Archive | Nelson

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



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


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


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


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


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


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



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



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



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


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


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


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


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


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


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


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



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


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


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



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


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.”

Tasman special housing areas to deliver 1281 homes

Attribution: Company & council releases.

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One Mill Liquor building sold at portfolio auction, one prior

Colliers International held an unusual auction yesterday – 4 properties (another sold prior) spread around the country, no bidders in the Auckland auction room, all done on phone bids. 4 of the 5 properties have The Mill Liquorsave as tenant and one sold under the hammer.

South of the Bombays


11 Willoughby St:
Rent: $90,000/year net, rent review mid-2015, 2 rights of renewal from July 2018
Outcome: sold prior for $1.52 million
Agent: Alan Pracy

Havelock North

19 Napier Rd:
Features: 814m² site, 360m² building, NBS rating 69%
Rent: $66,000/year net, rent review July 2015, 2 rights of renewal from 2018
Outcome: passed in at vendor bid of $875,000
Agents: Alan Pracy & Danny Blair


140 Kapiti Rd, unit 3:
Features: 526m² building – showroom 333m², warehouse 40m², mezzanine/office 153m², NBS rating 71%
Rent: $55,000/year net, rent review mid-2015, 2 rights of renewal from 2018
Outcome: sold for $720,000
Agents: Alan Pracy & Dean Anderson

Te Awamutu

121 Sloane St:
Features: 1753m² site, 399m² building
Rent: $45,000/year net, 2 rights of renewal from May 2017
Outcome: passed in at vendor bid of $575,000
Agent: Alan Pracy

South Island


675 Main Rd, unit 4:
Features: 351m² site, 349m² floor area
Rent: $61,700/year net, 3-yearly rent reviews, 2 rights of renewal from July 2018
Outcome: passed in at $725,000
Agents: Alan Pracy & Geoff Faulkner

Attribution: Auction.

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Nelson retail & office sale

Local details from Bayleys Real Estate’s spring Total Property auction series:

Published 7 October 2007Nelson:

Nelson, 200 Hardy St, 2-level 554m² commercial building containing ground-floor retail and first-floor office, returning $95,480/year from a diverse range of tenants, sold for $1.31 million at a 7.3% yield (Trish Gearie & Tony Vining)

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

Attribution: Bayleys, story written by Bob Dey for this website.

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Hirequip sale at 7.2%

Stoke, Quarantine Rd, Hirequip property, 1200m² of building on 5904m² site, 9-year leaseback, returning $174,000, sold through Bayleys for $2.4 million at 7.23% along with the New Plymouth Hirequip property to a joint venture in which Hirequip director & shareholder Stuart McKinlay holds a 50% interest. Sales: Graeme & Tony Vining.

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