Archive | Agency

Updated: 8 commercial sales in Hastings & Napier

Published & updated 15 February 2019:
Bayleys agents have sold 6 properties in Hastings, including 3 in the central area, and another 2 in Napier (pictured above) & at Onekawa.

The information was revised this morning, with the sale of The Warehouse’s premises on Karamu Rd North in Hastings.

South of the Bombays

Hawke’s Bay

Hastings

326 Heretaunga St East, corner Hastings St North:
Features: 2725m² fitness centre, seismic assessment 96% of new building standard; national tenant City Fitness NZ Ltd is on 15-year lease with 2 6-year rights of renewal
Rent: $454,480/year net + gst
Outcome: sold to an Auckland syndicator for $6.5 million at a 6.99% yield
Agents: Mike Houlker, Sunil Bhana & Rollo Vavasour

322 Heretaunga St East:
Features: 950m² site in central retail location, 595m² modern standalone building; 8-year lease from February to national tenant Dollar King Ltd plus 24-year rights of renewal
Rent: $115,000/year net + gst
Outcome: sold for $1.625 million at a 7.08% yield
Agents: Rollo Vavasour, Mike Houlker & Sunil Bhana

1014 Heretaunga St West:
Features: 1880m² development site at Stortford Lodge, zoned commercial service allowing wide range of activities; various vacant buildings
Outcome: sold for $750,000 at $399/m²
Agents: Daniel Moffitt & Jake Smith

302 Jervois St:
Features: 2649m² site, 1690m² single-level industrial building
Outcome: sold for $600,000, new owner to undertake a comprehensive refurbishment of the building, including a new roof, before leasing
Agent: Rollo Vavasour

620 Karamu Rd North:
Features: 1.5389ha, 6400m² bulk retail building in the Park Mega Centre purpose-built for The Warehouse in 2012; 15-year lease until March 2027, annual CPI rental adjustments plus 5 3-year rights of renewal
Outcome: sold for $19.76 million at a 6.13% yield
Agents: Jim McKinlay & Mark Hourigan

303 Railway Rd:
Features: 1095m² fringe cbd site; NZ Police leases the rear of the site for secure parking, Hastings Taxis operates its communications centre from the front in a 100m² building
Rent: $37,157/year net + gst
Outcome: sold for $400,000 at a 9.29% yield
Agent: Jake Smith

Napier

100-106 Hastings St:
Features: 794m² cbd corner site, landmark 1038m² art deco building, seismic assessment 67% of new building standard; ASB Bank anchor tenant on 6-year lease from March 2017 plus 1 6-year right of renewal, Opossum World occupies balance of ground floor on 4-year lease from March 2017 plus 1 4-year right of renewal; 225m² first-floor office vacant
Rent: $183,850/year net + gst
Outcome: sold for $2.65 million at a 6.94% yield
Agent: Sam MacDonald

Onekawa

31 Cadbury Rd:
Features: 766m² leasehold site, 414m² workshop/warehouse, fully leased to 2 tenants
Rent: $40,800/year net + gst
Outcome: sold for $228,000 at a 17.9% yield
Agents: Jack Lee & Sam MacDonald

Attribution: Agency release.

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Eden Terrace apartment sells

An Eden Terrace apartment was sold at Bayleys’ auction on Wednesday, down $54,000 from the price paid in July 2015, according to Quotable Value Ltd records. I reported this unit’s sale at auction in May 2015 for $326,000, and its sale again in an August 2015 report at $449,000.

I haven’t confirmed the earlier sales records today.

Isthmus west

Eden Terrace

Der Rohe, 10 Flower St, unit 107:
Features: 55m², 2 bedrooms, balcony, secure parking space
Outgoings: rates $1360/year including gst
Outcome: sold for $395,000
Agents: Lucy Piatov & Chris Bell

Attribution: Auction, sales records.

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1 of 4 apartments sells in light bidding

Light bidding saw just one of the 4 apartments sold at Ray White City Apartments’ auction today, a unit in Siena Terrace in Grey Lynn (pictured).

