Archive | CBRE

Auckland warehouses sell, new Queenstown retail units ignored

2 Auckland warehouses were sold yesterday at CBRE’s first multi-property auction in 7 years (discounting a joint promotion with Bayleys in 2015), but 3 retail units in the new Ramada Remarkables hotel in Queenstown struggled to muster 2 bids (other than vendor indicators) between them.

Agencies sometimes take “out of town” properties to auction in the country’s biggest investor market, Auckland, and often enough find the big-city investors don’t materialise, as happened in this case.

Isthmus east


34 Allenby Drive:
Features: 855m² site, existing house vacant, resource consented for 6 apartments & a terraced house
Outcome: vendor bids of $900,000 & $980,000, passed in
Agent: Peter Turner


New Lynn

12 Stock St:
Features: 660m² warehouse zoned light industrial, ground floor occupied by karate dojo on lease running to 1 March 2018 with 2 2-year rights of renewal; the vendor, the Auckland Play Centre Association, has vacated the upstair offices; 8 parking spaces
Outcome: sold for $970,000
Agents: Michael Bray & Deborah Dowling


East Tamaki

28C Andromeda Crescent:
Features: 901m² clearspan warehouse – 728m² warehouse with 4.8m stud height, 85m² warehouse office, 88m² first-floor office; new roof, 2 roller doors, sealed yard, tenant vacating in March        
Outcome: sold for $1.75 million
Agents: Patrick Sammon & Lewis Watson

South Island


Developer Rob Neil of Safari Group (NZ) Ltd, who has specialised in development of Quest hotels and, more recently, Ramada hotels, built the 59-suite Ramada Remarkables at Remarkables Park, including the 3 retail outlets which were taken to auction.

Total rent from 5 new tenancies is $300,900/year.

Agents for all 3 retail units were Richard Larman & Ellie Martin.

24 Hawthorne Drive, unit 2:
Features: 2 tenancies of 58m² & 88m², a rental car office & a gym, 2 parking spaces
Rent: $83,400/year net from 6-year leases, each with 2 3-year rights of renewal      
Outcome: passed in after a starting bid at $500,000 and closing with vendor bids of $1.05 million & $1.4 million, the last indicator representing a yield of 5.96%

24 Hawthorne Drive, unit 6:
Features: 228m² Franks Eatery, 8-year lease, 3 4-year rights of renewal, 2 parking spaces
Rent: $128,400/year net
Outcome: no bid

24 Hawthorne Drive, unit 7:
Features: 2 tenancies of 95m² & 61m²; the larger finance company tenancy of 6 years, 2 3-year rights of renewal, 2 parking spaces; the smaller ophthalmologist’s tenancy of 5 years, 3 3-year rights of renewal, 2 parking spaces
Rent: $89,102.12/year net
Outcome: passed in after a starting bid at $1 million and closing with a vendor bid of $1.4 million, representing a yield of 6.36%

Attribution: Auction.

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Dowling moves to CBRE to open West Auckland office

Deborah Dowling (pictured), who managed Colliers’ new West Auckland office based in the NorthWest Shopping Centre when it was split last year from the North Shore office, has moved to CBRE as its managing director for both territories.

She has a team of 8 agents working from CBRE’s city office until their new premises in the NorthWest centre are ready in late August.

CBRE’s senior managing director for New Zealand, Brent McGregor, said today: “Being able to establish a physical presence out west provides clear advantage to our clients. Deborah’s team has about 40 years’ experience in the western & North Shore suburbs. With dedicated specialists for each area, CBRE’s clients in these locations are in very capable hands.”

Mr McGregor said the new office would open at a time of important change in Auckland’s infrastructure development: “The newly opened Waterview Connection provides significant commercial property opportunities in the western suburbs due to the enhanced freight logistics it provides.”

He said the team had experience across industrial, retail, commercial, development land & lifestyle blocks.

“Deborah & her team are well known for their success running auction campaigns for their clients, and will continue to do so in the new CBRE office. The West Auckland office will be set up with full auction facilities, allowing CBRE to run regular auctions from both West Auckland & the Auckland cbd.”

