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Updated: Wairau Valley car yard sells at over $2000/m² at Bayleys auction

Published 18 May 2017, updated 21 & 28 May 2017:
11 of the 21 commercial properties auctioned by Bayleys on Wednesday in its third Total Property portfolio for the year were sold under the hammer. 2 more have been sold post-auction – first, 100 Hinemoa St, Birkenhead, followed by 44 College Hill.

The first were sold, followed by a lull, but 2 of the most expensive offerings were well down the auction list.

One was a Wairau Valley car sales yard, set among a line of lowrise buildings jammed between the Northern Motorway & Wairau Rd on the North Shore, a stretch where the height limit is now 20m under the unitary plan.

The car yard was sold at $2365/m², which means it’s destined for multi-level development.

2 properties were sold for $4 million, both in Henderson. The first was a bank branch on Great North Rd, sold on a 5.5% yield, and the second, a Supercheap Auto outlet in the Lincoln North shopping centre, sold on a 5.3% yield.

CBD

Victoria Quarter

166 Hobson St:
Outcome: sold prior
Agents: Sarah Boles & Terry Kim
Story, 11 May 2017: 12 years after demolition order scrapped, Hobson St building sells

Isthmus east

Panmure

63 Queens Rd:
Features: 97m² retail unit on 2 levels occupied by Willow Hair Design, parking space
Rent: $24,000/year net + gst on new 3-year lease with 2 2-year renewals
Outcome: passed in
Agents: Ken Hu

Parnell

385 Parnell Rd, unit E:
Features: 54m², retail fully leased on month-to-month basis, 2 secure parking spaces
Rent: $32,760/year net + gst
Outcome: sold for $505,000
Agents: Andrew Wallace & Cameron Melhuish

Remuera

563 Remuera Rd:
Features: 144m² cafe, Upland Rd shopping village
Rent: $76,104/year net + gst
Outcome: sold for $1.6 million
Agents: Cameron Melhuish & Andrew Wallace

Isthmus west

Freemans Bay

42 College Hill:
Features: 511m² section, house with 124m² floor area, onsite parking
Rent: $44,500/year net + gst
Outcome: passed in at $1.5 million
Agents: James Were & Scott Kirk

Updated: 44 College Hill:
Features: 389m² section, house, onsite parking
Rent: $44,000/year net + gst
Outcome: passed in, sold post-auction for $1.5 million
Agents: James Were & Scott Kirk

Mt Roskill

74 Carr Rd:
Features: 835m² site, 697m² single-level building
Outcome: withdrawn from auction, changed to sale by deadline private treaty
Agents: Tony Chaudhary & Sunil Bhana

North

Kaikohe

39 Station Rd:
Features: 7199m² commercial property in 2 titles
Outcome: withdrawn from auction
Agents: John Greenwood & Paul Dixon

Warkworth

The Grange, 67 Auckland Rd, unit 11:
Features: 59m², Fish Nets fish & chips shop on 10-year lease in new retail development
Rent: $30,975/year net + gst
Outcome: passed in at $480,000
Agents: Matt Lee, Jan Hutcheson & James Chan

North-east

Albany

75 Corinthian Drive, unit L1:
Features: 197m² first-floor office, new 6-year lease in place with renewal rights, 5 parking spaces
Rent: $58,800/year net + gst + outgoings
Outcome: sold for $1.095 million
Agents: Jane Sims & Tonia Robertson

Birkenhead

Updated: 100 Hinemoa St:
Features: 757m² corner site, 421m² 2-storey building
Rent: $103,907/year net + gst from 6 tenancies
Outcome: passed in at $2.7 million, sold post-auction for $2.7 million
Agents: Simon Aldridge & David Huang

