Archive | Silverdale

Penlink prospect gets real

Penlink, a proposal dating back to the 1980s start to development of Gulf Harbour at the end of the Whangaparaoa Peninsula, is an integral feature of the urban development of the Hibiscus Coast, 30-40km north of downtown Auckland.

Image above: The Auckland Transport/NZ Transport Agency map of the north-eastern infrastructure plan. Penlink is dotted line 3 at right.

Gulf Harbour has progressed, thousands more houses have been built on the peninsula, new business areas have sprung up at Silverdale, at the start of the peninsula, and the Millwater subdivision has spread from there across to State Highway 1.

But that integral link – once to have been 2 lanes each way from Redvale, across Weiti Forest land and over the Weiti River to Stanmore Bay – was again deferred in June, when Auckland Council pushed it back to 2028 in its long-term plan. It also shrank from 4 to 2 lanes.

The 7km Penlink road is consented and would reduce, by about 50,000 vehicles/day, the nearly 130,000 vehicles/day that travel through the nearby Silverdale business area to get to-from the motorway.

The one concession to the rising traffic congestion that has been a consequence of deferred action has been to introduce peak-hour use of the median strip at the start of the main peninsula road to double main-direction flow.

3-year campaign by Barnett

Enter Michael Barnett, chief executive of the Auckland Chamber of Commerce, who has campaigned for 2 years to get Penlink built, after an approach from the Hibiscus & Bays Local Board.

Mr Barnett won an assurance from Transport Minister Phil Twyford in April that, if money could be found outside the coffers of the Government & Auckland Council, the toll road could be built.

Last Friday, Mr Barnett said it could be done: “An unsolicited bid by an international group to establish a joint venture with a NZ construction company to undertake the Penlink toll road project as a BOOT – Build, Own, Operate, Transfer – has been lodged with the NZ Transport Agency.

“The offer is to provide the majority of the estimated $400 million capital needed to build a 4-lane tolled Penlink road – including bridge over the Weiti River, busway, cycleway & possibly park-&-ride – recovering all revenue on an extended concession and transferring back to Auckland Council for free at the end of the concession.”

The proposal is from China Tiesiju Civil Engineering Group Co Ltd, a subsidiary of China Railway Group Ltd, which in turn is a subsidiary of China Railway Engineering Corp, a company listed in Hong Kong & Shanghai and controlled by the Chinese Government.

In June, Mr Barnett wrote: “It’s crazy that Auckland Council can give a low priority to a project that has one of Auckland’s highest benefit:cost assessments – 3.5 for a project costing $348 million – meaning that for every dollar spent it will generate nearly $3.50 in economic benefit.”

“It shows we have a flawed system. Here we have a new government wanting more public transport, walking & cycling, but then goes for a 2-lane option. Our recent survey which government & council are well aware of shows that the public want a 4-lane road with a public transport option.

“Meanwhile the announcement bringing forward Penlink has already fuelled property development in Silverdale & on the Peninsula, with a number of long-delayed apartment projects towards Gulf Harbour now underway.

“And gridlock on Hibiscus Coast Highway continues to get worse, with 10km traffic queues between the interchange with State Highway 1 & Orewa and also along the peninsula to the Whangaparaoa shopping centre.

“Construction & engineering consultancies have advised me that there is a construction void in the market; they have little or no work and which ‘ready to go’ Penlink is ideal to fill.”

The next move is up to the NZ Transport Agency.

The agency & Auckland Transport have had Penlink in their sights for years, and produced a presentation on their websites last year showing its role in diverting traffic away from Silverdale.

Links:
Chamber of Commerce, Penlink page
Auckland Transport, Penlink presentation January 2017
NZ Transport Agency, Supporting growth – delivering transport networks, Silverdale, Wainui & Dairy Flat

Disclosure: I live on the peninsula, right where Penlink would start.

Attribution: Chamber of Commerce releases, NZTA & Auckland Transport.

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Sale & 5 leases on Shore & Silverdale

Bayleys agents on the North Shore have reported an office unit sale on Corinthian Drive, Albany, and 5 lease agreements signed in the last 2 weeks.