Attribution: Agency release.

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6 Fonterra Farm Source stores sell

Fonterra Co-operative Group Ltd has sold 6 Fonterra Farm Source stores around the North Island through a joint auction programme between Bayleys & CBRE head of agri-business Jeremy Keating.

Bayleys conducted the auctions in New Plymouth last Wednesday and in Hamilton & Rotorua on Thursday.

All sold with 8-year leasebacks to Fonterra subsidiary RD1 Ltd from settlement on 23 July 23, with 2-yearly cumulative CPI adjustments and reviewed to market on renewal & 2-yearly thereafter. Fonterra also has 4 3-year rights of renewal.

South of the Bombays

Bay of Plenty


Horomanga Rd (pictured):
Features: 4912m² site, 479m² longstanding store
Rent: $38,324/year net + gst
Outcome: sold for $400,000 at a 9.58% yield
Agents: Mark Slade & Mark Rendell



59-65 Orchard West Rd:
Features: 4555m² site on State Highway 2, 596m² store [corrected; originally written as 2596m²], 119m²  of canopies; purchaser will be required to outlay additional capital up to a maximum of $600,000 over the next 2 years for premises expansion, with a commensurate increase in rental
Rent: $124,750/year net + gst
Outcome: sold for $1.95 million at a 6.4% yield
Agents: Josh Smith & Jeremy Keating



64 Tasman St:
Features: 3054m² mainstreet (State Highway 45) location, 3 street frontages, 1125m² store, 145m² of canopies
Rent: $113,580/year net + gst
Outcome: sold for $1.25 million at a 9.1% yield
Agents: Alan Johnston, Iain Taylor & Jeremy Keating



104 Broadway:
Features: 2719m² site on State Highway 24, 1052m² store, drive-through access
Rent: $172,459/year net + gst
Outcome: sold for $2.61 million at a 6.61% yield
Agents: Blair Hutcheson & Jeremy Keating


178 Thames St:
Features: 2772m² site in the centre of town, dual street frontage, 1043m² store
Rent: $152,024 /year net + gst
Outcome: sold for $2.305 million at a 6.6% yield
Agents: Josh Smith & Jeremy Keating


14-20 Kensington St:
Features: 2313m² site close to town’s main roundabout, 1089m² store
Rent: $108,815/year net + gst
Outcome: sold for $1.385 million at a 7.85% yield
Agents: Blair Hutcheson & Jeremy Keating

Attribution: Agency release.

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World property W23Dec15 – West Melbourne deals, Westfield reshapes

Melbourne development site sells
Westfield sells 6 US malls

Melbourne development site sells

A Melbourne apartment development site has been sold to the Asian Pacific Group (Will Deague) for $A35 million at $A9117/m², and 3 adjoining buildings have been sold for $A38.8 million.

The 3839m² site at 83-113 Batman St, West Melbourne, has a permit for 522 apartments in 2 27-level towers, including 33 2-storey lofts, plus retail, designed by Bruce Henderson.

The whole site, known as the Spencer portfolio, contained the historic Sands & McDougall buildings and a warehouse at 355 & 371 Spencer St & 102 Jeffcott St.

Hume Partners (Peter Scanlon) took the development site & 3 buildings to the market through separate CBRE campaigns.

Bennelong Group (Jeff Chapman) had earlier proposed 2 towers of 39 & 29 storeys above a 5-level podium for the whole site, with a gross floor area of 85,000m² and originally containing 749 apartments.

The 1770m² Jeffcott St warehouse & office, on a 920m² site, sold for $A6.1 million.

The CBRE team also said yesterday it had sold 206 Bourke St, on the edge of Bourke St Mall, for $A116.28 million at a 5.75% yield, on behalf of Hiap Hoe Ltd and that it had been bought by unlisted fund manager ISPT, which has $A11 billion of properties under management.

206 Bourke St has a net lettable area of 11,922m² – 9582m² retail, 2340m² office – and an approved planning permit to build a 142-room hotel above the fourth level of the existing development.