CBD

Learning Quarter

The Quadrant, 10 Waterloo Quadrant, unit 1412:
Features: 32m², fully furnished studio
Outgoings: rates $1350/year including gst; body corp levy $4002/year including gst for the year ending 28 February
Income assessment: $400/week
Outcome: passed in at $301,000
Agent: Damian Piggin

Victoria Quarter

Altitude, 34 Kingston St, unit 3K:
Features: 27m², fully furnished 1 bedroom
Outgoings: rates $994/year including gst; body corp levy $3044/year including gst
Income assessment: $430/week
Outcome: passed in at $206,500
Agent: Dusan Valenta

Isthmus west

Grey Lynn

Siena Terrace, 6 Burgoyne St, unit 2F:
Features: over 50m², fully furnished 1 bedroom, tandem basement parking
Outgoings: rates $1321/year including gst; body corp levy $3852/year including gst
Outcome: sold for $475,000
Agent: Keisha Gutierrez

Mt Eden

Eden Green, 43 Edwin St, unit 424:
Features: 67m², 1 bedroom + flexi-room, 8m² balcony, storage unit, secure parking space
Outgoings: body corp levy about $4000/year including gst
Outcome: passed in after bid at $850,000, vendor bid at $880,000
Agent: Casey Chen

Attribution: Auction.

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Updated: Units in 2 leaky buildings sell, off-plans vendor gets no bids

Published 13 February 2019, updated 14 February 2019:
An apartment in a downtown block where remediation is expected to start this year (City Gardens, pictured above) was sold at City Sales’ auction on Wednesday, but a unit in another block with remediation pending was passed in after 2 bids. It also sold, post-auction. In both buildings the remediation work is expected to cost about $30 million.

The owner of an off-the-plans unit in Conrad Properties Ltd’s Union & Co, at the top of central Auckland’s Victoria Quarter, couldn’t attract a bid as settlement looms a few weeks away.

CBD

Albert St

City Gardens, 76 Albert St, unit 13A:
Features: 59m², 2 bedrooms; cost to fix this unit put at $163,000, $99,000 paid by vendor, balance up to buyer; cost to remediate whole building estimated at $29 million including gst, work to start this year
Outgoings: rates $1149/year including gst; body corp levy $3843/year including gst
Outcome: sold for $282,000
Agents: Tony Kelly & Grant Elliott

Victoria Quarter

Updated: Imperial Gardens, 135 Hobson St, unit 801:
Features: 63m², 3 bedrooms, 2 bathrooms, deck, parking space; cost to fix this unit put at $200,000; unusually for a remediation, these owners are proceeding with the work first, estimated cost $34 million, suing later
Outgoings: rates $1304/year including gst; body corp levy $6187/year including gst
Outcome: passed in at $175,000, sold post-auction for an undisclosed price
Agent: Maryanne Wong

Union & Co, 15 Union St, unit 2:
Features: 30m² studio, courtyard level; construction scaffolding is coming down, settlement for off-plans buyers about a month away, no titles issued yet, and no rates or body corporate levies set
Income assessment: $320-340/week
Outcome: sole bid on behalf of the vendor at $300,000
Agent: Dahui Chen

Attribution: Auction.

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15 commercial sales & 1 lease

Colliers agents have completed 15 commercial property sales & one lease agreement in Auckland & down through the Coromandel, Bay of Plenty, Waikato & Manawatu.

Sales

Isthmus east

Onehunga

191 Onehunga Mall:
Features: 512m² site, 2-storey, 1018m² open floorplate, ex-BNZ building, retail ground floor, 13 parking spaces
Outcome: sold for $3.42 million at a 4.67% yield on passing income
Agents: Gawan Bakshi, Ned Gow & Adam White

Remuera

126A Remuera Rd:
Features: 354m² medical investment 
Outcome: sold for $3.2 million at a 4.97% yield
Agents: Hamish Paterson, David Burley & Simon Child

Isthmus west

Morningside

9 Gordon Rd:
Features: 1815m² site, 1542.5m² floor area, tenant on new 4-year lease
Rent: $258,000/year net + gst
Outcome: sold for $4.84 million at a 5.33% yield
Agents: Jonathan Lynch, Dhiru Patel & Shoneet Chand

