Archive | Manukau

One sells at 5%, another at hefty premium in Total Property auction

5 of the 8 properties auctioned in Bayleys’ Total Property 5 auction in Auckland today sold under the hammer, and a sixth sold a couple of hours later at a hefty premium above the last bid.

The auctions for 3 other properties were postponed (but they’re listed below).

Most activity was for a retail unit in an Apollo Drive, Rosedale, development on the North Shore (pictured).

Bidding opened at $750,000, equating to a 6.6% yield, it went on the market at $910,000, equating to 5.4%, and after a series of small raises by 3 bidders it sold for $1000 more than an exact 5% yield – the strongest return of the day.

CBD

Queen St

Mid-City Centre, 239 Queen St, basement unit B:
Features: 600m²,
Rent: $168,000/year net + gst from pool hall operator, 8-year lease from March 2018, rent increases 2%/year
Outcome: auction postponed
Agents: Nicolas Ching & James Chan

Isthmus east

Otahuhu

35B Saleyards Rd:
Features: 994m² site, 426m² floor area, 4 light industrial units, 3 tenants, all on 2-year leases
Rent: $64,774/year net + gst
Outcome: sold for $1.031 million at a 6.3% yield
Agents: Tony Chaudhary & Nelson Raines

Penrose

14 Greenpark Rd:
Features: 1627m² site, 1451m² warehouse, seismic rating 71%, head office for Momotea restaurant group, plus apartment
Rent: $201,141/year net + gst, lease expiring in 2035
Outcome: auction postponed
Agent: Millie Liang

North-east

Rosedale

56 Apollo Drive, unit 6:
Features: 90m² corner café leased to Duck Duck Goose in 13-unit retail development by Kea Property Group
Rent: $49,500/year net + gst + outgoings from 6-year lease + renewals
Outcome: sold for $991,000 at a 4.995% yield
Agents: Laurie Burt & Eddie Zhong

12 Parkhead Place, unit B:
Features: 627.4m², warehouse with 3 roller doors, offices & amenities at both ends, 12 parking spaces
Outcome: sold with vacant possession for $1.945 million
Agents: Matt Mimmack & Laurie Burt

Wairau Valley

Wairau Junction, 160 Wairau Rd, unit 5:
Features: 59m² retail, tenant Spice Cuisine on 10-year lease from 2013
Rent: $25,000/year net + gst
Outcome: sold for $415,000 at a 6% yield
Agents: Matt Lee & Terry Kim

North-west

Te Atatu Peninsula

570 Te Atatu Rd:
Features: 1229m² site, 4 separate shops, rear access
Rent: $85,093/year net + gst
Outcome: auction postponed
Agents: Scott Kirk & James Were

South

Manukau

533 Great South Rd, unit H:
Features: vacant 1020m² standalone light industrial building, offices & amenities, 11 parking spaces
Outcome: no bid
Agents: Alex McNeil & Karl Price

Manurewa

25 Station Rd:
Features: 344m² site, 550m² building area, 4 separate tenancies on 2 floors, B grade seismic rating, roof replaced 2013
Rent: $71,830/year net + gst
Outcome: sold for $1.25 million at a 5.75% yield
Agents: Dave Stanley & Shane Snijder

Papakura

13 Vernon St:
Features: vacant 2071m² business mixed use site, 573m² floor area, high stud workshop across the rear boundary, lower stud shed at roadfront
Outcome: passed in at $1.3 million, sold within 2 hours for $1.75 million
Agents: Piyush Kumar & Peter Migounoff

Pukekohe

30 Franklin Rd:
Features: vacant 1161m² site zoned business mixed use, 827m² floor area, plans for apartment development available
Outcome: no bid
Agents: Shane Snijder, Scott Penney & Virginia Zhou

Attribution: Auction.

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2 Manukau commercial units & 2 in Manurewa complex sell

A reconfigured warehouse unit & 2 shops in Manukau have been sold by Bayleys agents. In Manurewa, 2 unit in a retail complex have been sold in one lot, after an adjoining unit was bought on its own.

