Archive | Hawkes Bay

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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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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Argosy sells in Hastings & Palmerston North, buys Turners site

Argosy Property Ltd has sold 2 properties in Hastings & Palmerston North, reducing assets outside its core Auckland & Wellington markets to 3, and it’s added an industrial yard in Wiri (outlined in picture above) to the Auckland portfolio.

Transactions:

  • Hastings, 1478 Omahu Rd, sold for $10.2 million, a 12% premium over book value, settlement scheduled for March 2019
  • Palmerston North, 31 El Prado Drive, sold for $35.5 million, a 25% premium over book value, settlement scheduled for December
  • Wiri, 133 Roscommon Rd, 15,838m² industrial yard leased to NZX-listed Turners Automotive Group Ltd, acquired in September for $8.6 million; the 15-year lease provides a holding return of $430,000/year net + gst (5% yield) with fixed reviews of 2.5%/year and a market review in year 6.

Argosy chief executive Peter Mence said of the Turners deal: “We are pleased to have commenced what we envisage to be a mutually beneficial long-term relationship with an organisation that has a significant real estate footprint across New Zealand.”

Turners uses this property to store damaged & end-of-life cars. It also owns a large site at 160 Roscommon Rd, used for trucks & machinery.

Attribution: Argosy release.

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7 commercial sales around North Island

Bayleys agents have sold 7 commercial properties around the North Island – in Levin, Napier, New Plymouth, Petone & Upper Hutt.

South of the Bombays

Hawke’s Bay

Napier

56 Corunna Bay:
Features: 669m² site zoned suburban industrial, 290m² live/work premises comprising 100m² workshop & office, street frontage, 3-bedroom residence at rear
Outcome: sold vacant for $590,000
Agents: Sam MacDonald & Jack Lee

36 Faraday St:
Features: 1.4518ha development site on Napier Hill with industrial/commercial usage rights; McWilliams Winery manufacturing site for many years, about 7000mof mostly large industrial sheds, some leased & some empty
Outcome: sold for $646,000 to an existing tenant intending to develop the site
Agent: Gary Wise

Horowhenua

Levin

6 Liverpool St:
Features: 1264m² site, 609m² purpose-built community corrections facility, seismic assessment 100% of new building standard, 11 parking spaces, new 12-year lease to Department of Corrections
Rent: $168,805/year net + gst
Outcome: sold for $2.617 million at a 6.45% yield
Agents: Fraser Press, Stephen Lange & Bede Blatchford

Taranaki

New Plymouth

4 Egmont St, units 6-9:
Features: 2025m² fitness centre in u-shaped cbd retail complex with large central carpark; occupied by City Fitness since 2007 with substantial tenant investment in fitout
Rent: $339,318/year net + gst
Outcome: sold for $3.8 million at an 8.93% yield
Agents: Mike Houlker, Sunil Bhana, Iain Taylor & Alan Johnston

Bell Block

153 & 157 De Havilland Drive, 6-8, 7, 9 & 10 Dakota Place:
Features: 1.7595ha of industrial land in 7 titles, variety of mostly warehouse/workshop buildings
Outcome: sold with vacant possession for $1.575 million
Agents: Iain Taylor & Alan Johnston

Wellington

Petone

20-24 Hautonga St:
Features: 6070m² site, 3000m² high stud warehouse with drivethrough access & dual frontage; fully fenced 2025m² yard
Outcome: sold with vacant possession for $3.915 million
Agent: Richard Faisandier

Upper Hutt

5 Thomas Neal Crescent, lot 32:
Features: 1380m² of industrial land
Outcome: sold for $300,000 at $217/m2
Agents: Christian Taylor & Ethan Hourigan

Attribution: Agency release.

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7 sales ranging from mainstreet to backblocks

Colliers agents have completed 7 commercial, industrial & rural sales at St Johns in Auckland, Hamilton, Hastings and Te Karaka (between Gisborne & Opotiki).

