Archive | Colliers International

Corrected: Wiri sale one of 4 for Colliers

The Trust Investments Property Fund has ended up with ownership of HEB Construction Ltd’s headquarters building in Wiri at a slightly higher price than it negotiated early last year after the rental figure was finalised, taking its portfolio of commercial properties to $150 million.

It was one of 4 recent transactions by Colliers agents. The others were in Christchurch, across the road from the casino in Hamilton and in Whakatane.

South

Wiri

Corrected: 105 Wiri Station Rd:
Features: 1.46ha heavy industrial site with frontage also to Plunket Avenue, 6317m² building, 4993m² of medium to high stud warehousing, the balance a mix of modern & older-style offices, 88 parking spaces, formerly occupied by Honda NZ Ltd, refurbished early this year before HEB Construction Ltd occupied it on a 15-year lease
Rent: the lease has annual 2.5% rental increases with reviews to market every 5 years (cap & collar mechanism)
Outcome: sold vacant for $9.85 million in February, contract signed last April by the Trust Investments Property Fund and settled in November on completion of the refurbishment at $20.12 million, based on the final rental
Agents: Greg Goldfinch, Hamish West & Ben Herlihy

South Island

Canterbury

Christchurch

4 Russley Rd, corner Yaldhurst Rd; & Rangiora, 300 High St, corner King St:
Features: 2 Caltex service stations up for sale & leaseback to Z Energy 2015 Ltd at auction on 10 December; Russley Rd: 4249m² site, 383m² floor area, leaseback term 10 years 1 month + 3 5-year rights of renewal from 28 February; Rangiora: 1987m² site, same renewal rights & lease terms
Rent: Russley Rd: proposed rent $310,490/year net + gst + opex; Rangiora: proposed rent $190,035/year net + gst + outgoings; both 2%/year fixed growth, market reviews at end of initial lease term
Outcome: both sold to an Auckland buyer – Russley Rd for $5.3 million, Rangiora for $3.335 million
Agents: Mark Macauley & Will Franks

South of the Bombays

Bay of Plenty

Whakatane

106 Commerce St:
Features: 1553m² site, 1013m² 2-level office building, 2 long-term tenants, 26 parking spaces, seismic rating 100% new building standard
Rent: $204,600/year net + gst
Outcome: sold for $2.6 million, at a 7.87% yield
Agents: Rob Schoeser & Simon Clark

Waikato

Hamilton

331 Victoria St:
Features: 364m² site, 710m² 2-level building opposite SkyCity & the new Riverbank Lane retail development, seismic rating 51% new building standard
Rent: $95,000/year gross + gst
Outcome: sold for $1.13 million at a 7% yield
Agents: Justin Wang & David Palmer

Attribution: Agency release, Trust Management.

Continue Reading

9 commercial, industrial, retail & rural sales

Colliers agents have concluded a range of sales in Auckland & elsewhere around the North Island.

They include the Whoa! Studios at Henderson (pictured above) on a leaseback, industrial sites in East Tamaki & Hamilton, a Mt Maunganui retail development and a central Hamilton office building.

North-west

Henderson

Whoa! Studios, 8-16 Henderson Valley Rd:
Features: 5916m² entertainment venue & restaurant The Grounds in 1902m² warehouse & office building, on 2 titles, 42-space carpark + separate staff parking, zoning allows mixed used evelopment up to 72.5m high
Rent: new 10-year leasebacks for studios & restaurant at $636,339/year net + gst, 5-year rights of renewal, fixed 2.75%/year rental growth
Outcome: sale & leaseback at 6% yield, which puts the price at $10.61 million
Agents: Andrew Hooper, Hamish West, Josh Coburn, Caroline Cornish & Cherry Higginson

South

East Tamaki

42 Allens Rd:
Features: 1647m² industrial site, 862m² floor area – warehouse 736m², office 126m², shared driveway
Current rent: $100,000/year net + gst, putting the purchase price at a 4.05% yield
Outcome: sold to an owner-occupier for $2.47 million
Agents: Paul Higgins & Jolyon Thomson

