Archive | Market

Newmarket office building sells, Australian furniture retailer moves into Mt Wellington

Colliers agents have sold a Newmarket office building and leased a large Mt Wellington unit to Australian furniture retailer Nick Scali Ltd.

Isthmus east

Sale

Newmarket

1 Broadway:
Features: 1455m² site, 2269m² office building
Outcome: sold to private investor, price not disclosed
Agents: Adam White, David Burley & Hamish West

Lease

Mt Wellington

50-56 Mt Wellington Highway:
Features: 2695m² large-format retail unit on the front of the Harvey Norman Centre, leased to Australian furniture retailer Nick Scali Ltd
Rent: no figures
Agent: Leroy Wolland

Attribution: Agency release.

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4 Waikato commercial sales

4 Waikato commercial properties – 2 in Hamilton and the others in Paeroa & Putaruru – have been sold by Bayleys agents.

South of the Bombays

Waikato

Hamilton

85 Tristram St:
Features: 219m2 unit-titled building, 6 parking spaces
Outcome: sold for $785,000, with vacant possession
Agents: Mike Swanson & Alex ten Hove

Hamilton – Pukete

46 Church Rd:
Features: 1492m2 site, modern 467m2 2-level office building, leased to UBT Accountants NZ Ltd for 6 years from June 2014, 2 6-year rights of renewal, 13 parking spaces
Rent: $103,600/year net + gst
Outcome: sold for $1.76 million at a 5.89% yield
Agent: Blair Hutcheson

Paeroa

46 Belmont Rd:
Features: 218m2 town centre site, 210m2 retail unit, occupied by $1 $2 $3 Awesome store
Rent: $18,000/year net + gst
Outcome: sold for $206,000 at an 8.74% yield
Agent: Josh Smith

Putaruru

84-86 Tirau St:
Features: 1360m2 site, 529m2 single-level commercial building with flat & garage; 3 retail tenants on medium- to long-term leases plus monthly residential tenancy
Rent: $49,289/year net + gst
Outcome: sold for $618,000 at a 7.98% yield
Agent: Jason Kong

Attribution: Agency release.

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After 14 years, 3 more years’ income needed to buy same house in Auckland

Auckland’s year-end stalling of median house price rises (up only 0.7% over 12 months), combined with a 14.2% increase in median household income, returned the region to an unaffordability rating in single digits in Demographia’s latest annual international survey.

It also made Auckland the second least affordable urban area in the country, swapping places with Tauranga.

Demographia survey authors Wendell Cox (US) & Hugh Pavletich (NZ), said in their introduction the improvement in New Zealand’s rating was largely the result of a statistical update.

As for Auckland’s standing, they said the consistently poor affordability meant buyers of houses in Auckland now had to spend 3 more years’ income than they did 14 years ago to buy the same house.

“New Zealand’s housing affordability indicates an improvement that’s largely due to an upward restatement of median for the last decade by Statistics NZ. Even so, New Zealand’s housing remains severely unaffordable, with a median multiple of 5.8.

“Auckland has a severely unaffordable 8.8 median multiple. Housing affordability has deteriorated from a median multiple of 5.9 in Demographia’s first survey (2004), thus adding the equivalent of nearly 3 years in pre-tax median household income to the house prices.”

New Zealand markets with median multiple (2016 in brackets), median price, median household income and their rankings – international affordability, major market ranking (Auckland only) and NZ ranking:

Auckland: 8.8 (10.0), $836,700 ($830,800), $94,800 ($83,000); rankings 281 (401), 84 (89), 7 (8)
Christchurch: 5.4 (5.9), $448,300 ($435,300), $83,700 ($73,900), 226= (305), 2= (5)
Dunedin: 5.4 (5.4), $363,300 ($322,000), $67,400 ($59,700), 226= (323), 2= (2)
Hamilton-Waikato: 6.5 (6.2), $530,100 ($444,900), $81,800 ($72,100), 257 (356), 6 (6)
Napier-Hastings: 6.1 (5.7), $409,100 ($340,500), $67,000 ($59,300), 253 (342), 5 (3)
Palmerston North-Manawatu: 4.5 (4.7), $278,000 ($255,800), $62,000 ($54,900), 181 (275), 1 (1)
Tauranga-Western Bay of Plenty: 8.9 (9.7), $617,000 ($591,900), $69,100 ($61,200), 282 (398), 8 (7)
Wellington: 5.5 (5.8), $508,700 ($463,700), $92,100 ($79,600), 231 (348), 4 (4)
Median market: 5.8 (5.9)

