Archive | North-west

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

Corrected: Whenuapai plan change delayed another 6 months as council committee agrees to recommended variation

Published & corrected 8 February 2019 (the Simpson Grierson lawyers mentioned below were the Defence Force’s, not the council’s):
I’ve long been under the impression that the Air Force, as the Navy does with its dinghy, would take its C130 transport plane out for a drive once/month to use the fuel allocation, and the plane would glide back to base using Greville Rd at Albany as the guide.

But there’s more to the airbase than using suburban arterials as a map to guide the plane home. Although the base’s P3 Orions will be replaced by Boeing P8-A Poseidons, to be based from 2023 at Ohakea in the Manawatu (where the State Highways 1 & 3 intersections at Bulls & Sanson are probably good roadmarkers to guide the planes home), in the meantime the Whenuapai planes make a lot of noise from time to time.

The Defence Force produced noise evidence the day before the hearing began last May on plan change 5, to rezone 360ha beside the airbase at Whenuapai, then produced updated evidence on noise contours in November.

When the council’s planners proposed in December either withdrawing plan change 5 altogether, or varying it to take account of the new noise contour research, the QC acting for subdivider submitters Cabra Developments Ltd & Neil Construction Ltd, Russell Bartlett, said in a 21 December letter to the council the Defence Force’s original evidence “had exaggerated the noise effects of engine testing”, but in any case the hearing panel had the skills “to bring policy considerations into the necessary decision-making”.

The Defence Force’s legal advisors at Simpson Grierson, Padraig McNamara & Sarah Mitchell, told the council on 18 January the short way to resolution could be for the hearing commissioners to confirm amended contours & zoning.

The council’s planners responded with a report identifying 4 options, preferring option B (to initiate the variation, based on the noisiest week). That goes against the Simpson Grierson advice, which noted that the testers felt the noisiest week was an outlier and the busiest week represented a more appropriate worst case.

The whole plan change 5 area comprises 360ha. Plan change 5 proposes rezoning 113ha of it to light industrial & the 274ha balance to a range of residential zones, anticipated to enable development of 6400 houses on land currently used for horticulture, rural production & lifestyle blocks.

The proposed plan change variation would restrict development of 410 housing lots until 2023 because they’d be within contours where the noise level would be deemed unacceptable.

The council’s north-west planning team leader, Eryn Shields, said in his report to Tuesday’s council committee meeting that the Defence Force had decommissioned taxiway D at Whenuapai because its surface was in poor condition (and the move to Ohakea relatively imminent), but that taxiway was more central than taxiway F, which was still in use & closer to the future boundary housing considered to be most affected.

The council planners’ preferred option would enable an additional 14ha to be zoned mixed housing urban, providing 370 more houses than under the present variation 5, and more land could be zoned for medium to high density once the Ohakea move has occurred.

Mr Shields said opting for the variation would delay a hearing decision by about 6 months, until late August.

To committee members’ suggestions that the zoning decision could wait until the Defence Force provided more certainty on its moves, Mr Shields said: “We can’t be paralysed, we have to act.“

Mr Shields told Cllr John Watson, who’d said a no-complaints covenant would prevent future residents complaining about noise: “We don’t consider that’s an appropriate way to manage the noise. We continue not to support them [the Defence Force position on covenants].”

Independent Maori Statutory Board members Tau Henare & Liane Ngamene baulked at the suggestion that the final decision on the variation be left to “a sub-group” of the committee.

But that’s what happened. The council planners will complete their work, present it to the sub-group for approval and the variation to the plan change will proceed to public notification & submissions.

The variation’s intent is to change the proposed zoning of about 120ha adjoining the NZ Defence Force airbase at Whenuapai, within the 65dB Ldn noise boundary, or between the 57-65dB Ldn noise boundaries, based on the additional noise data the NZ Defence Force provided the day before the hearing began. The noise data relates to noise effects from engine testing at the Whenuapai airbase.

The hearing on plan change 5 to the Auckland unitary plan began on 4 May 2018, continued on 7 & 10 May and was to have resumed in August, but was postponed.

The commissioners made a site visit in June and chair Robert Scott issued a long list of questions to council planners on:

  • aircraft noise
  • infrastructure funding mechanisms
  • transport infrastructure requirements
  • indicative open space
  • zoning (and potential further intensification) of land bounded by Trig Rd, Upper Harbour Drive & Hobsonville Rd because of its proximity to the Westgate & NorthWest shopping centres
  • the reasons for a lower intensity single house zone at the coastal management area boundary, in addition to coastal setbacks, and
  • out-of-scope submissions on seeking to be added to the plan change, and a light industry zone.