North-east

Sales

Albany

75 Corinthian Drive, unit D1:
Features: 169.8m² office unit + 13.68m² balcony, 5 parking spaces, tenant Thompson & Clark Investigations Ltd
Rent: $55,000/year net + gst
Outcome: sold this week for $950,000 at a 5.79% yield
Agents: Jane McKee & Caroline McNaught

Leases

Rosedale

14 Airborne Rd, unit 5:
Features: 150m² industrial unit
Rent: leased in September for $28,500/year net + gst
Agents: Ian Waddams & Harcourts

11 Piermark Drive, unit B:
Features: 253.1m² industrial unit – warehouse 144.8m², showroom 53.6m², office 54.7m², 5 parking spaces
Rent: leased last week for $48,000/year net + gst
Agents: Laurie Burt & James Kidd

11 Piermark Drive, unit F:
Features: 296m² industrial unit, 5 parking spaces
Rent: leased this week for $51,000/year net + gst
Agents: Matt Mimmack & Bayleys Auckland

Silverdale

150 Foundry Rd, unit E1:
Features: 75m² office unit 2 parking spaces
Rent: leased last week for $16,500/year net + gst
Agent: Rosemary Wakeman

Wairau Valley

18 Link Drive, unit 19:
Features: 848m² retail unit – 634m² retail, 214m² other area, 20 parking spaces
Rent: leased last week for $150,000/year net + gst
Agents: Steven Liu, Meng He & Trevor Duffin

Attribution: Agency release.

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3 industrial sales & 5 leases in mix of premises

Published 9 September 2018
Bayleys North Shore agents have sold 3 properties at the start of September – 2 industrial lots in the Highgate business park at Silverdale, a Wairau Valley warehouse & office, and an Otara property occupied by a Gull service station.

They’ve also secured 5 new leases in Henderson, Milford, Rosedale & Silverdale.

Click the link below to check out the separate item on service station sales, including the Otara sale.

Sales

North-east

Silverdale

Highgate business park, Emirali Rd, lots 5 & 6:
Features: 4593m² industrial lots – lot 5 2312m², lot 6 2281m²
Outcome: sold in September for $2.5 million + gst at $544/m²
Agent: Rosemary Wakeman

Wairau Valley

77 Porana Rd, unit 18:
Features: 209m² industrial unit – warehouse 139m², office 70m², 3 parking spaces
Outcome: sold in September with vacant possession for $615,000 + gst
Agents: Trevor Duffin & Matt Mimmack

South

Otara

263 East Tamaki Rd:
Features: 3075m² mixed-use property occupied by Gull service station, 1395m² structures
Rent: $247,173/near net + gst
Outcome: sold for $4.3 million + gst at a 5.75% yield, $1398/m² land price
Agents: Terry Kim, Eddie Zhong & Tony Chaudhary

Leases

North-east

Milford

166 Kitchener Rd, suite H:
Features: 18m² office
Rent: leased in September for $4673/year net + gst, premises rental $260/m²
Agents: Ian Waddams & Ildy Meixner

Rosedale

33 Apollo Drive, unit 8:

Features: 234m² office unit, 7 parking spaces
Rent: leased in August for $64,000/year net + gst, parking $20/space/week, rental excluding parking $56,720/year net + gst, premises rental $242/m²
Agent: Alex Strever

34 William Pickering Drive, unit B:
Features: 597m² industrial unit – warehouse 446.1m², office 81.3m², retail 51.9m², other area 14.5m², 11 parking spaces
Rent: leased in September for $90,000/year net + gst
Agents: Laurie Burt & Matt Mimmack

Silverdale

30 Foundry Rd, unit 1:
Features: 670m² industrial unit – warehouse 477m², showroom 76m², office 106m², amenities 11m², canopy 31m², 11 parking spaces, in the 9000m² first stage of a new development on a 17,920m² site by Collabor8 Property Ltd (Euan Armstrong, Wayne Boocock & Gavin Brannigan)
Rent: leased in September for $127,070/year net + gst
Agents: Rosemary Wakeman

North-west

Henderson

Part 122-134 Lincoln Rd:
Features: 956m² industrial yard
Rent: leased in September for $28,000/year net + gst
Agents: Steven Liu & Meng He

Related story today: Chaudhary notches up fuel station sales

Attribution: Agency release.

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Chaudhary notches up fuel station sales

Published 9 September 2018
Bayleys Manukau agent Tony Chaudhary & his team of Amy Weng & Janak Darji have scored several service station sales recently, including the new Z at Silverdale (reported in August, repeated here) and another in Henderson, Gull in Otara (pictured) and the Caltex premises in Welcome Bay, Tauranga.

