Archive | Whangaparaoa

Penlink prospect gets real

Penlink, a proposal dating back to the 1980s start to development of Gulf Harbour at the end of the Whangaparaoa Peninsula, is an integral feature of the urban development of the Hibiscus Coast, 30-40km north of downtown Auckland.

Image above: The Auckland Transport/NZ Transport Agency map of the north-eastern infrastructure plan. Penlink is dotted line 3 at right.

Gulf Harbour has progressed, thousands more houses have been built on the peninsula, new business areas have sprung up at Silverdale, at the start of the peninsula, and the Millwater subdivision has spread from there across to State Highway 1.

But that integral link – once to have been 2 lanes each way from Redvale, across Weiti Forest land and over the Weiti River to Stanmore Bay – was again deferred in June, when Auckland Council pushed it back to 2028 in its long-term plan. It also shrank from 4 to 2 lanes.

The 7km Penlink road is consented and would reduce, by about 50,000 vehicles/day, the nearly 130,000 vehicles/day that travel through the nearby Silverdale business area to get to-from the motorway.

The one concession to the rising traffic congestion that has been a consequence of deferred action has been to introduce peak-hour use of the median strip at the start of the main peninsula road to double main-direction flow.

3-year campaign by Barnett

Enter Michael Barnett, chief executive of the Auckland Chamber of Commerce, who has campaigned for 2 years to get Penlink built, after an approach from the Hibiscus & Bays Local Board.

Mr Barnett won an assurance from Transport Minister Phil Twyford in April that, if money could be found outside the coffers of the Government & Auckland Council, the toll road could be built.

Last Friday, Mr Barnett said it could be done: “An unsolicited bid by an international group to establish a joint venture with a NZ construction company to undertake the Penlink toll road project as a BOOT – Build, Own, Operate, Transfer – has been lodged with the NZ Transport Agency.

“The offer is to provide the majority of the estimated $400 million capital needed to build a 4-lane tolled Penlink road – including bridge over the Weiti River, busway, cycleway & possibly park-&-ride – recovering all revenue on an extended concession and transferring back to Auckland Council for free at the end of the concession.”

The proposal is from China Tiesiju Civil Engineering Group Co Ltd, a subsidiary of China Railway Group Ltd, which in turn is a subsidiary of China Railway Engineering Corp, a company listed in Hong Kong & Shanghai and controlled by the Chinese Government.

In June, Mr Barnett wrote: “It’s crazy that Auckland Council can give a low priority to a project that has one of Auckland’s highest benefit:cost assessments – 3.5 for a project costing $348 million – meaning that for every dollar spent it will generate nearly $3.50 in economic benefit.”

“It shows we have a flawed system. Here we have a new government wanting more public transport, walking & cycling, but then goes for a 2-lane option. Our recent survey which government & council are well aware of shows that the public want a 4-lane road with a public transport option.

“Meanwhile the announcement bringing forward Penlink has already fuelled property development in Silverdale & on the Peninsula, with a number of long-delayed apartment projects towards Gulf Harbour now underway.

“And gridlock on Hibiscus Coast Highway continues to get worse, with 10km traffic queues between the interchange with State Highway 1 & Orewa and also along the peninsula to the Whangaparaoa shopping centre.

“Construction & engineering consultancies have advised me that there is a construction void in the market; they have little or no work and which ‘ready to go’ Penlink is ideal to fill.”

The next move is up to the NZ Transport Agency.

The agency & Auckland Transport have had Penlink in their sights for years, and produced a presentation on their websites last year showing its role in diverting traffic away from Silverdale.

Links:
Chamber of Commerce, Penlink page
Auckland Transport, Penlink presentation January 2017
NZ Transport Agency, Supporting growth – delivering transport networks, Silverdale, Wainui & Dairy Flat

Disclosure: I live on the peninsula, right where Penlink would start.

Attribution: Chamber of Commerce releases, NZTA & Auckland Transport.

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Corrected: Council asset disposal policy up for Penlink-related argument

Published 16 September 2018, corrected 17 September 2018 (it’s not a reserve):
20 years after a Whangaparaoa Peninsula section was acquired for widening of the peninsula’s main road, nearly 3 years after the Auckland Transport board determined it was no longer needed for that purpose and 2 years after the rationalisation process began, an Auckland Council committee will determine on Tuesday whether the site will be sold.