27-33 Mokoia Rd, units 4, 5 & 7:
Features: 59m² total, 3 strata units next to Highbury mall, tenants are a dry cleaner & kebab shop, third unit vacant
Agents for all 3: Michael Nees, Owen Ding & Oscar Kuang
Unit 4, vacant:
Outcome: passed in at $300,000
Unit 5, kebab shop:
Rent: $24,000/year net + gst, lease running to 2030
Outcome: passed in at $470,000
Unit 7, dry cleaners:
Rent: $18,942/year net + gst, lease 6 years from last October
Outcome: passed in at $300,000

225 Onewa Rd:
Features: cross-lease, 1/3 share in 913m², vacant ex-surgery, 5 parking spaces
Outcome: sold for $650,000
Agents: Michael Nees, Owen Ding & Oscar Kuang

Rosedale

7 Vega Place, unit E:
Features: 272m² industrial unit,
Rent: $52,000/year net + gst from established tenants on new leases
Outcome: sold for $980,000
Agents: James Kidd & Matt Mimmack

Silverdale

1 Polarity Rise, ground floor:
Features: 145m², 2 shops on 2 titles for sale as one
Rent: $61,966.70/year net + gst + opex
Outcome: passed in
Agents: Ashton Geissler, Eddie Zhong & Mustan Bagasra

Takapuna

424 Lake Rd:
Features: 3 tenancies
Rent: $61,950/year net + gst, rising to $63,383 in November,
Outcome: sold for $1.5 million
Agents: Michael Nees & David Huang

Wairau Valley

107 Wairau Rd:
Features: 1184m² site, 13-year-old car dealership Car7, 40m² office 
Rent: $63,600/year net + gst, redevelopment potential up to 20m height limit
Outcome: sold for $2.8 million at $2365/m²
Agents: Brian Caldwell & Ranjan Unka

North-west

Henderson

Lincoln North Shopping Centre, 192 Lincoln Rd, unit A1:
Features: 756m² retail unit, 7-year lease to Supercheap Auto from July 2016
Rent: $212,292.82/year net + gst
Outcome: sold for $4 million at a 5.3% yield
Agents: Matt Lee, Tony Chaudhary & James Chan

373 Great North Rd:
Features: 808m² corner site, 1240m² floor area, BNZ as tenant on lease to 2020 with further renewal rights, basement parking
Rent: $219,360/year net + gst + opex, rent review in December
Outcome: sold for $4 million
Agents: Mike Adams & Laurie Burt

South

East Tamaki

44D Andromeda Crescent:
Features: 400m² industrial unit – high stud, clearspan warehouse 300m², office/amenities 40m², mezzanine 60m²
Outcome: sold for $735,000
Agents: Nelson Raines

Mangere Bridge

19 Coronation Rd:
Features: 273m² town centre site, 160m² bank branch, seismic rating 67% of new building standard
Rent: $34,000/year net + gst
Outcome: sold for $973,000
Agents: Nicolas Ching & Beterly Pan

South of the Bombays

Hawke’s Bay

Napier, Onekawa

Deco City Motor Lodge, 308 Kennedy Rd:
Features: 2682m² site, 30 studios and 1- & 2-bedroom units, conference suite, manager’s quarters, freehold going concern, Qualmark 4.5 stars, in Host Accommodation Group, seismic rating 80% of new building standard
Outcome: no bid
Agents: Paul Dixon, Daniel Moffitt & Carolyn Hanson

Attribution: Company release.

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7 of 19 intensive homes sell at Barfoots

7 intensive properties sold out of 19 auctioned at Barfoot & Thompson’s city office over the last 3 days. They include apartments, suburban units, townhouses & homes on cross-leases.

At times the auctionroom was busy, more often quiet – not surprisingly so, given that the agency is putting through about the same number of properties in a week as it was pumping through in a day at the frenzied height of the market last year & briefly this year.

The properties listed below were auctioned between Tuesday afternoon & Thursday morning.

