Archive | North

Council opts for slower course of accepting rather than adopting Warkworth North plan change

Auckland Council’s planning committee opted on Tuesday for the slower course of accepting a plan change for a potential 1200 houses at Warkworth rather than adopting it. Under the second option, the council would have picked up the plan change and guided it through its regulatory processes.

The difference is a matter of timing. In this case, the slower process means the developer, Turnstone Capital LP (Mark Francis, chief executive of NZX-listed Augusta Capital Ltd), may miss the next earthworks season, pushing housing availability back a year.

The committee also went into a long round of debate on issues not really relevant to this decision, which I may return to later.

Image above: Warkworth’s future urban zone is in yellow, the Warkworth North structure plan area is outlined or coloured in purple, and the Turnstone plan change area is hached.

The cause of council planners’ concern, reflected in the committee debate, was that the council has its own Warkworth North structure plan also going through the hoops, and the planners want that in place first, rather than find differences requiring a variation. The difference in timing is only a matter of months, but in terms of conditions for starting construction could end up being a year.

Council plans & places general manager John Duguid said structure planning was nearing a conclusion for 4 areas around Warkworth, including the north: “We are close to a timeframe for consultation in the next couple of weeks, back to the committee as a final structure plan in May or June for the whole of Warkworth.

“To release all of that land at the same time would be at a significant cost. The decision was made to release the land in the north first, east & south later, in the second & third decades.”

The entire Warkworth future urban area covers about 1000ha, mostly in rural uses, which will be rezoned to residential & business zones.

The estimate is that Turnstone’s 99ha up for rezoning (out of a total 125ha site) could take 1000-1200 new dwellings, 13ha of light industry & a new 3000m² neighbourhood centre.

It’s just over 2 years since the Auckland unitary plan was made partly operative. Since that event in October 2016, the council has been progressively making more of it operative, as appeals are resolved. The unitary plan covers the whole region, covering the area which until 2010 contained 4 cities & 3 districts, each with its own district plan. In addition, the regional council had a regional policy statement, which is also now incorporated in the unitary plan.

Now that most of the unitary plan is in place, developers can be more certain about what’s allowed, and Mr Duguid said a stream of private plan changes enabling development was expected.

Links:
Planning committee agenda, 5 February
9, Auckland unitary plan (operative in part) – Privateplan change request from Turnstone Capital LP – Warkworth North
Recommendation    
Attachment A – Request part 1 S32 report & appendix 1 planning maps & precinct provisions (78 pages)
Attachment B – Request part 2 appendices 2 – 22 (1239 pages)
FULSS – Future urban area sequencing Warkworth

Attribution: Council committee meeting & agenda.

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Whangarei shopping centre & office building sold

The Otaika Shopping Centre in Whangarei (pictured) has been sold in Bayleys’ Total Property auction series, and a Bank St building in the centre of the city has also been sold.

North

Whangarei

38 Bank St:
Features: 144m² central cbd site, 382m² commercial building comprising ground-floor retail space & first-floor offices & storage, full glass frontage to a busy intersection
Outcome: sold with vacant possession for $1.15 million + gst
Agents: Jan Hutcheson & Neil Campbell

Raumanga

Otaika Shopping Centre:
Features: 2799m2 site on State Highway 1 at southern entrance to Whangarei, 1270m2 fully leased convenience retail complex built in the 1960s and expanded in the 1970s with 60 parking spaces; 8 tenancies with 5 10-year leases running until 2027-2028
Rent: $260,534/year net + gst
Outcome: sold at auction for $3.81 million + gst at a 6.84% yield
Agents: John Haselden & Neil Campbell

Attribution: Company release.

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Edge-of-town block & 3 suburban units among auction sales

A block of land on the edge of Wellsford (pictured) was among properties sold at Bayleys auctions around the Auckland region last week.

The list of 8 properties below includes another 5 sales – a vacant shop in Avondale, 3 suburban units & a new house at Hobsonville Point.

