Archive | North

Updated – post-auction sale: Long auction takes K Rd corner property’s value to 4.1% yield

Published 17 May 2018, updated 24 May 2018:
Update: 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Outcome: withdrawn from auction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

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
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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Long list of commercial sales & leases for Shore agents

Barfoot & Thompson Commercial agents on the North Shore have tallied up a long list of sales & leases over the summer – 6 sales & 22 leases, including involvement in some outside the north-east Auckland area.

Sales

North-east

Albany

236A Bush Rd:
Features: 387m² tenanted industrial building – 156m² warehouse, 137m² office, 96m² showroom
Outcome: sold for $1.25 million
Agents: Simon Farland, Chase Erceg & Lily Han

254 Cornerstone Drive, unit PU6:
Features: tenanted 64m² retail, 3 parking spaces
Rent: $42,000/year net + gst
Outcome: sold for $781,800
Agent: Brian Paulin

Rosedale

7 Triton Drive, unit D:
Features: 167m² tenanted retail space
Outcome: sold for $1.015 million
Agent: Nick Brown

44 William Pickering Drive, unit 8:
Features: 159m² vacant live & work
Outcome: sold for $720,000
Agent: David Cannon

North-west

Hobsonville

8 Workspace Drive:
Features: 2482m² land
Outcome: sold for $1.325 million
Agents: Paul Vermaak & Brian Paulin

North

Marsden Point

Marsden Point Rd:
Features: 59,423m² land
Outcome: sold for $500,000
Agent: David Goodhue

Leases

North-east

Albany

238F Bush Rd:
Features: 105m² office, 4 parking spaces
Rent: not given
Agents: North Shore Commercial

18 Oteha Valley Extension:
Features: 155m² work & live, 2 parking spaces
Rent: not given
Agents: Elaine Tutty & David Cannon

270 Oteha Valley Rd, unit 7:
Features: 90m² retail
Rent: leased for $51,375/year net + gst
Agent: Lily Han

Birkenhead

88 Hinemoa St:
Features: 136m² retail, one parking space
Rent: leased for $26,500/year net + gst
Agent: Gary Seekup

Browns Bay

21-27 Clyde Rd:
Features: 103m² retail, 3 parking spaces
Rent: leased for $48,837/year net + gst
Agent: Bruce Jiao

Rosedale

4 Antares Place, unit D:
Features: 121m² ground-floor office, 3 parking spaces
Rent: leased for $32,160/year net + gst
Agent: Brian Paulin

4 Antares Place, unit F:
Features: 105m² retail, 3 parking spaces
Rent: leased for $27,000/year net + gst
Agents: Brian Paulin & Max Andrews

59 Apollo Drive:
Features: 184m² office, 5 parking spaces
Rent: leased for $54,340/year net + gst
Agent: Brian Paulin

87 Apollo Drive:
Features: 108m² retail, 5 parking spaces
Rent: leased for $65,000/year net + gst
Agent: Brian Paulin

63 Arrenway Drive, unit 13:
Features: 120m² business unit – office 80m², warehouse 40m², 2 parking spaces
Rent: leased for $25,000/year net + gst
Agent: Lily Han

10 Canaveral Drive, unit 5D:
Features: 92m² office, 4 parking spaces
Rent: leased for $24,000/year net + gst
Agent: Max Andrews

43 Omega St, unit GE:
Features: 246m² office, 7 parking spaces
Rent: leased for $66,320/year net + gst
Agents: Barfoot & Thompson North Shore Commercial

19B William Pickering Drive:
Features: 403m² industrial building – 196m² warehouse, 207m² office, 8 parking spaces
Rent: leased for $65,000/year net + gst
Agent: David Cannon

Silverdale

177 Millwater Parkway, shop 8:
Features: 86.38m² retail
Rent: leased for $33,552/year net + gst
Agent: Lily Han

Takapuna

9 Anzac St:
Features: 174m² office
Rent: leased for $38,180
Agent: Max Andrews

16 Byron Avenue:
Features: 120m² office, 4 parking spaces
Rent: leased for $35,000/year net + gst
Agent: Nick Brown

56-60 Hurstmere Rd, shop 4:
Features: 53.23m² retail
Rent: leased for $31,920/year net + gst
Agent: Max Andrews