CBD

Learning Quarter

Silo, 23 Emily Place, unit 11H:
Features: 3-bedroom apartment, deck, 2 parking spaces
Outgoings: body corp levy $8677/year for the unit, $746/year for each parking space
Outcome: passed in at $900,000
Agents: Aaron Cook & Leo Shin

Argent Hall, 2 Eden Crescent, unit 14F:
Features: one-bedroom apartment, storage unit, parking space
Outgoings: body corp levy $6183/year
Outcome: passed in at $540,000, sold shortly after the auction for $557,000
Agents: Zoran Farac & Justin Choi

Isthmus east

Ellerslie

22 Marua Rd, unit 3:
Features: cross-lease, quarter share in 1214m², 4 bedrooms, double carport
Outcome: sold for $858,000
Agents: Alex Yang & Xia Wang

Mt Wellington

16 Bertrand Rd, unit 4:
Features: 2-bedroom unit, carport
Outcome: no bid
Agents: Robben Li & Will Liu

Newmarket

Queens Lodge, 176 Broadway, unit D505:
Features: one-bedroom apartment, secure parking space
Outgoings: body corp levy $1353/year for unit, $638/year for parking
Outcome: no bid, back on market at $580,000
Agent: Duncan Wu

Onehunga

90 Victoria St, unit 2:
Features: cross-lease, 1/9 share in 2056m², 2 bedrooms, garage
Outcome: no bid, back on market at $589,000
Agents: Leonie Stabler & Di Lynds

Parnell

4 Churton St, unit 4:
Features: 3-bedroom townhouse, 2 bathrooms, 2 parking spaces
Income assessment: appraisal $1350/week
Outcome: no bid, back on market at $1.775 million
Agent: Linda Galbraith

4 Churton St, unit 5:
Features: 3-bedroom townhouse, 2 bathrooms, 2 parking spaces
Income assessment: appraisal $1350/week
Outcome: no bid, back on market at $1.775 million
Agent: Linda Galbraith

4 Churton St, unit 7:
Features: 3-bedroom townhouse, 2 bathrooms, 2 parking spaces
Income assessment: appraisal $1350/week
Outcome: no bid, back on market at $1.775 million
Agent: Linda Galbraith

Isthmus west

Grey Lynn

23A Pollen St, unit 102:
Features: one-bedroom apartment, study nook, balcony, storage unit, secure parking space
Outgoings: body corp levy $3382/year
Outcome: sold for $741,000
Agents: George Damiris & Carl Madsen

Herne Bay

27 Wallace St, unit 1:
Features: one-bedroom apartment, parking space
Outgoings: body corp levy $3193/year
Outcome: passed in
Agents: Ashley Tait & Andre Bodde

Kingsland

52 Aitken Terrace, unit 1A:
Features: one-bedroom apartment, double garage
Outgoings: body corp levy $4743/year
Outcome: sold for $930,000
Agents: George Damiris & Carl Madsen

Mt Roskill

41A Marion Avenue:
Features: cross-lease, half share in 839m², 4 bedrooms, carport
Outcome: no bid
Agents: Denis Dias & Calvin Roche

25A Rogan St:
Features: cross-lease, half share in 813m², 3 bedrooms, 2 bathrooms, garage
Outcome: passed in
Agent: Tanzi Rose

Sandringham

32 Fowlds Avenue, unit 3:
Features: cross-lease, quarter share in 655m², 2-bedroom unit, garage
Outcome: sold for $687,000
Agent: Felix Bogdanovic

24 Morningside Drive, unit 4:
Features: 2-bedroom unit, garage
Outgoings: body corp levy $591/year
Outcome: sold for $639,000
Agent: Repeka Lelaulu

St Marys Bay

101 Shelly Beach Rd, unit 1:
Features: cross-lease, 1/6 share in 695m², 2-bedroom unit, deck, private courtyard
Outcome: passed in at $800,000
Agents: Carl & Rosanne Madsen

117 Shelly Beach Rd, unit 9:
Features: 3-bedroom terrace, 3 bathrooms, balcony, double garage
Outgoings: body corp levy $5418/year
Outcome: no bid
Agents: Carl & Rosanne Madsen

North-west

Henderson

85 Edmonton Rd, unit 18:
Features: 2-bedroom unit, offstreet parking
Income assessment: $360/week fixed until August
Outcome: sold for $489,000
Agent: Rosemary Giborees

Attribution: Auctions.

