Archive | Bay of Plenty

Leaseback supports strong Mt Maunganui sale price

A Mt Maunganui industrial property has been sold by Colliers agents on a 5.15% yield on current rent, with a leaseback available.

South of Bombays

Mt Maunganui

133 Newton St:
Features: 1312m² site, 817m² office/showroom/warehouse; leased until June 2019 with no right of renewal, tenant down-sizing its operation & offering a leaseback until May 2019
Rent: $100,000/year net + gst + outgoings       
Outcome: sold for $1.91 million + gst
Agents: Rob Schoeser & Simon Clark

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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6 sales south of Bombays, 3 in Christchurch development in Total Property auction series

6 properties south of Auckland were sold last week in Bayleys’ Total Property 7 auction series down the North Island.

In Christchurch, 3 units in a 17-unit development by Latitude Group Ltd (Ken Wimsett & Callum Baker) were sold in the Total Property auction. The developer envisaged uses would range from retail, office, hospitality & commercial services to trade supplies.

South of the Bombays

Bay of Plenty

Mt Maunganui

314 Maunganui Rd, units E & F:
Features: 2 adjoining office units totalling 223m², on the ground floor of Custom House commercial complex in high profile corner position; Bayleys’ franchisee Success Realty Ltd has occupied for past 10 years & renewed for further 10 years from October 2017, with 2 5-year rights of renewal
Rent: $99,668/year net + gst
Outcome: sold for $2.22 million at a 4.49% yield
Agents: Brendon & Lynn Bradley

Hawke’s Bay

Havelock North

2A Lindsay St:
Features: 472m² site, 195m² single-storey commercial building, seismic assessment 75% of new building standard, 5 parking spaces; occupied by hair stylist on 12-year lease from September 2016 following completion of building extension for a beauty clinic division
Rent: $45,751/year net + gst
Outcome: sold for $815,000 at a 5.61% yield
Agent: Jacob Smith

Taranaki

New Plymouth, Bell Block

29-37 Paraite Rd:
Features: 1.084ha site, dual access, 2182m² industrial building including 621m² of canopies; international oil & gas company has occupied the site since 2012 on 7-year lease with 3 one-year rights of renewal
Rent: $199,112/year net + gst
Outcome: sold for $2.6 million at a 7.66% yield
Agents: Alan Johnston & Iain Taylor

Wellington

Gracefield

21-29 Bell Rd South, unit 6:
Features: 475m² tilt slab industrial unit built in 2008 and occupied since then by Fletcher Building subsidiary Foreman Commercial Interiors Ltd, current lease until June 2020 & no renewal right; 217m² high-stud warehousing plus 258m² of offices over 2 levels, 8 parking space
Rent: $70,400/year net + gst
Outcome: sold for $1.04 million at a 6.77% yield
Agent: Richard Faisandier

Petone

216 Jackson St:
Features: 227m² site, 313m² 2-level mixed-use building, ground-floor 138m² dairy, rear access to courtyard, 175m² 3-bedroom character apartment above completely refurbished in 2009
Outcome: sold for $1.1 million at a 5.5% yield on periodic tenancies
Agents: Andrew Smith & Paul Cudby

30-32 Waione St:
Features: 1568m² corner redevelopment site zoned general business, in 2 titles, 3 street frontages; 625m² of industrial buildings, large yard area at rear
Rent: holding income $91,650/year gross + gst until 30 April 2018
Outcome: sold for $1.4 million
Agents: Andrew Smith & Richard Faisandier

South Island

Canterbury

Ferrymead

987 Ferry Rd, unit 2:
Features: 158m² unit, 4 parking spaces on own titles in retail complex opened last year; 10-year lease to law firm Saunders & Co plus 3 5-year rights of renewal
Rent: $58,455/year net + gst
Outcome: sold for $1.028 million at a 5.69% yield
Agents: Blair Young & Mitchell Wallace

