Archive | Neighbourhoods

Wellington office adds 19 commercial sales to December tally of 15 at auction

On top of selling all 15 properties at its Total Property auction in December, Bayleys’ Wellington office notched up over $44 million of other sales for the month.

The 19 non-auction sales were spread from Levin, down the Kapiti Coast & Porirua, through the Hutt Valley & around the central business districts.

The biggest sale was a Willis St office building (pictured above), sold on a 7.8% yield.

South of the Bombays

Horowhenua

Levin

232 Oxford St:
Features: 865m² corner site, 3 buildings totalling 960m², 7 tenants; seismic strengthening or redevelopment required
Rent: $56,466/year net + gst
Outcome: sold for $380,000
Agent: Steven Firth

3 Stuckey St:
Features: 388m² of bare commercial development land, one section away from State Highway 1
Outcome: sold for $115,000 at $296/m²
Agents: Jon Pottinger & Paul Adams

Kapiti Coast

Paraparaumu

3 Kapiti Rd:
Features: 2247m² of flat industrial land beside railway station
Outcome: sold for $700,000 at $311.53/m²
Agents: Fraser Press & Stephen Lange

Porirua

12 Mohuia Crescent & 13-15 Awarua St: 
Features: 2 adjoining sites with development potential: 12 Mohuia Crescent, 12,340m² site, 2140m² of commercial & industrial buildings, large sealed yard; 13-15 Awarua St, 2116m² of residentially zoned land, 370m² of buildings
Outcome: sold with vacant possession for $2.9 million
Agents: Grant Young & Jon Pottinger

Elsdon

17 Raiha St:
Features: 4409m² site, 1729m² 1970s warehouse – 1524m² warehouse, 205m² showroom/office, 1860m² rear yard
Rent: estimated potential net rental $150,000/year net + gst
Outcome: sold with vacant possession for $1.7 million
Agents: Andrew Smith & Jon Pottinger

Hutt/Wellington

Grenada North

47 Takapu Rd, Grenada North.

47 Takapu Rd:
Features: low-lying 8111m² site, 3161m² industrial building, large sealed yard;  leased to Fresh Direct for over a decade, until 2020 with renewals
Rent: $317,000/year net + gst
Outcome: sold for $3 million at a 10.57% yield
Agent: Mark Sherlock

Lower Hutt

224-228 High St.

224-228 High St:
Features: 983m² site on corner of Queens Drive, opposite Queensgate Mall, 856m² retail building, Paper Plus & Premier College on 8-year leases until November 2026 & 2025 respectively
Rent: $223,280/year net + gst
Outcome: sold for $2.8 million at a 7.97% yield
Agents: Fraser Press & Bhakti Mistry

Gracefield

50 Parkside Rd:
Features: 10,540m² corner site, 4500m² industrial building; 3-year lease to Waste Management NZ Ltd from September 2018 with mutual break clause
Rent: $340,000/year net + gst
Outcome: sold for $3.4 million at a 10% yield
Agents: Fraser Press & Christian Taylor

Petone

122-126 Nelson St:
Features: 1116m² site, 1160m² warehouse & office premises built in 2004, seismic assessment 70% of new building standard
Rent: $125,371/year net + gst
Outcome: sold for $2.135 million at a 5.87% yield
Agent: Christian Taylor

Upper Hutt

45 Montgomery Crescent, unit 3:  
Features: 355m² unit in industrial complex – 212m² warehouse, 5.5m-6m stud, office & amenities including kitchen & shower, 3 parking spaces
Outcome: sold vacant for $350,000
Agents: Christian Taylor & Baha Mabruk

Wellington

CBD

186 Willis St:
Features: 2102m2 site, 10-level 5826m² 1980s office & retail building, 60-space basement carpark; seismically strengthened & upgraded, mix of corporate & government department tenants
Rent: $1,045,440/year net + gst
Outcome: sold for $13.35 million at a 7.83% yield
Agent: Mark Sherlock

