Archive | Grafton

Firm yields on range of commercial sales

Bayleys agents have sold a Freemans Bay building at a sub-5% yield and 2 properties in Glen Eden & New Lynn (a former petrol station, now car yard, pictured above) for yields around 5.5%.

A commercial unit at the base of the new SKHY apartments on Khyber Pass has also been sold.

Isthmus east

Grafton

5 Hohipere St, unit 3W:
Features: 60mcommercial unit, parking space directly in front, one of 3 mixed-use zoned units at the base of new SKHY apartment development, on corner of Symonds St & Khyber Pass Rd, with shared loading dock & toilet facilities
Outcome: sold vacant for $250,000 at $4166/m2
Agents: James Were & Scott Kirk

Isthmus west

Freemans Bay

25 Hargreaves St:
Features: 1219m² sloping site zoned mixed use, on corner of Gudgeon St, 1404m² 1970s 2-level fully leased building; ground floor comprises light industrial/workshop space, accessed via 4 roller doors, with ancillary officesfirst floor has flat with medium stud warehousing & ramp access to parking area at the rear; 4 leases with 3- to 6-month termination clauses, resource consent for 6-level commercial & residential development incorporating existing building
Rent: $312,430/year net + gst
Outcome: sold to an owner-occupier for $6.55 million at a 4.77% yield
Agent: Alan Haydock

North-west

Glen Eden

202-208 West Coast Rd:
Features: 607m² of land in 2 titles in commercial centre opposite train station, 928m² 2-level retail & office building, 8 tenants; town centre zoning allows development up to 27m
Rent: $212,449/year net + gst
Outcome: sold for $3.815 million at a 5.57% yield
Agents: Tony Chaudhary & Janak Darji

New Lynn

3010 Great North Rd:
Features: 2782mfreehold site in commercial precinct, zoned general business, over 40m of road frontage, formerly a service station site; Buy Right Cars, a division of Turners Automotive Group Ltd, has been operating from the property since 2014 and renewed its lease for further 4-year term in May
Rent: $166,312/year net + gst
Outcome: sold for $3,023,854 at a 5.5% yield
Agents:
 Mike Adams, Simon Davies & Jean-Paul Smit

Attribution: Agency release.

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Updated: Sub-5% on 3 properties sold at Bayleys commercial auctions, one further sale in September

Published 13 April 2018, updated 23 September 2018
4 of the 7 Auckland commercial properties offered at Bayleys’ second Total Property auction of the year on 11 April sold under the hammer, and another commercial property sold the previous day at an East Tamaki auction. 3 properties were passed in.

3 of the sales were at yields under 5% in strong competition for smaller investments – down at 4.6% for 2 of them, the East Tamaki industrial unit and a superette in Papatoetoe.

Update, 23 September: The Wairau Valley industrial unit passed in at auction was sold in September.

Isthmus east

Grafton

20 Huntly Ave:
Features: 801m² site zoned residential – single house, 405m² fully leased dwelling containing 7 individual residential tenancies with their own kitchens & bathrooms
Rent: $191,880/year; single-bedroom units rent for $390-$400/week, 2-bedroom units $550-
$650/week
Outcome: sold for $3.65 million at a 5.26% yield
Agents: Phil Haydock & Damien Bullick

North-east

Orewa

8K Moana Ave:
Features: 85m² retail unit in large retail & office plaza with multiple tenancies fronting central customer parking area, 3-year lease to liquor store from October 2016, 3 3-year rights of renewal
Rent: $30,000/year net + gst
Outcome: sold for $605,000 at a 4.96% yield
Agents: Mustan Bagasra & Matt Lee

Wairau Valley

Updated: 234 Archers Rd, unit A:
Features: vacant 1205m² light industrial unit – warehouse 817.6m², showroom 387.4m² (size originally stated as 1146m²), 13 parking spaces
Outcome: passed in at $2.85 million at auction in April, sold in September for $2.95 million + gst
Agents: Ranjan Unka & Matt Mimmack

North-west

Glen Eden

1 Glendale Rd:
Features: 1511m² corner site with town centre zoning (27m height limit), 680m² retail/showroom building built in 2004, Cash Converters occupies 370m² on 6-year lease to October 2022 with 2 6-year rights of renewal; a Salvation Army family store occupies 309m² on lease to May 2019, with 2 rights of renewals of 2.5 years; 33 parking spaces
Rent: $251,224/year net + gst
Outcome: sold for $3.325 million at a 7.55% yield
Agents: Mike Adams, Jean-Paul Smit & Alan Haydock

