Archive | Wiri

Corrected: Wiri sale one of 4 for Colliers

The Trust Investments Property Fund has ended up with ownership of HEB Construction Ltd’s headquarters building in Wiri at a slightly higher price than it negotiated early last year after the rental figure was finalised, taking its portfolio of commercial properties to $150 million.

It was one of 4 recent transactions by Colliers agents. The others were in Christchurch, across the road from the casino in Hamilton and in Whakatane.

South

Wiri

Corrected: 105 Wiri Station Rd:
Features: 1.46ha heavy industrial site with frontage also to Plunket Avenue, 6317m² building, 4993m² of medium to high stud warehousing, the balance a mix of modern & older-style offices, 88 parking spaces, formerly occupied by Honda NZ Ltd, refurbished early this year before HEB Construction Ltd occupied it on a 15-year lease
Rent: the lease has annual 2.5% rental increases with reviews to market every 5 years (cap & collar mechanism)
Outcome: sold vacant for $9.85 million in February, contract signed last April by the Trust Investments Property Fund and settled in November on completion of the refurbishment at $20.12 million, based on the final rental
Agents: Greg Goldfinch, Hamish West & Ben Herlihy

South Island

Canterbury

Christchurch

4 Russley Rd, corner Yaldhurst Rd; & Rangiora, 300 High St, corner King St:
Features: 2 Caltex service stations up for sale & leaseback to Z Energy 2015 Ltd at auction on 10 December; Russley Rd: 4249m² site, 383m² floor area, leaseback term 10 years 1 month + 3 5-year rights of renewal from 28 February; Rangiora: 1987m² site, same renewal rights & lease terms
Rent: Russley Rd: proposed rent $310,490/year net + gst + opex; Rangiora: proposed rent $190,035/year net + gst + outgoings; both 2%/year fixed growth, market reviews at end of initial lease term
Outcome: both sold to an Auckland buyer – Russley Rd for $5.3 million, Rangiora for $3.335 million
Agents: Mark Macauley & Will Franks

South of the Bombays

Bay of Plenty

Whakatane

106 Commerce St:
Features: 1553m² site, 1013m² 2-level office building, 2 long-term tenants, 26 parking spaces, seismic rating 100% new building standard
Rent: $204,600/year net + gst
Outcome: sold for $2.6 million, at a 7.87% yield
Agents: Rob Schoeser & Simon Clark

Waikato

Hamilton

331 Victoria St:
Features: 364m² site, 710m² 2-level building opposite SkyCity & the new Riverbank Lane retail development, seismic rating 51% new building standard
Rent: $95,000/year gross + gst
Outcome: sold for $1.13 million at a 7% yield
Agents: Justin Wang & David Palmer

Attribution: Agency release, Trust Management.

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9 business park units sold

Bayleys agents in South Auckland have sold 9 units in stage 1 of the new Wiri Station Business Park by Robert Cunningham Construction Commercial Ltd, which is nearing completion.

They’ve also sold 4 commercial properties in East Tamaki – 2 over $5 million – plus one in Pakuranga.

The most expensive building, on Barmac Place in East Tamaki (pictured below), was sold with a one-year leaseback in place. Another of the East Tamaki properties, on Polaris Place, was sold at an auction brought forward.

South

East Tamaki:

9 Barmac Place (image above):
Features: 4610m² site, 2763m² building, 225m² canopy, completed in 2004; high stud warehousing (8m at knee & rising), 3 large roller doors, single-level showroom & office space; one-year leaseback to current owner-occupier
Outcome: sold for $7.11 million + gst
Agents: Nelson Raines, Amy Weng & Andrew Wallace

12-16 Harris Rd:
Features: 4186m² site, 2195m² industrial building – 1919m² of high stud warehousing, 2 gantry cranes, balance office & amenities; current occupier has lease until September 2019
Rent: $267,000/year net + gst
Outcome: sold to an owner-occupier for $5.82 million + gst (if any)
Agents: Mike Marinkovich (Bayley) & Paul Higgins (Colliers)

