Archive | Pukekohe

Updated: Bayleys year-end auction series yields $25.6 million from 14 sales

Published 7 December 2018, updated 14 December 2018:
Bayleys sold 11 properties for $21.6 million at its final Total Property commercial auction in Auckland on Wednesday. A Newmarket property has since been sold.

One property auctioned at the agency’s East Tamaki office on Tuesday added $2.3 million and 2 auctions brought forward to November added $1.7 million to the return, for a total $25.6 million.

The first 2 properties auctioned on Wednesday, both small premises in prominent spots in tightly held eastern suburbs neighbourhoods, were sold on yields of 3.6% (St Heliers, pictured above) & 4.7% (Remuera).

CBD

Learning Quarter

26 Airedale St:
Features: 220m² site, 2-level 364m² building, seismic rating 50% new building standard, concept plan available for 17-storey 68-unit apartment building
Rent: $139,00/year gross + gst
Outcome: no bid
Agents: Owen Ding & Sarah Liu

Isthmus east

Newmarket

Updated: 375-389 Khyber Pass Rd, unit 7:
Features: 88m² retail unit occupied by Hair Design salon on a new lease from October, 2 parking spaces 
Rent: $36,000/year gross + gst
Outcome: passed in at $510,000, sold post-auction for $551,000 at a 6.53% yield
Agents: Quinn Ngo & Matt Lee

Onehunga

155 Neilson St:
Features: 980m² site zoned heavy industrial, 625m² warehouse, office & showroom, 2 tenants 
Rent: $91,811.38/year net + gst
Outcome: sold for $1.75 million at a 5.25% yield
Agents: James Hill, James Valintine, Sunil Bhana, Amy Weng & Tony Chaudhary

3 Pukemiro St:
Features: 556m² site, 390m² industrial building – clearspan warehouse, office & amenities, seismic rating 70% new building standard 
Outcome: sold with vacant possession for $1.15 million
Agents: William Gubb & James Valintine

Parnell

11A Cheshire St:
Features: 1031m² development site next to the new Parnell train station, resource & building consents in place for a 6-level apartment complex
Outcome: withdrawn from auction
Agents: Owen Ding & James Chan

Remuera

371-373 Remuera Rd:
Features: 229m² site, 598m² 3-level 1970s building zoned town centre, café & bar lease of 319m² of ground floor & basement space runs until mid-2023, with 2 6-year rights of renewal, balance of retail space & upper-level office premises occupied by 2 other tenants
Rent: $201,434/year net + gst
Outcome: sold for $4.325 million at a 4.66% yield
Agents: Alan Haydock, Damien Bullick, Andrew Wallace & Quinn Ngo

St Heliers

413 Tamaki Drive:
Features: 235m² site zoned local centre, 288m² 2-level building, opposite St Heliers Beach & near St Heliers Bay Rd intersection, 2 tenants on 10-year leases which both run until 2022 with no rights of renewal
Rent: $169,145/year net + gst
Outcome: sold for $4.71 million at a 3.59% yield
Agents: Cameron Melhuish, Andrew Wallace & James Chan

Isthmus west

Avondale

6C Wingate St:
Features: 80m² middle unit in modern retail block in town centre with access also from Great North Rd 
Rent: $47,000/year net + gst + outgoings on new 9-year lease to Domino’s Pizza NZ Ltd
Outcome: sold for $960,000 at a 4.9% yield
Agents: Janak Darji, Tony Chaudhary & Mike Bradshaw

Freemans Bay

27 Hargreaves St:
Features: 304m² site zoned mixed use, 318m² renovated character office building, 30m² deck
Rent: $171,160/year net + gst on new 6-year lease to Studio South Ltd from March 2018, 2 3-year rights of renewal
Outcome: sold shortly after auction for $3.25 million at a 5.27% yield
Agents: Damien Bullick, Alan Haydock & Mike Adams

