Archive | Airport

Strong bidding for Rosedale retail unit, plus long list of airport area leases

6 bidders turned out for Bayleys’ auction yesterday of a Rosedale retail unit, brought forward from the agency’s Total Property auction next Wednesday, and the property sold at a 4.22% yield.

From north-east to south-west, and Bayleys agents have reported a long list of leasing deals in the Airport Oaks & Airport precincts, plus a couple in East Tamaki & Penrose.

Sale

North-east

Rosedale

Rosedale Retail Centre, 94 Rosedale Rd, unit 2:
Features: 73m² unit, occupied by a health & beauty retailer with just under 16 months to run on lease, wide frontage to a common parking area opposite anchor Tai Ping supermarket
Rent: $37,520/year net + gst + outgoings
Outcome: sold for $890,000 at a 4.22% yield at auction brought forward with declared reserve of $750,000
Agents: Eddie Zhong, Steven Liu & Meng He

Leases

Isthmus east

Penrose

7-9 McNab St:
Features: 5215m², global logistics operator has taken new lease
Rent: $560,000/year net + gst
Agents: Scott Campbell & James Valintine

South

Airport Oaks

8 Airpark Drive:
Features: 9816m² net lettable area, new 6-year lease to Bendon Ltd
Rent: $1,421,839/year net + gst
Agents: Scott Campbell & Jamsheed Sidhwa

1 Amelia Earhart Avenue:
Features: 8654m² net lettable area, Schenker Logistics has taken long-term lease
Rent: $1,224,200/year net + gst
Agents: Jamsheed Sidwha & Scott Campbell

99 Montgomerie Rd:
Features: 960m² net lettable area, new 4-year lease to Uniload,
Rent: $140,000/year net + gst
Agents: Nick Bayley & Scott Campbell

113 Pavilion Drive, unit 8:
Features: 1822m² net lettable area, new 6-year lease to Logical Freight Solutions NZ Ltd
Rent: $232,535/year net + gst
Agents: Nick Bayley & Jamsheed Sidhwa

9 Richard Pearse Drive:
Features: 12,470m² net lettable area, new 10-year lease to Apollo Motor Homes
Rent: $888,560/year net + gst
Agents: Scott Campbell & Nick Bayley

Auckland Airport

15 Maurice Wilson Avenue, unit A:
Features: 3028m² net lettable area, new 5-year lease to Sheppard Industries Ltd
Rent: 457,744/year net + gst
Agents: Jamsheed Sidhwa & Nelson Raines

15 Maurice Wilson Avenue, unit B:
Features: 4178m² net lettable area, new 6-year lease to Early Settler
Rent: $518,224/year net + gst
Agent: Jamsheed Sidhwa

East Tamaki

Highbrook Drive, unit D:
Features: 1965m² net lettable area, new 6-year lease to FDM
Rent: $346,800/year net + gst
Agents: Tom Davison & Scott Campbell

Attribution: Agency releases.

Continue Reading

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.

Continue Reading

6 commercial sales

Colliers agents have sold 3 commercial properties around Auckland and another 3 in Tauranga & Paraparaumu.

Isthmus east

St Johns

115 Felton Mathew Avenue, unit 3:
Features: vacant 294m² retail unit – 168m² showroom space, 102m² storage & warehousing
Outcome: sold to a private investor for $1.2 million + gst
Agents: Jeremy Barnett & Charlie Oscroft

North-east

Rosedale

63 Apollo Drive, unit B3:
Features: 571m² office unit
Outcome: sold by a private investor to owner-occupiers Goodwin Turner Commercial Lawyers for $2.7 million + gst
Agents: Janet Marshall & Nick Recordon

South

Airport Oaks

36 Ascot Rd:
Features: 8685m² site, 3680m² medium stud warehouse, offices & amenities,
Outcome: sold with vacant possession to an owner-occupier for $5.8 million
Agents: Brad Johnston, Paul Jarvie, Ash Vincent & Greg Goldfinch

South of the Bombays

Bay of Plenty

Tauranga

Tauriko

52 Whakakake St:
Features: 7752m² site, 4300m² useable space, 2315m² building constructed in 2016, containing high stud workshop, 115m² office; 5-tonne gantry crane, 9 roller doors, fenced concrete yard
Rent: $245,654 + gst on short-term lease
Outcome: sold for $4.225 million + gst at a 5.8% yield
Agents: Rob Schoeser & Simon Clark

Tauranga

100 First Avenue:
Features: 922m² site, 745m² building in 2 tenancies, parking, 3½ years left on lease,
Rent: current rent $140,000/year net + gst + outgoings on lease expiring in 2019
Outcome: sold for $2.4 million + gst at a 5.8% yield
Agents: Duncan Woodhouse & Simon Clark

Wellington

Paraparaumu

10 Manchester St:
Features: 1898m² industrial property, 2 fully tenanted buildings containing 1348m² net lettable area
Outcome: sold to a private syndicate for $2.206 million + gst at a 6.7% yield
Agents: Dean Anderson

Attribution: Agency release.

