Archive | Victoria St

Tamaki Drive pad among 7 apartment & unit sales

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

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

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

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

CBD

Victoria St

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

Isthmus east

Epsom

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

Kohimarama

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

Isthmus west

Freemans Bay

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

Hillsborough

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

Mt Eden

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

Sandringham

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

Attribution: Auctions.

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Eden Terrace apartment sells, loft & suburban unit passed in

An apartment looking over Basque Park in Eden Terrace (highlighted in photo) was sold at Bayleys’ auction yesterday. A loft above a Queen St corner and an Onehunga unit were passed in.

The one other property up for auction, a 3-bedroom Ponsonby villa on 372m² at 23 Pompallier Terrace, was passed in at $2.05 million.

CBD

Victoria St

QBV Building, 6 Victoria St East, unit 6J:
Features: in the former Whitcoulls building on the corner of Queen St (store now occupied by Farmers), 72m², 2-level 2-bedroom penthouse loft, deck
Outgoings: rates $1591/year including gst; body corp levy $7080/year
Outcome: passed in at $610,000
Agents: Dave Hamlyn & Wendy Nichols

Isthmus east

Onehunga

184A Arthur St, unit 5:
Features: cross-lease, 1/5 share in 1067m², 2-bedroom unit, parking space
Outcome: passed in at $650,000
Agents: Habeeb Urrahman & Steve Kirk

Isthmus west

Eden Terrace

The Mews, 8 Basque Rd, unit 6:
Features: 2-bedroom apartment, 2 bathrooms, deck, tandem parking spaces
Outcome: sold for $900,000
Agent: Blair Haddow

Attribution: Auction.

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Bermac signs 10 leases in 2018

Bermac Property Ltd has completed 10 leases from Whangarei to Blenheim this year, 6 of them around Auckland.

Warren Berman & Zane McAlpine left senior roles at CBRE in Auckland in 2016 to set up Bermac as a property consultancy & advisory business. They say independence is its key point of difference – it isn’t aligned to any single real estate agency, commercial valuer or other property services provider. (More details about the directors below).

CBD

High St

35 High St, part level 5:
Features: 57m² office premises leased to Recruitment Studio Ltd
Term: 3 years
Rent: undisclosed; leased on a gross rent basis with fixed annual increases
Agent: Zane McAlpine

Victoria St

62 Victoria St West, part level 3:
Features: 206.3m² office, modern fitout
Term: 2-year lease
Rent: undisclosed
Agent: Warren Berman

62 Victoria St West, part level 3:
Features: 132.7m² office, modern fitout
Term: undisclosed
Rent: $350/m² net
Agent: Warren Berman

Isthmus east

Mt Wellington

79 Carbine Rd:
Features: 1265m² of semi-improved land, 33 parking spaces
Term: 5 years 4 months
Rent: undisclosed
Agent: Warren Berman & Zane McAlpine

87 Carbine Rd:
Features: 937m² of warehouse, office & amenities, 24 parking spaces
Term: 6 years
Rent: undisclosed
Agent: Warren Berman & Zane McAlpine

89 Carbine Rd:
Features: level 1 office totalling 981m² of office & amenities, 22 parking spaces
Term: 6 years
Rent: undisclosed
Agent: Warren Berman & Zane McAlpine

North

Whangarei

41A Herekino St:
Features: 102m² industrial unit with amenities
Term: 3 years with rights of renewal
Rent: undisclosed
Agent: Zane McAlpine

North-east

Browns Bay

64 Clyde Rd:
Features: 202m² retail premises leased to the F45 Gym franchise
Term: 4 years
Rent: undisclosed; leased on a net rent basis with fixed annual increases
Agent: Warren Berman

South Island

Marlborough

Blenheim

8 Opawa St:
Features: 100m² industrial unit with amenities & parking
Term: 3 years with rights of renewal
Rent: undisclosed
Agent: Zane McAlpine

South of the Bombays

Bay of Plenty

Rotorua – Whakarewarewa

23-25 Scott St, unit 1:
Features: 230m² industrial unit with office, amenities & parking
Term: 2 years with rights of renewal
Rent: undisclosed
Agent: Zane McAlpine

About Berman’s directors:

Mr Berman has 25 years’ experience in real estate in South Africa & New Zealand. He ran his own property consultancy business from 2003-07 with his main client Shortland Management Ltd, which outsourced the management of its portfolio to him. He headed CBRE’s Auckland asset services business for 5 years and also worked for JLL & the Franklin Co Ltd in New Zealand.

