Archive | Isthmus west

Studio pushes to new price level in resale as buyers put pressure on other reserves

3 of the 9 apartments auctioned at Ray White City Apartments yesterday – in 96 on Symonds, the Sapphire & Siena Terraces – were sold under the hammer.

Bidding on the studio in 96 on Symonds (pictured above) ended $31,000 above the price the owner paid at auction just 5 months ago. A number of other traders expressed surprise at the $12,056/m² price paid in June, although units smaller than the minimum that can be built these days often command higher price tags for their superior anticipated cashflow. This sale lifts the price/m² to $13,778.

Bidding on 2 units in the leasehold Landings complex beside the old Auckland railway station, and in the Manhattan on Albert St, fell about $20-30,000 short of adjusted reserves yesterday.

CBD

Albert St

Manhattan, 105 Albert St, unit 5C:
Features: 80m², 2 bedrooms,
Outgoings: rates $1749/year including gst; body corp levy $5122/year including gst
Income assessment: $560/week, fixed unril 12 December
Outcome: passed in at $571,000
Agents: Ron Yang & Adam Gurr

Learning Quarter

96 on Symonds, 96 Symonds St, unit 1004:
Features: 18m² refurbished studio
Outgoings: rates $975/year including gst; body corp levy $2453/year including gst
Income assessment: $370-390/week
Outcome: bought for $217,000 at auction in June, passed in at $248,000
Agents: Dominic Worthington & Ady Huang

Sapphire, 76 Wakefield St, unit 810:
Features: 53m² + 6m² balcony, 2 bedrooms,
Outgoings: rates $1478/year including gst; body corp levy $4061/year including gst after 10% prompt payment discount
Income assessment: $500/week
Outcome: sold at pre-auction offer of $485,000
Agent: Lucia Gao

Quay Park

The Landings, 8 Ronayne St, unit 810:
Features: 71m², 3 bedrooms, 2 bathrooms, parking space; building has new code compliance certificate after remediation
Outgoings: rates $1633/year including gst; body corp levy $5548/year opex including gst, ground rent $7976/year
Income assessment: $680/week, fixed until March 2019
Outcome: passed in at $270,000
Agents: Dominic Worthington & Ady Huang

The Landings, 10 Ronayne St, unit 415:
Features: 47m² + 8m² balcony, 2 bedrooms, parking space
Outgoings: rates $1323/year including gst; body corp levy $3118/year opex including gst, ground rent $4482/year
Income assessment: $500/week, fixed until August 2019
Outcome: passed in at $204,000
Agents: Mitch Agnew & Ryan Bridgman

Uptown

SkyView, 7 Scotia Place, unit 8C:
Features: 71m², new 2 bedrooms, parking space
Outgoings: rates $1904/year including gst; estimated body corp levy $4399/year including gst
Income assessment: $750-800/week furnished
Outcome: passed in at $600,000
Agents: May Ma & Mark Li

Bianco off Queen, 2 White St, unit 12B:
Features: 57m², one bedroom, under hotel management, building has remediation issues
Outgoings: rates $6571/year including gst; body corp levy $2216/year opex including gst + special levy $5192
Income assessment: $800/week
Outcome: passed in on sole bid of $60,000
Agents: Ron Yang & Adam Gurr

Victoria Quarter

Altitude, 34 Kingston St, unit 5L:
Features: 27m², one bedroom
Outgoings: rates $1013/year including gst; body corp levy to be confirmed
Income assessment: $340/week
Outcome: passed in at $205,000
Agent: Damian Piggin

Ascent, 149 Nelson St, unit 303:
Features: one bedroom
Outcome: withdrawn from auction
Agent: Damian Piggin

Isthmus west

Grey Lynn

Siena Terraces, 6 Burgoyne St, unit 2N:
Features: 51m², one bedroom, balcony, tandem parking spaces
Outgoings: rates $1321/year including gst; body corp levy $3769/year including gst
Outcome: sold for $490,000
Agents: Judi & Michelle Yurak

Attribution: Auction.

