Archive | Agency

Kingsland townhouse & Penrose warehouse passed in

A Kingsland townhouse and the Momotea restaurant group’s Penrose headquarters were both passed in at Bayleys’ auction today, without a bid on either.

Townhouse

Isthmus west

Kingsland

2 Second Avenue, unit 4:
Features: 56m², 3 bedrooms, 2.5 bathrooms, parking space
Outcome: no bid
Agents: Robyn Clark & Peter Tanner

Commercial

Isthmus east

Penrose

14 Greenpark Rd:
Features: 1627m² site, 1451m² warehouse, seismic rating 71%, head office for Momotea restaurant group, plus apartment
Rent: $201,141/year net + gst, lease expiring in 2035
Outcome: no bid at auction postponed from last Wednesday
Agent: Millie Liang

Attribution: Auction.

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4 sales, 7 leases

Industrial & commercial property specialist Commercial Realty Ltd has reported deals completed over $50,000 from May to July. Some had confidential pricing which I’ve mentioned, but I’ve omitted those with so little detail as to make this report meaningless.

Below are 4 sales & 7 leases signed around the Auckland region.

Sales

CBD

Lorne St

8 Lorne St, basement:
Features: 275m², secondary retail
Outcome: sold for $1.475 million
Agent: Reid McGowan

North-west

New Lynn

72 Delta Avenue:
Features: 1200m² standalone building
Outcome: sold to a dance studio for $1.875 million + gst
Agents: Mike Edward & Daniel Speck

South

East Tamaki

15 Bishop Lenihan Place, unit 22:
Features: 102m², live/work unit, 2 stacked parking spaces
Outcome: sold for $477,725
Agents: David Turner & Reid McGowan

Papatoetoe

260 Puhinui Rd:
Features: 8051m² site, 3664m² building
Outcome: sale & leaseback, price confidential
Agents: Mike Edward, Mark Bramwell & Reid McGowan

Leases

Isthmus east

Penrose

Part 323 Church St:
Features: 600m² car yard
Rent: leased to a car dealership for $75,000/year net + gst
Agent: Willie Fernandes

100 Gavin St:
Features: 3171m² warehouse, 1800m² yard, leased to an international tenant
Rent: $455,242/year net + gst
Agent: Danny Guise

22 Industry Rd, unit 2:
Outcome: sold to an investor for $875,000
Agent: Kerry McGuffog

Isthmus west

Avondale

12A Saunders Place:
Features: 698m² warehouse & office
Rent: leased for $93,000/year on a long term to a local Rosebank Rd business at the full asking rental
Agents: Tom Cooper & Mark Bramwell

South

Drury

4 Creek St:
Features: 2000m² yard, 700m² warehouse
Rent: leased for $105,000/year net + gst
Agents: Mark Bramwell & Brad Rathbun

Mangere

50 Andrew Baxter Drive:
Features: 1800m² site, 1080m² warehouse & office
Rent: leased for $175,000/year net + gst
Agents: Danny Guise & Mike Edward

Manurewa

Part 239 Browns Rd:
Features: 1200m² warehouse
Rent: leased to an international tenant for $120,000/year net + gst
Agent: Brad Rathbun

Attribution: Agency release.

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3 Airport Oaks sales, complex deal in Napier

Colliers agents have sold 3 warehouse & office properties in the Airport Oaks precinct in Auckland. In one of 2 Napier transactions, 4 corner properties were sold in a multi-vendor deal.

South 

Airport Oaks

14 Amelia Earhart Avenue:
Features: 3887m² gated site, 1257m² 2-level office building, 59 parking spaces
Rent: $330,838/year net + gst
Outcome: sold for $4.2 million + gst at a 7.9% yield
Agents: Brad Johnston, Paul Jarvie & Matthew Barnes

39B Rennie Drive:
Features: 392m² warehouse & office unit leased to Cross Fit Oaks Ltd, & fitted out as a gym
Rent: $37,836/year net + gst
Outcome: sold for $920,000 + gst at a 4.1% yield
Agent: Ash Vincent

64 Richard Pearse Drive:
Features: 10,165m² site, 3869m² warehouse & office
Outcome: sold for $8.5 million + gst
Agents: Brad Johnston, Dwayne Warby, Paul Jarvie & Dean Collins

South of the Bombays

Hawke’s Bay

Napier

60 Prebensen Drive:
Features: 5014m² industrial site with less than 10% site coverage, 960m² building on fringe of Onekawa large-format retail precinct
Rent: $100,000/year net on lease expiring in November
Outcome: sold for $2.35 million at a 4.26% yield on current rent
Agent: Dan Walker

57, 59 & 65 Thackeray St and 15 Faraday St:
Features: 4 adjoining properties at the corner of Faraday & Thackeray Sts, Napier South
Outcome: sold in a complex, multi-vendor deal for a combined $2.649 million – a corner retail property at 65 Thackeray St & vacant site at 15 Faraday St sold for $1.45 million, a residential property at 59 Thackeray St sold for $599,000, and a residential property at 57 Thackeray St sold for $600,000
Agent: Dan Walker

Attribution: Agency release.

