Archive | Freemans Bay

Updated: Bayleys year-end auction series yields $25.6 million from 14 sales

Published 7 December 2018, updated 14 December 2018:
Bayleys sold 11 properties for $21.6 million at its final Total Property commercial auction in Auckland on Wednesday. A Newmarket property has since been sold.

One property auctioned at the agency’s East Tamaki office on Tuesday added $2.3 million and 2 auctions brought forward to November added $1.7 million to the return, for a total $25.6 million.

The first 2 properties auctioned on Wednesday, both small premises in prominent spots in tightly held eastern suburbs neighbourhoods, were sold on yields of 3.6% (St Heliers, pictured above) & 4.7% (Remuera).

CBD

Learning Quarter

26 Airedale St:
Features: 220m² site, 2-level 364m² building, seismic rating 50% new building standard, concept plan available for 17-storey 68-unit apartment building
Rent: $139,00/year gross + gst
Outcome: no bid
Agents: Owen Ding & Sarah Liu

Isthmus east

Newmarket

Updated: 375-389 Khyber Pass Rd, unit 7:
Features: 88m² retail unit occupied by Hair Design salon on a new lease from October, 2 parking spaces 
Rent: $36,000/year gross + gst
Outcome: passed in at $510,000, sold post-auction for $551,000 at a 6.53% yield
Agents: Quinn Ngo & Matt Lee

Onehunga

155 Neilson St:
Features: 980m² site zoned heavy industrial, 625m² warehouse, office & showroom, 2 tenants 
Rent: $91,811.38/year net + gst
Outcome: sold for $1.75 million at a 5.25% yield
Agents: James Hill, James Valintine, Sunil Bhana, Amy Weng & Tony Chaudhary

3 Pukemiro St:
Features: 556m² site, 390m² industrial building – clearspan warehouse, office & amenities, seismic rating 70% new building standard 
Outcome: sold with vacant possession for $1.15 million
Agents: William Gubb & James Valintine

Parnell

11A Cheshire St:
Features: 1031m² development site next to the new Parnell train station, resource & building consents in place for a 6-level apartment complex
Outcome: withdrawn from auction
Agents: Owen Ding & James Chan

Remuera

371-373 Remuera Rd:
Features: 229m² site, 598m² 3-level 1970s building zoned town centre, café & bar lease of 319m² of ground floor & basement space runs until mid-2023, with 2 6-year rights of renewal, balance of retail space & upper-level office premises occupied by 2 other tenants
Rent: $201,434/year net + gst
Outcome: sold for $4.325 million at a 4.66% yield
Agents: Alan Haydock, Damien Bullick, Andrew Wallace & Quinn Ngo

St Heliers

413 Tamaki Drive:
Features: 235m² site zoned local centre, 288m² 2-level building, opposite St Heliers Beach & near St Heliers Bay Rd intersection, 2 tenants on 10-year leases which both run until 2022 with no rights of renewal
Rent: $169,145/year net + gst
Outcome: sold for $4.71 million at a 3.59% yield
Agents: Cameron Melhuish, Andrew Wallace & James Chan

Isthmus west

Avondale

6C Wingate St:
Features: 80m² middle unit in modern retail block in town centre with access also from Great North Rd 
Rent: $47,000/year net + gst + outgoings on new 9-year lease to Domino’s Pizza NZ Ltd
Outcome: sold for $960,000 at a 4.9% yield
Agents: Janak Darji, Tony Chaudhary & Mike Bradshaw

Freemans Bay

27 Hargreaves St:
Features: 304m² site zoned mixed use, 318m² renovated character office building, 30m² deck
Rent: $171,160/year net + gst on new 6-year lease to Studio South Ltd from March 2018, 2 3-year rights of renewal
Outcome: sold shortly after auction for $3.25 million at a 5.27% yield
Agents: Damien Bullick, Alan Haydock & Mike Adams

3 Margaret St, unit 4:
Features: 53m² ground level commercial unit leased to lawyer Susan Kingston, 2 parking spaces, zoned business town centre
Rent: $27,000/year net + gst
Outcome: sold for $620,000 at a 4.35% yield
Agents: Stuart Bode, Mike Bradshaw & Mike Adams