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3 apartments sell at Ray White auction

3 of the 5 apartments auctioned at Ray White City Apartments today were sold under the hammer. One was a penthouse on Anzac Avenue (pictured), another was a leasehold unit in Lighter Quay and the third was one of 2 studios in the Bankside Apartments at the top of Shortland St.

CBD

Learning Quarter

Avenue 105, 105 Anzac Avenue, unit 4C:
Features: 97m², penthouse-level 2 bedrooms, 2 bathrooms, secure covered parking space
Outgoings: rates $1988/year including gst; body corp levy $6442/year
Income assessment: $600/week unfurnished, fixed until November, appraisal $700-750/week furnished
Outcome: sold for $705,000
Agents: Mitch Agnew & Ryan Bridgman

Bankside Apartments, 8 Bankside St, unit 7D:
Features: 30m² studio with partitioned bedroom, balcony
Outgoings: rates $1075/year including gst; body corp levy $4665/year
Income assessment: $450/week
Outcome: sold for $315,000
Agent: Ann Bennett

Bankside Apartments, 8 Bankside St, unit 6D:
Features: 30m² studio with partitioned bedroom, balcony
Outgoings: rates $1075/year including gst; body corp levy $4469/year
Income assessment: $450/week
Outcome: passed in at $285,000
Agent: Ann Bennett

The Quadrant, 10 Waterloo Quadrant, unit 1918:
Features: 32m², furnished one bedroom
Outgoings: rates $1211/year including gst; body corp levy $4013/year
Income assessment: out of hotel pool, $430-460/week furnished
Outcome: passed in at $380,000
Agents: May Ma & Mark Li

Wynyard Quarter

Lighter Quay, 75 Halsey St, unit 303:
Features: leasehold 45m², furnished one bedroom, secure parking space
Outgoings: rates $1481/year including gst; body corp levy $6712/year including $3254/year ground rent
Income assessment: $550/week
Outcome: sold for $202,000
Agent: Liz McCarthy

Attribution: Auction.

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Pullman & Kitchener St apartments sell

2 apartments were sold at Bayleys’ city auction yesterday, one in the Pullman Residences and the other in Kitchener St Studios (pictured). Another 2 city apartments, a Herne Bay townhouse and a cross-lease in West Auckland were passed in.

CBD

Kitchener St

Kitchener St Studios, 22 Kitchener St, unit 5D:
Features: one-bedroom loft, seismic rating 75% of new building standard
Outgoings: rates $1544/year including gst; body corp levy $4085/year
Outcome: sold for $665,000
Agents: Julie Prince & Diane Jackson

Learning Quarter

Maison en Ville, 24-26 Anzac Avenue, unit 4:
Features: 2/3-bedroom penthouse, internal floor-ceiling doors, leased parking space
Outgoings: rates $2751/year including gst; body corp levy $8136/year including $1988/year lift levy
Outcome: no bid
Agents: Diane Jackson & Julie Prince

Pullman Residences, 6 Princes St, unit 7G:
Features: 70m², fully furnished one bedroom, deck, parking space
Outgoings: body corp levy $11,209/year
Outcome: sold for $670,000
Agent: David Anderson

Queen St

CityLife, 171 Queen St, unit 2304:
Features: 261m², air-conditioned, double-height glass atrium living area, 3-bedroom penthouse, 3 bathrooms, powder room, study, wine cellar, room-sized storage area, wraparound balconies, 2 secure parking spaces
Outgoings: body corp levy $25,486/year
Outcome: no bid
Agents: Shona Walding

Isthmus west

Herne Bay

4 Curran St, unit 9:
Features: 4-bedroom townhouse, 2 bathrooms, parking space
Outgoings: body corp levy $3276/year
Outcome: passed in at $1.4 million
Agents: Karen Spires & Sally Ridge

North-west

Sunnyvale

8 Borich Rd, unit 2:
Features: cross-lease, half share in 794m², 3 bedrooms, garage
Outcome: no bid
Agents: Cindy Ji

Attribution: Auction.