Isthmus east

St Johns

4 Farmhouse Lane:
Features: 2154m² site, 1629m² warehouse & office
Rent:
Outcome: sold with vacant possession for $4.35 million
Agents: Hamish West & Andrew Hooper

South of the Bombays

East Coast

Te Karaka

319 Whatatutu Rd:
Features: 38.8ha farm – 20ha of fertile cropping land, 18ha of grazing land, 3ha leased to a local nursery, large shed complex
Outcome: sold at auction with vacant possession for $1.15 million
Agents: David Egan & Alan Thorpe

Hawke’s Bay

Hastings

1026 Heretaunga St West:
Features: 456m² retail unit leased to ANZ Bank, 19 parking spaces
Outcome: sold for $1.805 million at a yield of 6.06% yield
Agent: Danny Blair

200 Market St:
Features: 3640m² retail & office property, predominantly leased to Kiwibank
Outcome: sold to an investor for $7,085,740 at a 6.13% yield
Agent: Danny Blair

822 Omahu Rd:
Features: 510m², new industrial development leased to engineering supplies company SaecoWilson
Outcome: sold for $1.46 million at a 4.65% yield
Agent: Danny Blair

Waikato

Frankton

279 Kahikatea Drive & 19 Wickham St:
Features: 2.44ha site in 2 titles, 6918m² warehouse
Outcome: sold for $8.3 million
Agents: Alan Pracy & Mark Brunton

Hamilton

26 Clarence St:
Features: 2009m² site, commercial office building,
Outcome: sold for $1.884 million
Agents: Alan Pracy & Mark Brunton

Attribution: Agency release.

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5 commercial & industrial sales in Auckland & south of Bombays

Colliers agents have sold 4 properties around Auckland, 2 at auction, and another 5 in the Bay of Plenty, Hawke’s Bay & Taranaki.

CBD

Uptown

5-7 Galatos St:
Features: 706m² site zoned business – city centre, allowing development to 30m high, 712.9m² building, headquarters of social enterprise Eat My Lunch Ltd, 100m from soon-to-be-constructed Karangahape city rail link station
Rent: $189,950/year net + gst, 8-year lease from 2016, 2 rights of renewal
Outcome: sold at auction brought forward for $4.35 million + gst, at a 4.37% yield
Agents: Shoneet Chand & Jonathan Lynch

Isthmus east

Newmarket

5 Broadway:
Features: 819m² site, 770m² commercial building
Outcome: sold for $6.75 million at a 4.4% yield
Agents: David Burley & Adam White

Isthmus west

Westmere

127-131 West End Rd:
Features: 741m² site zoned neighbourhood centre, redevelopment potential, 200m² floor area, 3 retail tenancies, rear parking
Rent: $45,620/year net + gst + opex
Outcome: sold at auction for $3 million + gst, at a 1.52% yield
Agents: Kris Ongley, Jonathan Lynch & Leroy Wolland

South

Half Moon Bay

490 Pakuranga Rd:
Features: 350m² retail block, 4 tenancies ranging from 70-130m²
Outcome: sold for $2.9 million + gst, at a 5.74% yield
Agents: Gawan Bakshi & Matthew Barnes

South of the Bombays

Bay of Plenty

Tauranga – Judea

19-25 Montgomery Rd:
Features: 3381m² industrial site in 3 titles, 2024m² net lettable area, high stud warehousing
Rent: $179,013/year net + gst
Outcome: sold for $2.85 million + gst, at a 6.28% yield
Agents: Rich Davidson & Rob Schoeser

Hawke’s Bay

Hastings – Twyford

1137 Omahu Rd:
Features: 15,568m² site zoned general industrial, redevelopment site containing a lifestyle block with a 240m² house, 448m² steel portal shed, 112m² canopy
Outcome: sold for $1.8 million + gst
Agents: Rob Nankervis & Hadley Brown

1424C Omahu Rd, unit 1:
Features: 3742m² industrial property, 1640m² 7m-stud warehouse & office, 1400m² sealed yard
Rent: $152,600/year net + gst, with 3-month break clause
Outcome: sold for $1.8 million + gst, at an 8.48% yield
Agent: Rob Nankervis

Napier

Whakatu industrial park, 50 Johnston Way:
Features: 11,130m² industrial property, single-storey specialist processing facility
Rent: $251,286/year net + gst from multiple tenants
Outcome: sold for $2,479,800 + gst, at a 10.1% yield
Agent: Rob Nankervis

Taranaki

New Plymouth – Bell Block

87 Corbett Rd:
Features: 6689m² site, 725m² building – warehouse 457m², office 268m² on ground floor & mezzanine, 3000m² subdivisible yard, 19 parking spaces
Rent: market assessment $102,500/year net + gst
Outcome: sold vacant for $1.375 million + gst
Agent: Benet Carroll

Attribution: Agency release & agent documents.

