Tag Archives | Mt Eden

Updated: Mt Eden shops passed in (now sold), 2 apartments sold

Published 11 October 2018, updated 5 November 2018:
A commercial site in Mt Eden with 3 shops & 2 flats on it (outlined in photo) was passed in at Barfoot & Thompson’s auction on 11 October and sold shortly after, which I missed updating at the time.

Of the 6 apartments, townhouses & suburban units the agency had up for auction on Wednesday afternoon, one was sold under the hammer and another post-auction. 2 in the new Conrad Properties Ltd Victoria Residences development across the street from SkyCity remain on the market.

Commercial

Isthmus west

Mt Eden

Updated: 547-551 Mt Eden Rd:
Features: 501m² site, total floor area 273m² – 3 shops & 2 flats (one derelict), zoned business – mixed use, erected about 1912, seismic rating 19% new building standard
Rates: $13,481/year including gst
Rent: partially leased with demolition clause – rent $30,600/year from one shop + flat
Outcome: no bid; sold unconditionally post-auction for $1.35 million + gst
Agent: Marie-Anne Molloy

Apartments

CBD

Learning Quarter

Eden Apartments, 32 Eden Crescent, unit 8B:
Features: one-bedroom apartment
Income assessment: $430/week current
Outcome: no bid, sold post-auction
Agents: Selina Zheng & Tommy Zhang

Uptown

Winsun Heights, 113 Vincent St, unit 7B:
Features: studio
Outgoings: rates $933/year including gst; body corp levy $2406/year
Outcome: passed in
Agents: Stephen Shin & Lauren Lee

Victoria St

Victoria Residences, 75 Victoria St, unit 301:
Features: 50m² + 5m² balcony, fully furnished 2-bedroom apartment, tower completed in June
Income assessment: $750/week current guaranteed income
Outcome: no bid
Agents: Will Liu & Nicole Zhang

Victoria Residences, 75 Victoria St, unit 1801:
Features: 50m² + 5m² balcony, 2-bedroom apartment, balcony, tower completed in June
Outcome: auctioned postponed, on market at $745,000
Agents: Alastair Brown & Hayley Sok

Isthmus east

Ellerslie

39 Peek St, unit 1:
Features: 3-bedroom unit, single garage (currently used as a studio)
Outcome: passed in, back on market at $845,000
Agents: Alex Baker & Cindy Jiang

Kohimarama

53A Rawhitiroa Rd:
Features: 4-bedroom townhouse, 2 living areas, 3 bathrooms, double internal-access garage, courtyard & garden
Outcome: sold for $2.5 million
Agents: Veronica Schoonraad & Cheryl Woodward

Attribution: Auction documents.

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Updated: Symonds St apartment + commercial sells, 3 other units passed in

Published & updated 18 October 2018
A unit in the rebuilt Glenside Terraces on Symonds St (pictured), combining upstairs apartment space & ground-floor commercial, was sold at City Sales’ auction yesterday.

3 other apartments were passed in – in the Focus on Anzac, Tower Hill and on Edwin St, Mt Eden.

Update: The Focus on Anzac apartment was sold conditionally the day after the auction, and negotiations were underway on the remaining 2.

CBD

Learning Quarter

Updated: Focus on Anzac, 99 Anzac Avenue, unit 5A:
Features: 62m², 2 bedrooms, parking space
Outgoings: rates $1827/year including gst; body corp levy $6577/year
Income assessment: $645-655/week; in management lease until 2020
Outcome: passed in at $505,000, sold conditionally post-auction, price undisclosed
Agent: Scott Dunn

Tower Hill, 1 Emily Place, unit 13I:
Features: 34m², fully furnished studio, deck
Outgoings: rates $1265/year including gst; body corp levy $2626/year
Outcome: no bid
Agents: Susan Frear

Glenside Terraces, 150 Symonds St, unit 16:
Features: 80m² apartment on 2 upper floors, 40m² ground-floor commercial, 2 bedrooms, 3 bathrooms, 2 parking spaces
Outgoings: rates $1832/year including gst for apartment, $273/year for parking; body corp levy $1927/year including gst for apartment, $315/year for parking
Income assessment: $675-725/week for apartment, $400-450/week commercial
Outcome: sold for $1.23 million
Agents: Jacob Hayward & Maryanne Wong

Isthmus west

Mt Eden

32 Edwin St, unit 93:
Features: 115m², 3 bedrooms, deck, parking space; $8 million has been levied this year for remediation of the building, code compliance certificate not yet issued but work on this unit completed
Outgoings: rates $1398/year including gst; body corp levy $1452/year
Income assessment: $680-750/week
Outcome: passed in at $710,000
Agent: Dahui Chen

Attribution: Auction.