South

Manukau

132 Cavendish Drive, unit E:
Features: Mid-2000s 588m² warehouse unit, renovated & reconfigured to provide 2 levels of showroom & office space plus 12 parking spaces; leased for 8 months to Bath & Tile (NZ) Ltd from June 2018 with no rights of renewal
Rent: $100,200/year net + gst
Outcome: sold for $1.718 million at a 5.83% yield
Agents: Janak Darji, Tony Chaudhary, Amy Weng & Mike Marinkovich

597 Great South Rd, unit 4:
Features: 290m² retail premises, occupied by laundromat & cake shop, part of 9-unit complex with plenty of common parking
Rent: $101,732/year net + gst
Outcome: sold for $1.92 million at a 5.3% yield
Agents: Tony Chaudhary, Amy Weng & Janak Darji

Manurewa

6 & 6A Halver Rd:
Features: 2 retail unitseach 106m², one leased to an Indian takeaway until November 2019, the other to Tokyo Kitchen until January 2020; part of 11-unit retail complex built in 2012 on corner of Great South Rd, fronting onto large central parking area
Rent: $61,200 /year net + gst
Outcome: sold as one lot for $1.128 million at a 5.43% yield
Agent: Piyush Kumar

Attribution: Agency release.

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Sale of 7 council properties up for vote next Tuesday

Auckland Council’s finance & performance committee will consider the sale of 7 council-owned properties next Tuesday, including 5 former council chambers around the region.

The other 2 on the list are the Graham St building overlooking the Viaduct waterfront area in the cbd, and the parking lot beside the Aotea Centre & Bledisloe House, also in the cbd.

They have a combined 2017 capital valuation of $190 million.

Local boards oppose the sale of the Henderson, Orewa & Papakura properties, which contain the council chambers plus offices of the former Waitakere, Rodney & Papakura councils.

2 of those, the Henderson-Massey & Hibiscus & Bays boards, expressed concern at the short notice and at provision for local accommodation for council services.

However, committee chair Ross Clow said the council intended to retain all its 23 customer service centres & 21 local board offices.

He said that under the council’s corporate property building strategy, the council would retain a local, face-to-face presence with communities across Auckland and provide appropriate office space for the council’s elected representatives & council staff: “Aucklanders will still be able to interact with the council in their local areas,” he said. “This proposal is about making the council more efficient, more effective & more in touch with our community.”

In some locations such as Orewa & Pukekohe, the sale of the property will mean the location of the local services will change: “Any local board office or customer service centre that could be affected by the sale of any of these buildings will be relocated within the area, in consultation with the relevant local board.

“Alongside this, we expect to reduce our operational costs of running buildings we no longer occupy as we move to more modern & efficient workplaces.”

The buildings & land being considered for sale:

CBD, 4-10 Mayoral Drive, 4238m² parking lot, capital value $28 million
CBD, 35 Graham St (and associated buildings), capital value $52 million
Henderson, 6 Henderson Valley Rd (land & associated buildings), capital value $57.7 million
Manukau, 4 Osterley Way, capital value $12.3 million
Orewa, 50 Centreway Rd, capital value $28.8 million
Papakura, 35 Coles Crescent, capital value $3.85 million
Pukekohe, 82 Manukau Rd, capital value $7.2 million

Links:
Finance & performance committee agenda, 17 April
17 April meeting livestream link

Details of the 7 properties:
Manukau, 4 Osterley Way

CBD, 4-10 Mayoral Drive
Papakura, 35 Coles Crescent
CBD, 35 Graham St
Orewa, 50 Centreway Rd
Henderson, 6 Henderson Valley Rd
Pukekohe, 82 Manukau Rd

Attribution: Council agenda & release.

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6 commercial properties & residential development site sell

Bayleys agents in South Auckland have sold 6 commercial properties in East Tamaki, Manukau & Wiri, and a 5ha residential development site at The Gardens, Manurewa.

South

East Tamaki

9 Lady Ruby Drive, unit E:
Features: 160m² industrial unit – 129.5m² ground-floor warehouse, office & amenities, 30m² of mezzanine office, 4 parking spaces
Outcome: sold vacant for $500,000
Agents: Katie Wu, Roy Rudolph & John Bolton

22 Neilpark Drive, unit A:
Features: 337m2 roadfront unit in 3-unit development, A grade food premises comprising about 172mof processing space & warehousing, 58mof chillers & freezers and 63mof offices & amenities
Rent: previously generating $65,000/year net + gst
Outcome: sold with vacant possession for $910,000
Agents: Roy Rudolph, John Bolton, Katie Wu & Karl Price

