Archive | Rotorua

4 sales south of Auckland in Bayleys’ auction series

4 properties in Hamilton, Rotorua & Tauranga have been sold in Bayleys’ Total Property 5 auction series as it continues down country. 6 of the 8 properties up for sale at the Auckland auction were sold on Wednesday.

South of the Bombays

Bay of Plenty

Rotorua

1151 Arawa St:
Features: 382m² cbd site with development potential, 224m² 1930s earthquake-prone character building, occupied by Hannahs Shoes for decades; new 130-room Pullman Hotel being developed 2 properties away in a conversion of the former Zen building, owned by Chow Group Management Ltd
Outcome: sold vacant for $437,500 + gst
Agent: Brei Gudsell

Rotorua – Ngapuna

236 Te Ngae Rd & 5 Hamiora Place:
Features: 4721m² corner site on State Highway 30, main occupant is longstanding business Telfer Marine Ltd on a 10-year lease from October 2017; also 19 storage units
Rent: $108,000/year net + gst (Telfer Marine); $63,440/year gross + gst (storage units)
Outcome: sold for $2.35 million + gst at a 7% yield
Agents: Mark Slade & Brei Gudsell

Tauranga

116 Third Avenue:
Features: 1012m² site, 24m road frontage, 538m² industrial building most recently used by an automotive business – warehousing 348m², offices & amenities 95m², mezzanine 95m²
Outcome: sold with vacant possession for $2 million + gst
Agents: Lloyd Davidson & Laura Taylor

Waikato

Hamilton

100 Clarence St:
Features: 954m² site zoned commercial fringe, 190m² purpose-built suite of medical offices, 12 parking spaces; near cbd & Waikato Hospital
Outcome: sold with vacant possession for $946,500 + gst
Agents: David Cashmore, Rebecca Bruce & Jason Kong

Attribution: Agency release.

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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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9 commercial properties sell at auction series down country

Bayleys agents have sold a North Canterbury retail complex (pictured) and 8 North Island properties south of the Bombay Hills in the agency’s Total Property 4 auction series over the last 10 days.

5 of the 6 properties auctioned in Wellington were sold.

South Island

Canterbury

Rangiora

216-222 High St & 2 Durham St:
Features: 1194m² corner site in 4 titles, 605m² retail complex, substantial offstreet parking, 3 national tenants all on multiple 2- & 3-year renewal terms
Rent: $122,829/year net + gst
Outcome: sold for $1.99 million at 6.17% yield
Agents: Stewart White, Alex White & Chris Frank

South of the Bombays

Bay of Plenty

Kawerau

11 Spencer Avenue:
Features: 3915m² site, 1688m² of high stud warehousing, offices & amenities; provisioned for dangerous goods storage and set up to service Kawerau’s engineering & fabrication requirements since the 1980s
Outcome: sold with vacant possession for $615,000
Agents: Lloyd Davidson, Rhys Mischefski & Laura Taylor

Rotorua

18 Victoria St:
Features: 607m² site, 1960s 2-storey block of 4 residential units totalling 398m² – 3 2-bedroom units on periodic tenancies currently returning total of $925/week gross, 3-bedroom ground-floor unit occupied by owner
Outcome: sold for $1.1 million
Agents: Mark Slade & Brei Gudsell

Horowhenua

Levin

213 Oxford St:
Features: 999m² site in main road retail precinct, 1400m² commercial building strengthened to 80% of new building standard, 2 streetfront retail premises occupied by the Bank of NZ on 10-year lease until September 2021 plus 3 3-year rights of renewal, and Postie Plus on 3-year lease until March 2020, plus small monthly tenancy at rear
Rent: $131,605/year net + gst
Outcome: sold for $1.634 million at an 8.05% yield
Agents: Stephen Lange & James Higgie

