Archive | Nelson

11 South Island commercial sales

Bayleys agents have sold 11 commercial properties around the South Island, from Nelson to Queenstown but mostly around Christchurch. They include 2 development sites in Selwyn District Council’s Izone business park and one in the Northfield business park in Papanui (pictured above).

South Island

Canterbury

Christchurch

Burnside

6E Sir William Pickering Drive:
Features: 141m² modern office unit; 2 tenants, one on 3-year lease, the other on 2-year lease, both with rights of renewal
Rent: $30,100/year net + gst
Outcome: sold for $430,000 at a 7% yield
Agent: George Phillips

Merivale

Carlton Mews, 21C Bealey Avenue:
Features: 92m² ground-floor retail space, insurance payout to be transferred to buyer on settlement
Outcome: sold for $525,000 with vacant possession
Agent: George Phillips

Papanui

Northfield business park, 62 Langdons Rd:
Features: 1250m² site, 434m² 2-level office building leased to 3 tenants on 3-, 5- & 6-year terms, 17 parking spaces
Outcome: sold for $2.55 million at a 6.06% yield
Rent: $154,424/year net + gst
Agents: Murray Madgwick & Greg Bevin

Riccarton

245 Blenheim Rd, unit 3:
Features: 239.5m² industrial unit
Outcome: sold with vacant possession for $600,000
Agent: Nick O’Styke

Rolleston

13 George Holmes Rd:
Features: 3001m² business-zoned landholding
Outcome: sold for $500,000 at $167/m²
Agent: Nick O’Styke

Izone business park, 12 Detroit Drive:
Features: 4230m² site
Outcome: sold to a developer for $655,600 at $155/m²
Agents: Stewart & Alex White

Izone business park, 14 John Morten Place:
Features: 2547m² industrial site
Outcome: sold for $446,000 at $175/m²
Agent: Nick O’Styke

North Canterbury

Amberley

16 & 753 Ashworths Rd:
Features: 24.62ha corner site on State Highway 1, various buildings including a café, rented house, cabin & sheds, plus mini-golfcourse, climbing tower & various other assault course structures
Outcome: sold for $1.3 million
Agents: Stewart White & Chris Frank

Kaiapoi

170B Williams St:
Features: 102m² retail space, 29m² verandah, seismic assessment 67% of new building standard; AMI Insurance Ltd will vacate the building next April
Rent: $31,360/year net + gst
Outcome: sold for $370,000 at an 8.48% yield
Agents: Stewart & Alex White

Lakes

Frankton

150 Glenda Drive:
Features: 400m² industrial site, 150m² 3-bay shed
Outcome: sold vacant for $790,000
Agent: Steven Kirk

Nelson

203-207 Trafalgar St:
Features: 218mcentral business district site, 400m2 building
Outcome: sold with vacant possession for $905,000
Agent: Doug McKee

Attribution: Agency release.

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10 commercial sales around South Island

Bayleys agents in the South Island have sold 10 properties – 7 in Canterbury, the others in Blenheim & Nelson.

South Island

Marlborough

Blenheim

Riverlands, 14 Sheffield St: 
Features: 9413m² industrial site in 2 lots, 809m² warehouse, office & retail complex
Outcome: sold with vacant possession for $1.35 million + gst
Agent: Grant Baxter

Riverlands, 5 Kendrick Rd: 
Features: 7928m² of bare industrial land in Riverlands Industrial Estate, adjacent to large winemaking facilities, 3 road frontages
Outcome: sold for $1,189,200 + gst at $150/m²
Agent: Grant Baxter

Nelson

48 Bridge St:
Features: 197m² site, 2-level 330m² central city character building, shop on the ground floor, barber upstairs
Outcome: sold for $850,000 + gst at a 7% yield
Agent: Gill Ireland

Canterbury

Christchurch CBD

818 Colombo St:
Features: 1019m² rectangular vacant site, 25m street frontage, previously home to 5-storey earthquake-damaged building that was demolished, resource consented for 7-level retail, hotel/serviced apartment & residential apartment development
Outcome: sold for $1.35 million + gst at $1325/m²
Agents: Mike Adams, Nick Thompson & Justin Hayley