108 Harris Rd, unit B:
Features: 334m² industrial unit – 283m² of high stud, clearspan warehousing, dual motorised roller door access, 51m² of offices & amenities over 2 levels
Outcome: sold vacant for $1.175 million + gst at $3518/m²
Agents: Roy Rudolph, John Bolton & Katie Wu

22 Polaris Place, unit 5:
Features: 208m² high stud warehouse & office unit in new industrial complex, 4 parking spaces, 3-year lease to BRP Electrical, one 5-year right of renewal
Rent: $39,000/year net + gst
Outcome: sold for $800,000 + gst at a 4.87% yield (auction brought forward from 5 December)
Agents: Jarod Qin, Nicolas Ching & Ben Bayley

Pakuranga

60-62 Tiraumea Drive:
Features: 898m² corner site zoned neighbourhood centre, fully leased single-level 421m² building comprising 3 shops plus residential accommodation at rear
Outcome: sold for $1,337,860 at a 6% yield
Agents: Tony Chaudhary, Janak Darji & Amy Weng

Wiri

114 Wiri Station Rd
Features: 9 industrial units in the 1.6ha Wiri Station Business Park – 5 warehouse units ranging from 206–495m² in an 11-unit complex nearing completion plus another 4 units ranging from 385–666m² in 3 existing buildings on the site
Outcome: sold vacant for a total of $10.305 million + gst to mix of owner-occupiers & investors
Agents: Mike Marinkovich, Karl Price & James Hill

Attribution: Agency release.

 

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Argosy sells in Hastings & Palmerston North, buys Turners site

Argosy Property Ltd has sold 2 properties in Hastings & Palmerston North, reducing assets outside its core Auckland & Wellington markets to 3, and it’s added an industrial yard in Wiri (outlined in picture above) to the Auckland portfolio.

Transactions:

  • Hastings, 1478 Omahu Rd, sold for $10.2 million, a 12% premium over book value, settlement scheduled for March 2019
  • Palmerston North, 31 El Prado Drive, sold for $35.5 million, a 25% premium over book value, settlement scheduled for December
  • Wiri, 133 Roscommon Rd, 15,838m² industrial yard leased to NZX-listed Turners Automotive Group Ltd, acquired in September for $8.6 million; the 15-year lease provides a holding return of $430,000/year net + gst (5% yield) with fixed reviews of 2.5%/year and a market review in year 6.

Argosy chief executive Peter Mence said of the Turners deal: “We are pleased to have commenced what we envisage to be a mutually beneficial long-term relationship with an organisation that has a significant real estate footprint across New Zealand.”

Turners uses this property to store damaged & end-of-life cars. It also owns a large site at 160 Roscommon Rd, used for trucks & machinery.

Attribution: Argosy release.

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Updated: PFI adds to Wiri portfolio

Published 25 October 2018, yield corrected 1 November 2018:
NZX-listed Property for Industry Ltd has bought an industrial property at 12 Hautu Drive, Wiri, for a net $12.3 million at a 5.25% yield (originally given as 5.35%).

The 10,946m² site has a 4488m² warehouse with 514m² of office & amenities, and is leased to Kiwi Steel Ltd until 31 January 2030. The lease, currently $645,611/year net + gst + opex, provides fixed rental growth of 3.0% annually. Kiwi Steel is also the tenant at PFI’s 2500m² warehouse development on surplus land at Cavendish Drive, Manukau.

PFI general manager Simon Woodhams said yesterday: “This acquisition increases our presence in Wiri, one of Auckland’s major industrial hubs and a key precinct for PFI. The company currently owns 8 properties in the wider Wiri/Manukau area, representing more than 10% of the portfolio.

“The acquisition of 12 Hautu Drive is in line with the company’s strategy of investing in quality industrial property, and the acquisition will be accretive across a broad range of measures. The acquisition will also increase PFI’s weighting to Auckland industrial property.”

