Archive | Morningside

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

7 industrial units sell

JLL agents have sold 3 adjoining industrial units in Morningside and a mix of 4 warehouses in Glenfield & the Wairau Valley.

Isthmus west

Morningside

34, 36 & 38 Ethel St:
Features: 1976m² site, 3 industrial units of 501m², 517m² & 603m², total floor area 1621m², 19 parking spaces
Outcome: sold to an add-value investor for $5.35 million
Agents: Alex Wefers &d Jarred

North-east

Glenfield

2C Target Court:
Features: 269m² industrial unit – office 189m², warehouse 80m², 3 parking spaces
Rent: estimated at $38-40,000/year
Outcome: sold with vacant possession to an owner-occupier for $700,000
Agent: Jaye Miller

Wairau Valley

19 Ashfield Rd:
Features: 130m² warehouse & office unit
Rent: $27,000/year net + gst + opex, 5-year lease
Outcome: sold for $470,000 at a 5.74% yield; close to $17,000 of roofing work was required, reducing the yield to 5.54%
Agent: Jaye Miller

21A Porana Rd:
Features: 1846m² floorspace – warehouse 1096m², office 750m², leased to kitchen manufacturer Apollo Group on a newly renewed 6-year lease
Rent: $255,000/year net
Outcome: sold for $4.45 million, at a 5.73% yield
Agent: Jaye Miller

21F Porana Rd:
Features: 2434m² 2-storey industrial building, 28 parking spaces + surplus yard, leased to Winger Motors Ltd for 7 years
Rent: $271,000/year net
Outcome: sold for $4.15 million
Agent: Jaye Miller

Attribution: Agency release.

Continue Reading

4 isthmus commercial sales

Bayleys’ city & fringe commercial team has completed sales in the fast-changing Sale St above Victoria Park (13 Sale St outlined in the picture above), and in Morningside, Newton & Remuera.

CBD

Victoria Quarter

13 Sale St:
Features: 438m² character office building, seismic rating 72% new building standard290m² open plan ground floor plus mezzanine, 9 secure basement parking spaces
Outcome: sold with vacant possession for $3.2 million
Agents: Cameron Melhuish, Matt Gordon & Genevieve Thompson-Ford

Isthmus east

Remuera

591 Remuera Rd:
Features: 167m² Upland Village site zoned neighbourhood centre, 159m² 2-level building built in 1973; ground-floor tenant Remuera Village Medical Centre exercised the first of 4 5-year rights of renewal in 2016, upstairs beauty clinic exercised last 2-year right of renewal in 2016
Rent:
 $65,839/year net + gst
Outcome: sold for $1.61 million at a 4.09% yield 
Agents:
 Cameron Melhuish, Andrew Wallace & Genevieve Thompson-Ford                                   

Isthmus west

Morningside

596 New North Rd:
Features: 813m² site zoned local centre, 18m height limit, 295m² warehouse & office building at rear, 2 short-term leases provide holding income until July 2018
Rent: $69,500 /year net + gst
Outcome: sold for $2.52 million
Agents: James Were & Scott Kirk

Newton

19 Newton Rd: 
Features: 1804m² site zoned business – mixed use, 18m height limit, 2123m² 3-level commercial building, 52 parking spaces, partly leased on short-term tenancies
Outcome: sold for $7.675 million
Agents: Scott Kirk & James Were

Attribution: Agency release.

Continue Reading

Petrol station sells on 4.6% yield

A Ponsonby petrol station has been sold on a 4.6% yield and a Morningside warehouse has been leased by Colliers agents. In Christchurch, the agency has sold a Riccarton office building at auction.