Darfield

2 McMillan St:
Features: 1348m² site, 535m² Horndon Mews commercial building completely redesigned, extended & rebuilt in 2015, fully occupied by 7 retail & office tenancies, 18 parking spaces
Rent: $124,000/year net + gst
Outcome: sold for $1.6 million + gst at a 7.75% yield
Agents: Ben Carson & Nick O’Styke

Ferrymead

27 Waterman Place, unit 6:
Features: 136m² 2-level corner office unit, fully repaired to 67%-69% of new building standard, short-term lease
Outcome: sold for $369,000 + gst at a 7.09% yield
Agent: George Phillips

Hornby

36-38 Waterloo Rd (pictured above):
Features: 7082m² site in 2 titles, 2070m² industrial building, seismic assessment 70% of new building standard; 3-year renewed lease to Truck Stops (NZ) Ltd
Rent: $280,000/year net + gst
Outcome: sold for $3.525 million + gst at a 7.94% yield
Agent: Nick O’Styke

Kaiapoi

13A Stone St:
Features: 477.5m² modern warehouse & office building with container height motorised roller doors; 287m² vacant, 190.5m² leased
Outcome: sold for $520,000 + gst
Agents: Stewart & Alex White

Riccarton

2 Barry Hogan Place, unit 3:
Features: 777m² office premises in Workstation Business Park; buyer intends to occupy the 370m² vacant ground floor, 407m² first floor is leased at $110,196/year
Outcome: sold for $2.1 million + gst
Agents: Stewart White & Chris Frank

Wigram

36 Dakota Crescent:
Features: 250m² industrial unit, 5 parking spaces, 12 month lease back to vendor
Outcome: sold for $550,000 at a 7.55% yield
Agents: Ben Carson & Nick O’Styke

Attribution: Agency release.

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Tauriko building leads Colliers sales


Colliers sold 2 industrial & commercial properties in Nelson and at the Tauriko business estate (pictured) outside Tauranga last week. In Auckland, the agency has sold a warehouse & an industrial property with a high office component in Rosedale.

Yields were around 5.2% & 5.9%, but below 5% at Tauriko.

North-east

Rosedale

44 Arrenway Drive:
Features: 3972m² site, 3715m² warehouse & office
Outcome: sold for $13,117,116 + gst, at a 5.88% yield
Agents: Matt Prentice & Shoneet Chand

13 William Pickering Drive:
Features: 6813m² industrial property, 1933m² floor area – 904m² of offices on ground & first floors, warehouse 984m², dock 45m², 36 parking spaces
Outcome: sold for $11.4 million + gst, at a 5.24% yield
Agents: Shoneet Chand, Matt Prentice & Josh Coburn

South of the Bombays

Bay of Plenty

Tauranga, Tauriko business estate

47 Paerangi Place:
Features: 3988m² site, dual frontage, 2296m² building constructed in 2016, 517m² canopy, 18 parking spaces
Rent: $261,738.75/year net estimated rent from 2 tenants starting 1 November, CPI + 1% annual rent reviews
Outcome: sold at auction last Friday for $5.4 million + gst, at a 4.85% yield
Agents: Simon Clark, Rob Schoeser & Doug Russell

South Island

Nelson

76-82 St Vincent St:
Features: 3826m², 15-year ground lease to service station operator NPD; construction of the self-serve station is underway, with an estimated pump date of late November
Rent: $118,125/year net + gst, 1.75%/year fixed increases
Outcome: sold at auction last Thursday for $2.03 million + gst, at a 5.8% yield
Agents: Sam Staite & Geoff Faulkner

Attribution: Agency release.

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4 commercial sales at top of South Island

Bayleys agents at the top of the South Island have sold 3 commercial & industrial properties and a development site with 2 houses on it. An office building occupied by the Ministry of Education (pictured) sold at a 6.2% yield.