The international picture

The survey covers 293 metropolitan housing markets (metropolitan areas) in 9 countries – Australia, Canada, China, Ireland, Japan, New Zealand, Singapore, the UK & the US) for the third quarter of 2017.

92 major metropolitan markets (housing markets) with populations over 1 million are included, 5 of them megacities, which are defined as having more than 10 million residents – Tokyo-Yokohama, New York, Osaka-Kobe-Kyoto, Los Angeles & London.

Hong Kong was again the least affordable, with a median multiple of 19.4, up from 18.1 last year.

Sydney was again second, at 12.9. Vancouver was third least affordable, at 12.6, followed by San Jose at 10.3 and Melbourne at 9.9. The next 5 least affordable were Los Angeles (9.4), Honolulu (9.2), San Francisco (9.1), Auckland (8.8) & London (8.5).

Osaka-Kobe-Kyoto is the most affordable megacity in the survey, with an average multiple of 3.5, earning a moderately unaffordable rating. It was also the most affordable major housing market outside the US, ranking 19th out of 92. TokyoYokohama was the second most affordable megacity in the survey, with a seriously unaffordable average multiple of 4.8.

There were 10 affordable major housing markets, all in the US, and 28 severely unaffordable major housing markets, including all in Australia (5), New Zealand (1) & China (1). 13 of the major markets in the US were severely unaffordable (out of 54), 6 in the UK (out of 21 major markets) and 2 out of Canada’s 6.

The most affordable major housing markets were in the US, with a moderately unaffordable median multiple of 3.8, followed by Japan (4.2), Canada & the UK (4.3). Singapore & Ireland both had median multiples of 4.8.

Overall, the major housing markets of Australia (6.6), New Zealand (8.8) & China (19.4) were severely unaffordable.

The survey rates middle-income housing affordability using the median multiple, which is the median house price divided by the median household income. Demographia rates a median multiple of 3.0 & under as affordable, 3.1-4 moderately unaffordable, 4.1-5 seriously unaffordable, 5.1 up severely unaffordable.

The authors said the median multiple was widely used for evaluating urban markets, had been recommended by the World Bank & the United Nations, and was used by the Joint Centre for Housing Studies at Harvard University.

With this year’s survey, I’ve run an extensive list of links below, mainly to give you an idea of how – despite awareness of an acute problem for so long, solutions haven’t been forthcoming.

However, in Auckland, some change can be expected as the influence of the region’s new unitary plan starts to change housing patterns (which I haven’t linked to).

The links are in 2 groups – first, those relating to past Demographia surveys, and second, those containing suggestions of change.

Links:
Demographia, 14th (2018) annual international housing affordability survey
Demographia
Performance Urban Planning

Earlier stories:
23 January 2017: Auckland still near top of Demographia’s international unaffordability table
25 January 2016: Demographia ranks Auckland severely unaffordable
19 January 2015: Auckland worsens on Demographia’s affordability rating
22 January 2014: Property Council uses Demographia to combat unitary plan constraints
23 January 2006: Demographia survey rates Auckland 15th least affordable city in 6 countries, but authors don’t give evidence to prove cause theory

