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2 sold under hammer at CBRE auction

Published 11 May 2010

CBRE Richard Ellis put up 2 properties for auction yesterday and auctioneer Ross Foreman got 2 sales – both after an extraordinary run of $1000 bids. Auction results:

 

Isthmus west

 

Sandringham, 165 Sandringham Rd, 90-year-old 119m² building on 114m² in suburban strip 3 blocks out Sandringham Rd from Eden Park, 44m² liquor store on the street, 74m² 2-bedroom flat on 2 levels above, returning $32,185/year, net yield 6.7%, sold for $450,000 after a long run of $1000 bids (Jillaine Murray & Colin Stewart)

 

South

 

Manukau, 33B Grayson Avenue, 2582m² workshop with 4 rights of renewal terminating in 2018, returning $90,000/year including gst, site with long-term redevelopment potential, mortgagee sale brought by first mortgagee TEA Custodians (Bluestone) Ltd, sold for $1.181 million after a very long run of $1000 (and a few slightly larger) bids (Derek Harries)

 

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Attribution: Auction, story written by Bob Dey for the Bob Dey Property Report.

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6 sold under hammer at Total Property auction

Published 1 April 2010

Bayleys Real Estate sold 6 properties under the hammer at its Auckland Total Property auction yesterday, and 2 others before auction.

 

2 of the sales were of retail units in the Sentinel apartment building in Takapuna, one of them vacant. In the cbd, a Mid City retail unit sold on an 8.2% yield but the Queen’s Ferry Hotel was passed in at an auction brought by the receivers.

 

CBD

 

Mid City, 239 Queen St, unit 10, retailer on 8-year lease of 105m², returning $70,000 net/year, sold for $850,000 at an 8.2% yield (Henry Thompson & James Chan)

 

Queen’s Ferry Hotel, 12 Vulcan Lane, fully leased investment returning $179,000 net/year, passed in at $2.52 million – the adjoining O’Carrolls is up for tender, closing Wednesday 7 April (Henry Thompson & Stuart Bode)

 

Isthmus east

 

Mt Wellington, 99 Carbine Rd, 406m² building with 20 parking spaces, sold before auction for $1.255 million at 8.04% yield (John Algie & Sunil Bhana)

 

Isthmus west

 

Hillsborough, 713-717 Richardson Rd, 3 freehold titles each of 159m², 2 retail tenancies returning $41,260 + gst + outgoings/year, sold for $544,000 (Tony Chaudhary)

 

Mt Eden, 475 Mt Eden Rd, mix of retail & commercial tenancies returning $240,000 + gst + outgoing/year, 978m² floor area containing 2 shops & upstairs offices, 723m² site in 2 titles, passed in at $2.4 million (Tony Chaudhary)

 

Ponsonby, 68A & B Ponsonby Rd, fully leased investment with split income streams returning $41,000 net/year, 2 20m² retail units, each with 2 parking spaces, passed in at $450,000 but with pre-auction interest expressed above $500,000 (Henry Thompson & Stuart Bode)

 

North

 

Te Kopuru, 2 Norton Drive, 7km from Dargaville town centre, 1808m² freehold commercial site with vacant possession, passed in (Nicolas Ching)

 

North-east

 

Albany, 68 Paul Matthews Drive, units A-D, 4 units with 5 tenancies totalling 859m² on 1392m² site, sold for $1.37 million (Matt Mimmack & Alex Strever)

 

Browns Bay, 755 Beach Rd, fish & chip shop for over 20 years in standalone 70m² building on 1029m² site, passed in at $500,000 (Richard Yang)

 

Takapuna, the Sentinel, 3-9 Northcroft St, unit R1, 70m² retail unit occupied by drycleaner on new 6-year lease, returning $28,000 + gst + opex/year, sold for $360,000 (Simon Aldridge)

 

Takapuna, the Sentinel, 3-9 Northcroft St, unit R3, vacant 180m² unit sold before auction for $688,000 (Simon Aldridge)

 

Wairau Valley, 113 Wairau Rd

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Mall unit bought on 6.65% yield, rest passed in

Published 31 March 2010

Retail cashflow proved king again at CB Richard Ellis’ commercial property auction yesterday as bidding on a unit next to the supermarket in the Meadowbank shopping centre was sold under the hammer on a 6.65% yield.