33 Springs Rd, unit D:
Features: 897m² industrial unit – 460m² high stud clearspan warehouse, dual roller door access, 198m² of ground-floor showroom, office & amenities, 239m² of first-floor offices & amenities with separate entrance
Outcome: sold vacant for $1,817,500
Agents: John Bolton, Roy Rudolph & Katie Wu

Manukau

5 Jack Conway Avenue, unit C:
Features: 471m² 2-level commercial building – 230m² ground-floor tenant Gordy’s Bar & Gaming Lounge has 8-year lease from December 2016, with 3 4-year rights of renewal, 241m² first floor tenanted by Bartercard NZ Ltd on 8-year lease from March 2013, with 2 4-year rights of renewal
Rent: $130,000/year net + gst
Outcome: sold for $1.92 million at a 6.77% yield
Agents: Rod Grieve & Maxine Bates

Manurewa

The Gardens, 261 Hill Rd:
Features: 5.1445ha of mostly bare land with an easy contour, part zoned mixed housing suburban, part future urban
Outcome: sold with vacant possession for $7 million at $136/m2
Agents: Peter Migounoff & Piyush Kumar

Wiri

20 Hobill Avenue:
Features: 3140m² site zoned light industry, modern 600m² industrial building, fully fenced & gated rear site with sealed yard that provides options to extend building
Outcome: sold to an owner occupier for $1.97 million with short-term holding income from vendor & additional income from cellphone tower
Agent: Mike Marinkovich

34 Hobill Avenue, unit E:
Features: 350m² mid-1980s roadfront industrial unit – 156m² warehouse, 194m² showroom, office & amenities over 2 levels
Outcome: sold vacant to an owner-occupier for $1.02 million
Agent: Mike Marinkovich

Attribution: Agency release.

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Panel confirms Mill Rd arterial corridor proposal

Planning commissioners have confirmed the notices of requirement Auckland Transport sought last year for the Redoubt-Mill Rd arterial corridor in Manukau.

Through plan amendments 76 (Manukau) & 49 (Papakura) – begun when those 2 areas of South Auckland were under separate councils – Auckland Transport wants to realign, widen & improve the corridor running from Alfriston round to central Manukau, and also improve the southern portion of Murphys Rd.

The panel of Kitt Littlejohn (chair), Michael Parsonson, Nigel Williams, Rebecca Skidmore & Basil Morrison heard the application in August-October and issued its decision on 17 February.

The commissioners said they found upgrading the corridor was “necessary to relieve existing & forecast congestion, accommodate planned growth, provide for alternative modes of transport, improve traffic safety & improve network efficiency. While the project will result in some adverse effects, particularly in relation to ecology, these effects can be appropriately avoided, remedied or mitigated.”

Auckland Transport roading group manager Andrew Scoggins said today the recommendation & related conditions would be considered before a decision is made to confirm, amend or withdraw the notices. Submitters will have 15 working days to appeal the decision to the Environment Court.

The project will create an 8.9km 4-lane arterial route plus cycleways and is expected to cost about $300 million. It requires full acquisition of 59 properties and partial acquisition of a further 258 properties.

Image above: The Mill Rd corridor, in purple.

Links:
Mill Rd decision report
Auckland Transport, Redoubt-Mill Rd corridor

Attribution: Decision report, Auckland Transport release.

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10 sales & 3 leases in South Auckland

Bayleys agents in South Auckland have recorded 10 sales, including one extra sale out of last week’s auction, and 3 leasing transactions.

South

Sales

Clover Park

18 Dissmeyer Drive:
Features: 200m2 mixed use building on 623m2 business 1-zoned site, 2 retail tenancies, one a superette on new 4-year lease, the other vacant; residence above
Rent: $26,000/year net + gst for commercial tenant; $400/week for periodic residential tenancy
Outcome: sold for $1.025 million, purchaser will occupy vacant tenancy on half of ground floor
Agents: Tony Chaudhary & Janak Darji

Manukau

132 Cavendish Drive, unit 4:
Features: 422m2 building – 243m2 workshop, 79m2 office, 84m2 showroom, occupied by Midas Car Care, which exercised the last of 2 6-year rights of renewal in 2013
Rent: $71,190/year net + gst
Outcome: sold for $1.18 million at a 6% yield
Agents: Katie Wu & John Bolton

