Archive | Agency

3 Shore lease contracts

Bayleys commercial agents on the North Shore have signed 3 lease contracts in the last week in Devonport, Rosedale & Takapuna.

Leases

North-east

Devonport

10 Victoria Rd, shop 5:
Features: 53m² shop
Rent: leased in October for $25,000/year net + gst, premises rental $472/m²
Agents: Dev Choudhury & Adam Curtis

Rosedale

18 Airborne Rd:
Features: 50m² retail unit, parking space
Rent: leased in October for $10,000/year net + gst
Agents: Dev Choudhury & Steven Liu

Takapuna

68-76 Taharoto Rd, ground floor, tenancy A1:
Features: 595.21m² office, 20 parking spaces
Rent: leased in October for $270,203.50/year net + gst; parking 9 spaces at $65/space/week, 11 spaces at $55/space/week; rental excluding parking $208,323.50, premises rental $350/m²
Agent: Dean Gilbert-Smith

Attribution: Agency release.

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Strong bidding for Rosedale retail unit, plus long list of airport area leases

6 bidders turned out for Bayleys’ auction yesterday of a Rosedale retail unit, brought forward from the agency’s Total Property auction next Wednesday, and the property sold at a 4.22% yield.

From north-east to south-west, and Bayleys agents have reported a long list of leasing deals in the Airport Oaks & Airport precincts, plus a couple in East Tamaki & Penrose.

Sale

North-east

Rosedale

Rosedale Retail Centre, 94 Rosedale Rd, unit 2:
Features: 73m² unit, occupied by a health & beauty retailer with just under 16 months to run on lease, wide frontage to a common parking area opposite anchor Tai Ping supermarket
Rent: $37,520/year net + gst + outgoings
Outcome: sold for $890,000 at a 4.22% yield at auction brought forward with declared reserve of $750,000
Agents: Eddie Zhong, Steven Liu & Meng He

Leases

Isthmus east

Penrose

7-9 McNab St:
Features: 5215m², global logistics operator has taken new lease
Rent: $560,000/year net + gst
Agents: Scott Campbell & James Valintine

South

Airport Oaks

8 Airpark Drive:
Features: 9816m² net lettable area, new 6-year lease to Bendon Ltd
Rent: $1,421,839/year net + gst
Agents: Scott Campbell & Jamsheed Sidhwa

1 Amelia Earhart Avenue:
Features: 8654m² net lettable area, Schenker Logistics has taken long-term lease
Rent: $1,224,200/year net + gst
Agents: Jamsheed Sidwha & Scott Campbell

99 Montgomerie Rd:
Features: 960m² net lettable area, new 4-year lease to Uniload,
Rent: $140,000/year net + gst
Agents: Nick Bayley & Scott Campbell

113 Pavilion Drive, unit 8:
Features: 1822m² net lettable area, new 6-year lease to Logical Freight Solutions NZ Ltd
Rent: $232,535/year net + gst
Agents: Nick Bayley & Jamsheed Sidhwa

9 Richard Pearse Drive:
Features: 12,470m² net lettable area, new 10-year lease to Apollo Motor Homes
Rent: $888,560/year net + gst
Agents: Scott Campbell & Nick Bayley

Auckland Airport

15 Maurice Wilson Avenue, unit A:
Features: 3028m² net lettable area, new 5-year lease to Sheppard Industries Ltd
Rent: 457,744/year net + gst
Agents: Jamsheed Sidhwa & Nelson Raines

15 Maurice Wilson Avenue, unit B:
Features: 4178m² net lettable area, new 6-year lease to Early Settler
Rent: $518,224/year net + gst
Agent: Jamsheed Sidhwa

East Tamaki

Highbrook Drive, unit D:
Features: 1965m² net lettable area, new 6-year lease to FDM
Rent: $346,800/year net + gst
Agents: Tom Davison & Scott Campbell

Attribution: Agency releases.

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7 Sockburn light industrial properties sold

7 light industrial properties in Sockburn were sold at Bayleys’ Total Property auction in Christchurch yesterday, leaving one neighbouring property, 10 Paragon Place, unsold.

Image above: The Sockburn properties taken to auction.

The sales agents were previously with Knight Frank, which was incorporated into Bayleys this year. 3 of the properties are occupied by vehicle dealership NZ Car Canterbury Ltd.