Continue Reading

Perspective apartment sells post-auction

An apartment in Perspective on College Hill (pictured above) was sold shortly after today’s auction at City Sales. 3 other units – one cross-leased, one on Ngati Whatua leasehold and an apartment in the 2-year-old Urba off Karangahape Rd – were all passed in.

CBD

Learning Quarter

Century on Anzac, 100 Anzac Avenue:
Features: 2 bedrooms, 2 bathrooms, parking space
Outcome: auction postponed
Agents: Grant Elliott & Tony Kelly

Quay Park

30 Cotesmore Way:
Features: 115m², 3 bedrooms, 2 bathrooms, deck, tandem garage; code compliance certificate issued in 2015 after complete reclad & roof reconstruction
Outgoings: rates $2195/year including gst; body corp operational levy $3224/year including gst, ground lease $17,500/year, new Ngati Whatua o Orakei Trust ground lease will date from 2 August but hasn’t been agreed yet
Income assessment: $775/week
Outcome: no bid
Agents: Maryanne Wong & Scott Dunn

Uptown

Urba, 5 Howe St, unit 615:
Features: 42m², one bedroom + flexi-room, deck
Outgoings: rates $1398/year including gst; body corp levy $3933/year including gst
Income assessment: $490/week, fixed until May 2019
Outcome: passed in at $300,000
Agents: Trisha Shanaghan & Gus Argyle

Isthmus west

College Hill

Perspective, 28 College Hill, unit 425:
Features: 140m², 2 bedrooms, 2 bathrooms, deck, 2 parking spaces, storage locker
Outgoings: rates $3123/year including gst; body corp levy $11,040/year including gst
Outcome: passed in at $1.3 million, sold post-auction, price undisclosed
Agent: Scott Dunn

Mt Eden

Grange Hall, 492 Mt Eden Rd, unit 3:
Features: cross-lease, 1/7 share in 1039m², 70m² unit, 2 bedrooms, garage with workspace, offstreet parking
Outgoings: rates $2207/year including gst
Outcome: passed in at $710,000
Agents: Grant Elliott & Tony Kelly

Attribution: Auction.

Continue Reading

Tank to solve western isthmus overflows approved, round 2 begins Friday

Objectors to a stormwater & sewage holding tank to be built under expensive houses along the St Marys Bay ridge overlooking the Westhaven marina had their complaints rejected by a hearing panel last Friday, but a council committee will be back to hear them again this Friday.

Auckland Council’s regulatory committee has called a special meeting to hear objections, and to rule on them in a confidential session the same day.

As with the original hearing decision, the recommendation before the committee is to proceed with the project.

At stake is a $30 million-plus project designed to reduce – close to zero – the frequency of sewage spills into the Waitemata Harbour.

At stake from the property owners’ points of view are:

  • Loss of property value through potential development restriction
  • Extreme, unavoidable stench through vents
  • Concerns about cliff stability
  • Construction impacts, including the fear that the foundations of old houses along the route will be disturbed, and

On top of those questions is the issue of separation of storm- & wastewater – required of property owners in this area for the last 20 years when renovating, altering or redeveloping their properties, only to become mixed again at the gate.

Mr Hill commented on separation in the panel decision: “While we might accept the sincerity of the applicant’s (the council’s) assurance that this proposal is a stepping stone to that eventual outcome, the political history of this issue, as amply demonstrated by the submitters, gives no such assurance.”

Against the council desire to move forward with this project now, submitters also suggested further review, including alternatives, benefits & costs, ought to be undertaken.

However, Mr Hill said the panel had no lawful basis for requiring the application to be suspended for further analysis.

The objective of healthy waters

Auckland Council renamed & refocused its stormwater department, calling it the Healthy Waters department (Wai Ora – Healthy Waterways), in a bid to – at long last – rid the western isthmus in particular of the extremely frequent overflows arising when a deluge of rain hits the dual-purpose sewage & stormwater drains.