The parties haven’t been back to the hearing room since Mr Scott sent his list, so the answers to all those questions are also awaited.

Links:
Original plan change 5 documents
Committee meeting, 5 February 2019 documents:
8, Auckland unitary plan (operative in part) – proposed plan change 5 Whenuapai 3 precinct – next steps 
Plan change 5 area    
Proposed Whenuapai 3 precinct plan 3   
Whenuapai Airbase engine testing locations    
Engine testing scenario 7    
Engine testing scenario 5    
Engine testing scenarios 6 & 8    
Correspondence from Cabra Developments Ltd, Neil Construction Ltd & NZ Defence Force
Plan change 5 variation livestream

Attribution: Council committee agenda & meeting in room where microphones didn’t always work.

Continue Reading

Bank’s Henderson centre among 4 commercial sales

Ray White Commercial agents have sold 4 properties around Auckland, 3 in conjunction with other Ray White agencies. One is on Newmarket Broadway, 2 are in Grey Lynn and the biggest, ASB Bank’s north-west regional centre, is in Henderson.

Isthmus east

Newmarket

25 Broadway:
Features: 193m² office space 
Rent: leased to Fuse Creative Ltd for $95,000/year net + gst, 3-year lease with 2 3-year rights of renewal
Agents:Conrad Traill & Natasha Christensen

Isthmus west

Grey Lynn

36 Douglas St:
Features: 259m² character villa zoned business mixed use
Outcome: sold for $1.65 million
Agents: Conrad Traill & Natasha Christensen (Ray White Commercial) & Ray White Damerell Group Ponsonby

24A Williamson Avenue:
Features: 356m² site zoned mixed use urban, 201m² street-level warehouse, 2-bedroom loft apartment with rooftop terrace & deck, 5 parking spaces
Outcome: sold for $3.45 million
Agents: John Davies & Natasha Christensen (Ray White Commercial) & Ray White Damerell Group Ponsonby

North-west

Henderson

288-290 Lincoln Rd:
Features: 1871m² site, 1504m² building, ASB West Auckland regional centre on 9-year lease running until January 2022
Outcome: sold for $10.15 million at a 6% yield
Agents: John Davies & Nigel Ingham (Ray White Commercial) & Ron Yang (Ray White City Apartments)

Attribution: Agency release.

Continue Reading

Riverhead development site & Glen Eden commercial building sell

Bayleys agents have sold a Riverhead property with a development scheme plan in place and a Glen Eden commercial building with vacant tenancies.

North-west

Glen Eden

190 West Coast Rd:
Features: 448m² corner site opposite train station with frontage also to Glen Mall Place, zoned town centre; 361m² 2-level commercial building, 4 parking spaces; 71m² of retail space leased to hair salon until October 2019, 2 vacant tenancies
Rent: holding income of $16,880/year + gst; estimated potential income fully leased $85,000/year net + gst
Outcome: sold for $1.165 million
Agents: Tony Chaudhary, Janak Darji & Amy Weng

Riverhead

1064-1068 Coatesville-Riverhead Highway:
Features: 4663m² site in 5 titles zoned business mixed use; scheme plan completed for live/work development
Outcome: sold to a developer for $4.957 million at $1063/m²
Agent: Mike Adams

Attribution: Agency release.

Continue Reading

Updated: 5 (now 7) of 14 sell at Bayleys’ Auckland commercial auction, 3 of 3 in Tauranga

Published 25 October 2018, updated 29 October 2018 & 13 January 2019:
5 of the 14 properties were sold at Bayleys’ Total Property commercial auction on Wednesday and 5 attracted no bid.

At the agency’s Tauranga auction, all 3 properties were sold under the hammer.

Update 1: One property has been sold post-auction – a takeaway outlet in the Wairau Junction retail centre. The outcomes for 2 of the Auckland properties were transposed – for Ellerslie & Blockhouse Bay – and have been corrected below.

Update 2: The manager’s unit in The Sands apartment complex at Onetangi on Waiheke Island was sold just before Christmas, after attracting no interest at auction.

