Archive | Isthmus west

Eden Terrace apartment sells

An Eden Terrace apartment was sold at Bayleys’ auction on Wednesday, down $54,000 from the price paid in July 2015, according to Quotable Value Ltd records. I reported this unit’s sale at auction in May 2015 for $326,000, and its sale again in an August 2015 report at $449,000.

I haven’t confirmed the earlier sales records today.

Isthmus west

Eden Terrace

Der Rohe, 10 Flower St, unit 107:
Features: 55m², 2 bedrooms, balcony, secure parking space
Outgoings: rates $1360/year including gst
Outcome: sold for $395,000
Agents: Lucy Piatov & Chris Bell

Attribution: Auction, sales records.

Continue Reading

1 of 4 apartments sells in light bidding

Light bidding saw just one of the 4 apartments sold at Ray White City Apartments’ auction today, a unit in Siena Terrace in Grey Lynn (pictured).

CBD

Learning Quarter

The Quadrant, 10 Waterloo Quadrant, unit 1412:
Features: 32m², fully furnished studio
Outgoings: rates $1350/year including gst; body corp levy $4002/year including gst for the year ending 28 February
Income assessment: $400/week
Outcome: passed in at $301,000
Agent: Damian Piggin

Victoria Quarter

Altitude, 34 Kingston St, unit 3K:
Features: 27m², fully furnished 1 bedroom
Outgoings: rates $994/year including gst; body corp levy $3044/year including gst
Income assessment: $430/week
Outcome: passed in at $206,500
Agent: Dusan Valenta

Isthmus west

Grey Lynn

Siena Terrace, 6 Burgoyne St, unit 2F:
Features: over 50m², fully furnished 1 bedroom, tandem basement parking
Outgoings: rates $1321/year including gst; body corp levy $3852/year including gst
Outcome: sold for $475,000
Agent: Keisha Gutierrez

Mt Eden

Eden Green, 43 Edwin St, unit 424:
Features: 67m², 1 bedroom + flexi-room, 8m² balcony, storage unit, secure parking space
Outgoings: body corp levy about $4000/year including gst
Outcome: passed in after bid at $850,000, vendor bid at $880,000
Agent: Casey Chen

Attribution: Auction.

Continue Reading

15 commercial sales & 1 lease

Colliers agents have completed 15 commercial property sales & one lease agreement in Auckland & down through the Coromandel, Bay of Plenty, Waikato & Manawatu.

Sales

Isthmus east

Onehunga

191 Onehunga Mall:
Features: 512m² site, 2-storey, 1018m² open floorplate, ex-BNZ building, retail ground floor, 13 parking spaces
Outcome: sold for $3.42 million at a 4.67% yield on passing income
Agents: Gawan Bakshi, Ned Gow & Adam White

Remuera

126A Remuera Rd:
Features: 354m² medical investment 
Outcome: sold for $3.2 million at a 4.97% yield
Agents: Hamish Paterson, David Burley & Simon Child

Isthmus west

Morningside

9 Gordon Rd:
Features: 1815m² site, 1542.5m² floor area, tenant on new 4-year lease
Rent: $258,000/year net + gst
Outcome: sold for $4.84 million at a 5.33% yield
Agents: Jonathan Lynch, Dhiru Patel & Shoneet Chand

North-east

Rosedale

9A Parkhead Place:
Features: 675m² industrial property on strata title
Outcome: sold for $2.26 million at a 5.34% yield
Agents: Matt Prentice & Ryan de Zwart

North-west

Hobsonville

3 Rawiri Place:
Features: 5003m² site, 2739.5m² warehouse & office in the newly completed industrial property in the Workspace development, full drive-around truck access, 32 parking spaces
Outcome: sold for $10.15 million at a 4.92% yield
Agents: Craig Smith, Matt Prentice & Gareth Fraser

South

East Tamaki

60 Allens Rd:
Features: 5702m² industrial property, 20% site coverage, Fyfe Kitchens Ltd’s head office & manufacturing base
Outcome: sold for $4.75 million at a 2.3% yield
Agents: Paul Higgins & Josh Franklin

417 East Tamaki Rd, unit D5:
Features: 92m² of office split over 2 levels, 297m² warehouse
Outcome: sold for $1.29 million at a 5.3% yield
Agents: Josh Franklin, Greg Watson & Jolyon Thomson

Papakura

64 Boundary Rd:
Features: 8858m² multi-tenanted office & warehouse, one newly built building, another recently refurbished, total floor area 2416m²
Outcome: sold for $6.55 million at a 6.5% yield
Agents: Josh Franklin & Jolyon Thomson