8 Puhinui Rd, unit 1 (pictured above):
Features: 537m2 2-level commercial building, 36 parking spaces, educational institute on 3-year lease from May 2014 with one 3-year right of renewal
Rent: $135,295/year net + gst
Outcome: sold for $1.75 million at a 7.7% yield
Agent: Mark Pittaway

3 Wilko Place:
Features: New 1444m2 industrial building scheduled for completion mid-2016 on 2215mbusiness 6-zoned site – 1228m2 warehouse with 9m-10.3m stud, plus 175m2 canopy & 216m2 office
Outcome: sold with vacant possession for $3.21 million
Agent: Mike Marinkovich

Manurewa

Unit 1, 1327 Alfriston Rd:
Features: 86m2 workshop on 560m2 site
Outcome: sold for $230,000 at a 5.2% yield
Agents: Shane Snijder & Piyush Kumar

28A & 28B Maich Rd, unit D:
Features: 150m2 warehouse on 1287m2 business 5-zoned site
Outcome: sold vacant for $575,000
Agents: Tony Chaudhary & Janak Darji

175-177 Russell Rd:
Features: 230m2 warehouse/office building on 1284m2 site, with small lease for yard space on 2-year term from February 2015 with no reviews or rights of renewal
Rent: $15,000/year net + gst
Outcome: sold as freehold going concern for $715,000
Agents: Piyush Kumar & Peter Migounoff

Papakura:

31 Elliot St:
Features: 500m2 warehouse on 799m2 commercial 1-zoned site, 2 tenants on 1- & 3-year leases
Rent: $40,000/year net + gst
Outcome: sold for $600,000 at a 6.6% yield
Agents: Piyush Kumar & Peter Migounoff

55 Hunua Rd, Papakura, sold post-auction.

55 Hunua Rd, Papakura, sold post-auction.

55 Hunua Rd:
Features: vacant 4057m² site, trucking facility with modern workshop & mechanics’ pit, air-conditioned offices, 492m² of building
Outcome: sold post-auction for $1.25 million (passed in at $1.15 million)
Agents: Shane Snijder & Peter Migounoff

Pukekohe

22 Queen St:
Features: 206m2 tilt-slab office building constructed in 2007 on 300m2 roadfront site
Outcome: sold vacant for $895,000
Agent: Graeme Moore

Leases 

Manurewa

12 Maich Rd:
Features: 480mwarehouse leased for 3 years with 2-yearly rent reviews & 2 3-year rights of renewal
Rent: $51,000/year net + gst
Agents: Piyush Kumar & Peter Migounoff

Takanini

6B Marphona Crescent:
Features: 740m2 warehouse, 123m2 office space & 13 parking spaces on industrial site leased for 4 years with CPI rent review
Rent: $137,500/year net + gst
Agents: Peter Migounoff & Katie Wu

70 Spartan Rd:
Features: 2600m2 yard area on industrial site, plus 150m2 office space, leased for 2 years for parking trucks, annual rent reviews to CPI & one 2-year right of renewal
Rent: $66,000/year net + gst
Agent: Peter Migounoff

 

Attribution: Agency release.

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2 Devonport commercial properties sold

4 of the 8 commercial properties offered at Colliers’ commercial auction yesterday were sold under the hammer or shortly after, including 2 adjoining Devonport town centre properties (pictured; one under conditional contract). Negotiations were also under way on the fifth of the properties auctioned, and on 2 of the 3 that had been withdrawn.

Isthmus west

Avondale

356 Rosebank Rd:
Features: 1130m² site, 487m² building
Rent: $52,224/year net
Outcome: sold for $1.34 million at a 3.9% yield
Agents: Craig Smith & Dhiru Patel

North-east

Devonport

12 Clarence St & 49-Victoria Rd:
Features: 960m² corner site, 892m² floor area, multi-tenanted retail/commercial property with development potential
Outcome: passed in at $5.05 million, under conditional contract post-auction at $5.5 million
Agents: Euan Stratton, Deborah Dowling & Charlie Oscroft

14 Clarence St:
Features: 408m² in 2 tenancies, retail/commercial property, pending vacancy allows for growth
Rent: $72,200/year net
Outcome: passed in at $1.2 million, sold post-auction for $2 million at a 3.6% yield
Agents: Euan Stratton, Deborah Dowling & Charlie Oscroft

