Archive | South of Bombays

4 Waikato commercial sales

4 Waikato commercial properties – 2 in Hamilton and the others in Paeroa & Putaruru – have been sold by Bayleys agents.

South of the Bombays

Waikato

Hamilton

85 Tristram St:
Features: 219m2 unit-titled building, 6 parking spaces
Outcome: sold for $785,000, with vacant possession
Agents: Mike Swanson & Alex ten Hove

Hamilton – Pukete

46 Church Rd:
Features: 1492m2 site, modern 467m2 2-level office building, leased to UBT Accountants NZ Ltd for 6 years from June 2014, 2 6-year rights of renewal, 13 parking spaces
Rent: $103,600/year net + gst
Outcome: sold for $1.76 million at a 5.89% yield
Agent: Blair Hutcheson

Paeroa

46 Belmont Rd:
Features: 218m2 town centre site, 210m2 retail unit, occupied by $1 $2 $3 Awesome store
Rent: $18,000/year net + gst
Outcome: sold for $206,000 at an 8.74% yield
Agent: Josh Smith

Putaruru

84-86 Tirau St:
Features: 1360m2 site, 529m2 single-level commercial building with flat & garage; 3 retail tenants on medium- to long-term leases plus monthly residential tenancy
Rent: $49,289/year net + gst
Outcome: sold for $618,000 at a 7.98% yield
Agent: Jason Kong

Attribution: Agency release.

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Bay of Plenty agents end year with 8 sales

Bayleys commercial agents in the Bay of Plenty finished 2017 with 8 sales around Rotorua, Tauranga, Tokoroa & Whakatane.

Pictured: The 17 Gateway West storage facility in Whakatane.

South of the Bombays

Bay of Plenty

Rotorua

Mangakakahi

95 Tallyho St:
Features: 2524m² site in 2 titles, modern 1493m² industrial building, 3 high stud roller doors; leased to Fletcher Steel Ltd for 3 years from August 2017 with rights of renewal to 2029
Rent: $104,000/year net + gst
Outcome: sold for $1.5 million at a 6.93% yield
Agent: Mark Slade

Fairy Springs

25 Bidois Rd:
Features: 1011m² corner site, 1980s-built 350m² storage complex, 10 storage rental units, each with separate roller door access, multiple tenants
Outcome: sold for $268,000 at a 6.57% yield
Agent: Mark Slade

Tauranga

194 15th Avenue, Tauranga:
Features: 414m² site, 4 parking spaces & 1930s 100m² dwelling converted for office use
Outcome: sold with vacant possession for $550,000
Agent: Lloyd Davidson

74 Grey St:
Features: 1060m² prime city centre-zoned site (49m height allowance), 1290m² retail & office building, fully leased to 4 tenants on mixed terms
Rent: $141,187/year net + gst
Outcome: sold for $2.4 million at a 5.88% yield
Agents: Brendon & Lynn Bradley

90 Second Avenue:
Features: 584m² city centre-zoned site, 340m² industrial building occupied by 2 tenants; car valet business occupies rear tenancy and Great Deals Direct Ltd the front, both with leases expiring mid-2018
Rent: $34,632/year net + gst
Outcome: sold for $850,000 at a 4.07% yield
Agent: Lloyd Davidson

Tokoroa

24 Swanston St:
Features: 212m² cbd corner site, 2 adjacent retail premises totalling 175m², hair salon business has been in occupation since the premises were built in the 1970s and a sushi store has been in occupation since 2013
Rent: $19,119/year net + gst
Outcome: sold for $220,000 at an 8.69% yield
Agents: Brendon & Lynn Bradley

Whakatane

17 Gateway West:
Features: 2113m² site in the Gateway industrial precinct adjacent to State Highway 30, 1358m² self-storage complex comprising 106 units of various sizes, trading as EastBay Secure Storage
Outcome: sold for $1.5 million at a 7.93% yield
Agents: Brendon & Lynn Bradley

156 The Strand:
Features: 334m² leasehold site in cbd retail precinct, 590m² 2-level, fully tenanted retail & office building; 14-year ground lease with perpetual renewal rights
Rent: $68,000/year net + gst
Outcome: sold for $500,000 at a 13.6% yield
Agents: Brendon & Lynn Bradley

Attribution: Agency 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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Rotorua retailer buys Waikato Innovation Park property assets

Rotorua supermarket owner Neil Foster has bought the property assets of Waikato Innovation Park from Hamilton City Council for an undisclosed price.