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5 Wellington sales include Courtenay Place fixture

3 properties at the southern Te Aro end of Wellington’s central business district and 2 in suburban Island Bay & Rongotai have been sold by Bayleys agents.

South of the Bombays

Wellington

Island Bay

296 The Parade:
Features: 650m² corner site with development potential, 1920s mix of commercial & residential buildings totalling 220m² – 2 shops, 2-bedroom home plus a one-bedroom flat
Rent: estimated $70,000/year net + gst fully occupied
Outcome: sold for $1.1 million
Agents: Mark Walker & Baha Mabruk

Rongotai

56 Kingsford Smith St:
Features: leasehold 2273m² site, fully refurbished 1827m² former warehouse with seismic upgrade to 70% of new building standard, converted for retail & office use, 10 tenants on mostly new 3- to 6-year leases
Rent: $264,000/year net + gst (after ground rent paid)
Outcome: sold for $2.47 million at a yield of 10.69%
Agents: Fraser Press & Baha Mabruk

Te Aro

66-72 & 74-78 Courtenay Place (pictured above):
Features: 1111m² site next to Readings Cinema complex, 2-level 1919.5m² character retail building strengthened to 70% of new building standard, 4 hospitality tenants
Outcome: sold for $8.5 million at a 7.9% yield
Agent: Jim Wana

5 Tory St, levels 1 & 2:
Features: 2 unit-titled character office floors totalling 425m², interlinking internal staircase, seismic assessment 100% of new building standard, 6-year lease to Heyday Ltd from January 2018, 3 3-year rights of renewal
Rent: $102,384/year net + gst
Outcome: sold for $1.3875 million at a 7.38% yield
Agents: Grant Young & Mark Walker

21 Vivian St:
Features: 582m² site zoned central area, 428m² high stud workshop, 10 parking spaces
Outcome: sold vacant for $2 million
Agents: Mark Walker & Jim Wana

Attribution: Agency release.

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4 sales south of Auckland in Bayleys’ auction series

4 properties in Hamilton, Rotorua & Tauranga have been sold in Bayleys’ Total Property 5 auction series as it continues down country. 6 of the 8 properties up for sale at the Auckland auction were sold on Wednesday.

South of the Bombays

Bay of Plenty

Rotorua

1151 Arawa St:
Features: 382m² cbd site with development potential, 224m² 1930s earthquake-prone character building, occupied by Hannahs Shoes for decades; new 130-room Pullman Hotel being developed 2 properties away in a conversion of the former Zen building, owned by Chow Group Management Ltd
Outcome: sold vacant for $437,500 + gst
Agent: Brei Gudsell

Rotorua – Ngapuna

236 Te Ngae Rd & 5 Hamiora Place:
Features: 4721m² corner site on State Highway 30, main occupant is longstanding business Telfer Marine Ltd on a 10-year lease from October 2017; also 19 storage units
Rent: $108,000/year net + gst (Telfer Marine); $63,440/year gross + gst (storage units)
Outcome: sold for $2.35 million + gst at a 7% yield
Agents: Mark Slade & Brei Gudsell

Tauranga

116 Third Avenue:
Features: 1012m² site, 24m road frontage, 538m² industrial building most recently used by an automotive business – warehousing 348m², offices & amenities 95m², mezzanine 95m²
Outcome: sold with vacant possession for $2 million + gst
Agents: Lloyd Davidson & Laura Taylor

Waikato

Hamilton

100 Clarence St:
Features: 954m² site zoned commercial fringe, 190m² purpose-built suite of medical offices, 12 parking spaces; near cbd & Waikato Hospital
Outcome: sold with vacant possession for $946,500 + gst
Agents: David Cashmore, Rebecca Bruce & Jason Kong

Attribution: Agency release.

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JLL sells 5 buildings in east, west & on Shore

JLL agents have sold a vacant 3-storey Parnell building, 2 buildings on the west of the isthmus in Lynfield & Mt Eden and a unit in Vinegar Lane, and a multi-tenanted Browns Bay building on the Shore (pictured).

