Tag Archives | Bayleys

6 apartments & a commercial unit sell at auctions

6 apartments & townhouses were sold at Bayleys auctions over the last 2 weeks, and 7 were passed in. One was withdrawn.

A commercial unit in the Wairau Valley was also sold under the hammer.

Apartments

CBD

Uptown

Hopetoun Residences, 15 Hopetoun St, unit 1206:
Features: 2-bedroom penthouse, 2 bathrooms, balcony, 2 parking spaces
Outcome: passed in
Agents: Julie & Trent Quinton

Isthmus east

Newmarket

14D Sarawia St:
Features: 4-bedroom townhouse, 2 bathrooms, balcony, 2 parking spaces
Outcome: passed in
Agents: Harry Cheng & Wei Wei Elder

One Tree Hill

83 Moana Avenue, unit 4:
Features: 2-bedroom unit, internal-access garage
Outcome: passed in
Agent: Dianne Nichol

Parnell

57 Gladstone Rd, unit 5:
Features: 2 bedrooms, 2 living rooms, parking space
Outcome: sold for $1.55 million
Agent: Fleur Denning

Remuera

Broadway Park, 38 James Cook Crescent, unit 1E:
Features: 2-bedroom apartment in D’Urville building, balcony, internal-access garage, storage locker
Outcome: withdrawn from auction
Agents: Shona Walding & Cheryl Regan

Broadway Park, 38 James Cook Crescent, unit 7A:
Features: 215m² including balcony, 3-bedroom penthouse in D’Urville building, 2 living rooms, 3 bathrooms, internal-access garage, 3 parking spaces, storage locker
Outcome: sold for $3.05 million
Agent: David Rainbow

Isthmus west

Eden Terrace

33L Charlotte St:
Features: multi-level 3-bedroom terrace, 2 bathrooms, balcony, double internal-access garage, in electronically gated complex
Outcome: passed in
Agents: Julie Quinton & Diane Jackson

Ponsonby

70 Ponsonby Rd, unit 106:
Features: studio, parking space, under Quest Ponsonby hotel management
Outgoings: rates $4006/year including gst
Outcome: sold for $132,000
Agents: Dave Hamlyn & Wendy Nichols

Sandringham

14 Fowlds Avenue, unit 8:
Features: 3-bedroom terrace, courtyard, parking space
Outgoings: rates $2100/year including gst; body corp levy $3096/year
Outcome: passed in
Agents: David Downie & Lisa Smyth

St Marys Bay

101 Shelly Beach Rd, unit 6:
Features: 2-bedroom apartment, deck, parking space; no body corporate
Outcome: passed in, back on market at $915,000
Agent: Luke McCaw

80 St Marys Rd, unit 2:
Features: 2-bedroom unit, parking space; no body corporate
Outcome: passed in, back on market at $780,000
Agent: Chris Batchelor

North-east

Albany

28D The Avenue:
Features: 70m², one-bedroom apartment, deck, 2 parking spaces
Income assessment: $440/week current, appraisal $450-500/week
Outcome: sold for $400,000
Agent: Ryan Steven

Northcote

48A Exmouth Rd, unit 1:
Features: 3-bedroom townhouse, 2 bathrooms, double garage
Outcome: sold for $700,000
Agents: Yan Davies & Ryan Steven

North-west

Hobsonville Point

44 Onekiritoa Rd:
Features: 2-level 2-bedroom terrace, 2 living rooms, 2 bathrooms
Outcome: sold for $755,000
Agent: John Procter

Commercial

North-east

Wairau Valley

25 Ashfield Rd, unit 7:
Features: 139m² industrial unit, 2 office levels, 2 parking spaces
Outcome: sold vacant for $370,000
Agent: Trevor Duffin

Attribution: Agency release.

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3 Onehunga commercial sales

Bayleys agents have sold 3 Onehunga commercial properties in separate transactions.

Isthmus east

Onehunga

13 George Terrace:
Features: 1634m² site zoned mixed use, 1132m² industrial building
Outcome: sold for $3 million to a future owner-occupier with one-year lease back to vendor
Agents: James Valintine & William Gubb

305B Neilson St:
Features: 1107m² warehouse, showroom & office unit in corner position, 9-year lease from April 2017 to NZ Brush Co
Rent: $162,474/year net + gst
Outcome: sold for $2.725 million at a 5.96% yield
Agents: James Hill, James Valintine & Sunil Bhana

18 Selwyn St:
Features: 632m²  site zoned mixed use, 1960s building comprising 243m² warehouse/workshop, 100m² garage/workshop & 263m² of residential & office accommodation
Outcome: sold vacant for $1.45 million
Agents: Greg Hall & James Valintine

Attribution: Agency release.