Sales

Isthmus west

Ponsonby

47 Jervois Rd:
Features: 550m² unit title, BP petrol station
Outcome: sold for $2.285 million at a 4.6% yield
Agents: David Palmer & John Davies

South Island

Canterbury

Christchurch – Riccarton

15 Leslie Hills Drive:
Features: 832m² site, 354m², 2-storey office building, 9 parking spaces
Rent: $80,000/year net + gst + opex from renewed 2-year lease
Outcome: sold at auction for $902,500
Agents: Mark Macauley & Will Franks

Lease

Isthmus west

Morningside

18-20 Morningside Drive:
Features: 1600m² site, 1300m² warehouse owned by Metge Properties Ltd, 15 parking spaces, new long-term lease to Brownies Mattresses Ltd
Agents: Jonathan Lynch & Leroy Wolland

Attribution: Agency release.

Continue Reading

4.3% yield in Morningside reflects area’s transformation

Agents who sold a dual-frontage Morningside property on a 4.3% yield say the suburb is seeing changes under the unitary plan, improved access & intensive residential development that will transform it in a short timeframe.

Under the unitary plan, the property at 617 New North Rd is in the local centre business zone, which allows for retail, office, food, beverage, apartments & commercial services. “Developers may build up to 18m in this zone,” JLL agent Jarred Hill said.

Leases on this property run through to 2024, but around it considerable change is anticipated, partly arising from improved motorway & rail links: “It’s around 1.2km to the North-western Motorway system, a 12-minute walk from Kingsland village, and only a few minutes’ walk to Morningside railway station. Access will only improve once the city rail link upgrade is complete.”

Alex Wefers said the area was being developed and would see substantial population growth – up by a third (13,000) through to 2043. The Urbanaut craft brewery has just opened at 597 New North Rd, and the Station 580 apartment complex is due to open at 580 New North Rd late next year.

Isthmus west

Morningside

617 New North Rd:
Features: 943m² site, 2 buildings on one title with combined floor area of 505m², leased to the Unite Union & Peel to Pip Café, with 2-bedroom apartment occupied by café tenants, both leases have final expiries in 2024, 6 parking spaces, dual street frontage to Western Springs Rd & New North Rd
Rent: $108,398/year net combined rent
Outcome: sold for $2.5 million at a 4.3% yield
Agents: Alex Wefers & Jarred Hill

Attribution: Agency release.

Continue Reading

Updated: Strong yields as 14 sell at Bayleys’ commercial auction, 3 post-auction sales

Published 2 December 2016, updated 5 & 12 December 2016:
Strong yields were a feature as 14 of the 27 properties taken to auction in Bayleys’ final Total Property portfolio for the year were sold under the hammer on Wednesday.

They included 3 units sold in stage 3 of the Grange development (pictured) at the southern entrance to Warkworth, and another one sold post-auction.

2 other properties have been sold post-auction – a unit on Amera Place, East Tamaki, and a property on Moore St, Howick, sold on a 4.1% yield.

CBD

Federal St

205 Federal St, unit R1:
Features: 60m², one of only 2 retail tenants in Federal City apartment building, 8-year lease from July 2014
Rent: $29,120/year net + gst
Outcome: passed in at $475,000
Agents: Piyush Kumar & Oscar Kuang

Learning Quarter

23 Whitaker Place, units 110 & 111:
Features: 120m² unit, suitable for restaurant
Rent: $23,478.26/year from tenant on 3-year lease from 1 August 2014
Outcome: sold for $150,000
Agents: Nicolas Ching & Beterly Pan

Queen St

Mid-City, 239 Queen St, unit 2A:
Features: 282m² floor area on first floor, tenant the Ryo Japanese restaurant, 6-year lease, 2 rights of renewal
Rent: $120,000/year average from 6-year lease
Outcome: no bid
Agents: Graeme Sun & Oscar Kuang

Uptown

3 shops & gym of 14 ground-floor commercial units in the Summit on Symonds apartment conversion building, next to the Langham Hotel at the corner of Karangahape Rd & Symonds St:

105 Symonds St, shop 5, Nata Portuguese Bakery:
Features: 69.47m², 6-year lease
Rent: $49,400/year net + gst
Outcome: passed in at $500,000
Agents: Millie Liang