Settlement is expected to take place on 31 October.

Attribution: Company release, agency additions.

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Manurewa RSA among 4 properties sold vacant

The Manurewa RSA’s premises (pictured) have been sold, 6 months after the association found discrepancies in its finances. The RSA had occupied the property for 50 years, but said its ageing & declining membership base meant it was no longer viable. The club stopped trading in May.

It was one 4 commercial properties in East Tamaki, Manukau, Manurewa & Wiri sold vacant by Bayleys agents. They also sold an office with a new lease at the East Tamaki complex.

South

East Tamaki

363 East Tamaki Rd, unit B:
Features: 222m² ground-floor unit in 6-unit office complex, 9 parking spaces
Outcome: sold vacant as bare shell to owner-occupier for $765,000 + gst
Agents: Roy Rudolph & John Bolton

363 East Tamaki Rd, unit C:
Features: refurbished 242m² air-conditioned office unit, 9 parking spaces, new 10-year lease to accountancy firm
Rent: $55,000/year net + gst
Outcome: sold for $786,000 at a 7% yield
Agents: Roy Rudolph & John Bolton

Manukau

533 Great South Rd, unit H:
Features: 1020m² medium stud warehouse zoned light industrial, multiple roller door access, small amount of office, seismic assessment 75% of new building standard, 11 parking spaces
Outcome: sold with vacant possession for $1.94 million + gst
Agent: Karl Price

Manurewa

6 Maich Rd:
Features: 3091m² site zoned light industrial, 1820m² commercial building in town centre occupied by RSA for 50 years
Outcome: sold with vacant possession for $4 million + gst to owner-occupier for use as restaurant/bar
Agents: Ben Bayley, Karl Price, Dave Stanley & Tony Chaudhary

Wiri

34 Hobill Avenue, unit 6:
Features: 238m2 office & warehouse unit zoned light industrial, near motorway interchange, 141m2 of offices & amenities over 2 levels – 80mwarehouse, 17mmezzanine storage, 3 parking spaces
Outcome: sold vacant for $635,000 + gst
Agent: Mike Marinkovich

Attribution: Agency release.

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Retail sale in Flat Bush, industrials in Papakura & Wiri

Bayleys agents in South Auckland have sold a part-occupied new convenience retail complex (pictured) in Flat Bush, a vacant Papakura industrial site and a truck servicing holding in Wiri.

South

Flat Bush

1 Arranmore Drive:
Features: 1463m² corner site, recently developed part-occupied 491m² convenience retail complex split into 5 tenancies; superette, café & Indian takeaway are returning $119,257/year net + gst
Rent: estimated total rental if fully leased, up to $180,000/year net + gst
Outcome: sold for $2.55 million + gst
Agents: Ben Bayley & Tony Chaudhary

Papakura

14-16 Parker St:
Features: 2.85ha of vacant industrial land, previously the site of an abandoned development project with $1.7 million spent on preconstruction
Outcome: sold for $5 million + gst to an owner occupier in the crane industry at $175/m²
Agents: Shane Snijder & Peter Migounoff

Wiri

6 Tacoma Rd:
Features: Fully fenced 8887m² landholding, modern 1280m² workshop, office & showroom building, only 12% site coverage; used for truck servicing, the high stud workshop has a 22m-long service pit & full drive-through capability plus 8 roller doors; largely sealed yards & concrete forecourts surround the workshop, an additional 4473m² metalled rear yard has washdown facility
Outcome: sold to trucking company with vacant possession for $6.6 million + gst
Agent: Mike Marinkovich

Attribution: Agency release.

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Wiri & Tauriko industrial properties and Matamata childcare centre sell

Colliers agents have sold a Wiri warehouse with a large canopy, an industrial property at the Tauriko estate on the outskirts of Tauranga, and a brand-new childcare centre in Matamata.