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Heritage Grand & Citta units sell

A Heritage Grand Tower studio was sold under the hammer at City Sales’ auction yesterday, and a Citta studio (building pictured) with parking space was sold before the auction for $48,000 more than it went for in December.

A large unit in The Mews on Basque Rd, Eden Terrace,with remediation work almost complete, was passed in, and 2 leasehold units in Q Central, at the top of Queen St, were also passed in.

CBD

Uptown

Q Central, 26 Liverpool St, unit 2B:
Features: leasehold, 65m², 2 bedrooms, deck, tandem lockup garage
Outgoings: rates $1341/year including gst; body corp levy $3642/year, ground rent $6893/year
Outcome: passed in at $135,000
Agents: Maryanne Wong

Q Central, 34 Liverpool St, unit 6B:
Features: leasehold, 70m², 2 bedrooms, deck, storage locker, 2 parking spaces
Outgoings: rates $1341/year including gst; body corp levy $4907/year, ground rent $8808
Income assessment: $600-650/week
Outcome: passed in at $120,000
Agents: Kristine Snore

Victoria Quarter

Heritage Grand Tower, 22 Nelson St, unit 315:
Features: 37m² studio including deck
Outgoings: rates $1063/year including gst; body corp levy $3734/year
Outcome: sold for $268,000
Agents: Iona Rodrigues

Isthmus east

Grafton

Citta, 186 Symonds St, unit 302:
Features: 36m² studio, parking space
Outgoings: rates $1093/year including gst; body corp levy $3143/year
Outcome: sold in December for $320,000, sold prior for $368,000
Agents: Steve Kirk & Habeeb Urrahman

Isthmus west

Eden Terrace

The Mews, 8 Basque Rd, unit 7/4C:
Features: 122m² including deck, 2 bedrooms, 2 bathrooms, tandem parking; remediation project almost completed, final repair costs not yet known, code compliance certificate still to be issued
Outgoings: rates $1030/year including gst; body corp levy $5126/year
Outcome: passed in at $790,000
Agents: Trisha Shanaghan

Attribution: Auction.

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5 intensive residentials & 2 warehouses sell at Barfoots

Barfoot & Thompson sold 5 intensive residential properties – apartments, townhouses, suburban units, cross-leases – at its city auctions on Wednesday-Thursday, leaving 9 unsold, and sold both commercial properties on offer.

After some long silences during the residential auction yesterday, one of the warehouses was brought back and sold after some spirited bidding. The other warehouse was sold shortly after auction.

Apartments

CBD

Queen St

Queen’s Residences, 8 Airedale St, unit 1104:
Features: one-bedroom apartment, study, balcony
Outgoings: body corp levy $1858/year
Outcome: sold for $470,000 at auction brought forward
Agents: Simon Cai & Terry Kim

Uptown

Amora, 100 Greys Avenue, unit 7D:
Features: one-bedroom apartment, management contracted to the hotel until 2020, hotel pays body corporate & council levies, annual CPI increases for income
Outgoings (paid by hotel): body corp levy $4531/year + one-off $1628 special levy to install common area air-conditioning
Income assessment: exceeding $9800/year + gst
Outcome: sold for $215,000
Agents: Mike Campbell

Victoria Quarter

Harbour Green, 11 Union St, unit 1110:
Features: refurbished 2-bedroom apartment, balcony, carport
Outgoings: rates $1316/year including gst; body corp levy $5185/year
Income assessment: $520-540/week
Outcome: no bid
Agents: Selina Zheng

SugarTree, 27 Union St, unit 809:
Features: 2-bedroom apartment, 2 bathrooms, study, 2 balconies, storage locker, parking space
Outgoings: body corp levy $6999/year
Outcome: passed in at $870,000, back on market at $890,000
Agents: Livia Li & Alan Guo