204 Willis St:
Features: 526m² site, 2291m² 5-level office building, seismic assessment 88% of new building standard
Outcome: sold with vacant possession for $4.5 million at a land & building rate of $1964/m²
Agent: Luke Kershaw

Island Bay

131-133 The Parade:
Features: 382m² site, 210m² 2-level retail & residential building; 2 ground-floor shops (1 vacant), 2 residential tenancies above
Rent: $45,000/year net + gst
Outcome: sold for $705,000
Agents: Grant Young & Jon Pottinger

Mt Cook

4-8 Oxford Terrace:
Features: 1120m² site, 2360m² 3-level office & warehouse building, basement parking; commercial or residential redevelopment potential
Rent: holding income of about $100,000/year + gst
Outcome: sold for $3.1 million
Agents: Grant Young, Bhakti Mistry & Mark Walker

Te Aro

10 Fifeshire Ave:
Features: 501m² narrow site zoned central area (height limit 27m), 2-level 540m² earthquake-prone building
Outcome: sold with vacant possession for $854,000 at land & building rate of $1581/m²
Agents: Mark Walker & Jim Wana

5 Tory St, unit 3:
Features: 222m² unit-titled office floor
Outcome: sold vacant for $500,000 at $2252/m²
Agents: Grant Young & Mark Walker

29 Vivian St:
Features: 491m² site, 7 parking spaces & 297m² vacant building – showroom or warehouse with roller door access, upstairs kitchen with staffroom area & separate office
Outcome: sold to an owner/occupier for $2.04 million
Agents: Mark Walker & Bhakti Mistry

Te Aro, unit G1 140 Vivian St.

140 Vivian St, unit G1:
Features: 356m² ground-floor retail unit in 10-year-old building; NZ Post leases 220m², Subway 136m²
Rent: $119,391/year net + gst
Outcome: sold for $1.535 million at a 7.78% yield 
Agents: Grant Young & Mark Walker

Thorndon

113 Molesworth St:
Features: 367m² site, 2-level 330m² heritage building dating back to 1912, occupied by Thai restaurant & physiotherapy practice with part vacancy
Outcome: sold for $580,000
Rent: holding income of $62,790/year gross + gst
Agents: Luke Kershaw & Luke Frecklington

Attribution: Agency release.

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Brewery’s former head office, 2 retail & commercial units sold

Bayleys agents have sold Lion Breweries’ former head office building in Newmarket (more recently known as BUPA House, pictured), a Symonds St retail unit and a commercial unit on The Strand.

CBD

Uptown

105 Symonds St, unit 5:
Features: 69.5mretail unit occupied by Portuguese bakery on 6-year lease, 3 3-year rights of renewal 
Rent: $50,388/year net + gst with 2% annual increases
Outcome: sold for $790,000 at a 6.38% yield
Agents: Millie Liang & Quinn Ngo

Isthmus east

Newmarket

5 Kingdon St:
Features: 1191msite zoned metropolitan centre, 4712m10-level commercial building constructed in the mid-1980s as Lion Breweries’ head office; 6 office levels, ground-floor restaurant, parking for 72 cars over 3 levels accessed off Suiter St; fully leased to 7 tenants & four sub-tenants, weighted average lease term close to 3 years
Rent: $1,485,570/year net + gst
Outcome: sold for $19.75 million at a 7.52% yield to a developer planning to retrofit the building & upgrade office accommodation
Agent: Layne Harwood

Parnell:

77 The Strand, unit D:
Features: 63m2 ground-floor premises in 2-level multi-unit complex, 2 parking spaces; polished concrete floor & high stud with self-contained bathroom
Outcome: sold vacant for $483,000
Agents: Scott Kirk & James Were

Attribution: Agency release.

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North Head transfer completes maunga authority control of cones

Legal administration of Maungauika/North Head transfers from the Department of Conservation to the Tupuna Maunga o Tamaki Makaurau Authority today, the last of 14 transfers begun in 2014 under the Nga Mana Whenua o Tamaki Makaurau Collective Redress Act.