South

Wiri

12 Ha Crescent:
Features: 4167m² site, 3888m² high stud warehouse, 1043m² canopy, 278m² office space, north-facing concrete yards
Rent: $510,000/year net + gst, market rent review pending after 4 years of 8-year lese
Outcome: sold for $11.15 million at a 4.57% yield
Agents: Andrew Hooper & Hamish West

South of the Bombays

Bay of Plenty

Tauranga

Tauriko

52 Whakakake St:
Features: 7752m² property, 4300m² of usable area, 2315m² industrial facility, high stud workshop
Rent: $245,654 + gst from short-term lease
Outcome: sold for $4.225 million at a 5.8% yield
Agents: Rob Schoeser & Simon Clark

Waikato

Matamata

6 Peria Rd:
Features: 3382m² site, new 567m² purpose-built childcare centre on an 18-year lease from completion this month, plus renewal rights
Rent: $247,000/year net + gst
Outcome: sold for $4.1 million at a 6% yield
Agents: David Palmer & Justin Oliver

Attribution: Agency release.

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Logistics specialist Logos buys Wiri site

Australian vertically integrated logistics property specialist Logos Property Pty Ltd has bought a 10ha site in Auckland for its first move into New Zealand.

The Australian company said yesterday it had bought the property at the corner of Roscommon & Wiri Station Rds in Wiri from Fletcher Building Ltd subsidiary Fletcher Concrete & Infrastructure Ltd.

The site has access to State Highway 20 (the South-western Motorway), and is near the Conlinxx Inland Port.

Logos joint managing director Trent Iliffe said the company would develop the site into a 55,000m² logistics estate: “The New Zealand industrial & logistics sector has experienced strong growth over the past few years on the back of the country’s underlying economic fundamentals, increasing population and, importantly, the rise in e-commerce. We believe there will be many opportunities for Logos to partner with our investors & tenant customers across New Zealand over the coming years, and the Wiri site is an important and strategic first development for the group.”

The company’s other managing director, John Marsh, said: “Wiri is the key industrial suburb in Auckland, which is experiencing significant growth due to its proximity to key freight routes and as the market widens from Auckland’s historical industrial hubs of Penrose & Mt Wellington.

“We are currently in discussions with a number of existing tenant customers from our Asia-Pacific portfolio to develop purpose-built opportunities on the site, including large-format logistics operators, FMCG (fast-moving consumer goods), e-commerce operators & 3PL (third-party logistics) groups.”

Logos has operations in Australia, China, Singapore, Indonesia & India, managing every aspect of logistics real estate, from sourcing land or facilities to undertaking development & asset management for leading global real estate investors.

At 1 January 2018, Logos had:

  • $A4 billion of equity commitments to 14 ventures with a targeted end-value of over $A9 billion of assets under management
  • 42 projects or estates owned & under development
  • Over 2.9 million m² of logistics real estate owned & under development, and
  • 9 corporate offices throughout Asia & the Pacific.

Link: Logos

Attribution: Company release, website.

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Updated: New Euroclass-built Wiri warehouse sells at 4.9%, Onehunga warehouse sells

Published 15 March 2018, updated 16 March 2018:
A new purpose-built warehouse in Euroclass’s 40ha Stonehill Business Park at Wiri (pictured) was passed in at CBRE’s auction on Thursday on a 5% yield, but sold on a 4.9% yield after further negotiation.

That took the price from $9.925 million when it was passed in to a sale agreement at $10.2 million.

Rock Solid Holdings Ltd (trading as Euroclass Design & Build, directors Peter & Julie Bishop) began developing the business park after the McLaughlins Rd quarry was closed 11 years ago. The business park is separated from the Manukau Harbour by the Puhinui Reserve and has 2 prisons on the other side.

The Bishops started their Euroclass business in 1987 as a design/build company focused on office/warehouse development, then grew their expertise in industrial property.

