Archive | Morningside

4 sales & 3 leases in isthmus west & north-west

Bayleys agents have concluded 4 sales & 3 leases in the west of the isthmus and in the north-west.

Sales

Isthmus west

Avondale

46 Rosebank Rd, Avondale.

46 Rosebank Rd, Avondale.

46 Rosebank Rd:
Features: 1698m2 site zoned town centre under proposed Auckland unitary plan, 2-level 1363m2 office building with A+ seismic rating, fully occupied by Ministry of Social Development on a lease from 2005, the second of 3 3-year rights of renewal exercised in September 2014
Rent: $272,562/year net + gst
Outcome: sold for $3,411,111 at an 8% yield
Agents: Tony Chaudhary & Amy Weng

North-west

Henderson

21 Catherine St, unit G:
Features: 242m2 retail outlet in Pioneer Plaza retail complex, leased to Lenco Sport NZ Ltd for 3 years from September 2104 with a rent review in September 2016
Rent: $55,000/year
Outcome: sold for $715,000 at a 7.7% yield
Agents: Tony Chaudhary & Janak Darji

8 Tolich Place, Henderson.

8 Tolich Place, Henderson.

8 Tolich St:
Features: 1.2376ha site, 5958m² commercial building – 3197m² of office space, the balance warehouse & workshop facilities, 173 parking spaces, 10-year lease to a multinational screen production company until February 2022
Outcome: sold for $11.5 million at a 9.3% yield on its current rental income
Agents: Sunil Bhana, Mike Houlker, Mike Adams & James Appleby

Westgate

Northside Drive (pictured above):
Features: 14-lot industrial subdivision being developed by the Neil Group with titles to be issued towards the end of 2015 for sites ranging from 1741-6244m²
Outcome: lot 2, 1842m², sold to owner-occupier for $644,700 at $350/m²; lot 3, 1828m², sold to an owner-occupier for $639,800 at $350/m²;  lot 13, 3220m², sold to a developer for $1.449 million at $450/m²
Agent: Grant Miller

Leases

Isthmus west

Avondale

22 Fremlin Rd:
Features: 940m2 modern warehouse & office leased to international tenant for 5 years with one 5-year right of renewal
Rent: $89,000/year net + gst
Agents: William Coates, James Appleby & Grant Miller

Morningside

16-18 Taylors Rd, unit 9:
Features: 231m2, renovated character showroom space leased for 4 years at $280/m2  plus 2 parking spaces at $25/week with 4-year right of renewal
Rent: $73,561/year gross + gst
Agent: William Coates

North-west

New Lynn

3027 Great North Rd:
Features: 177m2 warehouse, 73m2 office, 41m2 showroom, leased for 4 years with 2 4-year rights of renewal
Rent: $48,000/year net + gst with stepped annual increases to $65,000 in year 4
Agent: James Appleby & William Coates

Attribution: Agency release.

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Colliers signs up 9 management contracts & a sale

Colliers International’s real estate management team has secured a 3-year contract to manage the Kimiko Trust properties at 139 Remuera Rd, Remuera, and 316 & 318 Ti Rakau Drive, East Tamaki.

The agency said this contract was for full property, facilities & financial management and followed 2 months in which 8 other contracts were signed.

The agency also reports the sale of 2 office & showroom units in Morningside.

Other properties added to the Colliers management portfolio:

CBD:

203 Queen St
Ricoh House, 200 Victoria St

Isthmus east:

Newmarket, 5 St Marks Rd
St Heliers, 5 shops on St Heliers Bay Rd

Isthmus west:

Eden Terrace, 96 New North Rd

North-east:

Birkenhead, 16 shops on Mokoia Rd
Takapuna, 1-7 The Strand

North-west:

Henderson, Courthouse

Sales

Isthmus west

Morningside

7B & 7C Taylors Rd:
Features: combined 560m² of offices & showroom, 10 parking spaces
Outcome: sold vacant for $1.4 million
Agent: Jonathan Lynch

Attribution: Agency release.

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5 units sell at Barfoots

Published 16 October 2014
5 of the 6 apartments or townhouses taken to auction at Barfoot & Thompson yesterday were sold under the hammer.

CBD

Learning Quarter

Princeton, 30 Symonds St, unit 2F:
Features: 2 bedrooms, north-facing
Outcome: sold for $170,000
Agents: Eddy & Vinny Wang

Victoria Quarter

Hobson, 196 Hobson St, unit 4A:
Features: 2 bedrooms, sunroom, balcony, secure parking space
Outcome: sold for $450,000
Agents: Jason Buckwell

Isthmus east

Kohimarama

5 Sage Rd, unit 5:
Features: 1960s cross-leased unit, 97m², 2 bedrooms, courtyard, carport & offstreet parking
Outcome: sold for $821,000
Agent: Kelly Midwood

Remuera

30 Ascot Avenue, unit 12:
Features: ground-floor unit, cross-leased, recently renovated, one bedroom + study, offstreet parking
Outcome: passed in at $400,000
Agent: Saori Rokuroda

Isthmus west

Grey Lynn

Ariki, 221 Great North Rd, unit 4D:
Features: 60m², one bedroom, parking space, storage
Outgoings: rates $1510/year including gst; body corp levy $3045/year including gas
Income assessment: $450-470/week
Outcome: sold for $380,000
Agents: Johnson Chen & Richard Han

Morningside

3 Morningside Drive, unit 311:
Features: 3 bedrooms, ensuite + separate bathroom, north-facing balcony, double garage
Income assessment: $520/week
Outcome: sold for $400,000
Agents: Jill Jackson

Attribution: Auction.

