Archive | South of Bombays

Corrected: Wiri sale one of 4 for Colliers

The Trust Investments Property Fund has ended up with ownership of HEB Construction Ltd’s headquarters building in Wiri at a slightly higher price than it negotiated early last year after the rental figure was finalised, taking its portfolio of commercial properties to $150 million.

It was one of 4 recent transactions by Colliers agents. The others were in Christchurch, across the road from the casino in Hamilton and in Whakatane.

South

Wiri

Corrected: 105 Wiri Station Rd:
Features: 1.46ha heavy industrial site with frontage also to Plunket Avenue, 6317m² building, 4993m² of medium to high stud warehousing, the balance a mix of modern & older-style offices, 88 parking spaces, formerly occupied by Honda NZ Ltd, refurbished early this year before HEB Construction Ltd occupied it on a 15-year lease
Rent: the lease has annual 2.5% rental increases with reviews to market every 5 years (cap & collar mechanism)
Outcome: sold vacant for $9.85 million in February, contract signed last April by the Trust Investments Property Fund and settled in November on completion of the refurbishment at $20.12 million, based on the final rental
Agents: Greg Goldfinch, Hamish West & Ben Herlihy

South Island

Canterbury

Christchurch

4 Russley Rd, corner Yaldhurst Rd; & Rangiora, 300 High St, corner King St:
Features: 2 Caltex service stations up for sale & leaseback to Z Energy 2015 Ltd at auction on 10 December; Russley Rd: 4249m² site, 383m² floor area, leaseback term 10 years 1 month + 3 5-year rights of renewal from 28 February; Rangiora: 1987m² site, same renewal rights & lease terms
Rent: Russley Rd: proposed rent $310,490/year net + gst + opex; Rangiora: proposed rent $190,035/year net + gst + outgoings; both 2%/year fixed growth, market reviews at end of initial lease term
Outcome: both sold to an Auckland buyer – Russley Rd for $5.3 million, Rangiora for $3.335 million
Agents: Mark Macauley & Will Franks

South of the Bombays

Bay of Plenty

Whakatane

106 Commerce St:
Features: 1553m² site, 1013m² 2-level office building, 2 long-term tenants, 26 parking spaces, seismic rating 100% new building standard
Rent: $204,600/year net + gst
Outcome: sold for $2.6 million, at a 7.87% yield
Agents: Rob Schoeser & Simon Clark

Waikato

Hamilton

331 Victoria St:
Features: 364m² site, 710m² 2-level building opposite SkyCity & the new Riverbank Lane retail development, seismic rating 51% new building standard
Rent: $95,000/year gross + gst
Outcome: sold for $1.13 million at a 7% yield
Agents: Justin Wang & David Palmer

Attribution: Agency release, Trust Management.

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Updated: 5 (now 7) of 14 sell at Bayleys’ Auckland commercial auction, 3 of 3 in Tauranga

Published 25 October 2018, updated 29 October 2018 & 13 January 2019:
5 of the 14 properties were sold at Bayleys’ Total Property commercial auction on Wednesday and 5 attracted no bid.

At the agency’s Tauranga auction, all 3 properties were sold under the hammer.

Update 1: One property has been sold post-auction – a takeaway outlet in the Wairau Junction retail centre. The outcomes for 2 of the Auckland properties were transposed – for Ellerslie & Blockhouse Bay – and have been corrected below.

Update 2: The manager’s unit in The Sands apartment complex at Onetangi on Waiheke Island was sold just before Christmas, after attracting no interest at auction.

CBD

Chancery

Chancery Square, 44 Courthouse Lane, unit A206:
Features: 45m² unit leased to property management company
Rent: $33,500/year net + gst + outgoings
Outcome: sold for $380,000 at an 8.82% yield
Agents: Mike Adams & Jean-Paul Smit

Queen St

Mid-City, 239 Queen St, unit 1Y:
Features: m²,
Rent: $27,360/year net + gst, occupied by hair salon, lease term runs to April 2021 with further rights of renewal
Outcome: withdrawn from auction
Agent: Oscar Kuang

Hauraki Gulf islands

Waiheke Island

Onetangi

Updated: The Sands, 141 The Strand, unit 1:
Features: 104m² manager’s unit in the Sands apartment complex
Rent: $28,723/year net + gst + outgoings
Outcome: passed in without a bid at auction in October, sold in December for $525,000 + gst at a 5.47% yield
Agents: Brian Caldwell & Mana Tahapehi

