Archive | CBD

Studio pushes to new price level in resale as buyers put pressure on other reserves

3 of the 9 apartments auctioned at Ray White City Apartments yesterday – in 96 on Symonds, the Sapphire & Siena Terraces – were sold under the hammer.

Bidding on the studio in 96 on Symonds (pictured above) ended $31,000 above the price the owner paid at auction just 5 months ago. A number of other traders expressed surprise at the $12,056/m² price paid in June, although units smaller than the minimum that can be built these days often command higher price tags for their superior anticipated cashflow. This sale lifts the price/m² to $13,778.

Bidding on 2 units in the leasehold Landings complex beside the old Auckland railway station, and in the Manhattan on Albert St, fell about $20-30,000 short of adjusted reserves yesterday.

CBD

Albert St

Manhattan, 105 Albert St, unit 5C:
Features: 80m², 2 bedrooms,
Outgoings: rates $1749/year including gst; body corp levy $5122/year including gst
Income assessment: $560/week, fixed unril 12 December
Outcome: passed in at $571,000
Agents: Ron Yang & Adam Gurr

Learning Quarter

96 on Symonds, 96 Symonds St, unit 1004:
Features: 18m² refurbished studio
Outgoings: rates $975/year including gst; body corp levy $2453/year including gst
Income assessment: $370-390/week
Outcome: bought for $217,000 at auction in June, passed in at $248,000
Agents: Dominic Worthington & Ady Huang

Sapphire, 76 Wakefield St, unit 810:
Features: 53m² + 6m² balcony, 2 bedrooms,
Outgoings: rates $1478/year including gst; body corp levy $4061/year including gst after 10% prompt payment discount
Income assessment: $500/week
Outcome: sold at pre-auction offer of $485,000
Agent: Lucia Gao

Quay Park

The Landings, 8 Ronayne St, unit 810:
Features: 71m², 3 bedrooms, 2 bathrooms, parking space; building has new code compliance certificate after remediation
Outgoings: rates $1633/year including gst; body corp levy $5548/year opex including gst, ground rent $7976/year
Income assessment: $680/week, fixed until March 2019
Outcome: passed in at $270,000
Agents: Dominic Worthington & Ady Huang

The Landings, 10 Ronayne St, unit 415:
Features: 47m² + 8m² balcony, 2 bedrooms, parking space
Outgoings: rates $1323/year including gst; body corp levy $3118/year opex including gst, ground rent $4482/year
Income assessment: $500/week, fixed until August 2019
Outcome: passed in at $204,000
Agents: Mitch Agnew & Ryan Bridgman

Uptown

SkyView, 7 Scotia Place, unit 8C:
Features: 71m², new 2 bedrooms, parking space
Outgoings: rates $1904/year including gst; estimated body corp levy $4399/year including gst
Income assessment: $750-800/week furnished
Outcome: passed in at $600,000
Agents: May Ma & Mark Li

Bianco off Queen, 2 White St, unit 12B:
Features: 57m², one bedroom, under hotel management, building has remediation issues
Outgoings: rates $6571/year including gst; body corp levy $2216/year opex including gst + special levy $5192
Income assessment: $800/week
Outcome: passed in on sole bid of $60,000
Agents: Ron Yang & Adam Gurr

Victoria Quarter

Altitude, 34 Kingston St, unit 5L:
Features: 27m², one bedroom
Outgoings: rates $1013/year including gst; body corp levy to be confirmed
Income assessment: $340/week
Outcome: passed in at $205,000
Agent: Damian Piggin

Ascent, 149 Nelson St, unit 303:
Features: one bedroom
Outcome: withdrawn from auction
Agent: Damian Piggin

Isthmus west

Grey Lynn

Siena Terraces, 6 Burgoyne St, unit 2N:
Features: 51m², one bedroom, balcony, tandem parking spaces
Outgoings: rates $1321/year including gst; body corp levy $3769/year including gst
Outcome: sold for $490,000
Agents: Judi & Michelle Yurak

Attribution: Auction.

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Perspective apartment sells post-auction

An apartment in Perspective on College Hill (pictured above) was sold shortly after today’s auction at City Sales. 3 other units – one cross-leased, one on Ngati Whatua leasehold and an apartment in the 2-year-old Urba off Karangahape Rd – were all passed in.