Unit 6:
Features: 292m² unit, 7 parking spaces; 2 tenancies, one with a 10-year lease to Moroccan restaurant & the other with a 6-year lease to Bayleys’ Canterbury franchisee Whalan & Partners Ltd, both with further renewal rights
Rent: $122,798/year net + gst
Outcome: sold for $1.935 million at a 6.35% yield
Agents: Blair Young & Mitchell Wallace

Unit 10: 
Features: 209.5 unit, 6 parking spaces; ANZ Bank has done an extensive fitout and has a 6-year lease from July 2016, with 3 3-year rights or renewal, 3-yearly market rent reviews plus annual CPI-indexed increases
Rent: $71,332/year net + gst
Outcome: sold for $1.3 million at a 5.48% yield
Agents: Blair Young & Mitchell Wallace

Attribution: Agency release.

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Bayfair expansion sort of scheduled

AMP Capital Investors Ltd has set a start date of “the coming months” for its long delayed $100 million redevelopment of the Bayfair Shopping Centre at Mt Maunganui.

A $100 million expansion was planned 4 years ago.

AMP Capital intends to add about 50 speciality stores including a strong fashion mix, an alfresco dining precinct, a new Countdown supermarket, and a 7-screen cinema complex, expanding the mall from its 33,358m² gross lettable area to about 42,000m².

Attribution: Company release.

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Development sites & warehouses sell

Colliers’ latest 5 sales around the country include a vacant development site at Mercer, just south of the Bombay Hills, which had been on the market since March.

In Auckland, a Saleyards Rd property in Otahuhu has been sold with a short-term lease in place, and at Rosedale on the North Shore an owner-occupier has bought 2 office & warehouse units.

Isthmus east

Otahuhu

17 Saleyards Rd:
Features: 6807m² industrial property, 3462m² building leased to Service Foods Ltd on a term of 12 months from settlement, with annual 3% increases & 2 3-month rights of renewal
Outcome: sold for $6.3 million
Agents: Hamish West, Ben Herlihy, Andrew Hooper & Jeremy Barnett

North-east

Rosedale

22 William Pickering Drive:
Features: 2 office/warehouse units totalling 2180m²
Outcome: sold as one lot to an owner occupier, Auckland BioSciences Ltd, for $6.03 million
Agents: Mike Ryan & Matt Prentice

South of the Bombays

Bay of Plenty

Mt Maunganui

127 Newton St:
Features: 1293m² commercial property suitable for multiple uses, 480m² warehouse
Outcome: sold for $1.2 million + gst
Agents: Rich Davidson & Simon Clark

Waikato

Mercer

Site beside State Highway 1:
Features: 22,925m², vacant business-zoned site
Outcome: sold for $1.95 million
Agents: Ash Vincent & Greg Goldfinch

South Island – Canterbury

Christchurch

54 Salisbury St:
Features: 523m² commercial site, next to a 4047m² parcel of bare land bought recently by Christchurch Casino to ensure Victoria St remains a vibrant precinct  
Outcome: sold at auction to a private local investor for $775,000
Agents: Courtney Doig & Hamish Doig

Attribution: Agency release.

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4 provincial sales for Bayleys

Bayleys has sold 4 properties down country in its Total Property auction series – in Tairua, Taupiri, Opotiki & Lower Hutt.

South of the Bombays

Bay of Plenty

Opotiki

108 Church St:
Features: 413mcbd site, 330m2 building occupied by ANZ Bank since construction in 1985
Rent: $48,685/year net + gst       
Outcome: sold for $516,000 at a 9.44% yield, bank currently on a one-year lease from July with 5 one-year rights of renewal
Agents: Brendon & Lynn Bradley and Kim Williams

Coromandel

Tairua

148 Main Rd:
Features: 822mcommercially zoned site on State Highway 25, single-level streetfront building with established bakery tenancy, 3 storage sheds at rear
Rent: $29,807/year net + gst
Outcome: sold for $553,000 at a 5.39% yield
Agents: Josh Smith & Belinda Sammons