CBD

Chancery

Chancery Square, 44 Courthouse Lane, unit A206:
Features: 45m² unit leased to property management company
Rent: $33,500/year net + gst + outgoings
Outcome: sold for $380,000 at an 8.82% yield
Agents: Mike Adams & Jean-Paul Smit

Queen St

Mid-City, 239 Queen St, unit 1Y:
Features: m²,
Rent: $27,360/year net + gst, occupied by hair salon, lease term runs to April 2021 with further rights of renewal
Outcome: withdrawn from auction
Agent: Oscar Kuang

Hauraki Gulf islands

Waiheke Island

Onetangi

Updated: The Sands, 141 The Strand, unit 1:
Features: 104m² manager’s unit in the Sands apartment complex
Rent: $28,723/year net + gst + outgoings
Outcome: passed in without a bid at auction in October, sold in December for $525,000 + gst at a 5.47% yield
Agents: Brian Caldwell & Mana Tahapehi

Isthmus east

Ellerslie

Updated: 101 Main Highway, unit 12:
Features: 272m² Asian supermarket at Ellerslie shopping centre, 10 parking spaces
Rent: $60,000/year net + gst, 5-year lease in place with 2 5-year rights of renewal
Outcome: passed in at $800,000 (2 results transposed – originally posted as $2.7 million), sold in November for $820,000 at a 7.32% yield
Agents: Oscar Kuang, Beterly Pan & Nicolas Ching

Onehunga

222 Onehunga Mall:
Features: 273m² site, 2-storey building, seismic rating 75% new building standard, local town centre zoning has 27m height control
Rent: commercial & residential tenants
Outcome: withdrawn from auction
Agent: Oscar Kuang

Parnell

29B Bath St:
Features: 175m² site, 139m² commercial unit, parking space
Rent: $42,000/year net + gst current contract, 2 2-year rights of renewal
Outcome: no bid
Agent: Millie Liang

Isthmus west

Blockhouse Bay

Updated: 35 Margate Rd, flats 1-6:
Features: 2497m² site, 6 2-bedroom residential units, each of about 55m² & on separate titles, parking space each, offered in one package
Rent: $200,000/year net + gst from 2-year lease
Outcome: passed in at $2.7 million (2 results transposed – originally posted as $800,000)
Agents: Quinn Ngo, Matt Lee & James Chan

Eden Terrace

1 Exmouth St:
Features: 665m² vacant section on Newton Rd corner, leased to Wilson Parking, mixed use zoning
Rent: $21,495/year net + gst, early termination clause
Outcome: withdrawn from auction
Agents: Owen Ding, James Chan & Jarrod Qin

Pt Chevalier

1110 Great North Rd, unit D:
Features: 345m², town centre fruit & vegetable shop + parking, leased to PTC Fresh NZ for 5 years from December 2016 with 2 5-year rights of renewal
Rent: $108,312/year net + gst
Outcome: sold for $1.55 million at a 6.99% yield
Agents: Nicolas Ching, Quinn Ngo & James Chan

350 Pt Chevalier Rd:
Features: 696m² site zoned business – neighbourhood centre, housed greengrocery for over 50 years
Outcome: sold with vacant possession for $1.87 million at a land value of $2686/m²
Agents: John Procter, Alan Elliott & Cameron Melhuish

North-east

Orewa

Tamariki Plaza, 1-19 Cammish Lane, unit J:
Features: vacant 190m² commercial unit, one parking space + share of 35 parking spaces
Outcome: passed in at $700,000
Agents: Mustan Bagasra

Rosedale

101 Apollo Drive, unit D:
Features: vacant 120m² ground-floor office unit, 4 parking spaces
Outcome: auction postponed
Agents: Tonia Robertson & Jane McKee

Rosedale Retail Centre, 94 Rosedale Rd, unit 2:
Features: 73m² shop at entrance to zero-vacancy retail centre
Rent: $37,520/year net + gst + outgoings
Outcome: sold prior
Agents: Eddie Zhong, Steven Liu & Meng He

Wairau Valley

18 Ashfield Rd, unit D:
Features: industrial unit, 110m² ground floor, 30m² storage above, monthly tenancy
Outcome: sold for $440,000
Agents: Trevor Duffin & James Yu

65-71 Porana Rd, unit E:
Features: 133m² unit occupied by Hollywood bakery
Rent: $55,000/year net + gst + opex, new 6-year lease
Outcome: auction postponed
Agents: Adam Curtis, Damian Stephen & Steven Liu