South of the Bombays

Bay of Plenty

Mt Maunganui

Mount Central, 233 Maunganui Rd:
Features: 3096m² site,1345m² building, 9 tenancies of 80-120m² in retail development built in 2016, 52 parking spaces managed by Wilson Parking on lease expiring next June; commercial zone allows development to 12m, design allows subdivision into 4 titles
Outcome: sold for $16 million at a 4.9% yield
Agents: Duncan Woodhouse, Simon Clark & Mat Gibbard

Rotorua

Mangakakahi

164a Lake Rd:
Features: 698m² site, 2-storey 528m² warehouse & office, tenant has renewed with final expiry in 2027
Rent: $54,000/year net + gst
Outcome: sold for $900,000 at a 6% yield
Agents: Mat Gibbard & Mark Rendell

Gisborne

Matawai

Rockwood Farm, 2999 Whakarau Rd:
Features: 404.69ha breeding & finishing farm, sheds, centrally located homestead, 85ha of bushland 
Outcome: sold at auction for $2.9 million
Agent: Rod Chrisp

Hawke’s Bay

Hastings

306 Ellison Rd, unit 1:
Features: 800m², Ideal Electrical Ltd’s new showroom & warehouse, due for completion in April
Outcome: sold off the plans to an investment syndicate for $3.2 million
Agents: Ian McLachlan & Danny Blair

Waikato

Hamilton

256 Brymer Rd:
Features: 16.17ha development site, zoned residential, elevated views 
Outcome: sold for $7.8 million
Agent: Alan Pracy

The Kiwibank Centre, Hamilton.

Kiwibank Centre, 410 Victoria St & 12 Alma St:
Features: 1912m² floor area, ground-floor retail, 3 office floors, multi-tenanted, seismic rating 67% new building standard, 5-level 32-car The Stack on separate Alma St title
Rent: estimated $567,500/year net + gst, putting a 7.1% yield on the approximate sale price
Outcome: sold for around $8 million to Tauranga-based property fund manager Property Managers Group
Agents: John Hagar & Alan Pracy

Rukuhia

Ingram Rd, lot 11:
Features: 17,748m² industrial development site between State Highway 3 & the Hamilton Airport runway
Outcome: sold for $3,141,396 at $177/m²
Agents: Mark Brunton &Alan Pracy

Attribution: Agency release.

Continue Reading

6 commercial & rural sales include 2 post-auction & 1 pre-auction

Colliers agents have sold 4 properties around Auckland & 2 in Gisborne, including 2 post-auction & one pre-auction.

At Albany, a site on Appian Way (pictured) with consent for a mixed-use development has been sold.

Isthmus east

Mt Wellington

4E Pacific Rise:
Features: 820m² office property, 3 tenants, 28 parking spaces
Rent: $191,396/year net + gst + opex
Outcome: sold for $3.15 million at a 6% yield
Agents: Gareth Fraser, Simon Child & Michael van der Putten

North-east

Albany

4 Appian Way:
Features: 3406m² development site, has approved resource consents for a mixed-use residential, retail & commercial development
Outcome: sold for $5.38 million
Agents: Cherry Higginson, Josh Coburn & capital markets team

North-west

Whenuapai

1-9 Maramara Rd:
Features: 2200m², new purpose-built childcare centre, 575m² floor area, licensed for 90 children, 18-year lease to established provider New Shoots Ltd
Rent: $257,400/year net + gst
Outcome: sold post-auction for $4.4 million at a 5.85% yield
Agents: Josh Coburn, Shoneet Chand & Caroline Cornish

South

East Tamaki

15 Ra Ora Drive:
Features: 2000m² site, 998m² industrial building, 18 parking spaces
Outcome: sold for $3.2 million at a 4.68% contract yield
Agents: Jolyon Thomson & Paul Higgins

South of the Bombays

Gisborne

Ngatapa

1189 Wharekopae Rd:
Features: 6.37ha rural property – citrus orchard, sheds, 4-bedroom home, tennis court, helicopter pad
Outcome: sold post-auction for $1.3 million
Agents: Alan Thorpe & David Egan

Waerenga-a-hika

297 Matawai Rd:
Features: 11.07ha citrus orchard & 250m² homestead 
Outcome: sold pre-auction for $2.3 million
Agents: David Egan & Alan Thorpe

Attribution: Agency release.

Continue Reading

Jervois Rd property passed in

A Herne Bay property occupied by a café & hairdresser was passed in at Colliers’ auction today, with negotiations continuing.