3 Margaret St, unit 4:
Features: 53m² ground level commercial unit leased to lawyer Susan Kingston, 2 parking spaces, zoned business town centre
Rent: $27,000/year net + gst
Outcome: sold for $620,000 at a 4.35% yield
Agents: Stuart Bode, Mike Bradshaw & Mike Adams

North-east

Orewa

2 Hillary Square:
Features: 586m² site, 648m² floor area, tenants ANZ Bank and KiwiBank/NZ Post
Rent: $262,316/year net + gst
Outcome: passed in at $4.5 million
Agents: Mustan Bagasra, Nicolas Ching & James Chan

Rosedale

63 Arrenway Drive, unit 5:
Features: 118m² industrial unit, 2 parking spaces 
Outcome: no bid
Agents: Meng He, Ian Waddams & Steven Liu

5 Ceres Court, unit 2G:
Features: 155m², first floor office unit, 5 exclusive parking spaces
Rent: $45,000.00/year net + gst + outgoings
Outcome: auction postponed
Agents: Tonia Robertson & Caroline McNaught

Silverdale

28 Anvil Rd, unit 1:
Features: 246m² industrial unit, 5 parking spaces
Outcome: sold with vacant possession for $750,000
Agents: Matt Mimmack & Rosemary Wakeman

South

Manurewa

327 Great South Rd:
Features: 3288m² yard used as car yard, zoned business light industrial 
Outcome: no bid
Agents: Piyush Kumar & Peter Migounoff

39B Holmes Rd:
Features: half share of 1182m² site, 382m² workshop + parking & yard, tenant of 15 years now on monthly lease
Rent: holding income of $39,000/year net + gst + outgoings
Outcome: sold for $771,000 at a 5.1% yield
Agents: Peter Migounoff & Piyush Kumar

Pakuranga, Highland Park

5 Aviemore Drive, unit 1:
Features: 135m² Domino’s pizza outlet in 10-unit development completed in 2006   
Rent: $63,296/year net + gst + outgoings
Outcome: sold for $1.305 million at a 4.85% yield
Agents: Amy Weng, Tony Chaudhary & Janak Darji

Pukekohe

44-48 King St:
Features: 841m² site, 381m² building, 12 parking spaces at rear
Rent: $111,349/year net + gst + outgoings, pharmacy & Dollar World shops on 3- & 4-year leases
Outcome: sold for $2.005 million at a 5.55% yield
Agents: Shane Snijder & Graeme Moore

South of the Bombays

Wellington

Rydges Hotel, 75 Featherston St, units 422 & 1317:
Features: 2 28m² hotel units, leased to Rydges Hotel until 2033
Rent: unit 422 $19,371/year including gst, unit 1317 $30,244/year including gst
Outcome: withdrawn from auction but still for sale
Agents: Nick Thompson & Jim Wana

Earlier stories:
5 December 2018: East Tamaki sale starts last Bayleys commercial auction for year, 2 other sales in Airport Oaks & Orewa
25 November 2018 (another East Tamaki auction brought forward, 22 Polaris Place): 9 business park units sold
23 November 2018: Rosedale unit sold at auction brought forward

Attribution: Auctions.

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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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Council votes to sell 3 old chambers

Auckland Council’s finance & performance committee agreed yesterday – against strong minority opposition – to sell 7 of its offices & parking lots around the region, including the former council chambers of 3 of the super-city’s predecessor councils.

Committee chair Ross Clow said the sale programme was likely to be spread over 4-6 years.

The debate on outlying properties around the region has raised a conflict between history & familiarity on one side, versus upgrading to more appropriate premises on the other.

Cllr Clow said in a release after the meeting: “This decision is about the next step on our journey towards becoming a fit-for-purpose organisation that makes the most of its assets.

“In making this decision, local communities have been top of mind. Auckland is a big city and residents need to be able to deal with their council face-to-face. The corporate property strategy ensures that all service centres remain open and the strong connection between council & its local communities remains.

“It will also improve our services to Aucklanders, for example, face-to-face access to council regulatory services in all 13 wards rather than in only half, which is the current situation.

