Archive | Dunedin

5 sales by Colliers

Colliers agents have sold a Victoria Park Market restaurant and a Rosedale office in Auckland. In the South Island, the agency has offices in Christchurch & Dunedin and a quake-damaged motel in Christchurch.

CBD

Victoria Quarter

Victoria Park Market, Drake St, unit 74:
Features: 268m² net lettable area, New York-style restaurant & bar, the Oak Room, on 6.5-year lease
Rent: $100,794/year + gst     
Outcome: sold for $1.3 million at a 7.8% yield
Agents: Adam White, Simon Felton, Gareth Fraser & Tony Allsop

North-east

Rosedale

9C William Pickering Drive:
Features: 377m² 2-level office     
Outcome: sold by private investor to owner-occupier Zen Connections Ltd for $1.395 million
Agents: Janet Marshall & Kerry Cook

South Island

Christchurch

Merivale

49 Papanui Rd:
Features: quake-damaged former Adelphi motel, 1517m² site, 12 motel units & a manager’s unit
Outcome: sold at auction for $1.7 million on an “as is, where is” basis
Agents: Will Franks & Mark Macauley

Rolleston

7 Tennyson St:
Features: 2781m² site, 261m² retail, new 10-year lease to Restaurant Brands Ltd
Rent: $170,000/year net + gst     
Outcome: sold at auction for $3.215 million + gst at a 5.3% yield
Agents: Courtney Doig & Charlie Oscroft

Dunedin

ASB House, 248 Cumberland St, levels 1 & 2:
Outcome: sold for $2.825 million at a 7.6% yield
Agent: Dean Collins

Attribution: Agency release.

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Tauriko & Silverstream business land sales

Colliers agents in the Bay of Plenty have sold a Tauriko industrial development site (pictured) and a Tauranga office building.

In Otago, 2 lots in the Silverstream Business Park in Mosgiel have been sold.

South of the Bombays

Bay of Plenty

Tauranga

115 Cameron Rd:
Features: 810m² site, 2-storey 851m² office building, 10 parking spaces
Rent: $158,594/year net + outgoings + gst
Outcome: sold for $3.1 million at a 5.1% yield
Agents: Simon Clark & Duncan Woodhouse

Tauriko

lot 232 Kennedy Rd:
Features: vacant 4799m² industrial development site, rear right-of-way for dual access
Outcome: sold for $1,775,630 at $370/m² land
Agents: Rachel Emerson, Simon Clark & Brad Johnston

South Island

Otago

Mosgiel

Silverstream Industrial Park, 180 Dukes Rd, lots 2 & 11:
Features: 2700m² of warehouse & office 
Outcome: sold to an owner-occupier for $1.15 million + gst
Agent: Dean Collins

Attribution: Agency release.

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11 South Island commercial sales

Bayleys agents have sold 11 commercial properties around the South Island – in Nelson, Canterbury & South Canterbury and Otago – including the Baaa Bar (pictured), reputed to be the last student pub in north Dunedin still standing.

South Island

Canterbury

Middleton

5 Venture Place:
Features: 4768m² site, 2230m² 40m-wide clearspan warehouse, 460m² of offices, 46 offstreet parking spaces
Outcome: sold vacant for $4.05 million
Agents: Stewart White, Alex White & Nick O’Styke

Rangiora

8-10 John Rd:
Features: 1305m² site, 495m² newly constructed childcare centre; new 10-year lease plus 2 6-year rights of renewal
Outcome: sold for $2.625 million at a 6.24% yield
Agents: Stewart White, Chris Frank & Tony Chaudhary

Shirley

204 Hills Rd:
Features: 4370m² corner site, 1228m² suburban shopping centre, 9 tenants, 46 parking spaces
Rent: $371,772/year net + gst
Outcome: sold for $5.33 million at a 6.97% yield
Agents: Blair Young & Mitchell Wallace

Sockburn

10 William Lewis Drive:
Features: 2425m² vacant industrial site in central business park
Outcome: sold for $815,000 at $336/m²
Agent: Nick O’Styke

Wigram

9 Kilronan Place:
Features: 1935m² industrial site, 1014m² warehouse/workshop, 5.5m at knee with 5-tonne crane, 47m² office
Outcome: sold vacant for $1.35 million
Agents: Stewart White, Nick O’Styke & Alex White

12C Symes Rd:
Features: 890m² industrial unit, 3.5 tonne gantry crane, 13 parking spaces in small business park; seismically strengthened to 67% of new building standard; new 4-year lease
Rent: $95,000/year net + gst
Outcome: sold for $1.307 million at a 7.27% yield
Agent: Nick O’Styke

Woolston

Kennaway Rd, lot 14:
Features: new 1000m² warehouse, 200m² of offices in Portlink Industrial Park
Outcome: sold to an owner-occupier for $2.3 million in a design, build & purchase agreement
Agents: Greg Mann & Garry Ottmann

South Canterbury

Lake Tekapo

11 & 13 Sealy St:
Features: 8094m² vacant site in 2 titles, zoned residential 2 but suitable for commercial visitor accommodation
Outcome: sold for $3.5 million at $432/m²
Agent: Tracy Chen