Updated: Wairau Junction, 162-178 Wairau Rd, unit 7:
Features: 45m² kebab outlet
Rent: $30,600/year net + gst + outgoings
Outcome: passed in at $500,000, sold post-auction for $550,000 at a 5.56% yield
Agents: Andrew Lin & Ranjan Unka

North-west

Henderson

192 Universal Drive, unit A1:
Features: 756m², corner store in Lincoln North Shopping Centre, 7-year lease to Super Cheap Auto NZ from July 2016, annual fixed 3% rental increases & one 5-year right of renewal
Rent: $225,221/year net + gst, 3% annual increases
Outcome: sold for $3.93 million at a 5.73% yield
Agents: Matt Lee, James Chan, Quinn Ngo, Terry Kim & David Han

South

Clendon Park

439 Roscommon Rd, unit 2:
Features: 97m² retail unit, tenant Clendon Foodmarket
Rent: $41,600/year net + gst, 6-year lease from 2015
Outcome: no bid
Agents: Matt Lee, Quinn Ngo & Piyush Kumar

439 Roscommon Rd, unit 3:
Features: 97m² retail unit, tenant Crown Liquor
Rent: $43,201/year net + gst, 4-year lease from 2016, rights of renewal
Outcome: no bid
Agents: Matt Lee, Quinn Ngo & Piyush Kumar

South of the Bombays

Bay of Plenty

Bethlehem

272A State Highway 2:
Features: 809m² site, 305m² 2-level commercial building, anchor ground-floor pharmacy tenancy, smaller dental tenancy above on leases renewed until 2021 plus further renewals
Rent: $62,730/year net + gst
Outcome: sold for $1.26 million at a 4.98% yield
Agent: Myles Addington

Judea

66 Koromiko St:
Features: 2536m² industrial site, 1519m² standalone building comprising 1123m² of warehouse & workshop space, 4 large roller doors; the balance 2 levels of offices, showroom, storage & amenities; tenant Paramount Stainless has recently renewed for the next 3 years with one final right of renewal to 2024
Rent: $122,000/year net + gst
Outcome: sold for $1.8 million at a 6.78% yield
Agent: Graeme Coleman

Tauranga:

199, 207 & 213 Cameron Rd:
Features: 2192m² redevelopment site zoned city centre, allowing 19m² building height, next to central fire station on main arterial, car dealers have operated from site since the early 1970s, 2 tenancies expiring in August 2020
Rent: $190,715/year net + gst
Outcome: sold for $6.25 million + gst at a 3.05% yield, land value $2851/m²
Agents: Lloyd Davidson & Laura Taylor

Coromandel

Thames

517 Pollen St:
Features: 1521m² site, 1410m² building occupied by multiple tenants including NZ Post Ltd on long-term lease, 16 parking spaces
Rent: $107,717.53/year net + gst, multiple tenants
Outcome: no bid
Agents: Millie Liang & Josh Smith

Attribution: Agency release.

Continue Reading

Stride sells Albany property to Oyster, buys Concourse from Goodman

Stride Property Ltd has unconditionally agreed the sale of one property to property & funds manager Oyster Management Ltd and the purchase of another from the Goodman Property Trust.

The sale:

North-east

Albany

33 Corinthian Drive:
Features: tenant ASB Bank Ltd
Outcome: unconditional agreement for sale for $50.5 million, settlement scheduled for 1 April 2019, representing an initial yield of 5.88% and a 4.7% premium to the property’s value of $48.25 million as recorded in Stride’s September half-year accounts

Stride has committed to undertake $600,000 of upgrade works before settlement.

The sale was signalled earlier this year. Stride chief executive Philip Littlewood said today: “This transaction aligns with Stride’s strategy to recycle capital from non-core assets and into office & industrial assets that we consider will form the base of portfolios that will, in future, become Stride’s new investment management products. We are delighted to end the year with this positive result.”

The purchase:

North-west

Henderson

The Concourse, 1-11 Selwood Rd & 6-12 The Concourse:
Features: 4ha industrial property adjoining State Highway 16 – 1.84ha with established buildings, 9700m² of industrial space, 2.17ha of development land, the former Alloy Yachts premises & an adjoining industrial property
Outcome: sold for $35 million following an unsolicited offer, settlement scheduled for 27 June 2019, initial yield for Stride of 6.1%

Mr Littlewood said: “This acquisition aligns with Stride’s strategic investment focus on growing its portfolio of quality industrial investment property, and builds on the Stride Property Group’s track record of industrial development expertise, following on from its comprehensive development of 6 buildings at O’Rorke Rd, Penrose, and the recently announced development of its property at Springs Rd, East Tamaki.