Continue Reading

7 industrial & commercial sales

Bayleys agents have sold 2 industrial properties in Mt Wellington and 5 commercial & industrial properties in the Airport Oaks, East Tamaki & Howick.

Isthmus east

Mt Wellington

1066 Great South Rd, unit T:
Features: 93m² industrial unit
Outcome: sold with vacant possession for $315,000 at $3387/m² land & building rate
Agent: Ben Wallace

147 & 147A Marua Rd:
Features: 2 standalone industrial buildings totalling 450m² on separate titles totalling 1019m², previously occupied by a panelbeating business
Outcome: sold with vacant possession for $1.86 million
Agents: Mike Adams, Phil Haydock & James Valintine

South

Airport Oaks

45 Rennie Drive:
Features: 1294m² site, 750m² industrial unit, 500m² of medium-stud warehousing & 250m² of air-conditioned offices, 6 parking spaces
Outcome: sold vacant for $1.75 million
Agents: Alex McNeil & Nick Bayley

East Tamaki

8 Bishop Lenihan Place, unit A:
Features: vacant 558m² unit, formerly a foodcourt, in retail complex
Outcome: sold for $1.76 million at $3154/m²
Agent: Quinn Ngo

4A/9 Laidlaw Way:
Features: 85m² tilt slab industrial unit with small office & majority warehousing
Rent: month-by-month tenancy returning $16,696/year gross
Outcome: sold for $287,500
Agent: Nelson Raines

Howick

Cook St Plaza, 15 Cook St, unit C:
Features: 162m² retail unit in corner position
Outcome: sold vacant for $720,000 at $4444/m²
Agents: Nick Bayley & Geoff Wyatt

8-14 Moore St:
Features: 875m² site zoned town centre (9m height limit), refurbished 443m² commercial building, 5 retail tenants on ground floor, hairdresser & office tenancy above, plenty of parking on underutilised land at rear
Rent: $114,485/year net + gst
Outcome: sold for $2.94 million at a 4.91% yield
Agents: Janak Darji, Amy Weng & Tony Chaudhary

Attribution: Agency release.

Continue Reading

Court rejects housing on Crater Hill & peninsula near airport

Auckland Council issued a release today welcoming an Environment Court decision that the Crater Hill (Nga Kapua Kohuora) volcanic cone & the elite soils of Pukaki Peninsula – between Auckland Airport & Papatoetoe – are to remain protected from residential development & future urbanisation.

The court declined an appeal by the Self Family Trust & adjacent landowners against the Auckland unitary plan, which zones Crater Hill & Pukaki Peninsula as rural land outside the rural urban boundary.

The South-western Motorway (State highway 20) cuts through part of the hill at Mangere.

The trust had proposed including the land inside the rural urban boundary to allow building up to 575 houses on certain parts of Crater Hill and appealed against the council’s unitary plan decision.

Landowners saw parts of Pukaki Peninsula as a future urban zone allowing urbanisation over areas of very productive land.

A coalition of 5 community groups & over 800 signatories petitioned the council in 2016 to save the hill & peninsula from development, which would have allowed the houses to be built on the region’s last undeveloped volcano.

The petition was led by the Geoscience Society, Civic Trust Auckland, SOUL ((Save Our Unique Landscapes) campaign, Friends of Maungawhau & Redoubt Ridge Environmental Action Group.

They argued that the unitary plan described the volcanic cones & fields as “defining natural & physical features that provide a unique setting and contribute significantly to Aucklanders’ quality of life”.

The petition added: “Since 1950, 65% of the 26 volcanoes in the southern half of the Auckland volcanic field have been demolished, built over or severely damaged. Crater Hill is the last one left in private ownership and is currently in remarkably good shape in spite of the South-western Motorway & the owners’ quarrying & back-filling activity inside one part of the crater. The recommended unitary plan has an objective (D10.2.4) that states: ‘Where practicable, the restoration & enhancement of outstanding natural features is promoted.’”

Auckland Council planning committee chair Chris Darby said today the appeal was a test of the unitary plan provisions: “At the time the unitary plan was introduced, we were acutely aware of the need to protect the ‘green lungs’ of Auckland and ensure that the natural & cultural landscape of Auckland would be safeguarded.