“It also puts 96% of Auckland’s population within 10km of a council office.”

Cllr Clow said retaining the former council chamber buildings would have been expensive: “If we did nothing, we forecast having to spend around $200 million on servicing ageing buildings over the next decade, leaving us with a shortfall of $117 million that would need to be found elsewhere.

“At a time when we must prioritise investing in transport, housing & our environment, we simply can’t afford to fund property maintenance on buildings that are no longer fit for purpose.”

The council will invest proceeds from the sale of the properties in its existing property portfolio to ensure it maintains remaining buildings to a high standard.

At Orewa & Pukekohe, the sale of the property will mean relocation of local services.

The buildings & land agreed for sale are:

  • Aotea Quarter, 4-10 Mayoral Drive
  • Victoria Quarter, 35 Graham St (and associated buildings)
  • Henderson, 6 Henderson Valley Rd (excluding the civic building containing the former council chamber)
  • Manukau, 4 Osterley Way
  • Orewa, 50 Centreway Rd
  • Papakura, 35 Coles Crescent
  • Pukekohe, 82 Manukau Rd.

Disposal property reports:
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
Corporate property portfolio strategy infographic report

Earlier story:
14 May 2018: Council to decide sale of old chambers tomorrow

Attribution: Council release, committee agenda.

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Council to decide sale of old chambers tomorrow

Auckland Council’s finance & performance committee will vote tomorrow to approve the sale of 7 properties, including the chambers of 3 predecessor councils at Orewa, Papakura & Pukekohe.

Parts of the council’s Henderson offices are also on the sale list, but the old Waitakere chamber & Japanese garden, which have heritage status, will be retained.

The committee was to have made its decisions on 17 April, but deferred the debate.

Also on the list are the council’s Graham St office building overlooking the Viaduct waterfront area in the cbd, the parking lot beside the Aotea Centre & Bledisloe House, also in the cbd, and a Manuku office building, Kotuku House.

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

The disposal proposals have been compiled by the council’s inhouse corporate property team, which has also put together a programme to invest the sale proceeds in a council corporate property network described as “fit-for-purpose & future-proofed” and “aligned to the structure of the organisation”.

The future network is intended to comprise:

  • 1 headquarters at Auckland House (135 Albert St)
  • 3 hubs in the north/west (Albany or Westgate), central (Bledisloe House) and the south (Manukau Civic)
  • 4 new local board spaces where displaced by building closures
  • 17 refreshed local board spaces
  • 7 new customer service centre spaces where displaced by building closures
  • 13 refreshed customer service centres
  • 25 spokes (drop-in spaces created in existing council locations)
  • 78 leisure centre & library back-office areas refreshed, and
  • Records & archives storage optimisation works.

Disposal property reports:
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
Corporate property portfolio strategy infographic report

Earlier story:
13 April 2018: Sale of 7 council properties up for vote next Tuesday

Attribution: Council committee agenda.

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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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3 properties pulled from auction list plus 3 more in South Auckland sold

3 South Auckland properties originally included in Bayleys’ Total Property 3 auction list, but excluded before the 17 May event, have since been sold. They are 60-62 Tiraumea Drive in Pakuranga, 254A Roscommon Rd in Wiri and 336 Great South Rd, Papakura.

Another 5 properties in East Tamaki, Flat Bush, Papakura & Pukekohe have also been sold.

South

East Tamaki

37 Greenmount Drive, unit C7:
Features: 109m² industrial unit – 81m² high stud warehouse & amenities, 28m² mezzanine floor, full height roller door & 3-phase power, 2 parking spaces, controlled access to complex
Outcome: passed in
Agents: Roy Rudolph & Katie Wu

3 Torrens Rd, unit 4:
Features: 155m² unit in Burswood retail strip, ground-floor retail space of 135m2 plus 25m² mezzanine, 4 parking spaces at front & one at rear
Outcome: sold vacant for $465,000
Agents: Katie Wu & Ken Hu

