Archive | Grey Lynn

Sales trio score all 4 deals at apartments auction

The apartment sales team of Steve Kirk, Habeen Urrahman & Chris Cairns scored 4 sales out of 4 properties on offer at Bayleys’ auction yesterday, where 19 apartments, townhouses & standalone homes were listed.

The other 3 apartments on the auction list were passed in, 2 without receiving a bid.

CBD

Quay Park

Scene 1, 2 Beach Rd, unit 1305:
Features: leasehold, 2-level 2-bedroom apartment, 2 parking spaces, remediation works identified – costs would fall to buyer, proceeding lodged in Weathertight Homes Tribunal, court claim lodged in 2014
Outgoings: rates $1808/year including gst; body corp levy $6800/year, ground rent $9704 pending new rate in November
Income assessment: $710/week
Outcome: sold for $130,000
Agents: Steve Kirk, Habeen Urrahman & Chris Cairns

Uptown

Nova en Scotia, 18 Scotia Place, unit 1A:
Features: 2 bedrooms
Outgoings: rates $1304/year including gst; body corp levy $4066/year
Income assessment: $520-550/week
Outcome: sold for $400,000
Agents: Chris Cairns, Steve Kirk & Habeen Urrahman

Park Terraces, 20 Upper Queen St, unit 401:
Features: 2 bedrooms, balconies, parking space
Outgoings: rates $1653/year including gst
Outcome: passed in at $450,000
Agent: Stephen Bidwell

126 Vincent St, unit 16:
Features: 256m², full-floor penthouse in mostly commercial building, 3 bedrooms, 2 lounges, 2 bathrooms, 3 parking spaces
Outgoings: body corp levy $25,018/year
Outcome: the apartment was sold for $1.2 million in September 2015; no bid this time
Agents: Julie Quinton & Jo Darbyshire

Isthmus east

Newmarket

23 George St, unit 5C:
Features: 3-bedroom penthouse, 2 bathrooms, balcony, 2 parking spaces
Outgoings: body corp levy $9472/year
Outcome: sold for $1.06 million
Agents: Chris Cairns, Steve Kirk & Habeen Urrahman

Isthmus west

Eden Terrace

43 Virginia Avenue East, unit 104:
Features: 61m², 2 bedrooms, parking space
Outgoings: body corp levy $4348/year
Outcome: sold for $550,000
Agents: Chris Cairns, Habeen Urrahman & Steve Kirk

Grey Lynn

1 Vinegar Lane, unit 201:
Features: 2-level penthouse, 2 bedrooms, 2 bathrooms, deck, 2 basement parking spaces
Outgoings: body corp levy $11,914/year including water
Outcome: no bid
Agent: Blair Haddow

Attribution: Auction.

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Updated: Wolfe St sale the big prize as 5 commercial properties sold at auction, 2 post-auction sales

Published 20 September 2018, updated 4 October 2018:
5 of the 9 Auckland properties auctioned in Bayleys’ Total Property 6 series were sold under the hammer on 19 September, and 2 more – on Wellesley St in the cbd and in Ponsonby – have been sold post-auction.

The biggest prize was the price paid for a small warehouse in the middle of Wolfe St, in the heart of the cbd, sold for a land price of $19,298/m² after standing vacant for 23 years.

For that sale, Bayleys’ international division head, James Chan, flew to Hong Kong to translate the auction proceedings for the vendor.

Image above: 6 Wolfe St (outlined), in the heart of the cbd.

CBD

Chancery

Chancery, 2A-2B Courthouse Lane, unit A101:
Features: 314m² unit, 3 tenants
Rent: $132,436/year net + gst
Outcome: sold for $2.02 million + gst
Agents: Damien Bullick, Ken Hu & Alan Haydock

Learning Quarter

Waldorf Celestion, 19 Anzac Avenue, unit 207:
Features: 20.8m², 11-year lease to NZ Waldorf Apartments Management Ltd from March 2017, 11 secure parking spaces + laundry room
Rent: $45,000/year net + gst
Outcome: sold for $790,000 + gst
Agents: Andrew Wallace & Genevieve Thompson-Ford