Isthmus east

Parnell

24 York Street:
Features: 599m² 3-level standalone building zoned business mixed use
Outcome: sold with vacant possession for $4.1 million + gst
Agents: Jason Armstrong & Ian Hall

Isthmus west

Grey Lynn

25 Pollen St, corner Crummer Rd:
Features: vacant 80m² retail or office unit, 46m² exclusive courtyard in Vinegar Lane development
Outcome: sold for $1.175 million + gst
Agent: Alex Wefers

Lynfield

210 White Swan Rd:
Features: 1011m² site, 330m² building, childcare centre licensed for 54 children, 13 parking spaces
Rent: $121,000/year net + gst
Outcome: sold for $2.325 million + gst at a 5.2% yield
Agents: Kevin Reardon & Alex Wefers

Mt Eden

101 Mt Eden Rd:
Features: 1812m² investment & development site, multi-tenanted building
Outcome: sold for $5.6 million + gst at a 2.7% yield
Agents: Tommy Zhang & Kevin Reardon

North-east

Browns Bay

41 Bute Road:
Features: 2093m² site, 1044m² net lettable area, 2-level multi-tenanted building in 7 titles, 6 ground-floor retail tenants + Lollipops childcare centre upstairs licensed for 75 children, 31 parking spaces
Outcome: sold for $6.9 million + gst at a 6% yield
Agents: Ian Hall & John Binning

Attribution: Company release.

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Live/work unit sells, 4 commercial units leased

A Rosedale live/work unit has been sold and 4 units – 2 industrial, one each of office & retail – leased in the latest round of transactions by Bayleys North Shore agents.

Sale

North-east

Rosedale

9 Lovell Court, unit G:
Features: 121m² – office downstairs, residential upstairs, 4 parking spaces, tenant Duke Le
Rent: $21,840/year net + gst
Outcome: sold in August for $667,000 + gst at a 3.27% yield
Agents: David Han & Ian Waddams

Leases

North-east

Milford

166 Kitchener Rd, suite D & K:
Features: 52m² office, parking space
Rent: leased at the end of July for $13,785/year net + gst, parking space at $25/week (equals $1300/year), rent excluding parking $12,485/year net + gst, premises rental $240/m²
Agent: Ian Waddams

Silverdale

12 Anvil Rd, unit 1:
Features: 274m² industrial unit – warehouse 224m², office 52m², 4 parking spaces
Rent: leased in August for $40,000/year net + gst
Agent: Rosemary Wakeman

Wairau Valley

7 Colway Place, unit A:
Features: 142m² industrial unit, 3 parking spaces
Rent: leased at the end of July for $23,000/year net + gst, warehouse 117m², office 25m²
Agent: Trevor Duffin

North-west

Kelston

1-3 West Coast Rd:
Features: 2m² retail in Chinese medical clinic
Rent: leased at the end of July for $5200/year net + gst, premises rental $2600/m²
Agents: Dev Choudhury & Meng He

Attribution: Agency release.

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Bayleys confirms Knight Frank NZ acquisition in strategic partnership with international consultancy

Bayleys Realty Group Ltd has confirmed its acquisition of the Knight Frank property consultancy operations in New Zealand, as part of a strategic partnership with the international agency.

Knight Frank agents moved to Bayleys in June, although some have gone to other agencies, including industrial specialists David Arlidge & Damon Wyllie, who joined Savills’ Auckland industrial sales & leasing team.

Mike Bayley.

Bayley Corp Ltd managing director Mike Bayley said yesterday: “Gaining extensive exposure to international markets for our clients across the commercial, residential, rural & property services sectors is one of the most important elements in this partnership with Knight Frank, which has a footprint in 60 markets worldwide. Knight Frank is the world’s largest privately owned international property consultancy.

“Similarly, international clients from the Knight Frank network looking to purchase or lease real estate assets in New Zealand would be drawn to Bayleys’ full suite of listings & services.”

He said the partnership would significantly strengthen Bayleys’ property management services & advisory capabilities, particularly in Christchurch, and the valuations team had also more than doubled in size: “This transaction has catapulted Bayleys to number one position as a full-service commercial & industrial real estate agency in Canterbury.

“The essence of the partnership is that Bayleys will continue its New Zealand legacy, retaining its homegrown Kiwi ownership & operations while enhancing its international presence through the relationship with Knight Frank’s global business.”

Bayleys’ national commercial & industrial director, Ryan Johnson, said central to the transition in Christchurch was the relocation & unification of the commercial & industrial teams to new purpose-built premises.

Knight Frank LLP senior partner & group chair Alistair Elliott said the company sought to expand its presence around the world through partnerships with the leading local players.

Mr Bayley said the private ownership structure of both Bayleys & Knight Frank would enable the 2 entities to evolve their entrepreneurial & innovative approach far more quickly than their internationally owned & publicly listed real estate agency competitors.