Flat Bush

201 Murphys Rd:
Features: 1386m² of bare land zoned neighbourhood centre allowing for 3-level buildings, retail on ground floor & residential above
Outcome: sold for $1.95 million at $1407/m²
Agent: Dave Stanley

Pakuranga

60-62 Tiraumea Drive:
Features: 1355m² corner site in 2 titles zoned business neighbourhood centre, 430m2 single-level building, 3 shops (one vacant) plus residential accommodation
Rent: $50,010/year net + gst, estimated potential income about $65,000/year net + gst
Outcome: sold for $940,000 at a 5.3% yield on current rent, 6.9% on prospective rent
Agents: Tony Chaudhary, Janak Darji & Amy Weng

Papakura

336 Great South Rd:
Features: 1419m² corner site, resource consent granted for childcare centre catering for 85 children in 519m² of proposed building plus existing dwelling, with plans for 3 indoor play areas & 17 parking spaces
Outcome: sold for $1.45 million
Agents: Tony Chaudhary, Amy Weng & Janak Darji

82 Hunua Rd:
Features: 1.9488ha rear, mostly bare site zoned heavy industrial
Outcome: sold with vacant possession for $4.4 million at $225.70/m²
Agents: Shane Snijder & Peter Migounoff

Pukekohe

200 King St:
Features: 220m² streetfront retail & office, occupied by a sushi shop & an accountancy practice
Rent: $76,825/year net + gst
Outcome: sold for $1 million at a 7.7% yield
Agents: Shane Snijder & Peter Migounoff

Wiri

254A Roscommon Rd:
Features: 3886m² level industrial site, security-fenced yard, 497m² of various basic buildings
Rent: $5394/year net + gst holding income
Outcome: sold for $2.15 million at $556/m2
Agents: Shane Snijder, Nick Bayley & Jamsheed Sidhwa

Attribution: Agency release.

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Updated: Strong yields as 14 sell at Bayleys’ commercial auction, 3 post-auction sales

Published 2 December 2016, updated 5 & 12 December 2016:
Strong yields were a feature as 14 of the 27 properties taken to auction in Bayleys’ final Total Property portfolio for the year were sold under the hammer on Wednesday.

They included 3 units sold in stage 3 of the Grange development (pictured) at the southern entrance to Warkworth, and another one sold post-auction.

2 other properties have been sold post-auction – a unit on Amera Place, East Tamaki, and a property on Moore St, Howick, sold on a 4.1% yield.

CBD

Federal St

205 Federal St, unit R1:
Features: 60m², one of only 2 retail tenants in Federal City apartment building, 8-year lease from July 2014
Rent: $29,120/year net + gst
Outcome: passed in at $475,000
Agents: Piyush Kumar & Oscar Kuang

Learning Quarter

23 Whitaker Place, units 110 & 111:
Features: 120m² unit, suitable for restaurant
Rent: $23,478.26/year from tenant on 3-year lease from 1 August 2014
Outcome: sold for $150,000
Agents: Nicolas Ching & Beterly Pan

Queen St

Mid-City, 239 Queen St, unit 2A:
Features: 282m² floor area on first floor, tenant the Ryo Japanese restaurant, 6-year lease, 2 rights of renewal
Rent: $120,000/year average from 6-year lease
Outcome: no bid
Agents: Graeme Sun & Oscar Kuang

Uptown

3 shops & gym of 14 ground-floor commercial units in the Summit on Symonds apartment conversion building, next to the Langham Hotel at the corner of Karangahape Rd & Symonds St:

105 Symonds St, shop 5, Nata Portuguese Bakery:
Features: 69.47m², 6-year lease
Rent: $49,400/year net + gst
Outcome: passed in at $500,000
Agents: Millie Liang

105 Symonds St, shop 9, laundromat:
Features: 43.41m², self-service laundromat, 8-year lease
Rent: $30,387/year net + gst
Outcome: passed in at $350,000
Agents: Millie Liang

