Archive | Market

Hereford Residences apartment passed in

An upper-level apartment in the Hereford Residences was passed in at City Sales’ auction yesterday.

Tawera Group’s conversion of the former Telecom office tower just off Karangahape Rd to apartments, and the addition of 4 levels, was completed last year.



Hereford Residences, 8 Hereford St, unit 1508:
Features: 115m², 2 bedrooms, 2 bathrooms with underfloor heating, study, ducted air supply, deck, pet-friendly, 2 parking spaces
Outgoings: rates $3742/year including gst; body corp levy $6339/year including gst
Outcome: passed in at $1.415 million
Agents: Trisha Shanaghan & Gus Argyle

Attribution: Auction.

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Strong yield on Bayleys’ Hamilton office leads Taranaki & Waikato sales

Bayleys agents have sold 8 commercial properties in Taranaki & the Waikato, 7 at auction and one by tender, in its final Total Property campaign for the year.

Leading the results was the sale of the agency’s purpose-built Hamilton office (pictured), sold at auction on a 4.84% yield.


New Plymouth

1 Devon Street East:
Features: 324m2 cbd corner site, 740m2 fully tenanted 2-level building; anchored by longstanding pharmacy occupying ground floor & basement on 6-year lease from September 2015 plus 4 6-year rights of renewal, wellness centre occupies refurbished upper level on new 2-year lease
Rent: $100,000/year net + gst
Outcome: sold by tender for $1.16 million at an 8.62% yield
Agents: Iain Taylor & Alan Johnston


50 Sackville St:
Features: 809m2 site, 209m2 single-level commercial building, parking at rearlongstanding tenant Sporty’s Café & Bar has 9-year lease from September 2016 plus 2 9-year rights of renewal
Rent: $48,000/year net + gst
Outcome: sold for $780,000 at a 6.15%yield
Agents: Alan Johnston & Iain Taylor



96 Ulster St:
Features: 1766m2 corner site, 685m2 2-level building purpose-built as Bayleys Waikato’s regional headquarters in 2011, 25 parking spaces; refurbished & modernised in 2015 with 10-year lease until 2025 to Realty Services Holdings Ltd (multiple shareholders, 60.6% owned by Bayley Corp Ltd) plus 2 6-year rights of renewal
Rent: $224,080/year net + gst
Outcome: sold for $4.63 million at a 4.84% yield
Agents: Mike Swanson, Alex ten Hove & Jordan Metcalfe

1100 Victoria St:
Features: 160m2 single-level building in mainstreet fringe cbd location; 3-year lease from 2016 to dental practice plus 2 3-year rights of renewal
Rent: $47,058/year net + gst
Outcome: sold for $895,000 at a 5.26% yield
Agents: Rebecca Bruce & David Cashmore


4 Roberts St:
Features: 372msite on Lake Terrace corner; 471m2 bar & restaurant plus substantial cobbled outdoor area overlooking lake; 5-year lease to Pub N Grub from April 2015 plus 2 5-year rights of renewal
Rent: $100,000/year net + gst
Outcome: sold for $2.05 million at a 4.88% yield
Agent: Brendan Gallagher

1 Tongariro St:
Features: 362m2 corner site at Lake Terrace intersection opposite lakefront, single-level 441m2 building leased to Waterside Restaurant with renewal rights until 2026, and Taupo Rod & Tackle; development potential
Rent: $98,701/year net + gst
Outcome: sold for $1.81 million at 5.45% yield
Agent: Brendan Gallagher

Te Rapa

56 Sunshine Ave:
Features: 1012m2 industrial-zoned site with existing residential use rights, 3-bedroom house at front, warehouse at rear
Outcome: sold with vacant possession for $630,000 (inclusive of gst)
Agents: Jordan Metcalfe & Rebecca Bruce

60 Sunshine Ave:
Features: 1012m2 industrial site, 432m2 warehouse with 6 roller doors, original 69m2 residential structure in front most recently used as office space
Outcome: sold with vacant possession for $607,500
Agents: Jordan Metcalfe & Rebecca Bruce

Attribution: Agency release.

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2 Rosedale sales & a lease, one Wairau Valley sale

Bayleys & Omega Commercial have jointly sold 2 properties on Omega St in Rosedale, on the North Shore.

Bayleys agents have also achieved the resale of a Wairau Valley property and have leased one in Rosedale.