Isthmus east

Ellerslie

Updated: 101 Main Highway, unit 12:
Features: 272m² Asian supermarket at Ellerslie shopping centre, 10 parking spaces
Rent: $60,000/year net + gst, 5-year lease in place with 2 5-year rights of renewal
Outcome: passed in at $800,000 (2 results transposed – originally posted as $2.7 million), sold in November for $820,000 at a 7.32% yield
Agents: Oscar Kuang, Beterly Pan & Nicolas Ching

Onehunga

222 Onehunga Mall:
Features: 273m² site, 2-storey building, seismic rating 75% new building standard, local town centre zoning has 27m height control
Rent: commercial & residential tenants
Outcome: withdrawn from auction
Agent: Oscar Kuang

Parnell

29B Bath St:
Features: 175m² site, 139m² commercial unit, parking space
Rent: $42,000/year net + gst current contract, 2 2-year rights of renewal
Outcome: no bid
Agent: Millie Liang

Isthmus west

Blockhouse Bay

Updated: 35 Margate Rd, flats 1-6:
Features: 2497m² site, 6 2-bedroom residential units, each of about 55m² & on separate titles, parking space each, offered in one package
Rent: $200,000/year net + gst from 2-year lease
Outcome: passed in at $2.7 million (2 results transposed – originally posted as $800,000)
Agents: Quinn Ngo, Matt Lee & James Chan

Eden Terrace

1 Exmouth St:
Features: 665m² vacant section on Newton Rd corner, leased to Wilson Parking, mixed use zoning
Rent: $21,495/year net + gst, early termination clause
Outcome: withdrawn from auction
Agents: Owen Ding, James Chan & Jarrod Qin

Pt Chevalier

1110 Great North Rd, unit D:
Features: 345m², town centre fruit & vegetable shop + parking, leased to PTC Fresh NZ for 5 years from December 2016 with 2 5-year rights of renewal
Rent: $108,312/year net + gst
Outcome: sold for $1.55 million at a 6.99% yield
Agents: Nicolas Ching, Quinn Ngo & James Chan

350 Pt Chevalier Rd:
Features: 696m² site zoned business – neighbourhood centre, housed greengrocery for over 50 years
Outcome: sold with vacant possession for $1.87 million at a land value of $2686/m²
Agents: John Procter, Alan Elliott & Cameron Melhuish

North-east

Orewa

Tamariki Plaza, 1-19 Cammish Lane, unit J:
Features: vacant 190m² commercial unit, one parking space + share of 35 parking spaces
Outcome: passed in at $700,000
Agents: Mustan Bagasra

Rosedale

101 Apollo Drive, unit D:
Features: vacant 120m² ground-floor office unit, 4 parking spaces
Outcome: auction postponed
Agents: Tonia Robertson & Jane McKee

Rosedale Retail Centre, 94 Rosedale Rd, unit 2:
Features: 73m² shop at entrance to zero-vacancy retail centre
Rent: $37,520/year net + gst + outgoings
Outcome: sold prior
Agents: Eddie Zhong, Steven Liu & Meng He

Wairau Valley

18 Ashfield Rd, unit D:
Features: industrial unit, 110m² ground floor, 30m² storage above, monthly tenancy
Outcome: sold for $440,000
Agents: Trevor Duffin & James Yu

65-71 Porana Rd, unit E:
Features: 133m² unit occupied by Hollywood bakery
Rent: $55,000/year net + gst + opex, new 6-year lease
Outcome: auction postponed
Agents: Adam Curtis, Damian Stephen & Steven Liu

Updated: Wairau Junction, 162-178 Wairau Rd, unit 7:
Features: 45m² kebab outlet
Rent: $30,600/year net + gst + outgoings
Outcome: passed in at $500,000, sold post-auction for $550,000 at a 5.56% yield
Agents: Andrew Lin & Ranjan Unka

North-west

Henderson

192 Universal Drive, unit A1:
Features: 756m², corner store in Lincoln North Shopping Centre, 7-year lease to Super Cheap Auto NZ from July 2016, annual fixed 3% rental increases & one 5-year right of renewal
Rent: $225,221/year net + gst, 3% annual increases
Outcome: sold for $3.93 million at a 5.73% yield
Agents: Matt Lee, James Chan, Quinn Ngo, Terry Kim & David Han

South

Clendon Park

439 Roscommon Rd, unit 2:
Features: 97m² retail unit, tenant Clendon Foodmarket
Rent: $41,600/year net + gst, 6-year lease from 2015
Outcome: no bid
Agents: Matt Lee, Quinn Ngo & Piyush Kumar

