Archive | Botany

Botany expansion enters stage 3

AMP Capital Investors Ltd has entered the third stage of its $78 million expansion of the Botany Town Centre in South Auckland, closing Garden Lane for redesign.

AMP Capital Shopping Centres development manager Paul Hudson said yesterday the closure was a milestone for the development, which was on track to be completed in mid-2019.

“The development to date has seen the extension of the main entrance (Conservatory) well under way, with the roof due to be added in the next 6 weeks. The refurbishment of Market Square (near New World) is also well advanced.”

The development will take the centre’s gross lettable area to 62,700m², occupied by over 200 tenants, while preserving its qualities as an open-air shopping centre.

Plants from the community garden in Garden Lane will be distributed throughout the centre. The play area will reopen in the form of 3 smaller play areas.

Mr Hudson said 40% of the new Garden Lane had been leased.

Naylor Love Construction Ltd is the main contractor for the expansion project, which follows the Auckland Council unitary plan’s designation of Botany Town Centre as a metropolitan-zoned hub. Several special housing & future residential growth areas have been identified around it.

Botany Town Centre opened in 2001 and is Auckland’s second-largest shopping centre by lettable area.

AMP Capital has $26 billion of assets under management, and AMP Capital Shopping Centres manages a portfolio of 30 shopping centres in Australia & New Zealand, including Botany & Manukau Supa Centa in Auckland, Bayfair Shopping Centre in Tauranga, and The Palms, Northwood & Merivale in Christchurch.

Earlier stories:
16  February 2018: Botany Town Centre set for upgrade
14 December 2016: Second Canadian pension fund buys into AMP property portfolio
11 July 2014: AMP Property sells $1 billion portfolio, NZ Super Fund looks for new investments

Attribution: Company release.

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Hawkins to pay $13.4 million to fix leaky new school

Justice Mathew Downs has ordered Hawkins Construction to pay $13.4 million + gst for remediation of a Botany high school which opened only in 2004.

Hawkins Construction North Island Ltd built the school’s buildings between 2003-09. The company’s name was changed to H Construction North Island Ltd in 2017, when Downer NZ Ltd bought the construction business from the McConnell family.

The claim was taken to the High Court by the Education Minister, Secretary for Education and the board of trustees of Botany Downs Secondary College.

Justice Downs said in his decision, out today: “The sum is not small, but Hawkins was paid approximately $28 million to build the school; pupils & teachers have not had the benefit of healthy code-compliant buildings for 8 years; and the award reflects the amount necessary to repair the school, not more.”

Judgment: Botany Downs Secondary College decision

  • More to come on this judgment once I’ve been through the detail.

Attribution: Judgment.

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Botany Town Centre set for upgrade

AMP Capital Investors Ltd plans a $78 million development & expansion project at Botany Town Centre, one of Auckland’s largest regional shopping centres, for owners PSPIB/CPPIB Waiheke Inc.

The development, announced yesterday, will include the introduction of international & national retailers, an additional mix of specialty retailers, a comprehensive refurbishment of ‘Garden Lane’, a refresh of the fresh food precinct adjoining the New World supermarket and an expansion of alfresco dining.

Portfolio manager Nick Cobham said the existing entertainment precinct, which includes Hoyts, would be refurbished, over 1000 powered recliner cinema seats upgraded, and the Lux premium cinema experience updated.

The development is being undertaken by AMP Capital Shopping Centres, AMP Capital’s specialist retail division, on behalf the owning partnership. Naylor Love Ltd has been appointed as the main contractor for the project.

The expansion follows the Auckland Council unitary plan’s designation of Botany Town

Centre as a metropolitan-zoned hub. Several special housing areas & future residential growth areas surround the centre.

The town centre opened in 2001 with 50,900m² of new retail space, backing on to the existing Pak N’ Save and Warehouse. The expansion will take the gross lettable area over 62,700m², with over 200 retailers. The development is targeted for completion in May 2019.