South of the Bombays

Bay of Plenty

Katikati

13 Talisman Drive, units 1 & 2:
Features: 412m² lettable area, standalone unit-titled office building, fully leased to a law firm & an accountancy office
Outcome: sold for $1.23 million at a 7.1% yield
Agents: Simon Clark & Grant White

Tauranga

140 Second Avenue:
Features: 1012m² site, about 1000m² of workshop & office
Outcome: sold with vacant possession for $2.1 million
Agents: Grant White, Simon Clark & Richard Davidson

Coromandel

Hahei

94 Hahei Beach Rd:
Features: 22.5ha landholding zoned for residential & lifestyle subdivision 
Outcome: sold for $2.9 million
Agent: Roger Seavill

Manawatu

Longburn

166 Works Rd:
Features: 2.48ha site, 5070m² industrial facility – warehouse 3125m²
Outcome: sold for $1.2 million at a 15.5% gross yield
Agent: Janine Hodgson

Palmerston North

158 Fitzherbert Avenue & 364-366 College St:
Features: 1618m² corner site, 2-level commercial building will be removed & replaced with a 3-tenancy building & a single-storey dwelling
Outcome: sold for $1.111 million at a 5.66% yield
Agents: Grant Lloyd, Phil Nevill & Doug Russell

Palmerston North – Roslyn

931 Tremaine Avenue:
Features: 8243m² site, 4354m² multi-tenanted retail & industrial complex
Outcome: sold for $4.45 million at a 7.61% yield
Agents: Phil Nevill, Doug Russell & Grant Lloyd

Waikato

Hamilton

903-919 Victoria St:
Features: 1443m² site, 2-level retail & office building, 2 parking levels
Outcome: sold for $4.9 million
Agents: David Palmer & Justin Oliver

Lease

Isthmus west

Kingsland

6 & 8-10 Aitken Terrace:
Features: 732m² high stud warehouse, drive-through capability
Rent: leased to industrial maintenance & engineering firm on 5-year term at $220,000/year net + gst
Agent: Jonathan Lynch

Attribution: Agency release.

Continue Reading

3 apartments out of 5 sell at auction

3 of the 5 units auctioned at Ray White City Apartments today were sold under the hammer.

The first property offered, in Mt Eden (pictured), attracted 19 bids; the next, on Symonds St, got no bid although buyers were in the room, and the other 3 attracted 10 bids between them. An owner-occupied unit in the Quadrant, across Waterloo Quadrant from Auckland University, attracted one bid followed by considerable negotiation and sold to the original bidder after a 20% raise.

The lack of bidding, combined with reduced interest from traders & overseas buyers, is forcing agents to pay closer attention to conditional offers, which backed up all of today’s offerings.

CBD

Learning Quarter

Pembridge, 38 Symonds St, unit 10:
Features: 37.8m², furnished 1 bedroom, parking space; new kitchen & bathroom
Outgoings: rates $1149/year including gst; body corp levy $3606/year including gst
Outcome: no bid
Agents: Judi & Michelle Yurak

The Quadrant, 10 Waterloo Quadrant, unit 1609:
Features: 41m², 3m² balcony; originally 2 bedrooms off plan but converted by developer to 1 bedroom, separately titled parking space
Outgoings: rates $1543/year including gst; body corp levy $5396/year including gst for unit, $1215/year for parking
Outcome: sold for $480,000
Agent: Damian Piggin

Uptown

CityZone, 11 Liverpool St, unit 1611:
Features: 18m² furnished studio
Outgoings: rates $946/year including gst; body corp levy to October 2018 $2704/year including gst, proposed new levy $2872/year including gst
Outcome: sold vacant for $200,000
Agents: Judi & Michelle Yurak

Isthmus east

Grafton

8 on Nugent, 8 Nugent St, unit 410:
Features: 78m², 2 bedrooms, 2 bathrooms, parking space, offered with vacant possession
Outgoings: rates – unit $2219/year including gst, parking $583/year; body corp levy – unit $4395/year including gst, parking $389/year
Income assessment: $600-650/week
Outcome: passed in at $750,000
Agents: Mitch Agnew & Ryan Bridgman

Isthmus west

Mt Eden

12 Charles St, unit 1J:
Features: 35m², 1 bedroom, large balcony, parking space, new code compliance certificate issued
Outgoings: rates $953/year including gst; body corp levy $3745/year including gst
Outcome: sold for $391,000
Agent: Damian Piggin

Attribution: Auction.

Continue Reading

Updated: Metropolis unit sells

Published 6 February 2019, updated 8 February 2019:
A Metropolis apartment with a garage space was sold at Bayleys’ auction today, but only one of the other 5 properties on offer attracted a bid.