5-7 Omega St:
Features: 4129m² site, 1952.48m² office, 87 parking spaces, tenant Flintfox Plan B Ltd
Rent: $490,155/year net + gst
Outcome: sold in November for $7.8 million + gst at a 6.28% yield
Agents: Brian Caldwell (Bayleys) & Omega Commercial

19 Omega St, lot 1:
Features: 802m² site, 375.75m² industrial building, 8 parking spaces 
Outcome: sold vacant in December for $1.68 million + gst
Agents: Matt Mimmack & Laurie Burt (Bayleys) & Omega Commercial

Wairau Valley

18 Poland Rd:
Features: 3811m² site, 2773m² industrial building – office 972m², warehouse 1669m², showroom 132m², tenant Fresco Shades NZ Ltd 
Rent: $330,000/year net + gst
Outcome: sold in November for $5.5 million + gst at a 6% yield; the property was sold in August 2017 for $4.95 million at a 5.86% yield on rent of $290,000
Agents: Trevor Duffin & Ranjan Unka



4 Orbit Drive, unit F2:
Features: 220m² office unit – office 164m², warehouse 56m², 3 parking spaces
Rent: leased in December for $58,000/year net + gst – office $275/m², storage $160/m², parking $25/space/week ($3900/year)
Agents: Jane McKee (Bayleys) & Max Andrews (Barfoot & Thompson)

Attribution: Agency release.

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11 sell at Bayleys’ Wellington commercial auction

Bayleys agents in Wellington sold 11 of the 15 properties they took to auction on Thursday in the agency’s final Total Property round of commercial auctions for the year.

South of the Bombays


Lower Hutt


407-409 Hutt Rd (pictured):
Features: 1024m2 site adjacent to motorway with dual access; 709mof industrial buildings – 480m2 trade showroom/office at front, 229m2 rear workshop, fully leased until late 2019
Rent: $137,155/year net + gst
Outcome: sold for $2 million at a 6.86% yield
Agents: Andrew Smith & Paul Cudby


21 Main St:
Features: 574m2 site, 226m2 former bank premises, seismic assessment 70% new building standard; rear parking area has development potential
Rent: $6000/year from ATM leased to ANZ Bank, otherwise vacant
Outcome: sold for $355,000
Agents: Steven Firth & Fraser Press

44 Riverbank Rd:
Features: 1540m2 site, refurbished & painted 730m2 warehouse, 6 parking spaces; leased to rubber & plastic recycler Matta Products Ltd, which has made a considerable investment in plant, for 7 years from November 2012 with 2 2-year rights of renewal
Rent: $36,585/year net + gst
Outcome: sold for $510,000 at a 7.17% yield
Agents: Paul Adams & Stephen Lange


284 Jackson St:
Features: 304m2 corner site, 297m2 commercial building strengthened to over 67% of new building standard, occupied by Westpac Bank
Outcome: sold with vacant possession from January for $1.3 million
Agents: Andrew Smith & Paul Cudby

23 Gear St:
Features: 400m2 site, comprehensively refurbished building, fitout comprises 120m2 showroom, 110m2 office/apartment & 161m2 workshop
Rent: estimated potential income of $63,000/year net + gst
Outcome: sold with vacant possession for $1.1 million
Agent: Fraser Press

12 Cornish St, unit 2:
Features: 183m2 clearspan warehouse near State Highway 2, high stud, roller door, 87m2 office/amenities, 2 parking spaces
Outcome: sold with vacant possession for $390,000
Agent: Richard Faisandier



10 Wall Place:
Features: 1634m2 site near the Transmission Gully interchange, fully leased 810m2 industrial building, 4 tenants; 2 largest tenancies due for rent reviews & renewals over the next 12 months
Rent: $78,000/year net + gst
Outcome: sold for $1.215 million at a 6.42% yield
Agents: Mark Walker & Jon Pottinger


39 Seaview Rd:
Features: 1330m2 site, dual access off 2 main roads, 640m2 vehicle testing station, 11-year lease to VTNZ from April 2011, no renewal right
Rent: $157,795/year net + gst
Outcome: sold for $2.25 million at a 7.01% yield
Agent: Fraser Press

53 Port Rd:
Features: 1158m2 site, 40m road frontage, 926m2 engineering workshop, multiple roller doors, 6 parking spaces, occupation licence for 108m2 fenced yard on southern boundary
Rent: estimated potential income $95,200/year net + gst
Outcome: sold for $1.1 million with vacant possession from March
Agents: Andrew Smith & Paul Cudby

Upper Hutt

222-228 Main St:
Features: 452m2 corner site, 2-level 810m2 commercial building
Rent: estimated potential income of $90,000/year net + gst
Outcome: sold with vacant possession for $420,000
Agents: Ethan Hourigan & James Higgie


80-82 Eastern Hutt Rd, unit 19:
Features: 180m2 warehouse/workshop, mezzanine offices, 4 parking spaces in 20-unit business park on main arterial route linking Lower & Upper Hutt; leased to Underwater Solutions Ltd for 2 years from April 2018, 2 2-year rights of renewal
Rent: $13,088/year net + gst
Outcome: sold for $220,000 at a 5.95% yield
Agents: Bhakti Mistry & Ethan Hourigan

Attribution: Agency release.

