Archive | Coromandel

Section’s potential becomes more of an issue in residential market

As more of Auckland’s unitary plan has become operative this year, awareness has grown of the changes in residential land potential, and therefore potential value.

Real estate agencies will frequently list properties for auction which may/may not have a house on site, but will be promoted for their development potential rather than the value of those existing improvements.

Sale based on that potential redeveloped value means there will be a steady supply of sites throughout suburbia gaining consents for intensification – perhaps 4 townhouses where there was once a single house. In some areas aggregation of sites may make sense, such as in or near a shopping centre, to enable development of apartments.

The drawback is that we are a nation of close to zero experience of apartment living until the 1990s, unlike Australia, where the 3-floor walkup (no lift required if you kept development below 4 levels) became commonplace in Sydney, in particular.

New Zealand’s one experiment in suburban intensification was the “sausage block” of brick & tile units – flats, usually only on ground level but sometimes with a second layer.

They differ from central city apartments in that they generally have some parking provision, and their construction isn’t nearly as expensive as multi-level apartment blocks. Remedial requirements may be confined to the affected unit/s, rather than being spread across multiple owners as happens in apartment blocks.

Pricing will dictate that the trend to intensification continues, offering a choice between more travel & having closer neighbours.

In my auction reports over the last couple of years I’ve paid particular attention to apartment sales because they’re as much an investment product as a home. Standalone houses, on the other hand, have been more an owner-occupier product, with investors holding under 30% of stock until the onslaught over the last 5 years by foreign investors looking for assets they can quickly convert cash into. That onslaught (not all foreign, but at prices boosted by foreign investors looking for quick conversion) has helped lift the investor holding in housing stock closer to 40%.

Now, with intensification of land use likely to spread and become more widely accepted as a norm, residential land prices will become more significant.

Intensification will be priced in – as a general rule – thereby also pushing the prices of standalone homes up, although there’s a lull at the moment after heavy overbuying by foreign investors, speculators, and the least powerful investors of all, first-homebuyers.

Auction results

At Bayleys’ residential auctions around Auckland last week, 3 properties were sold for their land potential, including one a couple of sections back from the water at Whitianga.

CBD

Uptown

8 Scotia Place, unit 7F:
Features: one-bedroom apartment, parking space; remedial issues, start date set
Outcome: auction postponed
Agents: Marcus Fava

Isthmus east

Glendowie

2 Navarre Rd:
Features: 802m² corner site, zoned residential mixed housing urban, existing house a 3-bedroom 1950s bungalow
Outcome: sold for $1.566 million at $1953/m²
Agents: Dean Markle & Jill Murphy

Mt Wellington

19 Ferndale Rd:
Features: 2 bedrooms, double garage
Outcome: sold for $708,000
Agents: Richard Griffin & Pheon Hung

Parnell

27 St Stephens Avenue, unit 3:
Features: 1057m² section, 138m² 3-bedroom townhouse, 2 bathrooms, deck, courtyard, double internal-access garage
Outgoings: rates $3100/year including gst
Outcome: sold for $1 million
Agent: Fleur Denning

North-west

Te Atatu Peninsula

5 Peachgrove Rd:
Features: 809m² flat site, zoned terrace housing & apartment, 3-bedroom house
Outcome: sold for $1.115 million at $1378/m² land
Agents: Tina Tang & Ryan Steven

South of the Bombays

Whitianga

4 Marlin St:
Features: vacant 579m² section near beach
Outcome: sold for $420,000 at $725/m²
Agents: Bev Calder & Sheree Henderson

Attribution: Agency release, my comments.

Continue Reading

2 Luna units & waterfront sub-penthouse among apartment sales

2 apartments in the Luna building off Khyber Pass, undergoing remediation, were among 9 apartments & units sold either under the hammer or pre-auction by Bayleys this week.

At the expensive end of the market, a sub-penthouse on Quay St opposite the ferry terminal sold for about $10,000/m² net of parking, which actually makes it cheap compared to some of the new developments coming on stream, which have cost buyers off the plans about $12,000/m².