507 Lake Rd:
Features: 106m² office
Rent: leased for $33,000/year net + gst
Agent: Brian Paulin

Wairau Valley

59 Hillside Rd:
Features: 1440m² industrial building plus yard
Rent: leased for $160,000/year net + gst
Agent: Gary Seekup

11 Silverfield, unit 10:
Features: 160m² industrial building, 3 parking spaces
Rent: leased for $23,000/year net + gst
Agent: David Cannon

North-west

Kumeu

156C Main Rd:
Features: 449m² industrial building – 382m² warehouse, 67m² office, 10 parking spaces
Rent: leased for $55,000/year net + gst
Agents: David Herron & Chase Erceg

South

Wiri

20 Hobill Avenue:
Features: 500m² industrial building
Rent: leased for $120,000/year net + gst
Agents: Paul Vermaak & James Marshall

Attribution: Agency release.

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$40 million of commercial & industrial sales

Colliers agents have notched up over $40 million of commercial & industrial sales from Paihia to Paraparaumu in 5 transactions.

The biggest was the sale-&-leaseback deal by Steel & Tube Holdings Ltd of its East Tamaki distribution centre in November, scheduled for completion next week.

One of the 5, a Paihia retail property with 14 tenants, was sold for an undisclosed sum.

North

Paihia

68 Marsden Rd & 9 Williams Rd:
Features: 1139m², 4 buildings on 2 titles separated by Paihia Lane, 14 retail tenancies, average weighted lease term 7.35 years
Rent: $701,000/year net + gst
Outcome: sold, price not disclosed
Agents: Colliers capital markets & site sales team

North-west

Henderson

136-140 Lincoln Rd:
Features: 2709m² development site, the former Lincoln vineyard homestead, mixed-use zoning allows for a range of commercial & intensive residential development
Outcome: sold to an owner-occupier for $4,063,500
Agents: Euan Stratton, Josh Coburn & Craig Smith

South

East Tamaki

103A&B Harris Rd:
Features: total 931m², warehouse & office, high stud clearspan warehousing at rear of both units
Rent: $133,856/year net + gst     
Outcome: sold for $2.34 million + gst at a 5.7% yield
Agents: Jolyon Thomson & Jeremy Barnett

68-80 Stonedon Drive:
Features: 3.64ha site, 18,126m² Steel & Tube Holdings Ltd distribution centre,
Rent: $2,036,087/year net + gst  
Outcome: sold for $32,577,392 at a 6.25% yield in 10-year sale & leaseback (6 years certain), transaction scheduled for completion 20 December
Agents: Greg Goldfinch & Andrew Hooper
Earlier story, 20 November 2017:
East Tamaki property sold as Steel & Tube rings in changes

South of the Bombays

Wellington region

Paraparaumu Beach

345-347 Kapiti Rd:
Features: 1844m² site, 880m² office & retail
Outcome: sold for $2.013 million at a 7.47% yield
Agent: Dean Anderson

Attribution: Agency release.

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One commercial sale from 4 auctioned

One of the 4 commercial properties auctioned at Barfoot & Thompson yesterday was sold under the hammer.

Isthmus east

Onehunga

123 Onehunga Mall:
Features: 126m² site, 118m² building, dual access, parking space
Rent: $24,700/year net + gst
Outcome: sold for $566,000
Agents: Nick Wilson & James Marshall

Parnell

363 Parnell Rd:
Features: 332m² site, 2-storey character building, ground-floor restaurant on 4-year lease from May 2016, 2 4-year rights of renewal, and 2-bedroom flat upstairs leased for one year from March 2017, 153m² building site at rear
Rent: $52,600/year net + gst from restaurant, $575/week from flat
Outcome: no bid
Agent: Marie-Anne Molloy

North

Paihia

33 North Rd:
Features: 8514m² site, building area about 4000m², vacant 75-room hotel with conference area, licensed restaurant, 4-bedroom manager’s quarters; resource consent issued for conversion to aged-care facility, 66 delineated parks & 3 bus parks   
Outcome: no bid
Agent: Marie-Anne Molloy

North-east

Silverdale

23 Wainui Rd, unit 2C:
Features: 323m² purpose-built food manufacturing & retail outlet         
Outcome: passed in at $1.3 million
Agents: Bruce Jiao & David Goodhue

Attribution: Auction.