Other related stories:
24 June 2016: Fairgray works through the question: Who’s really the house price villain?
25 January 2016: Introducing “middle income housing affordability”
25 January 2016: Australian senator says affordability crisis ‘contrived’
25 August 2014: National promises easier access to first-home money, Pavletich says it’ll fuel housing inflation
20 January 2014: More housing action a 2014 certainty – plus links for affordability story & research
21 January 2013: English warns of another housing demand shock on way
13 April 2012: Productivity Commission misses key affordability point – again
10 February 2012: Council presents the garbled nonsense response on housing affordability
3 February 2010: Canadian researcher fires broadside at Demographia affordability report
23 January 2008: ARC strategy chief rejects Demographia solution as over-simplification (again)
21 January 2008: The Demographia view on what’s wrong, how to fix it
28 January 2009: Heatley promises housing initiatives
21 January 2008: NZ rated most expensive for housing affordability
10 December 2007: Pavletich sets out ways to gauge unaffordability triggers
10 December 2007: Government introduces affordability measures
6 September 2007: Curtis loses fight to remove “compact” from development framework
11 April 2007: Pavletich reckons NZ under-building by 10,000 homes/year
11 April 2007: Expect 4-5 centres to be earmarked in growth strategy review
1 April 2007: Lee proposes formal integration of regional growth & sustainability strategies
12 March 2007: Pavletich says improved land supply will defeat inflationary speculation
22 January 2007: Affordability campaigners berate governments for their failure as Auckland ranks 21st least affordable in world survey
15 October 2006: Our choice: Closed cities of despair or open cities of opportunity
30 August 2006: Townsend lashes regional containment policy
7 July 2006: Compact-city concept “destroying the Kiwi way of life”
6 April 2006: Housing affordability – how to measure it
5 January 2006: Growth forum embarks on review – and the chance to adjust its thinking
10 November 2005: Curtis sets up scrap over containment policy
28 May 2005: Housing affordability calculations: What you get is not what you want
3 April 2005: McShane derides Smart Growth, and says why
6 June 2004: Scorecard indicates regional growth far more rapid than anticipated, increasing pressure to expand urban limit
2 March 2004: Auckland land shortages for both business & housing

Attribution: Demographia release.

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Bayleys Shore agents start 2018 with 4 commercial leases

Bayleys agents on the North Shore have started 2018 with 4 commercial leases signed, plus one more completed in December.

Leases

North-east

Albany

14 Corinthian Drive, unit 4B:
Features: 84m² retail unit – retail area 70m², other area 14m², no parking
Rent: leased in January for $43,000/year net + gst, premises rental $512/m²
Agents: Dev Choudhury & Damian Stephen

254 Cornerstone Drive, shop 15, ground floor of Ramada Hotel building:
Features: 93m² retail unit on ground floor of Ramada Hotel, 21m² outdoor area, 4 exclusive parking spaces + shared spaces
Rent: leased in January for $48,000/year net + gst
Agent: James Yu

Birkenhead

39 Rawene Rd, ground-floor office:
Features: 50m² office, 3 parking spaces 
Rent: leased in January for $10,000/year net + gst, parking $15/space/week
Agents: Caroline McNaught & Michael Nees

Rosedale

3 John Glenn Avenue, office C:
Features: 182m², 5 parking spaces
Rent: leased in December for $36,000/year net + gst
Agents: Jane Mckee, Laurie Burt, Alex Strever & Caroline McNaught

40 William Pickering Drive, unit C:
Features: 294m² industrial unit – office 36m², warehouse 154m², other area 104m², 5 parking spaces
Rent: leased in January for $46,000/year net + gst
Agents: Laurie Burt & Chris White

Attribution: Agency release.

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Academics & the property trade join in major international conference in Auckland

Auckland University Business School’s Property Department hosts an international conference next week highlighting trends, insights & challenges.

Professor Deborah Levy.

On one issue, housing affordability, conference organiser & supplier of 3 papers, Professor Deborah Levy, said it was apparent from research around the world that this was a common problem. She cited research in Malaysia & the UK to show that, while countries arrived at the problem in different ways, they still arrived at a problem.

The conference is the 24th held by the Pacific Rim Real Estate Society and will run through to next Wednesday. 170 delegates from 17 countries have registered for it.