New Lynn

2 Hutchinson Ave:
Features: 556m² corner site zoned terrace housing & apartment building, 203m² building occupied by longstanding retail & café tenant
Rent: new lease set at about $80,000/year net
Outcome: passed in at $1.25 million
Agents: Mike Adams & Phil Haydock

South

East Tamaki

21B Andromeda Crescent:
Features: 212m² industrial unit in block of 7, 3-year lease to Mahe Glasstech Ltd
from July 2016 – 104m² warehouse, 73m² office/showroom, 30m² mezzanine, 8m² deck
Rent: $23,000/year net + gst
Outcome: sold for $501,500 at a 4.59% yield
Agent: Nelson Raines

Manurewa

18 Mahia Rd:
Features: 2448m² corner site zoned light industrial, 1606m² building – warehouse 972.6m², office & amenities 385.7m², low-stud workshop 247.9m², seismic ratings 90% for warehouse, 70% for office
Rent: $168,603/year net + gst from longstanding tenant
Outcome: no bid
Agents: Peter Migounoff & Rod Grieve

Papatoetoe

70 St George St:
Features: 326m² site zoned town centre, single-level 120m² retail premises occupied by superette on 2-year lease from November 2016, 4 4-year rights of renewal
Rent: $30,100/year net + gst
Outcome: sold for $655,000 at a 4.6% yield
Agents: Ash Jogia, John Bolton & Dave Stanley

Attribution: Agency release.

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3 apartments sell at auction

3 apartments were sold and 2 passed in at Ray White City Apartments’ auction today.

The sales were in the Aura, Citta (pictured) & Landings buildings, and an offer was to go on a contract for a unit in the Harvard on Hobson St.

CBD

Quay Park

The Landings, 8 Ronayne St, unit 904:
Features: leasehold, 68m², 2 bedrooms, parking space, storage locker; code compliance certificate issued after remediation; the 7-yearly review of the Ngati Whatua o Orakei Trust Board ground lease came up for renewal on 1 August
Outgoings: rates $1204/year including gst; body corp levy $5504/year, ground rent $4516/year
Income assessment: $580/week current
Outcome: sold for $237,500
Agents: James Mairs & Lucy Gao

Victoria Quarter

Aura, 53 Cook St, unit 412:
Features: 50m², 2 bedrooms
Outgoings: rates $1265/year including gst; body corp levy $3778/year
Outcome: sold vacant for $420,000
Agent: Keisha Gutierrez

Harvard, 147 Hobson St, unit 6A:
Features: 50m², fully furnished 4 bedrooms, recently given $20,000 makeover
Outgoings: rates $1362/year including gst; body corp levy $6148/year
Income assessment: $590/week, fixed until 13 January; appraisal $700-750/week
Outcome: passed in at $401,500
Agent: Krister Samuel

Zest, 72 Nelson St, unit 717:
Features: 20m², furnished one bedroom
Outgoings: rates $994/year including gst; body corp levy $1856/year, water excluded
Income assessment: $310/week, fixed until 8 September
Outcome: passed in at $208,000
Agents: Judi & Michelle Yurak

Isthmus east

Grafton

Citta, 184 Symonds St, unit 314:
Features: 65m², 2 bedrooms, 2 bathrooms, parking space, 2 storage lockers
Outgoings: rates $1631/year including gst; body corp levy $4894/year
Outcome: sold vacant for $591,000
Agent: Keisha Gutierrez

Attribution: Auction.

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City apartments sell in $9-10,000/m² range at auction

An apartment on St Patrick’s Square (building pictured) and another at the top of the Auckland cbd, in Scotia Place, sold under the hammer at Ray White City Apartments’ auction yesterday. 3 others were passed in at an auction which attracted multiple bidders on 2 properties, none on another.

Assuming a 5% return on current parking price, the 1950s Madison on the Square apartment – across the square from the brand-new Park Residences – was priced at about $9750/m².

At the top of the hill, the Nova en Scotia apartment, with no parking, was priced at $9000/m².

