Archive | Victoria St

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.


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



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


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


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


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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Hotel suite & Statesman unit sell

A hotel suite in the Amora and one of 2 apartments in the Statesman (pictured) were sold at City Sales’ auction yesterday.

The second Statesman apartment and a new unit in the Victoria Residences opposite the SkyCity casino were under negotiation post-auction.

A unit in Imperial Gardens, where remediation works are pending and a Remuera townhouse were passed in.


Learning Quarter

The Statesman, 1 Parliament St, unit G08:
Features: 80m² + deck, refurbished 2 bedrooms, 2 bathrooms, parking space
Outgoings: rates $2118/year including gst; body corp levy $5209/year
Outcome: passed in after GAVL online bid, under negotiation post-auction
Agent: Scott Dunn

The Statesman, 1 Parliament St, unit 307:
Features: 57m², 2 bedrooms, potential to lease parking long-term
Outgoings: rates $1691/year including gst; body corp levy $3691/year
Outcome: sold vacant for $572,000
Agent: Scott Dunn


Amora, 100 Greys Ave, unit 6J (door 610):
Features: 33m², fully furnished studio, deck
Outgoings: rates $4000/year including gst, paid by hotel
Outcome: sold for $225,000 at short-notice auction (zero-rated for gst – in hotel lease expiring in 2021)
Agent: Dahui Chen

Victoria Quarter

Imperial Gardens, 135 Hobson St, unit 701:
Features: 3 bedrooms, 2 bathrooms, 2 parking spaces
Outgoings: rates $1420/year including gst; remediation imminent
Outcome: passed in
Agent: Haytham Nasr

Victoria St

Victoria Residences, 75 Victoria St, unit 1304:
Features: 62m² + 8m² deck, 2 bedrooms, 2 bathrooms
Outgoings: rates $1982/year including gst; body corp levy $4353/year
Income assessment: $800/week
Outcome: passed in at $840,000, under negotiation post-auction
Agents: Maggie Sun & Scott Dunn

Isthmus east


7 Haast St, unit 2:
Features: cross-lease, half share in 625m², 3-bedroom townhouse, 2 covered parking spaces
Outgoings: rates $2885/year including gst
Outcome: passed in
Agent: Haytham Nasr

Attribution: Agency release.

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Updated: Queen’s Court & Victoria Residences shops and Rosedale office sell

Published 5 August 2018, updated 6 August 2018:
Small retail spaces in Queen’s Court, opposite the Town Hall, and Victoria Residences, opposite the Sky Tower, and a Rosedale live/work unit have been sold by Bayleys agents (& NAI Harcourts for the Queen’s Court space). A shop in Forrest Hill has been leased.



Queen St

Queen’s Court, 368 Queen St, unit 4:
Features: vacant 12m² shop
Outcome: sold in July for $235,000 + gst at $19,583/m²
Agents: Meng He, Steven Liu & Harcourts

Victoria St West

Victoria Residences, 75 Victoria St, unit 5:
Features: 16m² air-conditioned commercial unit with grease traps, extraction fans & 3-phase power, at foot of new apartment block opposite the Sky Tower; 4-year lease to food tenant with rights of renewal until 2026; last of 9 ground-floor food & beverage outlets in the 161-apartment 25-level building to sell
Rent: $65,000/year net + gst
Outcome: sold for $1.25 million at a 5.2% yield
Agent: Millie Liang



13 Lovell Court, unit B1:
Features: 100m² mixed-use unit with live/work consent, 50m² of showroom/office space downstairs leased to Purpose Investment Ltd until August 2019, self-contained apartment plus deck upstairs, 2 parking spaces
Rent: $13,546/year net + gst
Outcome: sold for $325,000 + gst at a 4.17% yield
Agents: David Han & Ian Waddams



Forrest Hill

14-18 Raines Avenue, shop 7:
Features: 56.7m² shop, shared parking
Rent: leased in July for $18,000/year net + gst, premises rental $317/m²
Agent: Dev Choudhury

Attribution: Agency release.

