Archive | Mt Maunganui

8 commercial sales at 4 Bay of Plenty centres

Bayleys agents in the Bay of Plenty have sold 8 commercial properties at Mt Maunganui, Tauranga & Whakatane and across at Rotorua.

Image above: 120 Devonport Rd in Tauranga, sold on a 6.2% yield.

South of the Bombays

Bay of Plenty

Mt Maunganui

64 Tukorako Drive, unit 11:
Features: leasehold, 102m² unit; tenant exercised last of 3 3-year rights of renewal in February 2017
Rent: $8613/year net (after ground rent) + gst
Outcome: sold for $145,000 at a 5.94% yield
Agent: Graeme Coleman

Rotorua

20-22 Taui St:
Features: 1.0034ha industrial site in 6 titles near state highways, 5 tenants occupying a mix of buildings, surplus land available for development
Rent: $117,041/year net + gst
Outcome: sold for $1.2 million
Agents: Mark Slade & Brei Gudsell

64 View Rd:
Features: 359m² site, 310m² single-level warehouse/workshop constructed in mid-1970s
Outcome: sold with vacant possession for $330,000
Agent: Mark Slade

2 Waters St:
Features: 708m² corner site, 303m² industrial building, 2 tenancies – sushi bar returning $11,406/year gross & vacant workshop
Outcome: sold for $340,000
Agents: Mark Slade & Brei Gudsell

Tauranga

120 Devonport Rd:
Features: 445m² cbd corner site at the intersection with Elizabeth St, 690m² 2-level retail & office building, seismic assessment 45% of new building standard; fully leased to 6 tenants, redevelopment options to a maximum building height of 19m
Rent: $135,895/year net + gst
Outcome: sold for $2.205 million at a 6.16% yield
Agents: Brendon & Lynn Bradley

160-168 Devonport Rd:
Features: 2192m² site in 2 titles, city centre zoning provides mixed-use development options; 1050m² commercial building, anchor tenant is an Asian supermarket occupying 571m², gym & charitable trust occupy the balance of the building
Rent: $138,500/year net + gst
Outcome: sold for $2.95 million at a 4.69% yield
Agents: Lloyd Davidson & Jo Stewart

Tauranga – Tauriko

24 Whiore Avenue:
Features: 768m² site on the hill above The Crossing retail centre, quarter share of accessway, 3-year-old 367m² industrial building; 2 tenants on 3-year leases with 2 rights of renewal
Rent: $52,885/year net + gst
Outcome: sold for $1.05 million at a 5.03% yield
Agent: Graeme Coleman

Whakatane

6, 12 & 14 Wairere St:
Features: 3154m² freehold cbd site, 3 buildings on 3 titles adjacent to Wairere Falls Reserve, business centre zoning allows multiple commercial & residential redevelopment options up to 15m
Outcome: sold with vacant possession for $942,000
Agents: Rhys Mischefski & Lloyd Davidson

Attribution: Agency release.

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Papamoa & Mt Maunganui commercial sales

Colliers agents have sold a Papamoa property occupied by a meat processor, and an owner-occupier has bought a vacant Mt Maunganui warehouse.

South of the Bombays

Bay of Plenty

Mt Maunganui

137 Newton St:
Features: vacant 1325m² site, 600m² warehouse with office & showroom, offstreet parking
Outcome: sold to an owner/occupier for $1.775 million
Agents: Simon Clark & Duncan Woodhouse

Papamoa

63 Enterprise Drive:
Features: 1545m² site, 720m² meat-processing facility built in 2006 & expanded in 2017, new 10-year lease with 10-year rights of renewal
Rent: $120,000/year net + gst + outgoings, 2-yearly CPI + 1% rent reviews, 5-yearly market reviews
Outcome: sold for $1.875 million at a 6.4% yield
Agents: Rob Schoeser & Simon Clark

Attribution: Agency release.

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Knight Frank sales & leases

Knight Frank agents have completed 2 sales in Christchurch and 6 leases in Auckland, the Bay of Plenty & Christchurch.

Sales

South Island – Canterbury

Christchurch

Middleton

32A Birmingham Drive:
Features: 306m², 2-level office building, 10 parking spaces
Outcome: sold for $900,000 with vacant possession
Agent: Hamish Haddow

Sockburn

33 Nga Mahi Rd, unit 8:
Features: industrial unit – 112m² warehouse, 57m² showroom & offices, 4 parking spaces, seismic rating 75% of new building standard
Outcome: sold for $365,000 with vacant possession
Agent: Sam Stone

Leases

Isthmus east

Greenlane

253 Great South Rd, part level 1, office 2:
Features: new serviced office, open plan area with hot desks, access to shared breakout space, meeting & boardroom
Rent: leased for $47,020/year net + gst, including 3 parking spaces
Agent: Sophie Dixon

South Island – Canterbury

Christchurch

CBD

77 Tuam St, unit 4:
Features: 68m², ground-floor retail unit, mezzanine, parking space
Rent: undisclosed
Agent: Tom Lax

Riccarton

251 Blenheim Rd, unit 5:
Features: 87.52m² showroom & office, 132.47m² warehouse, 4.9m² storage, 6 parking spaces
Rent: leased for $35,000/year net + gst + opex
Agent: Terry Connolly

South of the Bombays

Bay of Plenty

Mt Maunganui

4 Aerodrome Rd, units 9 & 10:
Features: 1050m², high-spec warehouse & office, yard & parking
Rent: new 10-year lease, $103,000/year net + outgoings + gst
Outcome:
Agent: Myles Addington

2 Boeing Place, unit 1:
Features: 111m² industrial unit
Rent: leased for $19,450/year + opex + gst
Agent: Myles Addington

Papamoa

43 Enterprise Drive, units 2 & 3:
Features: 229m², warehouse & office unit, yard & parking
Rent: $30,000year net + outgoings + gst
Agent: Myles Addington

Attribution: Agency release.