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Low yields on city fringe properties

Bayleys agents have sold 2 properties in Freemans Bay & Herne Bay at yields below 3%, reflecting development potential, and another in Mt Eden below 5%, plus a refurbished & vacant Henderson accommodation facility.

Isthmus west

Freemans Bay

37 & 39 Spring St:
Features: 490m2 site in 2 titles, 2 neighbouring character villas fully leased to commercial tenants, both on final 3-year rights of renewal; mixed use zoning allows for development up to 4 storeys
Rent: $81,291/year net + gst
Outcome: sold for $3.6 million + gst at a 2.26% yield
Agents: Alan Haydock, Damien Bullick & Scott Kirk

Herne Bay

88 Jervois Rd:
Features: 652m2 site zoned mixed use, 315m2 refurbished 2-level villa, high stud character office space; fully leased to multiple tenants
Rent: $122,636/year net + gst
Outcome: sold for $4.2 million + gst at a 2.92% yield
Agents: Alan Haydock & Damien Bullick

Mt Eden

31 Rossmay Terrace:
Features: 1799m2 site zoned mixed use, 855m2 health & fitness centre, fully leased to tenant in occupation since 1999 with 10 years to run on current lease term plus 30-year right of renewal
Rent: $140,000/year net + gst
Outcome: sold for $2.9 million + gst at a 4.83% yield
Agents: Alan Haydock & Damien Bullick

North-west

Henderson

2 Tara Rd:  
Features: 802m2  site in quiet residential no-exit street, fully refurbished & upgraded 267m2 14-room accommodation facility (6 rooms with private ensuite, 8 single rooms), communal dining, living & laundry facilities; ready for occupation
Rent: $125,000/year net + gst estimated income after expenses & management
Outcome: sold vacant for $1,718,500 + gst
Agents: Damien Bullick & Alan Haydock

Attribution: Agency release.

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Intensifying urban face could support Dominion Rd project revisit

Published 31 August 2018
One of the principles of New Zealand planning law is that you don’t make conditions worse for others.

A proposal by Auckland Council urban development arm Panuku to redevelop the corner of Dominion Rd & Valley Rd in Mt Eden would dominate neighbours and put them in the shade, according to the decision by council-appointed planning commissioners to reject the proposal.

One part of the argument supporting the Panuku scheme was that more new development would follow, under the more intensification-oriented Auckland unitary plan.

But hearing chair Janine Bell wrote in the panel’s decision document that the commissioners couldn’t take account of other future developments which might not proceed. The permitted baseline for the panel to consider, therefore, was what is, not what might be.

That’s the same approach as commissioners took in July in declining a retirement village development in St Johns. Summerset Group Holdings Ltd proposed 7 buildings ranging up to 7 storeys high, and 8 storeys at part of one building, but the hearing chair Mark Farnsworth said in the decision to reject it: “The height, bulk, form & appearance of the proposal are not appropriate for the site and the potential adverse effects of the proposal do not do sufficiently balance its benefits…. The interface of the zoning of the site with the zoning of surrounding properties imposes development constraints & anticipated outcomes that will not be achieved to an acceptable extent.”

Mr Farnsworth recognised, as Ms Bell has done, that things might change. In the eastern suburbs, Mr Farnsworth noted a submission that neighbourhoods would change as development raised height levels, typically up to 3 storeys at first, including detached dwellings, terraced housing & low-rise apartments.

The same is likely to occur along Dominion Rd, assuming it becomes a light rail route from downtown Auckland to the airport. It’s not hard to see a dramatic revision of the landscape if Eden Park is replaced as a sporting venue and housing or a mixed neighbourhood is developed there. In that event – occasionally contemplated, not in any immediate plans but likely to be raised more frequently – the present lowrise suburban streetscape from Sandringham Rd at Kingsland across to Dominion Rd would quickly be intensified – and the argument over this Valley Rd corner would be ended.