For years, local body politicians have fallen short of meeting the dirty-water challenge, limiting the budget and thereby ensuring the certainty of continuing spills by not separating sewage from stormwater.

But councils are now required to abide by the 2014 national policy statement for freshwater management in full by the end of 2025.

In Auckland, the Western Isthmus Water Quality Improvement Work Programme is the largest workstream funded through the targeted rate. Its aim is to progressively reduce overflows into the Waitemata Harbour from hundreds of events to 6 or fewer/outfall/year.

Auckland Council figured, at the end of 2015, it couldn’t meet the national policy statement conditions then, and set about establishing programmes last year so it could meet the policy.

Analysing the watersheds

The council has divided Auckland into 10 watersheds, where water drains to a stream, or ultimately to the harbour or open sea, and has drawn up this staged approach:

  1. Mapping the current state & key issues for each watershed
  2. Determining how to achieve the objectives & consulting the community, and
  3. Developing action plans to meet objectives, limits & targets set in collaboration with key stakeholders.

According to the outline on the council website, the third of those stages should be reached by 2020.

The hearing on the St Marys Bay project was held in September, with a final day in late October, and the hearing panel issued its decision on Friday 9 November. The panel was chaired by David Hill with panellists Mark Farnsworth, Dr Sharon De Luca & Nigel Mark-Brown.

Part of the wider western isthmus programme

The project is part of the wider St Marys Bay improvement programme which aims to improve water quality within St Marys Bay. It’s also part of the western isthmus water quality improvement programme for the wider combined sewer network catchment area, and it’s been designed to integrate with all potential long-term options to improve the network without constraining finalisation of a preferred solution.

It involves reconfiguring the Healthy Waters stormwater network, which is also used by the council-controlled Watercare Services Ltd as a means of safely conveying overflow discharges from 5 engineered overflow points in the combined sewer network, returning these overflows back into Watercare’s branch 5 sewer for treatment at the Mangere wastewater treatment plant when there is capacity.

Any residual combined sewer overflow would be discharged into the Waitemata Harbour via a new, longer marine pipeline that will replace the existing failed outfall at Masefield Beach, which would be removed.

The reconfigured network would enable combined sewer overflows to be captured & stored within the pipeline and returned to the sewer when it has capacity, for subsequent treatment at Mangere. As Mr Hill noted in the hearing decision: “This will significantly reduce the number of combined sewer overflows occurring from approximately an average of 206/year (into St Marys Bay & Masefield Beach) to approximately an average of 20/year. In addition, the replacement outfall will extend further into the Waitemata Harbour, such that when overflows do occur during larger rainfall events this will enable better dilution & dispersion.”

Additional information provided at the hearing indicated that the Masefield Beach outfall “currently discharges combined sewer overflows onto Masefield Beach approximately an average of 107 overflows/year”; and that the expected results would reduce the estimated current average annual overflow discharge volume from this part of the network to the harbour from 101,800mᶟ to 35,000mᶟ, and the proportionate contribution from domestic wastewater in those volumes from 18,300mᶟ to 700mᶟ”.

The project requires:

  • a 1km conveyance & storage pipeline (1.8m internal diameter, about 2500mᶟ capacity) extending from New St to Pt Erin Park, underground & beneath residential properties, recreation areas & road reserve, with an invert depth ranging between 5m and up to 22m deep
  • weir structures, pump stations & odour control units in Pt Erin Park & St Marys Rd Park
  • 4 (subsequently reduced to 3) air exchange poles, 8-10m high, within the road reserve on New St & London St
  • construction of shafts in Pt Erin Park (8m deep), St Marys Rd Park (9m diameter by 8m deep) and the New St/London St intersection (5m diameter by 24m deep)
  • a new 750mm internal diameter gravity pipeline along Sarsfield & Curran Sts connecting engineered overflow points 194 & 196 directly to the Pt Erin Park pump station
  • installation of a new 500m long by 150mm internal diameter rising main between Pt Erin Park & Sarsfield St, connecting to Watercare’s branch 5 sewer
  • connections to the new conveyance & storage pipeline from 5 engineered overflow points (points 194 & 196 (Sarsfield St), 172 (London St), 180 (Hackett St) & 1020 (New St)) – with point 180 remaining operational
  • construction of a new 450m by 1.4m internal diameter marine outfall pipeline with diffusers in the coastal management area off Masefield Beach, and
  • removal of the existing failed Masefield Beach 300mm outfall pipeline.

