Archive | Mt Maunganui

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.

Continue Reading

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.

Continue Reading

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.

Continue Reading

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.

Continue Reading

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.

Continue Reading

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.

Continue Reading

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.

Continue Reading

8 Bay of Plenty commercial sales

8 commercial premises around the Bay of Plenty have been sold over the summer by Bayleys agents.

Bay of Plenty

Greerton

108 Chadwick Rd:
Features: 528m2 residentially zoned site, 160m2 north-facing former residential building consented for commercial use
Outcome:  sold vacant for $420,000
Agents:  Mathew Gibbard & James Ross

Mt Maunganui

64 Tukorako Drive, unit 1:
Features: High stud, modern 100m² tilt-slab industrial unit – 85m² of warehousing & amenities, 15m² of office in the heart of leasehold industrial precinct
Outcome: sold vacant for $130,000
Agents: Brendon & Lynn Bradley an Jo Stewart

Papamoa

157 Domain Rd:
Features: 6526m² site on the major arterial route into Papamoa commercial area, former garden centre/café complex, 742m² of buildings
Outcome: sold vacant for $1.2 million
Agents: Brendon & Lynn Bradley

Tauranga

Piccadilly Arcade, 43 Devonport Rd:
Features: 3 retail premises in 22-unit cbd retail complex with dual entrances from Devonport Rd & Grey St
Outcomes:
Unit 7, 47m² unit tenanted by The Hawkers Wall, sold for $229,000 at a 6.1% yield
Unit 10, 28m² unit leased by Bay Barbers, sold for $209,000 at a 6.1% yield
Unit 11, 24m² unit tenanted by 2 B Waxed, sold for $149,000 at a 6.2% yield
Agents: Brendon & Lynn Bradley

Fraser Cove Shopping Centre, 221 Fraser St, unit 1 (pictured above):
Features: 516m² site, modern 417m2 retail premises, leased to franchisee of national retailer Toyworld for 6 years from October 2013 with fixed annual rental increases
Rent: $114,750/year net + gst
Outcome: sold for $1.7 million at a 6.75% yield
Agents:  Brendon & Lynn Bradley

116 Maleme St:
Features: rear 3138m² site, 1345m² high stud industrial building comprising 3 medium-sized fully leased units
Rent: $121,363/year net + gst
Outcome: sold for $1.875 million at a 6.5% yield
Agents: Brendon & Lynn Bradley and James Ross

86 Second Avenue:
Features: 556m² site on the southern fringe of the cbd, vacant 495m² commercial building which has showroom & high stud warehousing areas with large roller-door access
Outcome: sold vacant to an owner-occupier for $1.3 million
Agents:  Brendon & Lynn Bradley

Te Puke

Corner Oxford & Queen Sts:
Features: 3800m2 site, new 2020m2 Mitre 10 bulk retail outlet, 12-year lease
Outcome: sold before completion for $4.5 million at a 5.5% yield
Agents:  Jim McKinlay & Lloyd Davidson

Attribution: Agency release.

Continue Reading

16 Total Property sales outside Auckland

Bayleys sold 15 properties in the Bay of Plenty & Wellington in its Total Property auction series last week, and one in Christchurch.

South of the Bombays

Bay of Plenty

Mt Maunganui

tilda-166-maunganui-rd162 Maunganui Rd:
Features: 388m² cbd site, 407m² building with long-established homeware & gift store tenant and periodic residential tenancy above
Rent: $98,402/year net + gst
Outcome: sold for $2.085 million at a 4.71% yield
Agents: Brendon & Lynn Bradley

166 Maunganui Rd:
Features: 230m² cbd site, 390m² building (adjoining No 162) leased to fashion retailer Tilda; the owners also occupy the residential premises above
Rent: $87,688/year net + gst
Outcome: sold for $1.76 million at a 4.98% yield
Agents: Brendon & Lynn Bradley

Rotorua

1268 Haupapa St (pictured at top):
Features: 907m² site on cbd fringe, 877m² office building, 2 levels plus mezzanine, extensively refurbished in 2007 to provide A grade space, 5 tenancies on 1- to 4-year terms, 10 parking spaces
Rent: $170,164/year net + gst
Outcome: sold for $2.2 million at a 7.73% yield
Agents: Mark Slade & Brei Gudsell

Selwyn Heights, 82 Ferry Springs Rd & 8 Old Quarry Rd:
Features: 3338m² industrial-zoned development site, double street access
Rent: $37,700/year holding income from residential tenancies
Outcome: sold for $750,000 at $224/m²
Agents: Mark Slade & Brei Gudsell