Professor Levy said: “The conference brings together leading thinkers & practitioners in disciplines of property & real estate. Its 2018 theme is “Property research for our changing world”, and it covers broad ground, including housing markets, urban planning & design, sustainability, behaviour economics, property management, investment & valuation.

“Industry-sponsored panels will explore millennials & real estate, the future of work & commercial property, and market dynamics in the wake of the Christchurch, Wellington & Kaikoura earthquakes.

“Other New Zealand-focused sessions highlight research into regional regeneration focussing on Ashburton, Timaru & Oamaru (from the Building Better Homes, Towns & Cities National Science Challenge); Auckland’s unaffordable housing market; changing notions about Waiheke Island baches by their owners, buyers & sellers as a window into what happens when ‘homes’ become ‘assets’; the ‘over-60s’ townhouse market in Christchurch; and a new framework for better managing collectively owned Maori land.”

One aspect which most impressed Professor Levy was the mix of academic & industry representatives, groups which she said tended to shy away from each other.

Attribution: University release.

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Auckland still leads cyclical house sales shift downwards

The Real Estate Institute said yesterday the median house sale price nationally rose 5.8% in December compared to a year earlier, and 6.6% excluding Auckland.

In Auckland, the median rose 1.8% over the 12 months.

The moves were:

Nationally: 5.8%, from $520,000 to $550,000
Excluding Auckland: 6.6%, from $422,000 to $450,000
Auckland: 1.8%, from $855,000 to $870,000.

The cyclical context

Those differences are normal. Auckland habitually leads cycles up, peaks as other centres start to rise, and softens while the rest of the country is still trying to catch up. When everything settles down, the margin between Auckland prices and those everywhere else will be bigger than it was before the cyclical rise.

The difference that is abnormal is that Auckland has been subjected to a hefty population increase for the second time this century – first in 2003-04 under the Clark Labour government, from which it hadn’t fully recovered before the National-led government enabled a new influx into Auckland over the last 5 years, with no attempt on either occasion to spread the growth.

Through a period of 15 years, Auckland’s housing supply has been inadequate to meet demand. For the real estate sector, and for political purposes, that’s been just fine: a tight market encourages competition & price hikes.

The Real Estate Institute said prices rose in 13 of its 16 regions in December, 3 of them to record levels:

Waikato: up 11.7% from $470,000 a year ago & $490,000 in November to $525,000 in December
Bay of Plenty: up 20.4% from $496,500 a year ago & $575,000 in November to $598,000, and
Wellington: up 4.7% from $535,000 a year ago & $550,000 in November to $560,000.

At the other end, prices fell from a year ago in 3 regions:

Marlborough: down 2.1% to $372,000
West Coast: down 1.6% to $185,000, and
Canterbury: down 0.7% to $439,000.

Real Estate Institute chief executive Bindi Norwell said December 2017 was the first time all 7 districts in Auckland (the institute still bases its statistics on the boundaries of the 7 cities & districts that formed the super-city in 2010) had a median price above $700,000.

She said this highlighted “how expensive the city is becoming”. In addition, “North Shore City [as it was] has reached a record median price of $1,113,000. The nearest the price has been to this point previously was $1,105,000 in November 2016.”

Volumes still struggling

The institute said sales nationally fell 10.1% in December from a year ago, from 6567 to 5903; 11.6% excluding Auckland, from 4733 to 4184; and 6.4% in Auckland, from 1808 to 1693.

Nelson was the only region where sales rose from a year ago, from 71 to 76.

The institute’s house price index increased nationally by 3.8% from a year ago to 2655, by 6.8% excluding Auckland, and by 0.7% in Auckland.

Auctions fall away

Auctions’ share of the national market fell from 18% a year ago to 14% – down from 1154 sales to 827.

55% (455) of the December 2017 sales were in Auckland.

Inventory

The number of properties available for sale nationally increased by 9.3% (from 22,521 to 24,610), and by 2.1% excluding Auckland (from 15,784 to 16,113).