South Island

Nelson & Marlborough

Blenheim

14-22 Alfred St:
Features: 1179m² site, 433m² office building, earthquake-strengthened & refurbished. 14 parking spaces; 7-year lease to Presbyterian Support Services from April 2016 plus 2 7-year rights of renewal
Outcome: sold to an Auckland investor for $1.05 million at a 6.74% yield
Agent: Grant Baxter

Nelson

19 Haven Rd:
Features: central 1640m² site, 736m² single-storey office building constructed in 2008, 21 parking spaces; leased to the Ministry of Education until April 2020, one 3-year right of renewal
Rent: $203,266/year gross + gst
Outcome: sold for $2.95 million at a 6.2% net yield
Agents: Paul Vining & Gill Ireland

2 & 4 Natalie St:
Features: 1075m² corner site in 2 titles & zoned industrial, development potential; 2 houses totalling 300m²
Outcome: sold for $880,000 at $818/m²
Agent: Gill Ireland

Stoke

11 Echodale Place:
Features: 677m² corner site zoned industrial, 479m² building constructed in 2008 – 316m² of 4m-high warehousing & amenities, 109m² showroom & reception area, 54m² mezzanine office floor; sealed yard
Outcome: sold with vacant possession for $920,000
Agent: Gill Ireland

Attribution: Agency release.

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Sales in Nelson, Christchurch & Dunedin

Bayleys agents in the South Island have sold 8 land & commercial properties in Nelson, Christchurch & Dunedin.

South Island

Christchurch

Hornby

24 Gallagher Drive:
Features: 7482m² site, 3500m² industrial building, 9m-stud warehouse & 2-level office annex constructed in 2015, large secure yard & 55 parking spaces; Seed Force Ltd has over 7 years to run on 10-year lease
Rent: $507,600/year net + gst, fixed 2.5%/year rent increases
Outcome: sold for $8.35 million at a 6.08% yield
Agent: Nick O’Styke

92 Shands Rd:
Features: 5752m² of fenced bare industrial land
Outcome: sold for $1.2 million at $208.50/m²
Agent: Nick O’Styke

Islington

Waterloo Business Park, lot 12:
Features: 9987m² of industrial land
Outcome: sold for $2,197,140 at $220/m² to an investor with tenant
Agents: Stewart White, Chris Frank & Alex White

Sydenham

17 Hawdon St:
Features: 161m² industrial unit constructed in the early 2000s
Outcome: sold with vacant possession to an owner-occupier for $325,000 at land & building rate of $2018/m²
Agents: Ben Carson & Nick O’Styke

Wigram

50 Dakota Crescent, unit 4:
Features: 292m² industrial unit constructed in the 2000s
Outcome: sold with vacant possession for $540,000 to an owner-occupier at land & building rate of $1849/m²
Agent: Nick O’Styke

5 Morse Rd:
Features: 2362m² of industrial land
Outcome: sold for $826,700 at $350/m²
Agents: Stewart White, Chris Frank & Alex White

Dunedin

Roslyn

308 Highgate: 
Features: 200m² site in heart of Roslyn village, 248m² double-storey character office building, one parking space, originally purpose-built as a post office in 1910, with a seismic assessment of 40% of new building standard
Outcome: sold to existing tenant for $450,000
Agent: Robin Hyndman

Nelson

139 Collingwood St:
Features: 399m² of bare land neighbouring Nelson Marlborough Institute of Technology with inner city – intense development zoning allowing for commercial and/or residential development with height limit of 20m (subject to council approvals); used as carpark, but offered with vacant possession
Outcome: sold for $570,000 at $1,428/m²
Agent: Paul Vining

Attribution: Agency release.

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5 Nelson sales for Bayleys

Bayleys agent Gill Ireland has sold a range of properties around Nelson, from a long-term motel lease to 2 cbd buildings & a large industrial site.

South Island

Nelson

32 Bridge St:
Features: 173m² site, 230m2 mixed-use cbd building
Outcome: sold with vacant possession for $862,500
Agent: Gill Ireland

68-80 Bridge St:
Features: 1452m² cbd site, 2741m² building with grade A seismic rating; occupied by national retailer Noel Leeming & regional gym on long-term leases
Rent: $420,960/year net + gst
Outcome: sold for $5.95 million at a 7.07% yield
Agent: Gill Ireland

29 Trafalgar St:
Features: leasehold interest in 11-unit Kings Gate Motel, with 4-bedroom-plus standalone manager’s accommodation, lease in place until December 2036
Outcome: sold for $515,000
Agent: Gill Ireland

42 Waimea Rd:
Features: commercially zoned 893m² site, 140m2 character villa, rear sealed parking for up to 8 vehicles
Outcome: sold vacant for $760,000
Agent: Gill Ireland

Tahunanui

25-31 Bullen St:
Features: 2207m² of land in 2 titles, 2 separate industrial buildings totalling 1300m², long-term leases to national & international tenants
Outcome: sold for total $1.46 million – 25-27 Bullen St sold at a 9% yield, No 31 at a 7.8% yield
Agent: Gill Ireland

Attribution: Agency release.