Rosedale

63 Apollo Drive, unit B3:
Features: multi-tenanted corner site
Rent: $153,511/year net
Outcome: auction postponed but under negotiation
Agents: Janet Marshall & Paul Salmon

Silverdale

23-25 Wainui Rd:
Features: 197m² land & floor area, plus 13m² deck, Northern Union Gastro Pub as tenant in the new Silverdale Centre
Rent: $123,750/year net, 10-year lease from June 2014
Outcome: withdrawn from auction, under negotiation
Agents: Shoneet Chand & Matt Prentice

North-west

Henderson

302 Henderson Valley Rd:
Features: 2233m² site, childcare centre licensed for 50 children and café/function complex Outcome: auction cancelled
Agents: Peter Kermode, Michael Bray & Deborah Dowling

South

Manukau

40 Cavendish Drive, unit 1:
Features: recently refurbished, Bike Barn (Bike International Ltd) as tenant on new 6-year lease
Rent: $100,000/year net + gst
Outcome: sold for $1.755 million at a 5.69% yield
Agents: Adam White & Peter Kermode

Manurewa

2 Russell Rd:
Features: corner site
Rent: $103,577/year net + gst
Outcome: passed in at $1.3 million, under negotiation
Agents: Jeremy Barnett & Dhiru Patel

Attribution: Auction.

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Gaze offers investment in $400 million Manukau special housing area

The biggest special housing area announced on Thursday is an 850-home project which will sit between the Southern Motorway & Great South Rd, 200m down the road from the Vodafone Events Centre and another 1km from the Westfield mall at Manukau City Centre.

Gaze Property Partnerships Ltd (David Gaze) is seeking investors in its $400 million (completion value) 8 Pacific project, which it estimates will return 31% on total equity.

8 Pacific, at 834 Great South Rd & 10 Pacific Events Centre Drive, was one of 11 special housing areas named in tranche 7 under the Government-Auckland Council housing accord.

Gaze is promoting it as a masterplanned mixed-use community development. Earthworks will start next year on the 9.2ha site for the first stage of housing to be ready by the end of 2017.

Gaze Property Partnerships executive director Chris Jones said the mix of housing types would include 2-bedroom apartments, townhouses & terraced houses, plus 4-bedroom homes, and there would be provision for retirement living, student & hotel accommodation.

Gaze has lodged a resource consent application for the total land development. Stage 1 includes 18 apartments and 20 terrace & townhouses. Beyond stage 1, the road network, parks, a community hub and about 12 further super lots for subsequent housing development will be prepared. The company aims to complete the whole development within 3 years.

Beyond land development, it is intended that the first residential housing will be ready for habitation by the end of 2017, and the entire land subdivision development will be completed within two to three years. The ongoing delivery of housing will continue to be rolled out as soon as possible during this time and beyond.

Mr Gaze developed the 93-unit Summerfield Villas in Grey Lynn in 1999. He and construction company Mainzeal paid a substantial repair bill for water ingress 3 years later, but the complex is being reclad a second time.

Link: Gaze Property Partnerships, 8 Pacific

Earlier story:
28 August 2015: 11 more special housing areas approved

Attribution: Company release, website.

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2 commercial sales at Barfoot auction

2 commercial properties were sold at Barfoot & Thompson’s auction today out of 5 offered. The auction of another property was postponed.

CBD

Learning Quarter

56 Airedale St:
Features: 65m², 2 stacked parking spaces
Rent: $20,050/year net from 4 + 4 lease from 1 September 2011, tenant not renewing
Outcome: auction postponed
Agents: Wayne Muir & Kim Loo

North-east

Northcote

33 Woodside Avenue:
Features: 809m² site, office & warehouse
Outcome: sold for $.15 million
Agents: Tim Bibby & Gary Seekup

South

Airport Oaks

50 Andrew Baxter Drive:
Features: 1870m² roadfront site zoned business 5, 922m² high-stud warehouse, showroom & offices 314m² on 2 levels, fully tenanted
Rent: $110,000/year
Outcome: passed in
Agents: Kian Ormond & David Sylvester

East Tamaki

39A & 39B Lady Ruby Drive:
Features: unit A 555m², unit B 490m², 2 adjacent & fully let units, 3-year leases with below-market rent, 12 allocated parking spaces each
Rent:
Outcome: sold for $1.83 million
Agent: Paul Vermaak

Manukau

49 Plunket Avenue:
Features: 312m² warehouse & office
Outcome: passed in
Agent: Jesh Jaskiewicz

Papakura

89 O’Shannessey St:
Features: 410m² site, 565m² building, 5 rental streams – 3 shops, 2 apartments upstairs
Outcome: no bid
Agent: David Sylvester

Attribution: Auction.