Waldorf, 6-12 St Martins Lane, unit B1A:
Features: 149.6m², laundry, dining & bathroom facilities, 11-year lease to NZ Waldorf Apartments Management Ltd
Rent: $44,900/year net + gst
Outcome: no bid
Agents: Genevieve Thompson-Ford & Andrew Wallace

Queen St

MidCity arcade, 239 Queen St, unit 1Y:
Features: m², leased to hair salon, current term runs until April 2021, with further renewal rights
Rent: $27,360/year net + gst
Outcome: auction postponed
Agents: Oscar Kuang

Victoria Quarter

Updated: 145 Wellesley St West, unit 1:
Features: 71m² ground floor office unit, parking space, new 3-year lease to telecommunications company Sunx Global Ltd, which has been tenant since 2010
Rent: $32,300/year net + gst + outgoings
Outcome: passed in at $450,000 + gst, sold post-auction for $470,000 at a 6.87% yield
Agents: Nicolas Ching & James Chan

Wolfe St

6 Wolfe St:
Features: 285m² site, 1912 brick warehouse opposite the historic Yates building running from Albert to Federal St, which is being gutted for a new development
Outcome: sold for $5.5 million + gst
Agents: Nick Thompson, Robert Platt & James Chan

Isthmus east

Onehunga

6 Henderson Place, unit L:
Features: vacant 396m² warehouse & office unit, 10 parking spaces
Outcome: passed in at $1.1 million + gst
Agents: Kate Kirby & Laurie Bell

Isthmus west

Grey Lynn

SOMA, 12 Mackelvie St, unit G01:
Features: new 253m² ground floor retail, showroom or office space
Outcome: withdrawn from auction
Agents: Kate Kirby & Stephen Scott

Ponsonby

Updated: 12-14 Fitzroy St:
Features: 245m² site, 180m² corner unit, 3 parking spaces
Rent: $111,000/year net + gst
Outcome: passed in at $2.5 million + gst, sold post-auction for $2.62 million at a 4.24% yield
Agents: Damien Bullick & Alan Haydock

North-east

Albany

Rosedale Plaza, 215 Rosedale Rd, unit 8:
Features: 208m² of retail, mezzanine office & warehouse/storage space, rear roller door access, 4 exclusive parking spaces; 5-year lease from September 2016, plus 2 3-year rights of renewal, to specialist fishing equipment & apparel retailer West Shell
Rent: $45,000/year net + gst
Outcome: sold pre-auction for $850,000 + gst at a 5.29% yield
Agents: Adam Curtis, Damian Stephen & Adam Watton

Orchard Park retail centre, 21 Corinthian Drive, unit 7A:
Features: 87m² restaurant unit, 10-year lease to Double Happy from September 2017
Rent: $55,014/year net + gst + opex
Outcome: sold for $1.15 million + gst
Agents: Meng He, Steven Liu & Eddie Zhong

South

Manukau Central

6 Jack Conway Avenue, unit D:
Features: 567m² warehouse, rear roller door access, seismic rating 100% of new building standard, ground floor & warehouse vacant
Rent: top floor leased until February 2023 for $30,000/year gross + gst
Outcome: sold for $1.45 million + gst
Agents: Owen Ding, Simon Davies & Nelson Raines

Attribution: Auction.

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3 apartments sell at auction

3 apartments were sold under the hammer at Ray White City Apartments’ auction today, including one at the pre-auction offer price. 4 others were passed in.

CBD

Learning Quarter

MetroCity, 82 Wakefield St, unit 1E:
Features: 38m², one bedroom, storage locker
Outgoings: rates $1149/year including gst; body corp levy $4758/year
Income assessment: $450-470/week furnished
Outcome: sold for $275,000
Agents: May Ma & Mark Li

Columbia, 15 Whitaker Place, unit 9D:
Features: 42m², fully furnished 3 bedrooms
Outgoings: rates $1013/year including gst; body corp levy $6046/year
Income assessment: $570-590/week – out of Iota Management Ltd pool
Outcome: passed in at $246,000
Agents: Mitch Agnew & Ryan Bridgman