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Zenith penthouse sells

The one apartment auctioned at Bayleys last Wednesday, a penthouse in the Zenith in Parnell, was sold under the hammer.

Isthmus east


Zenith, 10 Fox St, unit 411:
Features: 3-bedroom penthouse, 2 bathrooms, deck, 2 parking spaces, storage locker
Outgoings: rates $2503/year including gst
Outcome: sold for $1.215 million
Agent: Chris Reeves

Attribution: Auction.

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

Bayleys sold 11 properties for $21.6 million at its final Total Property commercial auction in Auckland on Wednesday.

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).


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


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
Agents: Quinn Ngo & Matt Lee


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


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


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


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



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


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


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



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


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


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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Guardian & Keystone Ridge apartments sell

A studio in the Guardian on Queen St (pictured) and a unit in Keystone Ridge, at the far end of Dominion Rd, were sold at Ray White City Apartments’ auction today.

Leasehold units in Q Central & Scene 3 and a CityZone apartment were passed in.

Bidding was moderately strong on the freehold units. For Q Central there were 2 bids and for Scene 3, with the ground lease still under review, there were none.


Quay Park

Scene 3, 30 Beach Rd, unit 1007:
Features: leasehold, 45m², one bedroom, balcony, parking space
Outgoings: rates $1381/year including gst; body corp levy $4397/year including gst, ground rent $8759/year but under review – new ground rent will be backdated to review date 2 August 2018
Income assessment: current $565/week unfurnished, fixed until 28 April; appraisal $580-600/week furnished, $560-580/week unfurnished
Outcome: no bid
Agents: May Ma & Mark Li

Queen St

Guardian, 105 Queen St, unit 609:
Features: 32m² furnished studio, high stud, used for airBnB currently at over 90% occupancy
Outgoings: rates $1493/year including gst; body corp levy $3198/year including gst
Outcome: sold for $295,000
Agents: Mitch Agnew & Ryan Bridgman


Q Central, 11B City Rd, unit 7D:
Features: leasehold, 62m², 2 levels, 2 bedrooms, tandem parking
Outgoings: rates $1604/year including gst; body corp levy $4221/year including gst, ground rent $9797/year fixed until December 2023, lease expires in 2086
Income assessment: $575/week ($510 for apartment, $65 for parking)
Outcome: passed in at $105,000
Agent: Josh Muriwai

CityZone, 11 Liverpool St, unit 1406:
Features: 44m², 2 bedrooms
Outgoings: rates $1265/year including gst; body corp levy $4094/year including gst
Income assessment: $500-520/week furnished
Outcome: passed in at $327,000
Agents: Susan Woods-Markwick & Liam Kyle

Isthmus west

Mt Roskill

Keystone Ridge, 3 Keystone Avenue, unit 2P:
Features: 48m², fully furnished 2 bedrooms, renovated, parking space
Outgoings: rates $1340/year including gst; body corp levy $5763/year including gst
Outcome: sold for $505,000
Agents: Mitch Agnew & Ryan Bridgman

Attribution: Auction.

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Broadway office & retail building sells

Barfoot & Thompson Commercial agents based in Takapuna have sold a Newmarket Broadway building on a 6.46% yield.

Isthmus east


131-151 Broadway:
Features: 2408m² site, 4734.67m² net lettable area, fully tenanted 5-level retail & office building, adjacent to Rialto, 87 parking spaces
Rent: $1,801,127/year net + gst
Outcome: sold in November for $27.9 million at a 6.46% yield
Agents: Elaine Tutty & Bruce Jiao

Attribution: Agency release.

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Auckland house values at standstill, catchup continues strongly elsewhere

Auckland house values remained at a standstill in the 3 months to October, while the catchup being played out around the rest of the country was strong in several centres, according to Quotable Value Ltd’s monthly update.

Averaged over the whole region, Auckland’s value growth rate for the 3 months was 0.1% – up in 4 of the pre-2010 council areas, down in 3, but none of those moves by very much.

Places where housing inflation wasn’t rampant for the 9 years from December 2007 – starting with the trough during the global financial crisis and much slower climb out of that than occurred in Auckland – included Gisborne, still up on the QV count by only 8.9% since 2007, Whangarei up 42.1%, Invercargill up 28.2% and Dunedin up 50.8%.

Those cities’ most recent rolling 3-monthly gains are 1.5% in Gisborne, 6% in Whangarei, 3.6% in Invercargill, 3.8% in Dunedin.