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8 Shore commercial leases

Bayleys commercial agents on the North Shore have secured 8 leases, 2 in December and 6 this year.

Leases

North-east

Beachhaven

18 Sunnyhaven Avenue, unit A:
Features: 67m² retail
Rent: leased in December for $20,000/year net + gst, premises rental $299/m²
Agent: James Yu

Birkdale

2B Kahika Rd:
Features: 225m² industrial unit – office 115m², warehouse 110m², 5 parking spaces
Rent: leased in February for $38,000/year net + gst
Agent: Laurie Burt

Rosedale

4 Atlas Place, unit A:
Features: 440m² industrial unit – office 66m², warehouse 374m², 8 parking spaces
Rent: leased in February for $62,000/year net + gst, premises rental $141/m²
Agents: Laurie Burt & Matt Mimmack

4 Civil Place, unit 3:
Features: 208m² industrial unit – office 86m², warehouse 122m², 4 parking spaces
Rent: leased in January for $36,500/year net + gst, premises rental $175/m²
Agent: Laurie Burt

59 Paul Matthews Rd, unit 7:
Features: 170m² industrial unit
Rent: leased in January for $30,000/year net + gst, premises rental $176/m²
Agent: James Kidd

Part of 10-12 Rothwell Avenue:
Features: 2065m² industrial space
Rent: leased in February for $500,000/year net + gst, premises rental $242/m²
Agent: Matt Mimmack

Takapuna

9 Huron St:
Features: 1385m² office, 20 parking spaces
Rent: leased in January for $305,490/year net + gst, parking $30/space/week, premises rental $221/m²
Agent: Dean Gilbert-Smith

34 Hurstmere Rd:
Features: 109m² retail
Rent: leased in December for $38,465/year net + gst, premises rental $353/m²
Agents: Ildy Meixner & Adam Curtis

Attribution: Agency release.

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5 South Island commercial sales

Bayleys agents in the South Island have sold 4 Christchurch commercial & industrial buildings and one in central Dunedin (pictured).

South Island

Canterbury – Christchurch

Addington

306 Lincoln Rd:
Features: 405m² site, 160m² commercial building, seismic assessment 37% of new building standard, 6 parking spaces
Outcome: sold for $575,000 with vacant possession
Agent: Nick O’Styke

Hornby

80 Shands Rd:
Features: 9719m² site, 5237m² industrial building – 4810m² high stud warehouse plus offices & amenities; national transport operator Move Logistics exercised 5-year renewal in January 2017
Rent:  $488,000/year net + gst
Outcome: sold for $6.5 million at a 7.51% yield
Agents: Stewart White, Chris Frank & Alex White

Sydenham

47 Carlyle St:
Features: 652m² site, 8 parking spaces, 504m² industrial building – 261m² high stud clearspan warehouse, 109m² ground-floor office, 134m² mezzanine
Outcome: sold vacant for $820,000
Agents: Nick O’Styke & Alex White

Wigram

11 Kilronan Place:
Features: 1853m² site, 1067m² industrial premises – 940m² warehouse with 3 roller shutter doors & 6m stud, 127m² of office, 5 parking spaces & a 250m² rear yard area
Outcome: sold for $1.2 million with vacant possession
Agent: Nick O’Styke

Otago

Dunedin

24 Water St:
Features: 309m² central city site, 610m² meticulously maintained 2-level character office building, seismic assessment 55% of new building standard; national tenant Trustees Executors Ltd, in occupation since 1906, has a 3-year lease from March 2017
Rent:  $75,000/year net + gst
Outcome: sold for $961,000 at a 7.8% yield
Agent: Robin Hyndman

Attribution: Agency release.

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Retail, warehouse & office sales in Wellington

Bayleys agents in Wellington have sold a retail property in Upper Hutt (pictured), a Gracefield warehouse and a Customhouse Quay office block.