AMP Capital Investors (NZ) Ltd developed Botany, but sold it in 2014, as part of a $1 billion-plus portfolio of 18 properties held in the AMP Capital Property Portfolio, to Canada’s Public Sector Pension Investment Board. The Canada Pension Plan Investment Board (CPPIB) acquired a 50% interest last year in what was by then a $1.2 billion New Zealand property portfolio. That transaction was given regulatory approval by the Overseas Investment Office on 7 December 2017.

Earlier stories:
14 December 2016: Second Canadian pension fund buys into AMP property portfolio
11 July 2014: AMP Property sells $1 billion portfolio, NZ Super Fund looks for new investments

Attribution: Company release.

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2 industrial units sell

2 industrial units in Botany & East Tamaki were sold at Bayleys’ East Tamaki auction this week.

South

Botany

302 Te Irirangi Drive, unit 3:
Features: 250m² industrial unit in retail complex with opportunity to convert to commercial, retail or restaurant – 250m² ground-floor workshop, office & amenities, stud height rising from 6.5m to 7.5m, 40m² mezzanine office & storage, 16 parking spaces
Outcome: sold for $1.254 million
Agents: John Bolton & Katie Wu

East Tamaki

29 Neilpark Drive, unit C:
Features: 98m² industrial unit
Outcome: sold for $270,000
Agents: Geoff Wyatt & Nelson Raines

Attribution: Agency release.

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Metlifecare’s Botany site price disclosed

Metlifecare Ltd’s Botany site, bought through Bayleys 4 months ago for a retirement village, cost it $21 million.

Metlifecare bought the near-level, north-facing site, formerly part of the Pakuranga golfcourse, to build a $140 million retirement village. Its plan is for about 160 independent living units & serviced apartments plus care facilities.

South

Botany Downs

197 Botany Rd:
Features: 2.38ha site zoned mixed housing suburban
Outcome: sold for $21 million, at $882/m², to NZX-listed Metlifcare Ltd
Agent: Dave Stanley

Attribution: Agency release.

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Metlifecare plans 27th village for Botany

Metlifecare Ltd has conditionally bought a 2.38ha site in Botany for a $140 million retirement village.

Chief executive Glen Sowry said on Friday the proposed village at 197 Botany Rd, next to the Pakuranga Golf Club, was likely to have about 160 units in a 2-level development which would contain independent living units, serviced apartments & care.

The site “fits with our vision to create unique villages which integrate with their local surroundings to become retirement destinations. The fabulous outlook over the neighbouring golfcourse offers us the opportunity to build a ‘country club’ style village in an area exceptionally well serviced, with nearby amenities including shopping, sporting, recreational & medical facilities.”

Mr Sowry said Metlifecare had also considered the existence of a number of other retirement living options in the wider area, including 2 of its own villages, and its projections showed sufficient demand to accommodate these offerings.

He said the purchase was subject to third party consents being obtained. The conditions were expected to be satisfied by 9 June, and settlement would be the later of 28 July or 10 working days after the purchase becomes unconditional.

The new site will take Metlifecare’s total to 27 sites, 17 of them in Auckland. Metlifecare is on track to deliver at least 229 new retirement units & care beds at its 24 operational villages in the year to 30 June.

Attribution: Company release.

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10 sell at Bayleys’ commercial auction

9 properties were sold under the hammer and one post-auction of the 17 in Bayleys’ commercial auction yesterday. Another 3 were sold prior.

[Today’s report is short on some detail.]

CBD

Learning Quarter

5 Eden Crescent, units A & B:
Features: 600m² strata title, renovated, licensed karaoke bar & restaurant
Rent: $161,000/year net + gst
Outcome: passed in at $2.5 million
Agents: Oscar Kuang & Nicolas Ching

Queen St

239 Queen St, unit 1A:
Features: new 12-year lease
Rent: $150,657/year net + gst
Outcome: withdrawn from auction
Agents: Quinn Ngo & James Chan

Isthmus east

Ellerslie

38 Eaglehurst Rd, unit 7:
Features: warehouse
Outcome: declared reserve of $600,000, sold for $800,000
Agents: Andrew Wallace & Cameron Melhuish