North-east

Orewa

2 Hillary Square:
Features: 586m² site, 648m² floor area, tenants ANZ Bank and KiwiBank/NZ Post
Rent: $262,316/year net + gst
Outcome: passed in at $4.5 million
Agents: Mustan Bagasra, Nicolas Ching & James Chan

Rosedale

63 Arrenway Drive, unit 5:
Features: 118m² industrial unit, 2 parking spaces 
Outcome: no bid
Agents: Meng He, Ian Waddams & Steven Liu

5 Ceres Court, unit 2G:
Features: 155m², first floor office unit, 5 exclusive parking spaces
Rent: $45,000.00/year net + gst + outgoings
Outcome: auction postponed
Agents: Tonia Robertson & Caroline McNaught

Silverdale

28 Anvil Rd, unit 1:
Features: 246m² industrial unit, 5 parking spaces
Outcome: sold with vacant possession for $750,000
Agents: Matt Mimmack & Rosemary Wakeman

South

Manurewa

327 Great South Rd:
Features: 3288m² yard used as car yard, zoned business light industrial 
Outcome: no bid
Agents: Piyush Kumar & Peter Migounoff

39B Holmes Rd:
Features: half share of 1182m² site, 382m² workshop + parking & yard, tenant of 15 years now on monthly lease
Rent: holding income of $39,000/year net + gst + outgoings
Outcome: sold for $771,000 at a 5.1% yield
Agents: Peter Migounoff & Piyush Kumar

Pakuranga, Highland Park

5 Aviemore Drive, unit 1:
Features: 135m² Domino’s pizza outlet in 10-unit development completed in 2006   
Rent: $63,296/year net + gst + outgoings
Outcome: sold for $1.305 million at a 4.85% yield
Agents: Amy Weng, Tony Chaudhary & Janak Darji

Pukekohe

44-48 King St:
Features: 841m² site, 381m² building, 12 parking spaces at rear
Rent: $111,349/year net + gst + outgoings, pharmacy & Dollar World shops on 3- & 4-year leases
Outcome: sold for $2.005 million at a 5.55% yield
Agents: Shane Snijder & Graeme Moore

South of the Bombays

Wellington

Rydges Hotel, 75 Featherston St, units 422 & 1317:
Features: 2 28m² hotel units, leased to Rydges Hotel until 2033
Rent: unit 422 $19,371/year including gst, unit 1317 $30,244/year including gst
Outcome: withdrawn from auction but still for sale
Agents: Nick Thompson & Jim Wana

Earlier stories:
5 December 2018: East Tamaki sale starts last Bayleys commercial auction for year, 2 other sales in Airport Oaks & Orewa
25 November 2018 (another East Tamaki auction brought forward, 22 Polaris Place): 9 business park units sold
23 November 2018: Rosedale unit sold at auction brought forward

Attribution: Auctions.

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6-tenant O’Connell St retail package sells

Bayleys agents have sold 6 properties around the Auckland cbd & western fringe, including 6 retail tenancies in an O’Connell St building (pictured).

CBD

Learning Quarter

44 Anzac Ave, unit L6:
Features: vacant 173mnorth-facing office unit with decks; includes boardroom, multiple office areas, kitchen & utilities room plus 2 onsite parking spaces
Outcome: sold for $647,000 + gst (if any)
Agent: 
Ken Hu

O’Connell St

12-14 O’Connell St, units A, B & C:
Features: 6 ground-floor retail tenancies on 3 unit titles totalling 359m2; Proper Pizza occupies third of the space on 10-year lease from April 2018, other occupants include a Wishbone café, florist, chocolate shop & hair salon on 3- to 8-year leases
Rent: $333,490/year net + gst
Outcome: sold for $5.2 million at a 6.41% yield
Agents: Nicolas Ching, Beterly Pan & James Chan

Queen St:

396 Queen St, unit 9:
Features: 26m² retail unit next to Skybus ticket office & departure stop; beneath Sheraton Four Point Hotel currently being constructed within the tower (255 hotel rooms over 21 levels)
Outcome: sold for $600,000 at $23,077/m²
Agent: Millie Liang

Victoria Quarter

17-19 Nelson St:
Features: block of 20 fully leased parking spaces on individual titles in 4-level building; parks all have 9-year head lease to Tournament Parking Ltd with fixed annual 2% rental increases
Rent: $90,149/year net + gst
Outcome: sold for $1.98 million at a 4.55% yield
Agents: Alan Haydock & Damien Bullick