Isthmus east

Epsom

1 Epsom Avenue, unit 1:
Features: cross-lease, 1/10 share in 1438m², 3-bedroom unit, balcony, carport
Outcome: no bid, back on market at $765,000
Agents: George Fong & Paul Sun

614C Manukau Rd:
Features: cross-lease, 1/4 share in 800m², 3 levels, 4 bedrooms, 4 bathrooms, 2 living areas, double internal-access garage
Outcome: no bid
Agents: Diana & Peter West

Mission Bay

Garden Court, 105 Tamaki Drive, unit 12:
Features: 2-bedroom apartment, parking space; the asset offered was 6500 shares in Garden Court Flats Ltd & the right to vacant possession of this flat
Outcome: passed in at $1 million
Agents: Andy Dye

Parnell

Farnham Terraces, 8 Farnham St, unit 2A:
Features: 140m², 2-bedroom terrace, 2 bathrooms, storage locker, tandem parking
Outgoings: body corp levy $6278/year
Outcome: passed in at $931,000
Agents: Selina Zheng & Jason Li

Royal Oak

16 Beckenham Avenue, unit 1:
Features: cross-lease, half share in 817m², 3 bedrooms, 2 bathrooms, internal-access garage
Outcome: sold for $1.301 million
Agents: Leonie Stabler & Di Lynds

St Johns

23 Strong St, unit 1:
Features: cross-lease, quarter share in 622m², 2-bedroom unit, deck, parking space
Outcome: passed in, back on market at $610,000
Agents: Cristina Casares & Jacqui Freeman

Isthmus west

Eden Terrace

10 Flower St, unit 105:
Features: 2-bedroom apartment, parking space
Outgoings: body corp levy $3912/year
Outcome: no bid
Agents: Jason Buckwell

Herne Bay

37 Sentinel Rd, unit 2:
Features: cross-lease, 1/3 share in 1442m², 3-bedroom freestanding townhouse, 2 bathrooms, attic, double garage
Outcome: sold for $1.56 million
Agents: Jack Atherton & Sherryl Jones

Mt Albert

21 Burch St, unit 6:
Features: 86m², 2-bedroom unit, balcony, garage
Outgoings: body corp levy $1040/year
Outcome: sold for $795,000
Agents: Lisa Redgrove & George Damiris

Mt Eden

69 View Rd, unit 4:
Features: cross-lease, 1/6 share in 769m², 2-bedroom apartment, offstreet parking
Outcome: passed in, back on market at $745,000
Income assessment: $540/week current
Agents: Frank Excell & Ketiesha Elliott

Commercial

Isthmus east

Onehunga

154 Captain Springs Rd:
Features: 1793m² site, 1321m² warehouse with small office, 300m² front yard, 250m from Te Papapa Station
Rent: $122,000/year net + gst + outgoings on monthly arrangement
Outcome: passed in at $2.275 million, sold for $2.476 million after further negotiation
Agents: James Marshall & Nick Wilson

Penrose

922 Great South Rd:
Features: vacant 1163m² site, 482m² warehouse, showroom & office, 450m² yard, 21 parking spaces
Outcome: passed in with no bid, sold for $1.302 million after auction reopened
Agents: Nick Wilson & James Marshall

Attribution: Auctions.

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Updated: 2 more sold; apartment sales take hefty discounting

Published & updated 19 May 2017
Update: 2 more apartments were sold shortly after yesterday’s auction at Ray White City Apartments, taking sales to 5 out of 7. The post-auction sales were at HarbourCity & The Wakefield, details below.

Under the hammer

3 apartments were sold under the hammer out of 7 auctioned at Ray White City Apartments yesterday, but the road to a sale demonstrated the slide in pricing in Auckland’s residential markets.

A unit in the Aura on Cook St was knocked down after the vendor’s bottom price was revealed, followed by a long pause before it was taken up.