105 Symonds St, shop 11, The Corner Café:
Features: 68.39m², 8-year lease
Rent: $47,873/year net + gst
Outcome: passed in at $500,000
Agents: Millie Liang

103-105 Symonds St, unit 15, Anytime Fitness:
Features: m², 10-year lease, beside the entrance to the Langham Hotel
Rent: $184,000/year net + gst
Outcome: withdrawn from auction
Agents: Millie Liang

Isthmus east

Onehunga

106 Beachcroft Avenue:
Features: 692m² site, 431m² standalone warehouse & office building
Outcome: sold vacant for $1.505 million
Agents: James Valintine & Graeme Moore

255 Onehunga Mall:
Features: 379m² site, Cotton On Clothing (NZ) Ltd on 8-year lease from 15 August with one 8-year right of renewal
Rent: $110,000/year + gst + outgoings, 3%/year rental growth
Outcome: sold for $2.21 million at a 4.98% yield
Agents: Tony Chaudhary & Damien Bullick

Otahuhu

121 Church St:
Features: 731m² site zoned terrace housing & apartment building, 138m² floor area, medical centre on 5-year lease from October 2015
Rent: $48,000/year + gst + outgoings
Outcome: declared reserve of $800,000, sold prior for $933,000 at a 5.14% yield
Agents: Tony Chaudhary & Janak Darji

Panmure

141-157 Queens Rd:
Features: 2963m² site on 2 titles, 1464m² floor area, 35 parking spaces, residential potential under the unitary plan, 27m height limit
Rent: $357,000/year net + gst
Outcome: no bid
Agents: Mark Pittaway

Penrose

419B Church St East:
Features: 1596m² industrial site, 25 parking spaces, 8-year head lease to Southpark Corp Ltd from 1 November 2015
Rent: $25,485/year net + gst
Outcome: passed in after vendor bid at $3.7 million
Agents: James Hill & Ben Bayley

Isthmus west

Morningside

4 Taylors Rd:
Features: 809m² site zoned mixed use, 585m² office & high stud warehouse
Outcome: sold vacant for $2.9 million
Agents: Scott Kirk & James Were

Pt Chevalier

1191 Great North Rd:
Features: 226m² retail, occupied by optometrist & osteopath
Rent: $83,900/year
Outcome: sold for $1.55 million at a 5.4% yield
Agents: Owen Ding & Quinn Ngo

North-east

Birkenhead

268 Onewa Rd, unit 10A:
Features: 125m², office & residential tenancies, town centre zoning, 2 parking spaces
Rent: $23,464.57/year net + gst + outgoings
Outcome: withdrawn from auction
Agents: Tonia Robertson & Chris White

Torbay

934 Beach Rd:
Features: cross-lease, 1/3 share in 1072m², 140m² beachfront retail, only business-zoned property on the Torbay/Waiake beachfront, taken to auction by the Official Assignee under the Criminal Proceeds (Recovery) Act
Outcome: sold for $1.8 million
Agents: Damian Stephen & Adam Curtis

Warkworth

4 units in stage 3 of the Grange, 67 Auckland Rd, development by Square & Main St Ltd (Adam Reynolds), stages 1 & 2 both fully sold
Agents: Matt Lee, Quinn Ngo, Jan Hutcheson & James Chan, and Paul Dixon on unit 14

Unit 5A, Cizzlin:
Features: 128.3m², 8-year lease
Rent: $65,000/year net + gst
Outcome: sold for $1.005 million at a 6.47% yield

Unit 13B, The Grange Bakery:
Features: 76.8m², 5-year lease
Rent: $30,000/year net + gst
Outcome: sold for $560,000 at a 5.34% yield

Unit 11, Fish Nets:
Features: 59m², 10-year lease
Rent: $30,975/year net + gst
Outcome: sold for $565,000 at a 5.48% yield

Updated: Unit 14, Green Bay Fruit & Veg:
Features: 297.2m², 8-year lease
Rent: $92,500/year net + gst
Outcome: passed in after vendor bid at $1.25 million, sold post-auction for $1.365 million at a 6.77% yield