North-east

Silverdale

5 Hibiscus Coast Highway:
Features: 2466m² site beside park & ride bus station, recently completed 228m² 24-hour Z fuel station comprising retail outlet, canopy & forecourt, 4 pump islands servicing up to 8 lanes; initial 18-year lease to Z Energy Ltd
Rent: $314,000/year net + gst
Outcome: sold for $6,281,067 at a 5% yield
Agents: Bill Lissington & Tony Chaudhary

North-west

Henderson

1 Corban Avenue:
Features: 2028m² corner site, new 228m² service station leased to Z Energy Ltd for 21 years from June 2016, annual CPI rental increases, 10-yearly market reviews
Rent: $327,939 /year net + gst
Outcome: sold for $6 million + gst at a 5.47% yield
Agents: Tony Chaudhary, Amy Weng & Janak Darji

South

Otara

263 East Tamaki Rd:
Features: 3075m² site, over 50m of road frontage, 1395m² of structures, Gull fuel station & associated Night ’n Day convenience store on 10-year lease to Gull NZ Ltd until February 2026, with rights of renewal to 2046 & annual CPI rent increases
Rent: $247,173/year net + gst
Outcome: sold for $4.3 million + gst at a 5.75% yield, $1398/m² land price
Agents: Terry Kim, Eddie Zhong & Tony Chaudhary

South of the Bombays

Bay of Plenty

Tauranga, Welcome Bay

248 Welcome Bay Rd:
Features: 1200m² site on main arterial road, occupied by Caltex service station since 1995, current 5-year lease from October 2017 plus one 5-year right of renewal
Rent: $83,925/year net + gst
Outcome: sold for $1.35 million + gst at a 6.22% yield
Agents: Tony Chaudhary & Janak Darji

Attribution: Agency releases.

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Highgate business park site at Silverdale sells

Published 2 September 2018
A half-hectare lot in the Highgate Business Park at Silverdale has been sold by Bayleys agents for $500/m², one of 2 sales & 3 leases in the agency’s latest report for August.

The newly developed business park lies between Wainui Rd & the Northern Motorway, beside the new Millwater residential subdivision.

A house converted to office on the fringe of Takapuna’s central business area has been sold, and industrial units in Browns Bay & Rosedale plus an office unit in Albany have been leased.

North-east

Sales

Silverdale

Highgate Business Park, lot 11:
Features: 5246m² of land zoned light industrial, fully serviced
Outcome: sold for $2.623 million + gst at $500/m²
Agents: Matt Mimmack & Rosemary Wakeman

Takapuna

3A Burns Avenue:
Features: 727m² site on fringe of Takapuna’s central business area, 110m² office in converted house, 4 parking spaces
Outcome: sold vacant for $2.9 million + gst
Agents: Damian Stephen, Alex Strever, Michael Nees & Bayleys Residential

Leases

Albany

9G Lovell Court:
Features: 60m² ground-floor office, 2 parking spaces
Rent: $16,000/year net + gst, parking $20/space/week, rental excluding parking $13,920, premises rental $232/m²
Agents: David Han & Ian Waddams

Browns Bay

751 Beach Rd, unit C & D:
Features: 190m² refurbished industrial unit divided into 2 separate workspaces – office 25m², yard 165m², 3 parking spaces
Rent: $34,000/year net + gst
Agents: Chris White & Trevor Duffin

Rosedale

9 Tait Place, unit A2:
Features: 108m² air-conditioned warehouse unit, high stud, automatic roller doors, private meeting room, 2 parking spaces
Rent: $28,000/year net + gst
Agents: Terry Kim & Ian Waddams

Attribution: Agency release.

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4 sales & 2 leases for Shore agents

Bayleys commercial agents on the North Shore have sold 3 Rosedale properties and one in Takapuna, and signed up 2 leases.

North-east

Sales

Rosedale

43 Omega St, unit 1B:
Features: 190m² office unit, 5 parking spaces
Outcome: sold vacant this week for $745,000 + gst
Agents: Alex Strever, Ildy Meixner and Barfoot & Thompson

10 Orbit Drive, unit A:
Features: 1097m² industrial unit occupied by Cellnet Ltd – warehouse 838m², office 258m², canopy 40m², 15 parking spaces
Rent: $160,000/year net + gst
Outcome: sold in August for $3.375 million + gst at a 4.74% yield
Agents: Matt Mimmack & Laurie Burt

13 Piermark Drive, unit D:
Features: 527m² industrial unit – warehouse 410m², office 117m², 9 parking spaces
Outcome: sold for $1.55 million + gst
Agents: Matt Mimmack & James Kidd