They included 2 adjoining townhouses in Pt Chevalier.

Update: The auction of apartment 10 at 10 Flower St, Eden Terrace, was postponed.

CBD

Kitchener St

Metropolis, 1 Courthouse Lane, unit 1902:
Features: 52m², 1 bedroom, storage locker, garage
Outgoings: rates $1788/year including gst; body corp levy $8291/year including gst, after prompt payment discount
Outcome: sold for $700,000
Agents: Habeeb Urrahman, Steve Kirk & Chris Cairns

Isthmus west

Pt Chevalier

23 Huia Rd, units 2 & 3:
Features: both 3-bedroom townhouses, each with 2 bathrooms, study, garage, 2 parking spaces
Outcome: no bid on either
Agent: Blair Haddow

Attribution: Agency release.

Continue Reading

Veritas unconditional on Kingsland gastro pub buy

Veritas Investments Ltd has gone unconditional on its agreement to buy the business & assets of Citizen Park from Kingsland Trading Co Ltd as a going concern, following shareholder approval on Friday.

Veritas subsidiary The Better Bar Co Ltd expects to complete the acquisition, for $2.7 million plus stock (estimated to be $30,000), on 25 February.

Citizen Park is a gastro pub at 424 New North Rd, Kingsland.

Veritas chair Tim Cook said when the proposed acquisition was announced in December: “Citizen Park is in a highly desirable location and represents a complementary acquisition for The Better Bar Co on a number of levels, from which we could drive synergies through our existing hospitality outlets, procurement base & supplier relationships.”

Veritas will debt-fund the full purchase price from the acquisition & capital expenditure facility provided by Pacific Dawn Ltd, a subsidiary of Japanese financier Nomura Holdings Inc.

Earlier story:
19 December 2018: Veritas to buy Citizen Park

Attribution: Company release.

Continue Reading

Office & warehouse leases signed

Ray White Commercial agents have signed leases on a Newmarket office & a Kingsland warehouse this week.

Isthmus east

Newmarket

27 Davis Crescent:
Features: 121m² office building
Rent: leased for $33,257/year gross + gst, one-year term, one-year right of renewal
Agent: Conrad Traill

Isthmus west

Kingsland

3B Central Rd:
Features: 146m² warehouse
Rent: leased to The Vitrine, $40,376/year gross + gst, 5-year term, one 5-year renewal
Agents: Finn Hurst & Cameron Burton

Attribution: Agency release.

Continue Reading

Bank’s Henderson centre among 4 commercial sales

Ray White Commercial agents have sold 4 properties around Auckland, 3 in conjunction with other Ray White agencies. One is on Newmarket Broadway, 2 are in Grey Lynn and the biggest, ASB Bank’s north-west regional centre, is in Henderson.

Isthmus east

Newmarket

25 Broadway:
Features: 193m² office space 
Rent: leased to Fuse Creative Ltd for $95,000/year net + gst, 3-year lease with 2 3-year rights of renewal
Agents:Conrad Traill & Natasha Christensen

Isthmus west

Grey Lynn

36 Douglas St:
Features: 259m² character villa zoned business mixed use
Outcome: sold for $1.65 million
Agents: Conrad Traill & Natasha Christensen (Ray White Commercial) & Ray White Damerell Group Ponsonby

24A Williamson Avenue:
Features: 356m² site zoned mixed use urban, 201m² street-level warehouse, 2-bedroom loft apartment with rooftop terrace & deck, 5 parking spaces
Outcome: sold for $3.45 million
Agents: John Davies & Natasha Christensen (Ray White Commercial) & Ray White Damerell Group Ponsonby

North-west

Henderson

288-290 Lincoln Rd:
Features: 1871m² site, 1504m² building, ASB West Auckland regional centre on 9-year lease running until January 2022
Outcome: sold for $10.15 million at a 6% yield
Agents: John Davies & Nigel Ingham (Ray White Commercial) & Ron Yang (Ray White City Apartments)

Attribution: Agency release.

Continue Reading

Updated: 5 (now 7) of 14 sell at Bayleys’ Auckland commercial auction, 3 of 3 in Tauranga

Published 25 October 2018, updated 29 October 2018 & 13 January 2019:
5 of the 14 properties were sold at Bayleys’ Total Property commercial auction on Wednesday and 5 attracted no bid.

At the agency’s Tauranga auction, all 3 properties were sold under the hammer.

Update 1: One property has been sold post-auction – a takeaway outlet in the Wairau Junction retail centre. The outcomes for 2 of the Auckland properties were transposed – for Ellerslie & Blockhouse Bay – and have been corrected below.

