

Amora, 100 Greys Avenue, unit 7D:
Features: one-bedroom apartment, management contracted to the hotel until 2020, hotel pays body corporate & council levies, annual CPI increases for income
Outgoings (paid by hotel): body corp levy $4531/year + one-off $1628 special levy to install common area air-conditioning
Income assessment: exceeding $9800/year + gst
Outcome: sold for $215,000
Agents: Mike Campbell

Victoria Quarter

Harbour Green, 11 Union St, unit 1110:
Features: refurbished 2-bedroom apartment, balcony, carport
Outgoings: rates $1316/year including gst; body corp levy $5185/year
Income assessment: $520-540/week
Outcome: no bid
Agents: Selina Zheng

SugarTree, 27 Union St, unit 809:
Features: 2-bedroom apartment, 2 bathrooms, study, 2 balconies, storage locker, parking space
Outgoings: body corp levy $6999/year
Outcome: passed in at $870,000, back on market at $890,000
Agents: Livia Li & Alan Guo

Isthmus east

Epsom

1 Epsom Avenue, unit 1:
Features: cross-lease, 1/10 share in 1438m², 3-bedroom unit, balcony, carport
Outcome: no bid, back on market at $765,000
Agents: George Fong & Paul Sun

614C Manukau Rd:
Features: cross-lease, 1/4 share in 800m², 3 levels, 4 bedrooms, 4 bathrooms, 2 living areas, double internal-access garage
Outcome: no bid
Agents: Diana & Peter West

Mission Bay

Garden Court, 105 Tamaki Drive, unit 12:
Features: 2-bedroom apartment, parking space; the asset offered was 6500 shares in Garden Court Flats Ltd & the right to vacant possession of this flat
Outcome: passed in at $1 million
Agents: Andy Dye

Parnell

Farnham Terraces, 8 Farnham St, unit 2A:
Features: 140m², 2-bedroom terrace, 2 bathrooms, storage locker, tandem parking
Outgoings: body corp levy $6278/year
Outcome: passed in at $931,000
Agents: Selina Zheng & Jason Li

Royal Oak

16 Beckenham Avenue, unit 1:
Features: cross-lease, half share in 817m², 3 bedrooms, 2 bathrooms, internal-access garage
Outcome: sold for $1.301 million
Agents: Leonie Stabler & Di Lynds

St Johns

23 Strong St, unit 1:
Features: cross-lease, quarter share in 622m², 2-bedroom unit, deck, parking space
Outcome: passed in, back on market at $610,000
Agents: Cristina Casares & Jacqui Freeman

Isthmus west

Eden Terrace

10 Flower St, unit 105:
Features: 2-bedroom apartment, parking space
Outgoings: body corp levy $3912/year
Outcome: no bid
Agents: Jason Buckwell

Herne Bay

37 Sentinel Rd, unit 2:
Features: cross-lease, 1/3 share in 1442m², 3-bedroom freestanding townhouse, 2 bathrooms, attic, double garage
Outcome: sold for $1.56 million
Agents: Jack Atherton & Sherryl Jones

Mt Albert

21 Burch St, unit 6:
Features: 86m², 2-bedroom unit, balcony, garage
Outgoings: body corp levy $1040/year
Outcome: sold for $795,000
Agents: Lisa Redgrove & George Damiris

Mt Eden

69 View Rd, unit 4:
Features: cross-lease, 1/6 share in 769m², 2-bedroom apartment, offstreet parking
Outcome: passed in, back on market at $745,000
Income assessment: $540/week current
Agents: Frank Excell & Ketiesha Elliott

Commercial

Isthmus east

Onehunga

154 Captain Springs Rd:
Features: 1793m² site, 1321m² warehouse with small office, 300m² front yard, 250m from Te Papapa Station
Rent: $122,000/year net + gst + outgoings on monthly arrangement
Outcome: passed in at $2.275 million, sold for $2.476 million after further negotiation
Agents: James Marshall & Nick Wilson

Penrose

922 Great South Rd:
Features: vacant 1163m² site, 482m² warehouse, showroom & office, 450m² yard, 21 parking spaces
Outcome: passed in with no bid, sold for $1.302 million after auction reopened
Agents: Nick Wilson & James Marshall

Attribution: Auctions.

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PFI sells one & leases 3 of 5-property Penrose portfolio

Property for Industry Ltd has sold one vacant Penrose property out of a portfolio of 5 it bought from Sistema Plastics Ltd in 2015, and has leased 3 others.

General manager Simon Woodhams & chief financial officer Craig Peirce said today PFI had sold the vacant 65 Hugo Johnston Drive (pictured) to an owner-occupier for a gross $14.25 million after an unsolicited offer, with settlement due on 21 June. The price represented a 17.8% premium over current book value and 29.4% over the initial purchase price.

PFI paid $28.5 million in 2015 for the 5 properties – 4, 6 & 10 Autumn Place and 65 & 80 Hugo Johnston Drive.

Motat (the Museum of Transport & Technology) recently leased 9364m² at 6 & 10 Autumn Place.

Boxkraft Ltd signed up last October to lease 3872m² at 80 Hugo Johnston Drive, starting in January, 6 weeks after Sistema’s departure.

The 2 leases, for an average term of 6.7 years, are worth a total $1,269,647/year to PFI.

4 Autumn Place, the smallest property in the portfolio, is still vacant, but PFI said it represented just 6.5% of the total lettable area originally bought.

Attribution: Company release.

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