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Vacant Ponsonby Rd shop sells, Morningside site passed in

A vacant Ponsonby Rd shop was sold on an assumed 5% yield – or $11,176/m² net lettable area, or $7364/m² site area – at Colliers International’s commercial auction on Wednesday. The property at 275 Ponsonby Rd went for $1.9 million after keen bidding between a neighbour and another investor.

The second property up for auction – an 813m² site in the middle of the Morningside shops with a vacant 295m² high-stud clearspan warehouse on it – was passed in at $1.31 million.

Isthmus west

Morningside

596 New North Rd:
Features: 813m² site with vacant 295m² high-stud clearspan warehouse at rear beside railway line
Outgoings: rates $8544/year including gst
Outcome: passed in at $1.31 million
Agents: Peter Kermode & Will Dromgool

Ponsonby

275 Ponsonby Rd:
Features: vacant shop with 170m² lettable area, 258m² site, IEP rating of 19%
Outgoings: rates $13,527/year including gst
Rent: independently assessed at $95,000/year
Outcome: sold for $1.9 million, which would put the yield at 5% on the independently assessed rent
Agents: Peter Kermode, Nicolas Ching & Kris Ongley

Attribution: Auction.

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Eden Park gets final consents needed for world cup without appeal

Published 27 May 2009

Rugby World Cup Minister Murray McCully said yesterday the redevelopment of Eden Park has passed its final resource consent hurdle without appeal.

 

Mr McCully said: "Consents for the final stage of the development were issued on 21 April, and I have now had confirmation that the period allowed for appeals has passed without any appeal being lodged. This is an outstanding result made possible by good co-operation among a range of parties.

 

"The redevelopment of Eden Park is a critical part of preparations to host the 2011 Rugby World Cup. The project is on time & on budget, and the awarding of these final consents means the remaining work can begin on schedule.

 

"The consents cover construction of a new western concourse connecting the grandstands with a new plaza, and temporary facilities (such as temporary seating) needed for the Rugby World Cup.”

 

Earlier story:

9 February 2009: New & changed consents sought for Eden Park

 

Want to comment? Go to the forum.

                                       

Attribution: Ministerial release, story written by Bob Dey for the Bob Dey Property Report.

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Comprehensive redevelopment for Morningside site

Published 17 March 2008

Jurisdiction: Auckland City

 

Neighbourhood: Morningside

 

Applicant: Mt Eden Trust Co No 2 Ltd (Virginia Gomes, Mt Eden; & Jennifer Martin, Northcote)

 

Application: 35 & 37-39 Leslie Avenue, for a comprehensive redevelopment that will involve demolition of the 2 office/warehouse buildings and construction of a mixed-use development comprising a café, 30 office units, 11 work-live units & 70 basement parking spaces, contained in 3 4-storey buildings, in the business 4 zone

 

Notification date: 15 March

 

Submission closure date: Tuesday 15 April

 

Other details: Ms Gomes is a director of Abundantly Happy Ltd, Edwin Street Zone Ltd, Fitoutco Ltd, The Admin Group Ltd & VGA Chartered Accountants Ltd. Ms Martin is a director of Folium Ltd.

 

Want to comment? Email [email protected].

 

Attribution: Council notice, story written by Bob Dey for The Bob Dey Property Report.

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Auction price falls short of rocketing land value (gst calculation corrected)

Corrected 6 March 2006


Published 5 March 2006


A business 4-zoned corner site in Morningside was sold at a 10.6% discount to its new council-assessed land value, and 19.8% discount to capital value, at a CB Richard Ellis auction on 1 March.



In the original story on this auction, I added gst to the sale price and incorrectly subtracted it from the council valuation to get a sale price almost the same as land value. Auckland City Council residential valuations include gst, but non-residential don’t.


The property went for $1.09 million plus gst (total $1,226,250), compared to the new Auckland City Council-assessed land value of $1.22 million & capital value of $1.36 million.



Treating the 928m² property purely as a development site, its gst-exclusive price was $1175/m², $140 below the council’s land value.


The property at 625 New North Rd has a service station, workshop & house on it and has frontages to Inwood St and the start of Western Springs Rd. It was taken to auction by Dorchester Finance Ltd as mortgagee offering vacant possession, though it wasn’t in possession.


Including the buildings, the site had a council-assessed capital value of only $420,000 in 2002 but this shot up 224% in the council revaluation completed last year.


The value of the buildings actually went down by a third, from $210,000 to $140,000, but the change in land value demonstrated a significant revision of the value of suburbs such as Morningside which have been undergoing urban renewal, including numerous townhouse & apartment developments.


The land value went from $210,000 ($226/m²) to $1.22 million ($1315/m²) – a 481% increase, taking the capital value from $420,000 to $1.36 million. (The annual value, used for rating purposes, rose by 68.7%. The new value is due to be effective for rating purposes in the next financial year starting in July).


The council’s website shows Morningside was one of the bigger movers in terms of land value over the past 3 years, rising 110%.


Neighbourhood story: Morningside development site short of land value at mortgagee auction (gst calculation corrected)


 


If you want to comment on this story, write to the BD Central Discussion forum or send an email to [email protected].


 


Attribution: Auction & particulars, council rates information, CBRE photo, story written by Bob Dey for this website.

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