“Stride focuses on acquiring & developing properties in key industrial locations which are well serviced with connection to significant roading infrastructure. The West Auckland site has immediate access to the Lincoln Rd interchange, with connectivity north via the Western Ring Route and south via the Waterview tunnel.”

Investment management director James Spence, of the Goodman trust’s manager, Goodman (NZ) Ltd, said: “We’ve added significant value since acquiring the asset in 2016, reconfiguring the layout, creating additional yard space and securing new leases. It was a compelling offer from Stride and, rather than complete the development of this property, we’ll be reinvesting in new opportunities elsewhere in Auckland.”

The sale adds about 0.5c/unit to the Goodman trust’s net tangible asset backing.

Earlier stories:
18 July 2017: Goodman settles Henderson purchase
22 October 2012: DNZ confirms purchase of development site between 2 of its Albany buildings
13 August 2012: DNZ buys Corinthian Drive building, conditional on development site

Attribution: Company releases.

Continue Reading

9 commercial, industrial, retail & rural sales

Colliers agents have concluded a range of sales in Auckland & elsewhere around the North Island.

They include the Whoa! Studios at Henderson (pictured above) on a leaseback, industrial sites in East Tamaki & Hamilton, a Mt Maunganui retail development and a central Hamilton office building.

North-west

Henderson

Whoa! Studios, 8-16 Henderson Valley Rd:
Features: 5916m² entertainment venue & restaurant The Grounds in 1902m² warehouse & office building, on 2 titles, 42-space carpark + separate staff parking, zoning allows mixed used evelopment up to 72.5m high
Rent: new 10-year leasebacks for studios & restaurant at $636,339/year net + gst, 5-year rights of renewal, fixed 2.75%/year rental growth
Outcome: sale & leaseback at 6% yield, which puts the price at $10.61 million
Agents: Andrew Hooper, Hamish West, Josh Coburn, Caroline Cornish & Cherry Higginson

South

East Tamaki

42 Allens Rd:
Features: 1647m² industrial site, 862m² floor area – warehouse 736m², office 126m², shared driveway
Current rent: $100,000/year net + gst, putting the purchase price at a 4.05% yield
Outcome: sold to an owner-occupier for $2.47 million
Agents: Paul Higgins & Jolyon Thomson

South of the Bombays

Bay of Plenty

Mt Maunganui

Mount Central, 233 Maunganui Rd:
Features: 3096m² site,1345m² building, 9 tenancies of 80-120m² in retail development built in 2016, 52 parking spaces managed by Wilson Parking on lease expiring next June; commercial zone allows development to 12m, design allows subdivision into 4 titles
Outcome: sold for $16 million at a 4.9% yield
Agents: Duncan Woodhouse, Simon Clark & Mat Gibbard

Rotorua

Mangakakahi

164a Lake Rd:
Features: 698m² site, 2-storey 528m² warehouse & office, tenant has renewed with final expiry in 2027
Rent: $54,000/year net + gst
Outcome: sold for $900,000 at a 6% yield
Agents: Mat Gibbard & Mark Rendell

Gisborne

Matawai

Rockwood Farm, 2999 Whakarau Rd:
Features: 404.69ha breeding & finishing farm, sheds, centrally located homestead, 85ha of bushland 
Outcome: sold at auction for $2.9 million
Agent: Rod Chrisp

Hawke’s Bay

Hastings

306 Ellison Rd, unit 1:
Features: 800m², Ideal Electrical Ltd’s new showroom & warehouse, due for completion in April
Outcome: sold off the plans to an investment syndicate for $3.2 million
Agents: Ian McLachlan & Danny Blair

Waikato

Hamilton

256 Brymer Rd:
Features: 16.17ha development site, zoned residential, elevated views 
Outcome: sold for $7.8 million
Agent: Alan Pracy

The Kiwibank Centre, Hamilton.