South Island

Canterbury

Christchurch – Sockburn

3 Paragon Place:
Features: 787m² site, street frontage over 50m, 412m² warehouse, office & showroom building developed in mid-2000s; occupied by NZ Car Canterbury Ltd as its compliance facility, current lease expires in June 2019, one 4-year right of renewal
Rent: $52,000/year net + gst
Outcome: sold for $780,000 at a 6.67% yield
Agents: Campbell Taylor, Craig Edwards & Terry Connolly

4 Paragon Place:
Features: 1621m² site in 2 titles on corner of Waterloo Rd, occupied by vehicle dealer NZ Car Canterbury Ltd, 526m² of high stud showroom space & ancillary offices, amenities, workshop & mezzanine storage; lease expires June 2019, one 4-year right of renewal
Rent: $87,312/year net + gst
Outcome: sold for $1.24 million at a 7.04% yield
Agents: Campbell Taylor, Craig Edwards, Nick O’Styke & Ben Carson

6 Paragon Place:
Features: 803m² site, 521m² warehouse & office building; leased to HVAC supplier & servicer AMT Mechanical Services Ltd until March 2020, one 3-year right of renewal
Outcome: sold for $925,000 at a 6.43% yield
Rent: $59,500 /year net + gst
Agents: Campbell Taylor & Craig Edwards

7 Paragon Place:
Features: 784m² site, 413m² standalone warehouse with substantial food grade fitout installed by tenant; leased to a manufacturer & global exporter of nutritional powdered dairy products until January 2023, one 5-year right of renewal
Rent: $48,500/year net + gst
Outcome: sold for $760,000 at a 6.38% yield
Agents: Campbell Taylor, Craig Edwards, Nick O’Styke & Ben Carson

8 Paragon Place:
Features: 500m² site, 267m² single-level warehouse, showroom & office building; leased to global property services company Cushman & Wakefield until June 2020, 3-year right of renewal
Outcome: sold for $550,000 at a 6.55% yield
Rent: $36,000/year net + gst
Agents: Campbell Taylor & Craig Edwards

12 Paragon Place:
Features: 1086m² site, 637m² warehouse & office building; occupied by engineering fabricator Action Automatic Manufacturing Ltd for over 20 years, current lease until November 2019 plus one 3-year right of renewal
Outcome: sold for $970,000 at a 6.41% yield
Rent: $62,221/year net + gst
Agents: Campbell Taylor & Craig Edwards

26-32 Waterloo Rd:
Features: 2864m² unsealed, fenced landholding in 3 titles, currently used for vehicle display; current lease to NZ Car Canterbury Ltd, which also occupies surrounding properties (3 & 4 Paragon Place), expires at the end of June next year with no further rights of renewal
Rent: $50,000/year net + gst
Outcome: sold for $1.11 million at $387/m² & a 4.5% yield
Agents: Campbell Taylor & Craig Edwards

Attribution: Agency release.

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North takes second Australasian auctioneering title

Andrew North (pictured), of Harcourts’ North Shore franchisee Cooper & Co Ltd, won his second Australasian auctioneering championship today.

His previous Australasian win was in 2014, and he’s won the Real Estate Institute’s New Zealand auctioneer of the year title 4 times.

John Bowring (Ray White Commercial Auckland), also a former national winner, was the runner-up in the New Zealand competition and a finalist in the Australasian competition.

Chief judge Mark Sumich, of Auckland, said: “Over his years in the competition, ‘Northy’ has made the finals 7 times, so there is no one who deserves to win it more than him. He constantly seeks to improve himself, is tremendously humble and he is New Zealand’s barometer of what a consistent performance in auctioneering looks like – if you can’t match him then you’re not going to win.”

Mr North was more humble about it: “I just go out to do the best job for my customers & my company so I’m extremely grateful, happy, proud & relieved to have won. It’s an endorsement from the auctioneering community that I’m heading down the right path in terms of my style, and it’s good to ensure I’m remaining accurate, current & to test myself against the best in Australasia.”

A South Australian, Vincent Doran from Underdale High School in Adelaide, won the schools auctioneering championship. 2 Kerikeri students, Max Hart (Kerikeri High School) & Max Hittle (Springbank School) topped the national secondary schools competition, held for the first time, and represented New Zealand in the Australasian event.

Earlier story:
24 June 2018: North wins 4th auctioneering title, and Kerikeri students top schools competition

Attribution: Real Estate Institute release.

