Tag Archives | Colliers

Dunedin industrial collection sells

5 industrial buildings backing on to Otago Harbour just south of the Dunedin port basin have been sold by Colliers.

South Island


6, 13 & 17 Kitchener St:
Features: 14,661m² harbourfront site, 5 industrial buildings previously used as coolstores
Outcome: sold for $4,449,540
Agent: Dean Collins

Attribution: Agency release.

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Office sales in Ellerslie & 4 down country

Colliers agents have sold a Great South Rd office property in Ellerslie, and 4 other commercial properties down the North Island.

Isthmus east


323 Great South Rd:
Features: 4129m² site, 3363m² office, ground floor fully leased to Fletcher Building Ltd, basement parking for 97 cars, substantially refurbished
Rent: $512,540/year net passing income when it was taken to market last October
Outcome: sold to a private investor for $10.5 million + gst
Agents: Simon Child, Gareth Fraser & Michael Van der Putten

South of the Bombays


Palmerston North

50-60 Grey St:
Features: 1427m² site, 647m² office
Outcome: sold to NBSM Property Ltd (Cheang Choon Ki) for $1.65 million
Agents: Doug Russell, Phil Nevill & Grant Lloyd



193 London St:
Features: 3323m² site, 3600m² office
Outcome: sold to Stark Property Ltd for $5.35 million
Agents: Alan Pracy & Mark Brunton

Te Awamutu

5-7 George St:
Features: 3857m² site, 3354m² office
Outcome: sold to a private investor for $4.65 million
Agents: David Palmer, Alan Pracy & Mark Brunton



33 Kaiwharawhara Rd, units 4A & 4B:
Features: 2 commercial units totalling 425m²
Outcome: sold for $940,000
Agent: Ben Taylor

Attribution: Agency release.

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Kapiti church & Cromwell industrial sites sell

A church on the Kapiti coast & 2 vacant industrial sites at Cromwell, in Central Otago, have been sold by Colliers agents.

South Island

Central Otago


56 McNulty Rd:
Features: 1885m² vacant industrial site
Outcome: sold to private investor for $660,000 + gst
Agents: Mark Simpson & Rory O’Donnell

60 McNulty Rd:
Features: 4318m² vacant industrial site
Outcome: sold to private investor for $1.152 million + gst
Agents: Mark Simpson & Rory O’Donnell

South of the Bombays


Raumati South

20 Jeep Rd:
Features: 4749m² site, 946m² Arise Church
Outcome: sold to Collie Properties Ltd (Bruce & Clodagh Barnett, Paraparaumu, directors of Wellington labour hire company Personnel Touch Ltd) for $975,000
Agents: Dean Anderson

Attribution: Agency release.

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Henderson warehouse & Manukau call centre sell on 6.9% yields

A Henderson warehouse on the market for 6 months and a Manukau call centre (outlined in photo) have both been sold on 6.9% yields by Colliers agents.

They’re among 5 sales around the country reported this week by the agency. The others were a dairy farm in central Hawke’s Bay and 2 commercial buildings in Invercargill, one occupied by a childcare centre.



40 Bruce McLaren Rd:
Features: 8275m² site, 5168m² warehouse including 284m² office space, Juralco Aluminium Building Supplies (Juralco Holdings Ltd) on new 9-year lease term
Rent: $574,768/year net
Outcome: sold to a private investor for $8.325 million + gst at a 6.9% yield
Agents: Matt Prentice, Andrew Hooper, Josh Coburn & Sam Staite


Manukau Central

15 Lambie Drive:
Features: 7068m² site, 2511m² 2-storey office block containing Vodafone call centre, 92 parking spaces
Rent: $737,767/year net, reviews fixed at 3%, next lease renewal due in February 2024
Outcome: sold to a local investor for $10.7 million at a 6.9% yield
Agents: Brad Johnston, Gareth Fraser, Paul Jarvie & Matthew Barnes

South of the Bombays

Hawke’s Bay


260 Makaroro Rd:
Features: 704ha dairy farm owned by Ingleton Farms Ltd
Outcome: sold for $23.9 million
Agent: James Parsons

South Island


41 Leet St:
Features: 2024m² site, 1450m² commercial building
Outcome: sold for $730,000
Agents: Mark Simpson & Rory O’Donnell

271 Tweed St:
Features: 2024m² site, 552m² childcare centre building on 12-year lease
Outcome: sold to private investors for $2.275 million at a 7.25% yield
Agents: Mark Simpson & Rory O’Donnell

Attribution: Agency release.

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Newmarket office building sells, Australian furniture retailer moves into Mt Wellington

Colliers agents have sold a Newmarket office building and leased a large Mt Wellington unit to Australian furniture retailer Nick Scali Ltd.