CBD

Learning Quarter

Century on Anzac, 100 Anzac Avenue:
Features: 2 bedrooms, 2 bathrooms, parking space
Outcome: auction postponed
Agents: Grant Elliott & Tony Kelly

Quay Park

30 Cotesmore Way:
Features: 115m², 3 bedrooms, 2 bathrooms, deck, tandem garage; code compliance certificate issued in 2015 after complete reclad & roof reconstruction
Outgoings: rates $2195/year including gst; body corp operational levy $3224/year including gst, ground lease $17,500/year, new Ngati Whatua o Orakei Trust ground lease will date from 2 August but hasn’t been agreed yet
Income assessment: $775/week
Outcome: no bid
Agents: Maryanne Wong & Scott Dunn

Uptown

Urba, 5 Howe St, unit 615:
Features: 42m², one bedroom + flexi-room, deck
Outgoings: rates $1398/year including gst; body corp levy $3933/year including gst
Income assessment: $490/week, fixed until May 2019
Outcome: passed in at $300,000
Agents: Trisha Shanaghan & Gus Argyle

Isthmus west

College Hill

Perspective, 28 College Hill, unit 425:
Features: 140m², 2 bedrooms, 2 bathrooms, deck, 2 parking spaces, storage locker
Outgoings: rates $3123/year including gst; body corp levy $11,040/year including gst
Outcome: passed in at $1.3 million, sold post-auction, price undisclosed
Agent: Scott Dunn

Mt Eden

Grange Hall, 492 Mt Eden Rd, unit 3:
Features: cross-lease, 1/7 share in 1039m², 70m² unit, 2 bedrooms, garage with workspace, offstreet parking
Outgoings: rates $2207/year including gst
Outcome: passed in at $710,000
Agents: Grant Elliott & Tony Kelly

Attribution: Auction.

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City loft & Onehunga section sell

A city loft and an Onehunga property zoned for intensification sold at Bayleys’ residential auctions last week.

CBD

Queen St

QVB Building, 6 Victoria St East, unit 6B:
Features: 2-level loft, mezzanine bedroom
Outcome: sold for $511,000
Agents: Julie Quinton & Wendy Nichols

Uptown

Highgate Towers, 8 Howe St, unit 3A:
Features: 2 bedrooms, 2 bathrooms, 2 balconies, 2 parking spaces
Outcome: passed in
Agents: Julie Quinton, Trent Quinton & Ellis Prince

Isthmus east

Onehunga

53 Spring St:
Features: 989m² site, 4-bedroom villa in terraced house & apartment buildings zone
Outcome: sold for $1.95 million
Agent: John Procter

Parnell

258 Parnell Rd, unit 43:
Features: studio, parking space
Outcome: auction postponed
Agent: Trisha Vincent

Isthmus west

Avondale

76 Riversdale Rd, unit 4:
Features: one-bedroom unit, carport
Outcome: up for sale by mortgagee, withdrawn from auction
Agents: Cherry Killgour & Steve Leyland

South

Manurewa

2 Totara Rd:
Features: 1042m² section, 3-bedroom house, basement garage, resource consent approved for 3-lot subdivision
Outcome: passed in, back on market at $799,000
Agents: Vanessa Nash, Ginny Cheyne & Stefni Baigent

Attribution: Auction documents.

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Sale St redevelopment sells

A redeveloped building on Sale St (pictured), above Victoria Park, and 2 development properties at Greenlane & in Papakura are the leading sales in Colliers’ latest transactions list.

CBD

Kitchener St

2 Kitchener St, unit 1:
Features: 1026m² retail unit, 3 tenancies
Rent: $223,500/year net + gst
Outcome: sold for $3.5 million + gst at a 6.39% yield
Agents: Adam White, Simon Felton & Gawan Bakshi

Victoria Quarter

Hobson Towers, 26 Hobson St, level 6:
Features: 325m² office floor, 14 parking spaces
Outcome: sold with vacant possession for $2.03 million + gst
Agents: Tony Allsop, Simon Child & Roger Seavill

34 Sale St:
Features: 6317m² redevelopment, 4 office floors, 2 parking levels
Outcome: sold for $63 million + gst at “a yield in the early 5%s”
Agents: Simon Child, Sam Gallaugher & Matt Lamb

Isthmus east

Greenlane

614 & 616 Great South Rd, Greenlane.