CBD

Uptown

Scotia Tower, 8 Scotia Place, unit 4D:
Features: fully furnished one-bedroom apartment, parking space
Outcome: sold prior for $141,459
Agent: Marcus Fava

Waterfront

152O Quay St:
Features: 253m² full floor including common area (lift foyer & stairwell landing), 3-bedroom sub-penthouse, 3 bathrooms, 2 living rooms, parking space
Outgoings: rates $5019/year including gst; body corp levy $25,158/year
Outcome: sold for $2.7 million
Agents: Gary & Vicki Wallace

Isthmus east

Grafton

Luna, 16 Burton St, unit 2C:
Features: studio, balcony, parking space, remediation works identified
Outgoings: rates $1129/year including gst
Outcome: sold for $170,000
Agents: Wendy Nichols & Dave Hamlyn

Luna, 16 Burton St, unit 4P:
Features: 2-bedroom apartment, 2 bathrooms, parking space, remediation works identified
Outgoings: rates $1661/year including gst
Outcome: sold for $320,000
Agents: Wendy Nichols & Dave Hamlyn

Parnell

13 Cheshire St, unit 409:
Features: 68m² internal, 10m² deck, 2-bedroom apartment, 2 bathrooms, loggia, parking space
Outcome: sold for $800,000
Agents: Peter Tanner & Robyn Clark

Royal Oak

38 Campbell Rd, unit 2:
Features: insulated 2-bedroom unit, internal-access garage
Outcome: sold for $780,000
Agent: John Procter

26 Mt Smart Rd, unit 5:
Features: 2-bedroom unit, parking space
Outgoings: rates $1957/year including gst
Outcome: sold for $720,000
Agents: Cheryl Regan & Harry Cheng

South

Howick

63B Rodney St:
Features: 3-bedroom townhouse, 2 bathrooms, underfloor heating, 2 heat pumps, central vacuum, double glazing, double internal-access garage
Outcome: sold prior for $1.05 million
Agents: Leanne Shepherd & Michael Chi

South of the Bombays

Whitianga

8, 1B/103 The Esplanade:
Features: 3-bedroom apartment, 2 bathrooms, 2 parking spaces
Outcome: sold for $381,000
Agents: Bev Calder & Sheree Henderson

Attribution: Agency release.

Continue Reading

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.

Continue Reading

Top court rejects golfcourse levy on Pauanui Lakes subdivision section owner

Pauanui Lakes homeowner Hartley Vincent has defeated the final attempt, in the Supreme Court, to make him pay levies to the golf club which runs the Coromandel development’s golfcourse.

Gary MacDougall (Pauanui Lake Resort Ltd) began his ambitious $34 million resort project in 1998 — 153 residential sections, mostly round the edge of an 18-hole golfcourse, and a 60-room lodge on a 100ha Duck Creek property that runs along a valley 4km from Hoppers’ Pauanui coastal development, but that original development company went into receivership on 1 August 2001.

Other developers took on the project but also collapsed in 2009 as the global financial crisis took hold.

Mr Vincent, co-owner of Harpers Fashions Ltd whose family trust owns lot 75 of the residential subdivision developed around the course, and current golfcourse business owners & managers Lakes International Golf Management Ltd & The Lakes International Golf Course Ltd squared off before Associate Judge Hannah Sargisson in 2 separate summary judgment cases in the High Court in 2013, for a nil decision.

The case then went to trial in the High Court before Justice Paul Heath, who found the golfcourse businesses were entitled to levy Mr Vincent for fees. Justice Heath found that Lakes International Golf Management was entitled to enforce the covenant originally to have been held by an incorporated society, which was never formed, and that Mr Vincent was required as owner of a subdivision lot to join the golf club.

Mr Vincent appealed to the Court of Appeal, which supported his case in 2014.

The Court of Appeal said: “In our view, the scheme of the covenant and the wording of the definition of ‘golf club’ are clear and permit of only one meaning. The obligations were imposed in relation to a golf club that was to be incorporated as an incorporated society to provide for playing rights on the golf course.”

However, in the Supreme Court decision written by Justice Sir Willie Young & issued on Wednesday, the country’s highest court said it was satisfied “that there is no occasion for us to reach a concluded view in respect of them [arguments over whether a society as postulated would meet what was envisaged by the covenant]. This is because the case must be determined by reference to what has, and not what might have, happened.