Land & commercial

Isthmus west

Avondale

2020 Great North Rd:
Features: 83m² site, 77m² takeaway shop
Outcome: passed in, sold post-auction with vacant possession for $470,000
Agents: Shane Snijder & James Were

North-east

Wellsford

Monowai St:
Features: 14.5ha grazing property in 3 titles – 8500m² residential, 5500m² future urban (in the 2023-27 period), 13ha of countryside living, inside the town boundary & facing north, connected to town water supply
Outcome: sold for $1.13 million
Agent: John Barnett

Residential

Isthmus east

Ellerslie

4 Ramsgate St, unit 5:
Features: refurbished 2-bedroom unit, internal-access garage
Outcome: sold for $845,000
Agents: John Procter & Alan Elliott

One Tree Hill

72 Paihia Rd, unit 4:
Features: 2-bedroom unit, carport
Outcome: sold prior for $683,000
Agents: Masoud Solati & David Storer

Isthmus west

Mt Eden

433 Dominion Rd, unit 505:
Features: one-bedroom top-floor apartment, secure basement parking space
Outcome: withdrawn from auction
Agents: Trent & Julie Quinton & Jon Fisher

Pt Chevalier

26 Carrington Rd, unit 5:
Features: cross-lease, 2 bedrooms, carport
Outcome: passed in, back on market at $750,000
Agent: Gay Kelly

North-west

Hobsonville Point

6 Hastings St:
Features: corner 4-bedroom house in the Sunderland precinct, 2 living rooms, 2 bathrooms, double internal-access garage
Outcome: sold for $1.58 million
Agent: Joan Barton

South

Howick

46 Moore St, unit 3:
Features: 90m², 2-bedroom unit, garage
Outcome: sold for $615,000
Agent: Hamish McKay

Attribution: Agency release.

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Northland Warehouse sells at 8% yield

A Warehouse store in the Bay of Islands has been sold through Bayleys at an 8% yield.

Northland

Kerikeri – Waipapa

8 Klinac Lane:
Features: 1.4016ha site in retail precinct off State Highway 10, 4496m² building purpose-built for The Warehouse in 2004, includes a garden centre & administrative offices; ample customer parking with a portion of the landholding undeveloped; 6-year lease from August 2017, 2 3-year rights of renewal
Rent: $405,991/year net + gst
Outcome: sold for $5,070,489 at an 8% yield
Agents: Peter Gorton, Steven McNally & Mike Houlker

Attribution: Agency release.

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Updated: 4 sell at 7-property Bayleys commercial auction, 2 more since

Published 28 June 2018, updated 5 July 2018:
4 of the 7 properties left in Bayleys’ Total Property 4 auction on 27 June were sold under the hammer. 2 were passed in on vendor bids and the other attracted no bid.

Update: The industrial building at 9 Tawa Drive, Albany, occupied by Xylem Water Solutions, was pulled from the 27 June auction at the last minute but went to auction on 4 July and was sold after strong bidding.

The property at 5 Oates Rd, Glen Eden, passed in after 2 vendor bids at the 27 June auction, has since been sold.

Top price at the original auction was for a site with maximum visibility in Penrose, on the corner of Walls & Station Rds, and just off Great South Rd (arrowed in photo).

The auction of a Rosedale property, on Arrenway Drive, was postponed.

Isthmus east

Onehunga

2A & 2B Rawhiti Rd:
Features: dairy on unit title at corner of Oranga Avenue
Rent: $17,565/year net + gst
Outcome: sold for $550,000 at 3.2% yield
Agents: Greg Hall & Sunil Bhana

Penrose

2 Walls Rd (arrowed in photo):
Features: 2072m² corner site fronting Walls & Station Rds and adjoining Great South Rd, Allied Work Force Ltd as tenant
Rent: $154,385/year net, 8-year lease term from August 2016, rights of renewal, CPI & market reviews
Outcome: sold for $3.41 million at a 4.53% yield on current rent (review in August)
Agents: Mike Adams & Jean-Paul Smit

North

Kaitaia

27 Matthews Avenue:
Features: vacant 3726m² site in town centre, 1050m² floor area, showroom, warehouse, canopy & office, large secure yard, 27 parking spaces, double street entry
Outcome: no bid
Agents: Steven McNally & Vinni Bhula

North-east

Albany

Updated: 9 Tawa Drive:
Features: 2457m² corner site, 1458m² industrial building – 950m² of medium stud warehousing, 77.5m² parts store, the balance comprising 2 storeys of air-conditioned offices & amenities at the main entrance; tenant Xylem Water Solutions NZ Ltd, in occupation since the building was constructed in 1994, has renewed for 4 years from April with one 4-year right of renewal
Rent: $245,000/year + gst + outgoings
Outcome: pulled from 27 June auction, sold at 4 July auction for $5.38 million at a 4.55% yield
Agents: Matt Mimmack & Laurie Burt