614 & 616 Great South Rd:
Features: 3867m² commercial property, net lettable area 2125m² in 2 buildings
Outcome: sold for $11.6 million at a 3.1% yield on holding income
Agents: Gareth Fraser, Simon Child, Josh Coburn & Colliers’ capital markets team

South

Papakura

40-44 East St, lot 2:
Features: vacant 1507m² corner site formerly occupied by the New World Papakura carpark
Outcome: sold for $1.54 million + gst
Agents: Chris Wakim & Matthew Barnes

South of the Bombays

Wellington

Petone

140 Hutt Rd:
Features: 1160m² site, 1020m² warehouse, showroom & office, 10 parking spaces
Outcome: sold with vacant possession for $2.475 million + gst
Agents: Kieran Lennon (Colliers) in joint agency with Gollins Commercial

Taita

1115 High St:
Features: 4818m² development site
Outcome: sold with vacant possession for $1.95 million + gst, with quotes in place for the removal of 1170m² of various structures
Agents: Tim Julian & Janette Lillas

Attribution: Agency release.

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Mairangi Bay sale heads Shore transactions

Bayleys commercial agents on the North Shore have sold a fully tenanted Mairangi Bay site (pictured) which has consent for apartment development, and a Rosedale industrial unit, and have signed 5 leases around the Shore and one for a Karangahape Rd shop.

Sales

North-east

Mairangi Bay

368 Beach Rd:
Features: 836m² site, 644.77m² mixed use building, 6 tenancies, local centre-zoned site has conent for an apartment development
Rent: $210,314/year net + gst
Outcome: sold in October for $4.175 million + gst at $4994/m² land, 4.9% yield with current small vacancy, 5% fully tenanted
Agents: Michael Nees & Dean Gilbert-Smith

Rosedale

BizPark North Shore, 63 Arrenway Drive, unit 2:
Features: 118m² industrial unit – office 50m², warehouse 68m², 2 parking spaces
Outcome: sold vacant in November for $585,000 + gst
Agent: Ian Waddams

Leases

CBD

Uptown

258 Karangahape Rd, shop B:
Features: 130m² shop – retail 110m², warehouse 20m²
Rent: leased in November for $45,000/year net + gst, premises rental $346/m²
Agent: Terry Kim

North-east

Rosedale
156 Bush Rd, unit B:
Features: 229.4m² industrial unit – office 122.9m², warehouse 69.6m², other area 37.4m², 4 parking spaces
Rent: leased in November for $39,000/year net + gst
Agent: James Kidd

23 Canaveral Drive, unit B:
Features: 513m² industrial unit – retail 184.5m², warehouse 300m², other area 28.5m², 8 parking spaces
Rent: leased in November for $87,000/year net + gst
Agent: Matt Mimmack

12 Parkhead Place, unit B:
Features: 545m² industrial unit – warehouse 412m², office 133m², 12 parking spaces
Rent: leased in November for $107,000/year net + gst
Agents: Laurie Burt & Matt Mimmack

Sunnynook

20 Tonkin Drive, shop 2:
Features: 56m² shop
Rent: leased in November for $16,000/year net + gst, premises rental $286/m²
Agent: Dev Choudhury

Wairau Valley

18 Link Drive, unit C:
Features: 500m² retail unit – retail 350m², mezzanine 50m², other area 100m²
Rent: leased in November for $130,000/year net + gst, premises rental $260/m²
Agent: Trevor Duffin

Attribution: Agency release.

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2 city apartments sell at auction

2 units were sold at Ray White City Apartments auction today, and an Onehunga townhouse was passed in.

In a market where vendors have been under pressure to meet a generally lower bidding range, the reserve on a CityZone apartment was dropped to $300,000 (about $7800/m² internal), and then dropped another $5000. In the ensuing bidding frenzy, a sale at $300,500 resulted.

A studio in Oakwood Hall on Wakefield St (pictured) sold at $8000/m² internal, so both sales were in what seems the acceptable range at the moment for good secondary stock. For comparison, a 29m² Oakwood Hall studio sold at auction in June last year for $283,000, so about $9800/m², at a time when prices for older apartments were still rising to fill the gap of about $5000/m² between them & brand-new apartments.