North-east

Rosedale

9A Parkhead Place:
Features: 675m² industrial property on strata title
Outcome: sold for $2.26 million at a 5.34% yield
Agents: Matt Prentice & Ryan de Zwart

North-west

Hobsonville

3 Rawiri Place:
Features: 5003m² site, 2739.5m² warehouse & office in the newly completed industrial property in the Workspace development, full drive-around truck access, 32 parking spaces
Outcome: sold for $10.15 million at a 4.92% yield
Agents: Craig Smith, Matt Prentice & Gareth Fraser

South

East Tamaki

60 Allens Rd:
Features: 5702m² industrial property, 20% site coverage, Fyfe Kitchens Ltd’s head office & manufacturing base
Outcome: sold for $4.75 million at a 2.3% yield
Agents: Paul Higgins & Josh Franklin

417 East Tamaki Rd, unit D5:
Features: 92m² of office split over 2 levels, 297m² warehouse
Outcome: sold for $1.29 million at a 5.3% yield
Agents: Josh Franklin, Greg Watson & Jolyon Thomson

Papakura

64 Boundary Rd:
Features: 8858m² multi-tenanted office & warehouse, one newly built building, another recently refurbished, total floor area 2416m²
Outcome: sold for $6.55 million at a 6.5% yield
Agents: Josh Franklin & Jolyon Thomson

South of the Bombays

Bay of Plenty

Katikati

13 Talisman Drive, units 1 & 2:
Features: 412m² lettable area, standalone unit-titled office building, fully leased to a law firm & an accountancy office
Outcome: sold for $1.23 million at a 7.1% yield
Agents: Simon Clark & Grant White

Tauranga

140 Second Avenue:
Features: 1012m² site, about 1000m² of workshop & office
Outcome: sold with vacant possession for $2.1 million
Agents: Grant White, Simon Clark & Richard Davidson

Coromandel

Hahei

94 Hahei Beach Rd:
Features: 22.5ha landholding zoned for residential & lifestyle subdivision 
Outcome: sold for $2.9 million
Agent: Roger Seavill

Manawatu

Longburn

166 Works Rd:
Features: 2.48ha site, 5070m² industrial facility – warehouse 3125m²
Outcome: sold for $1.2 million at a 15.5% gross yield
Agent: Janine Hodgson

Palmerston North

158 Fitzherbert Avenue & 364-366 College St:
Features: 1618m² corner site, 2-level commercial building will be removed & replaced with a 3-tenancy building & a single-storey dwelling
Outcome: sold for $1.111 million at a 5.66% yield
Agents: Grant Lloyd, Phil Nevill & Doug Russell

Palmerston North – Roslyn

931 Tremaine Avenue:
Features: 8243m² site, 4354m² multi-tenanted retail & industrial complex
Outcome: sold for $4.45 million at a 7.61% yield
Agents: Phil Nevill, Doug Russell & Grant Lloyd

Waikato

Hamilton

903-919 Victoria St:
Features: 1443m² site, 2-level retail & office building, 2 parking levels
Outcome: sold for $4.9 million
Agents: David Palmer & Justin Oliver

Lease

Isthmus west

Kingsland

6 & 8-10 Aitken Terrace:
Features: 732m² high stud warehouse, drive-through capability
Rent: leased to industrial maintenance & engineering firm on 5-year term at $220,000/year net + gst
Agent: Jonathan Lynch

Attribution: Agency release.

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14 sales & 7 leases for Shore agents

Published & updated 10 February 2019:
Bayleys’ North Shore commercial agents have reported 12 sales – make that 14 after the update – & 7 leases, some dating back a few months. 3 of the sales & 5 of the leases were signed in January.

The update adds sales on Hinemoa St, Birkenhead, and Titan Place, Silverdale.