439 Roscommon Rd, unit 3:
Features: 97m² retail unit, tenant Crown Liquor
Rent: $43,201/year net + gst, 4-year lease from 2016, rights of renewal
Outcome: no bid
Agents: Matt Lee, Quinn Ngo & Piyush Kumar

South of the Bombays

Bay of Plenty

Bethlehem

272A State Highway 2:
Features: 809m² site, 305m² 2-level commercial building, anchor ground-floor pharmacy tenancy, smaller dental tenancy above on leases renewed until 2021 plus further renewals
Rent: $62,730/year net + gst
Outcome: sold for $1.26 million at a 4.98% yield
Agent: Myles Addington

Judea

66 Koromiko St:
Features: 2536m² industrial site, 1519m² standalone building comprising 1123m² of warehouse & workshop space, 4 large roller doors; the balance 2 levels of offices, showroom, storage & amenities; tenant Paramount Stainless has recently renewed for the next 3 years with one final right of renewal to 2024
Rent: $122,000/year net + gst
Outcome: sold for $1.8 million at a 6.78% yield
Agent: Graeme Coleman

Tauranga:

199, 207 & 213 Cameron Rd:
Features: 2192m² redevelopment site zoned city centre, allowing 19m² building height, next to central fire station on main arterial, car dealers have operated from site since the early 1970s, 2 tenancies expiring in August 2020
Rent: $190,715/year net + gst
Outcome: sold for $6.25 million + gst at a 3.05% yield, land value $2851/m²
Agents: Lloyd Davidson & Laura Taylor

Coromandel

Thames

517 Pollen St:
Features: 1521m² site, 1410m² building occupied by multiple tenants including NZ Post Ltd on long-term lease, 16 parking spaces
Rent: $107,717.53/year net + gst, multiple tenants
Outcome: no bid
Agents: Millie Liang & Josh Smith

Attribution: Agency release.

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4 more sales take Wellington auction clearance to 100%

4 properties that were passed in at Bayleys’ Total Property commercial auction in Wellington on 6 December have since been sold, giving 100% clearance. 11 properties were sold on the day.

South of the Bombays

Wellington

Lyall Bay

219 Onepu Rd:
Features: 491m2 corner site, 2-level, recently refurbished 170m2 character timber building; Botanist Café & Restaurant occupies ground floor with 9 years to run on lease; 2 2-bedroom apartments above
Outcome: sold for $1.91 million
Agents: Richard Faisandier & Mark Walker

Naenae

53-55 Treadwell St:
Features: 298m2 corner site, dual street frontage, in heart of Naenae shopping centre, 470m2 2-level commercial premises; opportunity to add value through building strengthening
Outcome: sold with vacant possession for $325,000
Agents: Jon Pottinger & Ethan Hourigan

Ngauranga

5-7 Lower Tyers Rd, unit 13:
Features: 955m2 industrial building, seismic assessment 80% new building standard, 5 parking spaces
Outcome: sold with vacant possession for $900,000
Agents: Fraser Press & Ethan Hourigan

Petone

47 Hutt Rd:
Features: 369m2 site zoned general business, 251m2 showroom/warehouse building
Rent: estimated potential net annual rental income $55,000/year net + gst
Outcome: sold with vacant possession for $750,000
Agents: Andrew Smith & Paul Cudby

Earlier story:
10 December 2018: 11 sell at Bayleys’ Wellington commercial auction

Attribution: Agency release.

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9 commercial, industrial, retail & rural sales

Colliers agents have concluded a range of sales in Auckland & elsewhere around the North Island.

They include the Whoa! Studios at Henderson (pictured above) on a leaseback, industrial sites in East Tamaki & Hamilton, a Mt Maunganui retail development and a central Hamilton office building.

North-west

Henderson

Whoa! Studios, 8-16 Henderson Valley Rd:
Features: 5916m² entertainment venue & restaurant The Grounds in 1902m² warehouse & office building, on 2 titles, 42-space carpark + separate staff parking, zoning allows mixed used evelopment up to 72.5m high
Rent: new 10-year leasebacks for studios & restaurant at $636,339/year net + gst, 5-year rights of renewal, fixed 2.75%/year rental growth
Outcome: sale & leaseback at 6% yield, which puts the price at $10.61 million
Agents: Andrew Hooper, Hamish West, Josh Coburn, Caroline Cornish & Cherry Higginson