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Harcourts realtor makes big purchase at Bayleys auction

Harcourts Cooper & Co principal Martin Cooper (pictured at right) walked into Bayleys’ Total Property auction on Wednesday as the tenant of a Browns Bay building, and walked out half an hour & $5.2 million later as the owner of the whole building.

His company, Cooper & Co Real Estate Ltd, has its head office in Browns Bay and 11 other Harcourts (and NAI Harcourts) branches, mostly on the North Shore.

His purchase, after a tense battle, came at a 5.1% yield, one of 6 transactions on the day at yields below 6%. 17 commercial properties were sold at the auction out of 23 offered – and another, at Papakura, has been sold today.

Isthmus east

311 Manukau Rd, Epsom.

311 Manukau Rd, Epsom.

Epsom

311 Manukau Rd:
Features: 789m² mixed-use site, 466m² multi-tenanted 2-level commercial building – ex-Epsom Post Office, 10 parking spaces
Rent: $160,210/year net + gst
Outcome: sold for $3.025 million at a 5.3% yield
Agent: Mark Pittaway & Oscar Kuang

Onehunga

107 Neilson St:
Features: 3827m² business 6 site with 56 parking spaces, 1845m² warehouse & office building, ground level tenanted by NZ Opera with final lease expiry  of March 2017; 348m² first level vacant
Rent: $134,224/year net + gst
Outcome: sold for $2.8 million
Agents: Quinn Ngo, James Chan & Matt Lee

The shop at 29 St Heliers Bay Rd, sold at a 4.3% yield.

The shop at 29 St Heliers Bay Rd, sold at a 4.3% yield.

St Heliers

29 St Heliers Bay Rd:
Features: retail premises in strip retail block with 12-year lease to Eden Foods from May 2007 plus one 6-year right of renewal
Rent: $136,819/year net + gst
Outcome: sold for $3.19 million at a 4.3% yield
Agents: Tony Chaudhary & Janak Darji

Isthmus west

Blockhouse Bay

115 Boundary Rd:
Features: 1753m² site, purpose-built childcare centre licensed for 60 children on residential 5 site with 10-year lease from August 2012 and 5 5-year rights of renewal
Rent: $169,850/year net + gst
Outcome: sold for $3.09 million at a 5.5% yield
Agents: Tony Chaudhary & Janak Darji

Mt Albert

4 Mt Albert Rd:
Features: solid 1960s block building, showroom, large warehouse with full-height roller doors, kitchenette, 3 toilets, several offices, mezzanine area
Outcome: no bid
Agent: Murray Savage

Mt Eden

35A Normanby Rd, unit 14:
Features: 307m² medium-stud warehouse, new 6-year lease to electrical business with 3 2-year rights of renewal, 4 parking spaces
Rent: $50,000/year net + gst, with 2-yearly rent reviews to CPI + 1%
Outcome: sold for $884,000 at a 5.65% yield
Agent: Stuart Bode

45C Normanby Rd, unit 13:
Features: refurbished offices, new 6-year lease + renewals, 19 parking spaces
Rent: $181,659/year net + gst
Outcome: no bid
Agent: Stuart Bode

Ponsonby

88 College Hill:
Features: 189m² villa offering character office space, one-third share of 1116m² corner site, 8 parking spaces
Outcome: sold vacant post-auction for $1.825 million
Agents: Stephen Scott & Trisha Vincent

North

Dargaville

76 Victoria St:
Features: 423m² site with rear access to 4 parking spaces, 477m² refurbished building with main street frontage, 9-year lease to Westpac Bank from March 2011 with 3 3-year rights of renewal
Rent: $79,630/year net + gst
Outcome: sold for $1.125 million at a 7.1% yield
Agent: Ross Blomfield & Tony Chaudhary

North-east

Albany

28 The Avenue, unit 3:
Features: 90m² retail floor area
Outcome: no bid
Agents: Janak Darji & Simon Aldridge

8-12 Clyde Rd, Browns Bay.