Price bands

Broken into price brackets, the number sold in December fell compared to a year ago in all except the $2-3 million category, which increased by 4.3% (from 92 to 96).

The number sold for less than $500,000 fell 18% (from 3148 to 2577). The latest figure for that bracket represented 43.7% of all sales.

Link: Full Real Estate Institute December report

Attribution: Real Estate Institute release.

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Focus on Northcote in push for affordable home development

Government-owned company HLC (2017) Ltd – the former Hobsonville Land Co Ltd – is pushing hard to increase interest in 5 development superlots at Northcote, in keeping with the new government’s desire to get 100,000 “affordable” homes built over the next 10 years, half in Auckland.

Bayleys Real Estate launched an expressions of interest campaign late last year, seeking private sector partners to develop the 1.58ha in the 5 superlots.

Under Labour’s KiwiBuild policy, The Government wants to get 100,000 affordable homes built within 10 years, half of them in Auckland.

HLC has supervised development at Hobsonville Point, in West Auckland, where over 1000 houses have been built in 5 years. On completion, that 167ha masterplanned development will have 4500 houses & over 10,000 residents.

At Northcote, the focus in stage 1 of redevelopment of the state housing block will result in 298 old state houses being replaced by 400 new ones.

For stage 2, HLC, a subsidiary of Housing NZ Corp, appointed Bayleys to release the 5 superlots, which range in size from 2572-3665m². Registrations of interest close on Friday 16 February.

HLC chief executive Chris Aiken said a shortlist of potential home builder partners would be identified by March and the final selection made in April.

55% of the potential 165 homes in the 5 superlots have to be “affordable”, defined as a maximum price of $600,000 for a terraced home, $500,000 for apartments.

On completion, the whole project will provide about 1200 new homes near the Northcote town centre over a 6-year period.

Earlier stories:
19 September 2016: Unitary plan helps lift Northcote housing target to 1200
16 May 2016: Council & Government join forces to redevelop Northcote land

Attribution: Agency release.

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Eden Terrace deal leads JLL metro year-end sales

JLL’s Auckland metro team ended 2017 with 6 sales on the east & west of the isthmus, in Eden Terrace, Grey Lynn, Herne Bay & Parnell.

They included the $6.8 million sale of a Porters Avenue property in Eden Terrace (pictured).

Isthmus east

Parnell

10 Augustus Terrace, units 2a & 2b:
Features: 2 office units totalling 246m², 8 parking spaces
Rent: $86,000/year net
Outcome: both sold in December for $1.53 million + gst at a 5.6% yield
Agent: Ben Jamieson

15 Bath St:
Features: 375m² mixed-use site, 539m² office building, 14 parking spaces
Rent: $225,000/year net
Outcome: sold in December for $4.2 million + gst at a 5.35% yield
Agent: Ben Jamieson

Isthmus west

Eden Terrace

1A Porters Avenue:
Features: 3371m² site zoned mixed use, 2760m² warehouse, workshop & office
Outcome: sold to an owner-occupier with vacant possession for $6.8 million
Agents: Jarred Hill, Alex Wefers & Nick Cape

Grey Lynn

41C Crummer Rd:
Features: 92m² office unit, 23m² deck, 2 secure parking spaces
Outcome: sold for $624,000, reflecting $6783/m² floor area
Agents: Alex Wefers & Tom Dobier

28 Monmouth St:
Features: 332m² vacant land in mixed-use zone
Outcome: sold to developer for residential purposes for $1.18 million + gst, reflecting $3554/m²
Agent: Alex Wefers

Herne Bay

204-208 Jervois Rd:
Features: 491m² multi-tenanted property, 832m² floor area, hospitality & office tenants
Rent: about $318,000/year net
Outcome: sold for $6.3 million + gst, reflecting a 5.0% yield
Agent: Alex Wefers

Attribution: Agency release.

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Bay of Plenty agents end year with 8 sales

Bayleys commercial agents in the Bay of Plenty finished 2017 with 8 sales around Rotorua, Tauranga, Tokoroa & Whakatane.

