Archive | College Hill

Perspective apartment sells post-auction

An apartment in Perspective on College Hill (pictured above) was sold shortly after today’s auction at City Sales. 3 other units – one cross-leased, one on Ngati Whatua leasehold and an apartment in the 2-year-old Urba off Karangahape Rd – were all passed in.

CBD

Learning Quarter

Century on Anzac, 100 Anzac Avenue:
Features: 2 bedrooms, 2 bathrooms, parking space
Outcome: auction postponed
Agents: Grant Elliott & Tony Kelly

Quay Park

30 Cotesmore Way:
Features: 115m², 3 bedrooms, 2 bathrooms, deck, tandem garage; code compliance certificate issued in 2015 after complete reclad & roof reconstruction
Outgoings: rates $2195/year including gst; body corp operational levy $3224/year including gst, ground lease $17,500/year, new Ngati Whatua o Orakei Trust ground lease will date from 2 August but hasn’t been agreed yet
Income assessment: $775/week
Outcome: no bid
Agents: Maryanne Wong & Scott Dunn

Uptown

Urba, 5 Howe St, unit 615:
Features: 42m², one bedroom + flexi-room, deck
Outgoings: rates $1398/year including gst; body corp levy $3933/year including gst
Income assessment: $490/week, fixed until May 2019
Outcome: passed in at $300,000
Agents: Trisha Shanaghan & Gus Argyle

Isthmus west

College Hill

Perspective, 28 College Hill, unit 425:
Features: 140m², 2 bedrooms, 2 bathrooms, deck, 2 parking spaces, storage locker
Outgoings: rates $3123/year including gst; body corp levy $11,040/year including gst
Outcome: passed in at $1.3 million, sold post-auction, price undisclosed
Agent: Scott Dunn

Mt Eden

Grange Hall, 492 Mt Eden Rd, unit 3:
Features: cross-lease, 1/7 share in 1039m², 70m² unit, 2 bedrooms, garage with workspace, offstreet parking
Outgoings: rates $2207/year including gst
Outcome: passed in at $710,000
Agents: Grant Elliott & Tony Kelly

Attribution: Auction.

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Queen St & College Hill apartments sell

Apartments in CityLife on Queen St and the Perspective on College Hill were sold at Bayleys’ auctions last week.

A Waiheke Island unit overlooking Onetangi and a Papatoetoe property with multiple tenancies were passed in.

CBD

Queen St

CityLife, 171 Queen St, unit 1109:
Features: 63m², one-bedroom apartment, out of hotel pool but access to all hotel facilities
Outcome: sold for $545,000
Agents: Jon Fisher & Julie Quinton

Hauraki Gulf Islands

Waiheke Island

Onetangi

8 Victoria Road North, unit 5:
Features: 2-bedroom unit, deck, parking space
Outcome: passed in
Agent: Cathy Cameron

Isthmus west

Freemans Bay

Perspective, 28 College Hill, unit 424:
Features: 116m², 2 bedrooms, 2 bathrooms, 2 parking spaces, 2 storage spaces
Outcome: sold for $1.23 million
Agents: Blair Haddow & Jono King

South

Papatoetoe

13 Fyfe Avenue:
Features: 1345m² section, multiple residential property in mixed suburban zone, 5 income streams – 1950s house, 3 bedrooms, garage; block of 4 2-bedroom units, each with carport
Income: $105,300/year from tenancies ranging from 2-13 years
Outcome: passed in
Agents: Ash Jogia & Tony de Leeuw

Attribution: Agency release.

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2 apartments, townhouse & 2 land sales at Barfoot auctions

2 apartments were sold and 2 (plus a city fringe bungalow) passed in at Barfoot & Thompson’s city auction today.

At 2 auction sessions yesterday, the agency sold a Grafton townhouse, and a subdivided Victoria Avenue lot and an ex-state house in Remuera.

CBD

Learning Quarter

Tower Hill (pictured), 1 Emily Place, unit 11E:
Features: 60m², one bedroom, parking space
Outgoings: rates $1825/year including gst; body corp levy $4064/year
Outcome: sold for $645,000
Agents: Stephen & Leo Shin

Sapphire, 76 Wakefield St, unit 1212:
Features: 23m² studio
Outgoings: rates $1019/year including gst; body corp levy $2119/year
Income assessment: $330/week current
Outcome: sold for $275,000
Agents: Betty Shao & Donna Rugay

Argent Hall, 2 Eden Crescent, unit 8E:
Features: 31m² studio
Outgoings: body corp levy $3158/year
Outcome: passed in at $250,000
Agents: Stephen & Leo Shi

Isthmus east

Epsom

Ivory, 10 Lion Place, unit 214:
Features: one bedroom, balcony
Outcome: auction postponed
Agents: Stephen Shin & Rhys Chen