Waterfront

16 Viaduct Harbour Ave, level 5:
Features: leasehold, 448m² office floor; current 15-year lease until 2028 to Tramco Ltd, which undertook a major refurbishment in January 2017 and pays all outgoings including ground rent
Rent: $175,340 /year net + gst
Outcome: sold for $1.45 million at a 12.09% yield
Agents: Damien Bullick & Sunil Bhana

Isthmus west

Freemans Bay

70 College Hill:
Features: 298m² corner site, 127m² character villa offering commercial & residential options
Outcome: sold vacant for $1.45 million
Agents: Andrew Wallace & Cameron Melhuish

Attribution: Agency release.

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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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Firm yields on range of commercial sales

Bayleys agents have sold a Freemans Bay building at a sub-5% yield and 2 properties in Glen Eden & New Lynn (a former petrol station, now car yard, pictured above) for yields around 5.5%.

A commercial unit at the base of the new SKHY apartments on Khyber Pass has also been sold.

Isthmus east

Grafton

5 Hohipere St, unit 3W:
Features: 60mcommercial unit, parking space directly in front, one of 3 mixed-use zoned units at the base of new SKHY apartment development, on corner of Symonds St & Khyber Pass Rd, with shared loading dock & toilet facilities
Outcome: sold vacant for $250,000 at $4166/m2
Agents: James Were & Scott Kirk

Isthmus west

Freemans Bay

25 Hargreaves St:
Features: 1219m² sloping site zoned mixed use, on corner of Gudgeon St, 1404m² 1970s 2-level fully leased building; ground floor comprises light industrial/workshop space, accessed via 4 roller doors, with ancillary officesfirst floor has flat with medium stud warehousing & ramp access to parking area at the rear; 4 leases with 3- to 6-month termination clauses, resource consent for 6-level commercial & residential development incorporating existing building
Rent: $312,430/year net + gst
Outcome: sold to an owner-occupier for $6.55 million at a 4.77% yield
Agent: Alan Haydock

North-west

Glen Eden

202-208 West Coast Rd:
Features: 607m² of land in 2 titles in commercial centre opposite train station, 928m² 2-level retail & office building, 8 tenants; town centre zoning allows development up to 27m
Rent: $212,449/year net + gst
Outcome: sold for $3.815 million at a 5.57% yield
Agents: Tony Chaudhary & Janak Darji

New Lynn

3010 Great North Rd:
Features: 2782mfreehold site in commercial precinct, zoned general business, over 40m of road frontage, formerly a service station site; Buy Right Cars, a division of Turners Automotive Group Ltd, has been operating from the property since 2014 and renewed its lease for further 4-year term in May
Rent: $166,312/year net + gst
Outcome: sold for $3,023,854 at a 5.5% yield
Agents:
 Mike Adams, Simon Davies & Jean-Paul Smit

Attribution: Agency release.

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Low yields on city fringe properties

Bayleys agents have sold 2 properties in Freemans Bay & Herne Bay at yields below 3%, reflecting development potential, and another in Mt Eden below 5%, plus a refurbished & vacant Henderson accommodation facility.

Isthmus west

Freemans Bay

37 & 39 Spring St:
Features: 490m2 site in 2 titles, 2 neighbouring character villas fully leased to commercial tenants, both on final 3-year rights of renewal; mixed use zoning allows for development up to 4 storeys
Rent: $81,291/year net + gst
Outcome: sold for $3.6 million + gst at a 2.26% yield
Agents: Alan Haydock, Damien Bullick & Scott Kirk

Herne Bay

88 Jervois Rd:
Features: 652m2 site zoned mixed use, 315m2 refurbished 2-level villa, high stud character office space; fully leased to multiple tenants
Rent: $122,636/year net + gst
Outcome: sold for $4.2 million + gst at a 2.92% yield
Agents: Alan Haydock & Damien Bullick

Mt Eden

31 Rossmay Terrace:
Features: 1799m2 site zoned mixed use, 855m2 health & fitness centre, fully leased to tenant in occupation since 1999 with 10 years to run on current lease term plus 30-year right of renewal
Rent: $140,000/year net + gst
Outcome: sold for $2.9 million + gst at a 4.83% yield
Agents: Alan Haydock & Damien Bullick

North-west

Henderson

2 Tara Rd:  
Features: 802m2  site in quiet residential no-exit street, fully refurbished & upgraded 267m2 14-room accommodation facility (6 rooms with private ensuite, 8 single rooms), communal dining, living & laundry facilities; ready for occupation
Rent: $125,000/year net + gst estimated income after expenses & management
Outcome: sold vacant for $1,718,500 + gst
Agents: Damien Bullick & Alan Haydock

Attribution: Agency release.