 

Over at Milford, a corner site which is as much a development prospect as a current earner was passed in with a vendor bid at a 7.5% yield topping the highest offer in the auction room by a full percentage point. The $1.95 million auction-room bid priced the freehold site at $1380/m², and the vendor’s raise to $2.2 million put it at $1557/m².

 

A vacant Newmarket restaurant and a mid-Queen St tower-bloc office attracted less interest, while bidding on a Parnell architects’ premises got down to an 8.5% yield.

 

CBD

 

175 Queen St, level 9, 429m² full floor + secure parking space, passed in at $700,000 (Colin Stewart & Dominic Ong)

 

Isthmus east

 

Meadowbank, Meadowbank shopping centre, 35 St Johns Rd, unit T, returning $52,500 net + gst /year from 8-year lease to Flight Centre, next to Foodtown supermarket, sold for $790,000 at a 6.65% yield (Jillaine Murray & Dominic Ong)

 

Newmarket, 3A Short St, 2 vacant freehold strata units totalling 190m² and business opportunity, with complete commercial kitchen which could be included in the sale, ex-Royal Buffet, in the Mandalay apartment/Quest Hotel building, passed in at $865,000 (Bryan Richardson & Dominic Ong)

 

Parnell, 22 Garfield St, standalone building containing 395m² of office & mezzanine on 450m² site, returning $108,000 + gst/year from architecture firm Patterson Associates Ltd, passed in at $1.275 million (8.5%) (Jonathan Ogg & Dominic Ong)

 

North-east

 

Milford, 1 & 1A Shakespeare Rd, 2 single-level freehold standalone buildings totalling 493m², occupied by Fruit World (ex-Caltex service station) & Configure Express Gym, on 1413m² in 2 titles at corner of Kitchener Rd & bypass to Beach Rd, on fringe of the Milford shopping strip, returning $165,000 + gst/year, passed in after top bid of $1.95 million followed by vendor bid of $2.2 million (Simon Farland, Dominic Ong & Brian Paulin).

 

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Attribution: Auction, story written by Bob Dey for the Bob Dey Property Report.

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Colliers completes Livingstones rebrand

Published 26 March 2010

Christchurch-based property management business HG Livingstone Ltd will be rebranded to trade under the name Colliers International Property Management from Wednesday 31 March.

 

Colliers International acquired a cornerstone shareholding in Livingstones in 2007 and has gradually integrated the 2 businesses since then. The combined entity will have 13 offices, 400 staff and manage over 1 million m² of property valued at $2 billion.

 

Colliers International’s New Zealand chief executive, Mark Synnott, said: “Bringing Livingstones under the Colliers brand will have significant benefits to both businesses and to our clients. Colliers will become the only commercial property management business with local representation right across New Zealand. This will allow us to offer a cohesive, one- stop shop property service for our clients wherever they are.

 

“We will now have 90 people in property management under the Colliers umbrella, plus 60 on site in retail centres around the country as we work to gather the best people around the best brand to make the most of the economic recovery.”

 

Colliers’ national director of property management, Evan Harris, said: “We have wanted to offer a one-stop-shop property service for our clients for some time. We see real value in joining under the internationally recognised Colliers brand, which will considerably enhance our client offering and provide access for us to worldwide knowledge & networks. The single brand will be more visible & more accessible around the country and it will enable greater career opportunities for our staff.”

 

Mr Harris said the Fright Aubrey valuation team, which became Livingstones Valuation Ltd and the South Island’s largest commercial valuation practice a year ago, would come under Colliers Valuation & Consultancy as part of the rebrand.

 

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Attribution: Colliers release, story written by Bob Dey for the Bob Dey Property Report.

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Millie Liang tops Ray White international awards

Published 26 March 2010

Award-winning Auckland commercial real estate saleswoman Millie Liang continues to pave the way for women working in the male-dominated commercial real estate industry in New Zealand.

 

Competing against 8000 agents working within the Ray White Group network, she’s won 3 awards at the Ray White Commercial international awards event held in Coolum, Queensland. She collected 2 international awards for the settled number of transactions & settled gross fees, and gained entry to the exclusive Ray White Club as an Alan White premier member.

 

A single mother with 2 young children, she’s regularly been in the top echelon of Ray White Commercial achievers in the past 3 years, winning numerous regional, national & international awards. The topped the gross fees & settled transactions in Auckland in the September 2009 quarter.