Unit 22, Cross Gate Variety Store:
Features: 373.7m², 6-year lease
Rent: $86,700/year net + gst
Outcome: withdrawn from auction

North-west

Henderson

349 Great North Rd:
Features: 276m² site, 10-year lease from July
Rent: $50,000/year net + gst
Outcome: sold for $1.045 million at a 4.8% yield
Agents: Mike Adams & Laurie Bell

Lincoln North shopping centre, 192 Lincoln Rd, unit B4:
Features: 60.12m², retail unit, new 5-year lease to OPSM
Rent: $22,545/year net + gst
Outcome: sold for $465,000 at a 4.85% yield
Agents: Matt Lee & Quinn Ngo

South

East Tamaki

Updated: 12 Amera Place, unit 5:
Features: 105m² unit, 6-year lease starting this month
Rent: $50,150/year net + gst + outgoings
Outcome: passed in at $900,000, sold post-auction for $910,000 at a 5.5% yield
Agents: Katie Wu & John Bolton

9-11 Nandina Avenue:
Features: 2 titles, each of 2552m², metalled & flat, 74m road frontage, business 5 zoning
Outcome: sold for $2.86 million
Agents: John Bolton & Katie Wu

Howick

Updated: 8-14 Moore St:
Features: 875m² site zoned business town centre under unitary plan, 590m² floor area, 6 tenancies
Rent: $94,262.74
Outcome: passed in at $2.11 million, sold post-auction for $2.3 million at a 4.1% yield
Agents: Tony Chaudhary & Janak Darji

Manukau

Pacific Retail Centre, 792 Great South Rd, unit 6:
Features: 89m² Subway restaurant
Rent: $39,367.45/year net + gst + outgoings
Outcome: passed in at $750,000
Agents: Terry Kim & Janak Darji

52-58A St George St:
Features: 971m² in 2 titles zoned town centre under unitary plan, 2 tenants,
Rent: $80,040/year + gst
Outcome: no bid
Agents: Oscar Kuang & James Chan

Pukekohe

1722 & 1748 Buckland Rd:
Features: 14.4336ha in 2 titles overlooking Pukekohe racetrack, zoned future urban, proposed light industrial, has 3-bedroom house & 2-bedroom cottage
Outcome: no bid
Agents: Shane Snijder & Peter Migounoff

South of the Bombays

Coromandel

Whitianga

17 Monk St:
Features: 516m² site, 800m² floor area – 4 shops in 335m² on ground floor, plus carport, 2 apartments in 376m² upstairs licensed as traveller accommodation, plus 60m² deck & terrace; separate studio & workshop
Rent: about $53,000/year net
Outcome: sold for $1.03 million at a 5.15% yield
Agent: Noel Rogers

Hawke’s Bay

Napier

359 Marine Parade:
Features: 1413m² site, 20 self-contained motel units + manager’s accommodation
Rent: $225,750/year + gst from motel lease running until 2040
Outcome: sold for $3.75 million at a 6% yield
Agents: Paul Dixon & Sam MacDonald

Attribution: Auction.

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Heritage building sells 2 months after auction

A heritage building in Pukekohe (pictured) passed in at Bayleys’ Total Property auction on 1 June has been sold on a firm yield, and a brand-new warehouse in the Stonehill Business Park at Wiri has been leased.

They’re among the latest 5 transactions reported by Bayleys’ East Tamaki office.