105 Symonds St, shop 9, laundromat:
Features: 43.41m², self-service laundromat, 8-year lease
Rent: $30,387/year net + gst
Outcome: passed in at $350,000
Agents: Millie Liang

105 Symonds St, shop 11, The Corner Café:
Features: 68.39m², 8-year lease
Rent: $47,873/year net + gst
Outcome: passed in at $500,000
Agents: Millie Liang

103-105 Symonds St, unit 15, Anytime Fitness:
Features: m², 10-year lease, beside the entrance to the Langham Hotel
Rent: $184,000/year net + gst
Outcome: withdrawn from auction
Agents: Millie Liang

Isthmus east

Onehunga

106 Beachcroft Avenue:
Features: 692m² site, 431m² standalone warehouse & office building
Outcome: sold vacant for $1.505 million
Agents: James Valintine & Graeme Moore

255 Onehunga Mall:
Features: 379m² site, Cotton On Clothing (NZ) Ltd on 8-year lease from 15 August with one 8-year right of renewal
Rent: $110,000/year + gst + outgoings, 3%/year rental growth
Outcome: sold for $2.21 million at a 4.98% yield
Agents: Tony Chaudhary & Damien Bullick

Otahuhu

121 Church St:
Features: 731m² site zoned terrace housing & apartment building, 138m² floor area, medical centre on 5-year lease from October 2015
Rent: $48,000/year + gst + outgoings
Outcome: declared reserve of $800,000, sold prior for $933,000 at a 5.14% yield
Agents: Tony Chaudhary & Janak Darji

Panmure

141-157 Queens Rd:
Features: 2963m² site on 2 titles, 1464m² floor area, 35 parking spaces, residential potential under the unitary plan, 27m height limit
Rent: $357,000/year net + gst
Outcome: no bid
Agents: Mark Pittaway

Penrose

419B Church St East:
Features: 1596m² industrial site, 25 parking spaces, 8-year head lease to Southpark Corp Ltd from 1 November 2015
Rent: $25,485/year net + gst
Outcome: passed in after vendor bid at $3.7 million
Agents: James Hill & Ben Bayley

Isthmus west

Morningside

4 Taylors Rd:
Features: 809m² site zoned mixed use, 585m² office & high stud warehouse
Outcome: sold vacant for $2.9 million
Agents: Scott Kirk & James Were

Pt Chevalier

1191 Great North Rd:
Features: 226m² retail, occupied by optometrist & osteopath
Rent: $83,900/year
Outcome: sold for $1.55 million at a 5.4% yield
Agents: Owen Ding & Quinn Ngo

North-east

Birkenhead

268 Onewa Rd, unit 10A:
Features: 125m², office & residential tenancies, town centre zoning, 2 parking spaces
Rent: $23,464.57/year net + gst + outgoings
Outcome: withdrawn from auction
Agents: Tonia Robertson & Chris White

Torbay

934 Beach Rd:
Features: cross-lease, 1/3 share in 1072m², 140m² beachfront retail, only business-zoned property on the Torbay/Waiake beachfront, taken to auction by the Official Assignee under the Criminal Proceeds (Recovery) Act
Outcome: sold for $1.8 million
Agents: Damian Stephen & Adam Curtis

Warkworth

4 units in stage 3 of the Grange, 67 Auckland Rd, development by Square & Main St Ltd (Adam Reynolds), stages 1 & 2 both fully sold
Agents: Matt Lee, Quinn Ngo, Jan Hutcheson & James Chan, and Paul Dixon on unit 14

Unit 5A, Cizzlin:
Features: 128.3m², 8-year lease
Rent: $65,000/year net + gst
Outcome: sold for $1.005 million at a 6.47% yield

Unit 13B, The Grange Bakery:
Features: 76.8m², 5-year lease
Rent: $30,000/year net + gst
Outcome: sold for $560,000 at a 5.34% yield

Unit 11, Fish Nets:
Features: 59m², 10-year lease
Rent: $30,975/year net + gst
Outcome: sold for $565,000 at a 5.48% yield