“What has happened is that the golf club as established is not of the kind stipulated in the covenant. That it might have been no less onerous for Mr Vincent to join a golf club which was an incorporated society is of no moment as he cannot be compelled to do something which is different from what he agreed.”

The 5 members of the Supreme Court who heard the case in March were Chief Justice Dame Sian Elias and Justices Sir Willie Young, Susan Glazebrook, Mark OʼRegan & Ellen France.

Link: Supreme Court decision

Earlier story:
U: The names behind the action, the week to 24 April 2011, part 1, Richard & Susan Herbert’s insolvency proposals go to joint hearing

Attribution: Supreme Court decision.

Continue Reading

Brooklyn apartment & Thames retail passed in

A refurbished apartment in the Brooklyn building on Emily Place and a Thames retail building were passed in at Bayleys’ auction on Wednesday.

Apartment

CBD

Learning Quarter

Brooklyn, 66 Emily Place, unit 44:
Features: refurbished one-bedroom apartment
Outgoings: body corp levy $4862/year
Outcome: passed in after bid at $450,000 and vendor bid at $475,000
Agents: Julie Prince & Diane Jackson

Commercial

South of the Bombays

Coromandel

Thames, 101 Pahau St:
Features: 587m² building, 2 retail tenants – Resene Paints Ltd & St John Op Shop, upstairs office suite vacant
Rent: $48,600/year net + gst
Outcome: passed in at $665,000
Agents: Geoff Graham

Attribution: Auction.

Continue Reading

12 Total Property auction sales south of Auckland

All 6 properties in Bayleys’ third Wellington Total Property auction for the year were sold under the hammer on Thursday, and another 6 on the Coromandel, Waikato & Rotorua were sold.

South of the Bombays

Coromandel

243 Colville Rd (pictured above):
Features: Shelly Beach campground, 5.0627ha beachfront site operating under Top 10 Holiday Park brand, 5km from Coromandel township, comprising a variety of camping facilities plus manager’s accommodation & house
Outcome: sold as freehold going concern for $3 million
Agents: Josh Smith & Belinda Sammons

Thames

458 Pollen St:
Features: 2836m2 mainstreet site, Mitre 10 the anchor occupant, 1659m2 of buildings earthquake strengthened to over 67% of new building standard, various lease terms to Mitre 10 running to 2021 with renewal rights, plus small upstairs office lease to Home IT Solutions
Rent: $145,500/year net + gst
Outcome: sold for $2.165 million at a 6.7% yield.
Agents: Josh Smith & Mary Walker

Rotorua

Mangakakahi

81 Pururu St:
Features: 1012m2 industrial site, large yard area, 471m2 high-stud warehouse & office building previously split into 2 tenancies
Outcome: sold vacant for $401,000
Agents: Mark Slade & Brei Gudsell

Waikato

Paeroa

56 Grey St:
Features: 9800m² site, 1150m² ex-bulk petfood-processing facility
Outcome: sold vacant for $1.2 million
Agent: Josh Smith

7 Station Rd:
Features: High-exposure 1062m2 corner site with 900m2 warehouse/factory, ex Lemon & Paeroa bottling plant
Outcome: sold vacant for $420,000
Agent: Josh Smith

Te Awamutu

355 Rickit Rd:
Features: 653m2 road-frontage site, 410m2 building, fully leased to 2 established electrical tenants
Rent: $56,000/year net + gst
Outcome: sold for $760,000 at a 7.4% yield
Agents: Alex ten Hove & Mike Swanson

Wairarapa

Masterton

5 Albert St:
Features: strengthened & refurbished 1356m² commercial building, 1006m² of mostly office space leased to Department of Corrections for 9 years from October 2015, 350m² at the front of the building is vacant
Rent: $118,216/year net + gst
Outcome: sold for $1.275 million
Agents: Andrew Smith, John Pritchard & Dave Wish

Wellington

Lower Hutt

444 Cuba St, Lower Hutt.

444 Cuba St:
Features: 1295m² corner site, 300m² rear parking & yard area, high-stud 1100m² refurbished retail building, Hunting & Fishing in occupation for over 20 years, current 6-year lease from October 2014 plus one 4-year right of renewal
Rent: $86,800/year net + gst
Outcome: sold for $975,000 at an 8.9% yield
Agent: Mark Sherlock