Westfield sells 6 US malls

Westfield Corp, owner of the US & UK malls of the former Westfield Group, sold 5 of the US malls this week for $US1.1 billion. It sold another in November to Rouse Properties Inc for $US170 million. The Australia-NZ Westfield portfolio is owned by Scentre Ltd, some now in partnership with Singapore sovereign wealth fund GIC.

The US assets sold are in Connecticut, Washington, and 2 each in California & Illinois, reducing Westfield’s US portfolio to 32 malls. It also has 2 in the UK and has entered a partnership with Gruppo Stilo to develop a centre in Milan, Italy.

Westfield Corp co-chief executives Peter & Steven Lowy said in August: “Our strategy is to create & operate flagship assets in leading markets that deliver great experiences for retailers & consumers. We are focused on innovation and are creating a digital platform to converge with our physical portfolio, in order to connect retailers & consumers both physically & digitally.

“Our capital investment is almost entirely weighted towards our flagship assets, with estimated development yields in the range of 7-8%. Upon completion of these projects, we expect Westfield Corp’s flagship assets will represent 85-90% of the total portfolio and our business will be more evenly weighted between the US & UK/Europe.”

When they announced the northern hemisphere company’s results in August, the Lowy brothers said: “The performance of Westfield’s pre-eminent portfolio remains strong. The benefits of our restructure last year can be seen in the significant progress being made on our $US11.4 billion development programme. This year we expect to commence $US2.5 billion of projects, having already commenced $US1.6 billion of redevelopments to date in 2015.”

Attribution: CBRE, Westfield.
Regular leads: Europe Real Estate, Mingtiandi, Planetizen

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Hahei buyers will keep it for camping

A group of Auckland investors has bought the Hahei Holiday Resort on the Coromandel with the intention of keeping it as a holiday resort.

Vaughan Magnusson, Warren Dryden, Tim Gillespie & Andrew Orr incorporated the owner, Hahei Beach Ltd, on Monday. They’ve bought the 6.79ha campsite & fixed accommodation for $13.25 million.

John Bedford & Warren Hutt of CBRE, who marketed the property, said yesterday the sale had gone unconditional, with settlement due on 1 October.

Mr Magnusson & Mr Orr are also directors & shareholders of Opoutere Beach Ltd, which bought the Opoutere campground, further down the Coromandel east coast between Pauanui & Onemana.

Mr Magnusson said yesterday:  “We have been involved in Opoutere for 10 years and wanted to invest in another holiday location. When the Hahei Holiday Resort came up for sale we thought, ‘Let’s have a crack at it’. Hahei beach is spectacular and its proximity to surrounding attractions of Cathedral Cove & Hot Water Beach is excellent. It is difficult not to be impressed by the place.

“Our vision for Hahei is for it to continue to be run as a great Kiwi family holiday resort. We want people to enjoy the camping they have loved here for years, and to encourage people to see that there’s more to the resort than camping: there are villas, studios & apartments here too, so you don’t have to be in a tent to enjoy Hahei. And we are hopeful that the staff will come along with us on the journey.

“Most importantly, we want to ensure that customers know that all bookings made to date will be honoured, and that we are open for business as usual: in fact, I would encourage anyone looking to book to do so quickly, to make sure they don’t miss out.”

Mr Magnusson said the group acknowledged Thames Coromandel district mayor Glenn Leach & council staff, “who gave us a lot of confidence due to the plans they have in play for the Hahei area and the supportive reception we received for maintaining a sustainable resort operation”.

Spokesperson for the previous owners, Ian Carter, said it was great news for the Carter-Harsant family that the resort, which had operated as a successful family-owned holiday & tourist business for more than 50 years, would keep operating.

John Bedford, of CBRE, said nearly 100 serious parties had expressed interest in the property.

Attribution: Agency release.

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3 RD1 stores sell at auction

A joint marketing campaign by Bayleys & CBRE for 3 Fonterra (NZ) Ltd rural agencies resulted in all 3 being sold at auction this week. All 3 stores are occupied by Fonterra subsidiary Farm Source Ltd (ex-RD1 Ltd).