That’s the easy question. The more difficult one – which the council’s finance & performance committee is most likely to reach to maintain consistency – is that the return from the sale should go into the general council pot, not to a local preference.

Through the 8 years of the super-city Auckland Council, the council has determined that funds from asset disposal should be assigned to priorities wherever they occur in the region, not necessarily to the locality of the disposal.

The property up for a disposal decision on Tuesday, 8 Hiwi Crescent in Stanmore Bay, was bought by the former Rodney District Council in 1998 to enable widening of the main peninsula road. It’s 100m uphill from a busy new supermarket – and from the start point for the long-mooted Penlink crossing of the Weiti River, which gets on to transport infrastructure priority lists from time to time and then gets knocked off again.

Correction: I wrote initially that the vacant 809m² section was declared a reserve while the roadworks were awaited. That’s been questioned and I can’t find any reference to the reserve status tonight. Council property arm Panuku Development Auckland has a disposal budget to meet ($24 million by 30 June next year), has undertaken consultation and has concluded it’s time for this asset to go. A neighbour has expressed interest.

The Hibiscus & Bays Local Board endorsed its sale, but asked that any sale proceeds be allocated to a relevant Penlink transport infrastructure budget, and will make a presentation to the council committee’s Tuesday meeting to argue that point.

The committee’s advice is that such an allocation wouldn’t accord with council financial policy.

Links:
8 Hiwi Crescent, Stanmore Bay property information    
Finance & performance committee, Tuesday 18 September at 9.30am, Town Hall:
8, Disposal recommendations report September 2018
Recommendation
30R Birmingham Rd, Otara, property information 
8 Hiwi Crescent, Stanmore Bay, property information 
Bob Dey Property Report diary, week 17-23 September 2018

Attribution: Council committee agenda.

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Adding houses to a peninsula ought to take more thought, as Penlink hopefuls learn

When my wife & I moved to the Whangaparaoa Peninsula at the end of 1982 the district council had plans drawn up for 6 lanes along the early part of the peninsula, narrowing as you went on. There was even the possibility of 8 lanes.

This year, there are 3 lanes for the first couple of hundred metres, with a spectacular light show for the direction-switching centre lane.

Through most of the period following World II until the early 1980s, the peninsula was dotted with baches, had a few camping grounds, and not much was new.

We bought a sturdy bach, added to it, and caught the bus to the city to work. My wife still uses the bus from the Silverdale park-&-ride. I swim in the sea while the morning commuter peak is at its worst, travel more often outside peak hours and, unfortunately, drive.

Penlink notion 30 years ago

As Wilkins & Davies began its plummet toward liquidation post-1987 crash, it began more urgent promotion of the Hobbs Bay land which it owned (now Gulf Harbour), including promoting the Penlink crossing of the Weiti River.

From one phone survey at that time, it appeared the bridge & road past Stillwater would cover zero distance and would also take no time to traverse. As the years went by, residential development continued and congestion naturally worsened, so the potential time saving steadily grew – the population now exceeds 30,000. One later development proposal at the marina was sought on the basis that Penlink would be built: the magnet was the much faster journey commuters would experience.

When engineering & design consultancy Holmes Group Ltd sought consent to develop the Peninsula golfcourse at the start of the peninsula (the role later taken over by Fletcher Residential Ltd), commissioners said it shouldn’t happen until alternative exits from the peninsula were created, specifically a southward motorway ramp at Millwater. That ramp opened 3 years ago. The Fletcher subdivision offers exits that don’t take traffic directly to the peninsula road, but for travellers to the city the natural path is through the same Hibiscus Coast Highway intersection all the peninsula traffic uses.

The journey between that peninsula-coast highway intersection and the motorway ramps at Silverdale is now littered with traffic light-controlled intersections, slowing all journeys – a natural consequence of building multiple retail centres along the route, especially a large supermarket near the motorway ramps.

You can argue that it makes no sense to continue piling more houses on to a peninsula which has only one entry point for travel beyond Red Beach, the suburb still on the mainland at the start of the peninsula. But that is to argue that people (like me) shouldn’t enjoy the coastal lifestyle the peninsula offers.

The questions then become: What kinds of housing are appropriate for an area that has one of the fastest growth rates in the country, and what sorts of access are appropriate?