Isthmus east



1 Broadway:
Features: 1455m² site, 2269m² office building
Outcome: sold to private investor, price not disclosed
Agents: Adam White, David Burley & Hamish West


Mt Wellington

50-56 Mt Wellington Highway:
Features: 2695m² large-format retail unit on the front of the Harvey Norman Centre, leased to Australian furniture retailer Nick Scali Ltd
Rent: no figures
Agent: Leroy Wolland

Attribution: Agency release.

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$40 million of commercial & industrial sales

Colliers agents have notched up over $40 million of commercial & industrial sales from Paihia to Paraparaumu in 5 transactions.

The biggest was the sale-&-leaseback deal by Steel & Tube Holdings Ltd of its East Tamaki distribution centre in November, scheduled for completion next week.

One of the 5, a Paihia retail property with 14 tenants, was sold for an undisclosed sum.



68 Marsden Rd & 9 Williams Rd:
Features: 1139m², 4 buildings on 2 titles separated by Paihia Lane, 14 retail tenancies, average weighted lease term 7.35 years
Rent: $701,000/year net + gst
Outcome: sold, price not disclosed
Agents: Colliers capital markets & site sales team



136-140 Lincoln Rd:
Features: 2709m² development site, the former Lincoln vineyard homestead, mixed-use zoning allows for a range of commercial & intensive residential development
Outcome: sold to an owner-occupier for $4,063,500
Agents: Euan Stratton, Josh Coburn & Craig Smith


East Tamaki

103A&B Harris Rd:
Features: total 931m², warehouse & office, high stud clearspan warehousing at rear of both units
Rent: $133,856/year net + gst     
Outcome: sold for $2.34 million + gst at a 5.7% yield
Agents: Jolyon Thomson & Jeremy Barnett

68-80 Stonedon Drive:
Features: 3.64ha site, 18,126m² Steel & Tube Holdings Ltd distribution centre,
Rent: $2,036,087/year net + gst  
Outcome: sold for $32,577,392 at a 6.25% yield in 10-year sale & leaseback (6 years certain), transaction scheduled for completion 20 December
Agents: Greg Goldfinch & Andrew Hooper
Earlier story, 20 November 2017:
East Tamaki property sold as Steel & Tube rings in changes

South of the Bombays

Wellington region

Paraparaumu Beach

345-347 Kapiti Rd:
Features: 1844m² site, 880m² office & retail
Outcome: sold for $2.013 million at a 7.47% yield
Agent: Dean Anderson

Attribution: Agency release.

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Queen St retail unit sells at 4.6%

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


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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Waitakere Mega Centre becomes The Boundary

The Christchurch syndicate which used an earthquake insurance payout to buy the Waitakere Mega Centre in Henderson in 2014 has decided on a rebrand to The Boundary.

The centre, on Vitasovich Avenue, across the road from Westfield’s WestCity mall, has 23 specialty shops in a net lettable area of 18,027m², including national brands Ballentynes, St Pierre’s & Lighting Direct. It’s anchored by Kmart, Briscoes & Rebel Sport and has 800 parking spaces.

Colliers’ real estate management national director Richard James said the new centre name was chosen to reflect its location between the bustle of the city and the lush, wild greenery of the Waitakere Ranges. The intention was to blur the lines between its retail spaces & the surrounding natural environment.

Mr James said the transformation would take place in stages, starting with a refurbished Kmart lobby, replacement of the lift with a new glazed elevator, upgraded external seating areas & a refurbished carpark.

Urbus Properties Ltd redeveloped the centre in 2005-06, as the company was being taken over by the ING Property Trust. The combined business became Argosy Property Ltd, which sold the centre to the Christchurch syndicate in 2014 at the book value of $45.75 million.

Syndicate directors & shareholders include Ashburton farm management consultant Andrew Macfarlane, founder of Macfarlane Rural Business Ltd, chair of Ngai Tahu Farming Ltd, former chair of Deer Industry NZ and appointed a director of Fonterra Co-operative Group Ltd on 2 November. Longtime Christchurch property investor Peter Rae is also a shareholder & director of the syndicate company, renamed The Boundary Ltd on 1 December.

Syndicate members used a payout on the 17-storey Forsyth Barr House, badly damaged in the 2011 Christchurch earthquake, to buy the West Auckland shopping centre.

Earlier stories:
3 August 2014: Argosy sells Waitakere Mega Centre
18 November 2004: Urbus to turn Waitakere Plaza into bulk retail centre

Attribution: Agency release, Company Register.

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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.



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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Shore & Hobsonville leases signed

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




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



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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