 

Based at the Ray White Commercial Parnell office, Ms Liang has specialised in sales & leasing in Auckland’s central & fringe areas since she began her real estate career in 2004 at Harveys Commercial & Industrial, followed by spells at Knight Frank and Equity Realty.

 

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Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.

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One conditional contract, one passed in

Published 23 March 2010

Bidding was reasonably enthusiastic, but not quite keen enough for a sale to be concluded on a mixed-use property at the Devonport end of Lake Rd today. The property was taken to auction after a joint marketing campaign by Colliers & Harcourts.

 

A second property, at Browns Bay, was withdrawn from auction after a conditional sale agreement was signed. Results:

 

Browns Bay, 50 Anzac Rd, 4232m² occupied by the Corelli School of Arts & Active Joinery Ltd, on 8852m² site, withdrawn from auction after a conditional contract was signed (Mike Ryan & Andrew Hiskens)

 

Devonport, 69 Lake Rd, net lettable 337m² on an 825m² site, containing a hair salon, 2 flats & a house returning $73,892 + gst/year, multiple bidders but passed in at $800,000 (Deborah Dowling, Colliers; & Robyn Coles, Harcourts)

 

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Attribution: Auction, story written by Bob Dey for the Bob Dey Property Report.

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5 sold at Colliers auction

Published 18 March 2010

5 commercial properties were sold under the hammer at a Colliers auction yesterday, including 2 ABC Learning Centres sites.

 

Strongest interest was in the Hollywood Bakery shop in Epsom, which sold on a 6.1% yield, and a residentially zoned site just off Remuera Rd, sold with vacant possession at $1789/m². Auction results:

 

Isthmus east

 

Epsom, 375 Manukau Rd, unit C, Hollywood Bakery, one of 36 stores in this chain around Auckland, on a 10+10-year lease from August 2009, sold for $1.36 million at a 6.08% yield (Roger Seavill & John Davies)

 

Newmarket, 15 Eden St, panelbeating & auto services workshops, 792m² site, sold for $2.4 million at 7.5% yield (Bryce Holmes & Grant Magill)

 

Remuera, 2 Dilworth Avenue, 981m² residential 6A site owned by ABC Land Holdings (NZ) Ltd, part of the ABC Learning Centres Ltd group, sold with vacant possession for $1.71 million at $1789/m² (Peter Kermode & Bryce Holmes (Colliers), Giles Were & Herman Trebitsch (Barfoot & Thompson Commercial)

 

North-east

 

North Harbour, 53-55 Paul Matthews Drive, 1515² building including warehouse, offices, factory shop & canopy, 23 parking spaces, 2372m² site, occupied by Johnson Controls NZ Ltd on 8-year lease from December 2009, sold for $2.9 million (Jimmy O’Brien & Matt Prentice)

 

Whangaparaoa, 635-637 Whangaparaoa Rd, unit 1 (Repco Ltd) & unit 5 (Hella Pizza franchise), auction postponed because of unexpected circumstances affecting the vendor

 

South

 

Airport Oaks, 12 Pavilion Drive, 2285m² greenfield site owned by ABC Land Holdings (NZ) Ltd, part of the ABC Learning Centres Ltd group, sold for $720,000 at $315/m² (Peter Kermode (Colliers), Giles Were & Herman Trebitsch (Barfoot & Thompson Commercial)

 

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Attribution: Auction, story written by Bob Dey for the Bob Dey Property Report.

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Bayleys buys Cantcomm

Published 12 March 2010

Bayleys Canterbury has bought out long-established real estate business Cantcomm to double its sales capability ahead of forecast growth in the province’s commercial & industrial property market.

 

Industry veteran Harry van Tongeren founded Cantcomm in 1996 under the name Canterbury Commercial Real Estate Ltd and built an enviable reputation, particularly for his share of leasing transactions. He will stay with Bayleys under the new corporate structure, assuming the role of commercial sales manager.

 

The head of Bayleys Canterbury’s commercial property division, Pete Whalan, said yesterday the acquisition of Cantcomm would complement Bayleys’ existing operations by giving a far broader depth of property services across the commercial & industrial sectors.

 

The acquisition increases Bayleys Canterbury’s commercial team to 19 across the commercial, industrial, retail, business, tourism & hospitality sectors for sales, alongside leasing & project management. He said it would soon be the largest Canterbury agency with the addition of another 6 sales consultants.