The first, at Helensville, was sold at Bayleys’ Total Property auction on Wednesday for $1.71 million at a 6.9% yield.

The other 2, at Kopu on the Coromandel and Taupiri in the Waikato, were sold at yields of 7.05% & 8.2%.

South of the Bombays

Kopu, Coromandel

9 Ngati Maru State Highway 25,:
Features: 940mrural supplies store on 3568msite 6km from Thames, with new 8-year lease to Fonterra subsidiary Farm Source (ex-RD1)
Rent: $135,742/year net + gst
Outcome: sold for $1.925 million at a 7.05% yield
Agents: Josh Smith & Mike Adams (Bayleys) in conjunction with Jeremy Keating (CBRE)

Taupiri, Waikato

1 Railway Rd:
Features: 986mrural supplies store on 3948msite, with new 8-year lease to Farm Source
Rent: $134,875/year net + gst
Outcome: sold for $1.65 million at an 8.2% yield
Agents: Josh Smith & Mike Adams (Bayleys) in conjunction with Jeremy Keating (CBRE)

Earlier story, 2 July 2015: 11 sales at Greater Auckland auction

Attribution: Auctions.

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Perth developer buys in Wellington

Perth developer & portfolio manager Ascot Capital Ltd (Greg King & David van der Walt) has bought its first New Zealand investment, the Ministry of Health headquarters in Wellington, from local developer Mike McCombie for $80 million.

Mr McCombie (Balanced Investments Ltd) planned to double the size of the former William Clayton Building at 133 Molesworth St, Thorndon, when he bought it from AMP Capital Investors (NZ) Ltd in 2011. AMP acquired it through acquiring Capital Properties Ltd, which listed after taking over the privatised portfolio of Government Property Services.

Mr McCombie paid $14 million for the property and planned to spend another $20-30 million redeveloping it as an energy-efficient, A grade building with larger floorplates and the possible additional of 2 more floors.

That extension is still to happen, now at an estimated cost of $30-35 million, after the Government Property Management Centre of Excellence agreed on a new lease term for a building nearly double the present size. The 15-year lease has 3 rights of renewal for a total 33 years.

The building will be partly demolished to enable the extension, which will take it from an 8012m² net lettable area to 15,504m². All 6 levels will have standard floorplates of about 2900m². A new interior fitout will lift it to an A-grade specification and it will have 70 basement parking spaces. This will enable all the ministry’s 900 Wellington staff to be housed in one location once the project is completed by early 2017.

The building is base-isolated and designed to be one of the most seismically robust buildings in Wellington.

Sole marketing agents Matthew St Amand & Ryan Johnson, of CBRE Wellington, introduced Ascot to the deal.

Ascot Capital Limited specialises in property development & facilities management, but also manages an investment portfolio. It’s had a 50-year lease from the Federal Government since 1998 over Perth’s second airport, Jandakot, and is developing an adjoining 150ha commercial & industrial precinct, Jandakot City. The airport lease has a 49-year extension option.

Attribution: Agency release, Ascot website.

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Jones buys Equinox House on Lambton Quay

Robt Jones Holdings Ltd (Sir Bob Jones), already the largest commercial property owner in the Wellington cbd, has bought the 16-level Equinox House at 218-224 Lambton Quay for $18.15 million.

Matt St Amand of CBRE and Peter Wilkin & Bill Leckie of Colliers International (but Mr Leckie will join CBRE in May) marketed the property on behalf of OLT Properties Ltd (Michael Ogilvie-Lee).

The fully leased office building has 2 shops on Lambton Quay and a frontage to The Terrace. It has net passing income of $1,386,011 excluding gst, including a new lease to Nike, from a net lettable area of 4692m². The combined weighted average lease term is 4.1 years. Typical floorplates cover 318m², office floors are double-glazed and have a 2.6m stud height, and the building has 27 parking spaces.

Fletcher Development & Construction Ltd developed the former DB Tower for the National Mutual Life Association in 1987. A recent seismic upgrade has raised it to more than 70% of new building standard.

Attribution: Agency release.

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CBRE reports list of sales & leases

CBRE agents have recorded 5 sales & 11 leases in the consultancy’s latest transactions report.