Update 2: The manager’s unit in The Sands apartment complex at Onetangi on Waiheke Island was sold just before Christmas, after attracting no interest at auction.

CBD

Chancery

Chancery Square, 44 Courthouse Lane, unit A206:
Features: 45m² unit leased to property management company
Rent: $33,500/year net + gst + outgoings
Outcome: sold for $380,000 at an 8.82% yield
Agents: Mike Adams & Jean-Paul Smit

Queen St

Mid-City, 239 Queen St, unit 1Y:
Features: m²,
Rent: $27,360/year net + gst, occupied by hair salon, lease term runs to April 2021 with further rights of renewal
Outcome: withdrawn from auction
Agent: Oscar Kuang

Hauraki Gulf islands

Waiheke Island

Onetangi

Updated: The Sands, 141 The Strand, unit 1:
Features: 104m² manager’s unit in the Sands apartment complex
Rent: $28,723/year net + gst + outgoings
Outcome: passed in without a bid at auction in October, sold in December for $525,000 + gst at a 5.47% yield
Agents: Brian Caldwell & Mana Tahapehi

Isthmus east

Ellerslie

Updated: 101 Main Highway, unit 12:
Features: 272m² Asian supermarket at Ellerslie shopping centre, 10 parking spaces
Rent: $60,000/year net + gst, 5-year lease in place with 2 5-year rights of renewal
Outcome: passed in at $800,000 (2 results transposed – originally posted as $2.7 million), sold in November for $820,000 at a 7.32% yield
Agents: Oscar Kuang, Beterly Pan & Nicolas Ching

Onehunga

222 Onehunga Mall:
Features: 273m² site, 2-storey building, seismic rating 75% new building standard, local town centre zoning has 27m height control
Rent: commercial & residential tenants
Outcome: withdrawn from auction
Agent: Oscar Kuang

Parnell

29B Bath St:
Features: 175m² site, 139m² commercial unit, parking space
Rent: $42,000/year net + gst current contract, 2 2-year rights of renewal
Outcome: no bid
Agent: Millie Liang

Isthmus west

Blockhouse Bay

Updated: 35 Margate Rd, flats 1-6:
Features: 2497m² site, 6 2-bedroom residential units, each of about 55m² & on separate titles, parking space each, offered in one package
Rent: $200,000/year net + gst from 2-year lease
Outcome: passed in at $2.7 million (2 results transposed – originally posted as $800,000)
Agents: Quinn Ngo, Matt Lee & James Chan

Eden Terrace

1 Exmouth St:
Features: 665m² vacant section on Newton Rd corner, leased to Wilson Parking, mixed use zoning
Rent: $21,495/year net + gst, early termination clause
Outcome: withdrawn from auction
Agents: Owen Ding, James Chan & Jarrod Qin

Pt Chevalier

1110 Great North Rd, unit D:
Features: 345m², town centre fruit & vegetable shop + parking, leased to PTC Fresh NZ for 5 years from December 2016 with 2 5-year rights of renewal
Rent: $108,312/year net + gst
Outcome: sold for $1.55 million at a 6.99% yield
Agents: Nicolas Ching, Quinn Ngo & James Chan

350 Pt Chevalier Rd:
Features: 696m² site zoned business – neighbourhood centre, housed greengrocery for over 50 years
Outcome: sold with vacant possession for $1.87 million at a land value of $2686/m²
Agents: John Procter, Alan Elliott & Cameron Melhuish

North-east

Orewa

Tamariki Plaza, 1-19 Cammish Lane, unit J:
Features: vacant 190m² commercial unit, one parking space + share of 35 parking spaces
Outcome: passed in at $700,000
Agents: Mustan Bagasra

Rosedale

101 Apollo Drive, unit D:
Features: vacant 120m² ground-floor office unit, 4 parking spaces
Outcome: auction postponed
Agents: Tonia Robertson & Jane McKee

Rosedale Retail Centre, 94 Rosedale Rd, unit 2:
Features: 73m² shop at entrance to zero-vacancy retail centre
Rent: $37,520/year net + gst + outgoings
Outcome: sold prior
Agents: Eddie Zhong, Steven Liu & Meng He

Wairau Valley

18 Ashfield Rd, unit D:
Features: industrial unit, 110m² ground floor, 30m² storage above, monthly tenancy
Outcome: sold for $440,000
Agents: Trevor Duffin & James Yu

65-71 Porana Rd, unit E:
Features: 133m² unit occupied by Hollywood bakery
Rent: $55,000/year net + gst + opex, new 6-year lease
Outcome: auction postponed
Agents: Adam Curtis, Damian Stephen & Steven Liu