CBD

Learning Quarter

Oakwood Hall, 81 Wakefield St, unit 9C:
Features: 30m² studio, 6m² balcony
Outgoings: rates $1110/year including gst; body corp levy $5261/year including gst
Income assessment: $430/week
Outcome: sold for $240,000
Agents: Damian Piggin & Krister Samuel

Uptown

CityZone, 11 Liverpool St, unit 1912:
Features: 40m² including 1.5m² balcony, 2 bedrooms
Outgoings: rates $1246/year including gst; body corp levy $4319/year including gst
Income assessment: $500/week, fixed until 15 February
Outcome: sold for $300,500
Agents: Damian Piggin & Krister Samuel

Isthmus east

Onehunga

36A Hill Rd
Features: cross-leased, 157m², refurbished 2-storey 3-bedroom townhouse, double internal-access garage
Outgoings: rates $2517/year including gst; body corp levy $/year including gst
Income assessment: $730-780/week unfurnished
Outcome: passed in at $910,000
Agent: Adam Gurr

Attribution: Auction.

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Council committee ignores point of waterfront stadium request: agreement to test feasibility

Proponents of a stadium on the Auckland waterfront laid out their plans for Auckland Council’s planning committee yesterday, including a long question-&-answer session.

Image above: The model showing the proposed stadium, on display during the consortium’s presentation.

It was an information session, mainly explaining the process the Auckland Waterfront Consortium wants to go through over the next 3 years, not a request for assistance or prelude to a consent process.

But there was a request, as legal representative Mike Sage outlined at the outset: “We’re here today to request the council to enter into an agreement with the consortium & the Crown to test the feasibility of the consortium’s proposal that Bledisloe Wharf & the basin between Bledisloe & Queen’s Wharves should be transformed into a breathtakingly & beautiful precinct.”

That request was sidelined during the following 90 minutes. After the committee asked its many questions, committee chair Chris Darby linked the proposal to other propositions & the overall need to masterplan that area of the waterfront, thanked the consortium members and they were on their way.

The consortium’s waterfront map.

How the council might meet the feasibility test request – or whether the Government had already agreed to participate – wasn’t discussed.

Like other major infrastructure proposals, such as a ports alliance & moving the port out of town, this one could easily drift out to sea unless the council is prodded more firmly.

Shortly before the session ended, Cllr Ross Clow protested that Cllr Darby appeared to be presupposing the consortium’s proposal would proceed: “What about Eden Park Trust Board coming with their presentation – we do a business case on the status quo?” he asked.

Cllr Darby said the council could integrate some of the ideas being tossed around when it begins its review of the city waterfront masterplan, which at the moment doesn’t include this section of the waterfront: “I’m actually saying there does need to be a plan of our waterfront,” he responded.

“There is a stadium study [withheld from Radio NZ for 5 months, and then released with large sections blacked out] that identifies a preferred location to be then tested against the incumbent, which is Eden Park. That work is clearly identified as work yet to be done.”

Cllr Darby said the council could consider “over the coming weeks” whether it wanted to embark on examining a masterplan for the waterfront right along to the Pt Erin baths.

The Bledisloe precinct & Eden Park redevelopment proposal

In tandem, the proposal for a 50,000-seat stadium sunk to the sea floor at the end of Bledisloe Wharf, with the ability to expand to 65,000 seats, would be combined with redevelopment of the hallowed Eden Park to build an estimated 2500 apartments.

The wharf itself would have an estimated 2500 apartments built on it, plus retail, hospitality, hotels, commercial space & public space.

The proponents presenting yesterday:
Dave Wigmore (The Property Strategists Ltd, overall)
Mike Sage (Simpson Grierson, legal & overall picture)
Richard Goldie (Peddle Thorp, architecture)

  • I’ll post committee questions in a second stadium item later today.

Links:
Livestream of committee agenda item
12 October 2018: Archimedia masterplan proposal for ports area
18 May 2018, Radio NZ on PWC downtown stadium feasibility report: No conclusion on downtown Auckland stadium in $1m report

Earlier story:
19 October 2018: Consortium releases waterfront stadium proposal details

Attribution: Council committee meeting.