Pictured: The 17 Gateway West storage facility in Whakatane.

South of the Bombays

Bay of Plenty

Rotorua

Mangakakahi

95 Tallyho St:
Features: 2524m² site in 2 titles, modern 1493m² industrial building, 3 high stud roller doors; leased to Fletcher Steel Ltd for 3 years from August 2017 with rights of renewal to 2029
Rent: $104,000/year net + gst
Outcome: sold for $1.5 million at a 6.93% yield
Agent: Mark Slade

Fairy Springs

25 Bidois Rd:
Features: 1011m² corner site, 1980s-built 350m² storage complex, 10 storage rental units, each with separate roller door access, multiple tenants
Outcome: sold for $268,000 at a 6.57% yield
Agent: Mark Slade

Tauranga

194 15th Avenue, Tauranga:
Features: 414m² site, 4 parking spaces & 1930s 100m² dwelling converted for office use
Outcome: sold with vacant possession for $550,000
Agent: Lloyd Davidson

74 Grey St:
Features: 1060m² prime city centre-zoned site (49m height allowance), 1290m² retail & office building, fully leased to 4 tenants on mixed terms
Rent: $141,187/year net + gst
Outcome: sold for $2.4 million at a 5.88% yield
Agents: Brendon & Lynn Bradley

90 Second Avenue:
Features: 584m² city centre-zoned site, 340m² industrial building occupied by 2 tenants; car valet business occupies rear tenancy and Great Deals Direct Ltd the front, both with leases expiring mid-2018
Rent: $34,632/year net + gst
Outcome: sold for $850,000 at a 4.07% yield
Agent: Lloyd Davidson

Tokoroa

24 Swanston St:
Features: 212m² cbd corner site, 2 adjacent retail premises totalling 175m², hair salon business has been in occupation since the premises were built in the 1970s and a sushi store has been in occupation since 2013
Rent: $19,119/year net + gst
Outcome: sold for $220,000 at an 8.69% yield
Agents: Brendon & Lynn Bradley

Whakatane

17 Gateway West:
Features: 2113m² site in the Gateway industrial precinct adjacent to State Highway 30, 1358m² self-storage complex comprising 106 units of various sizes, trading as EastBay Secure Storage
Outcome: sold for $1.5 million at a 7.93% yield
Agents: Brendon & Lynn Bradley

156 The Strand:
Features: 334m² leasehold site in cbd retail precinct, 590m² 2-level, fully tenanted retail & office building; 14-year ground lease with perpetual renewal rights
Rent: $68,000/year net + gst
Outcome: sold for $500,000 at a 13.6% yield
Agents: Brendon & Lynn Bradley

Attribution: Agency release.

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Bayleys office ends year with 9 sales & 11 leases

Bayleys agents from the North Shore branch have started the year reporting 9 sales & 11 leases in November & December.

5 of the sales and 9 of the leases were on the Shore and at Silverdale. The rest were in Epsom, Grafton, Huntly, New Lynn & Westgate.

Sales

Isthmus east

Epsom

1B Edgerley Avenue:
Features: 357m² mixed-use property
Rent: $40,037/year net + gst
Outcome: sold at auction in December for $1.26 million + gst, yield 3.18%
Agent: Terry Kim

North-east

Rosedale

1-3 Parkhead Place:
Features: 4532m² industrial site, 2424m² building
Rent: $393,400/year net + gst
Outcome: sold in December for $5.1 million + gst at a 7.7% yield, $2104/m² land & building
Agents: Alex Strever, Laurie Burt & Matt Mimmack

4 Piermark Drive, unit D:
Features: 372.2m² industrial unit – office 175m², warehouse 150m², other area 47.2m², 7 parking spaces
Outcome: sold at auction in December for $920,000 + gst, at $2472/m² land & building
Agent: James Kidd

