Archive | Kingsland

Kingsland townhouse & Penrose warehouse passed in

A Kingsland townhouse and the Momotea restaurant group’s Penrose headquarters were both passed in at Bayleys’ auction today, without a bid on either.

Townhouse

Isthmus west

Kingsland

2 Second Avenue, unit 4:
Features: 56m², 3 bedrooms, 2.5 bathrooms, parking space
Outcome: no bid
Agents: Robyn Clark & Peter Tanner

Commercial

Isthmus east

Penrose

14 Greenpark Rd:
Features: 1627m² site, 1451m² warehouse, seismic rating 71%, head office for Momotea restaurant group, plus apartment
Rent: $201,141/year net + gst, lease expiring in 2035
Outcome: no bid at auction postponed from last Wednesday
Agent: Millie Liang

Attribution: Auction.

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4 inner-western isthmus commercial sales

Bayleys agents have sold 4 mostly commercial properties through the inner-western isthmus suburbs of Eden Terrace, Freemans Bay (pictured), Kingsland & Mt Eden.

Isthmus west

Eden Terrace

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

Freemans Bay

87 College Hill:
Features: 312m² site zoned mixed use, 244m² partly leased building comprising 2 self-contained tenancies – 113m² of streetfront office space, where tenant has exercised the first of 2 2-year rights of renewal; and vacant rear 131m² 3-bedroom apartment or workspace with a courtyard, one stacked parking space, garage & storage unit
Rent: $48,250/year net + gst from office tenancy
Outcome: sold for $2.025 million
Agents: James Were & Scott Kirk

Kingsland

2 Kingsland Terrace:
Features: 941m² site zoned mixed use, bordering Nixon Park, 1297m² warehouse & office building, 13 parking spaces
Rent: $169,533/year net + gst from multiple, mostly monthly tenancies; estimated potential net income following refurbishment of $260-300,000/year net + gst
Outcome: sold for $3.47 million
Agents: James Were & Scott Kirk

Mt Eden

19 Edwin St, unit 7B:
Features: 226m² level 1 office unit in north-facing corner position, 5 parking spaces
Outcome: sold with vacant possession for $875,000
Agents: Jean-Paul Smit & Phil Haydock

Attribution: Agency release.

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Update 2 – post-auction sale of Gull station; Long auction takes K Rd corner property’s value to 4.1% yield

Published 17 May 2018, updated 24 May 2018 and again on 28 June 2018:
Update 2, 28 June: The Gull service station in an automotive-based complex next to Kingsland Village has been sold, a month after being passed in on the sole bid from the vendor at auction.

First update, 24 May: The second of 2 units in the Sainsbury retail centre in St Lukes has been sold post-auction, after not attracting a bid on the day.

Back to all those bids…

It took 40 minutes and 377 bids for the first property to be sold yesterday at Bayleys’ third Total Property auction for the year.

That property, a small unusually designed bank branch at the corner of Karangahape Rd & Upper Queen St, at the top of Auckland’s cbd (and foot of the picture), was eventually bought by a neighbour after competition initially from 4 other bidders.

The final battle between 2 K Rd owners took the price in small steps from $3 million, when it went on the market, up another $1 million. The sale was at a 4.12% yield on current rent.

In contrast, and in keeping with the way many commercial auctions have gone over the last year, the next property on the list, a service station, attracted no bid and was passed in on the vendor’s indicative bid.

5 of the 9 properties auctioned were sold under the hammer and another was sold prior.

While auctioneers have struggled to attract bidders on many properties in recent times, where there is interest yields have remained strong.

At this auction, the sub-3% yield on a Meadowbank retail property may reflect development potential more than existing quality, and a bank branch at Kaikohe in Northland sold for a yield just over 7.5%.

But retail & hospitality offerings remain attractive – 4.7% on a St Lukes café, 5.4% on a Rosedale café.

CBD

O’Connell St

12-14 O’Connell St, units A, B & C:
Features: 3 retail units of 63.43m², 56.25m² & 238.57m² (total 358.25m²), occupied by a café, a florist & the best chocolate shop in New Zealand, Bohemein
Rent: $333,490.11/year net + gst
Outcome: withdrawn from auction
Agents: Nicolas Ching, Beterly Pan & James Chan

Queen St

Mid-City arcade, 239 Queen St, unit 2E:
Features: vacant 80m² retail unit
Outcome: auction postponed
Agent: Oscar Kuang

Uptown

122-130 Karangahape Rd:
Features: 357.41m² floor area on Upper Queen St corner, seismic rating 100% of new building standard, ANZ Bank a longstanding tenant, 6 parking spaces
Rent: $164,958/year net + gst
Outcome: sold for $4.005 million at a 4.12% yield
Agents: Matt Lee, James Chan & Quinn Ngo

