Archive | Agency

Hodge sells Seaview business park, and Education House sold

Seaview HP Ltd (Shayne Hodge) has sold the Port Domain business park in Wellington (pictured above) on an 8.45% yield. Mr Hodge’s family founded property syndicator Waltus Ltd in the 1980s, merged the syndicates into Urbus Properties Ltd in 2000, listed it then sold the management rights to ING (NZ) Ltd in 2004 for about $25 million. After some more mergers & portfolio acquisitions, Urbus evolved into the NZX-listed Argosy Properties Ltd.

Mr Hodge continues to trade through The Hodge Group (2010) Ltd & Seaview HP, which bought the 2.2ha former Te Puni mail centre on the Petone Esplanade for $15.4 million in 2014 and turned it into a bulk retail centre anchored by Bunnings Warehouse.

On the Te Aro flats of central Wellington, Education House on Willis St has been sold on a 7.5% yield.

They’re among 9 commercial sales around the Wellington region by Bayleys.

Earlier story, 7 April 2014: Hodges buy Te Puni mail centre

South of the Bombays

Wellington

CBD

Te Aro

4 Tennyson St:
Features: vacant 2-level 520m² unit-title office/showroom
Outcome: sold for $1.85 million at land & building rate of $3557/m²
Agent: Mark Sherlock

90-104 Tory St:
Features: 1245m² site, 2215m² 3-level retail & office building, 9 tenancies, seismic assessment 85% of new building standard
Rent: $450,000/year net + gst
Outcome: sold for $5 million at a 9% yield
Agent: Grant Young

Education House on Willis St.

178-182 Willis St:
Features: 1479m² site, 6513m² 13-level Education House (West Block) office tower, seismic assessment 70% of new building standard, multiple tenancies, parking for 75 vehicles
Rent: $700,000/year net + gst
Outcome: sold for $9.3 million at a 7.5% yield
Agents: Grant Young & Luke Kershaw

Lower Hutt

191 High St:
Features: 964m² site, 1697m² fully leased 3-level commercial building, retail/office tenancy on ground floor, 2 levels of offices above, dual street access, secure parking for 13 vehicles
Rent: $252,495/year net + gst
Outcome: sold for $2.935 million at an 8.56% yield
Agents: Paul Cudby & Andrew Smith

418 High St:
Features: 204m² site, 200m² retail building, 3-year lease generating rental income of $39,000/year gross
Outcome: sold for $635,000 at land & building rate of $3112/m²
Agent: Andrew Smith

Ngauranga

27 Jarden Mile:
Features: 884m² site, 850m² partially tenanted warehouse & office building, buyer will use vacant area of about 300m²
Rent: $70,000 /year net + gst
Outcome: sold for $1.725 million at land & building rate of $2,100/m²
Agent: Fraser Press

Paraparaumu

33 Kapiti Rd:
Features: 868m² site, 360m² 2-storey office building, 11 parking spaces; current tenant has occupied since built in 2004, on new 3-year lease plus 2 3-year rights of renewal
Outcome: sold for $950,000 at a 6.5% yield
Agent: Stephen Lange

Porirua

3-5 Commerce Crescent:
Features: 4719m² of industrial land
Outcome: sold for $501,000 at $106/m²
Agents: Grant Young & Jon Pottinger

Seaview

2-20 Port Rd:
Features: Port Domain, largescale fully tenanted business park on 2.9104ha of land in 4 titles, 3 street frontages & flexible general business zoning; 18,600m² of buildings, 12 tenancies spread across 10 main buildings plus extensive yard space
Rent: $1,465,162/year net + gst
Outcome: sold by Seaview HP Ltd (Shayne Hodge) for $17.65 million at an 8.45% yield
Agents: Grant Young & Mark Hourigan

Attribution: Agency release.

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Light industrial spot in Grey Lynn goes for $6000/m² pre-auction

A small building squeezed among the light industrial roofs of Mackelvie St in Grey Lynn has sold before today’s scheduled auction for a land price just over $6000/m².

In recent years Mackelvie St’s face has changed as apartments have been built, but this area of Grey Lynn remains a sizeable light industrial precinct.

Isthmus west

Grey Lynn

36 Mackelvie St:
Features: 478m² site, single-storey light industrial building, 348m² floor area, 4 parking spaces, seismic rating 100% new building standard
Outcome: sold vacant pre-auction for $2.9 million + gst at a land price of $6067/m²
Agents: Jonathan Lynch, Kris Ongley, Charlie Oscroft

Attribution: Agency document.

