Archive | Transactions

Corrected: 4.7% yield on 2 new fast-food outlets at Colliers auction

2 fast-food outlets sold at yields of 4.7% at Colliers’ commercial auction today, a fitness centre was sold for a whisker under a 7% yield and a café run by the former operators of the Palmers Garden Centre café (centre shut for redevelopment) sold shortly after the auction.

They’re in a new development at Glen Eden by Rhenish Properties Ltd (Nigel Powell, Graeme Edwards & Matthew Chaytor).

The fifth unit in the auction, a Thai restaurant, was passed in.

Charlie Oscroft, Shoneet Chand & Deborah Dowling were the agents on all 5 units.


Glen Eden

4034-4038 Great North Rd:

Bruce Lee Sushi:
Features: 68.55m²
Rent: $29,750/year net, 10-year initial term from 22 July at $433.98/m²
Outcome: sold for $635,000 at a 4.69% yield

Pita Pit:
Features: 88.68m²
Rent: $37,689/year net, 10-year initial term from 15 July at $425/m²
Outcome: sold for $800,000 at a 4.71% yield

Arum Cafe:
Features: 124.48m²
Rent: $50,000/year net, 10-year initial term from 22 July at $401.67/m²
Outcome: passed in at $775,000 with yield at 6.45%, sold shortly after the auction for $910,000 at a 5.49% yield

Snap Fitness:
Features: 392.91m²
Rent: $127,695.75/year net, 8-year initial term from 22 July at $325/m²
Corrected: Outcome: sold for $1.825 million (corrected from original version, $825,000) at a 7% yield

Aroha Thai Restaurant:
Features: 255.74m²
Rent: $105,000/year net, 15-year initial term from 22 July at $410.57/m²
Outcome: passed in at $1.25 million vendor bid, no other bid

Attribution: Auction.

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8 sold under the hammer, 2 prior at Retail Property Group auction

Published 12 March 2010

Bayleys Real Estate sold 10 out of 30 NZRPG Management Ltd (Retail Property Group – Mark Gunton & Bryce Donne) retail outlets offered at auction on Wednesday. Another 3 were withdrawn from the auction schedule.


Yields were strong on the sales – one just under 6% and the highest 7.55% – but there was a noticeable tailing off after the initial handful were dealt with.


NZRPG put 48 outlets at its Westgate centre, at the top of the North-western Motorway, and Fraser Cove in Tauranga on the market as it faced mounting development bills for its newer projects. They include Tauriko Crossing in Tauranga and a major proposal to cross the highway above Westgate to create the 156ha Massey North town centre.


Apart from the auction, a number of properties were put out to tender. Auction details below show the properties grouped under Westgate & Fraser Cove headings and listed in lot number order:




Animates, lot 5, net rent $178,597, passed in


Golden Moments/Noodle Canteen, lot 8, net rent $47,775, withdrawn from auction


Miss Q’s Bar/Origins, lot 10, net rent $290,320, passed in at $3.35 million


Pizza Hut, lot 11, net rent $160,000, sold prior for $915,559 at 6.8%


TAB, lot 12, net rent $86,112, sold prior for $1,266,353 at 6.8%


ASB Bank, lot 14, net rent $181,680 on a short lease, passed in


Westgate Food Court/Kebab Junction, lot 15, net rent $190,000, withdrawn from auction


Starbucks, lot 17, net rent $55,495, sold for $910,000 at 6.1% yield


Dick Smith Electronics, lot 18, net rent $146,372, passed in at $1.7 million


Toyworld, lot 20, net rent $126,477, no bid


No 1 Shoe Warehouse, lot 21, net rent $208,397, passed in at $2.2 million


Ballentynes, lot 23, units 1-5, net rent $126,609, passed in


Rodney Wayne/Decor Focus/First Mobile, lot 26, unit 2, net rent $197,168, passed in


Michael Hill/Telecom, lot 26, unit 3, net rent $143,469, sold for $1.9 million at 7.55%


Jesters Pies, lot 30, net rent $37,182, passed in at $450,000


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Retail Property Group puts 48 units up for sale

Published 1 February 2010

NZRPG Management Ltd (Bryce Donne & Mark Gunton) has put 48 retail outlets in its Westgate & Fraser Cove centres on the market.


The NZ Retail Property Group developed Westgate, at the top of Auckland’s North-western Motorway, and Fraser Cove in Tauranga. It owns the Birkenhead & Milford shopping centres on the North Shore and has development plans for both.


Its next development proposal for Tauranga is Tauriko Crossing, while in Auckland it has a major proposal to cross the highway above Westgate to create the 156ha Massey North town centre.


But the group has been facing mounting development bills – Mr Gunton said in November development costs for Massey North over the 7 years of planning the project came to $26 million. Progress there remains stymied by appeals from the Auckland Regional Council over roading and by Foodstuffs (Auckland) Ltd, which wants to be able to build a supermarket box outside the new town centre.


Westgate started out as a 30,000m² centre and has expanded to 45,000m². At Massey North, NZRPG has proposed developing 65,000m² of office & 100,000m² of retail.


At Westgate, NZRPG has put 36 retail units on the market after going through its plans with tenants over the past 2 months. At Fraser Cove, 12 units will be offered.


The sales are through an auction on Thursday 11 March and a tender closing Friday 12 March, both run through Bayleys.


Earlier stories:

18 November 2009: Opposition pushes Massey North start out 8 years from conception

19 December 2008: Expanded Westgate a new Newmarket?


Want to comment? Go to the forum.


Attribution: Sale notice, interviews, story written by Bob Dey for the Bob Dey Property Report.

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Telecom sells 15 shops to Leading Edge of Australia

Telecom Ltd has sold its 15 business-focused stores to Australian retailer Leading Edge Group Ltd for $16.4 million.

Leading Edge will take over on 30 September. In Australia, Leading Edge is Telstra’s 3rd-largest post-paid mobile phone dealer. It operates a national network of 1300 stores that generate $A1.5 billion in annual turnover.Telecom still owns 25 consumer-focused stores.

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