8-12 Clyde Rd, Browns Bay.

Browns Bay

8-12 Clyde Rd:
Features: 764m² corner site zoned town centre under the proposed unitary plan, 1100m² fully leased 2-level building, ground-floor retail & office above
Rent: $267,639/year net + gst
Outcome: sold for $5.212 million at a 5.1% yield
Agents: Ranjan Unka & Brian Caldwell

Murrays Bay

470 Beach Rd:
Features: 1236m² waterfront site, 2-level retail/commercial property
Rent: $149,200/year net from 3 tenancies
Outcome: passed in at $2.45 million
Agents: Tony Chaudhary & Damian Stephen

Rosedale

59 Apollo Drive, unit G2:
Features: 513m² office premises in Apollo Technical Park split into 2 tenancies, 202m² tenanted for 3 years with one 3-year right of renewal, balance vacant
Rent: $55,700/year net + gst, potential fully leased $149,900/year net + gst
Outcome: sold for $1.7 million
Agents: Michael Nees & Simon Aldridge

Wairau Valley

6 Croftfield Lane:
Features: 2835m² on 2 titles, 9-year lease from March 2011 to Fletcher Distribution Ltd, one 6-year right of renewal, used as yard space by adjoining Placemakers store
Rent: $100,893/year net + gst
Outcome: sold for $1.875 million at 5.4% yield
Agents: Owen Ding, Terry Kim & Laurie Burt

North-west

Glen Eden

355 West Coast Rd:
Features: 1.2348ha industrial site with existing older buildings, 2 licences to occupy over part of site provide holding income
Outcome: sold for $1.8 million
Agents: Mike Adams & Stuart Bode

South

Howick

186 Ridge Rd:
Features: 890m² site with redevelopment potential, block of 3 shops, liquor store & 2 takeaways, with brick house behind
Rent: projected rent about $95,000/year
Outcome: sold for $1.6 million
Agents: Mark Pittaway, Tony Chaudhary & Peter Turner

Manukau

132 Cavendish Drive, unit 4:
Features: modern tilt-slab building
Rent: $71,190/year net + gst + opex
Outcome: passed in at $910,000
Agent: Katie Wu & John Bolton

Manurewa

185 Great South Rd, unit M:
Features: 189m² town centre retail unit with 2 tenants
Rent: $47,100/year net + gst
Outcome: sold for $620,000 at 7.6 % yield
Agents: Tony Chaudhary & Piyush Kumar

Pakuranga

43 Ben Lomond Crescent, Pakuranga.

43 Ben Lomond Crescent, Pakuranga.

43 Ben Lomond Crescent:
Features: 4375m² site, 2450m² 2-bay warehouse with offices & amenities, new 6-year lease plus one 6-year right of renewal to boat builder Rayglass, now part of multinational Brunswick Marine group , which has been occupied it for 20 years
Rent: $215,000/year net + gst
Outcome: sold for $3.33 million at a 6.5% yield
Agent: Dave Stanley & Tony Chaudhary

Papakura

Updated: 64 Boundary Rd:
Features: large yard with dual access, high-stud clearspan warehouse, certified truck wash
Rent: holding income $205,000/year
Outcome: passed in at $2.55 million, sold post-auction for $2.75 million
Agents: Shane Snijder & Peter Migounoff

Papatoetoe

2 Sutton Crescent:
Features: 675m² site, 799m² 2-level commercial building next to Hunters Plaza, 2 tenants with 2- & 5-year leases from January 2015, 15 parking spaces
Rent: $109,000/year net + gst
Outcome: sold for $1.25 million at an 8.7% yield
Agents: Nick Bayley, Geoff Wyatt & Tony Chaudhary

Wiri

14 Aerovista Place:
Features: vacant 3931m² site zoned business 6 (heavy industrial)
Outcome: sold for $1.085 million at $276/m²
Agents: Dave Stanley & Nick Bayley

South of the Bombays – Coromandel

Whitianga

20 The Esplanade:
Features: 2-level building on 868m² waterfront site, with 240m² ground-floor restaurant/café licensed for 120 patrons plus 270m² 4-bedroom apartment above
Outcome: sold with vacant possession for $1.9 million + gst
Agents:  Bev Calder & Sheree Henderson

Attribution: Auction.

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