The other 13 tupuna maunga (ancestral mountains), which Auckland Council had administered, returned to the 13 iwi/hapu of Tamaki immediately as part of the co-governance regime between the Tamaki collective of iwi/hapu & the council, but administration of Maungauika remained with DoC as an interim step.

The authority is a co-governance body with 6 iwi representatives, 6 Auckland Council representatives & one non-voting Crown representative. The authority is independent of Auckland Council and has its own decisionmaking powers & functions.

Authority chair Paul Majurey said the final transfer was an important step in integrating the management of all maunga in Tamaki Makaurau.

“In 2016 we adopted the tupuna maunga integrated management plan to care for & protect the maunga of Tamaki Makaurau in a cohesive way. DoC have helpfully been aligning their management of Maungauika to the values in the plan. The transfer now allows a focused effort on restoring Maungauika consistent with the other maunga. It enables these special places to be treated as a collective whole and forever valued, restored, protected & managed as the taonga tukuiho (treasures handed down the generations) that they are.”

Parking at Maungauika, in Devonport, is located halfway up the mountain, and the tihi (summit) is already a pedestrian space. Mr Majurey said: “We know that Maungauika will be a focal point for a large number of visitors around the America’s Cup event in March 2021, so we will be looking towards management initiatives to ensure visitor safety & enjoyment of the maunga during this high profile event.”

Photo: Maungauika (North Head), with the Waitemata Harbour & Auckland central city in the background. Photo: The Tupuna Maunga o Tamaki Makaurau Authority.

Link: Tupuna Maunga o Tamaki Makaurau Authority

Attribution: Tupuna maunga authority.

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Bank’s Henderson centre among 4 commercial sales

Ray White Commercial agents have sold 4 properties around Auckland, 3 in conjunction with other Ray White agencies. One is on Newmarket Broadway, 2 are in Grey Lynn and the biggest, ASB Bank’s north-west regional centre, is in Henderson.

Isthmus east

Newmarket

25 Broadway:
Features: 193m² office space 
Rent: leased to Fuse Creative Ltd for $95,000/year net + gst, 3-year lease with 2 3-year rights of renewal
Agents:Conrad Traill & Natasha Christensen

Isthmus west

Grey Lynn

36 Douglas St:
Features: 259m² character villa zoned business mixed use
Outcome: sold for $1.65 million
Agents: Conrad Traill & Natasha Christensen (Ray White Commercial) & Ray White Damerell Group Ponsonby

24A Williamson Avenue:
Features: 356m² site zoned mixed use urban, 201m² street-level warehouse, 2-bedroom loft apartment with rooftop terrace & deck, 5 parking spaces
Outcome: sold for $3.45 million
Agents: John Davies & Natasha Christensen (Ray White Commercial) & Ray White Damerell Group Ponsonby

North-west

Henderson

288-290 Lincoln Rd:
Features: 1871m² site, 1504m² building, ASB West Auckland regional centre on 9-year lease running until January 2022
Outcome: sold for $10.15 million at a 6% yield
Agents: John Davies & Nigel Ingham (Ray White Commercial) & Ron Yang (Ray White City Apartments)

Attribution: Agency release.

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Riverhead development site & Glen Eden commercial building sell

Bayleys agents have sold a Riverhead property with a development scheme plan in place and a Glen Eden commercial building with vacant tenancies.

North-west

Glen Eden

190 West Coast Rd:
Features: 448m² corner site opposite train station with frontage also to Glen Mall Place, zoned town centre; 361m² 2-level commercial building, 4 parking spaces; 71m² of retail space leased to hair salon until October 2019, 2 vacant tenancies
Rent: holding income of $16,880/year + gst; estimated potential income fully leased $85,000/year net + gst
Outcome: sold for $1.165 million
Agents: Tony Chaudhary, Janak Darji & Amy Weng

Riverhead

1064-1068 Coatesville-Riverhead Highway:
Features: 4663m² site in 5 titles zoned business mixed use; scheme plan completed for live/work development
Outcome: sold to a developer for $4.957 million at $1063/m²
Agent: Mike Adams

Attribution: Agency release.