South

East Tamaki

42 Allens Rd:
Features: 1647m² industrial site, 862m² floor area – warehouse 736m², office 126m², shared driveway
Current rent: $100,000/year net + gst, putting the purchase price at a 4.05% yield
Outcome: sold to an owner-occupier for $2.47 million
Agents: Paul Higgins & Jolyon Thomson

South of the Bombays

Bay of Plenty

Mt Maunganui

Mount Central, 233 Maunganui Rd:
Features: 3096m² site,1345m² building, 9 tenancies of 80-120m² in retail development built in 2016, 52 parking spaces managed by Wilson Parking on lease expiring next June; commercial zone allows development to 12m, design allows subdivision into 4 titles
Outcome: sold for $16 million at a 4.9% yield
Agents: Duncan Woodhouse, Simon Clark & Mat Gibbard

Rotorua

Mangakakahi

164a Lake Rd:
Features: 698m² site, 2-storey 528m² warehouse & office, tenant has renewed with final expiry in 2027
Rent: $54,000/year net + gst
Outcome: sold for $900,000 at a 6% yield
Agents: Mat Gibbard & Mark Rendell

Gisborne

Matawai

Rockwood Farm, 2999 Whakarau Rd:
Features: 404.69ha breeding & finishing farm, sheds, centrally located homestead, 85ha of bushland 
Outcome: sold at auction for $2.9 million
Agent: Rod Chrisp

Hawke’s Bay

Hastings

306 Ellison Rd, unit 1:
Features: 800m², Ideal Electrical Ltd’s new showroom & warehouse, due for completion in April
Outcome: sold off the plans to an investment syndicate for $3.2 million
Agents: Ian McLachlan & Danny Blair

Waikato

Hamilton

256 Brymer Rd:
Features: 16.17ha development site, zoned residential, elevated views 
Outcome: sold for $7.8 million
Agent: Alan Pracy

The Kiwibank Centre, Hamilton.

Kiwibank Centre, 410 Victoria St & 12 Alma St:
Features: 1912m² floor area, ground-floor retail, 3 office floors, multi-tenanted, seismic rating 67% new building standard, 5-level 32-car The Stack on separate Alma St title
Rent: estimated $567,500/year net + gst, putting a 7.1% yield on the approximate sale price
Outcome: sold for around $8 million to Tauranga-based property fund manager Property Managers Group
Agents: John Hagar & Alan Pracy

Rukuhia

Ingram Rd, lot 11:
Features: 17,748m² industrial development site between State Highway 3 & the Hamilton Airport runway
Outcome: sold for $3,141,396 at $177/m²
Agents: Mark Brunton &Alan Pracy

Attribution: Agency release.

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Updated: Bayleys year-end auction series yields $25.6 million from 14 sales

Published 7 December 2018, updated 14 December 2018:
Bayleys sold 11 properties for $21.6 million at its final Total Property commercial auction in Auckland on Wednesday. A Newmarket property has since been sold.

One property auctioned at the agency’s East Tamaki office on Tuesday added $2.3 million and 2 auctions brought forward to November added $1.7 million to the return, for a total $25.6 million.

The first 2 properties auctioned on Wednesday, both small premises in prominent spots in tightly held eastern suburbs neighbourhoods, were sold on yields of 3.6% (St Heliers, pictured above) & 4.7% (Remuera).

CBD

Learning Quarter

26 Airedale St:
Features: 220m² site, 2-level 364m² building, seismic rating 50% new building standard, concept plan available for 17-storey 68-unit apartment building
Rent: $139,00/year gross + gst
Outcome: no bid
Agents: Owen Ding & Sarah Liu

Isthmus east

Newmarket

Updated: 375-389 Khyber Pass Rd, unit 7:
Features: 88m² retail unit occupied by Hair Design salon on a new lease from October, 2 parking spaces 
Rent: $36,000/year gross + gst
Outcome: passed in at $510,000, sold post-auction for $551,000 at a 6.53% yield
Agents: Quinn Ngo & Matt Lee

Onehunga

155 Neilson St:
Features: 980m² site zoned heavy industrial, 625m² warehouse, office & showroom, 2 tenants 
Rent: $91,811.38/year net + gst
Outcome: sold for $1.75 million at a 5.25% yield
Agents: James Hill, James Valintine, Sunil Bhana, Amy Weng & Tony Chaudhary

3 Pukemiro St:
Features: 556m² site, 390m² industrial building – clearspan warehouse, office & amenities, seismic rating 70% new building standard 
Outcome: sold with vacant possession for $1.15 million
Agents: William Gubb & James Valintine