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Tauranga development site & half of Hastings mega centre sold

The developer of the Park Mega Centre in Hastings (pictured above), Advance Properties Group Ltd (Gordon Johnstone & Warren Ladbrook), has sold 4 of the centre’s 8 large format stores for $21 million through Bayleys.

2 years ago they sold the Warehouse property in the centre for $17.5 million.

Briscoes & Rebel Sport are the anchor tenants in the buildings sold this time. The rest of the space in the sale is occupied by The Clearance Shed, Pet Stock & Noel Leeming.

In Tauranga, a site occupied by the vacant Durham Motor Inn, which can be redeveloped up to a height of 49m, has also been sold by Bayleys.

South of the Bombays

Bay of Plenty

Tauranga

 

The vacated Durham Motor Inn in Tauranga (outlined).

60 Harrington St:
Features: 2755m² site with 4 road frontages, 1160m² 20-unit motel complex & 148m² office building; city centre zoning provides redevelopment options with a maximum building height of 49m
Outcome: sold for $8.025 million + gst with vacant possession
Agents: Brendon & Lynn Bradley

Hawke’s Bay

Hastings

536-612 Karamu Rd North:
Features: 9359m² site in Park Mega Centre (plus share of common parking & vehicle access areas), 4 modern bulk retail buildings totalling 7557m² on separate freehold titles; Briscoes/Rebel Sports is the anchor tenant occupying net lettable area of 3848m² on 9-year lease, other occupants are The Clearance Shed on an initial 13-year lease, Pet Stock on 7 years & Noel Leeming on 6 years
Rent: $1,359,100/year net + gst
Outcome: sold for $21 million + gst at a 6.47% yield
Agents: Sunil Bhana, Mike Houlker, Rollo Vavasour & Mark Hourigan

Attribution: Agency release.

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7 sales around North Island

Published 5 September 2018
4 Hastings building and others in Waipukurau, Palmerston North & New Plymouth (pictured) have been sold in Bayleys’ latest round of sales around the North Island.

South of the Bombays

Hawke’s Bay

Hastings

402 Avenue Rd:
Features: 1012m² site, 320m² workshop, roller door access, seismic assessment 75% of new building standard
Outcome: sold vacant for $520,000 + gst
Agent: Jake Smith

1010 Heretaunga St West:
Features: 842m² site, dual access, 350m² single-level retail building
Outcome: sold vacant for $280,000 + gst
Agents: Daniel Moffitt & Jake Smith

301-303 Queen St East:
Features: 1286msite with twin street frontage, 1016m2  2-level office building, 550m² first floor vacant, 10+ parking spaces
Rent: $85,000/year net + gst from ground-floor lease
Outcome: sold for $1.7 million + gst
Agents: Rollo Vavasour & Jake Smith

27 Railway Rd:
Features: 1.3844ha zoned main industrial, 6994m² high stud warehouse, onsite bore with substantial water take consent
Outcome: sold with vacant possession for $2.835 million + gst
Agent: Paul Garland

Waipukurau

2322 State Highway 2:
Features: 1.45ha site with development potential, 1409m² modern high stud warehouse, 6-year lease, 4 4-year rights of renewal
Rent: $86,556/year net
Outcome: sold for $900,000 + gst at a 9.62% yield
Agents: Rollo Vavasour & Andy Hunter

Manawatu

Palmerston North

208 John F Kennedy Drive:
Features: 6077m² site, arterial road frontage, 2500m² building constructed in 1980, former head office & call centre of Ezibuy, seismic assessment 68% of new building standard, 66 parking spaces
Outcome: sold vacant by overseas owner to owner-occupier for $2.222 million + gst
Agents: Ed Donald & Dave Looney

Taranaki

New Plymouth – Bell Block

141-145 Connett Rd East:
Features: Purpose-built trucking depot comprising 3 adjoining sites totalling 3.14ha, middle site has 3 warehouses totalling 4845m², balance of the land used for truck parking & storage, new 10-year lease to Symons Transport Ltd
Rent: $613,288/year net + gst, 2% annual increases
Outcome: sold for $7.55 million  + gst at an 8.1% yield
Agents: Mike Houlker, Sunil Bhana, Alan Johnston & Iain Taylor

Attribution: Agency release.