Beachhaven

366 Rangatira Rd:
Features: 202m² corner site occupied by café, 225m² floor area
Rent: potential rent assessed at $76,000/year + gst + opex
Outcome: passed in on sole bid from vendor of $1.3 million
Agents: Paul Dixon, Michael Nees & Ranjan Unka

Rosedale

63 Arrenway Drive, unit 8:
Features: 170m² end unit in new office & warehouse development, 2 exclusive parking spaces
Rent: $30,000/year + gst + outgoings, new 3-year lease from March
Outcome: auction postponed
Agents: Jane McKee & Laurie Burt

North-west

Glen Eden

Updated: 5 Oates Rd, unit 6:
Features: 175m² floor area
Rent: $70,000/year + gst + outgoings from TAB, lease renewed for 6 years from October, 2 3-year rights of renewal
Outcome: passed in after 2 vendor bids at $1.2 million & $1.25 million; sold post-auction for $1.36 million at a 5.15% yield
Agents: Tony Chaudhary, Janak Darji & Katie Wu

New Lynn

3045 Great North Rd, unit 2:
Features: 412m² building – 322m² retail space, balance storage, seismic rating 92%, opposite LynnMall & New Lynn Transport Centre
Rent: $151,178/year net + gst + outgoings, 8-year lease to Beds ‘r Us from June 3%/year rental growth
Outcome: sold for $2.8 million at a 5.4% yield
Agents: Damien Bullick & Mike Adams

South

Burswood

239A Burswood Drive:
Features: 277.5m² floor area, restaurant in Burswood precinct of East Tamaki
Rent: $60,000/year net + gst + outgoings, 6-year lease from March 2017, one 6-year right of renewal left
Outcome: sold for $1.41 million at a 4.26% yield
Agents: Katie Wu, John Bolton & Roy Rudolph

Attribution: Auction.

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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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Bermac signs 10 leases in 2018

Bermac Property Ltd has completed 10 leases from Whangarei to Blenheim this year, 6 of them around Auckland.

Warren Berman & Zane McAlpine left senior roles at CBRE in Auckland in 2016 to set up Bermac as a property consultancy & advisory business. They say independence is its key point of difference – it isn’t aligned to any single real estate agency, commercial valuer or other property services provider. (More details about the directors below).

CBD

High St

35 High St, part level 5:
Features: 57m² office premises leased to Recruitment Studio Ltd
Term: 3 years
Rent: undisclosed; leased on a gross rent basis with fixed annual increases
Agent: Zane McAlpine

Victoria St

62 Victoria St West, part level 3:
Features: 206.3m² office, modern fitout
Term: 2-year lease
Rent: undisclosed
Agent: Warren Berman

62 Victoria St West, part level 3:
Features: 132.7m² office, modern fitout
Term: undisclosed
Rent: $350/m² net
Agent: Warren Berman

Isthmus east

Mt Wellington

79 Carbine Rd:
Features: 1265m² of semi-improved land, 33 parking spaces
Term: 5 years 4 months
Rent: undisclosed
Agent: Warren Berman & Zane McAlpine

87 Carbine Rd:
Features: 937m² of warehouse, office & amenities, 24 parking spaces
Term: 6 years
Rent: undisclosed
Agent: Warren Berman & Zane McAlpine

89 Carbine Rd:
Features: level 1 office totalling 981m² of office & amenities, 22 parking spaces
Term: 6 years
Rent: undisclosed
Agent: Warren Berman & Zane McAlpine

North

Whangarei

41A Herekino St:
Features: 102m² industrial unit with amenities
Term: 3 years with rights of renewal
Rent: undisclosed
Agent: Zane McAlpine

North-east

Browns Bay

64 Clyde Rd:
Features: 202m² retail premises leased to the F45 Gym franchise
Term: 4 years
Rent: undisclosed; leased on a net rent basis with fixed annual increases
Agent: Warren Berman

South Island

Marlborough

Blenheim

8 Opawa St:
Features: 100m² industrial unit with amenities & parking
Term: 3 years with rights of renewal
Rent: undisclosed
Agent: Zane McAlpine

South of the Bombays

Bay of Plenty

Rotorua – Whakarewarewa

23-25 Scott St, unit 1:
Features: 230m² industrial unit with office, amenities & parking
Term: 2 years with rights of renewal
Rent: undisclosed
Agent: Zane McAlpine

About Berman’s directors:

Mr Berman has 25 years’ experience in real estate in South Africa & New Zealand. He ran his own property consultancy business from 2003-07 with his main client Shortland Management Ltd, which outsourced the management of its portfolio to him. He headed CBRE’s Auckland asset services business for 5 years and also worked for JLL & the Franklin Co Ltd in New Zealand.