Epsom

206 Manukau Rd:
Features: 898m² corner section,
Rent: $67,340/year holding income
Outcome: passed in at $3.55 million
Agents: Owen Ding & James Chan

Mission Bay

2 Atkin Avenue, unit 1:
Features: 374m² site zoned mixed use (up to 18m) under unitary plan, 3-bedroom unit, garage
Outcome: sold for$1.955 million
Agents: Phil Haydock & Angela Yang

Onehunga

18 George Terrace:
Features: 342m² site zoned mixed use, warehouse, office, amenities
Outcome: sold for $1.072 million
Agents: James Valintine & William Gubb

4 Newsome St:
Features: 493m², permissible height 20m
Outcome: no bid
Agents: Tony Chaudhary & James Valintine

Panmure

100 Queens Rd:
Features: town centre zone under unitary plan
Rent: $121,000/year net + gst
Outcome: passed in at $1.6 million
Agents: Mark Pittaway

Isthmus west

Eden Terrace

12 Fleet St:
Features: 336m² site
Rent: $52,260/year
Outcome: sold prior at declared reserve of $1.25 million
Agents: James Were & Scott Kirk

Mt Roskill

439 Mt Albert Rd:
Features: corner site, 4-bedroom home, internal garage, 3 commercial tenancies on ground floor
Outcome: auction postponed
Agents: Phil Haydock & Angela Yang

Ponsonby

91 College Hill:
Features: 337m² site zoned mixed use, 275m² gross floor area, 5 secure parking spaces
Outcome: sold for $2,577,500
Agents: Nigel McNeill & Meredith Graham

Sandringham

513 Sandringham Rd:
Features: retail + refurbished 3-bedroom flat
Rent: $88,060/year
Outcome: sold for $1.75 million
Agents: Scott Kirk & Damien Bullick

North-east

Northcote

44 Akoranga Drive:
Features: 946m² corner site, mixed use zone next to AUT
Outcome: sold for $2.5 million
Agents: Michael Nees & Simon Aldridge

Takapuna

6 & 6A Blomfield Spa:
Outcome: withdrawn from auction
Agents: Simon Aldridge & David Huang

Wairau Valley

170 Wairau Rd, unit 18:
Features: Hell Pizza on long-term lease
Rent: $54,000/year net + gst + outgoings
Outcome: sold for $990,000
Agents: Paul Dixon & Tony Chaudhary

North-west

Glendene

3 Bancroft Crescent:
Features: 3584m² site, long-term tenant, 6-year lease term with renewal rights
Rent: $225,000/year net + gst
Outcome: passed in at $2.775 million
Agents: Dave Stanley & Stuart Bode

New Lynn

3019 Great North Rd & 2 Bentinck St:
Features: 1459m² corner site in 2 titles, vacant possession
Outcome: passed in at $1.625 million at $1114/m²
Agents: Mike Adams & Scott Kirk

South

Botany Downs

286 Cascades Rd:
Features: 7493m² site opposite Pakuranga golfcourse, 70m frontage to Cascades Rd
Outcome: sold for $6.1 million
Agents: Dave Stanley & Graeme Sun

Botany South

Bishopsgate business centre, 2 Bishop Dunn Place, unit 32:
Features: 134m² first-floor office, storage, 2 parking spaces
Outcome: sold for $465,000
Agents: Geoff Wyatt & Dave Stanley

Takanini

292 Great South Rd:
Features: 2209m² site, standalone office & warehouse building anchored by long-term office lease + 2 warehouse tenants
Rent: $152,592/year net + gst
Outcome: sold for $2.68 million
Agents: Sunil Bhana & Peter Migounoff

South of the Bombays

Gisborne

412 Gladstone Rd:
Features: 670m² store, seismic rating 100% new building standard, 6-year lease term
Rent: $122,569/year
Outcome: passed in at $1.5 million, sold post-auction for $1.52 million at an 8% yield
Agents: Paul Garland & Colin McNab

Attribution: Auction.

