Tag Archives | Christchurch

10 commercial sales around South Island

Bayleys agents in the South Island have sold 10 properties – 7 in Canterbury, the others in Blenheim & Nelson.

South Island

Marlborough

Blenheim

Riverlands, 14 Sheffield St: 
Features: 9413m² industrial site in 2 lots, 809m² warehouse, office & retail complex
Outcome: sold with vacant possession for $1.35 million + gst
Agent: Grant Baxter

Riverlands, 5 Kendrick Rd: 
Features: 7928m² of bare industrial land in Riverlands Industrial Estate, adjacent to large winemaking facilities, 3 road frontages
Outcome: sold for $1,189,200 + gst at $150/m²
Agent: Grant Baxter

Nelson

48 Bridge St:
Features: 197m² site, 2-level 330m² central city character building, shop on the ground floor, barber upstairs
Outcome: sold for $850,000 + gst at a 7% yield
Agent: Gill Ireland

Canterbury

Christchurch CBD

818 Colombo St:
Features: 1019m² rectangular vacant site, 25m street frontage, previously home to 5-storey earthquake-damaged building that was demolished, resource consented for 7-level retail, hotel/serviced apartment & residential apartment development
Outcome: sold for $1.35 million + gst at $1325/m²
Agents: Mike Adams, Nick Thompson & Justin Hayley

Darfield

2 McMillan St:
Features: 1348m² site, 535m² Horndon Mews commercial building completely redesigned, extended & rebuilt in 2015, fully occupied by 7 retail & office tenancies, 18 parking spaces
Rent: $124,000/year net + gst
Outcome: sold for $1.6 million + gst at a 7.75% yield
Agents: Ben Carson & Nick O’Styke

Ferrymead

27 Waterman Place, unit 6:
Features: 136m² 2-level corner office unit, fully repaired to 67%-69% of new building standard, short-term lease
Outcome: sold for $369,000 + gst at a 7.09% yield
Agent: George Phillips

Hornby

36-38 Waterloo Rd (pictured above):
Features: 7082m² site in 2 titles, 2070m² industrial building, seismic assessment 70% of new building standard; 3-year renewed lease to Truck Stops (NZ) Ltd
Rent: $280,000/year net + gst
Outcome: sold for $3.525 million + gst at a 7.94% yield
Agent: Nick O’Styke

Kaiapoi

13A Stone St:
Features: 477.5m² modern warehouse & office building with container height motorised roller doors; 287m² vacant, 190.5m² leased
Outcome: sold for $520,000 + gst
Agents: Stewart & Alex White

Riccarton

2 Barry Hogan Place, unit 3:
Features: 777m² office premises in Workstation Business Park; buyer intends to occupy the 370m² vacant ground floor, 407m² first floor is leased at $110,196/year
Outcome: sold for $2.1 million + gst
Agents: Stewart White & Chris Frank

Wigram

36 Dakota Crescent:
Features: 250m² industrial unit, 5 parking spaces, 12 month lease back to vendor
Outcome: sold for $550,000 at a 7.55% yield
Agents: Ben Carson & Nick O’Styke

Attribution: Agency release.

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5.5% the firmest yield in dozen Canterbury sales

Firmest yield in the dozen most recent commercial & industrial sales by Bayleys agents in Canterbury was 5.5% on a residential conversion to retail at Darfield, 48km west of central Christchurch.

2 of the industrial sales were in Hornby, one sold on a 6.19% yield and the one pictured above, on Prairie Place, at 7.25%.

South Isand

Canterbury

Darfield

51 South Terrace:
Features: 986m² main street corner site, high profile 202m² converted residential building, occupied by 3 established tenants – a garden centre, café and a gift shop
Rent: $36,300/year net + gst
Outcome: sold for $660,000 at a 5.5% yield
Agents: Jo McIntosh & Nick O’Styke

Kaiapoi

77 Hilton St, units 8 & 9:
Features: 2 unit-titled premises in modern shopping complex, 125m² of unit 8 is leased to Elle’s Pet Centre for $30,000/year with 175m² vacant; 416m² unit 9 has 3 tenants & 51m² of vacant space, and anchor tenant Westpac has recently exercised the first of 2 3-year rights of renewal
Outcome: sold for $1.7 million at a 7.56% yield
Agents: Stewart White, Chris Frank & Alex White