Sales

North-east

Albany

80 Don McKinnon Drive:
Features: 15,969m² site 
Outcome: sold in January for $19.25 million + gst at $1205/m²
Agent: Eddie Zhong

Birkenhead

188-192 Hinemoa St:
Features: 835m² elevated site zoned town centre (18m height limit), 380m² villa converted to restaurant use on the upper level plus office/accommodation area below
Outcome: sold vacant for $2.12 million 
Agents: Tony Chaudhary, Amy Weng & Michael Nees

Northcote

46 Lake Rd:
Features: 1014m² mixed-use property, buildings 790m² – office 665m², accommodation 125m², 11 parking spaces
Rent: $97,072/year net + gst
Outcome: sold in October for $3.15 million + gst at a 3.1% yield, land price $3106/m²
Agents: Terry Kim & Stephen Scott

Rosedale

59 Arrenway Drive:
Features: 2951m² site 
Outcome: sold in December for $2.1 million + gst at $711/m²
Agents: Matt Mimmack & Laurie Burt 

5 Ceres Court, unit 2G:
Features: 155m² office unit occupied by Legend Financial Services Ltd
Rent: $45,000/year net + gst
Outcome: sold in January for $734,500 + gst at a 6.13% yield
Agent: Tonia Robertson

5-7 Omega St:
Features: 1952.48m² office, 87 parking spaces
Rent: $490,155.27/year net + gst
Outcome: sold in November for $7.8 million at a 6.28% yield
Agents: Brian Caldwell (Bayleys) & Derek Wallwork (Omega Commercial)

19 Omega St, lot 3:
Features: 888m² industrial site, 355m² floor area, 15 parking spaces
Outcome: sold in December for $1.7 million + gst
Agents: Matt Mimmack & Laurie Burt

7-9 Tait Place, unit A5:
Features: 119m² industrial unit – warehouse 94m², office 25m², 2 parking spaces
Outcome: sold vacant in January for $495,000 + gst
Agents: Laurie Burt & Nicky Joyce

38 William Pickering Drive, unit G:
Features: 232m² warehouse unit, 4 parking spaces
Outcome: sold vacant in September for $967,000 + gst
Agents: Tonia Robertson & Jane McKee

Silverdale

4 Titan Place, unit E
Features: 203m² road-facing light industrial corner unit, includes mezzanine floor, 2 parking spaces
Outcome: sold vacant for $540,000
Agent: Mustan Bagasra

Takapuna

10 Auburn St, unit A:
Features: 40.48m² retail unit
Outcome: unconditional sale signed in August 2016 for settlement this year at $430,000 + gst at $10,622.53/m², vacant possession
Agents: Eddie Zhong & Damian Stephen

10 Auburn St, unit B:
Features: 39.17m² retail unit
Outcome: unconditional sale signed in August 2016 for settlement this year at $420,000 + gst at $10,722.49/m², vacant possession
Agents: Eddie Zhong & Damian Stephen

Sentinel, 3-9 Northcroft St, retail units R3, R7 & R8:
Features: 180m², shared parking
Rent: $48,400/year net + gst
Outcome: sold in December for $900,000 + gst at $5000/m², 5.38% yield
Agents: Adam Curtis, Adam Watton & Damian Stephen

19 & 21 Taharoto Rd:
Features: 1126m² mixed-use site, 106m² office
Outcome: sold vacant in December for $3.95 million + gst, land price $3508/m²
Agents: Eddie Zhong (Bayleys) & Bruce Jiao (Barfoot & Thompson)

Leases

Birkenhead

65 Birkenhead Avenue:
Features: 30m² retail unit, 1 parking space included 
Rent: leased in January for $12,000/year gross + gst
Agent: Dev Choudhury

Northcross

948 East Coast Rd:
Features: 525m² medical rooms & office, 32 parking spaces
Rent: leased in December for $230,000/year net + gst
Agent: John Algie

Rosedale

339 Albany Highway:
Features: 2840m² site
Rent: leased in June 2018 for $148,564/year net + gst, premises rental $52.31/m²
Agent: Ranjan Unka

11 Douglas Alexander Parade, unit B:
Features: 565.7m² industrial unit – warehouse 319m², office 232m², other area 14.7m², 10 parking spaces
Rent: leased in January for $98,000/year net + gst
Agents: Alex Strever & Laurie Burt