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Resale of Spark City building among 4 central & western fringe deals

The first of the 4 Spark City buildings on Victoria St West to sell when they were built in 2014, has been sold again by syndicator Augusta Capital Ltd.

It’s one of 4 transactions reported today by Bayleys. The others are a commercial unit in Conrad Properties Ltd’s new Victoria Residences development across the road from the SkyCity casino, a redeveloped & reconfigured office building in Grey Lynn and an apartment development site in Herne Bay.

Augusta bought what was then Building C at Telecom Place for $65.18 million at a 7.25% yield. The price has risen by just under $12 million and the yield has firmed from 7.25% to 6.9%. The new buyer is a fund managed from Singapore.

The building sold on Pollen St, Grey Lynn, was previously occupied by a printing company and has been transformed by Tim Wilson, of Triumph Capital and let to a mix of creative & technology tenants.

The third new development to sell is a small commercial unit on the ground floor of Conrad’s Victoria Residences, bought on the site of the former Palace Hotel, where the Chow brothers had intended to develop a highrise brothel. The 124-year-old hotel building was demolished in 2010 after walls started to crack when the basement was being dug out for the Chows’ development.


Federal St

64 Federal St:
Features: new 16m² commercial unit on ground floor of the 25-level Victoria Residences, developed by Conrad Group Ltd opposite the Sky Tower; 6-year lease to Jango Food Ltd
Rent: $55,000/year net + gst
Outcome: sold for $950,000 at a 5.79% yield
Agent: Millie Liang

Victoria Quarter

Corner Victoria St West & Dock St:
Features: 7495m² office building, part of the 4-building Spark City, 10-year lease to Spark NZ Trading Ltd until June 2024 plus 2 6-year rights of renewal; 5-star office design & built Green Building certifications, 73 basement parking spaces, shares large central atrium with the 3 other buildings also developed in 2014 by Mansons TCLM Ltd as head office campus for Telecom (now Spark)
Rent: $5,316,009 net + gst with annual 3% rental increases
Outcome: sold for $77 million, at a 6.9% yield, to SCORE+, a pan-Asian fund managed by Singapore-based SC Capital Pte Ltd by Victoria Dock Nominees joint venture, a property syndication fund managed by Augusta Funds Management Ltd
Agents: David Bayley & Paul Hain

Isthmus west

Grey Lynn

20-22 Pollen St, Grey Lynn.

20-22 Pollen St:
Features: 1960m² site, frontage also to Mackelvie St, former premises of printing company Gravitas Media Ltd, completely redeveloped & reconfigured 3-level office building plus 94 internal parking spaces; just over 4000m² of net lettable space leased to mix of predominantly creative & technology tenants, mostly on 6-8 year leases, at $435-$495/m²; vendor rental underwrite on 2 tenancy spaces yet to be leased
Rent: $2,176,795/year net + gst
Outcome: sold by Triumph Capital (Tim Wilson) for $37,857,304 to Europe-based investor at a 5.75% yield
Agents: Chris Bayley & Lloyd Budd (Bayleys) with Tim McEnallay (Venncap Sydney) acting as a consultant to the buyer

Herne Bay

32 Shelly Beach Rd:
Features: 746m² site zoned terraced housing & apartment buildings, with concept plan by Paul Brown Architects for 9 apartments, including penthouse, resource consent application submitted to activate this; 5-bedroom villa provides holding income of $1200/week
Outcome: sold for $2.78 million
Agents: Scott Kirk & James Were

Earlier stories:
26 January 2015: Victoria Residences & St James Suites set new price points
23 January 2015: Almost-brothel site among 14 year-end sales
10 November 2014: 3 remaining Spark City buildings sold
3 October 2014: Augusta settles Telecom Place purchase, syndication nears completion
28 August 2014: K Rd building sells at 8%, Telecom Place building 3 at 7.25%
28 April 2014: Chow brothers put brothel site on market

Attribution: Agency release.

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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.


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


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


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


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


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.


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


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).


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



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


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



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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