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Updated: Fisher sells 22 Fanshawe St to Conrad

Published 17 June 2018, updated 20 June 2018:
Fisher Funds Management Ltd has sold the GroupM Building, at 22 Fanshawe St & the foot of Federal St in downtown Auckland, to the Conrad Properties Group Ltd for $50 million. Settlement is due on 30 November.

Update: The land size and Conrad’s stated intention have been added, and floorspace total corrected.

Harold McCracken of Savills brokered the transaction. The buyer, Conrad, is primarily an apartment tower developer but intends to hold the building as a long-term investment. It has Union & Co on Union St under construction at the top of the cbd, Queens Square under construction on Queen St just above Mayoral Drive, and has recently completed Park Residences between St Patrick’s Square & Albert St, and Victoria Residences across the street from the SkyCity casino.

The GroupM building, constructed on the 1283m² site in 1987 and originally occupied by law firm Kensington Swan, has a ground-floor café, column-free 610m² floorplates on 9 of the 11 office levels and slightly smaller floorplates on the top 2 floors, for a total 7796m². It has 51 parking spaces on 2 basement levels plus 15 at ground.

Advertising, marketing & media investment company GroupM Ltd signed a 5-year lease in October 2015 on 1200m² of the completely refurbished building, including naming & signage rights.

The building has been held by the Fisher Institutional Property Fund since Fisher Funds Management acquired Tower Investments Ltd from insurance company Tower Ltd in 2013.

Brent Buchanan.

Fisher Funds head of direct property, Brent Buchanan, said the funds manager had been steadily repositioning its $435 million retail, office & industrial portfolio to cater for growing demand in property assets from KiwiSaver & other investors. In the last year it’s completed over $30 million of development on existing assets and it’s investing another $80 million into its retail portfolio, particularly at Bayfair Shopping Centre in Mt Maunganui & Merivale Mall in Christchurch.

Mr Buchanan said the sale was “a continuation of the fund’s strategy to recycle capital out of older assets, and reweight the portfolio towards the industrial & retail sectors. With continuing Kiwisaver inflows, the fund is seeking to grow its investment portfolio”.

The Fisher Funds Institutional Fund has delivered an unleveraged total return of 11.78%/year over the last 5 years. “We are building on our successful track record with a major development programme and with capital to deploy in new opportunities. This is an exciting time for the fund.”

Earlier story:
2 November 2015: GroupM gets naming rights on 22 Fanshawe

Attribution: Company release, leasing brochure.

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Caryard sells post-auction, plus 3 more West Auckland deals

A New Lynn caryard has sold 5 weeks after being passed in at auction, and Bayleys agents have added another 3 sales in West Auckland – 2 in Avondale and one in Glen Eden.

Isthmus west

Avondale

Harbourside Business Park, 485A Rosebank Rd, unit 1:
Features: 216m² ground-floor office unit in modern 2-level building, open plan workspace, 2 offices, boardroom, lunchroom, reception area & associated amenities, rear deck area overlooking harbour, 8 parking spaces
Outcome: sold vacant for $713,000 at $3300/m²
Agents: Mark Preston, Sunil Bhana, Laurie Bell & James Hill

7 Wingate St:
Features: 599m² site zoned mixed use in heart of Avondale Village, 432m² warehouse; new 4-year lease to Spice World grocery store
Rent: $162,500/year net + gst
Outcome: sold for $972,000 at a 6.17% yield
Agents: Tony Chaudhary & Millie Liang

North-west

Glen Eden

9 Westech Place, unit M:
Features: 110m² high stud industrial unit with coldroom, previously used for food production
Outcome: sold with vacant possession for $330,000 at $3000/m²
Agents: Mark Preston, Nicolas Ching & Beterly Pan

New Lynn

3026 Great North Rd:
Features: narrow 956m² car sales yard near Lynnmall shopping centre, dual frontage through to Veronica St, occupied by Just Prestige Cars
Rent: holding income $48,000/year net + gst
Outcome: passed in at $1.15 million at auction on 16 May, sold post-auction for $1.305 million
Agents: Kate Kirby, Stephen Scott, Tony Chaudhary & Amy Weng 

Attribution: Agency release.

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East Tamaki warehouse sells

Colliers agents have sold an East Tamaki warehouse & offices on a 5.9% yield.