South of the Bombays

Wellington

Upper Hutt – Maidstone:

1 Park St:
Features: 10,075m² site, 4766m² bulk retail premises adjacent to Mega Mitre 10, 100% new building standard seismic rating, 3 tenants, anchored by Briscoes & Big Save Furniture, weighted average lease term of 6 years
Rent:  $620,000/year net + gst
Outcome: sold for $7.4 million at an 8.37% yield
Agents: Mark Hourigan & James Higgie

Lower Hutt – Gracefield:

3 Tunnel Grove:
Features: 4117m² site, 3430m² warehouse & office, part leased for 4 years from October 2017 at a gross rental of $165,375/year
Outcome: sold for $2.71 million
Agents: Fraser Press & Mark Hourigan

Wellington cbd:

111 Customhouse Quay:
Features: 607m² site, 3474m² commercial tower comprising 8 levels of offices, ground-floor retail & 10 basement parking spaces, some vacant office space in need of refurbishment
Rent: about $450,000/year net + gst
Outcome: sold for $5.88 million at a 7.6% yield
Agents: Mark Sherlock & Mark Walker

Attribution: Agency release.

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Offices replace apartments plan for Fanshawe St site, one of 4 sales worth total $50 million

Mansons TCLM Ltd intends to build an office building on the Fanshawe St site it bought in a mortgagee tender on behalf of interests associated with apartment developer Mohsen Haghi, who’d intended to build the Saba apartments there.

Part of the site was cleared for the apartments development last August, but the mortgagee sale sign went up at the same time.

Mansons has been a major office developer on Victoria St West, overlooking the Fanshawe St site, which is across the street from the former Vodafone building, now Auckland Transport’s headquarters. It’s also building the One55 Fanshawe office building on the former Caltex service station site at 155-167 Fanshawe St.

The company paid $5900/m² for the ex-Saba site, and $6000/m² for the ex-Caltex site at the end of 2016.

Sale of the ex-Saba site was one of 4 transactions completed by Bayleys agents, worth a total just under $50 million.

The others were on City Rd, back of the Langham Hotel, on Auburn St in Grafton, and the former church & theatre on East St, just off Karangahape Rd.

CBD

Uptown

9 City Rd:
Features: 1016m² site, 6-level 3358m² 1980s’ building, multiple tenants including some education providers, 5.5-year weighted average lease term, basement parking and a further 58 parking spaces in neighbouring building
Outcome: sold for $12 million at a 6.6% passing yield
Agents: Alan Haydock & Damien Bullick

3 East St, off Karangahape Rd.

3 East St:
Features: 878m² site in 2 titles, 1144m² early 20th century building previously used as a church & theatre
Outcome: sold with vacant possession for $3.5 million
Agents: Alan Haydock, James Hill & Shane Snjider

Victoria Quarter

136-142 Fanshawe St:
Features: 5210m² development site, near the intersection with Halsey St & opposite the KPMG and former Vodafone buildings; north facing with potential harbour, Victoria Park & cbd views; resource consent in place for apartment & parking development but likely to be redeveloped into an office building
Outcome: sold to Mansons TCLM in a mortgagee tender for $30.739 million at $5900/m²
Agents: Alan Haydock & Damien Bullick

Isthmus east

Grafton

12-16 Auburn St:
Features: 749m² site zoned mixed use, 762m² office & warehouse building, Tasman Machinery has 8-year lease from May 2017
Rent: $170,000/year net + gst
Outcome: sold for $3.5 million at a 4.86% yield
Agents: Alan Haydock & Phil Haydock

Attribution: Agency release.

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Portfolio of parking plus 2 other Newmarket buildings sell for $31 million

3 Newmarket commercial properties have been sold by Bayleys agents for over $31 million, including the parking portfolio in one building.

2 were taken to tender through Bayleys’ final Total Property portfolio of 2017 and sale of the third, the unit-titled building at 128 Broadway, was settled in December.

An unusual sale was of the individually titled parking spaces in a building on the corner of Khyber Pass Rd & York St (pictured), which are on a long-term lease to Wilson Parking Ltd.

Isthmus east

Newmarket

128 Broadway:
Features: 1436m² unit-titled building, 5 levels of office space & 3 ground-floor retail tenancies plus 20 internal parking spaces; 6 tenants on a range of lease terms, one vacant office floor & a vacant retail tenancy
Outcome: sold for $8.3 million
Agents: Owen Ding, James Chan, Andre Siegert & Tonia Robertson

15 Sarawia St:
Features: 1303m² site zoned business-mixed use (height overlays of 22-27m) & access also from Railway St; block of 6 terrace houses, about 154m² each, built over 3 levels in 1995 in double Grammar school zone
Outcome: sold with vacant possession for $6.7 million (including gst)
Agents: Alan Haydock & Damien Bullick

2-4 York St:
Features: 250 parking spaces on 3750m² (5 blocks of 50 parking spaces), all on individual titles, part of 6-level parking building on the corner of Khyber Pass Rd; long-term leases until October 2029 to Wilson Parking Ltd, which also has a management contract over the building
Rent: about $836,000/year net + gst
Outcome: sold for $16.39 million at a 5.1% yield
Agents: Alan Haydock & Cameron Melhuish

Attribution: Agency release.