Nelson

The Wood, 87 Grove St:
Features: 749m2  site occupied by The Bush Inn, comprising 16 studio units plus living areas, laundry & kitchen; building completely redeveloped & 100% occupied, manager’s apartment upstairs
Outcome: sold as freehold going concern for $1.25 million
Agent: Gill Ireland

Tahunanui

24 Golf Rd:
Features: 1487m² site, tenanted 13-unit 610m² motel, A grade seismic rating, standalone 3-bedroom manager’s accommodation
Outcome: sold for $1.23 million at a 6.5% yield
Agent: Gill Ireland

Otago

Dunedin

746 Great King St:
Features: 403m² site in university area & on State Highway 1 corner, 390m² bar/restaurant, leased to Baaa Sports Bar & Grill for 10 years from June 2017, 2 5-year rights of renewal
Rent: $90,000/year net + gst
Outcome: sold for $1.2 million at a 7.5% yield
Agent: Robin Hyndman

Attribution: Agency release.

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4 Colliers sales around country

Colliers agents have recorded 4 sales – 2 in Auckland, 2 others at auctions in Tauranga & Dunedin.

Isthmus east

Mt Wellington

20 Vestey Drive:
Features: 6898m² site, 4179m² office & warehouse, leased to Forman Building Systems Ltd
Rent: $535,000/year net
Outcome: sold for $8.75 million
Agents: Andrew Hooper & Hamish West

Isthmus west

Onehunga

22 Patrick St:
Features: 1971m² site, recently refurbished 1508m² of building – 1141m² in 3 adjoining warehouses, office & amenity 232m², storage 47m², canopy 85m², occupied by Webbing & Tapes REM Ltd, previously owned by a trust
Rent: $154,844/year net, 3%/year increases
Outcome: sold for $1.95 million
Agents: Adam White & Hamish West

South of Bombays

Tauranga

18 Marsh St:
Features: 883m² site, 530m² floor area, office & warehouse, Tile Warehouse Ltd on 6-year lease
Rent: $85,000 + gst + opex
Outcome: sold at auction for $1.3 million at 6.5% yield
Agents: Simon Clark & Duncan Woodhouse

South Island

Dunedin

408 Anderson Bay Rd:
Features: 1531m² site, 714m² floor area, The Mill Liquorsave
Rent: $155,750/year from lease running until July 2018
Outcome: sold at auction for $2.3 million to local investor at 6.75% yield
Agents: Alan Pracy & Dean Collins

Attribution: Agency release.

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All 4 Bell Tea properties sell through tender

A portfolio of 4 Bell Tell industrial properties – 3 in East Tamaki, one in Dunedin – has been sold for a total $18.65 million through a Bayleys tender.

Bell Tea & Coffee Co Ltd’s main production plant & head office in East Tamaki was sold for $10.8 million at a 5.8% yield. All 3 East Tamaki properties had new 12-year leases in place.

Bayleys agent Paul Dixon, who managed the sale, said: “These are exceptionally long lease terms for industrial premises which, coupled with their strong location in one of New Zealand’s most sought after industrial precincts, meant they generated a significant amount of interest.”

South

East Tamaki

43 Crooks Rd:
Features: 1.3745ha corner site, 5463m² tea & coffee production facility purpose-built in 2008, high-stud warehousing of 12-13m, 4000m² of bare land provides development opportunities
Outcome: sold for $10.8 million at a 5.8% yield

305 East Tamaki Rd:
Features: 6052m² site, 4175m² sq m industrial facility, formerly Bell Tea’s main Auckland production plant, renovated in 2008 and used by the company as a production, storage & distribution facility
Outcome: sold for $5 million at a 7.2% yield

317 East Tamaki Rd:
Features: 3035m² site, 1750m² industrial building now leased to Eagle Wire Products Ltd
Outcome: sold for $2.52 million at a 6.7% yield

South Island

Dunedin

15 Hope St:
Features: 2623m² processing & warehouse facility, built in the early 1920s and added to in the 1950s & 1980s, requires seismic strengthening
Outcome: sold with vacant possession for $335,000

Attribution: Agency release.

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Southern incentives draw F&P Appliances

Expansion plans include adjoining mini-industrial park

Fisher & Paykel Appliances Ltd will expand its Taieri plant outside Dunedin because of DishDrawer dishwasher and cooking product sales.

Managing director John Bongard said the final decision was based on extensive support from Dunedin City Council in planning for the expansion.

Those plans include development of a mini-industrial park on 1.5ha the company has set aside beside its plant. F&P Appliances has 600 staff in Dunedin, and the proposed industrial park could produce 60 skilled jobs.

Cllr Malcolm Farry, who chairs the council’s economic development committee, said a manufacturing cluster would provide product support to Fisher & Paykel Appliances in areas that are currently
outsourced from outside Dunedin.

He said negotiations were advanced with a number of companies new to the city. Incentives offered through the council’s economic development unit included build-leaseback support on commercial terms, rates relief, serviced premises built by the council, and long-term commercial leases.

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