Grafton

8K Glasgow Terrace:
Features: 2-level townhouse, one bedroom, study, storage locker, double garage
Outgoings: body corp levy $2535/year
Outcome: sold for $700,000
Agents: Bella Stefano & Sherry Shao

Parnell

11 Balfour Rd, unit 3:
Features: one-bedroom unit on ground floor of 3-storey block, parking space
Outcome: sold at auction brought forward to 1 December
Agent: Alex Baker

13 Cheshire St, unit 102:
Features: one-bedroom apartment, balcony, parking space
Outgoings: body corp levy $2795/year
Outcome: no bid
Agents: Qiao Liu & Harry Yu

Remuera

310 Victoria Avenue, lot 3:
Features: 619m² section
Outcome: sold for $2.66 million at $4297m² land; the other 2 lots down this right of way have already been sold
Agents: Leila & David MacDonald

88 Abbotts Way:
Features: 613m² section, 3-bedroom 1950s ex-state house, single garage
Outcome: sold for $1.166 million
Agents: Steve Hood

Isthmus west

College Hill

80 College Hill:
Features: 230m² section, 2 vacant self-contained units in a bungalow, consented for 2 flats but both used as a single office, rear service lane access & parking
Outcome: no bid
Agents: Agnes Teh & Layne Stephens

Mt Eden

18 Edenvale Crescent, unit 6:
Features: one bedroom, parking space, storage
Outgoings: body corp levy $2930/year
Outcome: no bid
Agent: Andrew Gallagher

Attribution: Auctions.

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Sub-3% yields on College Hill, and Queen St office sells

A Queen St office floor has been sold at just under a 7% yield, and the second of 2 College Hill properties auctioned by Bayleys in May has now sold.

Both of the adjoining College Hill properties were sold at sub-3% yields. No 42 is outlined in the picture and No 44 is on its right.

CBD

Queen St

175 Queen St, level 6:
Features: 408m² office floor plus 88m² courtyard, one basement parking space, 2-year lease renewed from April 2017 to property management company AJ Stevenson Ltd
Rent: $89,520/year net + gst
Outcome: sold for $1.28 million at 6.99% yield
Agents: Quinn Ngo & Matt Lee

Isthmus west

Freemans Bay

42 College Hill:
Features: 511m² site, 124m² house, leased to a recruitment company with final expiry in April 2019
Rent: $44,500/year net + gst
Outcome: passed in at $1.5 million at auction on 17 May, sold for $1.7 million at a 2.62% yield
Agents: James Were & Scott Kirk

44 College Hill:
Features: 389m² site, 156m² dwelling, leased to a Thai spa until September 2018 with one final 2-year right of renewal
Rent: $44,000/year net + gst
Outcome: sold shortly after the 17 May auction for $1.5 million at a 2.93% yield
Agents: James Were & Scott Kirk

Earlier auction story:
28 May 2017: Updated: Wairau Valley car yard sells at over $2000/m² at Bayleys auction

Attribution: Agency release.

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$20 million of sales from Bayleys’ September tenders

Bayleys has recorded 5 sales outside the auction process in Auckland and one at Te Rapa from its Total Property series 5 – for a total over $20 million. All the tenders closed in September.

Isthmus east

Mission Bay

17 Patteson Avenue:
Features: 809msite, 571m 2-level building, 3 healthcare tenancies & 3 2-bedroom flats; ground floor dental, physiotherapy & doctors’ practices all have leases expiring in 2019, with no renewal rights;  flats above producing $450-$490/week on a variety of lease terms
Rent: gross rental income $208,303/year
Outcome: sold for in excess of $4.3 million
Agents: James Chan, Cameron Melhuish & Andrew Wallace

Mt Wellington

141 Marua Rd:
Features: 1019m2 site, 784m2 commercial building – 651m2 office, 113m2 warehouse, 20 parking spaces; leased to Fire Security Services for 12 years from September 2014, 2 6-year rights of renewal
Rent: $150,000/year + gst
Outcome: sold for $2.5 million at a 6% yield
Agents: James Valintine, Sunil Bhana & Andrew Wallace

Isthmus west

Freemans Bay

3 College Hill.

3 College Hill.

3 College Hill:
Features: 275m2 site zoned mixed use, 592.5m2 character building, seismic assessment 19% of new building standard; basement parking & storage, first-floor retail and offices above, 2 short-term tenancies
Rent: $131,000/year net + gst
Outcome: sold for $1.9 million at a 6.89% yield
Agents: Cameron Melhuish, Ben Wallace & Andrew Wallace