Waikato

Taupiri

1 Railway Rd:
Features: 3948m2 site, 986m2 Fonterra subsidiary Farm Source rural supply services store
Rent: $137,842/year net + gst
Outcome: sold for $2.25 million at a 6.12% yield, 8-year lease runs until 2023, 4 3-year eights of renewal
Agent: Josh Smith

Wellington

Lower Hutt

305 Jackson St:
Features: 290m2 site, 175m2 single-level office building, 71% new building standard seismic assessment
Rent: assessed potential rent $43,700/year net + gst   
Outcome: sold with vacant possession for $676,000
Agents: Andrew Smith & Paul Cudby

Attribution: Agency release.

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All 6 southern properties sell at Bayleys auctions

Bayleys sold all 6 properties south of the Bombays in its Total Property auction series last week.

South of the Bombays

Bay of Plenty

Bethlehem

1 Valley Grove Rd (pictured):
Features: 1310m² site, 978m² 2-level A grade office building constructed in 2008, 18 parking spaces, 2 tenancies, anchored by national insurance broker BrokerWeb Risk Services Ltd
Rent: $144,128/year net + gst
Outcome: sold to an Auckland buyer for $2.195 million at a 6.57% yield
Agents: Brendon & Lynn Bradley

Rotorua – Glenholme

193 Ranolf St:
Features: 348m² suburban site, 3 retail units totalling 170m², leases ranging from 12 months to 4 years, all with renewals
Rent: $28,103/year net + gst
Outcome: sold for $285,000 at a 9.86% yield
Agents: Brei Gudsell & Paul Stewart

Manawatu

Feilding

11 Manchester Square:
Features: 157m2 cbd site, 100m² character building recently fully refurbished and seismically  strengthened to 70% of new building standard, new 10-year lease term to the Thai House group, which operates 14 restaurants in the North Island
Rent: $38,000/year net + gst, fixed 2-yearly CPI rent increases
Outcome: sold for $455,000 at an 8.35% yield
Agents: Bede Blatchford, Karl Cameron & Lewis Townshend

Wellington

Grenada North

50 Takapu Rd:
Features: 1247m² truck refuelling site on corner of Jamaica Drive at the gateway to the Grenada Business Park, leased to BP Oil NZ, which has exercised a right of renewal until November 2022 and & owns maintains all of the truckstop plant & equipment
Rent: $60,766/year net + gst
Outcome: sold for $799,000 at a 7.6% yield
Agents: Fraser Press & John Pritchard

Lower Hutt

423 High St:
Features: 1000m² site, 643m² single-level building tenanted by a Jetts 24-hour fitness centre on a renewed lease from June 2016 and a tyre/auto centre, 14 parking spaces
Outcome: sold for $2.1 million at a 6.8% yield
Agent: Andrew Smith

Stokes Valley

18-20 George St:
Features: 1665m² site, rundown 1145m² double-bay warehouse/workshop building with mezzanine & office space
Rent: potential income assessed at $55,000/year net + gst
Outcome: sold with vacant possession for $6.15 million
Agents: Richard Faisandier & Andrew Smith

Attribution: Agency release.

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5 sales south of Bombays

Bayleys agents have recorded 5 sales in the Waikato and coastal Bay of Plenty.

South of the Bombays

Bay of Plenty

Mt Maunganui

260-272 Maunganui Rd (pictured):
Features: 2849m² commercial corner site in 2 titles at southern end of cbd, 2 buildings totalling 1802m²; multi-tenanted with a mix of national & local businesses
Rent $252,302/year net + gst
Outcome: sold for $7.1 million at a 3.69% yield
Agents: Brendon & Lynn Bradley

Papamoa

61 Te Okuroa Drive:
Features: 3288m² site, 1114m² industrial building, 25 parking spaces; national tenant Northpower Ltd has taken a 2-year leaseback term
Rent $150,219/year net + gst
Outcome: sold for $2.105 million at a 6% yield
Agents: Brendon & Lynn Bradley