South

Papatoetoe

558 Great South Rd:
Features: 2530m2 main residential site with 1130m2 Budget Travellers Inn 40-room motel complex
Outcome: sold as freehold going concern for $4.4 million
Agent: Tony Chaudhary

Pukekohe

3 West St:
Features: 276m2 cbd site, 392m2 2-level heritage building dating back to the early 1900s, 3 tenancies including Thai restaurant, café & bakery plus first-floor 4-bedroom apartment, 34% new building standard
Rent: $71,406/year net + gst
Outcome: passed in at 1 June auction at $1.04 million, sold post-auction for $1.1 million at a 6.5% yield
Agent: Graeme Moore

Takanini

206 Great South Rd:
Features: 1339m2 site with warehouse & office, occupied by car wholesaler on 4-year lease from January 2014
Rent: $60,000/year net + gst
Outcome: sold for $1.275 million at a 4.7% yield
Agent: Tony Chaudhary

Wiri

17A Hobill Avenue:
Features: 245m2 industrial unit – 142m2 warehouse, 52m2 office, 52m2 showroom, plus 15m2 canopy, 5 parking spaces
Outcome: sold vacant for $710,000
Agent: Mike Marinkovich

Lease

Wiri

3 Wilco Place:
Features: Brand new 1444m2 industrial building in new Stonehill Business Park – 1228m2 of high stud warehouse, dual roller door access, 216m2 office, 14 parking spaces, leased for 5 years from July 2016 with 2 5-year rights of renewal
Rent: $214,000/year net + gst
Agent: Mike Marinkovich

Attribution: Agency release.

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Updated: 11 sales from Bayleys’ Total Property portfolio, plus 1

Published 3 June 2016, updated 12 June 2016:
10 properties in Bayleys’ Total Property portfolio were sold at auction on Wednesday and one prior, including all 4 units in a Huapai retail development built in 2002 and leaving 8 properties still on the market.

Update: A Rosedale unit, at 11 Paul Matthews Rd, sold shortly after auction for $1.27 million.

Isthmus east

Panmure

125 Queens Rd:
Features: 410m² standalone retail & office building, former ASB Bank, part of first floor tenanted, more intensively zoned under proposed unitary plan
Rent: potential for $99,555/year + gst
Outcome: only bid was vendor bid at $1.3 million, passed in
Agents: Michael Nees & James Chan

Isthmus west

Kingsland

394 New North Rd:
Features: 673m² site zoned mixed use, anchor panelbeater tenant has been in occupation for over 20 years, additional income from billboard & 5-bedroom house
Rent: $140,678/year net + gst (less outgoings shortfall of $3649 from residential tenancy)
Outcome: sold for $2.4 million at a 5.7% yield
Agents: Tony Chaudhary & Janak Darji

Mt Eden

589-597 Mt Eden Rd (pictured above):
Features: 680m² corner site with enhanced developed potential under proposed unitary plan; neighbourhood centre zoning; 497m² of buildings comprising a single-level, 1920s retail building, containing a restaurant & closed former antique shop, and an adjoining 2-level building on Kingsview Rd with a yoga studio on ground floor & flat above
Rent: $63,363 /year net + gst (about 40% leased)
Outcome: sold for $3.61 million
Agent: Nigel McNeill, Colin McKenna & Tony Chaudhary

North-east

Albany

100 Don McKinnon Drive, unit 14:
Features: 267m² retail premises in Northbridge Plaza, 2 shops on short-term leases
Rent: $129,157/year net + gst
Outcome: sold for $1.75 million at a 7.38% yield
Agents: Anna Radkevich & Ranjan Unka

Orewa

8 Moana Avenue, unit G:
Features: 140m² retail in Westpac Plaza, option to split into 2 tenancies
Outcome: passed in at $290,000
Agents: Mustan Bagasra

Nautilus, 11 Tamariki Drive, unit 4:
Features: 85m² shop, 3-year lease, one 3-year right of renewal
Outcome: passed in $505,000
Agents: Paul Dixon & Meredith Graham

Rosedale

32 Constellation Drive, unit 4:
Features: 251m² retail premises, 3 tenants – a bakery, nutritionist & Bruce Lee Sushi – on 6- to 10-year leases from 2013, in fully leased 8-unit complex on corner of Atlas Place
Rent: $129,157/year net + gst
Outcome: sold for $2.54 million at 5.08% yield
Agents: Anna Radkevich & Ranjan Unka