Mr McAlpine began his property career in 2001 at Kea Property Group Ltd, where he learned the fundamentals of property, facilities & financial management from the ground up during 7 years of service. He also worked at CBRE for 7 years – in 2 spells – and was national director responsible for asset services there from 2012-16. And he was also responsible Oyster Property Group Ltd’s commercial property management portfolio for 2 years.

Link: Bermac Property

Attribution: Company release.

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Second parcel of Finance Centre sale settles

Augusta Capital Ltd confirmed last Thursday that its sale of the retail title at the Finance Centre in downtown Auckland settled that day.

The remaining 2 titles at the Finance Centre that Augusta still owns – the podium & the carpark – are contracted to settle on 1 April 2019.

Augusta managing director Mark Francis said the company had applied $18 million of the $25 million retail title sale price towards debt repayment, but overall facility limits had only been reduced by $10 million: “Drawn debt is now $42.4 million, which represents an effective loan:value ratio of 30%. The sale proceeds will provide further balance sheet capability in respect of Augusta’s strategic objectives for its funds management business.”

The first sale settled, of the 4 parcels Augusta Capital agreed to sell in 2016 for $96 million, was the $30 million sale of Augusta House on Victoria St to Heng Yue Ltd (David (Duoyu) Bei) in July 2017.

The sale excludes the original Finance Centre office tower at 191 Queen St, now owned by Sir Bob Jones’s Robt Jones Holdings Ltd.

Earlier story:
25 July 2017: Augusta confirms first sale in Finance Centre package settled

Attribution: Company release.

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SkyCity buys AA Centre to consolidate precinct control

SkyCity Entertainment Group Ltd has bought NPT Ltd’s interest in the AA Centre at 99 Albert St in central Auckland for $47 million.

SkyCity said the acquisition was consistent with its intention to consolidate control over its Auckland precinct as part of the Auckland masterplanning it’s undertaken: “The masterplan, once completed, will incorporate opportunities for further hotels, apartments, food & beverage outlets, entertainment facilities & office spaces, with the aim of having a cohesive & integrated mixed-use entertainment precinct, and will ensure that SkyCity leverages the benefits of the increased pedestrian traffic flows anticipated following completion of the city rail link.”

Image above: The AA Centre is across the Victoria St West intersection from an entrance for the city rail link Aotea Station, one full block up from Queen St and one block from the SkyCity casino & tower (at right).

The rear entrance to the SkyCity Grand Hotel & original convention centre is from Albert St, a few doors along from the AA Centre.

The 2 NZX-listed companies entered a conditional agreement on 31 August and it went unconditional last Thursday, 12 October. Settlement is scheduled for 12 July 2018.

Under the agreement, NPT must complete $2 million of capital improvements, which it began before the agreement was signed.

Bruce Cotterill.

NPT chair Bruce Cotterill said that, after allowing for those capital improvements, the transaction would increase NPT shareholder equity by $2 million over the $40.85 million valuation at 31 March.

The yield was about 7% on rent which wasn’t stated in NPT’s annual report or in this announcement. Occupancy of NPT’s share of the building at 31 March was 91.6%.

NPT owns 15 levels (12,000m²) of the 17 office floors, ground-floor retail, the through-site link to Federal St & 90 parking spaces.

The NZ Automobile Association owns the other 2 office levels, some ground-floor retail and a few parking spaces.

Mr Cotterill said: “The sale of this property represents a first step on the path to repositioning NPT. We have achieved a very good price, as compared with current book value, and the 9-month settlement period allows us to maintain current profit & distribution forecasts through to 31 March 2018 while we progress the board’s broader plans for NPT.

“The board is intending to update shareholders on its proposed strategy for the future of NPT in the coming weeks. The sale proceeds will be used to invest in the purchase of assets where we can see an opportunity to add value.”

SkyCity expected the acquisition to be “marginally earnings accretive” from its 2019 financial year. The company will fund the acquisition from existing bank facilities.

Attribution: NPT & SkyCity releases, NPT annual report.

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Augusta confirms first sale in Finance Centre package settled

Augusta Capital confirmed settlement of its $30 million sale of Augusta House on Victoria St in the Auckland cbd to Heng Yue Ltd (David (Duoyu) Bei) today.