MacKay House, 92 Queens Drive, level 2:
Features: 326m² office floor needing renovation, in 1960s building adjacent to Queensgate Mall, part leased to 2 tenants, two-thirds vacant
Rent: $31,500/year gross + gst
Outcome: sold for $50,000
Agents: Paul Cudby & Andrew Smith

Ngauranga

17 Glover St:
Features: 603m2 business 2-zoned narrow, bare site, 300m2 flat usable area, excavation required for greater footprint, concept plans for 270m2 warehouse
Outcome: sold for $280,000 at $464/m2
Agents: Matt Gibbs & Fraser Press

2 Hartham Place South, Porirua.

Porirua

2 Hartham Place South:
Features: 380m², 2-level cbd commercial building, tenant parking at rear, ground floor leased to Pacific Radiology, first floor occupied by law firm & physiotherapist with leases until 2019 & 2020 plus rights of renewal
Rent: $50,350/year net + gst
Outcome: sold for $712,000 at a 7.1% yield
Agent: Jon Pottinger

Waikanae

108 Main Rd:
Features: 161m² purpose-built dental surgery on 1019m² residentially zoned site with large parking area, 5-year lease to Lumino the Dentist from October 2016, with one 5-year right of renewal
Rent: $33,280/year net + gst
Outcome: sold for $582,000 at a 5.72% yield
Agents: Jon Pottinger & Stephen Lange

Attribution: Agency release.

Continue Reading

Updated: Strong yields as 14 sell at Bayleys’ commercial auction, 3 post-auction sales

Published 2 December 2016, updated 5 & 12 December 2016:
Strong yields were a feature as 14 of the 27 properties taken to auction in Bayleys’ final Total Property portfolio for the year were sold under the hammer on Wednesday.

They included 3 units sold in stage 3 of the Grange development (pictured) at the southern entrance to Warkworth, and another one sold post-auction.

2 other properties have been sold post-auction – a unit on Amera Place, East Tamaki, and a property on Moore St, Howick, sold on a 4.1% yield.

CBD

Federal St

205 Federal St, unit R1:
Features: 60m², one of only 2 retail tenants in Federal City apartment building, 8-year lease from July 2014
Rent: $29,120/year net + gst
Outcome: passed in at $475,000
Agents: Piyush Kumar & Oscar Kuang

Learning Quarter

23 Whitaker Place, units 110 & 111:
Features: 120m² unit, suitable for restaurant
Rent: $23,478.26/year from tenant on 3-year lease from 1 August 2014
Outcome: sold for $150,000
Agents: Nicolas Ching & Beterly Pan

Queen St

Mid-City, 239 Queen St, unit 2A:
Features: 282m² floor area on first floor, tenant the Ryo Japanese restaurant, 6-year lease, 2 rights of renewal
Rent: $120,000/year average from 6-year lease
Outcome: no bid
Agents: Graeme Sun & Oscar Kuang

Uptown

3 shops & gym of 14 ground-floor commercial units in the Summit on Symonds apartment conversion building, next to the Langham Hotel at the corner of Karangahape Rd & Symonds St:

105 Symonds St, shop 5, Nata Portuguese Bakery:
Features: 69.47m², 6-year lease
Rent: $49,400/year net + gst
Outcome: passed in at $500,000
Agents: Millie Liang

105 Symonds St, shop 9, laundromat:
Features: 43.41m², self-service laundromat, 8-year lease
Rent: $30,387/year net + gst
Outcome: passed in at $350,000
Agents: Millie Liang

105 Symonds St, shop 11, The Corner Café:
Features: 68.39m², 8-year lease
Rent: $47,873/year net + gst
Outcome: passed in at $500,000
Agents: Millie Liang

103-105 Symonds St, unit 15, Anytime Fitness:
Features: m², 10-year lease, beside the entrance to the Langham Hotel
Rent: $184,000/year net + gst
Outcome: withdrawn from auction
Agents: Millie Liang

Isthmus east

Onehunga

106 Beachcroft Avenue:
Features: 692m² site, 431m² standalone warehouse & office building
Outcome: sold vacant for $1.505 million
Agents: James Valintine & Graeme Moore