CBD

Federal St

Madison on the Square, 37 Federal St, unit 3D:
Features: 44m², one bedroom, secure basement parking space
Outgoings: rates $1526/year including gst; body corp levy $4668/year
Income assessment: $435/week current, parking $60/week fixed until 23 August; apartment appraisal $500-600/week fully furnished
Outcome: sold for $491,500
Agent: Krister Samuel

Uptown

Volt, 430 Queen St, unit 1607:
Features: 72m², 3 bedrooms, 2 bathrooms, balcony, secure basement parking space
Outgoings: rates $1669/year including gst for apartment, parking $182/year; body corp levy $8383/year including hot & cold water
Income assessment: $650-700/week furnished
Outcome: passed in at $640,000
Agents: Judi & Michelle Yurak

Nova en Scotia, 18 Scotia Place, unit 7G:
Features: 50m², 2 bedrooms
Outgoings: rates $1396/year including gst; body corp levy $4049/year
Income assessment: $490/week current
Outcome: sold for $452,000
Agent: Bain Duigan

Isthmus east

Grafton

Bridgeside, 127 Grafton Rd, unit P1:
Features: 65m², one bedroom, 2 separate basement parking spaces, storage locker
Outgoings: rates $1519/year including gst; body corp levy $5478/year
Outcome: passed in at $535,000
Agents: Mitch Agnew & Ryan Bridgman

Isthmus west

Eden Terrace

Memphis, 4 Rendall Place, unit 4A:
Features: 66m², 2 bedrooms, 3 parking spaces, storage locker
Outgoings: rates $1454/year including gst; body corp levy $5488/year
Outcome: no bid
Agent: Anna Birkenhead

Attribution: Auction.

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Apartments & workshop all passed in

All 4 apartments & suburban units taken to auction by Bayleys last week were passed in.

A car workshop in the Wairau Valley was also passed in.

Apartments

Isthmus east

Grafton

8 Nugent St, unit 502:
Features: 86m², 2-bedroom sub-penthouse, heat pump, 3 panel heaters, 2 bathrooms with underfloor heating, balcony, secure parking space, storage locker
Outgoings: rates $2232/year including gst; body corp levy $4635/year
Outcome: passed in
Agent: Luke McCaw

Greenlane

11 Tawera Rd, unit 1:
Features: 2-bedroom unit, parking space
Outcome: passed in
Agent: Phoenix Chen

Isthmus west

Ponsonby

171 Ponsonby Rd, unit 4:
Features: 2-bedroom apartment, deck, 2 covered parking spaces
Outcome: passed in, back on market at $1.05 million
Agents: Robyn Clark & Peter Tanner

North-east

Browns Bay

8 Phillipa Place, unit 2:
Features: 2-bedroom unit, garage
Outcome: passed in
Agent: Aata Wairepo

Commercial

North-east

Wairau Valley

18-20 Ashfield Rd, unit K:
Features: 156m² workshop & office, new roof in 2015, seismic rating 100% of new building standard
Rent: leased for 2 years from 1 April to Buddy Autoparts Ltd for $29,000/year net + gst + outgoings, 2 2-year rights of renewal
Outcome: passed in
Agents: James Yu & Trevor Duffin

Attribution: Agency release.

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Bottom-of-Domain play areas up for concept approval Wednesday

Auckland Council’s Auckland Domain committee is set to approve a comprehensive redevelopment programme on Wednesday for an area at the foot of the domain.

It’s on both sides of Kari St, running off the bottom of Grafton Rd, above the Grafton Mews office precinct & Auckland Bowling Club and below Auckland Hospital. Motorway ramps fill the rest of the gully at that point.

The masterplan assumes new uses on the site of the specialist nursery which provides plants to the Domain Wintergarden.

Activities proposed for the transformed area include a multi-sport gym & 5-a-side turf field (in conjunction with Auckland University); a woodland trail; nursery sheds retained for removable ping pong tables, general storage & alternate use for a market; basketball courts (convertible hoops for netball); volleyball courts; a boardwalk in from the Domain’s centennial walkway; and senior & junior BMX trails.

Both proposals won majority approval from submitters – 67% for development of the play space and 17% not in support; 65% for development of the plant nursery area, 7% not.

In a report to the committee, council landscape architecture manager David Little says final designs are complete for the Kari St Commons area & the natural play space. If the committee approves the concepts, the council will move to seeking resource consent.

Mr Little says the council has a budget to progress both projects in the next financial year. The council will consider a request for extra funding on Thursday, at its finance & performance committee & governing body meetings, to improve Domain accessibility.

Links to committee agenda items, Wednesday 30 May:
9, Natural play and Kari St Commons concept approval Recommendation   
Kari St Commons draft concept design   
Natural play space draft concept design    
Te Aranga design principles assessment relative to both play concepts (presented to mana whenua in December)    

Attribution: Council committee agenda.