Isthmus east

Meadowbank

2-4 Dorchester St:
Features: 339m² site, 190m² floor area, 2 refurbished retail tenancies, A grade seismic rating, neighbourhood centre zoning gives development upside
Rent: $64,496/year net + gst from 2 8-year leases starting February 2016
Outcome: sold for $2.25 million at a 2.87% yield
Agents: James Were & Scott Kirk

Isthmus west

Kingsland

Updated: 388 New North Rd:
Features: 288.5m² shop, 636.6m² canopy, unit title share of 5385m², Gull service station next to Kingsland Village, in automotive-based complex
Rent: Gull Petroleum (NZ) Ltd on 15-year lease from August 1999, renewals to 2039, 2-year CPI-based reviews, current rent $283,197.51/year net + gst
Outcome: passed in on sole bid from vendor at $4.8 million, pricing the property on a 5.9% yield; sold post-auction for $4.7 million, at an even 6% yield
Agents: Stuart Bode & Mike Bradshaw

Mt Albert

Sainsbury retail centre in St Lukes business park, 55 Sainsbury Rd, unit 1:
Features: 84m² floor area, 90m² outdoor floor area, café on new 5-year lease
Rent: $52,000/year net + gst
Outcome: sold for $1.114 million at a 4.67% yield
Agents: Phil Haydock & Ken Hu

Updated: Sainsbury retail centre in St Lukes business park, 55 Sainsbury Rd, unit 7:
Features: 104m² floor area, foodmarket on 5-year lease from June 2017, 2 5-year rights of renewal
Rent: $45,000/year net + gst + outgoings
Outcome: no bid; sold post-auction for $715,000 at a 6.29% yield
Agents: James Darji, Amy Weng, Nicolas Ching & Phil Haydock

North

Kaikohe

109-111 Broadway:
Features: 459m² site, 230m² floor area, ASB Bank Ltd on 6-year lease from September 2016, one 6-year right of renewal, seismic rating 67% of new building standard, parking at rear
Rent: $33,000/year net + gst
Outcome: sold for $437,000 at a 7.55% yield
Agents: Nicolas Ching, James Chan & Neil Campbell

North-east

Rosedale

4 Arrenway Drive, unit G:
Features: 82m² Korean restaurant, 2 dedicated parking spaces + common parking
Rent: $36,750/year net + gst + outgoings, 4-year lease from April 2017, 3 4-year rights of renewal
Outcome: no bid
Agents: Mustan Bagasra & Terry Kim

Rosedale retail centre, 96 Rosedale Rd, unit 15:
Features: restaurant with 144m² retail floor area, 85m² covered terrace
Rent: $89,500/year net + gst + outgoings from 8-year lease
Outcome: sold prior for $1.65 million at a 5.4% yield
Agents: Eddie Zhong & Steven Liu

North-west

New Lynn

3026 Great North Rd:
Features: 956m² car sales yard, dual frontage through to Veronica St
Rent: $48,000/year net + gst
Outcome: passed in at $1.15 million
Agents: Kate Kirby & Stephen Scott

South

Papatoetoe

45 St George St:
Features: 228m² site, 200m² floor area, in heart of Old Papatoetoe Mall/New World redevelopment
Rent: $44,869/year net + gst from 2 tenants on renewed leases from 1 April
Outcome: sold for $745,000 at a 6% yield
Agents: Quinn Ngo, Matt Lee & Janak Darji

Attribution: Auction.

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Kingsland commercial sale

JLL agents have sold a Kingsland showroom with office & parking to an owner-occupier.

Isthmus west

Kingsland

353 New North Rd:
Features: 401m² site, 552m² 3-level building comprising office, showroom & basement, 8 parking spaces
Outcome: sold to an owner-occupier with a coffee roasting business for $2.99 million
Agents: Alex Wefers & Jason Armstrong

Attribution: Agency release.

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Kingsland building sells

JLL agents have sold a Kingsland building to an owner-occupier for just under $3 million.

Isthmus west

Kingsland

353 New North Rd:
Features: 401m² site, mixed-use zoning, 552m² building – ground-floor showroom 184m², upstairs office 184m², basement storage 184m², 13 parking spaces
Outcome: sold to a Coffee Roaster owner-occupier for $2.99 million
Agents: Alex Wefers & Jason Armstrong

Attribution: Agency release.