Proposal “not without merit”

In the decision on the Panuku application, Ms Bell wrote: “In our view, the proposal was not without merit, as we can see the positive benefits that residential intensification would offer to this part of the inner city. As set out in our preceding discussion, it was the scale, bulk & intensity of the proposed development within this part of the business local centre zone that we find is not in keeping with the planning outcomes identified in the unitary plan for the surrounding environment, in particular the special character values of the Eden Valley area and the reduced height limit imposed by the height variation control.”

Panuku proposed the construction of a multi-level mixed use development on the 8 adjoining sites at 198-202, 214-222 Dominion Rd & 113-117 Valley Rd, Mt Eden. This would involve demolition of all existing buildings, including 2 character-supporting buildings, and development that would result in 102 apartments & 9 shops.

A new approach is not out of the question, indicated by a comment from Ms Bell in the decision: “Redevelopment of the site, with mixed use development, is both anticipated & supported. This position was confirmed by all experts & submitters. We agree. However, we consider that site redevelopment in this location – being a local centre zone where both a special character area overlay and a height variation control apply – is required to take account & provide for a wider project scope than simply ‘high intensity/urban intensification’.

“While we find that the proposal addresses these project parameters to a large degree, there remain elements of the design that result in a built form that is not compatible with the intent & purpose of the special character area values.”

For a new development approach in the near future, it would have to take account of some specific concerns raised by the hearing panel:

  • Building A exceeds the 13m maximum total height standard on its eastern elevation by about 5m, and is about 17.5m from its eastern boundary
  • Building C exceeds the 13m height standard by 7.5m, and is about 10.5m from its northern boundary
  • The height infringement associated with Building D is less easily defined, but of a lower order than Buildings A & C, and in part complies with the terraced housing & apartment buildings zone standard of 16m for a short distance
  • This end of the building also infringes the height:boundary standard to its northern boundary by between 3.8-1.4m.

Links:
Panuku: Dominion & Valley Rds
Full hearing decision

Earlier story:
3 August 2018: Commissioners decide 7 storeys too high for retirement village in mixed housing zone so soon in life of unitary plan

Attribution: Panel decision.

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JLL sells 5 buildings in east, west & on Shore

JLL agents have sold a vacant 3-storey Parnell building, 2 buildings on the west of the isthmus in Lynfield & Mt Eden and a unit in Vinegar Lane, and a multi-tenanted Browns Bay building on the Shore (pictured).

Isthmus east

Parnell

24 York Street:
Features: 599m² 3-level standalone building zoned business mixed use
Outcome: sold with vacant possession for $4.1 million + gst
Agents: Jason Armstrong & Ian Hall

Isthmus west

Grey Lynn

25 Pollen St, corner Crummer Rd:
Features: vacant 80m² retail or office unit, 46m² exclusive courtyard in Vinegar Lane development
Outcome: sold for $1.175 million + gst
Agent: Alex Wefers

Lynfield

210 White Swan Rd:
Features: 1011m² site, 330m² building, childcare centre licensed for 54 children, 13 parking spaces
Rent: $121,000/year net + gst
Outcome: sold for $2.325 million + gst at a 5.2% yield
Agents: Kevin Reardon & Alex Wefers

Mt Eden

101 Mt Eden Rd:
Features: 1812m² investment & development site, multi-tenanted building
Outcome: sold for $5.6 million + gst at a 2.7% yield
Agents: Tommy Zhang & Kevin Reardon

North-east

Browns Bay

41 Bute Road:
Features: 2093m² site, 1044m² net lettable area, 2-level multi-tenanted building in 7 titles, 6 ground-floor retail tenants + Lollipops childcare centre upstairs licensed for 75 children, 31 parking spaces
Outcome: sold for $6.9 million + gst at a 6% yield
Agents: Ian Hall & John Binning

Attribution: Company release.

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Edge-of-town block & 3 suburban units among auction sales

A block of land on the edge of Wellsford (pictured) was among properties sold at Bayleys auctions around the Auckland region last week.