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Fringe buildings sell on sub-5% yields

A Drake St building (pictured), above the Victoria Park Market, which has gone through 2 conversions is one of 3 city fringe buildings sold by Bayleys agents, 2 of them on sub-5% yields.

A retail & residential building across the road from Grafton Bridge & Auckland Hospital and a renovated building in Remuera’s Upland Village have also been sold.

CBD

Victoria Quarter

20 Drake St:
Features: 240m² site zoned city centre, 461m² refurbished, upgraded & seismically strengthened former warehouse, also previously an apartment; 2 levels plus a mezzanine of character commercial accommodation, 4 secure internal parking spaces at ground level; 9-year lease from January 2017 to film & animation production company Assembly Creative Ltd, lease break clause from January 2020 with 6 months’ notice
Rent: $228,437/year net + gst
Outcome: sold for $5.425 million at a 4.21% yield
Agents: Alan Haydock & Damien Bullick

Isthmus east

Grafton

1-9 Park Rd:
Features: 1068m² corner site at Grafton Rd intersection and opposite Auckland Hospital; 3-level 1096m² character commercial & residential building, 3 ground-floor retail tenancies & 19 residential tenancies above, on periodic lease terms comprising studio, 1- & 2-bedroom flats, rented for $280-$450/week
Rent: about $313,300/year gross from residential component & $105,763/year net from commercial tenancies
Outcome: sold for $6 million
Agents: Mike Adams & Phil Haydock

Remuera

571 Remuera Rd:
Features: 157m² site in Upland Village zoned neighbourhood centre, recently renovated 138m² 2-level character building, fully leased to a café with 2-bedroom residence above
Rent: $50,000/year net + gst, fixed 3%/year rental increases
Outcome: sold for $1.11 million at a 4.5% yield
Agents: Andrew Wallace & Cameron Melhuish

Attribution: Agency release.

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1 of 2 leasehold Quay Park townhouses sells

One (pictured) of 2 leasehold townhouses on Ngati Whatua o Orakei land at the foot of Parnell (the former railway land in Quay Park) was sold under the hammer at Ray White City Apartments’ auction today, but the second townhouse nearby was passed in with only a vendor bid.

The next 3 apartments and a Kingsland villa + sleepout were all passed in.

The next ground lease review for the passed-in townhouse is set down for 2 August.

Auctioneer Ted Ingram has argued many a time – and did so again today – that leasehold units at Quay Park can be good value, and shouldn’t be treated with the scepticism they’re accorded by many in the property market.

With a ground lease review imminent, the question for buyers – and current owners – is what change will occur to the land value, on which the ground lease is based. The Ngati Whatua leases are set at 6% of land value – which, for past reviews, has resulted in complicated negotiations over what that land value might be.

CBD

Albert St

Barclay Suites, 74 Albert St, unit 402:
Features: one bedroom
Outgoings: rates $4795/year including gst (commercial rates to be converted to residential soon); body corp levy $3439/year
Income assessment: $500-550/week
Outcome: passed in at $410,000
Agent: Ron Yang

Learning Quarter

Summit on Symonds, 103 Symonds St, unit 206:
Features: 69m², 2 bedrooms, 2 bathrooms, secure parking space
Outgoings: rates $2212/year including gst; body corp levy $4104/year
Income assessment: owner-occupied; appraisal $700-750/week furnished
Outcome: passed in at $560,000
Agent: Damian Piggin

Quay Park

39 Dovedale Place:
Features: leasehold, 106m² townhouse, 3 bedrooms, 2 bathrooms, internal access garage; reclad and new code compliance certificate issued
Outgoings: rates $1838/year including gst; body corp levy $9008/year, including $6974 ground rent – next ground lease review set for 2 August
Income assessment: $700/week current, appraisal $780-820/week unfurnished
Outcome: vendor bid at $300,000, passed in
Agents: May Ma & Mark Li

5 Sudbury Terrace:
Features: leasehold, 106m² terrace, 3 bedrooms, 2 bathrooms, secure covered parking space; remedial works completed and new code compliance certificate issued
Outgoings: rates $1864/year including gst; body corp levy $8081/year, including $6408 ground rent
Income assessment: $750/week current
Outcome: sold for $300,000
Agents: Dominic Worthington & Ady Huang

Isthmus east

Grafton

Citta, 184 Symonds St, unit 417:
Features: 30m² penthouse-level studio, secure tandem basement parking, storage locker
Outgoings: rates $1012/year including gst; body corp levy $3880/year
Income assessment: $360/week, fixed until 30 October
Outcome: passed in at $320,000
Agent: Keisha Gutierrez

Isthmus west

Kingsland

62 Second Avenue:
Features: 463m² section, 126m² villa + sleepout, 5 bedrooms, 3 bathrooms
Outgoings: rates $3698/year including gst
Outcome: no bid
Agents: Zarlane & Bernie Grubisic

Attribution: Auction.