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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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Precinct commits to Wynyard stage 2

Precinct Properties NZ Ltd committed yesterday to stage 2 of its Wynyard Quarter project, part of the wider Innovation Precinct on the Auckland waterfront.

Chief executive Scott Pritchard told the company’s annual meeting yesterday Precinct would develop the second stage, 10 Madden St, on an uncommitted basis. It will comprise a single-level basement & 7 upper levels, providing a net lettable area of 8290m², has an expected total project cost of $72 million and is expected to generate a yield on cost in excess of 7% once fully leased.

In a release out yesterday, Mr Pritchard said: “Committing to the development of stage 2 reflects an important step forward in the development of the wider Innovation Precinct and the creation of a thriving creative hub. We began construction of stage 1 in 2015 and we are excited to proceed with the next stage of the project’s evolution.

10 Madden St’s N Cole Plaza.

“Having developed the Mason Bros building during stage 1 on an uncommitted basis, we have confidence that the quality & location of this development will attract occupiers, with the majority of tenancies expected to be committed prior to completion. We are already seeing good levels of enquiry from businesses wanting to be located in the Innovation Precinct.

“Following stage 2, there are a further 2 sites which offer another 22,000m² of office space, which we expect to develop over the next 5-6 years.”

Sustainability is a leading principle of the Innovation Quarter’s design, and for stage 2 Precinct will be targeting a 5 star green design (office) & as-built star accreditation, and a 4.5 star NabersNZ whole building rating. The building will include end-of-trip facilities, with 12 electric vehicle charging units, and incorporate daylight-harvesting energy-efficient LED lighting. The rear side of the building will also feature a vertically planted green screen which will cover the open egress stairs.

Precinct will undertake the development in partnership with Auckland Council property arm Panuku Development Auckland. Hawkins Construction Ltd will be the main contractor under a fixed-price construction contract. Construction is expected to begin this month, and practical completion is programmed for the end of 2020.

Attribution: Company release, annual meeting.

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Wharf studio sells at auction

A leasehold Princes Wharf studio sold at Ray White City Apartments’ auction today, but the other 4 units on offer were all passed in. One of those was in a multi-offer as the auction ended.

CBD

Uptown

Kiwi on Queen, 421 Queen St, unit 912:
Features: 52m², fully furnished 4 bedrooms
Outgoings: rates $1536/year including gst; body corp levy $6794/year including gst
Income assessment: $760/week, fixed until June 2019
Outcome: passed in at $482,000
Agents: Mitch Agnew & Ryan Bridgman

Victoria Quarter

Ascent, 149 Nelson St, unit 307:
Features: 42m², 2m² deck, one bedroom
Outgoings: rates $1091/year including gst; body corp levy $2298/year including gst
Income assessment: $390/week current
Outcome: passed in at $221,000
Agents: Dominic Worthington & Ady Huang

Waterfront

Princes Wharf, 139 Quay St, shed 20, unit 3:
Features: leasehold, 37m² studio, sliding panels to separate bed, deck
Outgoings: rates $1188/year including gst; opex, ground rent & rates total $18,950/year ($394.80/week), all including gst; opex $5212/year, ground rent $12,551/year; 97-year ground lease from 1999, now with 3%/year increases, next ground rent review 20139
Income assessment: $450/week, fixed until July 2019
Outcome: sold for $123,000
Agents: Dominic Worthington & Ady Huang

Isthmus east

Parnell

Stonemason’s, 27 Falcon St, unit 1E:
Features: 41m², one bedroom, basement parking space; building has remediation issues
Outgoings: rates $1340/year including gst; body corp levy $3989/year including gst
Outcome: passed in at $410,000
Agents: Judi & Michelle Yurak

Isthmus west

St Marys Bay

The Ridge, 21 Hargreaves St, unit 5F:
Features: 73.2m², 11m² balcony, 2 bedrooms, 2 bathrooms, parking space
Outgoings: rates $1980/year including gst; body corp levy $5938/year including gst
Income assessment: $1855/week fully serviced & furnished, minimum one-week stay; $650-700/week long-term unfurnished; $750-795/week long-term furnished
Outcome: passed in after sole bid by vendor at $900,000
Agents: Krister Samuel & Steve King

Attribution: Auction.

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