Parnell

11A Cheshire St:
Features: 1031m² development site next to the new Parnell train station, resource & building consents in place for a 6-level apartment complex
Outcome: withdrawn from auction
Agents: Owen Ding & James Chan

Remuera

371-373 Remuera Rd:
Features: 229m² site, 598m² 3-level 1970s building zoned town centre, café & bar lease of 319m² of ground floor & basement space runs until mid-2023, with 2 6-year rights of renewal, balance of retail space & upper-level office premises occupied by 2 other tenants
Rent: $201,434/year net + gst
Outcome: sold for $4.325 million at a 4.66% yield
Agents: Alan Haydock, Damien Bullick, Andrew Wallace & Quinn Ngo

St Heliers

413 Tamaki Drive:
Features: 235m² site zoned local centre, 288m² 2-level building, opposite St Heliers Beach & near St Heliers Bay Rd intersection, 2 tenants on 10-year leases which both run until 2022 with no rights of renewal
Rent: $169,145/year net + gst
Outcome: sold for $4.71 million at a 3.59% yield
Agents: Cameron Melhuish, Andrew Wallace & James Chan

Isthmus west

Avondale

6C Wingate St:
Features: 80m² middle unit in modern retail block in town centre with access also from Great North Rd 
Rent: $47,000/year net + gst + outgoings on new 9-year lease to Domino’s Pizza NZ Ltd
Outcome: sold for $960,000 at a 4.9% yield
Agents: Janak Darji, Tony Chaudhary & Mike Bradshaw

Freemans Bay

27 Hargreaves St:
Features: 304m² site zoned mixed use, 318m² renovated character office building, 30m² deck
Rent: $171,160/year net + gst on new 6-year lease to Studio South Ltd from March 2018, 2 3-year rights of renewal
Outcome: sold shortly after auction for $3.25 million at a 5.27% yield
Agents: Damien Bullick, Alan Haydock & Mike Adams

3 Margaret St, unit 4:
Features: 53m² ground level commercial unit leased to lawyer Susan Kingston, 2 parking spaces, zoned business town centre
Rent: $27,000/year net + gst
Outcome: sold for $620,000 at a 4.35% yield
Agents: Stuart Bode, Mike Bradshaw & Mike Adams

North-east

Orewa

2 Hillary Square:
Features: 586m² site, 648m² floor area, tenants ANZ Bank and KiwiBank/NZ Post
Rent: $262,316/year net + gst
Outcome: passed in at $4.5 million
Agents: Mustan Bagasra, Nicolas Ching & James Chan

Rosedale

63 Arrenway Drive, unit 5:
Features: 118m² industrial unit, 2 parking spaces 
Outcome: no bid
Agents: Meng He, Ian Waddams & Steven Liu

5 Ceres Court, unit 2G:
Features: 155m², first floor office unit, 5 exclusive parking spaces
Rent: $45,000.00/year net + gst + outgoings
Outcome: auction postponed
Agents: Tonia Robertson & Caroline McNaught

Silverdale

28 Anvil Rd, unit 1:
Features: 246m² industrial unit, 5 parking spaces
Outcome: sold with vacant possession for $750,000
Agents: Matt Mimmack & Rosemary Wakeman

South

Manurewa

327 Great South Rd:
Features: 3288m² yard used as car yard, zoned business light industrial 
Outcome: no bid
Agents: Piyush Kumar & Peter Migounoff

39B Holmes Rd:
Features: half share of 1182m² site, 382m² workshop + parking & yard, tenant of 15 years now on monthly lease
Rent: holding income of $39,000/year net + gst + outgoings
Outcome: sold for $771,000 at a 5.1% yield
Agents: Peter Migounoff & Piyush Kumar

Pakuranga, Highland Park

5 Aviemore Drive, unit 1:
Features: 135m² Domino’s pizza outlet in 10-unit development completed in 2006   
Rent: $63,296/year net + gst + outgoings
Outcome: sold for $1.305 million at a 4.85% yield
Agents: Amy Weng, Tony Chaudhary & Janak Darji

Pukekohe

44-48 King St:
Features: 841m² site, 381m² building, 12 parking spaces at rear
Rent: $111,349/year net + gst + outgoings, pharmacy & Dollar World shops on 3- & 4-year leases
Outcome: sold for $2.005 million at a 5.55% yield
Agents: Shane Snijder & Graeme Moore

South of the Bombays

Wellington

Rydges Hotel, 75 Featherston St, units 422 & 1317:
Features: 2 28m² hotel units, leased to Rydges Hotel until 2033
Rent: unit 422 $19,371/year including gst, unit 1317 $30,244/year including gst
Outcome: withdrawn from auction but still for sale
Agents: Nick Thompson & Jim Wana

Earlier stories:
5 December 2018: East Tamaki sale starts last Bayleys commercial auction for year, 2 other sales in Airport Oaks & Orewa
25 November 2018 (another East Tamaki auction brought forward, 22 Polaris Place): 9 business park units sold
23 November 2018: Rosedale unit sold at auction brought forward

Attribution: Auctions.