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5 apartments out of 5 passed in

All 5 apartments taken to auction at a sparsely populated Barfoot & Thompson auctionroom this morning were passed in, but only one with no bid.

CBD

Learning Quarter

Sapphire, 76 Wakefield St, unit 410:
Features: 53m², 2 bedrooms, balcony
Outgoings: body corp levy $4239/year
Outcome: passed in at $440,000
Agents:

Victoria Quarter

Harvard, 147 Hobson St, unit 1E:
Features: 2 bedrooms
Outgoings: body corp levy $3803/year
Outcome: no bid
Agents: Stephen Shin & Justin Choi

Harvard, 147 Hobson St, unit 8B:
Features: furnished 3 bedrooms
Outgoings: body corp levy $4594/year
Outcome: passed in at $350,000
Agents: Stephen Shin & Justin Choi

Isthmus east

Grafton

Citta, 184 Symonds St, unit 222:
Features: 53m², 2 bedrooms
Outgoings: rates $1513/year including gst; body corp levy $3615/year
Income assessment: $600/week current
Outcome: passed in at $430,000
Agents: Aaron Cook & Holly Huang

Isthmus west

Mt Eden

Station R, 11 Fenton St, unit 108:
Features: 77m² internal, 2 bedrooms, 2 bathrooms, 9m² balcony, secure parking space
Outgoings: body corp levy $3890/year
Outcome: passed in at $675,000
Agents: Selina Zheng & Tommy Zhang

Attribution: Auction.

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Offices replace apartments plan for Fanshawe St site, one of 4 sales worth total $50 million

Mansons TCLM Ltd intends to build an office building on the Fanshawe St site it bought in a mortgagee tender on behalf of interests associated with apartment developer Mohsen Haghi, who’d intended to build the Saba apartments there.

Part of the site was cleared for the apartments development last August, but the mortgagee sale sign went up at the same time.

Mansons has been a major office developer on Victoria St West, overlooking the Fanshawe St site, which is across the street from the former Vodafone building, now Auckland Transport’s headquarters. It’s also building the One55 Fanshawe office building on the former Caltex service station site at 155-167 Fanshawe St.

The company paid $5900/m² for the ex-Saba site, and $6000/m² for the ex-Caltex site at the end of 2016.

Sale of the ex-Saba site was one of 4 transactions completed by Bayleys agents, worth a total just under $50 million.

The others were on City Rd, back of the Langham Hotel, on Auburn St in Grafton, and the former church & theatre on East St, just off Karangahape Rd.

CBD

Uptown

9 City Rd:
Features: 1016m² site, 6-level 3358m² 1980s’ building, multiple tenants including some education providers, 5.5-year weighted average lease term, basement parking and a further 58 parking spaces in neighbouring building
Outcome: sold for $12 million at a 6.6% passing yield
Agents: Alan Haydock & Damien Bullick

3 East St, off Karangahape Rd.

3 East St:
Features: 878m² site in 2 titles, 1144m² early 20th century building previously used as a church & theatre
Outcome: sold with vacant possession for $3.5 million
Agents: Alan Haydock, James Hill & Shane Snjider

Victoria Quarter

136-142 Fanshawe St:
Features: 5210m² development site, near the intersection with Halsey St & opposite the KPMG and former Vodafone buildings; north facing with potential harbour, Victoria Park & cbd views; resource consent in place for apartment & parking development but likely to be redeveloped into an office building
Outcome: sold to Mansons TCLM in a mortgagee tender for $30.739 million at $5900/m²
Agents: Alan Haydock & Damien Bullick

Isthmus east

Grafton

12-16 Auburn St:
Features: 749m² site zoned mixed use, 762m² office & warehouse building, Tasman Machinery has 8-year lease from May 2017
Rent: $170,000/year net + gst
Outcome: sold for $3.5 million at a 4.86% yield
Agents: Alan Haydock & Phil Haydock

Attribution: Agency release.

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