The list of 8 properties below includes another 5 sales – a vacant shop in Avondale, 3 suburban units & a new house at Hobsonville Point.

Land & commercial

Isthmus west

Avondale

2020 Great North Rd:
Features: 83m² site, 77m² takeaway shop
Outcome: passed in, sold post-auction with vacant possession for $470,000
Agents: Shane Snijder & James Were

North-east

Wellsford

Monowai St:
Features: 14.5ha grazing property in 3 titles – 8500m² residential, 5500m² future urban (in the 2023-27 period), 13ha of countryside living, inside the town boundary & facing north, connected to town water supply
Outcome: sold for $1.13 million
Agent: John Barnett

Residential

Isthmus east

Ellerslie

4 Ramsgate St, unit 5:
Features: refurbished 2-bedroom unit, internal-access garage
Outcome: sold for $845,000
Agents: John Procter & Alan Elliott

One Tree Hill

72 Paihia Rd, unit 4:
Features: 2-bedroom unit, carport
Outcome: sold prior for $683,000
Agents: Masoud Solati & David Storer

Isthmus west

Mt Eden

433 Dominion Rd, unit 505:
Features: one-bedroom top-floor apartment, secure basement parking space
Outcome: withdrawn from auction
Agents: Trent & Julie Quinton & Jon Fisher

Pt Chevalier

26 Carrington Rd, unit 5:
Features: cross-lease, 2 bedrooms, carport
Outcome: passed in, back on market at $750,000
Agent: Gay Kelly

North-west

Hobsonville Point

6 Hastings St:
Features: corner 4-bedroom house in the Sunderland precinct, 2 living rooms, 2 bathrooms, double internal-access garage
Outcome: sold for $1.58 million
Agent: Joan Barton

South

Howick

46 Moore St, unit 3:
Features: 90m², 2-bedroom unit, garage
Outcome: sold for $615,000
Agent: Hamish McKay

Attribution: Agency release.

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4 inner-western isthmus commercial sales

Bayleys agents have sold 4 mostly commercial properties through the inner-western isthmus suburbs of Eden Terrace, Freemans Bay (pictured), Kingsland & Mt Eden.

Isthmus west

Eden Terrace

19 Virginia Avenue East:
Features: 325m² site zoned mixed use with 21m height overlay, 337m² standalone warehouse & office building
Outcome: sold with vacant possession for $1.35 million
Agents: Andrew Wallace & Cameron Melhuish

Freemans Bay

87 College Hill:
Features: 312m² site zoned mixed use, 244m² partly leased building comprising 2 self-contained tenancies – 113m² of streetfront office space, where tenant has exercised the first of 2 2-year rights of renewal; and vacant rear 131m² 3-bedroom apartment or workspace with a courtyard, one stacked parking space, garage & storage unit
Rent: $48,250/year net + gst from office tenancy
Outcome: sold for $2.025 million
Agents: James Were & Scott Kirk

Kingsland

2 Kingsland Terrace:
Features: 941m² site zoned mixed use, bordering Nixon Park, 1297m² warehouse & office building, 13 parking spaces
Rent: $169,533/year net + gst from multiple, mostly monthly tenancies; estimated potential net income following refurbishment of $260-300,000/year net + gst
Outcome: sold for $3.47 million
Agents: James Were & Scott Kirk

Mt Eden

19 Edwin St, unit 7B:
Features: 226m² level 1 office unit in north-facing corner position, 5 parking spaces
Outcome: sold with vacant possession for $875,000
Agents: Jean-Paul Smit & Phil Haydock

Attribution: Agency release.

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3 sold in focus on cross-leases

7 of the 11 homes auctioned at Barfoot & Thompson’s city office yesterday afternoon were cross-leases, and 3 sold.

Also up for auction were a townhouse not on a cross-lease, an apartment & 2 standalone houses, all passed in.

A Newmarket apartment auctioned in the morning didn’t attract a bid.

The brick-&-tile sausage block is the standard from the past and they’re generally holding buyer interest, though the one in the photo above, in Mt Albert, didn’t attract a bid. Recent indications from the auctionrooms are that owners of suburban units & cross-leased homes, having gone to market, are resisting price reductions.