Christchurch:

Addington

36 Lowe St, unit 3:
Features: 78.6m² ground-floor office unit, in 8-unit complex, 2 parking spaces; leased to Link Business Christchurch Ltd, 16 months to go on the initial term
Rent: $25,660/year net + gst
Outcome: sold for $356,000 at a 7.21% yield
Agents: Stewart White & Alex White

Hornby

6 Gerald Connolly Place:
Features: 3000m² site, 1190m² industrial building – 1079m² of warehousing with 6m stud, 2 full-height roller doors, 2 levels of office & amenities, including staff cafeteria; fully fenced & sealed yard, 20 parking spaces
Outcome: sold to an owner-occupier from Auckland for $2 million at a 6.19% yield on lease expiring this month
Agent: George Phillips

8 Prairie Place (pictured):
Features: 3610m² site zoned industrial, 460m² workshop & office building covering 13% of site, leased to contracting business
Outcome: sold for $1.31 million at a 7.25% yield
Rent: $95,000/year net + gst
Agent: Nick O’Styke

Middleton

202 Annex Rd:
Features: 1095m² industrial building, partly tenanted with holding income of $28,311/year net + gst from separated rear 360m² tenancy, vacant front portion of building comprises 460m² of warehousing, 275m² office/amenities, plus 10 parking spaces
Outcome: sold for $925,000
Agent: Nick O’Styke

Phillipstown

378-380 Cashel St:
Features: 2189m² site with dual street access, 1002m² industrial premises
Outcome: sold with vacant possession to a developer for $850,000
Agent: George Phillips

Russley

7C Sir Gil Simpson Drive:
Features: 176m² modern office unit in Canterbury Technology Park
Outcome: sold vacant to an owner-occupier for $620,000
Agent: George Phillips

Sockburn

29 Watts Rd:
Features: 3892m² of land, 2 industrial buildings totalling 2036m², leased to 2 established businesses, 28 parking spaces
Outcome: sold for $2.82 million at a 7% yield
Agent: Nick O’Styke

Waltham

4 Iversen Terrace:
Features: 1843m² site with large front yard on fringe of the cbd, 1240m² industrial building – 900m² of high stud warehousing, 290m² office area, 50m² mezzanine
Outcome: sold with vacant possession for $2.375 million
Agent: Nick O’Styke

88 Mowbray St:
Features: 9101m² site, 8090m² industrial building originally built in the 1970s as Woolworths’ distribution centre, 4872m² is leased to Fletcher Building Ltd until 2020 plus 2 8-year rights of renewal; the balance occupied by Harvey Norman Ltd until 2022 plus 3 6-year rights of renewal; 32 parking spaces
Rent: $600,174/year net + gst
Outcome: sold for $7.615 million at an 8.15% yield
Agents: Stewart White & Nick O’Styke

Woolston

19 Kennaway Rd:
Features: 2000m² site, 980m² modern purpose-built storage facility, seismic assessment 100% of new building standard; 28 separately alarmed storage units
Rent: average gross income of $92,600/year over last 4 years
Outcome: sold for $907,500
Agents: Ben Carson & Nick O’Styke

Attribution: Agency release.

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Sales in Nelson, Christchurch & Dunedin

Bayleys agents in the South Island have sold 8 land & commercial properties in Nelson, Christchurch & Dunedin.