The panel concluded that, while separation is referred to, this would not be a wastewater facility because the volumes of wastewater overflow would be low.

The panel also concluded that the air discharge from the storage tank (distinct from a pipeline where the contents are continuously flushed away) would pass the required odour standard.

Experienced civil engineer Ross Thurlow proffered an alternative to eliminate the tunnelled detention tank & above-ground ventilation poles & electrically driven ventilators. But the panel concluded that his option of an odour ventilation pipe inside an enlarged pipe tunnel with discharge at Pt Erin would require too long a tunnel and would not be viable.

On the issue of land settlement once the tunnel has been put in place, the predicted settlement effects were very low ad the panel accepted that any adverse effects would be detected early to allow appropriate mitigation measures to be put in place.

The panel also accepted that neither the shaft nor tunnel construction would cause groundwater changes that would adversely affect cliff stability. Overall, on stability, the panel said: “We find the investigations sufficiently detailed to allow reasonable predictions of settlement & stability effects. These can & will be further managed through consent conditions, including implementation of a groundwater & settlement monitoring & contingency plan and a construction noise & vibration plan to measure actual behaviours of the ground in terms of groundwater levels, vibration & settlement that will allow early detection and, if necessary, implementation of mitigation measures should the works cause unexpected effects that could affect existing buildings, utilities & roads, or cliff stability.”

The final paragraph of the decision sums up the resource management issues: “While the proposed development does not achieve the outcome sought by many submitters specific to the network discharges management solution advanced in the application, it is a significant improvement over the existing coastal marine discharge situation and, we were assured, is not the end of the matter as far as council (Healthy Waters) is concerned. We have accepted that assurance and, in that context, agree that it represents an appropriate sustainable management response to the identified problem and ‘promotes’ the purpose & principles of part 2 of the Resource Management Act.”

The next round, on Friday, takes the council into more complicated territory, away from the project itself and into the realm of values.

Links:
9 November 2018: Hearing decision
Hearing documents
Auckland Council, Looking after our waterways
Regulatory committee agenda, 16 November 2018
7, Objections to St Marys Bay & Masefield Beach improvement project
Recommendation
Maps showing project overview & objectors’ properties
Options analysis for location of new infrastructure
Examples of formal notices sent to residents under the Local Government Act 2002
Copies of all objections received
Record of communications
Engineering assessments & review of development controls for each property
C1, Deliberations on objections to St Mary’s Bay & Masefield Beach improvement project (in confidential agenda)

Attribution: Hearing documents & decision, committee agenda.

Continue Reading

City loft & Onehunga section sell

A city loft and an Onehunga property zoned for intensification sold at Bayleys’ residential auctions last week.

CBD

Queen St

QVB Building, 6 Victoria St East, unit 6B:
Features: 2-level loft, mezzanine bedroom
Outcome: sold for $511,000
Agents: Julie Quinton & Wendy Nichols

Uptown

Highgate Towers, 8 Howe St, unit 3A:
Features: 2 bedrooms, 2 bathrooms, 2 balconies, 2 parking spaces
Outcome: passed in
Agents: Julie Quinton, Trent Quinton & Ellis Prince

Isthmus east

Onehunga

53 Spring St:
Features: 989m² site, 4-bedroom villa in terraced house & apartment buildings zone
Outcome: sold for $1.95 million
Agent: John Procter