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Argosy leases Bunnings space on Ti Rakau

Argosy Property Ltd has leased the 11,675m² of warehouse space at 320 Ti Rakau Drive before the Bunnings distribution centre lease on the premises expires. It’s also filled vacant Greenlane space.

Argosy chief executive Peter Mence said yesterday: “The Bunnings distribution centre lease was one of Argosy’s key expiries remaining in the current financial year and it is very pleasing that we have been able to successfully lease this space to 2 quality tenants, both on new 10-year lease terms.”

Target International NZ Ltd is to lease 6567m² of the warehouse, plus 447m² of office space, which will serve as its head office.

Gunnersen Ltd, the largest independent Australian-owned distributor of wood-based panel products, timber & decorative surface materials, will lease the remaining 5108m² of warehouse area, plus 150m² of office.

Argosy will undertake $5.2 million of capital works to develop the site to facilitate the warehouse subdivision and to improve truck circulation & yard management.

Mr Mence said Bunnings was expected to remain in the warehouse on a monthly basis until the new year. The Bunnings retail store isn’t affected and will continue to trade as normal.

Greenlane space leased

Argosy has also leased the vacant 1150m² on 2 levels at 308 Great South Rd, Greenlane, to Housing NZ Corp, which has recently extended its lease at Argosy’s 626 Great South Rd property.

The 308 Great South Rd space was fully refurbished after Pacific Brands relocated to an adjoining Argosy building. Housing NZ’s lease on it is for 3½ years from 1 January.

Attribution: Company release.

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6 of 27 “intensive living” homes sell at Barfoots auction

6 of the 27 “intensive living” homes auctioned (apartments, suburban units, townhouses & cross-leased properties) at Barfoot & Thompson on Wednesday were sold under the hammer or shortly after.

CBD

Albert St

Quay West, 8 Albert St, unit 1001:
Features: 2-bedroom apartment, balcony
Outgoings: body corp levy, $9899/year including gst
Outcome: no bid
Agent: Belinda Illingworth

Quay West, 8 Albert St, unit 3104:
Features: 3-bedroom apartment
Outgoings: body corp levy $22,278/year including gst
Outcome: no bid
Agent: Belinda Illingworth

Victoria Quarter

53 Cook St, unit 1402:
Features: 2-bedroom apartment, balcony, parking space
Outgoings: body corp levy, $6198/year including gst
Outcome: passed in
Agents: Annie Xu & Sean Zhang

Hobson Gardens, 205 Hobson St, unit 8H:
Features: 3-bedroom apartment
Outgoings: body corp levy, $6768/year including gst
Outcome: no bid
Agents: Stephen Shin & Yasu Ka

Isthmus east

Epsom

495 Manukau Rd, unit 6:
Features: 2-bedroom unit, balcony, carport, separate storage locker
Outgoings: body corp levy, $3445/year including gst
Outcome: no bid
Agents: Annie Xu & Sean Zhang

Meadowbank

83 St Johns Rd, unit 2:
Features: cross-lease, half share in 816m², 2 bedrooms
Outcome: sold for $960,000
Agent: Margot Torrance

Mt Wellington

46B Rutland Rd:
Features: cross-lease, one-third share in 986m², 3-bedroom house, deck, courtyard, garage
Outcome: passed in
Agents: Paul Donovan & Sharon Walls

Onehunga

116 Grey St:
Features: cross-lease, half share in 913m², 3 bedrooms
Outcome: passed in at $880,000
Agents: Nicholas Lyus & Julia Nah

29 Jordan Avenue:
Features: 749m² section, 3-bedroom bungalow, single garage
Outcome: sold for $1.095 million – second on the day’s auction list, was being passed in at $980,000 with first right to buy at the reserve, which prompted renewed bidding and it went on the market at $1.08 million (a standard residential property, not intensive, but an indicator that highly publicised trends aren’t always followed – competing bidders were Chinese)
Agents: Elizabeth Khosravi & Hamid Farid

One Tree Hill

66E Moana Avenue:
Features: cross-lease, one-fifth share in 2107m², 3-bedroom house, double internal-access garage
Outcome: passed in
Agents: John Zhang & Louissa Bao