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Mulpha buys Waldorf Stadium hotel

Mulpha Australia Ltd has bought the leasehold 4.5 star Waldorf Stadium Apartment Hotel at Quay Park in Auckland.

Colliers & CBRE declared last Thursday the hotel sale was the biggest in New Zealand since 2015 and biggest in Auckland since 2006 – without saying anything about the price of this transaction.

The 178-unit strata title development was sold subject to a new 11-year performance lease underpinned by Japanese serviced apartment conglomerate Daiwa House Group, which acquired the Australia & New Zealand Waldorf serviced apartment business in 2017 and has plans to expand in the region.

Mulpha chief executive Greg Shaw said: “We were attracted to its position in a key gateway city, strategic location in the heart of the Auckland cbd, together with several strategic opportunities to add additional value to this asset over the short to medium term, working in conjunction with the hotel operator Daiwa House Group.”

The hotel has a mix of studio, one-, 2- & 3-bedroom self-contained apartments. It has a long-term ground lease to the Ngati Whatua o Orakei Maori Trust Board.

Mulpha Australia is a subsidiary of Malaysia-listed Mulpha International Bhd, in turn controlled by Hong Kong company Allied Group Ltd, which also controls listed Hong Kong non-bank financial institution Sun Hung Kai & Co Ltd. Lee Seng Huang, Lee Seng Hui & their sister, Lee Su Hwei – Malaysians educated in Sydney, the children of 1980s corporate raider Lee Ming Tee – operate their family interests through Allied.

The hotel was developed by Perron Developments Ltd.

Earlier story:
9 October 2009: Apartments at centre of Blue Chip case go on market

Attribution: Agency release.

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3 B-hive suites & 4 Rosedale units leased

Bayleys agents have leased 3 offices & an industrial unit around Rosedale on the North Shore, and 3 office suites in the B-hive at Smales Farm (pictured), where leasing & spaces are flexible.

Leases

North-east

Rosedale

100 Bush Rd, building E:
Features: 27m² office, parking space
Rent: leased in October for $13,000/year net + gst
Agent: Caroline McNaught

12 John Glenn Avenue, unit B:
Features: 545m² industrial unit – warehouse 412m², showroom 71m², office 62m², 7 parking spaces
Rent: leased in October for $88,000/year net + gst
Agent: Laurie Burt

4 Ride Way, unit A:
Features: 362m² office unit – warehouse 107.2m², office 234m², mezzanine 21.2m², 6 parking spaces
Rent: leased in October for $64,000/year net + gst
Agents: Caroline McNaught, James Kidd & Laurie Burt

15-17 William Pickering Drive, part unit A:
Features: 228m² office, 3 parking spaces
Rent: leased in September for $60,480/year net + gst, parking $15/space/week, rental excluding parking $58,140/year, premises rental $255/m²
Agents: Tonia Robertson & Laurie Burt

Smales Farm

B-hive, 68-76 Taharoto Rd, level 4, suite 403:
Features: 90m² office suite
Rent: office leased in October for $181,372/m² + gst (B-hive leases are flexible)
Agent: Dean Gilbert-Smith

B-hive, 68-76 Taharoto Rd, level 4, suite 405:
Features: 162m² office suite
Rent: office leased in October for $319,097/m² + gst (B-hive leases are flexible)
Agent: Dean Gilbert-Smith

B-hive, 68-76 Taharoto Rd, level 4, suite 416:
Rent: office leased in October for $165,005/m² + gst (B-hive leases are flexible)
Agent: Dean Gilbert-Smith

Attribution: Agency release.

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5 commercial & industrial sales in Auckland & south of Bombays

Colliers agents have sold 4 properties around Auckland, 2 at auction, and another 5 in the Bay of Plenty, Hawke’s Bay & Taranaki.