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Apartment & 2 townhouses sell

A central city apartment & 2 townhouses in Freemans Bay (view from unit pictured above) & Remuera were sold at Bayleys auctions this week.

CBD

Learning Quarter

18 Wakefield St, unit 6D:
Features: 98m², 2 bedrooms, deck, parking space
Outgoings: rates $1734/year including gst; body corp levy $4664/year
Outcome: sold for $817,000
Agent: Jenny Kek

Uptown

Eclipse, 156 Vincent St, unit 13H:
Features: 41m², fully furnished sub-penthouse one-bedroom apartment
Outgoings: rates $1323/year including gst
Outcome: passed in, back on market at $390,000
Agents: Chris Bell & Lucy Piatov

Isthmus east

Remuera

17 Wimbledon Way:
Features: 3 bedroom townhouse, 2 living rooms, conservatory, 8m² shed, 2 parking spaces, garden, back gate to Regents Park
Outcome: sold for $1.03 million
Agents: Kim Hampson

Isthmus west

Freemans Bay

2 Collingwood St, unit 4:
Features: 3-level townhouse, 2 bedrooms, 2 bathrooms, decks, double internal-access garage
Outcome: sold for $1.365 million
Agent: Blair Haddow

Attribution: Agency release.

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Freemans Bay house sells, Onehunga unit passed in, new SOMA apartment withdrawn

A tired house (outlined at foot of picture) in Georgina St, Freemans Bay, was sold at Barfoot & Thompson’s city branch auction today for a land price of $3667/m².

Picture shows the proximity of the city centre to this western fringe suburb.

A penthouse apartment in the new SOMA development in Grey Lynn was withdrawn from auction and a home unit in Onehunga was passed in.

Isthmus east

Onehunga

99 Mays Rd, unit 503:
Features: 2 bedrooms, garden courtyard, 2 parking spaces
Outcome: passed in at $542,000
Agent: Repeka Laulalu

Isthmus west

Freemans Bay

29 Georgina St:
Features: 306m² section, 3 bedrooms
Outcome: sold for $1.122 million
Agent: Repeka Laulalu

Grey Lynn

SOMA, 10-12 Mackelvie St, unit 503:
Features: 100m², 2-bedroom penthouse apartment, 2 bathrooms, balcony, parking space
Outcome: withdrawn from auction
Agents: Louise Stringer & Neil Dayal

Attribution: Auction.

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4 inner-western isthmus commercial sales

Bayleys agents have sold 4 mostly commercial properties through the inner-western isthmus suburbs of Eden Terrace, Freemans Bay (pictured), Kingsland & Mt Eden.

Isthmus west

Eden Terrace

19 Virginia Avenue East:
Features: 325m² site zoned mixed use with 21m height overlay, 337m² standalone warehouse & office building
Outcome: sold with vacant possession for $1.35 million
Agents: Andrew Wallace & Cameron Melhuish

Freemans Bay

87 College Hill:
Features: 312m² site zoned mixed use, 244m² partly leased building comprising 2 self-contained tenancies – 113m² of streetfront office space, where tenant has exercised the first of 2 2-year rights of renewal; and vacant rear 131m² 3-bedroom apartment or workspace with a courtyard, one stacked parking space, garage & storage unit
Rent: $48,250/year net + gst from office tenancy
Outcome: sold for $2.025 million
Agents: James Were & Scott Kirk

Kingsland

2 Kingsland Terrace:
Features: 941m² site zoned mixed use, bordering Nixon Park, 1297m² warehouse & office building, 13 parking spaces
Rent: $169,533/year net + gst from multiple, mostly monthly tenancies; estimated potential net income following refurbishment of $260-300,000/year net + gst
Outcome: sold for $3.47 million
Agents: James Were & Scott Kirk

Mt Eden

19 Edwin St, unit 7B:
Features: 226m² level 1 office unit in north-facing corner position, 5 parking spaces
Outcome: sold with vacant possession for $875,000
Agents: Jean-Paul Smit & Phil Haydock

Attribution: Agency release.