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11 South Island commercial sales

Bayleys agents in the South Island have completed 9 sales in Christchurch and 2 more in Ashburton & Nelson.

South Island

Christchurch

Addington

24 Clarence St South:
Features: 510m² vacant industrial building, 8 parking spaces, sealed yard, 328m² warehouse, 140m² of offices over 2 levels, 90m² mezzanine
Outcome: sold vacant for $735,000 at a 6.99% cap rate on expected rental
Agents: Stewart White, Chris Frank & Alex White

Hornby

31 Canada Crescent:
Features: 3050m² site-year-old 1609m² industrial building – 1344m² of 6.5m-high clearspan warehouse, 265m² showroom/office, seismic rating 100% of new building standard, 29 parking spaces, leased to international company Pentair on 5-year lease from February 2014 with 2 5-year rights of renewal
Rent: $190,000/year
Outcome: sold for $2.55 million at a 7.45% yield
Agent: Nick O’Styke

45 Carmen Rd:
Features: 2256m² high profile corner service station with retail area & 25 parking spaces, occupied by Gasoline Alley with 5 years to run on initial 8-year lease term & 3 4-year rights of renewal
Rent: $164,834/year         
Outcome: sold for $2.3 million at a 7.1% yield
Agent: Nick O’Styke

15 Green Lane, unit 1:
Features: shared 1732m² site, 368m² north-facing industrial building, seismic rating 77% of new building standard, 8 parking spaces
Rent: $54,000/year
Outcome: sold for $773,000 at a 6.99% yield on well established tenancy
Agent: Nick O’Styke

Islington

6 Doric Way:
Features: 3414m² of industrial land in Waterloo Business Park
Outcome: sold to an owner-occupier for $857,750 at $250/m²
Agents: Stewart White, Alex White & Chris Frank

Richmond

245 Stanmore Rd:
Features: 1469m² site, 360m² building
Outcome: sold for $650,000 at a 5.8% yield, currently on a month-to-month lease
Agents: Stewart White, Chris Frank & Alex White

Sockburn

29 Epsom Rd:
Features: 830m² site, 498m² industrial building split into 2 units, seismic rating 90% of new building standard, 2 established tenants, 9 parking spaces
Rent: $75,000pa + gst      
Outcome: sold for $1.2 million at a 6.25% yield
Agent: Nick O’Styke

14 Watts Rd:
Features: 1.1279ha site, 5628m² warehouse & office building, large amount of parking
Rent: $502,918/year from lease that expired 31 October
Outcome: sold for $5.5 million
Agents: Stewart White, Chris Frank & Alex White

Woolston

33 Maunsell St:
Features: 1312m² site zoned industrial general, 2 adjoining tilt-slab warehouses totalling 410m², 40% & 60% seismic assessments, plus 3-bedroom dwelling with separate entrance
Rent: assessed market rental $50,000/year net
Outcome: sold with vacant possession for $672,000
Agents: Greg Mann & Garry Ottmann

Mid-Canterbury

Ashburton

390 East St:
Features: 994m² site, 1329m² former Ministry of Works building, seismic rating 40% of new building standard, lease back to NZ Post until October 2020 with one 3-year right of renewal, 2 additional casual tenancies and 396m² of vacant space
Outcome: sold post-auction for $562,500 at a 9.96% yield
Agents: Blair Young & Mitchell Wallace

Nelson

Tahunanui

47 Muritai St:
Features: 2001m² site, 2-storey 480m² motel complex comprising 14 units, 3-bedroom manager’s residence
Outcome: sold freehold for $1.37 million at a 6.4% yield, lease in place until November 2046
Agent: Gill Ireland

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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Southern commercial sales include vineyard

Colliers agents have sold 4 commercial properties in Hastings, 2 more in Levin & Palmerston North, and a small vineyard in Nelson.