South

East Tamaki

17 Stonedon Drive:
Features: 1960m² site, 1328m² warehouse & 2 levels of offices
Outcome: sold for $2.555 million at a 5.89% yield
Agents: Jolyon Thomson & Jeremy Barnett

Attribution: Agency release.

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Sale & 4 leases on Shore

Bayleys commercial agents on the North Shore have sold a Takapuna unit used by a medical tenant and leased 4 properties.

North-east

Sale

Takapuna

2 Ngaio St, unit 1:
Features: 120m² mixed-use premises, tenant North Shore Chiropractic Ltd, 4 parking spaces
Rent: $39,000/year net + gst
Outcome: sold in May for $798,000 + gst at $6650/m², 4.89% yield
Agents: Adam Curtis & Adam Watton

Leases

Albany

18 Oteha Valley Rd Extension, unit A9:
Features: 64m² office, parking space
Rent: leased in June for $18,000/year net + gst, premises rental $281/m²
Agents: leased by Caroline McNaught, Laurie Burt & Jane McKee

Birkenhead

12 Birkenhead Avenue, shop 2:
Features: 175m² shop, parking space
Rent: leased in May for $50,000/year net + gst, premises rental $289/m²
Agents: Dev Choudhury & Michael Nees

Forrest Hill

1-11 Grenada Avenue, shop 6:
Features: 64m² shop
Rent: leased in May for $13,200/year net + gst, premises rental $206/m²
Agents: Dev Choudhury

Hauraki

332 Lake Rd:
Features: 342m² car yard – yard 302m², office 40m²
Rent: leased in June for $36,000/year net + gst, premises rental $105/m²
Agents: Dean Gilbert-Smith

Attribution: Agency release.

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Singaporeans launch stage 2 of Queenstown townhouse development

Singaporean developer GYP Properties Pte Ltd launched the second stage of its $200 million Queenstown townhouse development, the Remarkables Residences, yesterday.

All but one of the 56 homes in stage 1 have been sold. The second stage, also marketed by the Bayleys Realty Group, comprises 46 homes priced from just over $1.1 million, and the whole lifestyle development on the Frankton Flats has been designed for 225 homes.

Bayleys Queenstown agents Sheryl Williams & Mark Martin said half the buyers were locals and the rest a mix of Auckland-based investors & holiday home owners.

Construction is under way on stage 1’s 3- to 5-bedroom multi-storey townhouses, and completion is expected at the end of next year. After buyer feedback, most homes in stage 2 have 4 bedrooms, each with an ensuite.

GYP is a subsidiary of Singapore-listed Global Yellow Pages Ltd, headed by longtime Singaporean investor Stanley Tan (Tan Poh Leng).

Mr Tan had a number of commercial investments in New Zealand in the 1990s. He was a partner with the Tang family of Singapore in Dynasty Pacific Ltd, which began the Heritage hotel chain, but that partnership split in 1998, when the Tangs took the hospitality arm and Mr Tan got the other assets, which he put into the Angliss Property Group.

Mr Tan and his partner in numerous investments dating back to the 1990s, Pang Yoke Min, joined the board of Singapore-listed Global Yellow Pages Ltd in 2007 after taking major stakes in the company. In 2014, GYP, through local company GYP Properties Ltd, bought Pakuranga Plaza from Ladstone Holdings Ltd for $96 million with the intention of carrying out a major redevelopment.

Link: Remarkables Residences

Earlier stories:
20 February 2017: Stanley Tan launches Remarkables Residences
2 October 2015: 15-year plan to transform Pakuranga Plaza takes shape
8 November 2014: Stanley Tan buys Pakuranga Plaza

Attribution: Agency release.

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Allenby Park sale among 4 South Auckland deals

The 68-unit Allenby Park hotel complex in Papatoetoe (pictured above) has been sold as a freehold going concern, one of 4 recent commercial sales in South Auckland by Bayleys. The complex has drive-around access and has recently been upgraded throughout, including a new roof.

Bayleys’ business, tourism & leisure team leader, Paul Dixon, said the new owner had indicated an intention to continue operating the accommodation business although longer term the 8345m² site had potential for further development as site coverage is only 42%.

A Takanini site with a small workshop on it has been sold at auction by Bayleys after competition between 7 bidders lifted the price from a starting offer of $600,000 to an eventual sale to a local owner-occupier, after 84 bids, at $941,000.