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Strong yield on Bayleys’ Hamilton office leads Taranaki & Waikato sales

Bayleys agents have sold 8 commercial properties in Taranaki & the Waikato, 7 at auction and one by tender, in its final Total Property campaign for the year.

Leading the results was the sale of the agency’s purpose-built Hamilton office (pictured), sold at auction on a 4.84% yield.

Taranaki

New Plymouth

1 Devon Street East:
Features: 324m2 cbd corner site, 740m2 fully tenanted 2-level building; anchored by longstanding pharmacy occupying ground floor & basement on 6-year lease from September 2015 plus 4 6-year rights of renewal, wellness centre occupies refurbished upper level on new 2-year lease
Rent: $100,000/year net + gst
Outcome: sold by tender for $1.16 million at an 8.62% yield
Agents: Iain Taylor & Alan Johnston

Fitzroy

50 Sackville St:
Features: 809m2 site, 209m2 single-level commercial building, parking at rearlongstanding tenant Sporty’s Café & Bar has 9-year lease from September 2016 plus 2 9-year rights of renewal
Rent: $48,000/year net + gst
Outcome: sold for $780,000 at a 6.15%yield
Agents: Alan Johnston & Iain Taylor

Waikato

Hamilton

96 Ulster St:
Features: 1766m2 corner site, 685m2 2-level building purpose-built as Bayleys Waikato’s regional headquarters in 2011, 25 parking spaces; refurbished & modernised in 2015 with 10-year lease until 2025 to Realty Services Holdings Ltd (multiple shareholders, 60.6% owned by Bayley Corp Ltd) plus 2 6-year rights of renewal
Rent: $224,080/year net + gst
Outcome: sold for $4.63 million at a 4.84% yield
Agents: Mike Swanson, Alex ten Hove & Jordan Metcalfe

1100 Victoria St:
Features: 160m2 single-level building in mainstreet fringe cbd location; 3-year lease from 2016 to dental practice plus 2 3-year rights of renewal
Rent: $47,058/year net + gst
Outcome: sold for $895,000 at a 5.26% yield
Agents: Rebecca Bruce & David Cashmore

Taupo

4 Roberts St:
Features: 372msite on Lake Terrace corner; 471m2 bar & restaurant plus substantial cobbled outdoor area overlooking lake; 5-year lease to Pub N Grub from April 2015 plus 2 5-year rights of renewal
Rent: $100,000/year net + gst
Outcome: sold for $2.05 million at a 4.88% yield
Agent: Brendan Gallagher

1 Tongariro St:
Features: 362m2 corner site at Lake Terrace intersection opposite lakefront, single-level 441m2 building leased to Waterside Restaurant with renewal rights until 2026, and Taupo Rod & Tackle; development potential
Rent: $98,701/year net + gst
Outcome: sold for $1.81 million at 5.45% yield
Agent: Brendan Gallagher

Te Rapa

56 Sunshine Ave:
Features: 1012m2 industrial-zoned site with existing residential use rights, 3-bedroom house at front, warehouse at rear
Outcome: sold with vacant possession for $630,000 (inclusive of gst)
Agents: Jordan Metcalfe & Rebecca Bruce

60 Sunshine Ave:
Features: 1012m2 industrial site, 432m2 warehouse with 6 roller doors, original 69m2 residential structure in front most recently used as office space
Outcome: sold with vacant possession for $607,500
Agents: Jordan Metcalfe & Rebecca Bruce

Attribution: Agency release.

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11 sell at Bayleys’ Wellington commercial auction

Bayleys agents in Wellington sold 11 of the 15 properties they took to auction on Thursday in the agency’s final Total Property round of commercial auctions for the year.