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Service stations & storage units sell, developer acquires Hamilton site, new motel leased

Colliers agents have sold 2 Caltex service stations to investors, a workshop & storage units at Mt Maunganui have been sold and a local developer has acquired a car showroom in Hamilton.

In Cambridge, the motel in the new Lakewood Cambridge Shopping Centre has been leased.

Sales

North

Whangarei

303-311 Western Hills Drive:
Features: 3093m² site, 210m² Caltex service station, Caltex has a 20-year lease term from November 2013, fixed 2-yearly 4% rental increases & a triple net lease structure
Rent: $186,900/year net + gst
Outcome: sold to a private investor for $3.46 million + gst at a 5.4% yield
Agents: Shoneet Chand, Matt Prentice & Sean Honeycombe

North-east

Dairy Flat

1433 Dairy Flat Highway:
Features: 3690m² site on the corner of Kahikatea Rd, 295m² Caltex service station; Caltex has a 20-year lease term from November 2013, fixed 2-yearly 4% rental increases & a triple net lease structure
Rent: $163,538/year net + gst
Outcome: sold to an investor for $3 million + gst at a 5.45% yield
Agents: Shoneet Chand, Matt Prentice & Sean Honeycombe

South of the Bombays

Bay of Plenty

Mt Maunganui

8 Cherokee Place:
Features: 1545m² site, 850m² workshop & storage unit complex of 21 units
Rent: $116,993/year net + gst + outgoings
Outcome: sold for $2.325 million at a 5% yield
Agents: Rachel Emerson & Rob Schoeser

Waikato

Hamilton

94 Tristram St:
Features: 1966m² site, 1270m² car showroom & dealership premises
Outcome: sold to Foster Develop Ltd (Michael Crawford, Leonard Gardner & Ross Pacey) for $2.5 million
Agents: Alan Pracy & Justin Oliver

Lease

South of the Bombays

Waikato

Cambridge

Lakewood Cambridge Shopping Centre:
Features: 36-unit motel in block D in the new development, leased to Haven Hospitality Ltd (Glenda & Yvonne Hamilton & Christopher Turner) for a 35-year term
Rent: $440,000/year + gst + outgoings
Agents: Alan Pracy & Leon Johnson

Earlier story:
9 March 2016: Lakewood Cambridge construction set to start this year

Attribution: Agency release.

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Sales at the Mount open Bayleys’ Total Property series

Bayleys’ first Total Property auction series for 2018 has begun with sales of both Mt Maunganui properties marketed, one a commercial building and the other an industrial site.

The agency has also reported 5 other commercial sales around the Bay of Plenty.

The first Total Property auction in Auckland for the year, at Bayleys’ head office today, has 17 commercial properties listed. 3 North Shore properties have been sold pre-auction and 3 in southern suburbs have been withdrawn.

South of the Bombays

Mt Maunganui

185-187 Maunganui Rd:
Features: 918m² cbd site, 522m² 2-level commercial building, 3 ground-floor retail & 2 upstairs office tenants plus a 86m² rear garage studio lease & 20 onsite parking spaces
Rent: $154,745/year net + gst
Outcome: sold for $3.8 million at a 4.07% yield
Agents: Brendon & Lynn Bradley

72 Portside Drive:
Features: 4059m² bare industrial site, 58m of road frontage
Outcome: sold for $2.45 million at $603.50/m²
Agents: James Ross, Brendon & Lynn Bradley

Papamoa

30 Domain Rd, unit 1:
Features: 265m² retail unit anchored by Westpac Bank on main arterial adjacent to major commercial/retail hub
Rent: $104,950/year net + gst
Outcome: sold for $2.07 million at a 5.07% yield
Agents: Brendon & Lynn Bradley

Tauranga

159 Elizabeth St:
Features: 1047m² site zoned city living mixed use, house containing 3 flats; profile to expressway entrance to the city & estuary views position it for redevelopment
Rent: $39,520/year gross
Outcome: sold for $735,000
Brendon & Lynn Bradley & James Ross

Tauranga – Judea

234A Waihi Rd:
Features: 230m² 2-level office & residential building on a 375m² site
Outcome: sold with vacant possession for $625,000 
Agents: Brendon & Lynn Bradley

Te Puke

52 No 3 Road:
Features: 7929m² site, with 3 buildings totalling 1886m², balance of site used for vehicle storage, tenanted by Te Puke Parts World
Rent: $159,500/year net + gst
Outcome: sold for $2.1 million at a 7.14% yield
Agents: Graeme Coleman, Brendon & Lynn Bradley

Waihi Beach

1 Citrus Avenue:
Features: 845m² commercially zoned site, 120m² house converted for beauty therapy use providing holding income; elevated corner position at northern entrance to Waihi Beach village
Outcome: sold for $885,000 at a 2.37% yield
Agents: Jo Stewart, Brendon & Lynn Bradley

Attribution: Agency release.

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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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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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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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