Taranaki

New Plymouth

137 Devon St East:
Features: 490m² cbd site, 805m² commercial building with category A seismic rating, access to 7 basement parking spaces; occupied by New Plymouth’s Cash Converters franchise on 8-year lease from October 2015 plus 3 4-year rights of renewal
Rent: $80,197/year net + gst
Outcome: sold for $1.2 million at a 6.68% yield, exactly the same price & yield it sold for in late 2016
Agents: Alan Johnston & Iain Taylor

Wellington

Kapiti Coast – Waikanae

16 Omahi St:
Features: 542m² site, 327m² warehouse which can be split into 2 units, seismic assessment 70% of new building standard; 6 parking spaces
Outcome: sold vacant for $595,000 at $1700/m² land & building
Agent: Richard Faisandier

Lower Hutt

6 Aglionby St:
Features: 502m² high stud warehouse, storage & office building constructed in the mid-1990s, seismic assessment 85% of new building standard, 7 parking spaces; 5-year lease from this month to multinational Huber Group NZ Ltd, one 5-year right of renewal
Rent: $69,500year net + gst
Outcome: sold for $1.18 million at a 5.89% yield
Agents: Andrew Smith & Paul Cudby

Naenae

12 Horlor St:
Features: 406m² site, 350m² industrial building, roller door access from rear service lane to clearspan medium stud warehouse, showroom/office at front, 5 parking spaces
Income assessment: estimated potential rental income $39,000/year net + gst
Outcome: sold vacant for $500,000 at $1430/m² land & building
Agents: Andrew Smith & Paul Cudby

Ngaio

33 Kaiwharawhara Rd, unit 5C:
Features: 96m² ground floor office unit suitable for range of uses, 3 parking spaces at front door
Outcome: sold with vacant possession for $359,000 at $3740/m²
Agent: James Higgie

Attribution: Agency release.

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Penrose distribution building, Rotorua motel & Paraparaumu hostel sell

Colliers agents have sold a former distribution building in Penrose to a trust, and a Rotorua motel & Paraparaumu Beach hostel to private investors.

Isthmus east

Penrose

3 Goodman Place:
Features: 4956m² site, 2792m² ex-distribution building, large yard
Outcome: sold to a private trust for $5.128 million
Agents: Todd Kuzmich & Hamish West

South of the Bombays

Bay of Plenty

Rotorua

1271 Ranolf St
Features: 25-unit motel on 2548m² site, 1560m² floor area, thermally heated swimming pool plus 2 geothermal mineral plunge pools
Rent: $146,000/year net + gst current
Outcome: sold to a private investor for $1.8 million
Agents: Mark Rendell & Mathew Gibbard

Wellington

Paraparaumu Beach

3 Marine Parade:
Features: 644m² site, 870m² 2-storey guesthouse operating as the Barnacles Seaside Inn hostel
Outcome: sold to a private investor as a freehold going concern for $817,000
Agent: Dean Anderson

Attribution: Agency release.

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5 commercial sales around Rotorua

Bayleys has sold one Tutanekai St property (Nos 1226-1232) in Rotorua through its Total Property auction series and another outside the auctionroom, plus 3 more around Rotorua.

South of the Bombays – Bay of Plenty

Rotorua

1231 Hinemoa St:
Features: 154m² retail unit built in 1980s
Outcome: sold vacant for $160,000
Agents: Paul Stewart & Mark Slade

520 Te Ngae Rd:
Features: 2536m² corner site integrated with the Te Ngae shopping centre, occupied by Caltex service station & associated Fix shop plus car wash; leased until October 2033 with 4 3-year rights of renewal; last service station between cbd & Rotorua Airport
Rent: $140,712/year net + gst with 2-yearly fixed rental increases of 4%
Outcome: sold for $2.15 million at a 6.54% yield
Agents: Alan Haydock, Damien Bullick & Mark Slade

1226-1232 Tutanekai St:
Features: 215m² single-level cbd retail building, recently modernised & strengthened, fully leased; 4 tenancies ranging from 45-64m², leases running from 2021-26
Rent: $107,112/year net + gst
Outcome: sold for $1.188 million at a 9.01% yield
Agents: Brei Gudsell & Mark Slade