Takapuna

1 Shea Terrace:
Features: 1012m² site, 660m² office building, 18 parking spaces, Waitemata District Health Board occupies top floor
Rent: rent from health board $102,620/year net + gst; notional rent $203,840/year net + gst; vendor underwrite option on recently vacated ground floor of $101,220/year net + gst not taken up by buyer
Outcome: sold part-vacant in August for $3.55 million + gst at a 5.74% yield
Agents: Michael Nees, Damian Stephen, Adam Curtis & Adam Watton

Leases

Rosedale

5 Parkhead Place:
Features: 649m² industrial property, 12 parking spaces
Rent: leased in August for $90,000/year net + gst
Agents: Matt Mimmack & Laurie Burt

Wainui

543 Waitoki Rd:
Features: 1000m² industrial yard, container area 450m²
Rent: leased in August for $31,900/year net + gst
Agents: Rosemary Wakeman & Laurie Burt

Attribution: Agency release.

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Variety of sales confirms strong Hibiscus Coast market

3 sales by Bayleys agents have confirmed a strengthening commercial real estate market on the Hibiscus Coast.

A property in a motor trades-dominated Orewa side street, with space to develop, has sold on a 4.4% yield, and a newly developed site occupied by a Z fuel station 200m from the Silverdale motorway onramp has sold on a 5% yield.

In a third strong Hibiscus sale, a vacant unit in the new Silverdale retail & business precinct has sold at over $6000/m².

North-east

Orewa

6 George Lowe Place:
Features: 830m² site zoned town centre, 450m² building, longstanding tenant’s lease expires in 2021
Rent: $66,000/year net + gst
Outcome: sold for $1.5 million at a 4.4% yield
Agent: Mustan Bagasra

Silverdale

5 Hibiscus Coast Highway:
Features: 2466m² site beside park & ride bus station, recently completed 228m² 24-hour Z fuel station comprising retail outlet, canopy & forecourt, 4 pump islands servicing up to 8 lanes; initial 18-year lease to Z Energy Ltd
Rent: $314,000/year net + gst
Outcome: sold for $6,281,067 at a 5% yield
Agents: Bill Lissington & Tony Chaudhary

20 Central Boulevard, unit 10G:
Features: 60m² semi-furnished ground-floor unit, one parking space, in a modern complex in the new Silverdale retail precinct
Outcome: sold with vacant possession for $370,000 at $6166/m²
Agent: Mustan Bagasra

Attribution: Agency release.

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6 Shore leases for Bayleys

Bayleys agents on the North Shore have leased 6 commercial properties in August.

3 of the 6 sales at Bayleys’ Total Property auction on 8 August were also made by Shore agents.

Leases

North-east

Albany

3 Henry Rose Place, unit A:
Features: 246m² industrial unit – warehouse 87m², showroom 67m², office 74m², 6 parking spaces
Rent: leased in August for $40,000/year net + gst
Agents: Trevor Duffin, Ildy Meixner & Alex Strever

Devonport

81 Victoria Rd, first floor:
Features: 70m² office,
Rent: leased in August for $21,000/year net + gst, premises rental $300/m²
Agent: Caroline McNaught

Rosedale

part 4 Cebel Place:
Features: 2158m² industrial space – warehouse 1415m², office 691m², 38 parking spaces
Rent: leased in August for $282,198/year net + gst
Agents: Matt Mimmack & Jarrod Qin

6 Piermark Drive, unit B:
Features: 907m² site, 846m² industrial unit – warehouse 264m², office 522m², other area 60m², 18 parking spaces
Rent: leased in August for $160,000/year net + gst
Agent: Laurie Burt

8 Vega Place, unit C:
Features: 206m² office unit, 8 parking spaces
Rent: leased in August for $36,110/year net + gst, parking $15/space/week, rental excluding parking $29,870/year, premises rental $145/m²
Agents: Ian Waddams (Bayleys) & Harcourts

Silverdale

9B Anvil Rd:
Features: 205m² industrial unit – office & warehouse 184m², mezzanine 21m², 4 parking spaces
Rent: leased in August for $28,500/year net + gst
Agent: Rosemary Wakeman

Earlier story:
8 August 2018: One sells at 5%, another at hefty premium in Total Property auction

Attribution: Agency release.