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8 Corinthian units & 2 Tauriko sites sell

Colliers agents have sold 8 new industrial units at Albany & 2 sites in the Tauriko business estate out the back of Tauranga, among 5 recent transactions.

Isthmus west

Kingsland

615 New North Rd:
Features: 1681m² site, 1241m² floor area, occupied by the Auckland District Health Board for over 25 years, now on a new 3-year lease
Outcome: sold to a private investor for $4.25 million + gst, at a 5.2% yield
Agents: Jonathan Lynch & Simon Child

North-east

Albany

18 Corinthian Drive:
Features: 8 new industrial units
Outcome: sold for asking price off the plans to multiple investors & occupiers for a total $8.557 million + gst
Agents: Sam Sherning, Matt Prentice & Janet Marshall

South Island

Queenstown – Frankton

8-12 McBride St:
Features: 759m² site, 145m² residential building leased as rental car depot
Rent: leased to Omega Car Rentals Ltd for $60,000/year + gst + outgoings, expiring 9 September
Outcome: sold at auction to a private investor for $1.81 million + gst, at a 3.3% yield
Agents: Mark Simpson & Rory O’Donnell

South of the Bombays

Bay of Plenty

Tauranga – Tauriko

204 Taurikura Drive:
Features: 3837m² corner lot in stage 2 of the Tauriko Business Estate, has a fully compliant scheme plan yielding 7 retail tenancies & one childcare tenancy, totalling 1976m²
Outcome: sold to a private investor for $2.155 million
Agents: Rachel Emerson & Duncan Woodhouse

43 Poturi St:
Features: 2748m² site, 750m² warehouse, 18-month lease
Rent: $137,563/year net + gst
Outcome: sold to an investor before private treaty deadline for $2.475 million, at a 5.56% yield
Agents: Simon Clark & Rob Schoeser

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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Suburban cross-leases & apartment sell, central apartment buyers already on holiday

3 suburban cross-leases & an eastern bays apartment were sold at Barfoot & Thompson auctions this week.

One central city apartment attracted a bid, 2 others didn’t, and the auction of a fourth was postponed until January.

CBD

Learning Quarter

Forte Residences, 37 Symonds St, unit 1401:
Features: 2-bedroom sub-penthouse, 2 bathrooms, balcony
Outgoings: body corp levy $3694/year
Income assessment: $510/week, fixed until 11 April
Outcome: passed in at $450,000
Agents: Oscar Zhao

Uptown

Avoka, 31 Day St, unit 8B:
Features: one-bedroom apartment, balcony; remedial works pending, offered with no claim against vendor
Outgoings: body corp levy $6765/year
Outcome: no bid
Agents: Jack Atherton & Sherryl Jones

Victoria Quarter

Hobson Gardens, 205 Hobson St, unit 7E:
Features: 102m², 2-bedroom apartment, 2 bathrooms, parking space, storage
Outgoings: body corp levy $4726/year excluding water
Outcome: no bid
Agents: Stephen Shin & Yasu Ka

Sugartree, 27 Union St, unit 115:
Features: 68m² internal, 2-bedroom apartment, 2 bathrooms, 8m² balcony
Outcome: auction postponed until Wednesday 17 January
Agent: Peter Wu

Isthmus east

Kohimarama

4 Averill Avenue, unit 3:
Features: one-bedroom apartment
Outcome: sold for $590,000
Agent: Lynn Gruenwald

Royal Oak

1 Ambury Avenue:
Features: cross-lease, half share in 827m², 4-bedroom bungalow, 2 bathrooms, carport
Outcome: sold for $1.325 million
Agents: Helen Gu

Isthmus west

Kingsland

69 Third Avenue:
Features: cross-lease, 3/5 share in 1131m², 3 bedrooms, 2 bathrooms, double garage
Outcome: sold for $1.19 million
Agent: Jo Pickering

North-east

Devonport

30 Kawerau Avenue:
Features: cross-lease, half share in 612m², 3-bedroom house, study, offstreet parking
Outcome: sold for $1.36 million
Agents: Sue Harrison & Toni Gregory

Attribution: Auctions.

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5 apartment sales include 2 in hotel leases

5 apartments were sold at Ray White City Apartments’ auction yesterday out of 9 listed. The sales included 2 of the 3 units in hotel leases.