CBD

Uptown

5-7 Galatos St:
Features: 706m² site zoned business – city centre, allowing development to 30m high, 712.9m² building, headquarters of social enterprise Eat My Lunch Ltd, 100m from soon-to-be-constructed Karangahape city rail link station
Rent: $189,950/year net + gst, 8-year lease from 2016, 2 rights of renewal
Outcome: sold at auction brought forward for $4.35 million + gst, at a 4.37% yield
Agents: Shoneet Chand & Jonathan Lynch

Isthmus east

Newmarket

5 Broadway:
Features: 819m² site, 770m² commercial building
Outcome: sold for $6.75 million at a 4.4% yield
Agents: David Burley & Adam White

Isthmus west

Westmere

127-131 West End Rd:
Features: 741m² site zoned neighbourhood centre, redevelopment potential, 200m² floor area, 3 retail tenancies, rear parking
Rent: $45,620/year net + gst + opex
Outcome: sold at auction for $3 million + gst, at a 1.52% yield
Agents: Kris Ongley, Jonathan Lynch & Leroy Wolland

South

Half Moon Bay

490 Pakuranga Rd:
Features: 350m² retail block, 4 tenancies ranging from 70-130m²
Outcome: sold for $2.9 million + gst, at a 5.74% yield
Agents: Gawan Bakshi & Matthew Barnes

South of the Bombays

Bay of Plenty

Tauranga – Judea

19-25 Montgomery Rd:
Features: 3381m² industrial site in 3 titles, 2024m² net lettable area, high stud warehousing
Rent: $179,013/year net + gst
Outcome: sold for $2.85 million + gst, at a 6.28% yield
Agents: Rich Davidson & Rob Schoeser

Hawke’s Bay

Hastings – Twyford

1137 Omahu Rd:
Features: 15,568m² site zoned general industrial, redevelopment site containing a lifestyle block with a 240m² house, 448m² steel portal shed, 112m² canopy
Outcome: sold for $1.8 million + gst
Agents: Rob Nankervis & Hadley Brown

1424C Omahu Rd, unit 1:
Features: 3742m² industrial property, 1640m² 7m-stud warehouse & office, 1400m² sealed yard
Rent: $152,600/year net + gst, with 3-month break clause
Outcome: sold for $1.8 million + gst, at an 8.48% yield
Agent: Rob Nankervis

Napier

Whakatu industrial park, 50 Johnston Way:
Features: 11,130m² industrial property, single-storey specialist processing facility
Rent: $251,286/year net + gst from multiple tenants
Outcome: sold for $2,479,800 + gst, at a 10.1% yield
Agent: Rob Nankervis

Taranaki

New Plymouth – Bell Block

87 Corbett Rd:
Features: 6689m² site, 725m² building – warehouse 457m², office 268m² on ground floor & mezzanine, 3000m² subdivisible yard, 19 parking spaces
Rent: market assessment $102,500/year net + gst
Outcome: sold vacant for $1.375 million + gst
Agent: Benet Carroll

Attribution: Agency release & agent documents.

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Firm yields on range of commercial sales

Bayleys agents have sold a Freemans Bay building at a sub-5% yield and 2 properties in Glen Eden & New Lynn (a former petrol station, now car yard, pictured above) for yields around 5.5%.

A commercial unit at the base of the new SKHY apartments on Khyber Pass has also been sold.

Isthmus east

Grafton

5 Hohipere St, unit 3W:
Features: 60mcommercial unit, parking space directly in front, one of 3 mixed-use zoned units at the base of new SKHY apartment development, on corner of Symonds St & Khyber Pass Rd, with shared loading dock & toilet facilities
Outcome: sold vacant for $250,000 at $4166/m2
Agents: James Were & Scott Kirk

Isthmus west

Freemans Bay

25 Hargreaves St:
Features: 1219m² sloping site zoned mixed use, on corner of Gudgeon St, 1404m² 1970s 2-level fully leased building; ground floor comprises light industrial/workshop space, accessed via 4 roller doors, with ancillary officesfirst floor has flat with medium stud warehousing & ramp access to parking area at the rear; 4 leases with 3- to 6-month termination clauses, resource consent for 6-level commercial & residential development incorporating existing building
Rent: $312,430/year net + gst
Outcome: sold to an owner-occupier for $6.55 million at a 4.77% yield
Agent: Alan Haydock

North-west

Glen Eden

202-208 West Coast Rd:
Features: 607m² of land in 2 titles in commercial centre opposite train station, 928m² 2-level retail & office building, 8 tenants; town centre zoning allows development up to 27m
Rent: $212,449/year net + gst
Outcome: sold for $3.815 million at a 5.57% yield
Agents: Tony Chaudhary & Janak Darji

New Lynn

3010 Great North Rd:
Features: 2782mfreehold site in commercial precinct, zoned general business, over 40m of road frontage, formerly a service station site; Buy Right Cars, a division of Turners Automotive Group Ltd, has been operating from the property since 2014 and renewed its lease for further 4-year term in May
Rent: $166,312/year net + gst
Outcome: sold for $3,023,854 at a 5.5% yield
Agents:
 Mike Adams, Simon Davies & Jean-Paul Smit

Attribution: Agency release.