255 Onehunga Mall:
Features: 379m² site, Cotton On Clothing (NZ) Ltd on 8-year lease from 15 August with one 8-year right of renewal
Rent: $110,000/year + gst + outgoings, 3%/year rental growth
Outcome: sold for $2.21 million at a 4.98% yield
Agents: Tony Chaudhary & Damien Bullick

Otahuhu

121 Church St:
Features: 731m² site zoned terrace housing & apartment building, 138m² floor area, medical centre on 5-year lease from October 2015
Rent: $48,000/year + gst + outgoings
Outcome: declared reserve of $800,000, sold prior for $933,000 at a 5.14% yield
Agents: Tony Chaudhary & Janak Darji

Panmure

141-157 Queens Rd:
Features: 2963m² site on 2 titles, 1464m² floor area, 35 parking spaces, residential potential under the unitary plan, 27m height limit
Rent: $357,000/year net + gst
Outcome: no bid
Agents: Mark Pittaway

Penrose

419B Church St East:
Features: 1596m² industrial site, 25 parking spaces, 8-year head lease to Southpark Corp Ltd from 1 November 2015
Rent: $25,485/year net + gst
Outcome: passed in after vendor bid at $3.7 million
Agents: James Hill & Ben Bayley

Isthmus west

Morningside

4 Taylors Rd:
Features: 809m² site zoned mixed use, 585m² office & high stud warehouse
Outcome: sold vacant for $2.9 million
Agents: Scott Kirk & James Were

Pt Chevalier

1191 Great North Rd:
Features: 226m² retail, occupied by optometrist & osteopath
Rent: $83,900/year
Outcome: sold for $1.55 million at a 5.4% yield
Agents: Owen Ding & Quinn Ngo

North-east

Birkenhead

268 Onewa Rd, unit 10A:
Features: 125m², office & residential tenancies, town centre zoning, 2 parking spaces
Rent: $23,464.57/year net + gst + outgoings
Outcome: withdrawn from auction
Agents: Tonia Robertson & Chris White

Torbay

934 Beach Rd:
Features: cross-lease, 1/3 share in 1072m², 140m² beachfront retail, only business-zoned property on the Torbay/Waiake beachfront, taken to auction by the Official Assignee under the Criminal Proceeds (Recovery) Act
Outcome: sold for $1.8 million
Agents: Damian Stephen & Adam Curtis

Warkworth

4 units in stage 3 of the Grange, 67 Auckland Rd, development by Square & Main St Ltd (Adam Reynolds), stages 1 & 2 both fully sold
Agents: Matt Lee, Quinn Ngo, Jan Hutcheson & James Chan, and Paul Dixon on unit 14

Unit 5A, Cizzlin:
Features: 128.3m², 8-year lease
Rent: $65,000/year net + gst
Outcome: sold for $1.005 million at a 6.47% yield

Unit 13B, The Grange Bakery:
Features: 76.8m², 5-year lease
Rent: $30,000/year net + gst
Outcome: sold for $560,000 at a 5.34% yield

Unit 11, Fish Nets:
Features: 59m², 10-year lease
Rent: $30,975/year net + gst
Outcome: sold for $565,000 at a 5.48% yield

Updated: Unit 14, Green Bay Fruit & Veg:
Features: 297.2m², 8-year lease
Rent: $92,500/year net + gst
Outcome: passed in after vendor bid at $1.25 million, sold post-auction for $1.365 million at a 6.77% yield

Unit 22, Cross Gate Variety Store:
Features: 373.7m², 6-year lease
Rent: $86,700/year net + gst
Outcome: withdrawn from auction

North-west

Henderson

349 Great North Rd:
Features: 276m² site, 10-year lease from July
Rent: $50,000/year net + gst
Outcome: sold for $1.045 million at a 4.8% yield
Agents: Mike Adams & Laurie Bell

Lincoln North shopping centre, 192 Lincoln Rd, unit B4:
Features: 60.12m², retail unit, new 5-year lease to OPSM
Rent: $22,545/year net + gst
Outcome: sold for $465,000 at a 4.85% yield
Agents: Matt Lee & Quinn Ngo

South

East Tamaki

Updated: 12 Amera Place, unit 5:
Features: 105m² unit, 6-year lease starting this month
Rent: $50,150/year net + gst + outgoings
Outcome: passed in at $900,000, sold post-auction for $910,000 at a 5.5% yield
Agents: Katie Wu & John Bolton