South of the Bombays

Wellington

Lower Hutt

Alicetown

407-409 Hutt Rd (pictured):
Features: 1024m2 site adjacent to motorway with dual access; 709mof industrial buildings – 480m2 trade showroom/office at front, 229m2 rear workshop, fully leased until late 2019
Rent: $137,155/year net + gst
Outcome: sold for $2 million at a 6.86% yield
Agents: Andrew Smith & Paul Cudby

Otaki

21 Main St:
Features: 574m2 site, 226m2 former bank premises, seismic assessment 70% new building standard; rear parking area has development potential
Rent: $6000/year from ATM leased to ANZ Bank, otherwise vacant
Outcome: sold for $355,000
Agents: Steven Firth & Fraser Press

44 Riverbank Rd:
Features: 1540m2 site, refurbished & painted 730m2 warehouse, 6 parking spaces; leased to rubber & plastic recycler Matta Products Ltd, which has made a considerable investment in plant, for 7 years from November 2012 with 2 2-year rights of renewal
Rent: $36,585/year net + gst
Outcome: sold for $510,000 at a 7.17% yield
Agents: Paul Adams & Stephen Lange

Petone

284 Jackson St:
Features: 304m2 corner site, 297m2 commercial building strengthened to over 67% of new building standard, occupied by Westpac Bank
Outcome: sold with vacant possession from January for $1.3 million
Agents: Andrew Smith & Paul Cudby

23 Gear St:
Features: 400m2 site, comprehensively refurbished building, fitout comprises 120m2 showroom, 110m2 office/apartment & 161m2 workshop
Rent: estimated potential income of $63,000/year net + gst
Outcome: sold with vacant possession for $1.1 million
Agent: Fraser Press

12 Cornish St, unit 2:
Features: 183m2 clearspan warehouse near State Highway 2, high stud, roller door, 87m2 office/amenities, 2 parking spaces
Outcome: sold with vacant possession for $390,000
Agent: Richard Faisandier

Porirua

Kenepuru

10 Wall Place:
Features: 1634m2 site near the Transmission Gully interchange, fully leased 810m2 industrial building, 4 tenants; 2 largest tenancies due for rent reviews & renewals over the next 12 months
Rent: $78,000/year net + gst
Outcome: sold for $1.215 million at a 6.42% yield
Agents: Mark Walker & Jon Pottinger

Seaview

39 Seaview Rd:
Features: 1330m2 site, dual access off 2 main roads, 640m2 vehicle testing station, 11-year lease to VTNZ from April 2011, no renewal right
Rent: $157,795/year net + gst
Outcome: sold for $2.25 million at a 7.01% yield
Agent: Fraser Press

53 Port Rd:
Features: 1158m2 site, 40m road frontage, 926m2 engineering workshop, multiple roller doors, 6 parking spaces, occupation licence for 108m2 fenced yard on southern boundary
Rent: estimated potential income $95,200/year net + gst
Outcome: sold for $1.1 million with vacant possession from March
Agents: Andrew Smith & Paul Cudby

Upper Hutt

222-228 Main St:
Features: 452m2 corner site, 2-level 810m2 commercial building
Rent: estimated potential income of $90,000/year net + gst
Outcome: sold with vacant possession for $420,000
Agents: Ethan Hourigan & James Higgie

Wingate

80-82 Eastern Hutt Rd, unit 19:
Features: 180m2 warehouse/workshop, mezzanine offices, 4 parking spaces in 20-unit business park on main arterial route linking Lower & Upper Hutt; leased to Underwater Solutions Ltd for 2 years from April 2018, 2 2-year rights of renewal
Rent: $13,088/year net + gst
Outcome: sold for $220,000 at a 5.95% yield
Agents: Bhakti Mistry & Ethan Hourigan

Attribution: Agency release.

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6 commercial & rural sales include 2 post-auction & 1 pre-auction

Colliers agents have sold 4 properties around Auckland & 2 in Gisborne, including 2 post-auction & one pre-auction.

At Albany, a site on Appian Way (pictured) with consent for a mixed-use development has been sold.

Isthmus east

Mt Wellington

4E Pacific Rise:
Features: 820m² office property, 3 tenants, 28 parking spaces
Rent: $191,396/year net + gst + opex
Outcome: sold for $3.15 million at a 6% yield
Agents: Gareth Fraser, Simon Child & Michael van der Putten

North-east

Albany

4 Appian Way:
Features: 3406m² development site, has approved resource consents for a mixed-use residential, retail & commercial development
Outcome: sold for $5.38 million
Agents: Cherry Higginson, Josh Coburn & capital markets team

North-west

Whenuapai

1-9 Maramara Rd:
Features: 2200m², new purpose-built childcare centre, 575m² floor area, licensed for 90 children, 18-year lease to established provider New Shoots Ltd
Rent: $257,400/year net + gst
Outcome: sold post-auction for $4.4 million at a 5.85% yield
Agents: Josh Coburn, Shoneet Chand & Caroline Cornish