Isthmus west

Herne Bay

212 Jervois Rd:
Features: 271m² section, 221m² floor area – Bacio café occupies ground floor with office, storage & amenities upstairs, hairdresser occupies 47m² at side with parking space factored into its share of rent
Rent: $79,559.16/year net + gst + outgoings
Outcome: passed in at $1.92 million
Agents: Ned Gow & Kris Ingley

Attribution: Auction documents.

Continue Reading

Auckland commercial, Waikato retail & southern lifestyle properties sell

Colliers agents have sold 2 Auckland commercial properties in Newmarket & Rothesay Bay, 2 retail investments in Hamilton & Matamata, and 2 lifestyle properties on the outskirts of Gisborne & Napier.

Isthmus east

Newmarket

118 & 120 Carlton Gore Rd:
Features: 706m² combined area of 2 adjacent commercial properties, net lettable area 644m², 2 separate vendors
Outcome: bought by a private investor for $7.365 million
Agents: David Burley & Kris Ongley

North-east

Rothesay Bay

595-601 Beach Rd:
Features: zoned neighbourhood centre; 595-599 Beach Rd is on cross-lease, 3/4 share in 678m², 3 tenancies; No 601 is freehold, 224m², currently a vacant yard
Rent: $66,000/year net + gst from cross-leased property
Outcome: sold for $1.28 million, at a 5.15% yield
Agents: Gawan Bakshi, Shoneet Chand & Sean Honeycombe

South of the Bombays

Gisborne

70 Haisman Rd:
Features: 12.65ha rural lifestyle property, 3-bedroom house, 6 paddocks
Outcome: sold post-auction for $1.3 million
Agents: Alan Thorpe & David Egan

Hawke’s Bay

Napier

Brookfields, 153 Kings Rd:
Features: 7.89ha lifestyle property with income from an orchard lease, has consent to irrigate
Outcome: sold at auction for $1.75 million
Agent: Duncan McKinnon

Waikato

Hamilton

11 Willoughby St:
Features: 392.4m² retail unit a corner of Mill St, 2 tenants
Rent: $90,422.20/year net + gst + opex
Outcome: sold for $1.54 million, at a 5.87% yield
Agents: Alan Pracy & Justin Oliver

Matamata

65-69 Arawa St:
Features: 352m² site, retail block built in 2016, 313m² floor area, 3 tenants
Rent: $93,225/year net + gst + opex
Outcome: sold for $1.68 million, at a 5.54% yield
Agents: Alan Pracy & Justin Oliver

Attribution: Agency release.

Continue Reading

Warehouse sells, new childcare centre passed in

Colliers sold the Bell Tea warehouse at East Tamaki at auction yesterday, but a new childcare centre at Whenuapai was passed in.

North-west

Whenuapai

1-9 Maramara Rd:
Features: 2200m² site, 575m² purpose-built new building, New Shoots Children’s Centre Ltd, licensed childcare centre for 90 children
Rent: $257,400/year net + gst + opex, 18-year lease term from 13 August 2018, 2 6-year rights of renewal
Outcome: passed in at $4 million
Agents: Josh Coburn, Caroline Cornish & Shoneet Chand

South

East Tamaki

305 East Tamaki Rd:
Features: 6052m² site, 3992m² warehouse, storage & office building occupied by Bell Tea & Coffee Co Ltd, full drive-around
Rent: $421,402/year net + gst, 7 years remaining on lease renewed in 2013
Outcome: sold for $7.5 million at a 5.6% yield
Agents: Paul Jarvie, Andrew Hooper & Hamish West

Attribution: Auctions.

Continue Reading

2 old suburban centre retail strips sell

Streetfront retail properties in New Lynn & Papatoetoe – both redevelopment prospects – sold under the hammer at Colliers’ auction today.

North-west

New Lynn

3114-3120 Great North Rd (pictured above):
Features: 486m² site zoned business – metropolitan centre, 307m² single-level strip retail building, 18m street frontage, 4 tenants, 3 leases expire in 2021, 2023 & 2025 with no renewal right, rear parking
Rent: $85,240/year net + gst
Outcome: sold for $1.3 million + gst
Agents: Gareth Fraser, James Appleby & Josh Coburn

South

Papatoetoe

74 St George St, Papatoetoe (outlined).

74 St George St:
Features: 1174m² site zoned business – city centre, allowing for development up to 27m high, 368.5m², land at rear used as shared parking, building fully tenanted
Rent: $101,641/year net + gst
Outcome: sold for $1.95 million + gst
Agents: Gareth Fraser & Matthew Barnes

Attribution: Auction documents.