Silverdale

28 Anvil Rd, unit 1:
Features: 246m² industrial unit, 5 parking spaces 
Rent: leased in January for $36,000/year net + gst, putting a 4.8% yield on the $750,000 purchase price at auction in December
Agents: Rosemary Wakeman & Matt Mimmack

Wairau Valley

89 Ellice Rd, unit 5D:
Features: 125m² industrial unit, 2 parking spaces 
Rent: leased in January for $32,000/year net + gst
Agents: Adam Watton & Adam Curtis (Bayleys) & David Cannon (Barfoot & Thompson)

89 Ellice Rd, unit 7A:
Features: 250m² industrial unit, 4 parking spaces 
Rent: leased in January for $50,000/year net + gst, parking at $25/space/week
Agents: Adam Watton & Adam Curtis

Attribution: Agency release.

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Commercial Realty signs 4 industrial sales & 6 leases

Commercial Realty Ltd agents have completed 4 $50,000-plus industrial property sales & 6 leases in the 3 months November-January. The agency specialises in industrial & commercial property in the east of Auckland’s isthmus & southern suburbs. I haven’t gone back to determine further property details in each transaction.

Sales

Isthmus east

Mt Wellington

1066 Great South Rd, unit 5:
Features: 186m²
Outcome: sold to a local owner-occupier for $685,000 – “transaction completed within a week, showing the strength of the Mt Wellington market”
Agent: Willie Fernandes

South

East Tamaki

12-16 Harris Rd:
Features: 2195m²
Rent: holding income of $267,000/year until September
Outcome: sold to an owner-occupier for $5.882 million
Agents: Mark Bramwell & Tom Cooper

24E Sir William Avenue:
Features: 360m², office & warehouse unit
Outcome: sold to an owner-occupier for $1.3 million
Agent: David Turner

Wiri

18 Aerovista Place:
Features: 1600m²
Outcome: sold to an investor for an undisclosed price on behalf of clients by Viranda Holdings Ltd, but reflecting a 5.7% return
Agent: Kerry McGuffog

Leases

Isthmus east

Onehunga

88 Princes St:
Features: 208m²
Outcome: sold to a nearby owner-occupier for $775,000 after a multiple offer campaign
Agent: Danny Guise

Penrose

345 Church St:
Features: 810m²
Rent: leased to a local tenant for $126,500/year after a multiple offer campaign
Agent: Danny Guise

525 Great South Rd, unit D:
Features: 535m²
Rent: leased for $109,740/year to an international client which is upsizing its New Zealand operation
Agents: Tom Cooper & Danny Guise

108-136 Hugo Johnston Drive:
Features: 3669m²
Rent: leased for $136,000/year to a client looking to expand
Agent: Willie Fernandes

South

Mangere

180 Montgomerie Rd, unit 9:
Features: 412m²
Rent: leased to an Airport Oaks tenant for $80,000/year
Agent: Tom Cooper

Papakura

40-52 Hunua Rd:
Features: 4000m²
Rent: leased to a national tenant on a long-term lease for $409,400/year
Agents: Mark Bramwell & Willie Fernandes

Attribution: Agency release.

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3 apartments out of 5 sell at auction

3 of the 5 units auctioned at Ray White City Apartments today were sold under the hammer.

The first property offered, in Mt Eden (pictured), attracted 19 bids; the next, on Symonds St, got no bid although buyers were in the room, and the other 3 attracted 10 bids between them. An owner-occupied unit in the Quadrant, across Waterloo Quadrant from Auckland University, attracted one bid followed by considerable negotiation and sold to the original bidder after a 20% raise.

The lack of bidding, combined with reduced interest from traders & overseas buyers, is forcing agents to pay closer attention to conditional offers, which backed up all of today’s offerings.

