Archive | Shortland St

Precinct secures tenants for Wynyard & 1 Queen St

Precinct Properties NZ Ltd has secured the Media Design School as a tenant in its 10 Madden St development in the Wynyard Quarter, and law firm Bell Gully in the refurbished 1 Queen St, which will be incorporated into the Commercial Bay precinct.

The Media Design School will occupy 4760m² in 10 Madden St on a 15-year lease term. As announced in November, Precinct committed to stage 2 in the Wynyard Quarter on an uncommitted basis. Chief executive Scott Pritchard said yesterday the Media Design School lease took leasing commitment to 60% of the project’s office area.

He added: “The addition of the Media Design School to our Innovation Precinct is significant and demonstrates the momentum that’s underway to create a vital new creative community. We believe Wynyard Quarter will be on a par with leading international innovation precincts and, having secured one of the world’s leading design & digital tertiary institutions, is a huge advance.”

The building, scheduled for completion at the end of 2020, will have a total net lettable area of 8290m². Mr Pritchard said that, once fully leased, the project should generate a yield on cost in excess of 7.0%.

At 1 Queen St, Mr Pritchard said Bell Gully had committed unconditionally to about 3800m² of office space. The law firm has been a tenant of the Vero Centre on Shortland St for 18 years.

Mr Pritchard said the 1 Queen St project was 76% precommitted following the previously announced commitment by InterContinental Hotels Group to 11 levels of the building: “We are delighted to have secured leading law firm Bell Gully at 1 Queen St, 3 years ahead of practical completion. Securing this commitment from outside our existing portfolio is a great result and illustrates the quality of the Commercial Bay precinct.”

Attribution: Precinct release.

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Law firm says it’s leaving Vero Centre, not saying exactly when

Law firm Bell Gully has told its Auckland landlord, Kiwi Property Group Ltd, it will vacate its premises in the Vero Centre on Shortland St between the 2023-25 financial years.

Separately, Precinct Properties NZ Ltd said Bell Gully would move to its 1 Queen St office tower, which is to be refurbished over the next 3 years. It will have a hotel on the lower 11 floors, offices above, and now has 76% precommitment.

Bell Gully hasn’t determined exactly when it will leave. The firm has been a Vero Centre tenant since the building opened 18 years ago. It currently occupies 5912m² on 5 floors.

Kiwi Property chief executive Clive Mackenzie said: “We wish Bell Gully every success in their onward journey. While we are disappointed to see the firm leave, the advance notice by Bell Gully provides us with sufficient time to begin discussions with prospective tenants.”

The Vero Centre is 94% occupied, with a weighted average lease term of 7.0 years. Kiwi Property’s whole office portfolio has 98% occupancy and a portfolio weighted average lease term of 10.0 years.

Attribution: Kiwi Property & Precinct Properties releases.

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6 intensive units sell out of 15 offered at Barfoot auctions

One of 3 apartments on offer sold at Barfoot & Thompson’s specialist apartments auction on Thursday, another had sold at an auction brought forward to Monday, and a townhouse sold at mortgagee auction on Wednesday.

Then at the later Thursday auctions sessions, one apartment & 2 townhouses sold.

Those 6 intensive-property sales were among 15 sales out of 43 residential properties (including 2 sold prior & one withdrawn) on the agency’s city branch auction lists over Tuesday-Thursday.

Those auction lists for the 3 days compare with lists of 80 properties/day at the height of the market late last year & early this year. The success rate is well down and, although I can’t be sure of how far vendors have bent to achieve a sale on the day, I’m aware that many vendors have met the tougher market over the last few months.

CBD

Learning Quarter

The Quadrant, 10 Waterloo Quadrant, unit 1612:
Features: 45m² internal, 13m² deck, 2-bedroom corner apartment, parking space
Outcome: sold for $660,000
Agent: Paul Studman

Connaught, 14 Waterloo Quadrant, unit 3F:
Features: 90m², 2-bedroom corner apartment, storage locker, parking space
Outcome: no bid
Agent: Casey Chen

Shortland St

Shortlands, 5C/97 Shortland St, unit 5C:
Features: 54m², one-bedroom corner apartment, balcony
Outcome: sold for $537,500
Agents: Sarah Garlick & Estee Zeng

Uptown

Eclipse, 156 Vincent St, unit 11J:
Features: 41m², fully furnished one bedroom
Outgoings: rates $1215/year including gst; body corp levy $3556/year
Outcome: passed in, back on market at $415,000
Agents: Selina Zheng & Tommy Zhang