South Island

Christchurch

Hornby

24 Gallagher Drive:
Features: 7482m² site, 3500m² industrial building, 9m-stud warehouse & 2-level office annex constructed in 2015, large secure yard & 55 parking spaces; Seed Force Ltd has over 7 years to run on 10-year lease
Rent: $507,600/year net + gst, fixed 2.5%/year rent increases
Outcome: sold for $8.35 million at a 6.08% yield
Agent: Nick O’Styke

92 Shands Rd:
Features: 5752m² of fenced bare industrial land
Outcome: sold for $1.2 million at $208.50/m²
Agent: Nick O’Styke

Islington

Waterloo Business Park, lot 12:
Features: 9987m² of industrial land
Outcome: sold for $2,197,140 at $220/m² to an investor with tenant
Agents: Stewart White, Chris Frank & Alex White

Sydenham

17 Hawdon St:
Features: 161m² industrial unit constructed in the early 2000s
Outcome: sold with vacant possession to an owner-occupier for $325,000 at land & building rate of $2018/m²
Agents: Ben Carson & Nick O’Styke

Wigram

50 Dakota Crescent, unit 4:
Features: 292m² industrial unit constructed in the 2000s
Outcome: sold with vacant possession for $540,000 to an owner-occupier at land & building rate of $1849/m²
Agent: Nick O’Styke

5 Morse Rd:
Features: 2362m² of industrial land
Outcome: sold for $826,700 at $350/m²
Agents: Stewart White, Chris Frank & Alex White

Dunedin

Roslyn

308 Highgate: 
Features: 200m² site in heart of Roslyn village, 248m² double-storey character office building, one parking space, originally purpose-built as a post office in 1910, with a seismic assessment of 40% of new building standard
Outcome: sold to existing tenant for $450,000
Agent: Robin Hyndman

Nelson

139 Collingwood St:
Features: 399m² of bare land neighbouring Nelson Marlborough Institute of Technology with inner city – intense development zoning allowing for commercial and/or residential development with height limit of 20m (subject to council approvals); used as carpark, but offered with vacant possession
Outcome: sold for $570,000 at $1,428/m²
Agent: Paul Vining

Attribution: Agency release.

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3 Izone lots & 2 Colombo St sections sell

A Kaiapoi restaurant was sold at Bayleys’ Total Property auction in Christchurch.

Other sales included 3 separate industrial lots in the Izone business park and 2 adjoining sections on Colombo St in the cbd.

South Island

Canterbury

Christchurch cbd

597 Colombo St:
Features: 2 adjoining 111m² sections in the commercial central city (south frame) mixed use zone
Outcome: sold for $323,500 each, at $2914/m²
Agents: Louise Urban & Tracy Chen

Kaiapoi

77 Hilton St, unit 4:
Features: 387m² restaurant, 419m² courtyard, part of shopping centre developed in 2001, 6-year lease to Craft Bar & Kitchen from May 2016 plus 4 3-year rights of renewal
Rent: $93,500/year net + gst
Outcome: sold at Total Property auction for $1 million at a 9.35% yield
Agents: Stewart White, Chris Frank & Alex White

Rolleston

Izone Business Park, lot 7:
Features: 4976m² of bare greenfield industrial land
Outcome: sold for $796,160 at $160/m²
Agent: Nick O’Styke

Izone Business Park, 9 Stoneleigh Drive:
Features: 2014m² of industrial land
Outcome: sold for $373,000 at 185.20/m²
Agent: Nick O’Styke

16 Westland Place:
Features: 2520m² of industrial land
Outcome: sold for $466,200 at $185/m²
Agent: Nick O’Styke

Russley

9A Sir Gil Simpson Drive:
Features: modern 230m² 2-level office premises
Outcome: sold vacant to owner-occupier for $800,000
Agent: George Phillips

Waltham

368A Wilsons Rd:
Features: 196m² industrial unit, refurbished office
Outcome: sold vacant to owner-occupier for $325,000
Agent: George Phillips

Attribution: Agency release.

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Grey Lynn warehouse + apartment sells

Knight Frank agents have sold a Grey Lynn warehouse with apartment on top (with Ray White Ponsonby) and a Christchurch warehouse, and secured 2 Christchurch leases.