14-22 Triton Drive, unit C2:
Features: 130m² unit – office 90m², warehouse 40m², 3 parking spaces
Outcome: sold in December for $480,000 + gst, at $3692/m² land & building
Agents: James Yu & Alex Strever

14-22 Triton Drive, unit C3:
Features: 237.2m² unit – warehouse 55,9m², office 181.3m², 4 parking spaces        
Outcome: sold in December for $785,000 + gst, at $3309/m² land & building
Agent: Alex Strever

Silverdale

162 Foundry Rd:
Features: 2002m² site, 1032m² building
Rent: about $150,000/year net + gst
Outcome: sold in November for $3.05 million + gst, at 4.92% yield, $2955/m² land & building
Agents: Rosemary Wakeman & Matt Mimmack

North-west

Westgate

Northside Drive, lot 1, unit 6:
Features: 294m² industrial unit, 4 parking spaces
Outcome: sold in November for $990,000 + gst, at $3367/m² land & building
Agents: >Matt Mimmack & Ashton Geissler

Northside Drive, lot 1, unit 4:
Features: 309m² industrial unit, 4 parking spaces
Outcome: sold in November for $1.06 million + gst, at $3430/m² land & building
Agents: Matt Mimmack & Ashton Geissler

South of the Bombays

Waikato

Huntly

3768 State Highway 1:
Features: motel business on 3065m² site, 690m² floor area
Income: $68,000/year net + gst
Outcome: sold in December for $1.25 million + gst at 5.4% yield
Agent: David Han

Leases

Isthmus east

Grafton

14 Burleigh St, part ground floor:
Features: 561m² office, 16 parking spaces
Rent: leased in November for $144,360/year net + gst, $111,080 excluding parking, parking $40/space/week, premises rental $198/m²
Agent: Dean Gilbert-Smith

North-east

Albany

86 Bush Rd, unit U:
Features: 92m² office unit
Rent: leased in December for $29,660/year net + gst, net excluding parking $25,760/year + gst, premises rental $280/m²
Agent: Jane Sims

Birkenhead

65 Birkenhead Avenue, basement:
Features: 200m² industrial space, parking space
Rent: $30,000/year net + gst
Agents: Adam Watton & Adam Curtis

Gulf Harbour

69 Gulf Harbour Drive, unit H:
Features: 145m² retail area, 8 parking spaces
Rent: $38,160/year net + gst
Agent: Terry Kim

Rosedale

5 Beatrice Tinsley Crescent, unit B:
Features: 361m² industrial unit, 5 parking spaces
Rent: leased in December for $50,000/year net + gst
Agent: Laurie Burt

10B Canaveral Drive:
Features: 300m² industrial, 5 parking spaces
Rent: leased in December for $52,000/year net + gst, net excluding parking $52,000, premises rental $173/m²
Agent: James Kidd

7 Vega Place, unit F:
Features: 132m² industrial unit, 2 parking spaces
Rent: leased in December for $23,000/year net + gst, net excluding parking $23,000, premises rental $174/m²
Agent: Laurie Burt

45 William Pickering Drive, unit A:
Features: 340m² industrial unit, 7 parking spaces
Rent: leased in December for $65,000/year net + gst, net excluding parking $65,000/year + gst, premises rental $191/m²
Agents: James Kidd & Laurie Burt

51 William Pickering Drive, unit 9, level 1:
Features: 60m² office space, parking space
Rent: leased in December for $14,000/year net + gst, net excluding parking $14,000, premises rental $233/m²
Agent: Terry Kim

Silverdale

10 Silverdale St, shops 2 & 3:
Features: 262m² retail area, no parking
Rent: leased in December for $98,000/year net + gst, premises rental $374/m²
Agents: Adam Curtis & Adam Watton

North-west

New Lynn

3047 Great North Rd, first floor:
Features: 370m² office, 10 parking spaces
Rent: leased in November for $93,000/year net + gst, $80,000 excluding parking, parking $25/space/week, premises rental $251/m²  
Agents: Chris White & Damian Stephen

Attribution: Agency release.

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