Bayleys Corp is still majority family-owned. Direct Capital Investments Ltd acquired a 31% stake in the company in 2010 and Direct Capital director Ross George joined the Bayleys board.

Attribution: Bayleys release.

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New Lynn commercial & Harvard apartment passed in

A commercial building in New Lynn and a Harvard apartment in the city centre were both passed in at Barfoot & Thompson’s auction today.

The commercial unit attracted only 2 bids, but there were multiple bids for the apartment.

Apartment

CBD

Victoria Quarter

Harvard, 147 Hobson St, unit 1F:
Features: 38m², 2 bedrooms
Outgoings: body corp levy $4172/year
Income assessment: $560/week
Outcome: passed in at $303,000
Agent: Stephen & Leo Shin

Commercial

North-west

New Lynn

14 Delta Avenue:
Features: 202m² site, 320m² commercial building, 2 storeys, 3 long-term tenancies
Rent: $93,600/year + gst
Outcome: passed in at $1.35 million + gst
Agent: Nick Wilson

Attribution: Auction.

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One sells at 5%, another at hefty premium in Total Property auction

5 of the 8 properties auctioned in Bayleys’ Total Property 5 auction in Auckland today sold under the hammer, and a sixth sold a couple of hours later at a hefty premium above the last bid.

The auctions for 3 other properties were postponed (but they’re listed below).

Most activity was for a retail unit in an Apollo Drive, Rosedale, development on the North Shore (pictured).

Bidding opened at $750,000, equating to a 6.6% yield, it went on the market at $910,000, equating to 5.4%, and after a series of small raises by 3 bidders it sold for $1000 more than an exact 5% yield – the strongest return of the day.

CBD

Queen St

Mid-City Centre, 239 Queen St, basement unit B:
Features: 600m²,
Rent: $168,000/year net + gst from pool hall operator, 8-year lease from March 2018, rent increases 2%/year
Outcome: auction postponed
Agents: Nicolas Ching & James Chan

Isthmus east

Otahuhu

35B Saleyards Rd:
Features: 994m² site, 426m² floor area, 4 light industrial units, 3 tenants, all on 2-year leases
Rent: $64,774/year net + gst
Outcome: sold for $1.031 million at a 6.3% yield
Agents: Tony Chaudhary & Nelson Raines

Penrose

14 Greenpark Rd:
Features: 1627m² site, 1451m² warehouse, seismic rating 71%, head office for Momotea restaurant group, plus apartment
Rent: $201,141/year net + gst, lease expiring in 2035
Outcome: auction postponed
Agent: Millie Liang

North-east

Rosedale

56 Apollo Drive, unit 6:
Features: 90m² corner café leased to Duck Duck Goose in 13-unit retail development by Kea Property Group
Rent: $49,500/year net + gst + outgoings from 6-year lease + renewals
Outcome: sold for $991,000 at a 4.995% yield
Agents: Laurie Burt & Eddie Zhong

12 Parkhead Place, unit B:
Features: 627.4m², warehouse with 3 roller doors, offices & amenities at both ends, 12 parking spaces
Outcome: sold with vacant possession for $1.945 million
Agents: Matt Mimmack & Laurie Burt

Wairau Valley

Wairau Junction, 160 Wairau Rd, unit 5:
Features: 59m² retail, tenant Spice Cuisine on 10-year lease from 2013
Rent: $25,000/year net + gst
Outcome: sold for $415,000 at a 6% yield
Agents: Matt Lee & Terry Kim

North-west

Te Atatu Peninsula

570 Te Atatu Rd:
Features: 1229m² site, 4 separate shops, rear access
Rent: $85,093/year net + gst
Outcome: auction postponed
Agents: Scott Kirk & James Were

South

Manukau

533 Great South Rd, unit H:
Features: vacant 1020m² standalone light industrial building, offices & amenities, 11 parking spaces
Outcome: no bid
Agents: Alex McNeil & Karl Price

Manurewa

25 Station Rd:
Features: 344m² site, 550m² building area, 4 separate tenancies on 2 floors, B grade seismic rating, roof replaced 2013
Rent: $71,830/year net + gst
Outcome: sold for $1.25 million at a 5.75% yield
Agents: Dave Stanley & Shane Snijder

Papakura

13 Vernon St:
Features: vacant 2071m² business mixed use site, 573m² floor area, high stud workshop across the rear boundary, lower stud shed at roadfront
Outcome: passed in at $1.3 million, sold within 2 hours for $1.75 million
Agents: Piyush Kumar & Peter Migounoff

Pukekohe

30 Franklin Rd:
Features: vacant 1161m² site zoned business mixed use, 827m² floor area, plans for apartment development available
Outcome: no bid
Agents: Shane Snijder, Scott Penney & Virginia Zhou

Attribution: Auction.

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