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Live/work unit sells, 4 commercial units leased

A Rosedale live/work unit has been sold and 4 units – 2 industrial, one each of office & retail – leased in the latest round of transactions by Bayleys North Shore agents.

Sale

North-east

Rosedale

9 Lovell Court, unit G:
Features: 121m² – office downstairs, residential upstairs, 4 parking spaces, tenant Duke Le
Rent: $21,840/year net + gst
Outcome: sold in August for $667,000 + gst at a 3.27% yield
Agents: David Han & Ian Waddams

Leases

North-east

Milford

166 Kitchener Rd, suite D & K:
Features: 52m² office, parking space
Rent: leased at the end of July for $13,785/year net + gst, parking space at $25/week (equals $1300/year), rent excluding parking $12,485/year net + gst, premises rental $240/m²
Agent: Ian Waddams

Silverdale

12 Anvil Rd, unit 1:
Features: 274m² industrial unit – warehouse 224m², office 52m², 4 parking spaces
Rent: leased in August for $40,000/year net + gst
Agent: Rosemary Wakeman

Wairau Valley

7 Colway Place, unit A:
Features: 142m² industrial unit, 3 parking spaces
Rent: leased at the end of July for $23,000/year net + gst, warehouse 117m², office 25m²
Agent: Trevor Duffin

North-west

Kelston

1-3 West Coast Rd:
Features: 2m² retail in Chinese medical clinic
Rent: leased at the end of July for $5200/year net + gst, premises rental $2600/m²
Agents: Dev Choudhury & Meng He

Attribution: Agency release.

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Corrected: Third unit leased in new Silverdale industrial development

Published 22 July 2018, corrected 23 July 2018
The third unit has been leased in a 10-unit office, showroom & warehouse development in the Silverdale industrial area on the Hibiscus Coast (pictured).

The 9000m² first stage of the new development by Collabor8 Property Ltd (Euan Armstrong, Wayne Boocock & Gavin Brannigan), on a 17,920m² site on Foundry Rd, is expected to be completed in October.

The units are in a range of 450-700m², with stud heights of at least 10m.

That lease, by Bayleys agent Rosemary Wakeman, is among 2 sales & 5 leases completed by the agency’s North Shore branch this month.

Correction: Some details on the first sale below, the premises on Victoria Rd, Devonport, have been corrected.

North-east

Sales

Devonport

Corrected: 81 Victoria Rd:
Features: 149m² site, 390m² mixed use premises – shop occupied by Nature Spirit Ltd, vacant office, upstairs flat
Rent: $68,872/year net + gst current, less irrecoverable opex from the flat; potential for further $25,000/year net from the office
Outcome: sold for $1.55 million + gst at site price of $10,403/m²; I’ve removed yield calculation because it didn’t reflect the (still unquantified) opex and did include the potential
Agents: Adam Watton & Adam Curtis

Wairau Valley

170 Wairau Rd, unit 10:
Features: 59m² office unit, tenant Motor Trade Finance Ltd
Rent: $39,000/year net + gst
Outcome: sold in July for $730,000 + gst at $12,373/m², 5.34% yield
Agents: Adam Watton & Adam Curtis

Leases

Silverdale

30 Foundry Rd, unit 2:
Features: 511m² industrial unit – warehouse 291m², showroom 106m², office 114m², canopy 31m², 8 parking spaces; developed by Collabor8 Property Group Ltd (Euan Armstrong, Wayne Boocock & Gavin Brannigan)
Rent: leased in July for $99,250/year net + gst, premises rental $194/m² (parking not separately charged)
Agent: Rosemary Wakeman

Takapuna

16 Como St, level 1:
Features: 80m² office or retail space, 2 parking spaces
Rent: leased in July for $28,000/year net + gst, premises rental $350/m² (parking not separately charged)
Agents: Dev Choudhury

33 Hurstmere Rd, shop 1:
Features: 21.7m² shop
Rent: leased in July for $26,000/year net + gst, premises rental $1198/m²
Agent: Ildy Meixner

360-362 Lake Rd:
Features: 189m² shop
Rent: leased in July for $85,000/year net + gst, premises rental $450/m² + gst
Agent: Dean Gilbert-Smith

Wairau Valley

3 Kaimahi Rd, unit A:
Features: 331m² industrial unit – warehouse 195.7m², office 135.1m², 6 parking spaces
Rent: leased in July for $48,000/year net + gst, premises rental $145/m² (parking not separately charged)
Agent: Trevor Duffin

Attribution: Agency release.

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