Do we all need to live in separate houses? Probably not. That intensification has picked up recently along the Orewa beachfront, one beach beyond Red Beach up the coast from Whangaparaoa, there are apartments at the Gulf Harbour marina and new terraced housing is being built (in a dip without sea views) in a large subdivision at Stanmore Bay.

One of the first stories on this website, in early 2000, was about the by-then-former owner of the Whangaparaoa Plaza shopping centre, Philip Fava, being locked out of it by an investment partner. Mr Fava, always full of bright ideas, had intended to build a 10-storey apartment or office block on the former pub site adjoining the shopping plaza, looking down the coast to the North Shore & cbd from a peninsula ridgeline, at a time when America’s Cup fever was rising.

Instead, his lenders opted for a single-storey Warehouse store. Next door, the shopping centre is about to get a refurbish following the departure of a number of tenants to new space at Silverdale.

Single-storey retail developments waste spectacular views where more intensive development – which might include retail – would have long made sense.

A better view forward

The planning for such development would necessarily encompass a number of factors which tend to be parked in separate baskets – retail catchments, residential potential, work access, the ability to reduce commuter traffic by localising work, the provision of public transport (and improvement of it to meet a larger customer base).

Now, the imperative is to build access – within 10 years – to cope with current road congestion which can extend a 10-minute journey to 30 minutes and be part of extending a 30-minute journey to the cbd to 90 minutes.

The answer needs to be a range of near-future solutions, particularly the localising of work but, for commuters, transport options which don’t start by cluttering the peninsula exit with more one-occupant cars.

It can’t just be about a road & a bridge, which is what I see in the past & latest versions of ATAP (the Auckland transport alignment project between Auckland Council & the Government).

Links:
Read the ATAP report 2018 [PDF, 2 MB]
30 June 2014, Penlink traffic & economic analysis by Beca

Earlier stories:
30 August 2013: Pertinent observations a highlight of Red Beach golfcourse conversion decision
3 January 2012: Council opts to notify golfcourse subdivision while local board wants it bought for reserve
2000: Fava escorted out of his old shopping centre

Attribution: This website’s files.

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Southern alternative & Whangaparaoa link the big new ticks in Auckland transport

$102 million for the Mill Rd corridor and $66 million for Penlink are the 2 big new roading infrastructure confirmations arising from an update to ATAP (the transport alignment project) between Auckland Council & the Government.

  • Penlink will take traffic on a toll road from the Northern Motorway at Weiti, across the Weiti River at Stillwater to Stanmore Bay on the Whangaparaoa Peninsula.
  • The Mill Rd corridor between Manukau & Drury will become a major arterial alternative to the Southern Motorway.

The update, unveiled at Newmarket railway station yesterday by Auckland mayor Phil Goff & Transport Minister Phil Twyford, contains a mix of specific projects such as those 2, and more general projects to take traffic off roads, such as bus & electric train infrastructure – $135 million for bus priority improvements, $62 for city centre bus infrastructure, $201 for the Ameti (Auckland-Manukau eastern transport initiative) eastern busway, $24 million for park & rides, $213 million for electric trains & stabling.

The total over 10 years is a budget for $28 million of transport infrastructure around Auckland.

You can check the “Billions astray” story below for how the council & previous government saw the numbers, but essentially the $28 billion is an update of the full amount the council said was needed.

The Government, represented then by Simon Bridges as transport minister (now the Opposition leader), said total funding required for the decade was estimated to be $25.9 billion, of which $20 billion had already been committed to by the Government ($13 billion) & Auckland Council ($7 billion).

Related story: Goff sets the transport & fuel tax pictures

Link: Read the ATAP report 2018 [PDF, 2 MB]

Earlier stories:
14 August 2017: Billions astray, but political thinking on Auckland transport infrastructure is positive
26 March 2017: Goff raises funding question as airport mass transit corridor agreed
16 September 2016: Brown leaves mayoralty with 2 huge transport wins
22 August 2016: Commission sees government change as essential for urban planning
22 June 2016: Government & council start lining up on tolls but transport report still has big failings
20 April 2016: Auckland Transport confirms land needs for Redoubt-Mill Rd corridor
23 February 2016: Panel confirms Mill Rd arterial corridor proposal
23 February 2016: Transport alignment starts off-track

Attribution: Mayoral release.