Updated: Unit 14, Green Bay Fruit & Veg:
Features: 297.2m², 8-year lease
Rent: $92,500/year net + gst
Outcome: passed in after vendor bid at $1.25 million, sold post-auction for $1.365 million at a 6.77% yield

Unit 22, Cross Gate Variety Store:
Features: 373.7m², 6-year lease
Rent: $86,700/year net + gst
Outcome: withdrawn from auction

North-west

Henderson

349 Great North Rd:
Features: 276m² site, 10-year lease from July
Rent: $50,000/year net + gst
Outcome: sold for $1.045 million at a 4.8% yield
Agents: Mike Adams & Laurie Bell

Lincoln North shopping centre, 192 Lincoln Rd, unit B4:
Features: 60.12m², retail unit, new 5-year lease to OPSM
Rent: $22,545/year net + gst
Outcome: sold for $465,000 at a 4.85% yield
Agents: Matt Lee & Quinn Ngo

South

East Tamaki

Updated: 12 Amera Place, unit 5:
Features: 105m² unit, 6-year lease starting this month
Rent: $50,150/year net + gst + outgoings
Outcome: passed in at $900,000, sold post-auction for $910,000 at a 5.5% yield
Agents: Katie Wu & John Bolton

9-11 Nandina Avenue:
Features: 2 titles, each of 2552m², metalled & flat, 74m road frontage, business 5 zoning
Outcome: sold for $2.86 million
Agents: John Bolton & Katie Wu

Howick

Updated: 8-14 Moore St:
Features: 875m² site zoned business town centre under unitary plan, 590m² floor area, 6 tenancies
Rent: $94,262.74
Outcome: passed in at $2.11 million, sold post-auction for $2.3 million at a 4.1% yield
Agents: Tony Chaudhary & Janak Darji

Manukau

Pacific Retail Centre, 792 Great South Rd, unit 6:
Features: 89m² Subway restaurant
Rent: $39,367.45/year net + gst + outgoings
Outcome: passed in at $750,000
Agents: Terry Kim & Janak Darji

52-58A St George St:
Features: 971m² in 2 titles zoned town centre under unitary plan, 2 tenants,
Rent: $80,040/year + gst
Outcome: no bid
Agents: Oscar Kuang & James Chan

Pukekohe

1722 & 1748 Buckland Rd:
Features: 14.4336ha in 2 titles overlooking Pukekohe racetrack, zoned future urban, proposed light industrial, has 3-bedroom house & 2-bedroom cottage
Outcome: no bid
Agents: Shane Snijder & Peter Migounoff

South of the Bombays

Coromandel

Whitianga

17 Monk St:
Features: 516m² site, 800m² floor area – 4 shops in 335m² on ground floor, plus carport, 2 apartments in 376m² upstairs licensed as traveller accommodation, plus 60m² deck & terrace; separate studio & workshop
Rent: about $53,000/year net
Outcome: sold for $1.03 million at a 5.15% yield
Agent: Noel Rogers

Hawke’s Bay

Napier

359 Marine Parade:
Features: 1413m² site, 20 self-contained motel units + manager’s accommodation
Rent: $225,750/year + gst from motel lease running until 2040
Outcome: sold for $3.75 million at a 6% yield
Agents: Paul Dixon & Sam MacDonald

Attribution: Auction.

Continue Reading

5 apartments & cross-leases sell

In a mix of 12 flats, a leasehold apartment and a number of cross-leased properties at Barfoot & Thompson’s residential auction last Wednesday, 5 sales were recorded under the hammer and one post-auction, 5 were passed in and one was withdrawn.