Waterfront

Princes Wharf, 137 Quay St, shed 19, unit 21:
Features: leasehold, one bedroom, deck, parking space
Outcome: sold at pre-auction on 3 July
Agents: Ian Waddams & Donna Rugay

Isthmus east

Ellerslie

10 Hawthorne Place, unit 1:
Features: 2 bedrooms, deck, carport
Outcome: sold for $725,000
Agent: Nick Lyus

19 Robert St, apartments 1 & 2:
Features: 4 bedrooms in 2 apartments in villa, 2 bathrooms, separate lounges, carport for 3 cars + 3 offstreet parking spaces
Outcome: no bid, back on market at $1.385 million
Agent: Steve Hood

Epsom

39 Onslow Avenue, unit 3:
Features: m², 3-bedroom townhouse, 2 bathrooms, deck, carport
Outgoings: rates $/year including gst; body corp levy $/year
Income assessment: $/week
Outcome: sold for $1.453 million
Agents: Sara Knight & Vern Hines

Newmarket

Mosman, 4 Sarawia St, unit 1:
Features: 80m², ground-floor end unit, 2 bedrooms, carport
Outcome: no bid
Agent: Liz Derbyshire

Remuera

71 Ngapuhi Rd, unit 2:
Features: 3-bedroom unit, deck, garage
Outcome: no bid, back on market at $829,000
Agent: Jason Li

78 Waiatarua Rd, unit 2:
Features: 2-bedroom garden unit, garage + utility room
Outcome: no bid
Agents: Stanley& Barbara Armon

St Heliers

30K Tarawera Terrace:
Features: 134m², 2-bedroom penthouse apartment, balcony, tandem garage + guest parking
Outcome: no bid, back on market at $875,000
Agent: Kelly Midwood

3 Walmsley Rd, unit 3:
Features: 2-bedroom unit, basement garage, carport
Outcome: no bid, back on market at $785,000
Agents: Margot Torrance & Lynette Boyd

St Johns

20 Simkin Avenue, unit 1:
Features: 100m², 2-level 2-bedroom townhouse, plus basement, deck
Outcome: sold at mortgagee auction for $120,000
Agent: Philip Davis

Attribution: Agency.

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Suncorp cuts floorspace under new Vero Centre lease

Insurance company Suncorp Group Holdings (NZ) Ltd will cut its footprint in the Vero Centre on Shortland St, in the Auckland cbd, from 9214m² to 5991m² under the terms of a new 12-year lease.

Its landlord, Kiwi Property Group Ltd, said yesterday it had entered into a heads of agreement with Suncorp, which has been a major tenant in the tower, with naming rights, since its opening in 2001.

Suncorp operates in New Zealand under its Vero & Asteron Life brands.

Kiwi Property chief executive Chris Gudgeon said yesterday: “The new Suncorp NZ lease is testament to the Vero Centre’s continuing position as one of New Zealand’s premier business addresses.”

He said the lease improved the building’s weighted average lease term to 7 years and gave the company’s office portfolio a weighted average lease term of 10.4 years. The agreement includes 2 3-year rights of renewal.

Mr Gudgeon said Suncorp was redesigning its workspaces to accommodate an activity-based working environment.

Attribution: Company release.

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3 sales & 2 leases around inner city

Bayleys agents have sold 3 retail & foodcourt spaces in the inner city, and have signed a large lease on a 2-storey building (pictured) off Queen St just above Mayoral Drive and another lease in the former Ports of Auckland building on Princes Wharf.

CBD

Sales

High St

3–7 High St, unit G2:
Features: 88m2 retail outlet, new 5-year lease plus one 5-year right of renewal to Timberland, relocated from Britomart, with 2% annual rental increases from third year of lease
Rent: $95,175/year net + gst
Outcome: sold for $2.115 million at a 4.9% yield
Agents: Sarah Boles & Jim Wana (Bayleys Wellington)

Queen St

115 Queen St, unit C:
Features: 220mformer foodcourt premises at rear of Burger King outlet
Outcome: sold with vacant possession for $1.68 million to offshore Chinese buyer intending to establish restaurant
Agents: Quinn Ngo, Owen Ding & James Chan

Shortland St

3-13 Shortland St, unit 6C:
Features: 30m2 retail unit on ground floor of ex-South British Insurance building, leased to Flight Centre for 6 years from May 2014
Rent: $70,000/year net + gst
Outcome: sold for $1.4 million at a 5% yield to offshore Chinese investor
Agents: James Chan & Matt Lee

Leases:

Uptown

10 Turner St (pictured):
Features: 1361m2 standalone 2-level office building, 27 basement parking spaces, leased for 6 years to education tenant
Rent: $300,000/year net + gst
Agents: Nicolas Ching & Beterly Pan

Waterfront

Princes Wharf, 139 Quay St, unit 1A:
Features: 151m2 ground-floor retail premises, leased to icecream retailer for 10 years from December, with one 10-year right of renewal, 2-yearly reviews to market
Rent: $235,000/year net + gst
Agent: Sarah Boles

Attribution: Agency release.