Updated: Wairau Junction, 162-178 Wairau Rd, unit 7:
Features: 45m² kebab outlet
Rent: $30,600/year net + gst + outgoings
Outcome: passed in at $500,000, sold post-auction for $550,000 at a 5.56% yield
Agents: Andrew Lin & Ranjan Unka

North-west

Henderson

192 Universal Drive, unit A1:
Features: 756m², corner store in Lincoln North Shopping Centre, 7-year lease to Super Cheap Auto NZ from July 2016, annual fixed 3% rental increases & one 5-year right of renewal
Rent: $225,221/year net + gst, 3% annual increases
Outcome: sold for $3.93 million at a 5.73% yield
Agents: Matt Lee, James Chan, Quinn Ngo, Terry Kim & David Han

South

Clendon Park

439 Roscommon Rd, unit 2:
Features: 97m² retail unit, tenant Clendon Foodmarket
Rent: $41,600/year net + gst, 6-year lease from 2015
Outcome: no bid
Agents: Matt Lee, Quinn Ngo & Piyush Kumar

439 Roscommon Rd, unit 3:
Features: 97m² retail unit, tenant Crown Liquor
Rent: $43,201/year net + gst, 4-year lease from 2016, rights of renewal
Outcome: no bid
Agents: Matt Lee, Quinn Ngo & Piyush Kumar

South of the Bombays

Bay of Plenty

Bethlehem

272A State Highway 2:
Features: 809m² site, 305m² 2-level commercial building, anchor ground-floor pharmacy tenancy, smaller dental tenancy above on leases renewed until 2021 plus further renewals
Rent: $62,730/year net + gst
Outcome: sold for $1.26 million at a 4.98% yield
Agent: Myles Addington

Judea

66 Koromiko St:
Features: 2536m² industrial site, 1519m² standalone building comprising 1123m² of warehouse & workshop space, 4 large roller doors; the balance 2 levels of offices, showroom, storage & amenities; tenant Paramount Stainless has recently renewed for the next 3 years with one final right of renewal to 2024
Rent: $122,000/year net + gst
Outcome: sold for $1.8 million at a 6.78% yield
Agent: Graeme Coleman

Tauranga:

199, 207 & 213 Cameron Rd:
Features: 2192m² redevelopment site zoned city centre, allowing 19m² building height, next to central fire station on main arterial, car dealers have operated from site since the early 1970s, 2 tenancies expiring in August 2020
Rent: $190,715/year net + gst
Outcome: sold for $6.25 million + gst at a 3.05% yield, land value $2851/m²
Agents: Lloyd Davidson & Laura Taylor

Coromandel

Thames

517 Pollen St:
Features: 1521m² site, 1410m² building occupied by multiple tenants including NZ Post Ltd on long-term lease, 16 parking spaces
Rent: $107,717.53/year net + gst, multiple tenants
Outcome: no bid
Agents: Millie Liang & Josh Smith

Attribution: Agency release.

Continue Reading

Veritas to buy Citizen Park

Veritas Investments Ltd subsidiary The Better Bar Co Ltd has entered into a conditional agreement to buy the business & assets of Citizen Park from Kingsland Trading Co Ltd as a going concern, for $2.7 million plus stock (estimated to be $30,000).

Citizen Park is a gastro pub at 424 New North Rd, Kingsland, on the western fringe of Auckland’s central city. Veritas chair Tim Cook said on Friday it was an established, profitable business with a good reputation in the community.

“Following refinance of the Veritas group earlier this year, the board & the management have been investigating potential opportunities to grow the group. Citizen Park is in a highly desirable location and represents a complementary acquisition for The Better Bar Co on a number of levels, from which we could drive synergies through our existing hospitality outlets, procurement base & supplier relationships. This is an exciting opportunity for the Veritas group.”

Veritas will debt-fund the full purchase price from the acquisition & capital expenditure facility provided by Pacific Dawn Ltd, a subsidiary of Japanese financier Nomura Holdings Inc, which had consented to the proposed transaction.

Mr Cook said the acquisition remained conditional on Veritas shareholder approval by ordinary resolution, which would be sought at a special meeting in January. It’s also conditional on landlord & key supplier consents, relevant permits & licences being obtained to ensure the day-to-day operation of the business, and key staff transferring their employment to The Better Bar Co.

A deposit of $270,000 will be payable when the transaction becomes unconditional (expected to be in late January), with the balance payable at completion. Subject to satisfaction of all conditions, Veritas expects completion in early- to mid-February.

Link:
Citizen Park

Attribution: Company release.

Continue Reading