Queen St

QVB Farmers, 6 Victoria St East, unit 6D:
Features: 120m², 3-level 3-bedroom loft, 5m-high ceilings, 2 staircases to mezzanine & loft bedrooms, downstairs bedroom & bathroom
Outgoings: rates $2369/year including gst; body corp levy $8146/year
Outcome: no bid
Agent: Ann Bennett

Victoria Quarter

Zest, 72 Nelson St, unit 401: 48m², 2-bedroom corner unit, 2 bathrooms
Outgoings: rates $1168/year including gst; body corp levy $4348/year
Outcome: sold for pre-auction offer of $380,000
Agent: Victor Liu

Isthmus west

Grey Lynn

23A Pollen St, unit 301:
Features: 68m² internal, 9m² balcony, 2 bedrooms, parking space
Outgoings: rates $1960/year including gst; body corp levy $4706/year
Outcome: passed in at $910,000
Agent: Adam Gurr

North-east

Takapuna

Prestige on Pupuke, 73 Anzac St, unit 16:
Features: 154m², 3 bedrooms, 2 bathrooms, study, 2 parking spaces, storage locker
Outgoings: rates $3285/year including gst; body corp levy $7595/year
Outcome: passed in at $1.205 million
Agents: Mitch Agnew & Ryan Bridgman

Spencer on Byron, 9-17 Byron Avenue, unit 1208:
Features: 48m², one bedroom, parking space
Outgoings: rates $5618/year including gst; body corp levy $3501/year
Income assessment: under hotel management
Outcome: sold for $377,000
Agents: Gillian Gibson & James Mairs

Attribution: Auction.

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Builder buys on Maidstone St

A construction company has bought a small Grey Lynn property taken to market recently by JLL.

Isthmus west

Grey Lynn

6 Maidstone St:
Features: 368m² site, 473m² warehouse & residential space
Rent:
Outcome: sold to a local construction company with vacant possession for $3.088 million + gst
Agents: Jason Armstrong & Alex Wefers

Attribution: Agency release.

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Market café & 2 western fringe properties sell

Published 30 August 2018

A former café in Victoria Park Market (pictured) has been sold vacant and, on the western fringes of the cbd, Bayleys agents have sold 2 properties with development opportunities.

CBD

Victoria Quarter

Victoria Park Market, 210-218 Victoria St West, unit 10A:
Features: 147m² character high stud commercial premises in Victoria Park Market, most recently occupied by a café but suitable for a range of uses including office & retail; grade A seismic rating
Outcome: sold with vacant possession for $1.075 million
Agent: Cameron Melhuish

Isthmus west

Eden Terrace

19 Virginia Avenue East:
Features: 325m² site zoned mixed use, 21m height overlay & 337m² standalone warehouse & office building
Outcome: sold with vacant possession for $1.35 million
Agents: Andrew Wallace & Cameron Melhuish

Grey Lynn

12 Maidstone St:
Features: Underdeveloped 508m² site zoned business – mixed use, single-level 585m² showroom & warehouse building; fully leased to longstanding tenant until December 2022
Rent: $120,000/year net + gst
Outcome: sold for $3.32 million at a 3.61% yield
Agent: Cameron Melhuish

Attribution: Agency release.

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Freemans Bay house sells, Onehunga unit passed in, new SOMA apartment withdrawn

A tired house (outlined at foot of picture) in Georgina St, Freemans Bay, was sold at Barfoot & Thompson’s city branch auction today for a land price of $3667/m².

Picture shows the proximity of the city centre to this western fringe suburb.

A penthouse apartment in the new SOMA development in Grey Lynn was withdrawn from auction and a home unit in Onehunga was passed in.

Isthmus east

Onehunga

99 Mays Rd, unit 503:
Features: 2 bedrooms, garden courtyard, 2 parking spaces
Outcome: passed in at $542,000
Agent: Repeka Laulalu

Isthmus west

Freemans Bay

29 Georgina St:
Features: 306m² section, 3 bedrooms
Outcome: sold for $1.122 million
Agent: Repeka Laulalu

Grey Lynn

SOMA, 10-12 Mackelvie St, unit 503:
Features: 100m², 2-bedroom penthouse apartment, 2 bathrooms, balcony, parking space
Outcome: withdrawn from auction
Agents: Louise Stringer & Neil Dayal

Attribution: Auction.

