Archive | Agency

Queen St retail unit sells at 4.6%

A Queen St retail unit sold on a 4.6% yield at Colliers’ auction yesterday.

CBD

Queen St

155 Queen St, unit B:
Features: 109m², seismic rating 80% of new building standard
Rent: $242,000/year net + gst + opex at $2220/m², 6-year lease to Specsavers NZ Ltd from March 2016 plus one 6-year right of renewal, 3%/year fixed growth
Outcome: sold for $5.31 million + gst at a 4.56% yield
Agents: Kris Ongley, Adam White & David Burley

Attribution: Auction.

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Bush Rd light industrial units passed in

The auction of 2 light industrial units at Albany by NAI Harcourts yesterday presented bidders with a quandary, as each unit was offered separately.

What if you bought one, wanted both but were outbid on the second?

Auctioneer Andrew North said prospective buyers had presented various scenarios but the auction went ahead with 2 separate offerings. Neither attracted quite the bidding the vendor wanted, and Mr North’s third option of offering them together resulted, again, in him doing the bidding – this time stopping well short of the combined total of the previous vendor bid on one & actual bid on the other.

North-east

Albany

224 Bush Rd, unit A:
Features: 330m² unit – warehouse 169m², office/showroom 143m², canopy 17m², occupied by BFT Automotive NZ Ltd
Rent: $67,000/year net + gst; combined outgoings for both units $22,619/year + gst paid by tenants
Outcome: passed in at a vendor bid of $1.2 million after the highest offer was $1.02 million
Agents: Dave Lane & Marty van Barneveld

224 Bush Rd, unit B:
Features: 330m² unit – warehouse 169m², office/showroom 143m², canopy 17m²; occupied by Citywide Tec Ltd
Rent: $52,000/year net + gst; combined outgoings for both units $22,619/year + gst paid by tenants
Outcome: passed in at $1.1 million
Agents: Dave Lane & Marty van Barneveld

Attribution: Auction.

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9 commercial auction sales in Wellington, Cambridge & Rotorua

7 of the 9 commercial properties Bayleys auctioned in Wellington were sold, and 2 properties at Cambridge & Rotorua were also sold.

The 2 unsold property in Wellington: 127 Kapiti Rd was passed in at $700,000 and 257 Oxford at $450,000.

Bay of Plenty

Rotorua

Mangakakahi, 15 Sunset Rd:
Features: 1011m2 site zoned industrial, 875m2 warehouse & office building; 10-year lease from May 2012 to long-established laundry & drycleaning company plus 3 3-year rights of renewal
Rent: $79,000/year net + gst
Outcome: sold for $1.16 million at a 6.81% yield
Agents: Mark Slade & Brei Gudsell

Waikato

Cambridge

20 Lake St:
Features: 309m2 site with rear access, 268m2 commercial building, ground floor retail/showroom, mezzanine offices; leased to Resene Paints for 3 years from July 2016, plus 2 3-year rights of renewal, after extensive landlord refurbishment
Rent: $48,000/year net + gst
Outcome: sold for $905,000 at a 5.3% yield
Agent: Blair Hutcheson

Wellington

Kapiti Coast

Paraparaumu:

35-41 Hinemoa St:
Features: 4048m2 flat rectangular site in 4 titles zoned industrial service, 569m2 workshop, most recently for bus storage & servicing
Outcome: sold with vacant possession for $1.1 million, settlement August 2018
Agents: Fraser Press & Stephen Lange

Raumati Beach

5 Lorien Court:
Features: 2387m2 corner site zoned residential, 2 buildings totalling 570m2, fully leased to a chocolate-making business & osteopath on various lease terms, 14 parking spaces
Outcome: sold for $900,000 at an 8.5% yield
Agents: Paul Adams & Stephen Lange

Lower Hutt:

13 Aglionby St:
Features: 865m2 site zoned general business, fully tenanted 489m2 industrial building – 389m2 warehouse & 100m2 showroom, seismic assessment of 67% of new building standard; IFocus International has renewed lease for 4 years from April 2017
Rent: $62,500/year net + gst, increases in April 2019 by $5000 plus CPI over preceding 2 years
Outcome: sold for $802,000 at a 6.2% yield
Agents: Paul Cudby & Andrew Smith

134 Queens Drive:
Features: 723m2 site, modern 3-level 1246m2 office building, 10 mostly vacant commercial tenancies, 12 parking spaces
Rent: holding income of about $50,000/year
Outcome: sold for $1.427 million
Agents: Mark Hourigan & Richard Faisandier

Petone

362-364 Jackson St:
Features: 316m2 Petone Commercial 1 site with 2-level character building, with 2 ground floor shops of 68m2 each and a 100m2 apartment above; fully leased to 3 tenants on short term leases; constructed in 1928, fully refurbished & strengthened in 1990s
Rent: $46,121/year net + gst, estimated potential $62,000/year net + gst
Outcome: sold for $780,000 at a 5.9% yield
Agents: Paul Cudby & Andrew Smith

112 Nelson St:
Features: 369m2 2-level industrial building built in 1958 – 261m2 warehouse, 108m2 office, 8 parking spaces, rear access
Rent: estimated potential net rental income of $62,000/year + gst
Outcome: sold with vacant possession for $790,000
Agents: Andrew Smith & Fraser Press

Te Aro

11 Torrens Terrace (pictured):
Features: 583m2 site zoned central area, 50m from Cuba St, 750m2 2-level office/warehouse, ground floor vacant, first floor on monthly tenancy, 8 parking spaces
Outcome: sold for $1.55 million
Agents: Mark Walker & Fraser Press

Attribution: Agency release.

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Propbd on Q Th7Dec17 – auction results – Barfoots intensive resi, Ray White apartments, Bayleys Total Property

It’s a long time since I’ve pumped out auction results on Propbd on Q, should get the detail up in individual items Friday morning. The names after the outcome for each property are the listing agents.

7 intensives sell at Barfoots

7 intensive residential properties were sold at Barfoot & Thompson’s auctions from Tuesday-Thursday this week out of 26 apartments, suburban units & cross-leases (and there were probably more cross-leases at sessions I didn’t attend).

Tuesday:

Sandringham, 377A Sandrinham Rd, unit 5: sold for $487,000, Joanne Yu & Christine Wooding
Mt Eden, 30 Rocklands Avenue, unit 3: no bid, James Yu & Danny Upton

Wednesday:

St Heliers, 55 Maskell St, unit 2: passed in, Kelly Midwood
Glendowie, 58 Riddell Rd, unit 2: passed in, Helen McVicar
Remuera, 29 Greenlane Rd, unit 2: no bid, Kathy Bower & Julie Fitzpatrick
Parnell, 9-11 Fox St, unit 4: no bid, Cindy Yu
Mt Wellington, 166 Panama Rd, unit 2: no bid, Neno Radinovich
St Heliers, 51 Paunui St, unit 2: no bid, Andy Dye
Parnell, 4 Cowie St, unit 1: passed in, Jill Jackson & Emma John
Remuera, 4 Baden Powell Place, unit 2: passed in, Steve Hood
Mt Wellington, 50 Stanhope Rd: no bid, Zdenka Zinajic
Meadowbank, 5 Steele St: no bid, George Fong & Laura McAuley
Mt Albert, 27A Owairaka Avenue: no bid, Lucy Liu & Daniel Qiu
Sandringham, 43 Haverstock Rd, unit 2: sold for $662,000, Paul Donovan & Sharon Walls
Mt Eden, 29 View Rd, unit 3: passed in at $1.702 million, George Fong & Laura McAuley
Sunnyvale, 12 Blueridge Close, unit 12: passed in, Miles Aravindhan

Thursday:

Tower Hill, 1 Emily Place, unit 12G: sold for $555,000, Livia Li
Metropolis, 1 Courthouse Lane, unit 2615: passed in at $350,000, Stephen Shin & Zoran Farac
HarbourCity, 16 Gore St, unit 35G: passed in at $350,000, Wendy Feng & Jack Li
Fiore, 168 Hobson St, unit 1202: no bid, Stephen Shin & Justin Choi
Argent Hall, 2 Eden Crescent, unit 7A: sold for $419,000, Stephen & Leo Shin
Onehunga, 6 Wade Avenue, unit 1: sold for $599,000, Kevin Liu
One Tree Hill, 59 Athens Rd, unit 3: sold for $905,000, Ron Maman
Ellerslie, 72 Main Highway, unit 1: passed in at $665,000, Di Martens
Sandringham, 43 Kingsway Avenue, unit 1: withdrawn from auction, Yi Wei Lowndes & Tian Qiu
The Peaks, 117 Victoria St West, unit 8D: passed in at $710,000, Michele Ballinger & Jean-March D’Anglejan
Greenlane, 24 Nolan Rd: sold for $1.1 million Gloria Zeng

5 apartments sell at Ray White

5 of the 9 apartments auctioned at Ray White City Apartments today sold under the hammer. Auction results:

Metropolis, 1 Courthouse Lane, unit 1104: sold for $570,000, Damian Piggin & Daniel Horrobin
Shoalhaven, 130 Anzac St, unit A201: sold for $625,000, Liam Kyle & Gary Walker
Nova en Scotia, 18 Scotia Place, unit 9C: sold for $472,500, Bain Duigan
Spencer on Byron, 9-17 Byron Avenue, unit 410: sold for $150,000 + gst, James Mairs & Gillian Gibson
Kingsland, 2 Western Springs Rd, unit 7: no bid, Dusan Valenta & Adele Keane
Lorne St Lofts, 4 Lorne St, unit 1B: passed in at $400,000, Mitch Agnew & Ryan Bridgman
The Quadrant, 10 Waterloo Quadrant, unit 1215: sold for $270,000, Damian Piggin & Daniel Horrobin
The Mews, 8 Basque Rd, unit 20: passed in at $1 million, Vladimir Kiselev
Quest Henderson, 12 Wadier Place, unit 3A: passed in after sole bid from vendor at $150,000 + gst, Ron Yang

8 commercial sales at Bayleys auction

8 of the 16 commercial properties in Bayleys’ final Total Property auction for the year sold under the hammer. Auction results:

Epsom, 1B Edgerley Avenue: sold for $1.26 million, James Chan, Quinn Ngo & Matt Lee
Remuera, 616-618 Remuera Rd: sold for $1.575 million at a 4.83% yield, Andrew Wallace, Cameron Melhuish & Genevieve Thompson-Ford
East Tamaki, 6C Lorien Place: sold for $2.215 million, Mike Marinkovich & James Hill
Kumeu, 609 State Highway 16: sold for $2 million, James Chan, Quinn Ngo & Matt Lee
East Tamaki, 20 Kerwyn Avenue: sold for $2.36 million, Nelson Raines & Jamsheed Sidhwa
Wiri, 59 Ash Rd: sold for $4.92 million, Dave Stanley & Nelson Raines
Wiri, 55 Ash Rd, unit 2: passed in at $600,000, Mike Marinkovich
Albany, 4 Piermark Drive, unit D: sold for $920,000, James Kidd
Papakura, 53 Wood St: sold for $1.025 million, Rod Grieve, Peter Migounoff & Piyush Kumar
103 Victoria St West: passed in at $2.2 million, Paul Dixon & Nick Thompson
Panmure, 100 Queens Rd: passed in at $1.7 million, Mark Pittaway
Manukau, 13 Ryan Place, unit C: passed in at $400,000, Mike Marinkovich
Puriri, 8865 Paeroa-Kopu Rd: passed in, Karl Davis & Josh Smith
Mt Wellington, 66C Morrin Rd: passed in at $480,000, Greg Hall & James Valintine
Otahuhu, 387 Great South Rd: passed in at $2.2 million, Millie Liang
103 Symonds St, units 1 & 13: passed in, Millie Liang
51E Hobson St: withdrawn from auction, Millie Liang

Attribution: Auctions.