CBD

Kitchener St

Metropolis, 1 Courthouse Lane, unit 1104:
Features: 48m² including balcony, furnished one bedroom
Outgoings: rates $1305/year including gst; body corp levy $4332/year
Income assessment: $580-600/week
Outcome: sold for $570,000
Agents: Damian Piggin & Daniel Horrobin

Learning Quarter

The Quadrant, 10 Waterloo Quadrant, unit 1215:
Features: 22m² furnished studio, balcony
Outgoings: rates $3686/year including gst (reduced to about $1500/year if removed from hotel pool); body corp levy $2704/year
Income assessment: about $1000/month current
Outcome: sold for $270,000
Agents: Damian Piggin & Daniel Horrobin

Lorne St

Lorne St Lofts, 4 Lorne St, unit 1B:
Features: 50m² studio
Outgoings: rates $1549/year including gst; body corp levy $10,372/year
Income assessment: $450-480/week
Outcome: passed in at $400,000
Agents: Mitch Agnew & Ryan Bridgman

Uptown

Nova en Scotia, 18 Scotia Place, unit 9C:
Features: 53m², 2 bedrooms, balcony
Outgoings: rates $1487/year including gst; body corp levy $4224/year
Income assessment: $450/week
Outcome: sold for $472,500
Agent: Bain Duigan

Isthmus west

Eden Terrace

The Mews, 8 Basque Rd, unit 20:
Features: 114m², 3 bedrooms, 2 bathrooms, 2 parking spaces
Outgoings: rates $1999/year including gst; body corp levy $4799/year
Income assessment: $900-980/week unfurnished, $950-1000/week furnished
Outcome: passed in at $1 million
Agent: Vladimir Kiselev

Kingsland

2 Western Springs Rd, unit 7:
Features: 81m², 2-bedroom corner apartment, flexi-room, 2 bathrooms, 2 parking spaces
Outgoings: rates $1674/year including gst; body corp levy $3476/year
Income assessment: $750-800/week
Outcome: no bid
Agents: Dusan Valenta & Adele Keane

North-east

Takapuna

Shoalhaven, 130 Anzac St, unit A201:
Features: 76m², 2 bedrooms, 2 bathrooms, 2 parking spaces
Outgoings: rates $1918/year including gst; body corp levy $5188/year
Income assessment: $600-650/week
Outcome: sold for $625,000
Agents: Liam Kyle & Gary Walker

Spencer on Byron, 9-17 Byron Avenue, unit 410:
Features: 30m² studio, hotel furniture; sold on “as is, where is” basis, buyer liable for $32,864 remediation levy including gst
Outgoings: rates $2736/year including gst; body corp levy $1936/year
Income assessment: under hotel lease
Outcome: sold for $150,000 + gst
Agents: James Mairs & Gillian Gibson

North-west

Henderson

Quest Henderson, 12 Wadier Place, unit 3A:
Features: 47m², one bedroom, parking space
Outgoings: rates $3201/year including gst; body corp levy $3918/year
Income assessment: $18,401/year + gst current, 10 years to run on hotel lease
Outcome: passed in after bid from vendor at $150,000 + gst
Agent: Ron Yang

Attribution: Auction.

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5 apartment & suburban unit auction sales for Barfoots

An apartment in the new Fiore 2 (pictured), across Cook St from the central police station, and 3 suburban units sold under the hammer at Barfoot & Thompson’s city auctions this week. A Newmarket apartment sold post-auction.

CBD

Learning Quarter

4 Seasons, 22 Emily Place, unit 1H:
Features: 26m² studio, 3.7m stud
Outgoings: rates $1070/year including gst; body corp levy $3477/year
Income assessment: $330/week, fixed until January
Outcome: passed in at $210,000
Agents: Zoran Farac & Leo Shin

Victoria Quarter

Fiore 2, 168 Hobson St, unit 101:
Features: 53m², one bedroom
Outgoings: rates $1640/year including gst; body corp levy $2233/year
Income assessment: $470/week current, appraisal $480-520/week
Outcome: sold at pre-auction on Tuesday for $408,000
Agents: Stephen Shin & Justin Choi

Isthmus east

Meadowbank

7A Archdall St:
Features: cross-lease, half share in 677m², 2-bedroom unit, garden, patio, double garage
Outcome: sold for $870,000
Agents: Andy Dye & Andrew Pender

Mt Wellington

27 Rutland Rd, unit 1:
Features: cross-lease, quarter share in 1011m², 2-bedroom unit, deck, garden, internal-access garage
Outcome: sold for $739,000
Agents: Carolyn & Peter Brooks

Newmarket

2B Laxon Terrace:
Features: 2 bedrooms, covered terrace, 2 side-by-side parking spaces
Outcome: passed in at $800,000, sold post-auction
Agent: Liz Derbyshire

Isthmus west

Kingsland

68C Fourth Avenue:
Features: one bedroom, private garden, carport
Outcome: sold for $489,000
Agent: Jo Pickering

Attribution: Auctions.

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