In the Environment Court decision, Judge Jon Jackson and environment commissioners Eileen von Dadelszen & James Baines said that, while the decision would have implications for housing elsewhere in the city, housing demand wasn’t a simple issue: “It is not a case of ‘push the balloon of supply in here and it will bulge out elsewhere.’”

Taking into account the existing markets available for housing, the court was satisfied its decision would have minimal impact on housing supply & prices.

“Standing back and looking at all relevant considerations, properly weighted, we consider that Auckland Council drew the rural urban boundary in the correct place so as to exclude Pukaki Peninsula & Crater Hill. Its decision should be confirmed as creating an appropriate strong defensible boundary in this area.”

Attribution: Council release, Civic Trust.

Continue Reading

Big Tauriko land sale, Husqvarna building sold

Colliers agents have sold 3 adjoining development sites at the Tauriko business estate outside Tauranga and the Husqvarna building near Auckland Airport.

South

Airport Oaks

51 Aintree Avenue:
Features: 5830m² site, 3752m² building – 3290m² clearspan warehouse, stud height 9-11m, 461m² of office & amenities, occupied by Husqvarna
Rent: $444,500/year net + gst from new 6-year lease
Outcome: sold to a private investor for $9.2 million at a 4.83% yield
Agents: Andrew Hooper, Dwayne Warby & Hamish West

South of Bombays

Bay of Plenty – Tauranga

Tauriko

33, 35 & 37 Taurikura Drive:
Features: 3 vacant sites totalling 8149m², zoned bulky goods
Outcome: sold to a private investor for a total $3.425 million
Agents: Rob Schoeser, Simon Clark & Mat Gibbard

Attribution: Agency release.

Continue Reading

2 Airport Oaks sales

2 Airport Oaks properties have been sold by Bayleys agents.

South

Airport Oaks

2 Freight Place (pictured):
Features: 7279m² site on corner of Richard Pearse Drive, 5270m² industrial building constructed in the early 2000s, occupied by third party logistics provider Online Distribution Ltd on 10-year lease until 31 October 2024 with rights of renewal until October 2033
Rent: $559,606/year net + gst
Outcome: sold for $9.735 million at a 5.75% yield
Agents: Mike Adams & Dave Stanley

38 Richard Pearse Drive:
Features: 4854m² site, 2873m² industrial building, remaining weighted average less term of 3.71 years from 3 tenancies – 1232m² of former office space over 2 levels at the front converted in 2007 to a gym; a physiotherapy clinic occupies 142m²; 1499m² of rear warehouse space has been furniture company Early Settler’s distribution centre since 2009, in conjunction with an adjoining property
Rent: $351,750/year net + gst
Outcome: sold for $4.845 million at a 7.26% yield
Agents: Jamsheed Sidhwa, Luke Carran & Nelson Raines

Attribution: Agency release.

Continue Reading

Design leaders appointed for “airport of the future”

Auckland International Airport Ltd has appointed a specialist consortium to lead design of the “airport of the future”, starting with creation of a combined domestic & international terminal.

The consortium will be led by management, engineering & development consultancy Mott MacDonald NZ Ltd, and includes Grimshaw Architects NZ Ltd, Architectus & Holmes Consulting Ltd.

Auckland Airport chief executive Adrian Littlewood said: “The selected consortium’s experience covers over 1000 aviation projects in 120 countries across 260 airports. In addition to specialist experience & knowledge, the consortium’s architects have a proven record of successfully bringing local cultural influence into the fabric of their passenger-focused design. This is a significant factor for us as we build a world-class airport with a uniquely New Zealand feel.”

The scope of the design project covers building works over the next 10 years. This includes the new integrated domestic terminal, expansion of border processing and the integration of extensive new transport & parking facilities.

The design is expected to be completed in early 2018.

Attribution: Company release.

Continue Reading

3 suburban commercials sell but Vic Park Market premises all passed in

2 light industrial properties and an Ellerslie office building were sold at yields ranging from 5% (Airport Oaks) up to 6.9% (Ellerslie) at Colliers’ auction today.

They were followed by the Victoria Park Market (pictured above) management office, which was sold, and 4 restaurant & hospitality premises at the market, none of which received a bid (apart from one vendor bid on the first restaurant).

The market properties were all taken to auction by Drake City Ltd (Shahin Behrooz Kermani).