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Corrected: Wiri sale one of 4 for Colliers

The Trust Investments Property Fund has ended up with ownership of HEB Construction Ltd’s headquarters building in Wiri at a slightly higher price than it negotiated early last year after the rental figure was finalised, taking its portfolio of commercial properties to $150 million.

It was one of 4 recent transactions by Colliers agents. The others were in Christchurch, across the road from the casino in Hamilton and in Whakatane.

South

Wiri

Corrected: 105 Wiri Station Rd:
Features: 1.46ha heavy industrial site with frontage also to Plunket Avenue, 6317m² building, 4993m² of medium to high stud warehousing, the balance a mix of modern & older-style offices, 88 parking spaces, formerly occupied by Honda NZ Ltd, refurbished early this year before HEB Construction Ltd occupied it on a 15-year lease
Rent: the lease has annual 2.5% rental increases with reviews to market every 5 years (cap & collar mechanism)
Outcome: sold vacant for $9.85 million in February, contract signed last April by the Trust Investments Property Fund and settled in November on completion of the refurbishment at $20.12 million, based on the final rental
Agents: Greg Goldfinch, Hamish West & Ben Herlihy

South Island

Canterbury

Christchurch

4 Russley Rd, corner Yaldhurst Rd; & Rangiora, 300 High St, corner King St:
Features: 2 Caltex service stations up for sale & leaseback to Z Energy 2015 Ltd at auction on 10 December; Russley Rd: 4249m² site, 383m² floor area, leaseback term 10 years 1 month + 3 5-year rights of renewal from 28 February; Rangiora: 1987m² site, same renewal rights & lease terms
Rent: Russley Rd: proposed rent $310,490/year net + gst + opex; Rangiora: proposed rent $190,035/year net + gst + outgoings; both 2%/year fixed growth, market reviews at end of initial lease term
Outcome: both sold to an Auckland buyer – Russley Rd for $5.3 million, Rangiora for $3.335 million
Agents: Mark Macauley & Will Franks

South of the Bombays

Bay of Plenty

Whakatane

106 Commerce St:
Features: 1553m² site, 1013m² 2-level office building, 2 long-term tenants, 26 parking spaces, seismic rating 100% new building standard
Rent: $204,600/year net + gst
Outcome: sold for $2.6 million, at a 7.87% yield
Agents: Rob Schoeser & Simon Clark

Waikato

Hamilton

331 Victoria St:
Features: 364m² site, 710m² 2-level building opposite SkyCity & the new Riverbank Lane retail development, seismic rating 51% new building standard
Rent: $95,000/year gross + gst
Outcome: sold for $1.13 million at a 7% yield
Agents: Justin Wang & David Palmer

Attribution: Agency release, Trust Management.

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Bayleys’ Shore commercial office ends year with 4 sales & 6 leases

Bayleys commercial agents on the North Shore have reported 4 sales & 6 leases to complete their 2018 business.

They include one sale on Waiheke Island, of an apartment complex manager’s unit initially passed in at auction, and a land sale in the new Highgate business park at Silverdale.

5 of the leases were for properties around Rosedale.

Sales

Hauraki Gulf islands

Waiheke Island

Onetangi

141 The Strand, unit 1:
Features: 104m² manager’s unit in the Sands apartment complex, parking space 
Rent: $28,723/year net + gst + outgoings
Outcome: passed in without a bid at auction in October, sold in December for $525,000 + gst at a 5.47% yield
Agents: Brian Caldwell & Jane McKee

North-east

Northcross

950 East Coast Rd:
Features: 1012m² office property, 20 parking spaces
Rent: $142,627/year net + gst
Outcome: sold in December for $3.1 million + gst at a 4.6% yield
Agent: John Algie

Silverdale

Highgate Business Park, lot 7:
Features: 2626m² industrial lot 
Outcome: sold in August 2018 for $1,420,740 at $541/m²
Agent: Rosemary Wakeman

Takapuna

Sentinel, 3-9 Northcroft St, R3, R7 & R8:
Features: 180m² café + ancillary areas & 2 additional covered areas in 3 titles, shared parking
Rent: $48,400/year net + gst
Outcome: sold in December for $900,000 at a 5.38% yield
Agents: Adam Curtis, Adam Watton & Damian Stephen