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Bayleys office ends year with 9 sales & 11 leases

Bayleys agents from the North Shore branch have started the year reporting 9 sales & 11 leases in November & December.

5 of the sales and 9 of the leases were on the Shore and at Silverdale. The rest were in Epsom, Grafton, Huntly, New Lynn & Westgate.

Sales

Isthmus east

Epsom

1B Edgerley Avenue:
Features: 357m² mixed-use property
Rent: $40,037/year net + gst
Outcome: sold at auction in December for $1.26 million + gst, yield 3.18%
Agent: Terry Kim

North-east

Rosedale

1-3 Parkhead Place:
Features: 4532m² industrial site, 2424m² building
Rent: $393,400/year net + gst
Outcome: sold in December for $5.1 million + gst at a 7.7% yield, $2104/m² land & building
Agents: Alex Strever, Laurie Burt & Matt Mimmack

4 Piermark Drive, unit D:
Features: 372.2m² industrial unit – office 175m², warehouse 150m², other area 47.2m², 7 parking spaces
Outcome: sold at auction in December for $920,000 + gst, at $2472/m² land & building
Agent: James Kidd

14-22 Triton Drive, unit C2:
Features: 130m² unit – office 90m², warehouse 40m², 3 parking spaces
Outcome: sold in December for $480,000 + gst, at $3692/m² land & building
Agents: James Yu & Alex Strever

14-22 Triton Drive, unit C3:
Features: 237.2m² unit – warehouse 55,9m², office 181.3m², 4 parking spaces        
Outcome: sold in December for $785,000 + gst, at $3309/m² land & building
Agent: Alex Strever

Silverdale

162 Foundry Rd:
Features: 2002m² site, 1032m² building
Rent: about $150,000/year net + gst
Outcome: sold in November for $3.05 million + gst, at 4.92% yield, $2955/m² land & building
Agents: Rosemary Wakeman & Matt Mimmack

North-west

Westgate

Northside Drive, lot 1, unit 6:
Features: 294m² industrial unit, 4 parking spaces
Outcome: sold in November for $990,000 + gst, at $3367/m² land & building
Agents: >Matt Mimmack & Ashton Geissler

Northside Drive, lot 1, unit 4:
Features: 309m² industrial unit, 4 parking spaces
Outcome: sold in November for $1.06 million + gst, at $3430/m² land & building
Agents: Matt Mimmack & Ashton Geissler

South of the Bombays

Waikato

Huntly

3768 State Highway 1:
Features: motel business on 3065m² site, 690m² floor area
Income: $68,000/year net + gst
Outcome: sold in December for $1.25 million + gst at 5.4% yield
Agent: David Han

Leases

Isthmus east

Grafton

14 Burleigh St, part ground floor:
Features: 561m² office, 16 parking spaces
Rent: leased in November for $144,360/year net + gst, $111,080 excluding parking, parking $40/space/week, premises rental $198/m²
Agent: Dean Gilbert-Smith

North-east

Albany

86 Bush Rd, unit U:
Features: 92m² office unit
Rent: leased in December for $29,660/year net + gst, net excluding parking $25,760/year + gst, premises rental $280/m²
Agent: Jane Sims

Birkenhead

65 Birkenhead Avenue, basement:
Features: 200m² industrial space, parking space
Rent: $30,000/year net + gst
Agents: Adam Watton & Adam Curtis

Gulf Harbour

69 Gulf Harbour Drive, unit H:
Features: 145m² retail area, 8 parking spaces
Rent: $38,160/year net + gst
Agent: Terry Kim

Rosedale

5 Beatrice Tinsley Crescent, unit B:
Features: 361m² industrial unit, 5 parking spaces
Rent: leased in December for $50,000/year net + gst
Agent: Laurie Burt

10B Canaveral Drive:
Features: 300m² industrial, 5 parking spaces
Rent: leased in December for $52,000/year net + gst, net excluding parking $52,000, premises rental $173/m²
Agent: James Kidd

7 Vega Place, unit F:
Features: 132m² industrial unit, 2 parking spaces
Rent: leased in December for $23,000/year net + gst, net excluding parking $23,000, premises rental $174/m²
Agent: Laurie Burt

45 William Pickering Drive, unit A:
Features: 340m² industrial unit, 7 parking spaces
Rent: leased in December for $65,000/year net + gst, net excluding parking $65,000/year + gst, premises rental $191/m²
Agents: James Kidd & Laurie Burt