Parnell

258 Parnell Rd, unit 43:
Features: studio, parking space
Outcome: auction postponed
Agent: Trisha Vincent

Isthmus west

Avondale

76 Riversdale Rd, unit 4:
Features: one-bedroom unit, carport
Outcome: up for sale by mortgagee, withdrawn from auction
Agents: Cherry Killgour & Steve Leyland

South

Manurewa

2 Totara Rd:
Features: 1042m² section, 3-bedroom house, basement garage, resource consent approved for 3-lot subdivision
Outcome: passed in, back on market at $799,000
Agents: Vanessa Nash, Ginny Cheyne & Stefni Baigent

Attribution: Auction documents.

Continue Reading

Council votes for plan change to clarify overlay status

Auckland Council will proceed to a plan change to get the weighting it wants between the special character overlay & the underlying residential zoning in the region’s 2-year-old unitary plan.

Image above (part of council map): Special character area overlays – residential, across the centre of the Auckland region, showing Birkenhead, Northcote & Devonport north of the harbour bridge, Ponsonby & southern suburbs, plus Parnell & Remuera on the southern side of the bridge.

The council’s planning department took the view that special character overlays should take precedence over the underlying zoning where the 2 were in conflict.

Council regulatory services director Penny Pirrit & resource consents general manager Ian Smallburn said in a briefing in September the council had sought external legal advice, which supported the council view of precedence, but the Environment Court, in a series of judicial review decisions that started last December, had opted for the conflicting view that the rules as written meant the overlay didn’t prevail over or cancel other rules.

Mr Smallburn said: “The court agreed with the council that the unitary plan rules were not clear, but it disagreed with our approach, ruling that both sets of rules – the special character areas overlay rules & the underlying zoning rules – should be considered equally.”

Notification next month

The council’s Auckland-wide planning manager, Phill Reid, told the planning committee today the intention was to publicly notify the plan change on 6 December, but it might be June next year before hearings are held.

The first step in the consultation process would be to talk to local boards at the chairs forum next week.

The application at the heart of this issue, by the London Pacific Family Trust, is to remodel a residential property at 12 Seymour St, St Marys Bay. An application by the owners of a neighbouring property at 10 Seymour St, Craig & Kym Andersen, to remodel their house was due for hearing on 25 October but has been put on hold. The 10 Seymour St owners have been section 274 witnesses (claiming effect as non-parties) in the 12 Seymour St process.

The review process

At the start of these judicial review proceedings in July 2017, the council told the court neighbours & others who were potentially affected had advised the council they considered its approach to administering the new unitary plan to be unlawful, and that this had caused, and would continue to cause, “prejudice to them in the form of loss of amenity, loss of development rights & consequential financial losses”.

In August, council planners identified 420 consents potentially affected by the overlay/zone conflict. That number has since been reduced to 319. Some have had to reapply for resource consent, and the council has waived those processing fees.

As well as clarifying the overlay’s dominance in sections of the unitary plan on development of buildings & subdivision, council planners want to make the wording in 4 other sections consistent – height:boundary, building coverage & paved & landscaped area, yards, and fences & walls.

Resource consents general manager Ian Smallburn told the committee today the council had about 115 potentially affected consents before it to review and had granted 54 of those.

Emotional element, and effect on neighbours

Waitemata ward councillor Mike Lee.

Mr Smallburn said there was clearly an emotional element on top of the planning confusion, and Cllr Mike Lee, whose Waitemata ward contains most of the affected properties, backed that up: “There is another aspect to this, affected neighbours, who have not been told, who apparently are still not being considered. I have had a number of distraught people asking for help, about buildings next door which are blocking out their view or their light, and nothing is done about it.

“It seems to spotlight another problem with the council’s administration of the unitary plan & Resource Management Act, and that is, we deal with the people who apply for resource consents as our customers and we treat the whole process as some sort of commercial contract between us & the customer.