Isthmus east


16 Marjorie Jayne Crescent:
Features: 695m² site – 190m² office, 547m² warehouse
Outcome: sold for $810,000
Agents: Jeremy Barnett & Ben Phibbs

31 Moa St:
Features: 971m² site – 596m² warehouse, 252m² office
Rent: $80,000/year
Outcome: sold for $940,000 at 8.51%
Agents: Nik Vulinovich & Jeremy Barnett



72-86 Great South Rd:
Features: 8000m² site, 3400m² of industrial building
Outcome: sold by Dormac Properties for $2.7 million
Agents: Paul Steele & Mark Bramwell


12 Ha Crescent:
Features: 5209m² A-grade warehouse/office/canopy
Outcome: sold by Euroclass for $5.75 million
Agents: Paul Steele, Mark Bramwell & Mike Beresford

133 Roscommon Rd:
Features: 16,000m² site, metalled improvements
Outcome: sold for $4.2 million
Agents: Paul Steele & Mark Bramwell


Isthmus east


27c Cain Rd:
Features: 300m² warehouse & office
Rent: $30,000/year for 3 years
Agents: Jeremy Barnett & Ben Phibbs


Airport Oaks

17 Rennie Drive:
Features: 280m², leased by Airport Oaks Properties Ltd to Future Logistics Ltd for 3 years
Agents: David Kim

Auckland Airport

Cargo Central:
Features: 216m² office, leased by Auckland Airport to In Cargo for one year
Agents: David Kim

East Tamaki

77 Cryers Rd:
Features: 1500m² warehouse, 158m² office, 96m² canopy, high stud, fully sprinklered
Rent: $203,000/year on sub-lease
Agents: Peta Laery, Nik Vulinovich & Tim Boyle

7a Echelon Place:
Features: A-grade 370m² warehouse & 15m² office, leased by Cosway NZ Ltd
Rent: $45,000/year
Agents: Nik Vulinovich & Tim Boyle

63 Lady Ruby Drive, unit 5:
Features: newly built 279.1m² warehouse, 86.4m² office, 53.7m² canopy, leased by PPR Foods NZ Ltd
Agents: Nik Vulinovich & Tim Boyle

83d Springs Rd:
Features: 280m² office, leased by Winscombe Trustee to Abbotts Drainage Ltd for one year
Agents: David Kim

19 Trugood Drive:
Features: 90m², leased by Steelplus Properties Ltd to Flowers Auckland for 4 years
Agents: David Kim


23 Ash Rd:
Features: 778m² office & warehouse , leased by Kahuvet
Agents: Paul Steele & Mark Bramwell

South of the Bombays


99 Customhouse Quay, Dimension Data House, Level 2:
Features: 573.4m² office space, leased by a private investor leased to Guardian Trust
Agents: Jay Parag

86 Victoria St, Technology One House:
Features: Civic Centre Holdings Ltd, managed by Prime Property Ltd, leased 105m² on the southern side of the third floor to Litmus Ltd
Agents: David Fisher

Attribution: Agency release.

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Mixed-use Mt Eden site sells for $2027/m²

CBRE has sold a development site on the city side of Maungawhau (Mt Eden) where KNC Construction Ltd, connected to Korean-owned Dae Ju Housing Co Ltd, tried unsuccessfully early this year to secure the presales for a second Fiore apartment development.

The first building of the twin-structure Fiore on Hobson St has been built, but the second has been held up for years in a heritage battle over the corner Canvas City site. The Fiore Mt Eden was to have had 93 units.

The 3-storey 1950s Mt Eden building owned by ASX-listed Arena Investment Management Ltd was extensively refurbished in 2002 and had a number of short-term tenants in recent years.

Isthmus west

Mt Eden

Former Orion House, 30-40 Enfield St:
Features: 3750m² on corner of Mary St, 3281m² building with demolition consent, Auckland Grammar zone location
Outcome: sold for $7.6 million at $2027/m² of land
Agents: Warren Hutt, Harold McCracken & John Bedford

Attribution: Agency release.

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