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Ratepayers get small court victory in scrap over Mangawhai sewer scheme levies

High Court judge Ailsa Duffy has brought to an end an episode in the scrap over the secretively funded & heavily over cost Mangawhai Ecocare sewerage scheme.

The Mangawhai Ratepayers’ & Residents’ Association & its chair, Bruce Rogan, fought the imposition of rates to pay for the sewerage system after its cost blowout was exposed – the district council secretly borrowed $58 million for its capital cost – resulting in a Validation Act being passed as the association was heading to court for a judicial review.

In 2014, Justice Paul Heath found the Validation Act passed to make those rates lawful did just that – made them lawful.

Some ratepayers, led by Mr Rogan, refused to pay Kaipara District Council rates, and refused to pay Northland Regional Council rates when they discovered the regional council had no authority to hire the district council to collect them.

Justice Duffy found in an interim judgment that these regional council rates were unlawful. In a second judgment on that case yesterday, she quashed the regional council’s rates for the rating years 2011-12 to 2015-16 and also set aside the penalties imposed for non-payment.

However, she said the ratepayers’ association & Mr Rogan hadn’t sought reimbursement in their claim and she made no order directing the regional council to refund the relevant rates & penalties.

Attribution: Judgment.

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Updated: Wairau Valley car yard sells at over $2000/m² at Bayleys auction

Published 18 May 2017, updated 21 & 28 May 2017:
11 of the 21 commercial properties auctioned by Bayleys on Wednesday in its third Total Property portfolio for the year were sold under the hammer. 2 more have been sold post-auction – first, 100 Hinemoa St, Birkenhead, followed by 44 College Hill.

The first were sold, followed by a lull, but 2 of the most expensive offerings were well down the auction list.

One was a Wairau Valley car sales yard, set among a line of lowrise buildings jammed between the Northern Motorway & Wairau Rd on the North Shore, a stretch where the height limit is now 20m under the unitary plan.

The car yard was sold at $2365/m², which means it’s destined for multi-level development.

2 properties were sold for $4 million, both in Henderson. The first was a bank branch on Great North Rd, sold on a 5.5% yield, and the second, a Supercheap Auto outlet in the Lincoln North shopping centre, sold on a 5.3% yield.

CBD

Victoria Quarter

166 Hobson St:
Outcome: sold prior
Agents: Sarah Boles & Terry Kim
Story, 11 May 2017: 12 years after demolition order scrapped, Hobson St building sells

Isthmus east

Panmure

63 Queens Rd:
Features: 97m² retail unit on 2 levels occupied by Willow Hair Design, parking space
Rent: $24,000/year net + gst on new 3-year lease with 2 2-year renewals
Outcome: passed in
Agents: Ken Hu

Parnell

385 Parnell Rd, unit E:
Features: 54m², retail fully leased on month-to-month basis, 2 secure parking spaces
Rent: $32,760/year net + gst
Outcome: sold for $505,000
Agents: Andrew Wallace & Cameron Melhuish

Remuera

563 Remuera Rd:
Features: 144m² cafe, Upland Rd shopping village
Rent: $76,104/year net + gst
Outcome: sold for $1.6 million
Agents: Cameron Melhuish & Andrew Wallace

Isthmus west

Freemans Bay

42 College Hill:
Features: 511m² section, house with 124m² floor area, onsite parking
Rent: $44,500/year net + gst
Outcome: passed in at $1.5 million
Agents: James Were & Scott Kirk

Updated: 44 College Hill:
Features: 389m² section, house, onsite parking
Rent: $44,000/year net + gst
Outcome: passed in, sold post-auction for $1.5 million
Agents: James Were & Scott Kirk

Mt Roskill

74 Carr Rd:
Features: 835m² site, 697m² single-level building
Outcome: withdrawn from auction, changed to sale by deadline private treaty
Agents: Tony Chaudhary & Sunil Bhana

North

Kaikohe

39 Station Rd:
Features: 7199m² commercial property in 2 titles
Outcome: withdrawn from auction
Agents: John Greenwood & Paul Dixon