That was followed by the sale of leasehold units in Q City at the top of Queen St and Scene 3 in Quay Park. The unit in Q City (pictured) went for $13,000 under the declared reserve.

2 small units in Winsun Heights – real shoeboxes – were passed in.

Updated details:

CBD

Commerce/Gore

Updated: HarbourCity, 16 Gore St, unit 37A:
Features: 38m², one bedroom
Outgoings: rates $3077/year including gst; body corp levy $2479/year (excluding water & gas); $5099 levy for remediation investigation & legal fees, of which first instalment $1283 paid
Income assessment: $430-460/week furnished
Outcome: passed in at $300,000, sold shortly after the auction for $315,000
Agents: May Ma & Mark Li

Learning Quarter

Updated: Wakefield, 18 Wakefield St, unit 2C:
Features: 98m² including 4m² deck, 2 bedrooms, 2 bathrooms, parking space, renovations completed
Outgoings: rates $1671/year including gst; body corp levy $4012/year
Outcome: passed in at $750,000, shortly after the auction for $805,000
Agent: Dominic Worthington

Quay Park

Scene 3, 30 Beach Rd, unit 1408:
Features: leasehold, 77m², one bedroom, study, parking space
Outgoings: rates $1810/year including gst; body corp levy $5496/year, ground rent $11,867/year
Outcome: sold for $151,000
Agent: Andrew Bond

Uptown

Q City, 15 City Rd, unit 10H:
Features: leasehold, 40m², fully furnished one bedroom, balcony
Outgoings: rates $1050/year including gst; body corp levy $3985/year, ground rent $5642/year
Income assessment: $450-480/week furnished
Outcome: declared reserve $99,000, sold for $86,000
Agent: Liz McCarthy

Winsun Heights, 113 Vincent St, unit 12A:
Features: 17m² top-floor studio
Outgoings: rates $1008/year including gst; body corp levy $2774/year
Income assessment: $280/week current, appraised estimate $350/week
Outcome: passed in at $125,000
Agent: Ann Bennett

Winsun Heights, 113 Vincent St, unit 12B:
Features: 14m² top-floor studio
Outgoings: rates $996/year including gst; body corp levy $2774/year
Income assessment: $280/week current, appraised estimate $320/week
Outcome: passed in at $130,000
Agent: Ann Bennett

Victoria Quarter

Aura, 53 Cook St, unit 713:
Features: 49m², refurbished 2 bedrooms, parking space
Outgoings: rates $1287/year including gst; body corp levy $4949/year
Income assessment: $560-600/week furnished
Outcome: sold for $440,000
Agents: Ron Yang, Damian Piggin & Daniel Horrobin

Attribution: Auction.

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Last preparations start for rail tunnel excavation

Auckland’s city rail link project entered the final stage of preparation works on Albert St last week before tunnel construction works begin.

The top 1.5m of road surface is being removed on the eastern side of Albert St between Wyndham & Swanson Sts before installation of the second half of the temporary steel work required to support the walls of the trench in which the future rail tunnels will be constructed.

Auckland Transport said: “Any utility services that remain in this top portion of the road will be temporarily supported on the steel work to ensure there is no disruption to local residents & businesses.”

In a few weeks, a temporary deck will be constructed over the top of these steel struts, which will provide working room over the top of the trench for excavators & haulage trucks.

“A lane of traffic will be maintained in each direction throughout these works.

“On the remainder of Albert St between Swanson & Customs Sts, work continues to tie together & brace the 20m-deep piles installed to support the trench walls.

“Excavation also began last week on the third portion of the traffic deck being constructed at the Customs/Albert St intersection. When all 4 sections of the deck are completed in September, they will form a bridge structure that spans the entire intersection, allowing all 4 traffic lanes to be re-established while the rail link tunnels are constructed underneath.”

Link:
Auckland Transport, city rail link web page

Attribution: Auckland Transport release.

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Goodman-GIC joint venture adds Bayleys House to portfolio

The joint venture between the NZX-listed Goodman Property Trust & Singapore sovereign wealth fund GIC Pte Ltd has added Bayleys House in the Wynyard Quarter to its portfolio.