Leases

North-east

Pinehill

6 Rosedale Rd, unit X:
Features: 58m² office unit, 2 parking spaces
Rent: leased in December for $17,000/year net + gst
Agent: Caroline McNaught

Rosedale

329 Albany Highway, unit 8:
Features: 60m² retail unit, shared parking
Rent: leased in November for $60,000/year net + gst
Agent: Steven Liu

63 Arrenway Drive, unit 5:
Features: 118m² industrial unit – warehouse 80m², office 19m², other area 19m², 2 parking spaces
Rent: leased in December for $28,000/year net + gst
Agents: Ian Waddams, Steven Liu & Meng He

5 Beatrice Tinsley Crescent, unit C:
Features: 414m² industrial unit – warehouse 282m², office 132m², 7 parking spaces
Rent: leased in December for $69,000/year net + gst
Agents: Laurie Burt & Matt Mimmack

57-59 Paul Matthews Rd, unit 2:
Features: 215.52m² industrial unit – warehouse 54.62m², office 107.35m², mezzanine 53.55m², 3 parking spaces
Rent: leased in November for $40,000/year net + gst
Agents: Trevor Duffin & James Kidd

8 Vega Place, ground floor, unit C:
Features: 70m² office unit, 2 parking spaces
Rent: leased in November for $12,500/year net + gst
Agent: Ian Waddams

Attribution: Agency release.

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Augusta slots new single-asset fund in ahead of tourism fund

Augusta Capital Ltd has delayed the launch of its tourism fund while it raises new capital for its industrial fund and starts a new single-asset fund.

The single-asset fund will hold a mixed-use property in Brisbane. It’s at 255-271 Gympie Rd, Kedron, and comprises 5 office, retail & childcare buildings. The property’s 6 tenancies are all occupied, giving a weighted average lease term of 7.7 years.

Augusta managing director Mark Francis said just before Christmas the new fund would acquire the property for $A21.52 million. Settlement is scheduled for 29 March. Augusta intends to raise $A15.1 million of equity, using a debt facility to fund the balance of the purchase price & establishment costs. Augusta expects to receive an offeror’s fee of about $A700,000. The offer won’t be underwritten and is expected to open in mid-February.

As a result of the timing of this offer and the timing of the Augusta Industrial Fund’s next capital-raising in February-March, Mr Francis said Augusta had determined to delay the establishment of the Augusta Tourism Fund until later in 2019. The 2 properties so far intended to go into it – 54 Cook St in Auckland & 7-19 Man St in Queenstown – will continue to be held on Augusta’s balance sheet until the tourism fund is established.

Earlier stories:
21 December 2018: Augusta Industrial Fund to add 5 properties, seek more investors
3 December 2018: Augusta buys Queenstown site for second tourism fund hotel
23 October 2018: Fund shareholders approve sale to initiate Augusta tourism fund
24 September 2018: Pod hotel the opportunity for Augusta to close value-add fund with strong return and open tourism fund

Attribution: Company release.

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Updated: 5 (now 7) of 14 sell at Bayleys’ Auckland commercial auction, 3 of 3 in Tauranga

Published 25 October 2018, updated 29 October 2018 & 13 January 2019:
5 of the 14 properties were sold at Bayleys’ Total Property commercial auction on Wednesday and 5 attracted no bid.

At the agency’s Tauranga auction, all 3 properties were sold under the hammer.

Update 1: One property has been sold post-auction – a takeaway outlet in the Wairau Junction retail centre. The outcomes for 2 of the Auckland properties were transposed – for Ellerslie & Blockhouse Bay – and have been corrected below.

Update 2: The manager’s unit in The Sands apartment complex at Onetangi on Waiheke Island was sold just before Christmas, after attracting no interest at auction.