Tauranga

Tauriko Business Estate, lot 360:
Features: largest land transaction to date in this industrial estate, comprising 6.3762ha with services in place; bought by Mt Maunganui-based Jace Investments Ltd, which intends to progressively develop the site for a largescale post-harvest kiwifruit facility
Outcome: sold for $12,543,840
Agents: Brendon & Lynn Bradley, Lloyd Davidson

Waikato

Cambridge, Hautapu

47 Alwill Drive:
Features: 4410m² site, 1775m² modern high-stud workshop & warehouse, 5-tonne gantry crane, 2 levels of adjoining offices & amenities of 280m²; 4-year lease to Glasslines NZ from this month, 4 4-year rights of renewal
Rent $ $228,000 pa/year net + gst
Outcome: sold for $3.61 million at a 6.3% yield
Agent: Blair Hutcheson

Hamilton, Frankton

51 Killarney Rd:
Features: 1437m² site on corner of Alice St, recently refurbished 411m² Challenge service station & tyre workshop
Rent $82,000/year net + gst
Outcome: sold for $1.315 million at a 6.23% yield
Agents: Tony Chaudhary & Blair Hutcheson

Attribution: Agency release.

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4 commercial sales at Rosedale and in Bay of Plenty

Colliers agents have sold a Rosedale office & storage unit and 3 Bay of Plenty properties, 2 of them at auction.

North-east

Rosedale

59 Apollo Drive, unit I3:
Features: air-conditioned 355.5m² unit – office 313.5m², storage 42m² with roller-door access, deck 38m², 14 parking spaces
Outcome: sold for $1.425 million
Agent: Nick Recordon

South of the Bombays – Bay of Plenty

Mt Maunganui

24 Aerodrome Rd:
Features: 4396m² industrial development site, vacant 520m² building        
Outcome: sold for $2.5 million + gst
Agents: Rob Shoeser & Simon Clark

33 Newton St:
Features: 2310m² site running between Newton St and the rail tracks beside  Maunganui Rd, 5-unit 1520m² industrial, office & warehouse complex, fully leased, zoned commercial, which would allow more retail & office uses
Rent: $152,225/year net + gst
Outcome: sold at auction on 14 July for $2.6 million at a 5.85% yield
Agents: Simon Clark, Rob Shoeser & Duncan Woodhouse

Tauranga

44 Fourth Avenue:
Features: 445m² car yard, 78m² building just off Cameron Rd, 5-year lease
Rent: $42,000/year net + gst       
Outcome: sold at auction on 14 July for $750,000 at a 5.6% yield
Agents: Simon Clark, Duncan Woodhouse & Rob Schoeser

Attribution: Agency release.

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NZL to move Mt Maunganui operations to Tauriko

Freight & logistics company NZL Group Ltd has signed to move its Mt Maunganui operations to a $20 million purpose-built facility at the Tauriko Business Estate, 10km from the port, between state highway 29 over the Kaimais to the Waikato and the highway 36 bypass to Rotorua.

Colliers industrial leasing specialist Rob Schoeser said NZL would move to a high-tech 17,000m² warehouse with a new head office on Whango Place, Tauriko, scheduled for completion in mid-2018.

NZL occupies a site at Mt Maunganui owned by businessman & former MP Bob Clarkson, who will develop the new facility. NZL has signed a 15-year lease with rights of renewals.

Mr Schoeser said the supply of land around NZL’s Mt Maunganui headquarters was limited, and Tauriko was the only area in Tauranga with enough land for such a large development.

Tauriko Business Estate is a 255ha development site, 9.9km from the port of Tauranga.

New Plymouth-based Transport Investments Ltd bought NZL Group a month ago from Ken Harris, who led a management buyout of the group from P&O Australia Ports Pty Ltd in 2006.

Attribution: Agency release, company documents.

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