Mr McAlpine began his property career in 2001 at Kea Property Group Ltd, where he learned the fundamentals of property, facilities & financial management from the ground up during 7 years of service. He also worked at CBRE for 7 years – in 2 spells – and was national director responsible for asset services there from 2012-16. And he was also responsible Oyster Property Group Ltd’s commercial property management portfolio for 2 years.

Link: Bermac Property

Attribution: Company release.

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Mission Bay terrace sells

A Mission Bay terrace sold on Wednesday at a Bayleys auction brought forward.

Isthmus east

Mission Bay

42 Patteson Avenue, unit 3:
Features: 2-bedroom terrace, parking space
Outcome: sold for $925,000 at auction brought forward
Agents: David Nightingale & Tina Chang

North

Omaha

189 Mangatawhiri Rd, unit 24:
Features: 3-bedroom Richard Priest-designed townhouse, 2 bathrooms, parking space
Outcome: withdrawn from auction
Agents: Victoria & Richard Turner

Attribution: Agency release.

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Service stations & storage units sell, developer acquires Hamilton site, new motel leased

Colliers agents have sold 2 Caltex service stations to investors, a workshop & storage units at Mt Maunganui have been sold and a local developer has acquired a car showroom in Hamilton.

In Cambridge, the motel in the new Lakewood Cambridge Shopping Centre has been leased.

Sales

North

Whangarei

303-311 Western Hills Drive:
Features: 3093m² site, 210m² Caltex service station, Caltex has a 20-year lease term from November 2013, fixed 2-yearly 4% rental increases & a triple net lease structure
Rent: $186,900/year net + gst
Outcome: sold to a private investor for $3.46 million + gst at a 5.4% yield
Agents: Shoneet Chand, Matt Prentice & Sean Honeycombe

North-east

Dairy Flat

1433 Dairy Flat Highway:
Features: 3690m² site on the corner of Kahikatea Rd, 295m² Caltex service station; Caltex has a 20-year lease term from November 2013, fixed 2-yearly 4% rental increases & a triple net lease structure
Rent: $163,538/year net + gst
Outcome: sold to an investor for $3 million + gst at a 5.45% yield
Agents: Shoneet Chand, Matt Prentice & Sean Honeycombe

South of the Bombays

Bay of Plenty

Mt Maunganui

8 Cherokee Place:
Features: 1545m² site, 850m² workshop & storage unit complex of 21 units
Rent: $116,993/year net + gst + outgoings
Outcome: sold for $2.325 million at a 5% yield
Agents: Rachel Emerson & Rob Schoeser

Waikato

Hamilton

94 Tristram St:
Features: 1966m² site, 1270m² car showroom & dealership premises
Outcome: sold to Foster Develop Ltd (Michael Crawford, Leonard Gardner & Ross Pacey) for $2.5 million
Agents: Alan Pracy & Justin Oliver

Lease

South of the Bombays

Waikato

Cambridge

Lakewood Cambridge Shopping Centre:
Features: 36-unit motel in block D in the new development, leased to Haven Hospitality Ltd (Glenda & Yvonne Hamilton & Christopher Turner) for a 35-year term
Rent: $440,000/year + gst + outgoings
Agents: Alan Pracy & Leon Johnson

Earlier story:
9 March 2016: Lakewood Cambridge construction set to start this year

Attribution: Agency release.

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8 commercial properties sell for total $11 million

8 commercial properties were sold for just under $11 million at Bayleys’ first Auckland Total Property auction of the year on Wednesday and a second auction session that day.

Another 3 properties were sold prior and 3 were withdrawn.

CBD

Victoria Quarter

137 Hobson St:
Features: 50m² ground-floor retail space under Imperial Gardens Apartments, 3 parking spaces
Rent: $76,630/year net + gst
Outcome: no bid
Agents: Nicolas Ching & James Chan

Hauraki Gulf islands – Waiheke

Ostend

23 Belgium St:
Features: 1619m² site zoned commercial 2 (Ostend village), block of 4 shops, 20 parking spaces
Rent: $94,000/year net + gst + opex from 4 leases
Outcome: sold for $1.86 million at Wednesday afternoon auction session (not in Total Property list)
Agents: Clive Lonergan & Lisa Hopewell

North

Kaitaia

32 Dominion Rd:
Features: 1190m² site, 230m² floor area, childcare centre on 2 5-year lease terms from October 2017
Rent: $48,000/year net + gst
Outcome: sold for $680,000
Agents: Shane Snijder & Steve McNally