Warkworth

The Grange, 67 Auckland Rd, unit 11:
Features: 59m², Fish Nets fish & chips shop on 10-year lease in new retail development
Rent: $30,975/year net + gst
Outcome: passed in at $480,000
Agents: Matt Lee, Jan Hutcheson & James Chan

North-east

Albany

75 Corinthian Drive, unit L1:
Features: 197m² first-floor office, new 6-year lease in place with renewal rights, 5 parking spaces
Rent: $58,800/year net + gst + outgoings
Outcome: sold for $1.095 million
Agents: Jane Sims & Tonia Robertson

Birkenhead

Updated: 100 Hinemoa St:
Features: 757m² corner site, 421m² 2-storey building
Rent: $103,907/year net + gst from 6 tenancies
Outcome: passed in at $2.7 million, sold post-auction for $2.7 million
Agents: Simon Aldridge & David Huang

27-33 Mokoia Rd, units 4, 5 & 7:
Features: 59m² total, 3 strata units next to Highbury mall, tenants are a dry cleaner & kebab shop, third unit vacant
Agents for all 3: Michael Nees, Owen Ding & Oscar Kuang
Unit 4, vacant:
Outcome: passed in at $300,000
Unit 5, kebab shop:
Rent: $24,000/year net + gst, lease running to 2030
Outcome: passed in at $470,000
Unit 7, dry cleaners:
Rent: $18,942/year net + gst, lease 6 years from last October
Outcome: passed in at $300,000

225 Onewa Rd:
Features: cross-lease, 1/3 share in 913m², vacant ex-surgery, 5 parking spaces
Outcome: sold for $650,000
Agents: Michael Nees, Owen Ding & Oscar Kuang

Rosedale

7 Vega Place, unit E:
Features: 272m² industrial unit,
Rent: $52,000/year net + gst from established tenants on new leases
Outcome: sold for $980,000
Agents: James Kidd & Matt Mimmack

Silverdale

1 Polarity Rise, ground floor:
Features: 145m², 2 shops on 2 titles for sale as one
Rent: $61,966.70/year net + gst + opex
Outcome: passed in
Agents: Ashton Geissler, Eddie Zhong & Mustan Bagasra

Takapuna

424 Lake Rd:
Features: 3 tenancies
Rent: $61,950/year net + gst, rising to $63,383 in November,
Outcome: sold for $1.5 million
Agents: Michael Nees & David Huang

Wairau Valley

107 Wairau Rd:
Features: 1184m² site, 13-year-old car dealership Car7, 40m² office 
Rent: $63,600/year net + gst, redevelopment potential up to 20m height limit
Outcome: sold for $2.8 million at $2365/m²
Agents: Brian Caldwell & Ranjan Unka

North-west

Henderson

Lincoln North Shopping Centre, 192 Lincoln Rd, unit A1:
Features: 756m² retail unit, 7-year lease to Supercheap Auto from July 2016
Rent: $212,292.82/year net + gst
Outcome: sold for $4 million at a 5.3% yield
Agents: Matt Lee, Tony Chaudhary & James Chan

373 Great North Rd:
Features: 808m² corner site, 1240m² floor area, BNZ as tenant on lease to 2020 with further renewal rights, basement parking
Rent: $219,360/year net + gst + opex, rent review in December
Outcome: sold for $4 million
Agents: Mike Adams & Laurie Burt

South

East Tamaki

44D Andromeda Crescent:
Features: 400m² industrial unit – high stud, clearspan warehouse 300m², office/amenities 40m², mezzanine 60m²
Outcome: sold for $735,000
Agents: Nelson Raines

Mangere Bridge

19 Coronation Rd:
Features: 273m² town centre site, 160m² bank branch, seismic rating 67% of new building standard
Rent: $34,000/year net + gst
Outcome: sold for $973,000
Agents: Nicolas Ching & Beterly Pan

South of the Bombays

Hawke’s Bay

Napier, Onekawa

Deco City Motor Lodge, 308 Kennedy Rd:
Features: 2682m² site, 30 studios and 1- & 2-bedroom units, conference suite, manager’s quarters, freehold going concern, Qualmark 4.5 stars, in Host Accommodation Group, seismic rating 80% of new building standard
Outcome: no bid
Agents: Paul Dixon, Daniel Moffitt & Carolyn Hanson

Attribution: Company release.

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