Isthmus east

Kohimarama

7 Speight Rd:
Features: cross-lease, half share in 892m², 3 bedrooms, 2 bathrooms, double garage
Outcome: sold for $2 million
Agent: Grant Rutherford

Onehunga

20 Oranga Avenue, unit 4:
Features: cross-lease, quarter share in 1004m², 2-bedroom unit, carport
Outcome: no bid, back on market at $569,000
Agents: Leonie Stabler

Parnell

16 St Stephens Avenue, unit 8:
Features: leasehold, one-bedroom apartment, deck, carport
Outcome: passed in, sold post-auction
Agents: Jill Jackson & Emma John

Remuera

23 Lucerne Rd, unit 4:
Features: cross-lease, 1/8th share in 2023m², 3 bedrooms, study, garage
Outcome: passed in, back on market at $1.135 million
Agents: Julie Fitzpatrick & Tony Jiang

8 Rotomahana Terrace, unit 2:
Features: cross-lease, 1/3 share in 1013m², 147m² floor area, 2 bedrooms, deck, double garage
Outcome: sold for $1.2 million
Agent: Chase Liu

St Heliers

15A Sylvia Rd:
Features: cross-lease, half share in 1030m², 3 bedrooms, 2 bathrooms, double garage
Outcome: sold for $1.652 million
Agent: Teresa Weiss

Isthmus west

Morningside

69A, B & C Finch St:
Features: cross-lease, 2 shares of 2/3 & 1/3 of 1118m² site, 3 houses on the 2 titles, total 21 bedrooms
Income assessment: about $150,000/year
Outcome: passed in, auction of properties separately postponed
Agents: Jane Wang & Dragon Zhou

Mt Albert

10 Alexis Avenue:
Features: cross-lease, quarter share in 746m², art deco house, 2 bedrooms, garage
Outcome: passed in, back on market at $866,000
Agents: Christine Wooding & Joanne Yu

15 Harbutt St, units 1-4:
Features: cross-lease, 1/3 share in 697m², 4 units on 3 titles, 2 of 2 bedrooms and a bungalow configured as 2 flats, one of 2 bedrooms, the other of one bedroom, garage each unit
Outcome: passed in
Agent: John Gray

Sandringham

16 Kiwitea St:
Features: cross-lease, half share in 749m², 3 bedrooms, 2 bathrooms, study, double garage
Outcome: sold for $1.285 million
Agents: Derek Helliwell & Cathy Giles

103E St Lukes Rd:
Features: 4-bedroom townhouse across the road from St Lukes mall, 2 bathrooms, double garage
Income assessment: $800/week
Outcome: withdrawn from auction
Agents: David Chen & Joey Zhuang

Three Kings

51 Kings Rd:
Features: cross-lease, half share in 781m², 3 bedrooms, 2 bathrooms, office, carport
Outcome: sold for $1.24 million
Agent: Robyn Preece

Attribution: Agency release.

Continue Reading

4 apartments sell at City Sales

4 of the 7 apartments auctioned at City Sales yesterday were sold under the hammer.

CBD

Uptown

CityZone, 11 Liverpool St, unit 1001:
Features: 45m², 2 bedrooms, deck
Outgoings: rates $1101/year including gst; body corp levy $2827/year
Outcome: sold for $320,000
Agent: Iona Rodrigues

CityZone, 11 Liverpool St, unit 1102:
Features: 47m², fully furnished 2 bedrooms
Outgoings: rates $1126/year including gst; body corp levy $3042/year
Outcome: vendor bids at $350,000 & $380,000, one other bid at $360,000, passed in
Agent: Iona Rodrigues

Victoria Quarter

Columbia on Nelson, 15 Nelson St, door 4F:
Features: 45m², one bedroom, parking space
Outgoings: rates $793/year including gst; body corp levy $3319/year
Outcome: passed in at $495,000
Agent: Tony Kelly

Ascent, 149 Nelson St, unit 705:
Features: 39m², one bedroom, deck
Outgoings: rates $953/year including gst; body corp levy $2241/year
Outcome: sold for $267,000
Agents: Lucy Piatov & Chris Bell

Isthmus west

Eden Terrace

Charlotte Mews, 40 Charlotte St, unit 1C:
Features: 80m², 2 bedrooms, 2 decks, parking space, storage locker
Outgoings: rates $1551/year including gst; body corp levy $2746/year
Outcome: sold for $590,000
Agent: Iona Rodrigues