North-east

Albany

Orchard Park, 21 Corinthian Drive, unit 7A:
Features: 87m² retail
Rent: $53,672/year net + gst + opex
Outcome: pre-auction offer of $1,073,440 was acceptable, but sold for $1.2 million
Agents: Eddie Zhong & Steven Liu

Orchard Park, 21 Corinthian Drive, unit 7B:
Features: 76m² shop
Rent: $45,000/year net + gst
Outcome: sold for $910,000
Agents: Eddie Zhong & Steven Liu

Rosedale

39 Apollo Drive, unit J:
Features: 130m² ground=floor office, 4 parking spaces
Rent: $36,677/year net + gst + outgoings
Outcome: sold prior, price confidential
Agents: Jane McKee & Tonia Robertson

Rothesay Bay

2-8 Montgomery Avenue:
Features: 316m² corner site, 190m² floor area, 2 tenancies, mixed-use residential development potential
Rent: $70,622/year net + gst + outgoings
Outcome: sole bid from vendor at $1.1 million, passed in
Agents: Brian Caldwell

Takapuna

452-456 Lake Rd:
Features: 369m² site, 187.4m² floor area, 8 parking spaces, anchor tenants Heartland Bank & Basu restaurant
Rent: $134,180/year net + gst + outgoings
Outcome: sole bid from vendor at $3.5 million, passed in
Agents: Tonia Robertson & Ranjan Unka

8-12 The Promenade:
Features: 817m² site, 1672.5m² retail & office building
Rent: $414,091/year net + gst
Outcome: sole bid from vendor at $6.5 million, passed in
Agents: Brian Caldwell

Wairau Valley

17 Ashfield Rd:
Features: 1017m² site, 692m² building, 5 industrial units on one title
Rent: $75,600/year net + gst
Outcome: passed in at $1.535 million
Agent: Trevor Duffin

25 Ashfield Rd, unit 7:
Features: 139m² industrial unit, 2 office levels, 2 parking spaces
Outcome: sold in February at pre-auction offer of $370,000
Agent: Trevor Duffin

North-west

New Lynn

11 Binstead Rd:
Features: 857m² site, 556m² building
Outcome: passed in at $1.675 million
Agents: Mike Adams & Phil Haydock

South

Beachlands

191 Jack Lachlan Drive:
Features: 9356m² development site zoned residential mixed housing suburban
Outcome: no bid
Agent: Dave Stanley

Mangere

22-28 Rosella Rd:
Features: 3277m² site, 793m² building
Outcome: sold for $2.013 million
Agents: Ben Bayley & Karl Price

54 Tidal Rd:
Features: 7315m² site, 3600m² building area, 5 tenants
Rent: $356,142/year net + gst
Outcome: no bid
Agents: Nick Bayley & Alex McNeil

Manukau Central

132 Cavendish Drive, unit A:
Features: 480m², leased to VTNZ until 2024, with renewals to 2030; units A, B & C have 32 parking spaces between them
Rent: $125,107.50/year net + gst
Outcome: sold for $2 million
Agents: Stuart Bode, Mike Bradshaw & Tony Chaudhary

132 Cavendish Drive, unit B:
Features: 340m², leased to Cooper Tyres until 2020, right of renewal to 2023
Rent:
Outcome: sold for $1.215 million
Agents: Stuart Bode, Mike Bradshaw & Tony Chaudhary

132 Cavendish Drive, unit C:
Features: 392m², leased to VTNZ until 2024, with renewals to 2030
Rent: $61,400/year net + gst
Outcome: sold for $1.101 million
Agents: Stuart Bode, Mike Bradshaw & Tony Chaudhary

132 Cavendish Drive, unit H:
Features: 282m² industrial unit
Rent: $46,500/year net + gst
Outcome: sold for $1.1 million
Agents: Stuart Bode, Mike Bradshaw & Tony Chaudhary

Papakura

5 Vernon St:
Features: 1012m² section zoned light industry, consent for 3 industrial units
Outcome: sole bid from vendor at $700,000, passed in
Agents: Dave Stanley & Piyush Kumar

Waiuku

30 Bowen St:
Features: 6660m² site in 6 titles, total floor area 765m² in various buildings, zoning allows up to 4 storeys
Rent: $96,720/year including gst
Outcome: auction postponed to 13 March
Agents: Virginia Zhou & Shane Snijder

Attribution: Auctions.

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