Sandringham

258-260 Balmoral Rd & 8 Patterson St (pictured above):
Features: 3176msite, historic church, childcare centre & a bungalow, owned by Presbyterian Church Property Trustees
Outcome: sold with vacant possession for $4.8 million to Bharatiya Mandir Inc, owner of nearby property with Hindu Temple at 252 Balmoral Rd
Agents: Sunil Bhana, James Hill & Mike Houlker

North-east

Wairau Valley

62 Ellice Rd:
Features: underutilised 1968m² site (25% building coverage) with 490m² 1970s’ industrial building with two storey 155m² office wing at front & 332m² of warehousing at the rear;  five-year lease from April 2015 with 12 months’ notice development clause
Rent: $125,000 /year net + GST
Outcome: sold for $1,600,555.55 at a 7.8% yield
Agents: Matt Mimmack, James Hill & Sunil Bhana

South of the Bombays – Waikato

Te Rapa

183 Maui St:
Features: 5000m2 site, 3 street frontages, containing 1095m2 NZ heaquarters building for Fire Security Service Ltd – 890m2 office, 178m2 warehouse, 26m2 mezzanine; 12-year lease from September 2014, 2 6-year rights of renewal
Rent: $330,000 /year net + gst
Outcome: sold for $5.2 million at a 6.35% yield
Agents: Sunil Bhana, Mike Houlker & Andrew Shaw

Attribution: Agency release.

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Corrected: 4 small commercial sales

A selection of small commercial properties traded recently through Bayleys includes a body corporate manager’s office & a small office/showroom on 2 sides of Victoria Park, a mostly vacant office building at the foot of Grafton Gully and an office in Mt Eden.

The rent originally given on the Normanby Rd property has been corrected. The yield on the original figure would have been 11.23%, but is unchanged at 7%.

CBD

Victoria Quarter

1 Centre St:
Features: 225m² site zoned mixed use, 280m² character office/showroom building, 3 parking spaces
Outcome: sold vacant for $2.05 million
Agent: James Were

Isthmus east

Grafton

56-58 Grafton Rd (pictured):
Features: 1607m² site zoned mixed use, 4-level 1050m² office building vacant apart from level 2, which has been tenanted by Amtrade NZ Ltd for 13 years, 40 parking spaces
Rent: $121,724/year net + gst
Outcome: sold for $4.5 million
Agents: Alan & Phil Haydock

Isthmus west

College Hill

Freemans, 12 Beaumont St, unit B1:
Features: 8m² basement-level unit used as building manager’s office, 35-year lease to body corporate from November 2005
Rent: $7685/year net + gst, rent reviews 2-yearly to CPI
Outcome: sold for $100,000 at a 7.68% yield
Agent: Matt Lee

Mt Eden

Corrected: 45C Normanby Rd, unit 13:
Features: 515m² refurbished character office, 19 parking spaces, new 6-year lease & 3 2-year rights of renewal
Corrected: Rent: $181,659/year net + gst
Outcome: sold for $2.6 million at a 7% yield
Agents: Stuart Bode & Mike Adams

Attribution: Agency release.

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2 sales & 6 leases signed on cbd western fringe

Bayleys agents have completed 2 sales and signed up 6 leases on the western fringe of the cbd, through Freemans Bay, Grey Lynn & Ponsonby.

Isthmus west 

Sales

Freemans Bay

41 College Hill (pictured):
Features: 676m2 1960s-constructed 2-level building on underdeveloped 741m2 mixed-use site; tenant Moto Systems, in occupation since 2005, sells motor scooters & accessories from streetfront showroom with service facilities in the workshop below, current lease until November 2017 with one further 3-year right of renewal
Rent: $160,000/year net + gst
Outcome: sold for $3.32 million at a 4.8% yield
Agents: Scott Kirk, James Were & Cameron Melhuish

Grey Lynn

671 Great North Rd:
Features: 549m2 site zoned residential 5, but to be apartment & terraced housing under proposed Auckland unitary plan
Outcome: sold for $1.138 million at $2099/m2
Agents: James Were & Scott Kirk

Leases

Freemans Bay

3 College Hill:
Features: 250moffice leased for 3 years, 2 3-year rights of renewal
Rent: $77,848/year net + gst
Agents: Ben Wallace & Matt Gordon

Grey Lynn

402 Great North Rd, unit 5:
Features: 500m2 warehouse, leased for 3 years
Rent: $56,000/year net + gst
Agents: Andre Siegert & Jean-Paul Smit

49 Mackelvie St:
Features: 400mwarehouse, 100m2 office, 5 parking spaces, leased for 3 years
Rent: $112,500/myear + gst
Agents: Andre Siegert & Ben Wallace