 

Mr Whalan said projected growth included the airport commercial precinct and continued rejuvenation of the city centre: “The acquisition of Cantcomm has allowed Bayleys to strategically position itself now in what will be a growing market, which is already showing seedling signs of recovery from the recession. By offering a full-service agency, clients will now be able to source all their transaction requirements from one seamless company – from valuations data & purchasing through to leasing.”

 

Bayleys claims a 57% commercial & industrial market share nationally. Mr Whalan said the increased Canterbury sales team would enable it to diversify its activities around the region to meet the needs of investors wanting to spread their portfolios geographically, by scale or by industry type.

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Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.

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Harcourts sets up joint venture with NAI network

Published 10 March 2010

Harcourts International Ltd has entered a joint venture with US-based commercial real estate network NAI Global.

 

NAI Global, based in New Jersey, was established in 1978 as New America Network Inc by Jeffrey Finn, and began its international expansion in 1996. It now manages a network of 5000 professionals & 325 offices in 55 countries.

 

Chief executive of the joint venture is Christopher Nicholl, who’s spent 20 years in commercial property, most recently based in Singapore as Jones Lang LaSalle’s international director & regional managing director for project & development services in Asia & the Pacific, and previously as head of Colliers Australia & Colliers Asia Pacific.

 

Harcourts International managing director Mike Green said expanding Harcourts’ presence in the commercial sector was a significant step for the franchise group, which has more than 625 offices around the world, “and a necessary one to take the company’s growth to the next level.

 

“Over the past few years the commercial market has grown to exceed billions in revenue, yet at the same time we have seen very few new entrants, which offers NAI Harcourts a tremendous opportunity.”

 

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Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.

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3 sales at mixed Bayleys auction

Published 26 February 2010

3 properties were sold under the hammer at Bayleys commercial Auckland on Wednesday, but the auctioneers struggled to entice bids on several of the properties offered. Auction results:

 

CBD

 

18 Gore St, retail unit on freehold title beside entrance to Oaks Residences apartment building, returning $43,800 + gst/year on new 10-year lease with 3% annual rental growth built in, no bid (Mark Sun)

 

Isthmus west

 

Grey Lynn, 193-197 Great North Rd, on corner of Turakina St, 2-storey bungalow & garaging with large yard used for car sales business, 224m² built area on 569m² section, sold for $1.19 million (Mark Sun)

 

Kingsland, 401 New North Rd, unit A, new retail, office & showroom, 2 secure parking spaces, mortgagee sale, withdrawn before auction; the developer, Kingsview Property & Development Co Ltd (Ron McRae), built a 40-unit apartment complex, with parking & the retail unit, and sold all but 8 of the apartments through Blue Chip before being liquidated in 2008, which occurred after second mortgagee Dominion Finance Group Ltd took possession of the unsold units or decided to exercise its security (there are 2 versions of that); Dominion, now in receivership and owed $4.4 million from this project, has  sold 3 of the remaining residential units (Alan Haydock & Kate Robinson)

 

Learning Quarter

 

160 Symonds St, unit 9, retail unt returning $55,200 net/year, 5 years to run on current lease, sold for $720,000 (James Were & Scott Kirk)

 

North-east

 

Albany, 6 Rosedale Rd, unit A, Korean pharmacy returning $18,500 + opex + gst/year, no bid (Richard Moors & Caleb Belling)

 

Albany, 239 Rosedale Rd, unit O, 69m² office of Korean Town magazine, returning $14,300 + opex + gst/year but rent review pending, passed in at $165,000 (Richard Moors & Caleb Belling)

 

Forrest Hill, 45 William Souter St, freehold unit with bakery tenant on 7-year lease from July 2009, returning $15,600 + gst/year, sold for $226,000 (Nicolas Ching)

 

Greenhithe, 6-8 Greenhithe Rd, unit 5 in new building developed by Greenhithe Village Developments Ltd (Graeme Edwards & Nigell Powell of Argyle Estates Ltd), passed in at $840,000 (Christina Heaven & Nick Howe-Smith)

 

Orewa, 8 Moana Avenue, unit N, retail unit, no bid (Mustan Bagasra)

 

South

 

Botany South, 2 Bishop Browne Place, unit J10, 148m² unit in new retail complex returning $54,000 + gst/year, passed in at $620,000 (Nicolas Ching)

 

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Attribution: Bayleys auction, story written by Bob Dey for the Bob Dey Property Report.

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