Continue Reading

Sale St redevelopment sells

A redeveloped building on Sale St (pictured), above Victoria Park, and 2 development properties at Greenlane & in Papakura are the leading sales in Colliers’ latest transactions list.

CBD

Kitchener St

2 Kitchener St, unit 1:
Features: 1026m² retail unit, 3 tenancies
Rent: $223,500/year net + gst
Outcome: sold for $3.5 million + gst at a 6.39% yield
Agents: Adam White, Simon Felton & Gawan Bakshi

Victoria Quarter

Hobson Towers, 26 Hobson St, level 6:
Features: 325m² office floor, 14 parking spaces
Outcome: sold with vacant possession for $2.03 million + gst
Agents: Tony Allsop, Simon Child & Roger Seavill

34 Sale St:
Features: 6317m² redevelopment, 4 office floors, 2 parking levels
Outcome: sold for $63 million + gst at “a yield in the early 5%s”
Agents: Simon Child, Sam Gallaugher & Matt Lamb

Isthmus east

Greenlane

614 & 616 Great South Rd, Greenlane.

614 & 616 Great South Rd:
Features: 3867m² commercial property, net lettable area 2125m² in 2 buildings
Outcome: sold for $11.6 million at a 3.1% yield on holding income
Agents: Gareth Fraser, Simon Child, Josh Coburn & Colliers’ capital markets team

South

Papakura

40-44 East St, lot 2:
Features: vacant 1507m² corner site formerly occupied by the New World Papakura carpark
Outcome: sold for $1.54 million + gst
Agents: Chris Wakim & Matthew Barnes

South of the Bombays

Wellington

Petone

140 Hutt Rd:
Features: 1160m² site, 1020m² warehouse, showroom & office, 10 parking spaces
Outcome: sold with vacant possession for $2.475 million + gst
Agents: Kieran Lennon (Colliers) in joint agency with Gollins Commercial

Taita

1115 High St:
Features: 4818m² development site
Outcome: sold with vacant possession for $1.95 million + gst, with quotes in place for the removal of 1170m² of various structures
Agents: Tim Julian & Janette Lillas

Attribution: Agency release.

Continue Reading

7 sales ranging from mainstreet to backblocks

Colliers agents have completed 7 commercial, industrial & rural sales at St Johns in Auckland, Hamilton, Hastings and Te Karaka (between Gisborne & Opotiki).

Isthmus east

St Johns

4 Farmhouse Lane:
Features: 2154m² site, 1629m² warehouse & office
Rent:
Outcome: sold with vacant possession for $4.35 million
Agents: Hamish West & Andrew Hooper

South of the Bombays

East Coast

Te Karaka

319 Whatatutu Rd:
Features: 38.8ha farm – 20ha of fertile cropping land, 18ha of grazing land, 3ha leased to a local nursery, large shed complex
Outcome: sold at auction with vacant possession for $1.15 million
Agents: David Egan & Alan Thorpe

Hawke’s Bay

Hastings

1026 Heretaunga St West:
Features: 456m² retail unit leased to ANZ Bank, 19 parking spaces
Outcome: sold for $1.805 million at a yield of 6.06% yield
Agent: Danny Blair

200 Market St:
Features: 3640m² retail & office property, predominantly leased to Kiwibank
Outcome: sold to an investor for $7,085,740 at a 6.13% yield
Agent: Danny Blair

822 Omahu Rd:
Features: 510m², new industrial development leased to engineering supplies company SaecoWilson
Outcome: sold for $1.46 million at a 4.65% yield
Agent: Danny Blair

Waikato

Frankton

279 Kahikatea Drive & 19 Wickham St:
Features: 2.44ha site in 2 titles, 6918m² warehouse
Outcome: sold for $8.3 million
Agents: Alan Pracy & Mark Brunton

Hamilton

26 Clarence St:
Features: 2009m² site, commercial office building,
Outcome: sold for $1.884 million
Agents: Alan Pracy & Mark Brunton

Attribution: Agency release.

Continue Reading

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.

Continue Reading