9-11 Nandina Avenue:
Features: 2 titles, each of 2552m², metalled & flat, 74m road frontage, business 5 zoning
Outcome: sold for $2.86 million
Agents: John Bolton & Katie Wu

Howick

Updated: 8-14 Moore St:
Features: 875m² site zoned business town centre under unitary plan, 590m² floor area, 6 tenancies
Rent: $94,262.74
Outcome: passed in at $2.11 million, sold post-auction for $2.3 million at a 4.1% yield
Agents: Tony Chaudhary & Janak Darji

Manukau

Pacific Retail Centre, 792 Great South Rd, unit 6:
Features: 89m² Subway restaurant
Rent: $39,367.45/year net + gst + outgoings
Outcome: passed in at $750,000
Agents: Terry Kim & Janak Darji

52-58A St George St:
Features: 971m² in 2 titles zoned town centre under unitary plan, 2 tenants,
Rent: $80,040/year + gst
Outcome: no bid
Agents: Oscar Kuang & James Chan

Pukekohe

1722 & 1748 Buckland Rd:
Features: 14.4336ha in 2 titles overlooking Pukekohe racetrack, zoned future urban, proposed light industrial, has 3-bedroom house & 2-bedroom cottage
Outcome: no bid
Agents: Shane Snijder & Peter Migounoff

South of the Bombays

Coromandel

Whitianga

17 Monk St:
Features: 516m² site, 800m² floor area – 4 shops in 335m² on ground floor, plus carport, 2 apartments in 376m² upstairs licensed as traveller accommodation, plus 60m² deck & terrace; separate studio & workshop
Rent: about $53,000/year net
Outcome: sold for $1.03 million at a 5.15% yield
Agent: Noel Rogers

Hawke’s Bay

Napier

359 Marine Parade:
Features: 1413m² site, 20 self-contained motel units + manager’s accommodation
Rent: $225,750/year + gst from motel lease running until 2040
Outcome: sold for $3.75 million at a 6% yield
Agents: Paul Dixon & Sam MacDonald

Attribution: Auction.

Continue Reading

Updated: St Marys Bay townhouse among mix of auction sales

Published 10 November 2016, updated 13 November 2016:
A large St Marys Bay townhouse on a cross-lease (pictured) was sold among a mix of properties auctioned at Bayleys yesterday.

Other sales included a Dilworth apartment on Queen St, a Glen Eden unit, 2 Marina Park apartments (one pre-auction – and the update gives the price) & a canalside house with pontoon at Whitianga, and a Rosedale commercial building.

Apartments, townhouses & cross-leases

CBD

Queen St

Dilworth, 22 Queen St, unit 6B:
Features: 2-bedroom apartmen
Outgoings: rates $2624/year including gst; body corp levy $5864/year + gst, plus special maintenance levy $3466 + gst payable for period 1 October 2014-30 September 2020
Outcome: sold for $750,000
Agents: Diane Jackson & Julie Prince

Isthmus west

St Marys Bay

16 London St, flat 3:
Features: cross-lease, 1/5 share in 1336m², 4 levels, 3 bedrooms, 3 bathrooms, 2 living areas, terrace, balconies, double internal-access garage, 2 offstreet parking spaces, wine cellar, room available for gym or media room
Outcome: sold for $2.275 million
Agent: Chris Batchelor

North-west

Glen Eden

233 Glengarry Rd, unit 1:
Features: cross-lease, half share in 803m², 3 bedrooms
Outcome: sold for $516,000
Agents: Jock Kooger & Pawel Smuga

South of the Bombays – Coromandel

Whitianga

Marina Park Apartments, 84-86 Albert St, unit 1:
Features: 91m², 2-bedroom ground-floor apartment
Outgoings: body corp levy $2798/year
Outcome: sold at mortgagee auction for $290,000
Agents: Belinda Sammons & Kylie Pullen

Updated: Marina Park Apartments, 84-86 Albert St, unit 41:
Features: fully furnished 2-bedroom top-floor apartment, 2 parking spaces
Outcome: sold prior for $450,000
Agents: Kylie Pullen & Belinda Sammons