51 William Pickering Drive, unit 9, level 1:
Features: 60m² office space, parking space
Rent: leased in December for $14,000/year net + gst, net excluding parking $14,000, premises rental $233/m²
Agent: Terry Kim

Silverdale

10 Silverdale St, shops 2 & 3:
Features: 262m² retail area, no parking
Rent: leased in December for $98,000/year net + gst, premises rental $374/m²
Agents: Adam Curtis & Adam Watton

North-west

New Lynn

3047 Great North Rd, first floor:
Features: 370m² office, 10 parking spaces
Rent: leased in November for $93,000/year net + gst, $80,000 excluding parking, parking $25/space/week, premises rental $251/m²  
Agents: Chris White & Damian Stephen

Attribution: Agency release.

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6 sales & 5 leases

Bayleys agents on the Shore have sold 5 commercial properties outside the auctionroom, from Stanmore Bay on the Whangaparaoa Peninsula through to Kelston in the west, and have also leased 5 properties, all on the Shore.

One other sale listed below is a post-auction transaction in Mt Eden.

Sales

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, sold at that figure post-auction
Agents: Alan Haydock, Phil Haydock & Damien Bullick

North-east

Albany

6-8 Omega St, unit 8:
Features: 181m² office unit – office 165m², other area 16m², 5 parking spaces
Outcome: sold in October for $620,000 + gst
Agents: Alex Strever & Ildy Meixner

Stanmore Bay

676 Whangaparaoa Rd:
Features: 261m2 mixed-use 2-level building on a half share of 1104m2 site, . Ground floor copy centre tenant renewed in January for 3 years at $26,300/year net, 3-bedroom apartment above with sea views has a rental appraisal of $27,000/year
Outcome: sold for $830,000
Agents: Mustan Bagasra & Dylan Turner

Takapuna

Sentinel, 3-9 Northcroft St, unit R1:
Features: 85m² retail unit, 6 parking spaces
Rent: $31,750/year net + gst
Outcome: sold in October for $665,000/year net + gst at 4.8% yield
Agents: Terry Kim, David Han & Mustan Bagasra

Wairau Valley

18A Ashfield Rd:
Features: 120m² industrial unit, 2 parking spaces
Rent: $25,800/year net + gst       
Outcome: sold to NZ Longevity Foundation Ltd in October for $475,000 + gst at 5.43% yield, $3958/m² land & building
Agent: James Yu

North-west

Kelston

31 Cartwright Rd, unit B:
Features: 53m2 industrial unit, 4.7m stud warehouse, mezzanine office & storage, new roof, 3 parking spaces
Outcome: sold vacant for $350,000
Agent: Simon Davies

Leases

North-east

Browns Bay

14 Clyde Rd:
Features: 764m² retail property – retail 590m², office 174m², 6 parking spaces
Rent: leased in October for $180,000/year net + gst
Agents: Anna Radkevich & Ranjan Unka

Devonport

57-59 Victoria Rd, office 2:
Features: 12m² office
Rent: leased in October at $9000/year net + gst, premises rental $750/m²
Agents: Chris White

Rosedale

59 Apollo Drive, ground floor right, unit G1:
Features: 155m² office, 4 parking spaces
Rent: leased in July for $43,150/year net + gst, including parking at $20/space/week, net excluding parking $38,990/year, premises rental $252/m²       
Agents: Alex Strever & Laurie Burt

39 Arrenway Drive, unit B3:
Features: 203m² industrial unit
Rent: leased in October for $37,000/year net + gst, premises rental $182/m²
Agents: Laurie Burt

Wairau Valley

89 Ellice Rd, unit 4D:
Features: 125m² industrial unit, 2 parking spaces
Rent: leased in October for $32,000/year net + gst
Agents: Dean Gilbert-Smith, Adam Curtis & Adam Watton

Attribution: Agency releases.

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Hibiscus Coast RSA gets relief with land sale

The cash-strapped Hibiscus Coast Community Returned Services’ Association (RSA) has sold a 5200m² vacant section for $1.5 million to a local property developer who plans to build townhouse units on it.

The club bought the land at 20 Melia Place, Stanmore Bay, 100m west of the RSA site at 43A Vipond Rd, 25 years ago for $90,000, intending to develop residential units which would then be rented to RSA members, but financial constraints meant the project was never realised.