Tauranga

418 Devonport Rd:
Features: 1037m² residentially zoned corner site, 3 cross-leased titles, fully occupied by 2 residential & one commercial tenants, all on periodic tenancies
Rent: $39,666/year gross
Outcome: sold for $930,000
Agents: Brendon Bradley & James Ross

795 Cameron Rd.

795 Cameron Rd.

795 Cameron Rd:
Features: 147m² site beside Tauranga Hospital, character 2-storey building, longstanding dairy on ground floor, 4-year lease from April 2016, one 4-year right of renewal, tenant also occupies 2-bedroom first-floor flat
Rent: $27,587/year net (commercial $12,350 + gst, residential $13,500)
Outcome: sold for $400,000 at a 6.89% yield
Agents: Brendon Bradley & Mat Gibbard

Te Puke

41 Jellicoe St:
Features: 592m² cbd site, 561m² 2-storey mixed-use building, 2 retail & one office tenant on monthly tenancies plus vacant 2-bedroom flat, basement garage & storage area
Rent: $19,627/year net + gst, potential annual net income about $40,000
Outcome: sold for $506,000
Agents: Brendon Bradley & Mat Gibbard

Wellington

Johnsonville

3 Disraeli St:
Features: 436m² site with exposure to Countdown carpark; 510m² workshop & office,  2 parking spaces, auto lease expiring mid-November, potential net rental of $60,000/year + gst
Outcome: sold for $890,000
Agents: Jon Pottinger & Fraser Press

Kapiti Coast

91-93 Mill Rd, Otaki.

91-93 Mill Rd, Otaki.

Otaki, 91-93 Mill Rd:
Features: 2204m² corner site in 6 titles, 268m² additional leased land, 987m² recently upgraded Countdown supermarket, 6-year lease to Countdown owner General Distributors Ltd from November 2014, 2 6-year rights of renewal
Rent: $157,000/year net + gst
Outcome: sold for $2.1 million at a 7.47% yield
Agents: Stephen Lange & James Chan

Lower Hutt

125 Naenae Rd, Lower Hutt.

125 Naenae Rd, Lower Hutt.

Naenae, 125 Naenae Rd, unit 1:
Features: 432m² 2-level building – 240m² showroom/office & 192m² warehouse in 8-unit complex on main arterial road, 5 parking spaces, tenant in occupation since 2010 on new 3-year lease, one 3-year right of renewal
Rent: $26,906/year net + gst
Outcome: sold for $370,000 at a 7.27% yield
Agents: Andrew Smith & Richard Faisandier

92-100 Queens Drive, unit 3:
Features: 2 corner retail tenancies totalling 105m², plus storage & parking space, frontage to Bunny St, 3-year leases to April & July 2017
Rent: $40,645/year net + gst
Outcome: sold for $405,000 at a 10% yield
Agents: Andrew Smith & Paul Cudby

92-100 Queens Drive, unit 4:
Features: 60m² retail unit in McKay House, directly opposite the entrance to Westfield Queensgate shopping centre (now owned by Diversified NZ Property Trust, managed by Stride Property Group); 3-year lease from April 2016 to Boss Haircuts
Rent: $16,722/year net + gst
Outcome: sold for $190,000 at an 8.8% yield
Agents: Andrew Smith & Paul Cudby

Petone

62 Hutt Rd:
Features: substantially upgraded 524m² building, dual street frontage – 256m² showroom, 201m² rear warehouse/storage, 67m² mezzanine office, 3 parking spaces
Outcome: sold vacant for $565,000
Agents: Paul Cudby & John Pritchard

Plimmerton

2 Freshfields Place:
Features: 807m² corner site in North Point industrial precinct with building consent for 477m² 3-unit office & warehouse complex, first slab laid
Outcome: sold for $310,000 at $384/m²
Agents: Andrew Smith & Jon Pottinger

Porirua

3A Kapuni Grove:
Features: 1003m² levelled, metalled & fenced industrial site, dual street frontage
Outcome: sold for $241,000 at $240/m²
Agents: John Pritchard, Jon Pottinger & Fraser Press

South Island

Christchurch

Hornby, 51 Waterloo Rd:
Features: 8000m² industrial site, 1370m² warehouse, 292m² of office & amenities & 198m² showroom, large mostly sealed yard
Outcome: sold with vacant possession for $3.45 million
Agents: Stewart White & Chris Frank

Attribution: Agency release.