South

Otahuhu

7 Piki Thompson Way:
Features: 2064m² in 3 titles zoned terrace housing & apartments, 608m² commercial building & surrounding parking; leased to Maori services provider Te Roopu Taurima o Manukau until July 2021
Rent: $65,922 /year net + gst, annual CPI increases
Outcome: sold for $1.7 million at land value of $823/m² & a 3.87% yield
Agent: Dave Stanley

Papakura

5 Vernon St:
Features: 1012m² level site zoned mixed use, 116m² 1950s villa; consented for 3 industrial units
Outcome: sold vacant for $760,000 at $751/m²
Agents: Dave Stanley, Peter Migounoff & Piyush Kumar

Papatoetoe

477 Great South Rd:
Features: 8345m² site zoned mixed housing suburban, recently upgraded 68-unit Allenby Park hotel complex, in-house restaurant, bar & standalone 2-level conference facility; potential for further site development as building coverage only about 3500m²
Outcome: sold as a freehold going concern for $16 million
Agents: Paul Dixon, Janak Darji & Tony Chaudhary

Takanini

22 Oakleigh Avenue, Takanini.

22 Oakleigh Avenue:
Features: 1159m² security-fenced site zoned light industry, 184m² workshop built in 2000
Rent: estimate of $40-48,000/year net + gst
Outcome: sold with vacant possession for $941,000
Agents: Rod Grieve & Peter Migounoff

Attribution: Agency release.

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Blockhouse Bay supermarket sells

The Blockhouse Bay Countdown supermarket has been sold to a private investor through a Colliers tender at a 5.17% yield.

Isthmus west

Blockhouse Bay

19-29 Donovan St:
Features: 7115m² corner site, 2238m² net building area, occupied by Countdown supermarket on long-term lease – 9 years from November 2016 + renewals
Rent: $481,021/year net + gst
Outcome: sold to a private investor for $9.3 million + gst at a 5.17% yield, after a tender
Agents: Shoneet Chand, Josh Coburn, Matt Prentice & Matt Barnes

Attribution: Agency release.

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4 industrial sales & 10 leases

Commercial Realty Ltd agents have completed 4 industrial sales for over $50,000, also leased one of those properties and signed another 9 leases since April. The agency specialises in industrial & commercial property. I haven’t gone back to determine the types of property in each transaction.

Sales

Isthmus east

St Johns

145F Morrin Rd:
Features: 91m²
Outcome: sold for $350,000 + gst
Agent: David Turner

South

East Tamaki

29F Neilpark Drive:
Features: 100m²
Outcome: sold for $320,000 + gst
Agent: David Turner

South of the Bombays

Manawatu

Levin

16-20 Roe St:
Features: 1315m²
Outcome: sold for $2.45 million + gst, leased for $175,000/year + gst
Agent: John Lee

Waikato

Pokeno

Gateway Business Park:
Features: 11,000m² of land
Outcome: sold for $2.439 million + gst
Agent: Mark Bramwell

Leases

Isthmus east

Mt Wellington

24R Allright Place:
Features: 485m²
Rent: leased for $56,000/year + gst
Agent: Danny Guise

Onehunga

14 Angle St:
Features: 575m²
Rent: leased for $78,000/year + gst
Agent: Danny Guise

Penrose

Part 8-12 Greenpark Rd:
Features: 1460m²
Rent: leased for $185,000/year + gst
Agents: Danny Guise & Willie Fernandes

373 Neilson St:
Features: 2598m²
Rent: leased for $435,476/year + gst
Agent: Willie Fernandes

Isthmus west

Mt Roskill

62-68 Carr Rd:
Features: 1050m²
Rent: leased for $76,800/year + gst
Agent: Reid McGowan & Willie Fernandes

South

East Tamaki

110D Cryers Rd:
Features: 309m²
Rent: leased for $52,000/year + gst
Agent: David Turner

Mangere

17 Aintree Avenue:
Features: 1100m²
Rent: leased for $150,000/year + gst
Agent: Kerry McGuffog

Part 38 Richard Pearse Drive:
Features: 1566m²
Rent: leased for $195,000/year + gst
Agents: Mike Edward, Reid McGowan & Willie Fernandes

Papakura

40-52 Hunua Rd:
Features: 1000m²
Rent: leased for $123,575/year + gst
Agent: Mark Bramwell

Attribution: Agency release.

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