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4 provincial sales

Bayleys agents have sold 4 provincial commercial properties – in Napier, New Plymouth & Whanganui.

South of the Bombays

Hawke’s Bay

Napier

102-106 Taradale Rd:
Features: 4019m² corner site, 1700m² bulk retail building, national tenants Mico Plumbing & Bike Barn on mixed-term leases
Rent:
Outcome: sold for $3.15 million at a 6.98% yield
Agents: Sam MacDonald & Gary Wise

Taranaki

Bell Block

8 Auster Place:
Features: 3608m² security-fenced industrial site
Outcome: sold for $271,000 at $75/m²
Agents: Alan Johnston & Iain Taylor

New Plymouth

690-694 Devon Rd:
Features: 9266m² industrial site, 2026m² high stud warehouse alongside an older medium stud warehouse with offices & amenities, short-term tenancies
Outcome: sold for $2.3 million
Agents: Mike Adams, Iain Taylor & Alan Johnston

Whanganui

202 Victoria Avenue:
Features: 195m² AA Centre built in 2014
Rent: $64,787/year net + gst, 6-year lease term, CPI reviews
Outcome: sold for $1.04 million at a 6.23% yield
Agents: Karl Cameron & Bede Blatchford

Attribution: Agency release.

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4 Waikato commercial sales

4 Waikato commercial properties – 2 in Hamilton and the others in Paeroa & Putaruru – have been sold by Bayleys agents.

South of the Bombays

Waikato

Hamilton

85 Tristram St:
Features: 219m2 unit-titled building, 6 parking spaces
Outcome: sold for $785,000, with vacant possession
Agents: Mike Swanson & Alex ten Hove

Hamilton – Pukete

46 Church Rd:
Features: 1492m2 site, modern 467m2 2-level office building, leased to UBT Accountants NZ Ltd for 6 years from June 2014, 2 6-year rights of renewal, 13 parking spaces
Rent: $103,600/year net + gst
Outcome: sold for $1.76 million at a 5.89% yield
Agent: Blair Hutcheson

Paeroa

46 Belmont Rd:
Features: 218m2 town centre site, 210m2 retail unit, occupied by $1 $2 $3 Awesome store
Rent: $18,000/year net + gst
Outcome: sold for $206,000 at an 8.74% yield
Agent: Josh Smith

Putaruru

84-86 Tirau St:
Features: 1360m2 site, 529m2 single-level commercial building with flat & garage; 3 retail tenants on medium- to long-term leases plus monthly residential tenancy
Rent: $49,289/year net + gst
Outcome: sold for $618,000 at a 7.98% yield
Agent: Jason Kong

Attribution: Agency release.

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Bayleys Shore agents start 2018 with 4 commercial leases

Bayleys agents on the North Shore have started 2018 with 4 commercial leases signed, plus one more completed in December.

Leases

North-east

Albany

14 Corinthian Drive, unit 4B:
Features: 84m² retail unit – retail area 70m², other area 14m², no parking
Rent: leased in January for $43,000/year net + gst, premises rental $512/m²
Agents: Dev Choudhury & Damian Stephen

254 Cornerstone Drive, shop 15, ground floor of Ramada Hotel building:
Features: 93m² retail unit on ground floor of Ramada Hotel, 21m² outdoor area, 4 exclusive parking spaces + shared spaces
Rent: leased in January for $48,000/year net + gst
Agent: James Yu

Birkenhead

39 Rawene Rd, ground-floor office:
Features: 50m² office, 3 parking spaces 
Rent: leased in January for $10,000/year net + gst, parking $15/space/week
Agents: Caroline McNaught & Michael Nees

Rosedale

3 John Glenn Avenue, office C:
Features: 182m², 5 parking spaces
Rent: leased in December for $36,000/year net + gst
Agents: Jane Mckee, Laurie Burt, Alex Strever & Caroline McNaught

40 William Pickering Drive, unit C:
Features: 294m² industrial unit – office 36m², warehouse 154m², other area 104m², 5 parking spaces
Rent: leased in January for $46,000/year net + gst
Agents: Laurie Burt & Chris White

Attribution: Agency release.

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