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Apartment & 2 suburban units all sell

A cbd sub-penthouse (arrowed in picture) & 2 suburban units all sold at Bayleys’ residential auction yesterday.

CBD

Shortland St

97 Shortland St, unit 13B:
Features: 133m² sub-penthouse, 3 bedrooms, 2 bathrooms, 2 balconies, basement parking space, storage locker
Outgoings: body corp levy $9385/year
Outcome: sold for $1.238 million
Agents: Suzie Paine & Simon Smith

Isthmus east

Onehunga

76 Galway St, unit 7:
Features: 149m², 3-bedroom unit, 2 bathrooms, courtyard, internal access double garage
Outgoings: rates $2359/year including gst; body corp levy $2384/year
Outcome: sold for $800,000
Agent: Jason Gaddes

Isthmus west

Mt Albert

3 Hallam St, unit 2:
Features: cross-lease, one-third share in 1004m², 90m² 2-bedroom townhouse, courtyard, patio
Outgoings: rates $2082/year including gst
Outcome: sold for $790,000
Agent: Gay Kelly

Attribution: Auction.

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All 8 apartments sell at Barfoots auction

All 8 apartments auctioned at Barfoot & Thompson today were sold under the hammer, including one at Henderson with commercial space below. Another 2 apartments were sold prior.

CBD

Commerce/Gore

Residences @ HarbourCity, 16 Gore St, unit 7G:
Features: one bedroom; the vendor’s interest in a High Court remediation claim will be assigned to the buyer
Outgoings: body corp levy $2522/year excluding water & gas
Outcome: sold for $300,000
Agent: Jason Buckwell

Residences @ HarbourCity, 16 Gore St, unit 21G:
Features: m², 2 bedrooms; the vendor’s interest in a High Court remediation claim will be assigned to the buyer
Outgoings: body corp levy $3503/year excluding water & gas
Outcome: sold for $450,000
Agent: Jason Buckwell

Learning Quarter

Bankside, 8 Bankside St, unit 15C:
Features: one bedroom
Outcome: sold prior
Agents: Stephen Shin & Richard Han

Sun apartments, 47 Wakefield St, unit 104:
Features: fully furnished 2 bedrooms
Outcome: sold prior
Agents: Selina Zheng & Tommy Zhang

Queen St

CityLife, 171 Queen St, unit 1802:
Features: 26m² studio
Outgoings: body corp levy $4474/year
Outcome: sold for $180,000 in mortgagee sale
Agents: Alex Allan & Rita Herceg

Shortland St

Shortlands Apartments, 97 Shortland St, unit 12B (pictured):
Features: 110m², 3 bedrooms, storage locker, parking space
Outgoings: body corp levy $9198/year
Outcome: acceptable pre-auction offer $952,000, sold for $1.102 million
Agents: Alex Allan & Rita Herceg

Uptown

Nova en Scotia, 18 Scotia Place, unit 6D:
Features: 42m², one bedroom
Outgoings: body corp levy $3587/year
Outcome: sold for $432,000
Agent: Alexander Kramarenko

Victoria Quarter

Altitude, 34 Kingston St, unit 6D:
Features: 40m², 2 bedrooms
Outgoings: body corp levy $3628/year
Outcome: sold for $387,000
Agent: Alexander Kramarenko

Isthmus west

Freemans Bay

148 Howe St, unit 12:
Features: 2 bedrooms, parking space
Outgoings: body corp levy $4317/year
Outcome: sold for $838,000
Agents: Matt O’Rourke & Ryan Harding

North-west

Henderson

8 Corban Avenue, unit 3:
Features: 265m² – 95m² 3-bedroom apartment, 145m² ground-floor office & warehouse, 5 parking spaces
Outgoings: residential, commercial & water rates $3550/year including gst; body corp levy $2999/year
Income assessment: residential $21,840/year ($420/week), commercial $24,000/year + gst, net income $39,290/year + gst on commercial portion
Outcome: sold for $636,000
Agents: Colin Stewart & Michael Benns

Attribution: Auction.

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Colliers sales around the country

Colliers agents have reported sales on the North Shore, in Hamilton & Tauranga and in Christchurch & Queenstown.