Updated: 11 Paul Matthews Rd, unit 2:
Features: 524m², high stud warehouse, air-conditioned offices, in 5-unit development, 11 parking spaces
Outcome: passed in at $1.15 million, sold post-auction for $1.27 million
Agents: Matt Mimmack & James Kidd

27-29 William Pickering Drive, unit E3:
Features: 156m² ground-floor commercial space in business park, new 3-year lease term with right of renewal, 4 parking spaces
Rent: $42,688/year net + gst + outgoings
Outcome: no bid
Agents: Tonia Robertson & Chris White

North-west

Henderson

240, 240A & 240B Great North Rd:
Features: 491m² site at Te Atatu Rd roundabout, 270m² floor area, 3 shops on separate titles, vacant restaurant has double frontage & commercial kitchen
Outcome: passed in $725,000
Agents: Oscar Kuang & James Chan

Huapai

329A Main Rd, unit 2:
Features: 112m² retail unit leased to the Wine Circle until July 2018, one 6-year right of renewal
Rent: $27,903/year net + gst
Outcome: sold for $513,000 at a 5.43% yield
Agents: Stuart Bode, Terry Jones & Terry Kim

329A Main Rd, units 3 & 4:
Features: 200m² outlet leased to Pizza & Pasta until November 2016, 4 3-year rights of renewal
Rent: $26,000/year net + gst, increases to $31,000/year in November if tenant renews
Outcome: sold for $616,000 at a 4.22% yield on current rent
Agents: Stuart Bode & Terry Jones

329A Main Rd, unit 7:
Features: 95m² unit leased to Blue Chip takeaways until January 2021, one 6-year right of renewal
Rent: $30,600/year net + gst
Outcome: sold for $616,000 at a 4.97% yield
Agents: Stuart Bode, Terry Jones & Tony Chaudhary

329A Main Rd, unit 8:
Features: 95m² unit leased to The Gallery Cafe until February 2021, one 6-year right of renewal
Rent: $29,800/year net + gst
Outcome: sold for $540,000 at a 5.52% yield
Agents: Stuart Bode, Terry Jones & Tony Chaudhary

South

East Tamaki

62-64 Allens Rd, East Tamaki.

62-64 Allens Rd, East Tamaki.

61-62 Allens Rd:
Features: 7500m² business 5-zoned site, 3260m² industrial building – 2980m² medium stud warehouse, 4-roller door access, 280m² of office & amenities; 4-year lease to current tenant expires in August 2018 with no right of renewal
Rent: $248,368 /year net + gst
Outcome: sold for $5.1 million at 4.87% yield
Agents: Dave Stanley & John Bolton

451 Ti Rakau Drive, unit I:
Features: 434m² bulk retail unit in The Hub, 6-year lease from March 2016 to The Bed People, one of 6 outlets in Auckland & Waikato
Rent: $148,000/year net + gst, fixed rental increases of CPI + 2%
Outcome: sold for $2.68 million at a 5.52% yield
Agents: Rosemary Wakeman & Geoff Wyatt

Mangere

1E The Concourse:
Features: 715m² on first floor, fully licensed gaming bar & lounge, new 5-year lease, seismic rating 75% of new building standard
Rent: $111,939/year net + gst, rent reviews 2-yearly to higher of CPI + 5% or market
Outcome: no bid
Agents: Janak Darji & Tony Chaudhary

Papakura

26 Elliot St:
Features: 808m² site on a main arterial road that connects the Southern Motorway & the Papakura cbd, 2 industrial units totalling 480m² from which Hugh Munro Panelbeaters has been operating for 30 years
Rent: $55,157/year net + gst
Outcome: sold for $1,033,000 at a 5.34% yield.
Agents: Shane Snijder & Peter Migonouff

Pukekohe

3 West St:
Features: 397m², 2-storey corner building at top end of main street, 3 tenancies, 34% new building standard
Rent: $70,606/year + gst + outgoings
Outcome: passed in $1.04 million
Agents: Graeme Moore

Attribution: Auction.

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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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