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Warehouse sells, vendor bids dominate auction of Grey Lynn property

A Mt Wellington warehouse occupying less than half the site was sold at Colliers’ auction today, but a Grey Lynn property with permit questions (pictured) was passed in after a series of vendor bids.

The Grey Lynn property, on the corner of Williamson Avenue & Mackelvie St, has 4 tenancies including a billboard & communications equipment.

The sole bid priced the property at a 6.58% yield, but the final vendor indicator bid priced it at a 4.46% yield.

Isthmus east

Mt Wellington

2 Donnor Place:
Features: vacant 1372m² site in industrial precinct, 754m² warehouse net lettable area (47% site coverage) – warehouse 514m², storage 55m², offices 185m²
Outcome: sold for $2.45 million
Agents: Hamish West & Ben Cockram

Isthmus west

Grey Lynn

26B Williamson Avenue:
Features: corner of Mackelvie St, 355m² site zoned mixed use, 2 building tenants (Mickey’s Gym & a travel agency) occupy 531m², other 2 tenancies are for an advertising billboard & communications equipment, all expiring in 2021-22 and 3 with renewal periods; 5 parking spaces, seismic rating 100% of new building standard, zoning allows development up to 27m; property offered “as is” as some building works don’t have consent, code compliance certificate, certificate of acceptance or final sign-off
Outgoings: rates $15,181 + gst
Rent: $131,530/year net + gst
Outcome: passed in after bid at $2 million & 4 vendor bids up to $2.95 million
Agents: Jonathan Lynch, Kris Ongley & Hamish Paterson

Attribution: Auction.

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JLL sells 5 buildings in east, west & on Shore

JLL agents have sold a vacant 3-storey Parnell building, 2 buildings on the west of the isthmus in Lynfield & Mt Eden and a unit in Vinegar Lane, and a multi-tenanted Browns Bay building on the Shore (pictured).

Isthmus east

Parnell

24 York Street:
Features: 599m² 3-level standalone building zoned business mixed use
Outcome: sold with vacant possession for $4.1 million + gst
Agents: Jason Armstrong & Ian Hall

Isthmus west

Grey Lynn

25 Pollen St, corner Crummer Rd:
Features: vacant 80m² retail or office unit, 46m² exclusive courtyard in Vinegar Lane development
Outcome: sold for $1.175 million + gst
Agent: Alex Wefers

Lynfield

210 White Swan Rd:
Features: 1011m² site, 330m² building, childcare centre licensed for 54 children, 13 parking spaces
Rent: $121,000/year net + gst
Outcome: sold for $2.325 million + gst at a 5.2% yield
Agents: Kevin Reardon & Alex Wefers

Mt Eden

101 Mt Eden Rd:
Features: 1812m² investment & development site, multi-tenanted building
Outcome: sold for $5.6 million + gst at a 2.7% yield
Agents: Tommy Zhang & Kevin Reardon

North-east

Browns Bay

41 Bute Road:
Features: 2093m² site, 1044m² net lettable area, 2-level multi-tenanted building in 7 titles, 6 ground-floor retail tenants + Lollipops childcare centre upstairs licensed for 75 children, 31 parking spaces
Outcome: sold for $6.9 million + gst at a 6% yield
Agents: Ian Hall & John Binning

Attribution: Company 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.

CBD

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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Light industrial spot in Grey Lynn goes for $6000/m² pre-auction

A small building squeezed among the light industrial roofs of Mackelvie St in Grey Lynn has sold before today’s scheduled auction for a land price just over $6000/m².

In recent years Mackelvie St’s face has changed as apartments have been built, but this area of Grey Lynn remains a sizeable light industrial precinct.

Isthmus west

Grey Lynn

36 Mackelvie St:
Features: 478m² site, single-storey light industrial building, 348m² floor area, 4 parking spaces, seismic rating 100% new building standard
Outcome: sold vacant pre-auction for $2.9 million + gst at a land price of $6067/m²
Agents: Jonathan Lynch, Kris Ongley, Charlie Oscroft

Attribution: Agency document.

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