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4 out of 6 sell at Bayleys’ Hauraki, Hawke’s Bay & Waikato auctions

4 properties were sold at Bayleys’ final Total Property 5 auction round last Thursday, out of 6 on offer.

The auctions covered the Hauraki Plains, Hawke’s Bay & Waikato. A Gull service station plus development land (pictured) at Ngatea was sold on a 5.7% yield. Other sales were at Napier, Hamilton & Te Awamutu.

South of the Bombays

Hauraki

Ngatea

44 Orchard Rd West:
Features: 1624m² site on State Highway 2, 96m² canopy for fully automated Gull fuel station; Gull NZ Ltd has 10-year lease plus 4 5-year rights of renewal; chattels include 60,000 & 50,000-litre fuel storage tanks, 3 self-service pumps, 4 filling stations & vapour recovery lines; unused land at rear of site accessed via service lane could offer opportunity for further development
Rent: $57,783/year net + gst
Outcome: sold for $1.02 million at a 5.66% yield
Agent: Josh Smith

Hawke’s Bay

Napier

110 Kennedy Rd:
Features: 126m² site in Marewa Shopping Centre, 250m² commercial building recently strengthened to 80% of new building standard; ground floor occupied by Canton Wok restaurant, second tenant occupies upstairs office space
Rent: $26,692/year net + gst
Outcome: sold post-auction for $585,000 at a 4.56% yield
Agent: Sam MacDonald

Waikato

Hamilton

Dinsdale

38 Whatawhata Rd:
Features: 90m² unit in suburban retail centre, previously operated as a beauty salon, comprising a reception & workspace area, 3 treatment rooms with separate heat pumps, staff room & bathroom
Outcome: sold vacant for $350,000
Agent: Jason Kong

Te Awamutu

106 Alexandra St:
Features: 479m² corner cbd site, 505m² bank building strengthened to seismic rating of 100% of new building standard; Westpac has occupied it since 1999 and is on 6-year term from August 2017
Rent: $104,000/year gross + gst
Outcome: sold for $1.5 million at a net 6.25% yield
Agents: Josh Smith & Blair Hutcheson

Attribution: Agency release.

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3 Airport Oaks sales, complex deal in Napier

Colliers agents have sold 3 warehouse & office properties in the Airport Oaks precinct in Auckland. In one of 2 Napier transactions, 4 corner properties were sold in a multi-vendor deal.

South 

Airport Oaks

14 Amelia Earhart Avenue:
Features: 3887m² gated site, 1257m² 2-level office building, 59 parking spaces
Rent: $330,838/year net + gst
Outcome: sold for $4.2 million + gst at a 7.9% yield
Agents: Brad Johnston, Paul Jarvie & Matthew Barnes

39B Rennie Drive:
Features: 392m² warehouse & office unit leased to Cross Fit Oaks Ltd, & fitted out as a gym
Rent: $37,836/year net + gst
Outcome: sold for $920,000 + gst at a 4.1% yield
Agent: Ash Vincent

64 Richard Pearse Drive:
Features: 10,165m² site, 3869m² warehouse & office
Outcome: sold for $8.5 million + gst
Agents: Brad Johnston, Dwayne Warby, Paul Jarvie & Dean Collins

South of the Bombays

Hawke’s Bay

Napier

60 Prebensen Drive:
Features: 5014m² industrial site with less than 10% site coverage, 960m² building on fringe of Onekawa large-format retail precinct
Rent: $100,000/year net on lease expiring in November
Outcome: sold for $2.35 million at a 4.26% yield on current rent
Agent: Dan Walker

57, 59 & 65 Thackeray St and 15 Faraday St:
Features: 4 adjoining properties at the corner of Faraday & Thackeray Sts, Napier South
Outcome: sold in a complex, multi-vendor deal for a combined $2.649 million – a corner retail property at 65 Thackeray St & vacant site at 15 Faraday St sold for $1.45 million, a residential property at 59 Thackeray St sold for $599,000, and a residential property at 57 Thackeray St sold for $600,000
Agent: Dan Walker

Attribution: Agency release.

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