On Auckland’s borders, Kaipara has risen 2.3% over the last 3 months and 11.5% over the last year, while Waikato has gained 1.7% in 3 months, 5.3% over the year.

Below, the dollar figure is the average value for October. The first percentage is for the 3 months to October, the second is for the last 12 months (QV switches those around in its tables) and the third is the change since the 2007 peak. For Auckland, QV still works on the old council boundaries (councils marked in bold); Kaipara & the Hauraki Gulf Islands, as usual, have low counts:

Auckland region, $1,050,647, 0.1%, 0.4%, 92.9%
Rodney, $943,053, -0.7%, 0.8%, 60.8%
North, $965,739, -0.1%, 0.6%, 56.9%
Hibiscus Coast, $921,316, -1.3%, 0.6%, 56.9%
North Shore, $1,215,601, 0.1%, 0.2%, 88.4%
Coastal, $1,381,946, -0.5%, 0.1%, 83.4%
Onewa, $979,159, 0.9%, 0.5%, 97.4%
North Harbour, $1,194, 0.9%, 0.3%, 96.6%
Waitakere, $826,280, 0.6%, 0.6%, 94.9%
Auckland City, $1,239,592, -0.1%, -0.2%, 99.1%
Central, $1,090,427, 2.3%, 0.4%, 91.5%
East, $1,558,780, -0.1%, -0.7%, 95.6%
South, $1,097,192, -0.9%, 0.3%, 103.8%
Islands, $1,171,450, -1.1%, 1.4%, 83.2%
Manukau, $906,928, 0.9%, 1.7%, 98.1%
East, $1,159,206, 0.9%, 1.3%, 94.5%
Central, $706,492, 0.9%, 2.8%, 87.9%
North-west, $783,961, 0.8%, 1.8%, 112.2%
Papakura, $698,825, -0.6%, 1.0%, 94.2%
Franklin, $671,732, 0.4%, 1.8%, 69.8%

Northern border, down country & nationally:

Whangarei, $563,312, 6.0%,12.7%, 42.1%
Kaipara, $548,740, 2.3%,11.5%, 38.3%
Waikato, $484,170, 1.7%,5.3%, 59.9%
Hamilton, $565,859, 1.2%,4.0%, 56.5%
Tauranga, $713,859, 1.2%,3.9%, 48.3%
Gisborne, $323,702, 1.5%,11.3%, 8.9%
Wellington region, $685,387, 4.0%, 8.1%,50.5%
Christchurch, $495,742, 0.3%,0.4%, 30.7%
Queenstown-Lakes, $1,174,167, 1.1%,6.2%, 70.7%
Dunedin, $431,665, 3.8%,11.7%, 50.8%
Invercargill, $282,705, 3.6%,12.2%, 28.2%
Total NZ, $681,545, 1.3%, 3.5%, 64.8%

Attribution: QV.

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6 commercial & rural sales include 2 post-auction & 1 pre-auction

Colliers agents have sold 4 properties around Auckland & 2 in Gisborne, including 2 post-auction & one pre-auction.

At Albany, a site on Appian Way (pictured) with consent for a mixed-use development has been sold.

Isthmus east

Mt Wellington

4E Pacific Rise:
Features: 820m² office property, 3 tenants, 28 parking spaces
Rent: $191,396/year net + gst + opex
Outcome: sold for $3.15 million at a 6% yield
Agents: Gareth Fraser, Simon Child & Michael van der Putten



4 Appian Way:
Features: 3406m² development site, has approved resource consents for a mixed-use residential, retail & commercial development
Outcome: sold for $5.38 million
Agents: Cherry Higginson, Josh Coburn & capital markets team



1-9 Maramara Rd:
Features: 2200m², new purpose-built childcare centre, 575m² floor area, licensed for 90 children, 18-year lease to established provider New Shoots Ltd
Rent: $257,400/year net + gst
Outcome: sold post-auction for $4.4 million at a 5.85% yield
Agents: Josh Coburn, Shoneet Chand & Caroline Cornish


East Tamaki

15 Ra Ora Drive:
Features: 2000m² site, 998m² industrial building, 18 parking spaces
Outcome: sold for $3.2 million at a 4.68% contract yield
Agents: Jolyon Thomson & Paul Higgins

South of the Bombays



1189 Wharekopae Rd:
Features: 6.37ha rural property – citrus orchard, sheds, 4-bedroom home, tennis court, helicopter pad
Outcome: sold post-auction for $1.3 million
Agents: Alan Thorpe & David Egan


297 Matawai Rd:
Features: 11.07ha citrus orchard & 250m² homestead 
Outcome: sold pre-auction for $2.3 million
Agents: David Egan & Alan Thorpe

Attribution: Agency release.

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