Club president Frank Coggan said today: “We’re fortunate to have had the option of selling a portion of the club’s investment portfolio, and the proceeds from the sale will be put directly back into updating the club’s facilities.”

The sale was negotiated by local Bayleys agent Sue Donoghue.

Attribution: Agency release.

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Whangaparaoa retail units sell

2 retail spaces in a commercial centre opened on the Whangaparaoa Peninsula late last year, were sold under the hammer at auction at Colliers’ Takapuna office on Wednesday.

A Mairangi Bay office was also sold, but a shop in the Grange, on the southern edge of Warkworth, was passed in.

North-east

Mairangi Bay

18 Triton Drive, unit H3:
Features: 238m² first-floor office, 4-year lease
Rent: $65,280/year net + gst        
Outcome: sold for $985,000 at a 6.62% yield
Agents: Janet Marshall & Nick Recordon

Warkworth

The Grange, 67 Auckland Rd, unit 22:
Features: 373m² of retail space in the Grange retail precinct, Cross Gate Discount Store on 6-year lease
Rent: $86,700/year net + gst
Outcome: passed in
Agents: Euan Stratton & Sean Honeycombe

Whangaparaoa

651 Whangaparaoa Rd, unit 2:
Features: 128m² of new retail space, 35m² of outdoor dining, occupied by Valentino’s Gelato Café,10-year lease
Rent: $68,155/year net + gst        
Outcome: sold for $1.41 million at a 4.83% yield
Agents: Euan Stratton & Jessica Martin

651 Whangaparaoa Rd, unit 3:
Features: 50m² of retail space occupied by Hello World Travel on an 8-year lease
Rent: $27,500/year net + gst        
Outcome: sold for $580,000 at a 4.74% yield
Agents: Euan Stratton & Jessica Martin

Image: The development at 651 Whangaparaoa Rd, in foreground.

Attribution: Agency release.

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3 ex-Masala restaurants nearly make $8 million forfeiture order price tag at auction

3 restaurants in the former Masala chain were sold for $7.875 million at Bayleys’ auction yesterday, just short of a forfeiture order made in February.

Image above: Dining room of the former Masala restaurant in Mt Eden.

A Glen Eden shop with the Mad Butcher as tenant and a Dilworth apartment at the foot of Queen St were also sold under the hammer.

The restaurants, owned by JKK Holdings Ltd (Supinder Singh & Daisy Kaur) were taken to auction by the Official Assignee under the Criminal Proceeds (Recovery) Act after Justice Rebecca Edwards agreed in the High Court to an $8 million assets forfeiture order between the Commissioner of Police and 8 companies & 2 individuals associated with the Masala restaurant chain.

Justice Edwards said in her decision approving the settlement: “The settlement sum of $8 million represents almost all of the unlawful benefit said to have been derived from the tax evasion offending. The settlement sum is expected to be met in full through the sale of restrained properties.”

The 2 individuals, Joti Jain & Rajwinder Singh Grewal, were sentenced in 2015 to home detention and ordered to pay reparations on a long list of immigration & exploitation charges.

In March, Ms Jain was reported to have left New Zealand ahead of an appeal against being deported, but she was in the auctionroom yesterday.

All 3 restaurants in Mt Eden, Stanmore Bay & Birkenhead attracted multiple bidders. The properties were marketed for sale on an “as is where is” basis and subject to occupancy.

Apartments

CBD

Queen St

Dilworth, 22 Queen St, unit 5L:
Features: one bedroom, high stud
Outcome: sold for $530,000
Agents: Julie Prince & Diane Jackson

Commercial

Isthmus west

Mt Eden

510 Mt Eden Rd:
Features: 554m² section, 200m² restaurant in converted villa at corner of Disraeli St in Mt Eden village, additional 206m² downstairs area gives potential to split risk
Outcome: sold for $3.61 million on “as is where is” basis, subject to occupancy
Agents: Scott Kirk, Adam Curtis, John Algie

North-east

Birkenhead

188-192 Hinemoa St:
Features: 835m² site, development potential, 280m² restaurant in converted villa, wraparound covered deck, vacant office area below restaurant previously used as accommodation
Outcome: sold for $2.535 million on “as is where is” basis, subject to occupancy
Agents: Adam Curtis, John Algie & Damian Stephen