“But there’s more to it than that. The Resource Management Act is a social contract. It’s not between the council & individuals, it’s between the council & the community, including neighbours, and we seem to have drifted away from that. Section 5 of the Resource Management Act, or the definition of sustainability, has at its heart ‘people & communities’ and, in practice, we just ignore it.”

Cllr Lee said the council’s heritage panel at its last meeting asked for the council to make public all of the affected areas or addresses, “so affected neighbours have some notice of what’s happening to their neighbourhood, and to their property, and to their property values. I would urge the council to do that, otherwise we’re inflicting an injustice on way more than the 423 or the 319 who have been inconvenienced by an invalid process.”

For the moment, at least, Cllr Lee’s points were left unanswered as the committee voted to support the process to a plan change.

Links:
Committee agenda:
9, Auckland unitary plan (operative in part) – proposed plan change – special character areas overlay – residential
Recommendation   
Summary of proposed changes to the special character areas residential overlay

Court decisions:
24 July 2017, council application for declarations
19 December 2017, first interim decision
23 January 2018, second interim decision
15 March 2018, third decision (including declaration)
28 June 2018, costs decision

Earlier story:
12 September 2018: Council wants overlay precedence over zone rules, even after court findings

Attribution: Council committee meeting.

Continue Reading

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.

Commercial

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

Apartments

CBD

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

Uptown

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

Ellerslie

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

Kohimarama

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.

Continue Reading

Housing NZ takes Mt Albert townhouse land to market

20 residential sections in 5 development blocks in Mt Albert have been put on the market with resource consents in place, 4½ years after Housing NZ was granted special housing area status for a total 8094m².

The 5 blocks at 33 Asquith Avenue, corner of Burch St, Mt Albert, have been put up for tender through Bayleys, closing on Wednesday 21 November.

Each block contains 2-5 sections and they all have resource consents for 4-bedroom townhouses. They’re being offered individually, as one super-block or in any combination of lots. Housing NZ will continue to oversee construction.

Special housing areas were introduced in 2013 through an agreement between then-Housing Minister Nick Smith & Auckland Council. This one had 3 blocks of flats housing boarders at the nearby Mt Albert Grammar School, which were demolished in February 2015.

Housing NZ named the builders for a 40-townhouse project on the land in November 2017 – 20 of them designated one-bedroom units for its tenants and the other 40 to be sold on the open market.

It’s the open-market part that’s up for sale.

Earlier story:
9 May 2014: Third tranche of special housing areas unveiled
Accord tranche 3 adds 41 special housing areas

Attribution: Agency release.

Continue Reading

Wharf studio sells at auction

A leasehold Princes Wharf studio sold at Ray White City Apartments’ auction today, but the other 4 units on offer were all passed in. One of those was in a multi-offer as the auction ended.

CBD

Uptown

Kiwi on Queen, 421 Queen St, unit 912:
Features: 52m², fully furnished 4 bedrooms
Outgoings: rates $1536/year including gst; body corp levy $6794/year including gst
Income assessment: $760/week, fixed until June 2019
Outcome: passed in at $482,000
Agents: Mitch Agnew & Ryan Bridgman

Victoria Quarter

Ascent, 149 Nelson St, unit 307:
Features: 42m², 2m² deck, one bedroom
Outgoings: rates $1091/year including gst; body corp levy $2298/year including gst
Income assessment: $390/week current
Outcome: passed in at $221,000
Agents: Dominic Worthington & Ady Huang

Waterfront

Princes Wharf, 139 Quay St, shed 20, unit 3:
Features: leasehold, 37m² studio, sliding panels to separate bed, deck
Outgoings: rates $1188/year including gst; opex, ground rent & rates total $18,950/year ($394.80/week), all including gst; opex $5212/year, ground rent $12,551/year; 97-year ground lease from 1999, now with 3%/year increases, next ground rent review 20139
Income assessment: $450/week, fixed until July 2019
Outcome: sold for $123,000
Agents: Dominic Worthington & Ady Huang