1266 Tutanekai St:
Features: 835m² unit-titled retail premises, extensively refurbished in 2007, rear access via high stud roller door; anchor tenant Kathmandu Ltd is on an 8-year lease from December 2015, with one 4-year right of renewal, plus small Coffee Fix Kiosk lease
Rent: $220,161/year net + gst
Outcome: sold for $2.75 million at an 8.4% yield
Agents: Brei Gudsell & Mark Slade

Fenton Park

34 White St:
Features: 685m² site, 1960s 300m² industrial & showroom buildings, separate storage/workshop premises, leased to Poolside Rotorua
Rent: $23,000/year net + gst, increasing in September to $24,000/year net + gst
Outcome: sold for $330,000 at a 6.97% yield
Agents: Mark Slade & Brei Gudsell

Attribution: Agency release.

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Bay of Plenty agents end year with 8 sales

Bayleys commercial agents in the Bay of Plenty finished 2017 with 8 sales around Rotorua, Tauranga, Tokoroa & Whakatane.

Pictured: The 17 Gateway West storage facility in Whakatane.

South of the Bombays

Bay of Plenty

Rotorua

Mangakakahi

95 Tallyho St:
Features: 2524m² site in 2 titles, modern 1493m² industrial building, 3 high stud roller doors; leased to Fletcher Steel Ltd for 3 years from August 2017 with rights of renewal to 2029
Rent: $104,000/year net + gst
Outcome: sold for $1.5 million at a 6.93% yield
Agent: Mark Slade

Fairy Springs

25 Bidois Rd:
Features: 1011m² corner site, 1980s-built 350m² storage complex, 10 storage rental units, each with separate roller door access, multiple tenants
Outcome: sold for $268,000 at a 6.57% yield
Agent: Mark Slade

Tauranga

194 15th Avenue, Tauranga:
Features: 414m² site, 4 parking spaces & 1930s 100m² dwelling converted for office use
Outcome: sold with vacant possession for $550,000
Agent: Lloyd Davidson

74 Grey St:
Features: 1060m² prime city centre-zoned site (49m height allowance), 1290m² retail & office building, fully leased to 4 tenants on mixed terms
Rent: $141,187/year net + gst
Outcome: sold for $2.4 million at a 5.88% yield
Agents: Brendon & Lynn Bradley

90 Second Avenue:
Features: 584m² city centre-zoned site, 340m² industrial building occupied by 2 tenants; car valet business occupies rear tenancy and Great Deals Direct Ltd the front, both with leases expiring mid-2018
Rent: $34,632/year net + gst
Outcome: sold for $850,000 at a 4.07% yield
Agent: Lloyd Davidson

Tokoroa

24 Swanston St:
Features: 212m² cbd corner site, 2 adjacent retail premises totalling 175m², hair salon business has been in occupation since the premises were built in the 1970s and a sushi store has been in occupation since 2013
Rent: $19,119/year net + gst
Outcome: sold for $220,000 at an 8.69% yield
Agents: Brendon & Lynn Bradley

Whakatane

17 Gateway West:
Features: 2113m² site in the Gateway industrial precinct adjacent to State Highway 30, 1358m² self-storage complex comprising 106 units of various sizes, trading as EastBay Secure Storage
Outcome: sold for $1.5 million at a 7.93% yield
Agents: Brendon & Lynn Bradley

156 The Strand:
Features: 334m² leasehold site in cbd retail precinct, 590m² 2-level, fully tenanted retail & office building; 14-year ground lease with perpetual renewal rights
Rent: $68,000/year net + gst
Outcome: sold for $500,000 at a 13.6% yield
Agents: Brendon & Lynn Bradley

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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8 properties sell at Bayleys’ southern auctions

8 North Island properties south of Auckland were sold in Bayleys’ Total Property auction series last week.

Image above: The Turners Auto building in Palmerston North, including the Workshop bar, sold last week on a 6.4% yield.