The sale was finalised on 15 December and announced by the council a week later.

Mr Foster owns the Rotorua Pak n’ Save supermarket and was a director of Foodstuffs North Island Ltd until August. He said it would be business as usual for the Waikato Innovation Park & its tenants: “It’s a winning formula for a huge economic success story, thanks to a great philosophy and an array of technology-based businesses.”

The 4-building business park, on 17ha beside the Ruakura research station, leverages collaboration in the agribusiness sector. 4 local business people established Innovation Waikato Ltd in 2001, and Waikato Innovation Park Ltd was established in 2012. Hamilton City Council took full ownership of the 2 entities in 2013, had a masterplan drawn up in 2015 and decided early this year it wasn’t the right owner to take the park forward.

However, the council will remain involved in Waikato Innovation Park’s subsidiary, NZ Food

Innovation Waikato Ltd, which owns the spray-dryer building on the site. $4 million of the proceeds from sale of the property arm of the park will be channelled back into NZ Food Innovation Waikato.

Links:
Waikato Innovation Park
Masterplan, November 2015

Earlier story:
5 April 2017: Hamilton council seeks buyer to take innovation park to next stage

Attribution: Waikato Innovation Park release.

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KGL unveils plans for Hamilton East refurb

KGL Property unveiled plans this week for a $6 million refurbishment of the 1970s-built 1

Clyde St in Hamilton East, to start in mid-2018.

In an innovation by the founders of outdoor gear retailer Torpedo7 Ltd, Luke Howard-Willis & his father Guy, the renovations on Clyde St will create what they think will be the largest modern, shared office space in Hamilton.

The Howard-Willises sold a majority stake in Torpedo7 to The Warehouse Ltd in 2013, and exited completely early last year. 2 months later they bought 1 Clyde St from Hill Laboratories Ltd, which moved to new headquarters in the former NZ Post building on Duke St, Frankton – also owned by the Howard-Willises’ KGL Property.

KGL Property entered a joint venture early this year with Foster Construction Ltd and the partners will work together on the Clyde St refurbishment project.

Foster’s commercial manager, Leonard Gardner, said:  “The building’s main structure will stay as is, but we’ll strip it right down to the concrete and reclad it with modern construction materials. In addition to a new modern look inside, we’ll also install new mechanical & electrical kit through the building. The internal & external facelift will also keep in character with Hamilton East’s unique community & the surrounding buildings.”

KGL commercial property manager Ray George said: “Hamilton East has been revitalised over the past few years, making it the perfect location to host a shared office space.

“The neighbouring Deloitte building opened in 2009, Ebbett Prestige’s Volkswagen & Audi dealership opened opposite in 2015 and the Mavis & Co Café integrates into the precinct’s design. The location gives access to the Waikato River as well as to local amenity such as parks, river walks, cafes & gyms.

“A shared office environment is a great option for businesses as it allows them to expand quickly without the large capital costs of setting up an office with associated infrastructure. The interaction within the common open plan environment also facilitates cross-pollination of ideas.”

The 3-storey building, with 2700m² of floor area, will be able to accommodate 200-

225 staff on site. One of the floors will be the shared space, and the other 2 will be leased to corporate tenants.

Attribution: Company release.

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Augusta settles Hub purchase

Augusta Capital Ltd has settled its $44.9 million acquisition of the Hub industrial property at Seaview in Wellington, which it wants to use as a seed asset for a new open-ended industrial fund.

It covers 4.06ha at 17 & 25 Toop St, 101-103 & 109-117 Port Rd, Seaview, and has a net lettable area of 32,600m² of warehouse & office.

Managing director Mark Francis said today the company would release the timing for the initial public offering of the industrial fund in the New Year.

Mr Francis said last week the company was also investigating & undertaking due diligence on several Auckland industrial properties and expected to launch the industrial fund with a mixture of Auckland & Wellington stock, but with a weighting towards Auckland.

Augusta expects the fund to initially raise between $50-70 million of equity. Augusta will underwrite $35 million of that and is working with a consortium of high-net-worth private investors to underwrite the balance.