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Mt Eden shops passed in, 2 apartments sold

A commercial site in Mt Eden with 3 shops & 2 flats on it (outlined in photo) was passed in at Barfoot & Thompson’s auction today.

Of the 6 apartments, townhouses & suburban units the agency had up for auction on Wednesday afternoon, one was sold under the hammer and another post-auction. 2 in the new Conrad Properties Ltd Victoria Residences development across the street from SkyCity remain on the market.

Commercial

Isthmus west

Mt Eden

547-551 Mt Eden Rd:
Features: 501m² site, total floor area 273m² – 3 shops & 2 flats (one derelict), zoned business – mixed use, erected about 1912, seismic rating 19% new building standard
Rates: $13,481/year including gst
Rent: partially leased with demolition clause – rent $30,600/year from one shop + flat
Outcome: no bid
Agent: Marie-Anne Molloy

Apartments

CBD

Learning Quarter

Eden Apartments, 32 Eden Crescent, unit 8B:
Features: one-bedroom apartment
Income assessment: $430/week current
Outcome: no bid, sold post-auction
Agents: Selina Zheng & Tommy Zhang

Uptown

Winsun Heights, 113 Vincent St, unit 7B:
Features: studio
Outgoings: rates $933/year including gst; body corp levy $2406/year
Outcome: passed in
Agents: Stephen Shin & Lauren Lee

Victoria St

Victoria Residences, 75 Victoria St, unit 301:
Features: 50m² + 5m² balcony, fully furnished 2-bedroom apartment, tower completed in June
Income assessment: $750/week current guaranteed income
Outcome: no bid
Agents: Will Liu & Nicole Zhang

Victoria Residences, 75 Victoria St, unit 1801:
Features: 50m² + 5m² balcony, 2-bedroom apartment, balcony, tower completed in June
Outcome: auctioned postponed, on market at $745,000
Agents: Alastair Brown & Hayley Sok

Isthmus east

Ellerslie

39 Peek St, unit 1:
Features: 3-bedroom unit, single garage (currently used as a studio)
Outcome: passed in, back on market at $845,000
Agents: Alex Baker & Cindy Jiang

Kohimarama

53A Rawhitiroa Rd:
Features: 4-bedroom townhouse, 2 living areas, 3 bathrooms, double internal-access garage, courtyard & garden
Outcome: sold for $2.5 million
Agents: Veronica Schoonraad & Cheryl Woodward

Attribution: Auction documents.

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Helius leases in East Tamaki for medicinal cannabis business

Helius Therapeutics Ltd has secured an 8800m² property in East Tamaki for its first facility to cultivate, extract, research & manufacture medicinal cannabis.

The lease on 21 Ron Driver Place comes ahead of expected regulatory changes which would legalise the use of medicinal cannabis by mid-2020.

Helius co-founder JP Schmidt said yesterday the deal was an important step forward for the company: “We’re delighted to have secured this facility, which will set the standard for medicinal cannabis production in New Zealand. We’re operating in one of the fastest-growing industries in the world and this property underscores our commitment to leading this market in New Zealand.”

The site has 6500m² of warehouse to be used for cultivation and about 2000m² of office & laboratories. The agreement also allows for expansion into the 6500m² of an adjacent tenancy.

This will give Helius about 20,000m² of cultivation space, capable of growing 140,000 plants and producing 50 tonnes of cannabis material/year.

CBRE industrial & logistics national director Claus Brewer said the process pointed to a new use for large footprint industrial properties: “We’re already seeing in places like Colorado & California the impact legal cannabis manufacturing plants have had on the industrial property market. Whether it’s plant-based meat or more generic growing or processing facilities, the repurposing of industrial stock with low stud height or excess office space to indoor horticulture space could be the future of farming in urban environments, providing further opportunities for savvy landlords.”

CBRE East Tamaki agent Lewis Watson said the Helius deal was an example of repositioning that could benefit a number of older industrial properties: “The change of use allows investors to achieve rental returns comparable to newer builds, and the occupier to be able to achieve greater economic benefits from an older style facility.”

Attribution: Agency release.

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