80 Mackelvie St, level 1 (lot 3):
Features: 166moffice, leased to media company for 3 years at $405/m2, one parking space, 2 3-year rights of renewal
Rent: $70,220/year semi-gross + gst (including parking space @ $60/week)
Agent: Jean-Paul Smit

Ponsonby

211 Ponsonby Rd:
Features: 128mcommercial space, leased to radiology practice for 6 years at $586/m2, 4 parking spaces, one 2-year right of renewal
Rent: $85,400/year net + gst (including parking spaces @ $50/week), with annual CPI increases & market review on renewal
Agents: Jean-Paul Smit & Phil Haydock

211E Ponsonby Rd:
Features: 85.5mleased to gallery for 4 years at $800/mwith 2 parking spaces
Rent: $75,600/year net + gst (including parking spaces @ $70/week)
Agent: Mark Wyness

Attribution: Agency release.

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Update: Red Bull HQ sold post-auction

Update 12 April 2010

Red Bull NZ Ltd’s headquarters building on College Hill was sold shortly after last week’s auction for $2.21 million, Bayleys salesman Richard White said. That’s a $10,000 increase on the highest bid at auction on 7 April.

 

Original story: Red Bull HQ passed in

 

Published 7 April 2010

Red Bull NZ Ltd’s headquarters building on College Hill was passed in at auction today at $2.2 million, representing an 8% yield.

 

The premises were put on the market through Bayleys Real Estate by Red Bull’s former Australasian chief executive, Josef Roberts, who owns the property through Redmond Enterprises Ltd.

 

Mr Roberts set up the Red Bull energy drink business in Australia & New Zealand, then sold it back to the Austrian parent in 2002. He followed that divestment by investing in Burger Fuel Ltd, helping to take it international. Last year he assumed the familiar Australasian chief executive role at Burger Fuel, and founder Chris Mason became chief executive of business development & international markets.

 

The Red Bull property at 13 Hargreaves St, just up from Victoria Park, is returning $176,000 + gst/year on a lease with 3 years to run. As a redevelopment proposition, it has a 15m height limit.

 

Want to comment? Go to the forum.

 

Attribution: Auction, story written by Bob Dey for the Bob Dey Property Report.

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Kelland gets approval for College Hill development

Published 30 October 2007Jurisdiction: Auckland City

Neighbourhood: Freemans Bay

Applicant: Landson Investments Ltd (Deborah Kelland & Sue Nelson, Matiatia)

Application: 1 Cascade St, corner of Rennell St, application to demolish existing buildings & erect the mixed-use Kellands building containing 6 office tenancies, 2 residential units & 19 parking spaces at ground level & basement, infringing maximum floor:area ratio by 28.69m² for total 1426m², infringements of landscaping, height:boundary & private open space controls, 9-space parking shortfall and just under the minimum aisle width required for manoeuvring.

Recommendation to council planning fixtures committee: Council planner Mahlon Fautua recommended consent.

Decision: The committee, currently 3 independent commissioners, granted non-notified consent.

Application detail: The council report recommended a Kermadec pohutukawa beside a blank wall as a consent condition, while the applicants wanted a Phoenix palm relocated onsite. One commissioner, Conway Stewart, went with the palm. Another, Cathy Hawley, suggested more planting than the palm at the base of a wall likely to attract graffiti writers. The committee agreed to the palm, and an appropriate replacement if the relocation fails.

To my mind, this is a degree of specification far greater than the council – or temporary commissioners – should discuss, let alone consider. Ms Kelland likes bold plant & architectural displays, as the present premises of Kelland’s Real Estate testify: Her choice.

The property will have a Runnell St address, where the entrance is to be. It sits behind the Perspective apartment development on College Hill and one block up from the Victoria Park New World supermarket.

Other details: Ms Kelland is the director of Kelland’s Real Estate Ltd, which operates now from Gladstone Rd, Parnell.

Want to comment? Click on The new BD Central Forum or email [email protected].

Attribution: Council committee meeting & agenda, story written by Bob Dey for this website.

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College Hill bungalows sell

Published 11 December 2005


Bayleys Real Estate has sold 38 properties for more than $40 million in a series of Total Property auctions around the country.


 


St Marys Bay, 80 College Hill, 100m² bungalow converted into 2 flats on 230m², sold for $622,800, producing about $21,120/year. (Craig Watkins, Bayleys Auckland Central).


 


St Marys Bay, 82 College Hill, 85m² character bungalow on 232m², sold for $645,000 at a 5.8% yield, current net rental $37,000/year from a lease to a commercial tenant until 2009.


 


Unsold:


 


St Marys Bay, 3 College Hill, 647m² 3-level character warehouse on 275m², passed in at $775,000. (Craig Watkins, Bayleys Auckland Central).


 


If you want to comment on this story, write to the BD Central Discussion forum or send an email to [email protected].

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