CBD

Chancery

Chancery Square, 44 Courthouse Lane, unit A206:
Features: 45m² unit leased to property management company
Rent: $33,500/year net + gst + outgoings
Outcome: sold for $380,000 at an 8.82% yield
Agents: Mike Adams & Jean-Paul Smit

Queen St

Mid-City, 239 Queen St, unit 1Y:
Features: m²,
Rent: $27,360/year net + gst, occupied by hair salon, lease term runs to April 2021 with further rights of renewal
Outcome: withdrawn from auction
Agent: Oscar Kuang

Hauraki Gulf islands

Waiheke Island

Onetangi

Updated: The Sands, 141 The Strand, unit 1:
Features: 104m² manager’s unit in the Sands apartment complex
Rent: $28,723/year net + gst + outgoings
Outcome: passed in without a bid at auction in October, sold in December for $525,000 + gst at a 5.47% yield
Agents: Brian Caldwell & Mana Tahapehi

Isthmus east

Ellerslie

Updated: 101 Main Highway, unit 12:
Features: 272m² Asian supermarket at Ellerslie shopping centre, 10 parking spaces
Rent: $60,000/year net + gst, 5-year lease in place with 2 5-year rights of renewal
Outcome: passed in at $800,000 (2 results transposed – originally posted as $2.7 million), sold in November for $820,000 at a 7.32% yield
Agents: Oscar Kuang, Beterly Pan & Nicolas Ching

Onehunga

222 Onehunga Mall:
Features: 273m² site, 2-storey building, seismic rating 75% new building standard, local town centre zoning has 27m height control
Rent: commercial & residential tenants
Outcome: withdrawn from auction
Agent: Oscar Kuang

Parnell

29B Bath St:
Features: 175m² site, 139m² commercial unit, parking space
Rent: $42,000/year net + gst current contract, 2 2-year rights of renewal
Outcome: no bid
Agent: Millie Liang

Isthmus west

Blockhouse Bay

Updated: 35 Margate Rd, flats 1-6:
Features: 2497m² site, 6 2-bedroom residential units, each of about 55m² & on separate titles, parking space each, offered in one package
Rent: $200,000/year net + gst from 2-year lease
Outcome: passed in at $2.7 million (2 results transposed – originally posted as $800,000)
Agents: Quinn Ngo, Matt Lee & James Chan

Eden Terrace

1 Exmouth St:
Features: 665m² vacant section on Newton Rd corner, leased to Wilson Parking, mixed use zoning
Rent: $21,495/year net + gst, early termination clause
Outcome: withdrawn from auction
Agents: Owen Ding, James Chan & Jarrod Qin

Pt Chevalier

1110 Great North Rd, unit D:
Features: 345m², town centre fruit & vegetable shop + parking, leased to PTC Fresh NZ for 5 years from December 2016 with 2 5-year rights of renewal
Rent: $108,312/year net + gst
Outcome: sold for $1.55 million at a 6.99% yield
Agents: Nicolas Ching, Quinn Ngo & James Chan

350 Pt Chevalier Rd:
Features: 696m² site zoned business – neighbourhood centre, housed greengrocery for over 50 years
Outcome: sold with vacant possession for $1.87 million at a land value of $2686/m²
Agents: John Procter, Alan Elliott & Cameron Melhuish

North-east

Orewa

Tamariki Plaza, 1-19 Cammish Lane, unit J:
Features: vacant 190m² commercial unit, one parking space + share of 35 parking spaces
Outcome: passed in at $700,000
Agents: Mustan Bagasra

Rosedale

101 Apollo Drive, unit D:
Features: vacant 120m² ground-floor office unit, 4 parking spaces
Outcome: auction postponed
Agents: Tonia Robertson & Jane McKee

Rosedale Retail Centre, 94 Rosedale Rd, unit 2:
Features: 73m² shop at entrance to zero-vacancy retail centre
Rent: $37,520/year net + gst + outgoings
Outcome: sold prior
Agents: Eddie Zhong, Steven Liu & Meng He

Wairau Valley

18 Ashfield Rd, unit D:
Features: industrial unit, 110m² ground floor, 30m² storage above, monthly tenancy
Outcome: sold for $440,000
Agents: Trevor Duffin & James Yu