Isthmus east

Greenlane

93 Wheturangi Rd, unit 2:
Features: cross-lease, 1/5 share in 1942m², 2-bedroom unit, study, conservatory, garage
Outcome: sold for $1.057 million
Agents: Wendy Sadd & Helen Lam

Mt Wellington

36 Panama Rd, unit 1:
Features: cross-lease, ¼ share in 1232m², 2-bedroom unit, garage
Outcome: no bid
Agent: Paula Boontueng

Newmarket

Queen’s Lodge, 176 Broadway, unit C308:
Features: 64m², 2-bedroom apartment, 2 ensuites, secure covered parking space
Outgoings: body corp levy $2144/year for unit, $415/year for parking
Income assessment: $650-680/week
Outcome: no bid, back on market at $658,000
Agents: Selina Zheng & Tommy Zhang

Onehunga

49 Namata Rd, unit 2:
Features: cross-lease, 1/3 share in 895m², 2-bedroom unit – double-glazed, insulated, rewired; carport
Outcome: sold for $750,000
Agent: Kelly Fan

Remuera

17A Armadale Rd:
Features: cross-lease, 1/3 share in 858m², 3 bedrooms, 2 bathrooms, carport
Outcome: passed in at $1,281,500
Agents: Wayne Guo & Coco Wang

Isthmus west

Mt Albert

8 Counsel Terrace, unit 3:
Features: cross-lease, 1/6 share in 1315m², one-bedroom unit
Outcome: no bid, back on the market at $610,000
Agents: Wayne Guo & Zoe Zhang

Mt Eden

145 Mt Eden Rd, unit 10:
Features: 2-bedroom apartment, parking space
Outgoings: body corp levy $4343/year
Outcome: passed in at $820,000
Agent: Mozhgan Bahrami

573C Mt Eden Rd:
Features: 209m², 4-bedroom townhouse, 3 bathrooms, double garage
Outcome: passed in at $1.55 million
Agents: Ricky Fan & Joyce Gu

Mt Roskill

98 Melrose Rd, unit 4:
Features: cross-lease, ¼ share in 1378m², 75m² 2-bedroom unit, parking space
Outcome: passed in at $560,000
Agents: Michael Zhang & Debbie-Lee Wallace

North-west

New Lynn

1 Riverview Rd, unit 1:
Features: cross-lease, half share in 1042m², 180m² 3-bedroom unit, 2 bathrooms, double garage
Outcome: sold for $907,500 at auction brought forward
Agents: Anna Lechtchinski & Alex Wu

Attribution: Auction.

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Tamaki Drive pad among 7 apartment & unit sales

A waterfront apartment in The Sands on Tamaki Drive (pictured) was sold at Barfoot & Thompson’s city branch auction this week, one of 3 apartments & suburban units sold out of 7 offered.

An apartment in the brand-new Victoria Residences, across the street from the SkyCity casino & hotels, was passed in with the bidding at $13,420/m² internal space.

When Conrad Properties Group Ltd launched the development at the beginning of 2015, prices equated to a range of $11,700-16,200/m². Conrad bought the 522m² site of the former Palace Hotel for $7 million in 2014 from the Chow brothers, who’d intended to develop a highrise brothel there.

An Epsom block of 3 2-bedroom units was passed in when offered in one lot, and each of the units was also passed in when offered separately.

CBD

Victoria St

Victoria Residences, 75 Victoria St West, unit 807:
Features: 50m² + 5m² balcony, one bedroom + flexi-room
Outgoings: body corp levy $3197/year
Outcome: passed in at $671,000, at $13,420/m² internal
Agents: Selina Zheng & Tommy Zhang
Earlier story:
26 January 2015: Victoria Residences & St James Suites set new price points

Isthmus east

Epsom

30B Buckley Rd, units 1, 2 & 3:
Features: block of 3 2-bedroom units, each with fully lined garage
Outcome: passed in as a single lot & when offered individually
Agents: Sara-Jayne Kingston & Dermot Kelly

Kohimarama

The Sands, 277 Tamaki Drive, unit 6:
Features: 3-bedroom apartment, 2 bathrooms, terrace, 2 parking spaces
Outcome: sold for $2 million
Agent: Karin Cooper