Grey Lynn

Mezzanine, 31 Scanlan St, unit 1C:
Features: 75m², semi-furnished 2 bedrooms + study, 2 bathrooms, 20m² courtyard, tandem parking
Outgoings: rates $2261/year including gst; body corp levy $6455/year
Outcome: only bid was from vendor at $725,000
Agents: Lucy Piatov & Chris Bell

Morningside

669 New North Rd, flat 3:
Features: cross-lease, one-fifth share in 971m², unit 85m², 2 bedrooms, courtyard, carport
Outgoings: rates $1600/year including gst
Outcome: sold for $560,000
Agents: Steve Kirk & Habeeb Urrahman

Attribution: Auction.

Continue Reading

3 sell at Colliers auction

3 commercial properties – including an office suite in the old NZI building (outlined in picture) on Shortland St – were sold under the hammer at Colliers International’s auction on Wednesday. A partly occupied office building on Great South Rd, Ellerslie, was passed in on a vendor bid.

CBD

Shortland St

7 Shortland St, unit 3A:
Features: 228m² vacant office suite in the former NZI building
Outcome: sold for $815,000
Agents: Kris Ongley & Adam White

Isthmus east

Ellerslie

638 Great South Rd:
Features: 638.7m² net lettable area over 2 levels – ground floor 286.7m², first floor 352m², 21 parking spaces, ground floor occupied by General Finance Ltd and a law firm, first floor vacant
Rent: contract income $56,219/year + gst + opex, assessed rent for vacancy $85,256/year + gst + opex, total potential rent $141,475/year
Outcome: passed in at vendor bid of $1.5 million
Agents: Kris Ongley & Peter Kermode

Isthmus west

Morningside

5 McDonald St:
Features: 653m² site, 513m² light industrial building – warehouse 410m², office 76m² over 2 levels, mezzanine 27m², 200m² yard with parking for 9 cars
Outgoings: rates $$7192/year including gst
Outcome: sold for $1.8 million
Agents: Peter Kermode & Jonathan Lynch

North-east

Wairau Valley

149 Wairau Rd:
Features: 1744m² site, 1282m² building, 20 parking spaces
Outcome: sold with vacant possession for $1.755 million
Agents: Matt Prentice & Mike Ryan

Attribution: Auction.

Continue Reading

3 post-auction sales for Bayleys

2 properties passed in at Bayleys’ Greater Auckland auction 4 weeks ago have been sold. Also sold, 3 weeks after being passed in at auction, were 4 units in an East Tamaki block, one occupied by a pharmacy & 2 by a medical centre.

Isthmus east

Royal Oak

691 Manukau Rd, unit F:
Features: 188m² retail unit in Royal Oak Mall occupied by Black Pepper (120m²) and T&T Childrenswear (68m²) on leases to 2018-19
Rent: $74,018/year net + gst
Outcome: passed in at Greater Auckland auction 4 weeks ago, sold post-auction for $738,000 at a 10% yield
Agents: Matt Lee & James Chan

Isthmus west

Morningside

2 Gordon Rd, unit 3:
Features: high stud 137m² warehouse plus 47m² residence upstairs, onsite parking
Outcome: passed in at Greater Auckland auction 4 weeks ago at $700,000, sold post-auction for $760,000
Agents: Andrew Wallace & Cameron Melhuish

South

East Tamaki

455 East Tamaki Rd.

455 East Tamaki Rd.

455 East Tamaki Rd, units A, B, C & D:
Features: 680m² total building area, 4 modern units – unit A a pharmacy, units B & C a medical centre owned by Amarsee companies, unit D vacant, all taken to auction on behalf of South East Properties Ltd (Shyam Amarsee)
Rent: $168,448/year net + gst, both tenants on 12-year leases from 2012
Outcome: passed in at auction 3 weeks ago at $2.3 million, sold post-auction for $2.25 million
Agents: Matt Lee, James Chan & Tony Chaudhary

Attribution: Agency release.

Continue Reading