15 Aquila Drive:
Features: 808m² canal-front section, 4-bedroom house, 2 bathrooms, 27.74m frontage + 7.3m pontoon
Outcome: sold for $1.2 million
Agents: Bev Calder & Sheree Henderson

Commercial

North-east

Rosedale

57-59 Paul Matthews Rd, unit 2:
Features: 215m² floor area, no consent or code compliance certificate for warehouse mezzanine & workshop addition, Transport Specifications Ltd lease expires in March 2019
Outgoings: body corp levy $2258/year
Rent: $39,000/year + gst + outgoings
Outcome: sold for $720,000
Agents: James Kidd & Ashton Geissler

Rural

South of the Bombays – Coromandel

Coroglen

215 Rangihau Rd:
Features: 45.8ha farm, 3-bedroom house, 2 bathrooms, 159m² barn with carport & rumpus room
Outcome: passed in at $1 million
Agents: Belinda Sammons & Kylie Pullen

Attribution: Auction.

Continue Reading

Harbourview cross-lease & marina apartment sell

2 intensive residential properties – a cross-lease overlooking the Manukau Harbour and an apartment on the marina at Whitianga – were sold under the hammer at Bayleys’ auction on Wednesday.

Isthmus west

Hillsborough

4 Aldersgate Rd:
Features: cross-lease, half share in 1095m², 3 bedrooms, office, deck, garage & workshop
Outgoings: rates $2464/year including gst
Outcome: sold for $850,000
Agents: Victoria Turner & Cindy Ji

South of the Bombays

Whitianga

41 Marina Park, 84-86 Albert St:
Features: 91m², fully furnished 2-bedroom top-floor waterfront apartment, storage locker, 2 parking spaces
Outcome: sold for $450,000 at auction brought forward
Agents: Kylie Pullen & Belinda Sammons

Attribution: Auction.

Continue Reading

Second Bupa-leased property sells at auction

A Hamilton property leased to Bupa Care Services NZ Ltd (pictured above) sold at Bayleys’ auction in Hamilton on Thursday, following the sale of a Henderson property leased by the healthcare provider on Wednesday.

Both were marketed through a joint agency by Bayleys & CBRE. Also below, another 4 sales by Bayleys in the Coromandel & Waikato.

South of the Bombays

Coromandel

The Kopu site beside State Highway 25.

The Kopu site beside State Highway 25.

Thames

Kopu, 71 Kopu Rd:
Features: 1.44ha of industrial land beside State Highway 25, 2071m² of workshops & warehouse facilities, previously used as a trucking yard
Outcome: sold vacant to an owner-occupier for $1.825 million
Agent: Josh Smith

Waikato

Cambridge

187 Shakespeare St:
Features: 2044m² site, 1000m² industrial building in the heart of Leamington
Outcome: sold to an owner-occupier for $550,000
Agent: Blair Hutcheson

Hamilton

Glenview, 200 Ohaupo Rd (pictured at top):
Features: 3987m² site, former motel complex redeveloped in 2009 as a dedicated brain injury rehabilitation facility with a purpose-designed new residential care building also added; new 5-year lease to Bupa Care Services NZ Ltd, with one 5-year right of renewal Rent: $368,361/year net + gst with annual CPI rental increases
Outcome: sold at auction for $3.995 million
Agents: Andrew Shaw (Bayleys) & Andrew Stringer (CBRE)

Te Kowhai, 128 & 172 Limmer Rd:
Features: 34ha 17km north-west of Hamilton comprising grazing pasture & private airfield, 6 aircraft hangars & associated buildings plus BP refuelling facility
Outcome: sold for $2.6 million
Agents: Mike Swanson & Jason Kong

Port Waikato

Port Waikato Holiday Park, Maunsell Rd:  
Features: 5.9375ha property – 85 powered caravan sites, 63 tent sites, 9 cabins & 6 self-contained motel-style units, a 120m² 3-bedroom manager’s/owner’s house, separate management office, communal kitchen, laundry block & segregated shower block
Outcome: sold as freehold going concern for $2.5 million to Ngati Karewa & Ngati Tahinga Trust (ancestral owners of land)
Agents: Meredith Graham, Mike Peterson & Josh Smith

Attribution: Agency release.

Continue Reading
WordPress Appliance - Powered by TurnKey Linux