Isthmus west

Freemans Bay

2 Gunson St, unit 5:
Features: 1/6 share in 258m², unit 167m², 3 bedrooms, 3 bathrooms, study, upper deck, courtyard
Outcome: no bid
Agents: Carl & Roseanne Madsen

Hillsborough

291A Hillsborough Rd, unit 1:
Features: 2-level unit, 3 bedrooms, garage
Outcome: no bid, back on market at $679,000
Agents: Kam & Yogesh Dahya

Mt Eden

39 Bellevue Rd, unit 10:
Features: one-bedroom unit, carport
Outcome: sold for $525,000
Agents: Kim & Bruce Rule

Sandringham

Grove Court, 3 Grove Rd, unit 2:
Features: cross-lease, 1/5 share in 771m², 2-level 2-bedroom unit, parking space
Outcome: sold for $610,000
Agents: Paul Donovan & Sharon Walls

Attribution: Auctions.

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Distinctive Endymion & North apartments ignored as 4 other units sell

2 cross-leases & 2 suburban units were sold at Barfoot & Thompson’s residential auction at its city office yesterday, out of 10 intensive residential properties on offer. A terrace at Flat Bush was sold at pre-auction today.

Among the 6 passed in today, 2 of the more distinctive offerings attracted no bid – an apartment in the 60-year-old Endymion in Remuera and another in the brand-new North apartments on the Great North Rd ridge in Grey Lynn, which was taken to auction by developer David Southcombe.

Isthmus east

Epsom      

10 Empire Rd, flat 2:
Features: cross-lease, half share in 826m², 3-bedroom unit, 2 bathrooms, internal-access garage
Outcome: sold for $1.65 million
Agent: Sylvia Lu

Remuera

The Endymion on Remuera Rd.

Endymion, 90 Remuera Rd, unit 1:
Features: cross-lease, 1/24 share in 2139m², 87m² one-bedroom ground-floor apartment, sunroom, carport
Outcome: no bid
Agents: Maree Currie & Paul Robertson

Isthmus west

Grey Lynn

1A Dryden St, unit 5:
Features: one-bedroom unit, 40m² roof terrace, parking space
Outgoings: body corp levy $4534/year
Outcome: no bid
Agent: Susie Calderwood

North Apartments, 1 Turakina St, unit 1:
Features: new 2-level 3-bedroom apartment, 2 bathrooms, terrace, 2 secure basement parking spaces, storage locker
Outgoings: body corp levy $6548/year
Outcome: no bid
Agents: Ryan Harding & Louise Stringer

35 Turakina St, unit 9:
Features: 78m², 2-bedroom unit, deck, parking space
Outgoings: body corp levy $2927/year
Outcome: sold for $645,000
Agent: Felicity Scott

Mt Eden

6 Fairview Rd, flat 6:
Features: cross-lease, 1/6 share in 1006m², 97m² 2-bedroom unit, balcony, parking space
Outcome: sold for $790,000
Agents: Derek Helliwell & Cathy Giles

53 Grange Rd, unit 7:
Features: one-bedroom ground-floor unit in need of renovation
Outcome: sold for $575,000
Agents: Ketiesha Elliott & Frank Excell

705 Mt Eden Rd:
Features: cross-leased townhouse, 1/3 share in 907m², 4 bedrooms, 2 bathrooms, garage
Outcome: passed in at $1.1 million
Agents: George Fong & Amy Xiong

North-east

Torbay

21B Carlisle Rd:
Features: cross-lease, half share in 1012m², 3-bedroom house, internal-access garage
Outcome: passed in at $905,000
Agent: Susie Calderwood

North-west

Hobsonville

1 Settlers Avenue:
Features: 136m² section, 2-storey corner 4-bedroom terrace on own title, 2 bathrooms, garage
Outcome: passed in at $850,000
Agents: Emily Huang & Jonathan White

South

Flat Bush

The terrace at 56 Norwood Drive, Flat Bush (outlined).

56 Norwood Drive:
Features: 59m² section footprint, about 128m² on 4 levels including stairs & garage, 3-bedroom terrace, 2 bathrooms, high stud ceiling up to 4.4m, tandem parking in internal-access garage, still under 10-year master builder warranty
Outcome: sold at pre-auction for $750,000
Agents: Michelle Wang & Seth Dong

Attribution: Auctions.

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