CBD

Victoria Quarter – 5 premises in the Victoria Park Market

Management office:
Features: 40.25m²
Rent: $15,750 + gst, reviews 2 years to cpi + 2% or market, whichever is higher
Outcome: sold for $292,500 at a 5.4% yield
Agents: Gareth Fraser & Simon Felton

Indian Village, units 4A, 5A, 6 & 7, Drake St:
Features: 207m², original 10-year lease runs until 28 February 2023, 2 5-year rights of renewal
Rent: $134,745/year net + gst, reviews on market soft ratchet
Outcome: no bid
Agents: Gareth Fraser, Simon Felton & Tony Allsop

The White Rabbit, unit 73, Drake St:
Features: 490m², rooftop deck, original 10-year lease runs until 30 April 2022, 2 5-year rights of renewal
Rent: $212,341/year net + gst, reviews to market
Outcome: no bid
Agents: Gareth Fraser, Adam White & Tony Allsop

The Oakroom, unit 74, Drake St:
Features: 224m², original 12-year lease runs until 31 October 2023, 6-year right of renewal
Rent: $100,794/year net + gst, reviews on market soft ratchet
Outcome: no bid
Agents: Gareth Fraser, Adam White & Simon Felton

Hansik Restaurant, unit 75, Drake St:
Features: 303m², original 5-year lease runs until end of 2019, 2 5-year rights of renewal
Rent: $100,000/year net + gst, reviews structured
Outcome: passed in after vendor bid at $1 million
Agents: Gareth Fraser, Tony Allsop & Adam White

Isthmus east

2 Kalmia St, Ellerslie.

Ellerslie

2 Kalmia St:
Features: 2032m² mixed-use site, net lettable area 1477m² in 4-level air-conditioned building, multiple tenants, dual road access, 45 parking spaces
Rent: $373,992.13/year net + gst
Outcome: sold for $5.4 million at a 6.9% yield
Agents: Gareth Fraser, Simon Child & Greg Goldfinch

South

Airport Oaks

46 Andrew Baxter Drive:
Features: 2940m² light industrial site, tenant Aquafit NZ Ltd, net lettable area 1816m² – offices & amenities 253m² at $200/m², warehouse 1031m² at $112/m², canopy 532m² at $60/m²
Rent: $197,992/year net + gst, new 5-year lease, 12-month bank bond
Outcome: sold for $3.9 million at a 5.08% yield
Agents: Brad Johnston & Paul Jarvie

East Tamaki

9 Bostock Place:
Features: 7099m² site, 3526m² floor area, longstanding tenant, potential to split building, large yard, dual road access
Rent: $392,532/year net + gst, 6-year lease
Outcome: withdrawn from auction
Agents: Paul Higgins & Greg Goldfinch

90 Lady Ruby Drive:
Features: 849m² light industrial site, gross lettable area 724m² – office 180m² at $210/m², workshop 38m² at $125/m², mezzanine above workshop 38m² at $60/m², warehouse 505m² at $125/m², canopy 31m² at $55/m², 100% seismic rating, tenant Tex Onsite Ltd
Rent: $109,802/year net + gst, new 5-year lease
Outcome: sold for $1.93 million at a 5.7% yield
Agents: Paul Jarvie & Jolyon Thomson

Attribution: Auction.

Continue Reading

Airport company & Tainui to build Pullman at terminal

Auckland International Airport Ltd & Tainui Group Holdings Ltd said on Friday they’d agreed to develop a 5-star hotel next to the airport’s international terminal & the existing 4-star Novotel hotel. AccorHotels will operate the new 250-room hotel as the Pullman Auckland Airport.

Auckland Airport property general manager Mark Thomson said the timing was influenced by unprecedented demand for hotel accommodation in Auckland.

The hotel will be developed in a 50:50 partnership between Auckland Airport & Tainui. As part of this agreement, Auckland Airport has increased its ownership stake in the Novotel hotel to 50%. The 4-star-plus 263-room Novotel was completed in 2011.

The new hotel building will carry the name Te Arikinui, the chiefly title the late Maori Queen Te Atairangikaahu chose when she ascended to the wherowhero (throne).

Chris Joblin, Chief Executive of Tainui Group Holdings, says that this agreement reflects the strength of the relationship that has been established between Tainui Group Holdings and Auckland Airport.

Construction is expected to start by the end of this year, and the hotel is scheduled to open by late 2019. By then, the airport’s international terminal will have been expanded and work should be underway on the domestic section of the combined domestic & international terminal.

Image above: Artist’s impression of the new Pullman hotel next to the existing Novotel.

Earlier story:
24 July 2009: Novotel to stand in airport carpark

Attribution: Company release.

Continue Reading