Augusta managing director Mark Francis said the company would apply $26 million towards debt repayment.

The settlement dates for Augusta’s sale of its remaining 3 properties in the former Finance Centre in Auckland haven’t changed. They are: Podium retail 1 April 2018, Finance Centre podium & Finance Centre carpark 1 April 2019.

Augusta signed its $96 million sale package a year ago and collected a $3 million deposit on Augusta House from Heng Yue, which also paid the additional 10% deposits due last month.

The sale excludes the original Finance Centre office tower at 191 Queen St, now owned by Sir Bob Jones’s Robt Jones Holdings Ltd.

Earlier story:
12 July 2017: Augusta House sale settlement date confirmed

Attribution: Company release.

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Augusta House sale settlement date confirmed

Augusta Capital Ltd confirmed on Monday that it had completed the subdivision of its Finance Centre property in Auckland and new titles had been issued for its 4 parts – Augusta House, the podium retail, the Finance Centre podium and the Finance Centre carpark).

The company therefore confirmed 24 July as settlement date for the $30 million sale of Augusta House to Heng Yue Ltd (David (Duoyu) Bei). The settlement dates for the remaining 3 properties haven’t changed and are: Podium retail 1 April 2018, Finance Centre podium & Finance Centre carpark 1 April 2019.

The sale excludes the original Finance Centre office tower at 191 Queen St, now owned by Sir Bob Jones’s Robt Jones Holdings Ltd.

Augusta signed its $96 million sale package a year ago and collected a $3 million deposit on Augusta House from Heng Yue, which also paid the additional 10% deposits due last month.

Augusta managing director Mark Francis said: “While the delay in finalising the subdivision of the Finance Centre has been frustrating, Augusta has continued to receive all rent during this period and the settlement dates of the remaining 3 titles have not been affected.

“The proceeds will be applied towards debt repayment, with $10 million towards core debt and $17 million toward the facility drawn down for the underwrite of the 33 Broadway syndicate. As a result of this debt repayment, balance sheet capacity for future initiatives is increased.”

Earlier stories:
5 July 2017: Augusta closes Mercury HQ syndication 34% short, underwrites balance
25 July 2016: Finance Centre sale confirms Augusta’s full focus on funds management

Attribution: Company release.

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$500 bids end in $100k raise on acceptable sale price

Small steps can make a journey last a long time, as 3 bidders at Barfoot & Thompson’s apartments auction found this morning.

2 bidders at a time – one joined in and one of the first 2 pulled out – they were chasing a 3-bedroom suburban unit in Onehunga (pictured above). It was taken to what’s called a pre-auction auction – an offer has been deemed acceptable to the vendors but it still goes to auction, brought forward. Bidding started slowly, and in low rises, mostly of $500. It took half an hour, but the price crept up to $101,000 above the acceptable offer before the second bidder gave in.

Another pre-auction property was sold at a slight rise and an uptown apartment was sold on the sole bid.

CBD

Learning Quarter

The Statesman, 1 Parliament St, unit 8:
Features: 93m², 2 bedrooms, parking space
Outgoings: rates $2241/year including gst; body corp levy $4975/year
Outcome: withdrawn from auction
Agents: Stephen Shin & Rhys Chen

Uptown

The Chatham, 70 Pitt St, unit 705:
Features: 72m², 2-bedroom corner apartment, 2 bathrooms, balcony, storage locker, secure parking space
Outgoings: body corp levy $6486/year
Outcome: sold for $750,000, the only bid
Agents: Mike Campbell & Grant Elliott

Victoria Quarter

Marina Park, 146 Fanshawe St, unit 32:
Features: 40m², one bedroom, parking space
Outgoings: body corp levy $3237/year
Outcome: no bid, back on market at $459,000
Agents: Stephen Shin & Zoran Farac

Isthmus east

Onehunga

Norfolk Rise, 110E Grey St:
Features: 3 bedrooms, carport
Outgoings: body corp levy $1195/year
Outcome: taken to auction early after offer of $685,652 was acceptable, sold for $787,500 after a half hour of raises, mostly in $500 steps
Agents: Wayne & Lisa Parfitt

Isthmus west

Eden Terrace

43 Virginia Avenue East, unit 303
Features: 2 bedrooms, 2 parking spaces
Outgoings: body corp levy $5145/year
Outcome: no bid, back on market at $599,000
Agents: Stephen Shin & Zoran Farac

North-east

Devonport

17A Church St, unit 3:
Features: cross-lease, 1/8 share in 1846m², 2 bedrooms, 2 storage sheds, offstreet parking
Outcome: taken to auction early after offer of $905,000 was acceptable, sold for $920,000
Agents: Linda Simmons & Jacquie McDonald

Attribution: Auction.