This development, designed for Cargo Plus Ltd, has a clearspan warehouse with stud heights of 9.3m at the knee, rising to 11.3m, 3 roller doors, offices on 2 floors and 3 road crossings, including a separate entrance for the carpark.

Isthmus East

Onehunga

5 Mountjoy Place:
Features: 722m² site zoned light industrial, 400m² warehouse, 90m² office, 15m² amenity, 2 large roller doors
Rent: assessed market rent $73,000/year + gst, which would put the yield on the sale price at 5.14%
Outcome: sold for $1.42 million
Agents: Alex Hopkinson & Chad Greer

South

Wiri

Updated: 107 McLaughlins Rd:
Features: 6898m² site, 4550m² net lettable area, new purpose-built warehouse with large breezeway & office, designed for & fully tenanted by Cargo Plus Ltd on a 10-year lease from 1 January this year, with 2 5-year rights of renewal
Rent: $499,500/year net + gst + outgoings, with a stepped rental schedule set for the whole of the 10-year lease term
Outcome: passed in at $9.925 million, at a 5% yield; sold post-auction for $10.2 million at a 4.9% yield
Agents: Paul Steele & Claus Brewer

Link: Euroclass

Attribution: Auction, auction documents, Euroclass website.

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3 Wiri sales, another in central Manukau and a Christchurch supermarket

Bayleys agents have sold 3 Wiri industrial properties and an underdeveloped Lambie Drive property in central Manukau.

They also handled the sale of the Hornby Countdown supermarket in Christchurch for Investore Property Ltd.

South

Manukau Central

12 Lambie Drive:
Features: underdeveloped 7219m² site, 2-level office building, 92 parking spaces; 10 tenants comprising a mixture of warehouse & office occupants, including a Government anchor tenant which has renewed for a further 3 years
Rent: $617,250/year net + gst
Outcome: sold for $7.5 million at an 8.23% yield
Agents: Alan Haydock & Damien Bullick

Wiri

6 Hautu Drive:
Features: 8073m² site, 5746m² industrial premises, 650m² canopy, built 12 years ago as distribution centre for Cavalier Bremworth which exercised the first of 2 6-year rights of renewal last year; warehouse has an 11.2-13.8m stud height and an extremely high load capacity floor
Rent: $686,323/year net + gst; vendor provided a 3-year underwrite to increase income provided by tenant by a further $33,523
Outcome: sold for $11.1 million at a 6.18% yield
Agents: Mike Marinkovich, Ben Bayley, Scott Campbell & Stephen Scott

250 Roscommon Rd:
Features: 1.7419ha heavy industrial site on corner of Bolderwood Place, mix of small sheds & offices leased to Asphalt Supply Co Ltd with sub-lease of 46% of the site to Roadex Logistics Ltd; head lease runs until November 2022 with no renewal rights
Rent: $400,000/year net + gst, increasing to $450,000/year + gst in October and fixed 2% annual increases thereafter
Outcome: sold for $8 million at a 5% yield
Agents: Sunil Bhana, James Hill & Mike Houlker

105 Wiri Station Rd:
Features: 1.4ha heavy industrial site with frontage also to Plunket Avenue, 88 parking spaces, formerly occupied by Honda NZ; site coverage of around 30% – 6317m² building, 4993m² of medium to high stud warehousing, the balance a mix of modern & older-style offices
Outcome: sold vacant for $9.85 million
Agents: Ben Bayley, Karl Price & Scott Campbell

South Island

Christchurch

Hornby

17 Chappie Place:
Features: 1.77ha site, Countdown supermarket completed in 2010 located on State Highway 1 adjacent to Hornby Hub shopping centre, 20-year lease from December 2012 to General Distributors Ltd with renewal rights up to 60 years
Outcome: sold by Investore Property Ltd for $21.5 million at a 6.26% yield
Agents: Sunil Bhana, Mike Houlker & Blair Young

Attribution: Agency release.

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