South

East Tamaki

15 Ra Ora Drive:
Features: 2000m² site, 998m² industrial building, 18 parking spaces
Outcome: sold for $3.2 million at a 4.68% contract yield
Agents: Jolyon Thomson & Paul Higgins

South of the Bombays

Gisborne

Ngatapa

1189 Wharekopae Rd:
Features: 6.37ha rural property – citrus orchard, sheds, 4-bedroom home, tennis court, helicopter pad
Outcome: sold post-auction for $1.3 million
Agents: Alan Thorpe & David Egan

Waerenga-a-hika

297 Matawai Rd:
Features: 11.07ha citrus orchard & 250m² homestead 
Outcome: sold pre-auction for $2.3 million
Agents: David Egan & Alan Thorpe

Attribution: Agency release.

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Bayleys launches last auction round for year with Tauranga sales

Bayleys launched its final round of Total Property commercial auctions in Tauranga yesterday with 2 suburban sales. The agency has also sold an office at the entrance to the Piccadilly Arcade.

South of the Bombays – Bay of Plenty

Tauranga

CBD

44 Grey St, unit 23:  
Features: 118m² unit-titled airconditioned premises on streetfront entrance to 22-unit Piccadilly Arcade; currently used as a professional office by Wise Management Services Ltd
Rent: $43,000/year net + gst, increasing to $47,200 + gst from February
Outcome: sold for $680,000 at a 6.32% yield on current income, 6.94% on raised income
Agents: Brendon & Lynn Bradley

Bethlehem

2 Jude Place:
Features: 2088m² corner site, 4-year-old 953m² Ridge Plaza retail complex & 21 parking places; fully leased to 6 tenants
Rent: $155,575/year net + gst
Outcome: sold for $3.05 million at a 5.1% yield
Agents: Brendon, Lynn & Ryan Bradley

Poike

2 Roxanne Place:
Features: 1794m² site, modern 848m² building with high stud warehousing & airconditioned offices; large sealed yard provides 24 parking spaces; 5-year lease from September 2018 to Skatescool Tauranga
Rent: $100,000/year net + gst
Outcome: sold for $1.65 million at a 6.06% yield
Agents: Jo Stewart & Lloyd Davidson

Attribution: Agency release.

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Auckland commercial, Waikato retail & southern lifestyle properties sell

Colliers agents have sold 2 Auckland commercial properties in Newmarket & Rothesay Bay, 2 retail investments in Hamilton & Matamata, and 2 lifestyle properties on the outskirts of Gisborne & Napier.

Isthmus east

Newmarket

118 & 120 Carlton Gore Rd:
Features: 706m² combined area of 2 adjacent commercial properties, net lettable area 644m², 2 separate vendors
Outcome: bought by a private investor for $7.365 million
Agents: David Burley & Kris Ongley

North-east

Rothesay Bay

595-601 Beach Rd:
Features: zoned neighbourhood centre; 595-599 Beach Rd is on cross-lease, 3/4 share in 678m², 3 tenancies; No 601 is freehold, 224m², currently a vacant yard
Rent: $66,000/year net + gst from cross-leased property
Outcome: sold for $1.28 million, at a 5.15% yield
Agents: Gawan Bakshi, Shoneet Chand & Sean Honeycombe

South of the Bombays

Gisborne

70 Haisman Rd:
Features: 12.65ha rural lifestyle property, 3-bedroom house, 6 paddocks
Outcome: sold post-auction for $1.3 million
Agents: Alan Thorpe & David Egan

Hawke’s Bay

Napier

Brookfields, 153 Kings Rd:
Features: 7.89ha lifestyle property with income from an orchard lease, has consent to irrigate
Outcome: sold at auction for $1.75 million
Agent: Duncan McKinnon

Waikato

Hamilton

11 Willoughby St:
Features: 392.4m² retail unit a corner of Mill St, 2 tenants
Rent: $90,422.20/year net + gst + opex
Outcome: sold for $1.54 million, at a 5.87% yield
Agents: Alan Pracy & Justin Oliver

Matamata

65-69 Arawa St:
Features: 352m² site, retail block built in 2016, 313m² floor area, 3 tenants
Rent: $93,225/year net + gst + opex
Outcome: sold for $1.68 million, at a 5.54% yield
Agents: Alan Pracy & Justin Oliver

Attribution: Agency release.

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