Sales:

North-east

Milford

1A Nile Rd:
Features: 2-level 300m² office building
Outcome: sold for $1.16 million
Agents: Janet Marshall & Euan Stratton

Rosedale

63 Apollo Drive, unit D2:
Features: 185m² office, 56m² storage
Outcome: sold vacant for $795,000
Agent: Nick Recordon

South of the Bombays

Bay of Plenty – Tauranga

60D, 60E & 60F Durham St:
Features: 920m² A grade office building
Outcome: sold for $4.315 million at a 6.1 % yield
Agents: Simon Clark & Rob Schoeser

Waikato – Hamilton

The Warehouse, corner Ward & Anglesea Sts:
Features: 8486m² floor area
Outcome: sold to private syndicator for $12.15 million at an 8.93% yield
Agents: Capital markets team & Mark Brunton

South Island

Canterbury – Christchurch

18 Bernard St:
Features: 960m², multi-tenanted office facility
Outcome: sold for $3.8 million at an 8.5% yield
Agents: Paul Vining & Courtney Doig

Lakes – Queenstown

Shotover Park, lot 3:
Features: 3000m² brownfield industrial site
Outcome: sold for $2.385 million
Agents: Mark Simpson, Alastair Wood, Rory O’Donnell & Mary-Jo Hudson

Leases

CBD

Queen St

385 Queen St:
Features: 887m² commercial premises leased for AMP
Agent: Eileena Stoddart

Shortland St

51 Shortland St:
Features: 1180m² commercial premises leased for AMP
Agent: Eileena Stoddart

South Island

Lakes – Queenstown

Remarkables Park, The Landing:
Features: 3 retail sites totalling 490m²
Agents: Mary-Jo Hudson & Tim Thomas

Attribution: Agency release.

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Bayleys agents sign 9 sales & 13 leases

Bayleys agents have signed 9 sales & 13 leases in the cbd to finish the year off in style. They include apartment management rights & several land sales on the eastern fringe, and a number of smaller leases sprinkled around the cbd.

CBD sales:

Albert St

17 Albert St, unit 10C:
Features: 98moffice.
Outcome: sold vacant for $300,000
Agent: Andrew Wallace

CBD east

16-22 Anzac Avenue:
Features: Tasman House, 2556m2 8-level office building on 410m2 SMA2-zoned site, mix of short-term tenancies, one floor vacant
Rent: $387,853/year net + gst
Outcome: sold for $6.4 million at a 6.1% yield, purchaser plans to redevelop into either upgraded office space or student accommodation
Agent: Nigel McNeill

29 Beach Rd:
Features: 245m2 development site, 3-level commercial building with short-term tenancies; current SMA2 zoning will be enhanced under the proposed unitary plan with increased height limit of 50m & 4:1 site coverage
Outcome: sold for $2.55 million at a land value of $10,408/m2
Agent: Nigel McNeill

85 Beach Rd, unit G:
Features: 420m2 retail outlet
Outcome: sold vacant for $1.18 million
Agents: Phil Haydock & Jean-Paul Smit

163-165 Beach Rd (pictured):
Features: 1330m2 site, one-level 1162m2 warehouse split into 2 occupied tenancies; current SMA2 zoning, proposed unitary plan will increase height limit to 30m and allow 4:1 site coverage
Rent: $233,243/year net + gst holding income from 2 tenants
Outcome: sold for $6.7 million at $5058/m2 land value & 3.5% yield
Agents: Nigel McNeill & Colin McKenna

Learning Quarter

82A Symonds St:
Features: 128m2 office unit
Outcome: sold vacant for $700,000
Agents: Kate Kirby & Stephen Scott

Quay Park

30 Beach Rd:
Features: Management rights for Scene 3 apartments complex comprising 163 leasehold apartments, 104 managed units on long-term residential rental leases with 100% occupancy, 3 commercial units, 156m2 manager’s residence, 12mmanager’s office & 4 parking spaces
Management revenue: $115,136.45/year
Outcome: sold for $1.46 million
Agents: Paul Dixon & John Greenwood

Queen St

300 Queen St, units 5E & 6A:
Features: 114m2 & 95m2 offices
Outcome: sold vacant for $660,000
Agent: Millie Liang

Victoria Quarter

192 Victoria St West, unit 5:
Features: 144m2 office unit split over 2 levels, parking space
Outcome: sold with vacant possession for $530,000
Agents: Andrew Wallace & Cameron Melhuish

CBD leases

Albert St

63 Albert St, part level 12:
Features: 204moffice leased at $350/m2, annual rent reviews to CPI
Rent: $71,456/year net + gst
Agent: Brendan Graves