Isthmus east

Parnell

Stonemason’s, 27 Falcon St, unit 1E:
Features: 41m², one bedroom, basement parking space; building has remediation issues
Outgoings: rates $1340/year including gst; body corp levy $3989/year including gst
Outcome: passed in at $410,000
Agents: Judi & Michelle Yurak

Isthmus west

St Marys Bay

The Ridge, 21 Hargreaves St, unit 5F:
Features: 73.2m², 11m² balcony, 2 bedrooms, 2 bathrooms, parking space
Outgoings: rates $1980/year including gst; body corp levy $5938/year including gst
Income assessment: $1855/week fully serviced & furnished, minimum one-week stay; $650-700/week long-term unfurnished; $750-795/week long-term furnished
Outcome: passed in after sole bid by vendor at $900,000
Agents: Krister Samuel & Steve King

Attribution: Auction.

Continue Reading

7 apartment sales out of 9 units on offer

7 of the 9 apartments & suburban units auctioned by Bayleys last week were sold under the hammer. The mortgagee auction of another unit was postponed.

CBD

Kitchener St

St James, 28-36 Wellesley St, unit 4F:
Features: 2 bedrooms, parking space, across Kitchener St from Auckland Art Gallery & Albert Park
Outcome: sold for $945,000
Agents: Julie Quinton, Diane Jackson & Paula Halford

Queen St

Dilworth, 22-32 Queen St, unit 5G:
Features: studio, high stud
Outgoings: rates $1473/year including gst; body corp levy $4291/year including gst
Outcome: sold for $450,000
Agents: Steve Kirk, Habeeb Urrahman & Chris Cairns

Portland Tower, 62 Queen St, unit 12D:
Features: one bedroom, managed by Quest
Outgoings: rates $5009/year including gst, but hotel pays rebate to owner; income about $11,000/year net + gst
Outcome: sold for $250,000
Agent: Dave Hamlyn

Uptown

CityZone, 11 Liverpool St, unit 1106:
Features: 44m², 2 bedrooms, deck, basement parking space
Outgoings: rates $1246/year including gst; body corp levy $3868/year
Income assessment: $570-600/week
Outcome: sold for $415,000
Agents: Habeeb Urrahman, Steve Kirk & Chris Cairns

Victoria Quarter

Heritage Tower, 22 Nelson St, unit 906:
Features: one bedroom, parking space on separate title, in hotel pool but sold with vacant possession
Outcome: sold for $712,500
Agents: Chris Cairns, Steve Kirk & Habeeb Urrahman

Isthmus east

Onehunga

152 Grey St:
Features: 690m² section zoned mixed housing urban, villa converted into 2 flats, each of 2 bedrooms, parking space
Outcome: sold for $1.325 million
Agent: Eve Park

Parnell

Cleveland Gardens, 22 Cleveland Road, unit 20:
Features: 2 bedrooms, balcony, parking space
Outcome: sold for $850,000
Agent: Fleur Denning

St Heliers

42B Waimarie St:
Features: 348m² terraced townhouse, no body corporate, 4 bedrooms, 2 living rooms, 2 bathrooms, double internal-access garage, utility room, additional storage
Outcome: passed in, back on market at $2.689 million
Agents: David Nightingale & Katya Yushkova

Isthmus west

Avondale

4/76 Riversdale Rd, unit 4:
Features: one bedroom, deck, carport
Outcome: mortgagee auction postponed
Agents: Cherry Killgour & Steve Leyland

North-east

Albany

The Ridge, 71 Spencer Rd, unit C11:
Features: 2 bedrooms, parking space
Outcome: passed in, back on market at $505,000
Agents: Zoe Tietze & Julie Quinton

Attribution: Agency release.

Continue Reading

Updated: 5 (now 6) of 14 sell at Bayleys’ Auckland commercial auction, 3 of 3 in Tauranga

Published 25 October 2018, updated 29 October 2018:
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: 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.

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

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: no bid
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)
Agents: Oscar Kuang, Beterly Pan & Nicolas Ching01 Main Highway

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