It will be Augusta’s first open-ended unlisted multi-asset fund.

Earlier story:
13 December 2017: Augusta buys Wellington property as seed for new industrial fund

Attribution: Company release.

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$40 million of commercial & industrial sales

Colliers agents have notched up over $40 million of commercial & industrial sales from Paihia to Paraparaumu in 5 transactions.

The biggest was the sale-&-leaseback deal by Steel & Tube Holdings Ltd of its East Tamaki distribution centre in November, scheduled for completion next week.

One of the 5, a Paihia retail property with 14 tenants, was sold for an undisclosed sum.

North

Paihia

68 Marsden Rd & 9 Williams Rd:
Features: 1139m², 4 buildings on 2 titles separated by Paihia Lane, 14 retail tenancies, average weighted lease term 7.35 years
Rent: $701,000/year net + gst
Outcome: sold, price not disclosed
Agents: Colliers capital markets & site sales team

North-west

Henderson

136-140 Lincoln Rd:
Features: 2709m² development site, the former Lincoln vineyard homestead, mixed-use zoning allows for a range of commercial & intensive residential development
Outcome: sold to an owner-occupier for $4,063,500
Agents: Euan Stratton, Josh Coburn & Craig Smith

South

East Tamaki

103A&B Harris Rd:
Features: total 931m², warehouse & office, high stud clearspan warehousing at rear of both units
Rent: $133,856/year net + gst     
Outcome: sold for $2.34 million + gst at a 5.7% yield
Agents: Jolyon Thomson & Jeremy Barnett

68-80 Stonedon Drive:
Features: 3.64ha site, 18,126m² Steel & Tube Holdings Ltd distribution centre,
Rent: $2,036,087/year net + gst  
Outcome: sold for $32,577,392 at a 6.25% yield in 10-year sale & leaseback (6 years certain), transaction scheduled for completion 20 December
Agents: Greg Goldfinch & Andrew Hooper
Earlier story, 20 November 2017:
East Tamaki property sold as Steel & Tube rings in changes

South of the Bombays

Wellington region

Paraparaumu Beach

345-347 Kapiti Rd:
Features: 1844m² site, 880m² office & retail
Outcome: sold for $2.013 million at a 7.47% yield
Agent: Dean Anderson

Attribution: Agency release.

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9 commercial auction sales in Wellington, Cambridge & Rotorua

7 of the 9 commercial properties Bayleys auctioned in Wellington were sold, and 2 properties at Cambridge & Rotorua were also sold.

The 2 unsold property in Wellington: 127 Kapiti Rd was passed in at $700,000 and 257 Oxford at $450,000.

Bay of Plenty

Rotorua

Mangakakahi, 15 Sunset Rd:
Features: 1011m2 site zoned industrial, 875m2 warehouse & office building; 10-year lease from May 2012 to long-established laundry & drycleaning company plus 3 3-year rights of renewal
Rent: $79,000/year net + gst
Outcome: sold for $1.16 million at a 6.81% yield
Agents: Mark Slade & Brei Gudsell

Waikato

Cambridge

20 Lake St:
Features: 309m2 site with rear access, 268m2 commercial building, ground floor retail/showroom, mezzanine offices; leased to Resene Paints for 3 years from July 2016, plus 2 3-year rights of renewal, after extensive landlord refurbishment
Rent: $48,000/year net + gst
Outcome: sold for $905,000 at a 5.3% yield
Agent: Blair Hutcheson

Wellington

Kapiti Coast

Paraparaumu:

35-41 Hinemoa St:
Features: 4048m2 flat rectangular site in 4 titles zoned industrial service, 569m2 workshop, most recently for bus storage & servicing
Outcome: sold with vacant possession for $1.1 million, settlement August 2018
Agents: Fraser Press & Stephen Lange

Raumati Beach

5 Lorien Court:
Features: 2387m2 corner site zoned residential, 2 buildings totalling 570m2, fully leased to a chocolate-making business & osteopath on various lease terms, 14 parking spaces
Outcome: sold for $900,000 at an 8.5% yield
Agents: Paul Adams & Stephen Lange

Lower Hutt:

13 Aglionby St:
Features: 865m2 site zoned general business, fully tenanted 489m2 industrial building – 389m2 warehouse & 100m2 showroom, seismic assessment of 67% of new building standard; IFocus International has renewed lease for 4 years from April 2017
Rent: $62,500/year net + gst, increases in April 2019 by $5000 plus CPI over preceding 2 years
Outcome: sold for $802,000 at a 6.2% yield
Agents: Paul Cudby & Andrew Smith

134 Queens Drive:
Features: 723m2 site, modern 3-level 1246m2 office building, 10 mostly vacant commercial tenancies, 12 parking spaces
Rent: holding income of about $50,000/year
Outcome: sold for $1.427 million
Agents: Mark Hourigan & Richard Faisandier

Petone

362-364 Jackson St:
Features: 316m2 Petone Commercial 1 site with 2-level character building, with 2 ground floor shops of 68m2 each and a 100m2 apartment above; fully leased to 3 tenants on short term leases; constructed in 1928, fully refurbished & strengthened in 1990s
Rent: $46,121/year net + gst, estimated potential $62,000/year net + gst
Outcome: sold for $780,000 at a 5.9% yield
Agents: Paul Cudby & Andrew Smith

112 Nelson St:
Features: 369m2 2-level industrial building built in 1958 – 261m2 warehouse, 108m2 office, 8 parking spaces, rear access
Rent: estimated potential net rental income of $62,000/year + gst
Outcome: sold with vacant possession for $790,000
Agents: Andrew Smith & Fraser Press

Te Aro

11 Torrens Terrace (pictured):
Features: 583m2 site zoned central area, 50m from Cuba St, 750m2 2-level office/warehouse, ground floor vacant, first floor on monthly tenancy, 8 parking spaces
Outcome: sold for $1.55 million
Agents: Mark Walker & Fraser Press

Attribution: Agency release.

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Kiwi Property sets bond rate, settles Majestic sale

Kiwi Property Group Ltd has set the interest rate for its $125 million issue of 7-year fixed-rate senior secured bonds at 4.33%/year.

The offer closed yesterday and trading in the bonds will open on Wednesday 20 December.

S&P Global Ratings has assigned an issue credit rating of BBB+ to the bonds.

Majestic sale settled

Kiwi Property said on Monday it had settled the $123.2 million sale of the Majestic Centre in Wellington to Investec Property Ltd, as the responsible entity for the Investec Australia Property Fund. Kiwi Property will continue to manage the building for Investec.

Earlier story:
15 November 2017: Kiwi Property sells Majestic to Investec fund

Attribution: Company releases.

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Augusta buys Wellington property as seed for new industrial fund

Augusta Capital Ltd has unconditionally bought an industrial property in Wellington as a seed asset for a new open-ended industrial fund.

Augusta managing director Mark Francis said on Monday the company had bought the Hub industrial park in Seaview for $44.9 million. It covers 4.06ha at 17 & 25 Toop St, 101-103 & 109-117 Port Rd, Seaview, and has a net lettable area of 32,600m² of warehouse & office. Tenants include Peter Baker Transport, Toll Logistics, Downer, Fujitsu & Jets Transport and the weighted average lease term is 5.7 years.

Recent seismic strengthening was completed to lift all buildings above 70% of new building standard. The purchase price of $44.9 million reflects a 7.46% passing yield following completion of those works.

Settlement date is next Wednesday, 20 December.

Mr Francis said Augusta would fund the acquisition by a mixture of cash reserves & bank debt from ASB.

He said the company was also investigating & undertaking due diligence on several Auckland industrial properties and expected to launch the industrial fund in the New Year with a mixture of Auckland & Wellington stock, but with a weighting towards Auckland.

Augusta expects the fund to initially raise between $50-70 million of equity. Augusta will underwrite $35 million of that and is working with a consortium of high-net-worth private investors to underwrite the balance.

It will be Augusta’s first open-ended unlisted multi-asset fund (as compared to the closed-end Value Add Fund & single-asset funds): “The establishment is consistent with the previously identified strategy to broaden our funds management offerings to appeal to a wider range of investors and to give existing investors more choice, in addition to our typical offerings of single asset syndications. It will also assist in providing further recurring management fee income at a meaningful level.”

Augusta expects the fund’s initial offering to be open by the start of February, with settlement at the end of March.

Attribution: Company release.

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