Stanmore Bay

195 Brightside Rd:
Features: 1783m² site, 276m² restaurant
Outcome: sold for $1.73 million on “as is where is” basis, subject to occupancy
Agents: Jeremy Milton, John Algie & Adam Curtis

North-west

Glen Eden

5 Oates Rd, unit 5:
Features: 292m² corner unit in block of 13 shops, dual access, split internally between retail, office storage, meat processing & cool storage, opportunity to split or occupy the tenancy
Rent: $92,040/year net + gst from established tenant, the Mad Butcher
Outcome: sold for $1.375 million at a 6.7% yield
Agents: Adam Curtis, Adam Watton & Oscar Kuang

Earlier story:
28 February 2017: $8 million Masala assets forfeiture agreed

Attribution: Auction.

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One property sells in truncated Colliers auction

Just one property sold at Colliers’ commercial auction on Wednesday, a Birkdale site on the North Shore with consent for a childcare centre.

2 other properties occupied by childcare centres, in Otahuhu & Albany, were passed in. A commercial showroom in East Tamaki and a real estate agency auctionroom & office in the Royal Oak Mall were also passed in.

The auction was reduced by the withdrawal of 4 food outlets, 3 at the new 301 Lincoln Rd development in Henderson and one at the also new development at 651 Whangaparaoa Rd, on the Whangaparaoa Peninsula.

Isthmus east

Otahuhu

18 Princes St:
Features: 1090m² site, 348m² floor area, established childcare centre purpose-built in 2011, occupied by Blossoms Educare on new 15-year lease, 3 10-year rights of renewal
Rent: $163,800/year net + gst at $44/child/week
Outcome: passed in at $2.8 million
Agents: Shoneet Chand & Peter Kermode

Royal Oak

Royal Oak Mall, 691 Manukau Rd, unit 58:
Features: 342m² office unit with Ray White auctionroom, seismic rating of 71% of new building standard, new 6-year lease, parking at mall & Pak ‘n Save
Rent: $80,000/year net + gst
Outcome: no bid
Agents: Gareth Fraser, Jonathan Lynch & Greg Goldfinch

North-east

Albany

287 Oteha Valley Rd:
Features: 1138m² site, 460m² lettable area, Magicland Ltd childcare centre on 15-year lease from completion of development in July by Wallace Development Co Ltd, one 10-year right of renewal, beside new retail development
Rent: $203,840/year net + gst
Outcome: no bid
Agents: Mike Ryan, Ellie Martin & Euan Stratton

Birkdale

126 Birkdale Rd:
Features: 916m² site, consented for childcare centre for 45 children
Outcome: sold for $1.1 million
Agents: Peter Kermode & Shoneet Chand

Whangaparaoa

651 Whangaparaoa Rd:
Features: vacant 127m² unit, 35m² outdoor
Outcome: withdrawn from auction
Agents: Deborah Dowling, Euan Stratton & Jessica Martin

North-west

Henderson

301 Lincoln Rd, unit A1, Aroma Thai restaurant:
Features: 159.4m², in new development, 8-year lease, 2 4-year rights of renewal
Rent: $76,512/year net + gst
Outcome: withdrawn from auction
Agents: Shoneet Chand, Craig Smith & Peter Kermode

301 Lincoln Rd, unit A4, Aroma Indian restaurant:
Features: 155m², in new development, 8-year lease, 2 4-year rights of renewal
Rent: $74,400/year net + gst
Outcome: withdrawn from auction
Agents: Shoneet Chand, Craig Smith & Peter Kermode

301 Lincoln Rd, units B1 & B2, Denny’s Restaurant:
Features: 421m², 6-year lease, 2 6-year rights of renewal
Rent: $141,035/year net + gst
Outcome: withdrawn from auction
Agents: Shoneet Chand, Craig Smith & Peter Kermode

South

East Tamaki

24A Harris Rd:
Features: 595m² floor area, Tile Space on 8-year lease, 2 4-year rights of renewal
Rent: $110,940/year net + gst
Outcome: passed in at $1.55 million
Agents: Jolyon Thomson & Paul Higgins

Earlier stories:
23 November 2016: Updated: Low yields maintained at 301 Lincoln Rd auction, all 3 now sold
30 November 2016: Yields 5.5% & lower on new Whangaparaoa centre’s units

Attribution: Auction.

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