Bay of Plenty – Rotorua

Fairy Springs

153 Fairy Springs Rd:
Features: 1184m² site opposite Skyline Skyrides – 86m² showroom, 130m² 3-bedroom house plus 72m² workshop/garage
Outcome: sold with vacant possession for $580,000
Agents: Mark Slade & Brei Gudsell

Westbrook

320 Malfroy Rd:
Features: 3039m² commercial site, 502m² building split into 2 tenancies, education facility & dance studio, on 2- & 3-year leases
Rent $60,000/year net + gst
Outcome: sold for $650,000 at a 9.23% yield
Agents: Mark Slade & Brei Gudsell

Manawatu

Palmerston North

201-203 John F Kennedy Drive:
Features:  7454m² corner site, recently refurbished 2440m² warehouse & commercial building; anchor tenant NZX-listed Turners Auto has been in occupation for 19 years and renewed last July for 9 years; 392m² Workshop bar is the other occupant on 6-year lease from December 2016  
Outcome: sold for $3.855 million at a 6.4% yield
Agents: Dave & Kate Looney

Waikato

Te Awamutu

61 Bruce Berquist Drive:
Features: 4732m² industrial site occupied by longstanding storage business, 132 units totalling 1520m² leased to over 100 tenants
Rent $192,000/year net + gst
Outcome: sold for $2.52 million at a 7.62% yield
Agent: Andrew Shaw

Te Rapa

31 McKee St:
Features: 1990m² industrial site, 661m² of modern buildings, 3 long-term tenants
Rent $90,973/year net + gst
Outcome: sold for $1.51 million at a 6.02% yield
Agent: Andrew Shaw

Wellington – Lower Hutt

Alicetown

15 Wakefield St:
Features: 769m² site, 792m² high stud, column-free warehouse by the Dowse Interchange, holding income from lease expiring 31 January 2018
Rent: $70,000/year gross + gst
Outcome: sold for $450,000
Agents: Paul Cudby & Matt Gibbs

Naenae

12 Horlor St:
Features: 406m² site, 393m² 1950s industrial building with good seismic rating plus 5 parking spaces; 296m² ground-floor warehouse/workshop, showroom plus 97m² mezzanine office
Rent: estimated potential income of $39,725/year net + gst
Outcome: sold with vacant possession for $480,000
Agent: Paul Cudby

Petone

10 Te Puni St:
Features: 2130m² site adjacent to new Rebel Sports and Briscoes stores in Petone West’s growing bulk retail precinct, 1503m² high stud warehouse, office & showroom building, leased to 3 tenants with final lease expiries from 2018-20
Rent: $146,401/year net + gst (estimated full market rental $207,299 year net + gst)
Outcome: sold for $2.394 million at a 6.1% yield
Agents: Matt Gibbs & Fraser Press

Attribution: Agency release.

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Accor to run Chows’ Rotorua hotel

NZAX-listed property company Chow Group Ltd’s management company, CGML Ltd, has awarded the management contract for its Rotorua hotel to AccorHotels.

CGML bought the 30-year-old, 10-storey, 8000m² office Zens Centre at 1135 Arawa St in 2015 and is converting it into a 130-room hotel.

Director John Chow (pictured in front of the building with mayor Steve Chadwick) said it would carry a 5-star brand. Work on architectural plans has started and the conversion should start in July. It’s expected to open at the end of 2018 or early 2019.

AccorHotels already operates a Novotel in Rotorua and the ibis Rotorua Lakeside.

Ms Chadwick said the retail & tourism sectors were doing extremely well in Rotorua and its economy was performing above the national average: “Rotorua is growing & thriving. Our population now exceeds 70,000 and continues to grow, and unemployment is dropping. It’s important that we continue to build on these positive achievements, and projects such as the Chow Group’s new upscale hotel are critical to our success, improving our tourism infrastructure and creating work opportunities.”

Attribution: Company release.

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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.

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