Continue Reading

Yields track downward in 13 sales south of the Bombays

3 commercial property sales at yields below 6% were among the 13 that Bayleys agents reported from the Hauraki district down to Taupo, including 6 at Mt Maunganui & Tauranga.

South of the Bombays

Bay of Plenty

Katikati

108 & 112 Main Rd:
Features: 2 adjoining sites totalling 3660m2, 2 tenants occupying a 389mshowroom/workshop with lease expiring 2017 and a 240m2 tavern leased until 2019
Rent: $92,500/year net + gst
Outcome: sold as one lot for $1.05 million at an 8.8% yield
Agents: Brendon Bradley & Graeme Coleman

Kawerau

4 Manukorihi Drive:
Features: 1504m² industrial site, recently refurbished, fully leased 660m² warehouse; 2 tenancies, front lunch bar & rear workshop
Rent:  $48,000/year net + gst
Outcome: sold for $505,000 at a 9.5% yield
Agents: Brendon & Lynn Bradley

Mt Maunganui

9 Prince Avenue:
Features: 645m2 site, 832m2 fully leased commercial building, onsite parking for 9 cars; 3 retail tenants on ground floor on 2 to 3-year leases, upstairs office leased to accountancy firm on lease dating back to 1984
Rent:  $163,707/year net + gst
Outcome: sold for $2.8 million at a 5.85% yield
Agents: Brendon & Lynn Bradley

2 Tay St:
Features: 810m2 corner site, 191m2 office premises, onsite parking
Outcome: sold vacant for $820,000
Agents: Brendon & Lynn Bradley

Rotorua

The Environment Bay of Plenty building at 1125 Arawa St, Rotorua.

The Environment Bay of Plenty building at 1125 Arawa St, Rotorua.

1125 Arawa St:
Features: 630m² 2-storey building with A+ seismic rating, purpose-built for & leased to Environment Bay of Plenty
Rent:  $105,500/year net + gst
Outcome: sold for $1.55 million at a 6.8% yield
Agent: Mark Rendell

106-112 Riri St:
Features: 2283m² site in 3 titles, 1722m² industrial building, high stud workshop areas with roller door access plus offices & onsite parking
Outcome: sold vacant for $775,000
Agents: Mark Slade & Mark Rendell

Tauranga

15 First Avenue:
Features: 809m2 site, 2-level 456m2 office building leased to First Mortgage Managers for 6 years from October 2015 with 2 4-year rights of renewal
Rent: $118,919/year net + gst
Outcome: sold for $2.205 million at a 5.4% yield
Agents: Brendon & Lynn Bradley

10A Mitchell St:
Features: dwelling converted for commercial use with 8-year lease to Pathlab BOP
Outcome: sold for $455,000 at a 5.9% yield
Agents: Brendon & Lynn Bradley

53 Spring St (pictured):
Features: 877m2 central business district site, 1172m2 3-level building developed in the late 1980s, basement parking for 13 cars, 2 commercial levels above; holding income from lease to ANZ Bank, which has recently vacated
Rent: $254,364/year until July
Outcome: sold for $3.8 million at a 6.7% yield
Agents: Brendon & Lynn Bradley

144 Third Avenue, unit 5:
Features: 187m² office unit spread over 3 levels in The Third Cove office park; 2 tenancies with final expiries in 2017 & 2019
Rent: $38,418/year net + gst
Outcome: sold for $595,000 at a 6.5% yield
Agents: Brendon & Lynn Bradley

Central North Island

Taupo

32 Waikato St:
Features: 1171m2 cbd site, modern 629m2 showroom & warehouse with 100% new building standard seismic rating, secure yard; leased to Corys Electrical for 6 years from mid-2015, 2 4-year rights of renewal
Rent: $84,480/year net + gst
Outcome: sold for $1.36 million at a 6.2% yield
Agents: Gary Harwood & Mike Houlker

Waikato

Paeroa

15 Princes St:
Features: 610m2 purpose-built medical centre on 1211m2 site, 6 healthcare tenants anchored by Paeroa Medical Group, on various lease terms & rights of renewal
Rent: $111,126/year net + gst
Outcome: sold at auction for $1.65 million at a 6.7% yield
Agent: Josh Smith

Waihi

21 Dean Crescent:
Features: Karaka Lockups comprising 31 storage units plus a 3-bedroom home on 4155m² section with room for expansion
Outcome: sold for $653,000
Agent: Josh Smith

Attribution: Agency release.

Continue Reading
WordPress Appliance - Powered by TurnKey Linux