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Buyers go quiet on ChoiceKids centres

One ChoiceKids childcare centre in Manurewa was passed in on a vendor bid at Colliers’ auction yesterday, and 2 other centres in the area were passed in, no bid.

All 3 have new 15-year leases to the ChoiceKids childcare chain, starting 1 March 2018, with 2 10-year rights of renewal. Originally 5 centres were to have been auctioned on behalf of Choice Properties Ltd (Paul Davys & Peter Brown), including another on Mahia Rd and the fifth at Weymouth.

Josh Coburn, Kris Ongley & Shoneet Chand were the agents for all 3 properties.

South

Manurewa

4 Browns Rd:
Features: 1132m² site, 316m² floor area, purpose-built in 2015
Rent: $117,000/year net passing income + gst  
Outcome: no bid

49 Browns Rd:
Features: 827m² site, 150m² floor area in a converted bungalow
Rent: $70,000/year net passing income + gst
Outcome: passed in after bid at $950,000 & vendor bid at $1 million

Wattle Downs

149 Mahia Rd:
Features: 818m² site, 181m² floor area, purpose-built in 2012
Rent: $93,600/year net passing income + gst
Outcome: no bid

Attribution: Auction.

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Augusta fund sells NZ Post building

A Hong Kong-based investor has bought the NZ Post building on Victoria St West, the fourth property in Augusta Capital Ltd’s Value-Add Fund No 1 to be sold.

2 retail premises in the conversion of 396 Queen St and the Viaduct Point apartment complex were also sold by Bayleys agents.

CBD

Queen St

396 Queen St, unit 19:
Features: new 18m² shop, only one remaining for sale on Mayoral Drive frontage of building, located alongside the lobby entrance of the 255-room Four Points by Sheraton Hotel being constructed in the former office tower; fully serviced with power & gas, marble flooring & lighting; Russell Property Group Ltd bought the 19-level office tower a year ago to convert it
Outcome: sold vacant for $280,000
Agent: Millie Liang

Victoria Quarter

151 Victoria St West:
Features: 1741m² site on the corner of Hardinge St, 5-level, 4777m² commercial premises, 75 parking spaces; fully leased to NZ Post Ltd until 2022 although it no longer uses all the building; fourth property to sell from Augusta’s Value-Add Fund No 1, bought by a Hong Kong-based investor
Outcome: sold for $30 million at a 5.93% yield
Agents: Beterly Pan & James Chan

Waterfront

125 Customs St, unit 111:
Features: 110m² leasehold retail unit plus one basement parking space on ground level of Viaduct Point apartment complex, occupied by the same superette operator since 2003; current 8-year lease from April 2013, with one 6-year right of renewal
Rent: $44,133/year net + gst; tenant pays all outgoings, including ground rent payments
Outcome: sold for $467,000 at a 9.45% yield
Agents: Quinn Ngo & Matt Lee

Earlier story:
14 November 2016: Russell to convert 396 Queen St to hotel

Attribution: Agency release.

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Sale & 5 leases

Bayleys agents have completed one Rosedale commercial sale & 5 leases, 4 on the Shore and the other in East Tamaki.