That acquisition for $62.3 million, and the $86.2 million purchase of the neighbouring Datacom Building, which settled on Friday, take joint venture company Wynyard Precinct Holdings Ltd’s portfolio to 7 buildings worth over $470 million.

The recently completed 6-storey 8106m² Bayleys House backs on to the Fonterra Centre, also in the portfolio. Fonterra at 109 Fanshawe St, and Bayleys at 30 Gaunt St, also front Halsey St in the VXV Precinct which has been developed by ASX-listed Goodman Group on leasehold land owned by Viaduct Harbour Holdings Ltd.

The 7-storey 16,735m² Datacom building is across VXV Plaza from Bayleys, on the corner of Gaunt & Daldy Sts.

John Dakin, chief executive of the Goodman trust’s manager, Goodman (NZ) Ltd, said the partnership strategy provided scale for the trust and gave it greater exposure to Auckland’s fastest-growing commercial precinct.

“Featuring large flexible floorplates and incorporating sustainable architectural elements & energy-efficient building systems, the lowrise office property is designed to a 5 green star rating. It is also expected to achieve a 5-star NabersNZ base building rating when assessed in 12 months’ time.”

Predominantly leased to real estate specialist Bayleys, technology provider IBM & law firm Mayne Wetherell, Bayleys House’s leases incorporate fixed review structures and have a weighted average term of 9 years. The ground-lease obligations are structured for a period of 15 years.

Goodman Group undertook the development on a build-to-lease basis. The purchase price reflects an initial yield of 7.6% on contract rentals, and additional fitout rent increases the passing yield to 8.8%.

The acquisition, which remains conditional on the approval of the landowner, is expected to settle in June.

On settlement, the joint venture’s portfolio will contain 88,000m² of office space for about 20 tenants. When future lease commitments are incorporated, the portfolio will have an occupancy rate of 96% and a weighted average lease term of over 9 years.

Earlier stories:
27 March 2015: Fletcher & Goodman sign up for new Wynyard Quarter building
7 November 2014: Goodman Group buys another Wynyard development block

Attribution: Company release.

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Icon puts refurbished St Kevins Arcade back on market

The Icon Group (2014) Ltd owner Paul Reid has put St Kevins Arcade on Karangahape Rd up for sale after refurbishing it over the last 2 years.

The 2431m² 3-level retail, office & residential complex, built in 1924, sits on 1250m² at 183 Karangahape Rd and is fully leased with 35 tenancies generating $1.168 million/year net income. The tender through Bayleys closes on Wednesday 14 June, unless sold prior.

Mr Reid said the decision to sell fitted with the company’s commercial add-value business model. The proceeds would be recycled into Icon’s next project.

“We’re very proud of what we’ve achieved with the refurbishment of this iconic building. We’ve spent considerable funds restoring the arcade and carefully choosing quality tenants while still retaining its point of difference & character. We have also de-risked & stabilised the asset for the next owner and believe it will deliver superior long-term capital growth.”

St Kevins Arcade, outlined.

The arcade has 21 ground-floor & basement retail and food & beverage tenants, 6 upper-level commercial suites including a recording studio, 4 apartments and 4 storage & parking units. It has a 22m frontage to K Rd and steps down to Myers Park and the lower end of the cbd.

The refurbishment & restoration included a full interior & exterior repaint & retiling, new roofing and the reinstatement of historical corbels & leadlight glass. Modern building services such as new fibre cabling were also installed and the first-floor offices & amenities and 4 residential units were upgraded.

Bayleys agent Alan Haydock said the property had a weighted average lease term of about 3.5 years and many of the leases had fixed annual rental increases, which would provide the next owner with steady rental growth. Fellow agent Damien Bullick said retailers should also benefit from the opening of the nearby city rail link Karangahape Rd station, scheduled for 2023.

Link: St Kevins Arcade

Attribution: Agency release.

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