Sales

Isthmus west

Grey Lynn

15 Nixon St:
Features: 290m² site, 239m² warehouse/office, with 292m² apartment
Outcome: sold for $2.6 million
Agents: Rick Kermode (Knight Frank) & Tony Warren (Ray White Ponsonby)

South Island

Christchurch

Northcote

114 Sawyers Arms Rd, unit 5:
Features: 197m² high stud warehouse, 132m² showroom/office, 6 parking spaces,
Outcome: sold with vacant possession for $675,000
Agents: Craig Edwards & Murray Madgwick

Leases

South Island – Canterbury

Christchurch cbd

237 Kilmore St, part level 1:
Features: 96m² office
Rent: $30,000/year net + gst + opex
Agent: Tom Lax

Papanui

62 Langdons Rd, ground floor:
Features: 119m² office, 4 parking spaces
Rent: $40,605/year net + gst + opex
Agents: Campbell Taylor & Hamish Haddow

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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Rosedale unit leased & sold, Remuera shop leased, provincial sales

A Rosedale business unit has been leased & sold, a Remuera shop has been leased, and warehouses in Christchurch & Napier sold by Colliers agents.

Sales

North-east

Rosedale

39-43 Apollo Drive, unit 8:
Features: 136m² unit, 4 parking spaces
Outcome: sold in October for $670,000 at a 6.1% yield after being leased for $41,000/year net
Agents: Janet Marshall & Nick Recordon

South Island

Christchurch

163 Wordsworth St, unit 2:
Features: 238m² refurbished warehouse
Outcome: sold at auction for $400,000
Agents: Christian Kellar & Oliver Salt

South of the Bombays

Hawke’s Bay

Napier

78 Taradale Rd & 32 Severn St:
Features: 6886m² warehouse/showroom & partly leased 3982m² industrial site
Outcome: sold as trade deals, Taradale Rd for $3 million, Severn St for $686,000
Agent: Danny Blair

Leases

Isthmus east

Remuera

360 Remuera Rd:
Features: 274.1m² shop, leased to Bed Bath N Table
Agent: Nilesh Patel

South of the Bombays

Wellington

Petone

8 Te Puni St:
Features: 1604m² office, leased by Cook Strait Properties Ltd to Mavero Ltd (Flip Out franchise) for a 6-year term
Rent: $250,000/year + gst
Agent: Ben Taylor

Attribution: Agency release.

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Remuera shop leased, provincial sales

A Remuera shop has been leased, and warehouses in Christchurch & Napier sold by Colliers agents.

Sales

South Island

Christchurch

163 Wordsworth St, unit 2:
Features: 238m² refurbished warehouse
Outcome: sold at auction for $400,000
Agents: Christian Kellar & Oliver Salt

South of the Bombays

Hawke’s Bay

Napier

78 Taradale Rd & 32 Severn St:
Features: 6886m² warehouse/showroom & partly leased 3982m² industrial site
Outcome: sold as trade deals, Taradale Rd for $3 million, Severn St for $686,000
Agent: Danny Blair

Leases

Isthmus east

Remuera

360 Remuera Rd:
Features: 274.1m² shop, leased to Bed Bath N Table
Agent: Nilesh Patel

South of the Bombays

Wellington

Petone

8 Te Puni St:
Features: 1604m² office, leased by Cook Strait Properties Ltd to Mavero Ltd (Flip Out franchise) for a 6-year term
Rent: $250,000/year + gst
Agent: Ben Taylor

Attribution: Agency release.

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5 sales by Colliers

Colliers agents have sold a Victoria Park Market restaurant and a Rosedale office in Auckland. In the South Island, the agency has offices in Christchurch & Dunedin and a quake-damaged motel in Christchurch.

CBD

Victoria Quarter

Victoria Park Market, Drake St, unit 74:
Features: 268m² net lettable area, New York-style restaurant & bar, the Oak Room, on 6.5-year lease
Rent: $100,794/year + gst     
Outcome: sold for $1.3 million at a 7.8% yield
Agents: Adam White, Simon Felton, Gareth Fraser & Tony Allsop

North-east

Rosedale

9C William Pickering Drive:
Features: 377m² 2-level office     
Outcome: sold by private investor to owner-occupier Zen Connections Ltd for $1.395 million
Agents: Janet Marshall & Kerry Cook

South Island

Christchurch

Merivale

49 Papanui Rd:
Features: quake-damaged former Adelphi motel, 1517m² site, 12 motel units & a manager’s unit
Outcome: sold at auction for $1.7 million on an “as is, where is” basis
Agents: Will Franks & Mark Macauley

Rolleston

7 Tennyson St:
Features: 2781m² site, 261m² retail, new 10-year lease to Restaurant Brands Ltd
Rent: $170,000/year net + gst     
Outcome: sold at auction for $3.215 million + gst at a 5.3% yield
Agents: Courtney Doig & Charlie Oscroft

Dunedin

ASB House, 248 Cumberland St, levels 1 & 2:
Outcome: sold for $2.825 million at a 7.6% yield
Agent: Dean Collins

Attribution: Agency release.