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Tiny commercial site & Freemans Bay loft sell at auction

One of the Auckland cbd’s smallest standalone properties (pictured above), back from Victoria Park on Centre St, was sold at Bayleys’ auction on Wednesday on a 3.4% yield.

The one apartment up for auction, a loft in Freemans Bay with double-height stud in the lounge & exposed wooden beams, was also sold.

Commercial

CBD

Victoria Quarter

24 Centre St:

Features: 134m² of land, 132m² building, substantially refurbished in 2006 for use as a hair salon, leased to Wolf & Wolf Ltd until February 2019 with 2 2-year rights of renewal;  city centre zoning allows commercial &/or residential development up to 16m, permitted floor:area ratio (FAR) of 3m² of building to 1m² of land
Rent: $52,678.26/year + gst + outgoings from a lease to an established hair salon, rent review next February
Outcome: sold for $1.55 million at a 3.4% yield
Agents: Cameron Melhuish & Andre Siegert

Apartments

Isthmus west

Freemans Bay

The loft (outlined) on Margaret St, Freemans Bay.

3 Margaret St, unit 5:
Features: 125m² site, 86m² apartment, 2 bedrooms, deck, 2 parking spaces
Outcome: sold for $1.34 million
Agents: Robyn Clark & Peter Tanner

Attribution: Auction documents.

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Tamaki Drive pad among 7 apartment & unit sales

A waterfront apartment in The Sands on Tamaki Drive (pictured) was sold at Barfoot & Thompson’s city branch auction this week, one of 3 apartments & suburban units sold out of 7 offered.

An apartment in the brand-new Victoria Residences, across the street from the SkyCity casino & hotels, was passed in with the bidding at $13,420/m² internal space.

When Conrad Properties Group Ltd launched the development at the beginning of 2015, prices equated to a range of $11,700-16,200/m². Conrad bought the 522m² site of the former Palace Hotel for $7 million in 2014 from the Chow brothers, who’d intended to develop a highrise brothel there.

An Epsom block of 3 2-bedroom units was passed in when offered in one lot, and each of the units was also passed in when offered separately.

CBD

Victoria St

Victoria Residences, 75 Victoria St West, unit 807:
Features: 50m² + 5m² balcony, one bedroom + flexi-room
Outgoings: body corp levy $3197/year
Outcome: passed in at $671,000, at $13,420/m² internal
Agents: Selina Zheng & Tommy Zhang
Earlier story:
26 January 2015: Victoria Residences & St James Suites set new price points

Isthmus east

Epsom

30B Buckley Rd, units 1, 2 & 3:
Features: block of 3 2-bedroom units, each with fully lined garage
Outcome: passed in as a single lot & when offered individually
Agents: Sara-Jayne Kingston & Dermot Kelly

Kohimarama

The Sands, 277 Tamaki Drive, unit 6:
Features: 3-bedroom apartment, 2 bathrooms, terrace, 2 parking spaces
Outcome: sold for $2 million
Agent: Karin Cooper

Isthmus west

Freemans Bay

2 Gunson St, unit 5:
Features: 1/6 share in 258m², unit 167m², 3 bedrooms, 3 bathrooms, study, upper deck, courtyard
Outcome: no bid
Agents: Carl & Roseanne Madsen

Hillsborough

291A Hillsborough Rd, unit 1:
Features: 2-level unit, 3 bedrooms, garage
Outcome: no bid, back on market at $679,000
Agents: Kam & Yogesh Dahya

Mt Eden

39 Bellevue Rd, unit 10:
Features: one-bedroom unit, carport
Outcome: sold for $525,000
Agents: Kim & Bruce Rule

Sandringham

Grove Court, 3 Grove Rd, unit 2:
Features: cross-lease, 1/5 share in 771m², 2-level 2-bedroom unit, parking space
Outcome: sold for $610,000
Agents: Paul Donovan & Sharon Walls

Attribution: Auctions.

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