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Title delay holds up Augusta House sale settlement

Augusta Capital Ltd said today the settlement date for the sale of Augusta House (ex-Brookfield House) had been delayed due to a delay in the issue of new titles following the subdivision.

Augusta managing director Mark Francis said today the title delay arose as a result of the sale of an adjoining property which wasn’t part of the Finance Centre.

Settlement is contracted to occur 10 working days after the new titles are issued and Augusta expects this to occur by mid to late November. Until settlement occurs, Augusta continues to receive all rental income from Augusta House.

The Finance Centre sale price is broken into 4 components – $30 million for Augusta House (the former Brookfield House at 19 Victoria St West), $25 million for the Finance Centre retail, $11 million for the Finance Centre podium & $30 million for the Finance Centre carpark – and settlement will be spread through to 2019. First settlement is scheduled for tomorrow, 1 October (podium retail), followed by the podium on 1 April 2018 and the last 2 components on 1 April 2019.

Earlier stories:
25 July 2016: Finance Centre sale confirms Augusta’s full focus on funds management
6 July 2016: Augusta outlines rationale for funds management focus
17 June 2016: Augusta gets new sale agreement on Finance Centre complex

Attribution: Company release.

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Augusta gets new sale agreement on Finance Centre complex

Augusta Capital Ltd has sold the Finance Centre in Auckland for $96 million, 8 months after an $87 million sale fell over.

The buyer’s identity wasn’t disclosed on either occasion. However, I understand the buyer this time is a private Hong Kong investor with New Zealand residency.

Augusta managing director Mark Francis said on Wednesday the new transaction was unconditional from the buyer’s perspective, and only conditional on Augusta shareholders’ approval. That will be sought at a special meeting in late July.

The new deal follows separation of the centre’s components on to 4 titles. Mr Francis said settlement dates were subject to new titles from the current subdivision being issued, which Augusta expected to happen within the next month.

The property fronts Albert St, Victoria St West & Durham St West. The Queen St building originally named as the Finance Centre when Chase Corp Ltd built the complex in the 1980s is now the Crombie Lockwood Tower and is owned by Robt Jones Holdings Ltd.

Augusta’s new transaction will be staged, each of the 4 components of the Finance Centre being sold in different tranches between October 2016 & April 2019. Those stages are:

Augusta House, 19 Victoria St, price $30 million, deposit $3 million upon shareholder approval being obtained, settlement date 1 October 2016
Podium retail, 22 Durham St, West, $25 million, $2.5 million payable upon shareholder approval being obtained, $2.5 million payable on 1 June 2017, settlement date 1 April 2018
Carpark, 22 Durham St West, $30 million, $3 million payable upon shareholder approval being obtained, $3 million payable on 1 June 2017, settlement date 1 April 2019
Podium, 22 Durham St West, $11 million, $1.1 million payable upon shareholder approval being obtained, $1.1 million payable on 1 June 2017, settlement date 1 April 2019.

Under the agreements, Augusta has committed to $1.16 million of capital expenditure on the podium retail, carpark and podium properties, with no further liability for capex. Taking into account the capex & other sale costs & fees, the effective net sale price represented a 3.8% gain on the current carrying book value of the Finance Centre. The gross purchase price represented an effective capitalisation rate of 6.5%, based on current market rents.

Mr Francis said Augusta intended to reinvest the net sale proceeds in its funds management business: “Augusta believes the staged nature of the transaction provides a timeframe over which the proceeds can be invested in the funds management business, while maintaining a level of recurring income from the Finance Centre properties, while that transition/investment occurs.

“The sale will create material balance sheet capacity to enable the warehousing of assets for future syndication, greater levels of underwriting with respect to new deals as well as the ability to make a direct investment in new fund initiatives, as has been previously signalled to the market.”

Earlier story:
28 August 2015: Finance Centre sale falls through

Attribution: Company release.

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