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11 South Island commercial sales

Bayleys agents in the South Island have completed 9 sales in Christchurch and 2 more in Ashburton & Nelson.

South Island

Christchurch

Addington

24 Clarence St South:
Features: 510m² vacant industrial building, 8 parking spaces, sealed yard, 328m² warehouse, 140m² of offices over 2 levels, 90m² mezzanine
Outcome: sold vacant for $735,000 at a 6.99% cap rate on expected rental
Agents: Stewart White, Chris Frank & Alex White

Hornby

31 Canada Crescent:
Features: 3050m² site-year-old 1609m² industrial building – 1344m² of 6.5m-high clearspan warehouse, 265m² showroom/office, seismic rating 100% of new building standard, 29 parking spaces, leased to international company Pentair on 5-year lease from February 2014 with 2 5-year rights of renewal
Rent: $190,000/year
Outcome: sold for $2.55 million at a 7.45% yield
Agent: Nick O’Styke

45 Carmen Rd:
Features: 2256m² high profile corner service station with retail area & 25 parking spaces, occupied by Gasoline Alley with 5 years to run on initial 8-year lease term & 3 4-year rights of renewal
Rent: $164,834/year         
Outcome: sold for $2.3 million at a 7.1% yield
Agent: Nick O’Styke

15 Green Lane, unit 1:
Features: shared 1732m² site, 368m² north-facing industrial building, seismic rating 77% of new building standard, 8 parking spaces
Rent: $54,000/year
Outcome: sold for $773,000 at a 6.99% yield on well established tenancy
Agent: Nick O’Styke

Islington

6 Doric Way:
Features: 3414m² of industrial land in Waterloo Business Park
Outcome: sold to an owner-occupier for $857,750 at $250/m²
Agents: Stewart White, Alex White & Chris Frank

Richmond

245 Stanmore Rd:
Features: 1469m² site, 360m² building
Outcome: sold for $650,000 at a 5.8% yield, currently on a month-to-month lease
Agents: Stewart White, Chris Frank & Alex White

Sockburn

29 Epsom Rd:
Features: 830m² site, 498m² industrial building split into 2 units, seismic rating 90% of new building standard, 2 established tenants, 9 parking spaces
Rent: $75,000pa + gst      
Outcome: sold for $1.2 million at a 6.25% yield
Agent: Nick O’Styke

14 Watts Rd:
Features: 1.1279ha site, 5628m² warehouse & office building, large amount of parking
Rent: $502,918/year from lease that expired 31 October
Outcome: sold for $5.5 million
Agents: Stewart White, Chris Frank & Alex White

Woolston

33 Maunsell St:
Features: 1312m² site zoned industrial general, 2 adjoining tilt-slab warehouses totalling 410m², 40% & 60% seismic assessments, plus 3-bedroom dwelling with separate entrance
Rent: assessed market rental $50,000/year net
Outcome: sold with vacant possession for $672,000
Agents: Greg Mann & Garry Ottmann

Mid-Canterbury

Ashburton

390 East St:
Features: 994m² site, 1329m² former Ministry of Works building, seismic rating 40% of new building standard, lease back to NZ Post until October 2020 with one 3-year right of renewal, 2 additional casual tenancies and 396m² of vacant space
Outcome: sold post-auction for $562,500 at a 9.96% yield
Agents: Blair Young & Mitchell Wallace

Nelson

Tahunanui

47 Muritai St:
Features: 2001m² site, 2-storey 480m² motel complex comprising 14 units, 3-bedroom manager’s residence
Outcome: sold freehold for $1.37 million at a 6.4% yield, lease in place until November 2046
Agent: Gill Ireland

Attribution: Agency release.

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