Orakei

47 Rukutai St:
Features: cross-lease, one-third share in 1391m², 3 bedrooms, deck, carport
Outcome: sold for $1.085 million
Agent: Stanley Armon

Remuera

19 Mahoe Avenue, unit 1:
Features: cross-lease, half share in 637m², 3 bedrooms, double internal-access garage
Outcome: passed in at $1 million
Agent: Alex Baker

Stonefields

351 College Rd:
Features: fee simple, one-34th share in 1139m²
Outcome: no bid
Agents: Kelly Midwood & Zdenka Zinajic

Isthmus west

Avondale

23B Cradock St, unit 3:
Features: cross-lease, one-third share in unstated area, 3 bedrooms, deck, single garage
Outcome: no bid
Agent: Helen Clelland

Grey Lynn

34 Pollen St, unit 15:
Features: 2-bedroom apartment, deck, single garage
Outgoings: body corp levy, $4074/year including gst
Outcome: no bid
Agent: Becs Peacocke

Kingsland

33 School Rd, unit 6:
Features: 3-bedroom apartment, balcony, front garden, internal-access garage
Outgoings: body corp levy $3842/year including gst
Outcome: no bid
Agents: Jane Wang & Dragon Zhou

Mt Eden

3 Fairview Rd, unit 1:
Features: cross-lease, one-eighth share in 1145m², refurbished 3-bedroom unit, terrace, offstreet parking
Outcome: no bid
Agent: Ling Zhu

6 Fairview Rd, unit 2:
Features: cross-lease, one-sixth share in 1006m², 2-bedroom ground-floor unit
Outcome: sold for $626,000
Agent: Craig Smith

Mt Roskill

20 Hazel Avenue:
Features: cross-lease, half share in 809m², 3-bedroom bungalow, conservatory
Outcome: sold for $910,000
Agent: Felix Bogdanovic

New Windsor

109A New Windsor Rd:
Features: cross-lease, half share in 2712m², 4-bedroom house
Outcome: sold for $870,000
Agents: Anna Lechtchinski & Alex Wu

Ponsonby

22 Prosford St, unit 4:
Features: 2-bedroom apartment, secure double parking, storage unit
Outgoings: body corp levy, $6889/year including gst
Outcome: sold post-auction
Agent: Carl Madsen

Sandringham

26 Fowlds Avenue:
Features: cross-lease, half share in 1247m², 4-bedroom bungalow, deck, garage
Outcome: no bid
Agent: Matt O’Brien

North-west

Henderson

2A Longburn Rd:
Features: cross-lease, half share in 822m²
Outcome: passed in
Agents: Margaret Jackson & Tanzi Rose

Kelston

11 Alston Avenue, unit 4:
Features: cross-lease, quarter share in 1113m², 2-bedroom unit, single carport
Outcome: no bid
Agents: Clara Wu & Shirley Zhong

Massey

2 Kemp Rd, unit 1:
Features: 2-bedroom house, single garage
Outgoings: body corp levy, $615/year including gst
Outcome: passed in
Agents: Eugene Yamamoto & Matt O’Rourke

New Lynn

72 Portage Rd, unit 1:
Features: cross-lease, one-fifth share in 1363m², 2-bedroom unit, garden shed, carport
Outcome: passed in at $370,000
Agent: Dharmendra Gomber

Royal Heights

259 Royal Rd, unit 2:
Features: cross-lease, one-third share in 1097m², 2 bedrooms, study, single garage
Outcome: no bid
Agents: Casey & Rhys Chen

South

Huntington Park, Botany

74 Huntington Drive, unit 23:
Features: 345m2 section, one-13th share in 706m², 3 bedrooms, deck, single carport
Outcome: sold for $721,000
Agent: Cheryl Woodward

Attribution: Auction.

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9 sales & 4 leases in the south-east

Bayleys agents have reported 9 sales & 4 leases in south-east Auckland, including a unit at 85 Springs Rd, East Tamaki (pictured).