South Island

Nelson

Upper Moutere

12 Sunrise Valley Rd:
Features: 12.9ha vineyard & winery
Outcome: sold for $3.45 million
Agents: Ken Montgomery & Mike Lavern

South of the Bombays

Hawke’s Bay

Hastings

905 Heretaunga St West:
Features: 1039m² site, 500m² floor area, 10 parking spaces, fully leased to Pizza Hut, Cash Converters & Civic Video shops on new leases signed November-February for terms of 4 years 5 months to 6 years
Rent: $101,242/year net + gst     
Outcome: sold for $1.3 million, at a 7.8% yield
Agent: Danny Blair

404 Miller St:
Features: vacant 903m² site, 573m² warehouse          
Outcome: sold for $1.357 million
Agents: Danny Blair

822 Omahu Rd, unit 1:
Features: 510m² unit in new 6-unit warehouse development   
Outcome: sold for $1.46 million, at a 6.5% yield
Agent: Danny Blair

Bay Plaza, 217 Russell St North:
Features: 342m² site, 386m² retail including 45m² mezzanine space, Curtain Studio on new 6-year lease, 3 3-year rights of renewal
Rent: $105,500      
Outcome: sold for $1.56 million, at a 6.8% yield
Agent: Danny Blair

Horowhenua

Levin

29-31 Queen St West:
Features: 755m² site, 2-storey office & retail building, 1470m² floor area
Rent: $86,540.08/year net + gst + opex 
Outcome: sold for $955,000 at a 9.1% yield
Agents: Doug Russel, Phil Nevill & Grant Lloyd

Manawatu

Palmerston North

413-421 Church St:
Features: 1710m² retail showroom, Freedom Furniture the tenant for the last 10 years, signed a new 6-year lease from November 2016
Rent: $235,000/year net + gst + opex
Outcome: sold for $4.005 million at a 5.9% yield
Agents: Phil Nevill & John Hagar

Attribution: Agency release.

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Arvida retirement village part of planned Nelson housing explosion

The Tasman District Council approved 8 special housing areas on Thursday, including a 40ha subdivision in Richmond where Arvida Group Ltd intends to build an 8ha retirement village.

On the Arvida site: Development general manager Jonathan Ash & chief executive Bill McDonald.

The 8 special housing areas containing at least 1281 sections are the first the Tasman council has approved under the 2013 housing accord legislation.

Arvida chief executive Bill McDonald said the NZX-listed company expected to start building in 2018, and the $130 million development would be built on Arvida’s commitment to “broader community engagement, helping retirees to live a full & satisfying life post-retirement.

“We know that what was acceptable for retirement living in the past is not what people are looking for today & into the future. Kiwis are looking for retirement living to be an extension of their lifestyle, not a restriction.

“Our culture is all about improving the lives & wellbeing of every resident who lives in an Arvida retirement village. Life shouldn’t stop when you retire – it should get even better. This philosophy is the future of retirement living.”

Mr McDonald said the village, Arvida’s third in Nelson, followed high demand for retirement living options in the region: “Nelson Bays has a higher percentage of its population in the over-65 age bracket than the national average, so demand is high for retirement living options.

“The proposed new village is closer to the Richmond shopping area than most of the other villages, ensuring residents of the village are integrated & connected to the Richmond community. It will offer 150 villas, apartments & care suites. It will have outwardly facing community facilities, as well as a community-oriented village centre & homestead.

“This will be a retirement village unlike any other in the region. We are basing it on the quality of our architecturally acclaimed village in Cambridge with high quality design, community facilities & homes.”

The retirement village will form part of a wider development of up to 700 house & land packages, The Meadows, to be developed by locals Andrew Spittal, Simon Collett, Gary Donaldson & Graham Vercoe through Home Living Solutions Ltd.

Mr Spittal, who’s project manager, said: “We are delighted to have Arvida as a key partner in the development. We have a very similar vision of wanting to create a place where there is a real sense of community, one that embraces intergenerational living and is designed & built for the future.”

Link:
Tasman special housing areas to deliver 1281 homes

Attribution: Company & council releases.

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