Commerce St

8 Commerce St, shop 8:
Features: 90mleased for 6 years at $1222.22/m2, one 6-year right of renewal
Rent: $110,000/year net + gst
Agent: Sarah Boles

Federal St

Telco Building, 16 Kingston St, level 9 (corner Federal St):
Features: 197moffice lease renewed at $371/m2 gross, plus one parking space, for 3 years from January 2016
Rent: $78,194/year gross + gst (including parking space @ $96.5 a week)
Agent: Matt Gordon

High St

5-7 High St:
Features: 30mcafe lease assigned until August 2020 at $1333/m2 with one 6-year right of renewal
Rent: $40,000/year net + gst
Agent: Sarah Boles

42C High St:
Features: 113mretail unit leased for 5 years at average of $839/m2, 5 2-year rights of renewal
Rent: $95,000/year net + gst
Agent: Sarah Boles

Learning Quarter

90 Symonds St, part level 3:
Features: 230moffice leased at $200/m2, 4 parking spaces at $65/week for 3 years, 3%/year increase & one 3-year right of renewal
Rent: $59,546/year net + gst
Agent: Ben Wallace

Quay Park

15 Dockside Lane:
Features: 147moffice leased at $450/m2 gross, fixed 3%/year rent increases, 4 parking spaces
Rent: $81,750/year gross + gst (including parking spaces @ $75/week)
Agent: Brendan Graves

17 Dockside Lane:
Features: 123moffice leased at $400/m2 gross, fixed 3%/year rent increases, one parking space
Rent: $53,100/year gross + gst (including parking space @ $75/week)
Agent: Brendan Graves

Queen St

205 Queen St, part level 8:
Features: 193moffice leased at $320/m2, annual rent increases of 3%, plus parking space
Rent: $73,854.65/year net + gst (including parking space @ $140/week & fitout rent of $25/m2)
Agent: Brendan Graves

Shortland St

Blacketts Building, 1 Shortland St:
Features: 151m2 character office space
Rent: $60,000/year net + gst at $397/m2
Agents: Brendan Graves & Ben Wallace

Waterfront

Princes Wharf, Shed 19, level 2:
Features: 377moffice leased at $300/m2, fixed 3% annual increases for first 5 years of 9-year lease
Rent: $113,100/year net + gst
Agent: Robert Scott & James Appleby

10 Viaduct Harbour Avenue:
Features: 346moffice, lease terms confidential
Rent: $201,865/year net + gst (including $18,000 for deck & parking spaces)
Agents: Ben Wallace & Brendan Graves

14 Viaduct Harbour Avenue, level 1:
Features: 286moffice leased at $525/m2 gross for 3 years 6 months, 4 parking spaces (2 stacked/2 free access), annual 3% rent increases, no right of renewal
Rent: $168,455/year gross + gst (including parking spaces, 2 @ $100, 2 @ $75/week)
Agent: Stephen Scott

Attribution: Agency release.

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3 sell at Colliers auction

3 commercial properties – including an office suite in the old NZI building (outlined in picture) on Shortland St – were sold under the hammer at Colliers International’s auction on Wednesday. A partly occupied office building on Great South Rd, Ellerslie, was passed in on a vendor bid.

CBD

Shortland St

7 Shortland St, unit 3A:
Features: 228m² vacant office suite in the former NZI building
Outcome: sold for $815,000
Agents: Kris Ongley & Adam White

Isthmus east

Ellerslie

638 Great South Rd:
Features: 638.7m² net lettable area over 2 levels – ground floor 286.7m², first floor 352m², 21 parking spaces, ground floor occupied by General Finance Ltd and a law firm, first floor vacant
Rent: contract income $56,219/year + gst + opex, assessed rent for vacancy $85,256/year + gst + opex, total potential rent $141,475/year
Outcome: passed in at vendor bid of $1.5 million
Agents: Kris Ongley & Peter Kermode

Isthmus west

Morningside

5 McDonald St:
Features: 653m² site, 513m² light industrial building – warehouse 410m², office 76m² over 2 levels, mezzanine 27m², 200m² yard with parking for 9 cars
Outgoings: rates $$7192/year including gst
Outcome: sold for $1.8 million
Agents: Peter Kermode & Jonathan Lynch

North-east

Wairau Valley

149 Wairau Rd:
Features: 1744m² site, 1282m² building, 20 parking spaces
Outcome: sold with vacant possession for $1.755 million
Agents: Matt Prentice & Mike Ryan

Attribution: Auction.

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