CBD

Learning Quarter

Pembridge, 38 Symonds St, unit 10:
Features: 37.8m², furnished 1 bedroom, parking space; new kitchen & bathroom
Outgoings: rates $1149/year including gst; body corp levy $3606/year including gst
Outcome: no bid
Agents: Judi & Michelle Yurak

The Quadrant, 10 Waterloo Quadrant, unit 1609:
Features: 41m², 3m² balcony; originally 2 bedrooms off plan but converted by developer to 1 bedroom, separately titled parking space
Outgoings: rates $1543/year including gst; body corp levy $5396/year including gst for unit, $1215/year for parking
Outcome: sold for $480,000
Agent: Damian Piggin

Uptown

CityZone, 11 Liverpool St, unit 1611:
Features: 18m² furnished studio
Outgoings: rates $946/year including gst; body corp levy to October 2018 $2704/year including gst, proposed new levy $2872/year including gst
Outcome: sold vacant for $200,000
Agents: Judi & Michelle Yurak

Isthmus east

Grafton

8 on Nugent, 8 Nugent St, unit 410:
Features: 78m², 2 bedrooms, 2 bathrooms, parking space, offered with vacant possession
Outgoings: rates – unit $2219/year including gst, parking $583/year; body corp levy – unit $4395/year including gst, parking $389/year
Income assessment: $600-650/week
Outcome: passed in at $750,000
Agents: Mitch Agnew & Ryan Bridgman

Isthmus west

Mt Eden

12 Charles St, unit 1J:
Features: 35m², 1 bedroom, large balcony, parking space, new code compliance certificate issued
Outgoings: rates $953/year including gst; body corp levy $3745/year including gst
Outcome: sold for $391,000
Agent: Damian Piggin

Attribution: Auction.

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Updated: Metropolis unit sells

Published 6 February 2019, updated 8 February 2019:
A Metropolis apartment with a garage space was sold at Bayleys’ auction today, but only one of the other 5 properties on offer attracted a bid.

They included 2 adjoining townhouses in Pt Chevalier.

Update: The auction of apartment 10 at 10 Flower St, Eden Terrace, was postponed.

CBD

Kitchener St

Metropolis, 1 Courthouse Lane, unit 1902:
Features: 52m², 1 bedroom, storage locker, garage
Outgoings: rates $1788/year including gst; body corp levy $8291/year including gst, after prompt payment discount
Outcome: sold for $700,000
Agents: Habeeb Urrahman, Steve Kirk & Chris Cairns

Isthmus west

Pt Chevalier

23 Huia Rd, units 2 & 3:
Features: both 3-bedroom townhouses, each with 2 bathrooms, study, garage, 2 parking spaces
Outcome: no bid on either
Agent: Blair Haddow

Attribution: Agency release.

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Mt Wellington & Penrose industrials & retail unit sold

A large Penrose industrial property (pictured), and 2 leasehold industrial units & a retail unit in Mt Wellington have been sold by Bayleys agents.

Isthmus east

Mt Wellington

4A Clemow Drive:
Features: leasehold, 222m2 roadfront industrial unit, modern fitout, 4 parking spaces; 6-year lease renewal to The Sign Studio
Rent: $25,351/year net (after ground rent) + gst
Outcome: sold for $235,000 at a 10.79% yield
Agents: Greg Hall & James Valintine

4B & 4C Clemow Drive:
Features: leasehold, 333m2 unit zoned light industrial, vacant from next October; peppercorn rent
Outcome: sold for $245,000 at $735.74/m²
Agent: Greg Hall

20 Sylvia Park Rd, unit Q:
Features: 143mpremises in 16-unit complex; Big Bite lunch bar in occupation since 1990 is on renewed 4-year lease from July 2018 plus final 4-year right of renewal
Rent: $32,250 with annual 2% increases
Outcome: sold for $515,000 at a 6.26% yield
Agents: Greg Hall & Janak Darji

Penrose

9 Prescott St:
Features: 5623msite zoned heavy industrial, 4684mof warehouse & recently refurbished office space, 77 parking spaces; 2 tenants with leases until 2024 plus renewals
Rent: $646,194/year net + gst
Outcome: sold for $9.175 million at a 7.04% yield
Agents: Greg Hall & James Hill

Attribution: Agency release.

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