Sale

North-east

Rosedale

4 Antares Place, unit J:
Features: 85m² office, 4 parking spaces
Rent: $26,418.12/year net + gst  
Outcome: sold in November for $460,000 + gst at a 5.47% yield
Agents: Alex Strever & James Yu

Leases

North-east

Albany

210 Dairy Flat Highway, unit 6C:
Features: 90m² retail
Rent: leased in November for $37,000/year net + gst, premises rental $411/m²       
Agent: James Yu

Birkenhead

60-60 Mokoia Rd:
Features: 187m² retail
Rent: leased in October for $50,000/year net + gst, premises rental $267/m²
Agents: Michael Nees & Ildy Meixner

Smales Farm

68-76 Taharoto Rd, B:Hive, level 2, suite 207:
Features: 27m² office
Rent: leased in November for $39,900/year net + gst, premises rental $1478/m²      
Agent: Caroline McNaught

Takapuna

20 Northcroft St, level 1, suite 2:
Features: 27m² office, parking space
Rent: leased in November for $12,080/year net + gst, parking $40/space/week, net excluding parking $10,000/year, premises rental $370/m²
Agents: Caroline McNaught & Dean Gilbert-Smith

South

East Tamaki

8 Bishop Lenihan Place, unit H:
Features: 158m² retail, 7 parking spaces
Rent: leased in September for $37,000/year net + gst
Agents: Terry Kim, David Han & Amy Weng

Attribution: Agency release.

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3 Caltex service stations sold

3 Caltex service station & associated Fix store sites around Auckland have been sold to separate buyers for a total $12.775 million.

Each has close to 16 years left to run on 20-year initial lease terms plus 3 4-year rights of renewal; a triple net lease structure with all ongoing maintenance & capital expenditure the tenant’s responsibility; 2-yearly fixed rental increases of 4%, as well as reviews to market in November 2023 & on renewal.

Bayleys agents Alan Haydock & Damien Bullick were the agents for all 3.

Isthmus east

Penrose

682 Great South Rd:
Features: 2335m² site zoned light Industry, multiple main road frontages
Rent: $195,104/year net + gst
Outcome: sold for $3.9 million at a 5.00% yield

Isthmus west

Mt Roskill

913 Dominion Rd:
Features: 3201m² site zoned business-mixed use
Rent: $192,816 /year net + gst
Outcome: sold for $4.175 million at a 4.62% yield

Sandringham

340 Sandringham Rd:
Features: 3965m² site on corner of St Lukes Rd, zoned business-mixed use
Rent: $211,120/year net + gst
Outcome: sold for $4.7 million at a 4.49% yield

Attribution: Agency release.

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Shore & Hobsonville leases signed

Colliers commercial agents on the North Shore have signed 3 leases in Takapuna, the Wairau Valley & Hobsonville.

Leases

North-east

Takapuna

72 Taharoto Rd, unit 212:
Features: Large floor plates, abundance of carparks
Rent: leased in October for $188,020/year net + gst
Outcome: Leased October
Agents: Janet Marshall and Jonty Lamb

Wairau Valley

21 Poland Rd, unit K:
Features: 163.8m² warehouse, 86.5m² office/showroom, 5.5m stud height
Rent: leased in October for $38,000/year net + gst
Agent: Sam Sherning

North-west

Hobsonville

6 Workspace Drive, unit 4:
Features: 46m², warehouse 159sqm with 4 carparks, new industrial building
Rent: leased in October for $41,500/year net + gst
Outcome: Leased October
Agents: Ryan de Zwart and Janet Marshall

Attribution: Agency release.

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2 industrial units sell

2 industrial units in Botany & East Tamaki were sold at Bayleys’ East Tamaki auction this week.

South

Botany

302 Te Irirangi Drive, unit 3:
Features: 250m² industrial unit in retail complex with opportunity to convert to commercial, retail or restaurant – 250m² ground-floor workshop, office & amenities, stud height rising from 6.5m to 7.5m, 40m² mezzanine office & storage, 16 parking spaces
Outcome: sold for $1.254 million
Agents: John Bolton & Katie Wu

East Tamaki

29 Neilpark Drive, unit C:
Features: 98m² industrial unit
Outcome: sold for $270,000
Agents: Geoff Wyatt & Nelson Raines

Attribution: Agency release.

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