South

Sales

East Tamaki

15 Accent Drive, unit 25:
Features: 149m2 ground-floor office, 4 parking spaces
Outcome: sold vacant for $560,000
Agents: Roy Rudolph, John Bolton & Geoff Wyatt

30C Allens Rd:
Features: 1252m2 industrial unit – 961.5m2 warehouse, 280m2 office, 10 parking spaces; 3-year lease from April 2015, with one 3-year right of renewal
Rent: $142,500/year net + gst
Outcome: sold for $1.8 million at a 7.9% yield
Agents: John Bolton & Roy Rudolph

417-421 East Tamaki Rd:
Features: 12,526m2 business 5-zoned bare land development site
Outcome: sold for $5,010,400 at $400/m2 for development of various warehouse options, ranging from storage & tradesmen’s units to a large roadfront warehouse/office unit with showroom
Agents: Mike Marinkovich & Marty Roestenburg

85 Springs Rd, unit A (pictured):
Features: 1867m2 showroom, warehouse & office building on prime roadfront site occupied by Mico Bathroom, Plumbing & Hardware for 6 years from 2012 with 4 3-year rights of renewal
Rent: $215,000/year net + gst
Outcome: sold for $3,205,000 at a 6.7% yield
Agents: John Bolton & Roy Rudolph

325 Ti Rakau Drive, unit 11:
Features: 180m2 industrial building – 90m2 warehouse, 90m2 office, 4 parking spaces Outcome: sold vacant for $415,000
Agent: Katie Wu

Flat Bush

164 Chapel Road, unit A18:
Features: 100m2 vacant retail outlet
Outcome: sold for $480,000
Agents: Janak Darji, Amy Weng & Tony Chaudhary

Highland Park

5 Aviemore Drive, unit A:
Features: 250m2 retail outlet half leased on monthly tenancy
Rent: $50,000/year net + gst from partial tenancy
Outcome: sold for $1,038,000
Agents: Tony Chaudhary, Janak Darji, Amy Weng

20-22 Dunrobin Place, unit 7:
Features: 180m2 retail outlet in redeveloped former cinema complex, leased for 8 years from June 2014 to Flowing In Motion with 2 8-year rights of renewal
Rent: $54,000/year net + gst
Outcome: sold for $700,000 at a 7.7% yield
Agents: Sunil Bhana & Quinn Ngo

Howick

180 Moore St, Howick.

180 Moore St, Howick.

180 Moore St:
Features: 568m2 5-unit auto service complex on 1040mbusiness 5-zoned site, 2 tenants on 2- & 5-year leases and 2 vacant units totalling 142m2
Outcome: sold for $1.74 million
Agents: Tony Chaudhary, Shane Snijder & Janak Darji

Leases

Botany South

1 Bishop Dunn Place, unit 1A:
Features: 222moffice leased for 3 years to a construction company at $250/m2, 6 parking spaces at $15 each/week; annual rent reviews to CPI & 2 3-year rights of renewal
Rent: $55,525/year net + gst (including parking spaces @ $15 each/week)
Agent: Geoff Wyatt

East Tamaki

333 East Tamaki Road, unit C:
Features: 558mindustrial building – 325m2 factory, 109m2 mezzanine, 99m2 office, 8 parking spaces, leased for 6 years with rights of renewal & 2-yearly rent reviews
Rent: $82,000/year net + gst
Agents: Janak Darji & Tony Chaudhary

166 Harris Rd, unit C:
Features: 454m2 retail space rented at $200/m2 & 145m2 warehouse at $100/m2 plus 13 parking spaces, leased for 10 years with one 10-year right of renewal, demolition clause after 5 years with 12 months’ notice
Rent: $105,000/year net + gst
Agent: Geoff Wyatt

19 Nandino Avenue, unit A:
Features: 252mwarehouse leased for 3 years at $297/m2 with 3-yearly rent reviews & 2 6-year rights of renewal
Rent: $75,000/year net + gst
Agents: Katie Wu & John Bolton

Attribution: Agency release.

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