Kiwibank Centre, 410 Victoria St & 12 Alma St:
Features: 1912m² floor area, ground-floor retail, 3 office floors, multi-tenanted, seismic rating 67% new building standard, 5-level 32-car The Stack on separate Alma St title
Rent: estimated $567,500/year net + gst, putting a 7.1% yield on the approximate sale price
Outcome: sold for around $8 million to Tauranga-based property fund manager Property Managers Group
Agents: John Hagar & Alan Pracy

Rukuhia

Ingram Rd, lot 11:
Features: 17,748m² industrial development site between State Highway 3 & the Hamilton Airport runway
Outcome: sold for $3,141,396 at $177/m²
Agents: Mark Brunton &Alan Pracy

Attribution: Agency release.

Continue Reading

6 commercial & rural sales include 2 post-auction & 1 pre-auction

Colliers agents have sold 4 properties around Auckland & 2 in Gisborne, including 2 post-auction & one pre-auction.

At Albany, a site on Appian Way (pictured) with consent for a mixed-use development has been sold.

Isthmus east

Mt Wellington

4E Pacific Rise:
Features: 820m² office property, 3 tenants, 28 parking spaces
Rent: $191,396/year net + gst + opex
Outcome: sold for $3.15 million at a 6% yield
Agents: Gareth Fraser, Simon Child & Michael van der Putten

North-east

Albany

4 Appian Way:
Features: 3406m² development site, has approved resource consents for a mixed-use residential, retail & commercial development
Outcome: sold for $5.38 million
Agents: Cherry Higginson, Josh Coburn & capital markets team

North-west

Whenuapai

1-9 Maramara Rd:
Features: 2200m², new purpose-built childcare centre, 575m² floor area, licensed for 90 children, 18-year lease to established provider New Shoots Ltd
Rent: $257,400/year net + gst
Outcome: sold post-auction for $4.4 million at a 5.85% yield
Agents: Josh Coburn, Shoneet Chand & Caroline Cornish

South

East Tamaki

15 Ra Ora Drive:
Features: 2000m² site, 998m² industrial building, 18 parking spaces
Outcome: sold for $3.2 million at a 4.68% contract yield
Agents: Jolyon Thomson & Paul Higgins

South of the Bombays

Gisborne

Ngatapa

1189 Wharekopae Rd:
Features: 6.37ha rural property – citrus orchard, sheds, 4-bedroom home, tennis court, helicopter pad
Outcome: sold post-auction for $1.3 million
Agents: Alan Thorpe & David Egan

Waerenga-a-hika

297 Matawai Rd:
Features: 11.07ha citrus orchard & 250m² homestead 
Outcome: sold pre-auction for $2.3 million
Agents: David Egan & Alan Thorpe

Attribution: Agency release.

Continue Reading

Henderson adult store & Onehunga warehouse passed in

Both commercial properties auctioned at Barfoot & Thompson yesterday were passed in.

Isthmus east

Onehunga

38 Angle St, unit 1:
Features: vacant 295m² high stud warehouse unit, 4 parking spaces, seismic rating 105% new building standard
Outcome: passed in
Agents: Nick Wilson & James Marshall

North-west

Henderson

253 Lincoln Rd, unit D:
Features: 100m² Peaches & Cream adult shop, seismic rating 100% new building standard
Rent: $36,409/year net + gst + outgoings, leased renewed for 3 years from April, 2 more 3-year renewal rights to 2027
Outcome: no bid
Agent: Chris Park

Attribution: Auction documents.

Continue Reading

Warehouse sells, new childcare centre passed in

Colliers sold the Bell Tea warehouse at East Tamaki at auction yesterday, but a new childcare centre at Whenuapai was passed in.

North-west

Whenuapai

1-9 Maramara Rd:
Features: 2200m² site, 575m² purpose-built new building, New Shoots Children’s Centre Ltd, licensed childcare centre for 90 children
Rent: $257,400/year net + gst + opex, 18-year lease term from 13 August 2018, 2 6-year rights of renewal
Outcome: passed in at $4 million
Agents: Josh Coburn, Caroline Cornish & Shoneet Chand

South

East Tamaki

305 East Tamaki Rd:
Features: 6052m² site, 3992m² warehouse, storage & office building occupied by Bell Tea & Coffee Co Ltd, full drive-around
Rent: $421,402/year net + gst, 7 years remaining on lease renewed in 2013
Outcome: sold for $7.5 million at a 5.6% yield
Agents: Paul Jarvie, Andrew Hooper & Hamish West

Attribution: Auctions.

Continue Reading