65-71 Porana Rd, unit E:
Features: 133m² unit occupied by Hollywood bakery
Rent: $55,000/year net + gst + opex, new 6-year lease
Outcome: auction postponed
Agents: Adam Curtis, Damian Stephen & Steven Liu

Updated: Wairau Junction, 162-178 Wairau Rd, unit 7:
Features: 45m² kebab outlet
Rent: $30,600/year net + gst + outgoings
Outcome: passed in at $500,000, sold post-auction for $550,000 at a 5.56% yield
Agents: Andrew Lin & Ranjan Unka

North-west

Henderson

192 Universal Drive, unit A1:
Features: 756m², corner store in Lincoln North Shopping Centre, 7-year lease to Super Cheap Auto NZ from July 2016, annual fixed 3% rental increases & one 5-year right of renewal
Rent: $225,221/year net + gst, 3% annual increases
Outcome: sold for $3.93 million at a 5.73% yield
Agents: Matt Lee, James Chan, Quinn Ngo, Terry Kim & David Han

South

Clendon Park

439 Roscommon Rd, unit 2:
Features: 97m² retail unit, tenant Clendon Foodmarket
Rent: $41,600/year net + gst, 6-year lease from 2015
Outcome: no bid
Agents: Matt Lee, Quinn Ngo & Piyush Kumar

439 Roscommon Rd, unit 3:
Features: 97m² retail unit, tenant Crown Liquor
Rent: $43,201/year net + gst, 4-year lease from 2016, rights of renewal
Outcome: no bid
Agents: Matt Lee, Quinn Ngo & Piyush Kumar

South of the Bombays

Bay of Plenty

Bethlehem

272A State Highway 2:
Features: 809m² site, 305m² 2-level commercial building, anchor ground-floor pharmacy tenancy, smaller dental tenancy above on leases renewed until 2021 plus further renewals
Rent: $62,730/year net + gst
Outcome: sold for $1.26 million at a 4.98% yield
Agent: Myles Addington

Judea

66 Koromiko St:
Features: 2536m² industrial site, 1519m² standalone building comprising 1123m² of warehouse & workshop space, 4 large roller doors; the balance 2 levels of offices, showroom, storage & amenities; tenant Paramount Stainless has recently renewed for the next 3 years with one final right of renewal to 2024
Rent: $122,000/year net + gst
Outcome: sold for $1.8 million at a 6.78% yield
Agent: Graeme Coleman

Tauranga:

199, 207 & 213 Cameron Rd:
Features: 2192m² redevelopment site zoned city centre, allowing 19m² building height, next to central fire station on main arterial, car dealers have operated from site since the early 1970s, 2 tenancies expiring in August 2020
Rent: $190,715/year net + gst
Outcome: sold for $6.25 million + gst at a 3.05% yield, land value $2851/m²
Agents: Lloyd Davidson & Laura Taylor

Coromandel

Thames

517 Pollen St:
Features: 1521m² site, 1410m² building occupied by multiple tenants including NZ Post Ltd on long-term lease, 16 parking spaces
Rent: $107,717.53/year net + gst, multiple tenants
Outcome: no bid
Agents: Millie Liang & Josh Smith

Attribution: Agency release.

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Kiwi Property buys site across tracks from Sylvia Park

Kiwi Property Group Ltd has acquired 43 Carbine Rd – across the railway tracks from the Sylvia Park shopping centre in Mt Wellington – for $25 million.

The 22,086m² site has warehousing & yard facilities, is opposite the Sylvia Park train station and is zoned mixed use under the Auckland unitary plan. Kiwi Property bought it with vacant possession.

Chief executive Clive Mackenzie said yesterday it had potential linkages to the shopping centre:  “While we have no immediate plans for the site beyond leasing the existing premises to make use of the warehousing & yard facilities on site, this acquisition will provide future mixed-use opportunities at Sylvia Park.”

Earlier story:
9 October 2017: Kiwi acquires more expansion land at Sylvia Park

Attribution: Company release.

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