Archive | Rotorua

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.

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Rotorua industrial building & residential units sell

2 Rotorua properties were sold on Tuesday to round off Bayleys’ Total Property 7 action series around the country.

South of the Bombays – Bay of Plenty

Rotorua

Fenton Park

40-42 White St:
Features: 1370msite, 746m1980s industrial building
Rent: 3 leases returning $54,651/year net + gst, anchor auto tenancy on a new 5-year term
Outcome: sold for $865,000 at a 6.32% yield
Agents: Mark Slade & Brei Gudsell

Victoria

15 Larch St:
Features: 1169m2 site in 2 cross-lease titles, 5 residential units totalling 350m2, 4 of 2 bedrooms & a one-bedroom unit, each with one parking space
Rent: fully leased on periodic tenancies, gross rental income $47,840/year
Outcome: sold for $770,000
Agents: Mark Slade & Brei Gudsell

Attribution: Agency release.

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4 sales south of Auckland in Bayleys’ auction series

4 properties in Hamilton, Rotorua & Tauranga have been sold in Bayleys’ Total Property 5 auction series as it continues down country. 6 of the 8 properties up for sale at the Auckland auction were sold on Wednesday.

South of the Bombays

Bay of Plenty

Rotorua

1151 Arawa St:
Features: 382m² cbd site with development potential, 224m² 1930s earthquake-prone character building, occupied by Hannahs Shoes for decades; new 130-room Pullman Hotel being developed 2 properties away in a conversion of the former Zen building, owned by Chow Group Management Ltd
Outcome: sold vacant for $437,500 + gst
Agent: Brei Gudsell

Rotorua – Ngapuna

236 Te Ngae Rd & 5 Hamiora Place:
Features: 4721m² corner site on State Highway 30, main occupant is longstanding business Telfer Marine Ltd on a 10-year lease from October 2017; also 19 storage units
Rent: $108,000/year net + gst (Telfer Marine); $63,440/year gross + gst (storage units)
Outcome: sold for $2.35 million + gst at a 7% yield
Agents: Mark Slade & Brei Gudsell

Tauranga

116 Third Avenue:
Features: 1012m² site, 24m road frontage, 538m² industrial building most recently used by an automotive business – warehousing 348m², offices & amenities 95m², mezzanine 95m²
Outcome: sold with vacant possession for $2 million + gst
Agents: Lloyd Davidson & Laura Taylor

Waikato

Hamilton

100 Clarence St:
Features: 954m² site zoned commercial fringe, 190m² purpose-built suite of medical offices, 12 parking spaces; near cbd & Waikato Hospital
Outcome: sold with vacant possession for $946,500 + gst
Agents: David Cashmore, Rebecca Bruce & Jason Kong

Attribution: Agency release.

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8 commercial sales at 4 Bay of Plenty centres

Bayleys agents in the Bay of Plenty have sold 8 commercial properties at Mt Maunganui, Tauranga & Whakatane and across at Rotorua.

Image above: 120 Devonport Rd in Tauranga, sold on a 6.2% yield.

South of the Bombays

Bay of Plenty

Mt Maunganui

64 Tukorako Drive, unit 11:
Features: leasehold, 102m² unit; tenant exercised last of 3 3-year rights of renewal in February 2017
Rent: $8613/year net (after ground rent) + gst
Outcome: sold for $145,000 at a 5.94% yield
Agent: Graeme Coleman

Rotorua

20-22 Taui St:
Features: 1.0034ha industrial site in 6 titles near state highways, 5 tenants occupying a mix of buildings, surplus land available for development
Rent: $117,041/year net + gst
Outcome: sold for $1.2 million
Agents: Mark Slade & Brei Gudsell

64 View Rd:
Features: 359m² site, 310m² single-level warehouse/workshop constructed in mid-1970s
Outcome: sold with vacant possession for $330,000
Agent: Mark Slade

2 Waters St:
Features: 708m² corner site, 303m² industrial building, 2 tenancies – sushi bar returning $11,406/year gross & vacant workshop
Outcome: sold for $340,000
Agents: Mark Slade & Brei Gudsell

Tauranga

120 Devonport Rd:
Features: 445m² cbd corner site at the intersection with Elizabeth St, 690m² 2-level retail & office building, seismic assessment 45% of new building standard; fully leased to 6 tenants, redevelopment options to a maximum building height of 19m
Rent: $135,895/year net + gst
Outcome: sold for $2.205 million at a 6.16% yield
Agents: Brendon & Lynn Bradley

160-168 Devonport Rd:
Features: 2192m² site in 2 titles, city centre zoning provides mixed-use development options; 1050m² commercial building, anchor tenant is an Asian supermarket occupying 571m², gym & charitable trust occupy the balance of the building
Rent: $138,500/year net + gst
Outcome: sold for $2.95 million at a 4.69% yield
Agents: Lloyd Davidson & Jo Stewart

Tauranga – Tauriko

24 Whiore Avenue:
Features: 768m² site on the hill above The Crossing retail centre, quarter share of accessway, 3-year-old 367m² industrial building; 2 tenants on 3-year leases with 2 rights of renewal
Rent: $52,885/year net + gst
Outcome: sold for $1.05 million at a 5.03% yield
Agent: Graeme Coleman

Whakatane

6, 12 & 14 Wairere St:
Features: 3154m² freehold cbd site, 3 buildings on 3 titles adjacent to Wairere Falls Reserve, business centre zoning allows multiple commercial & residential redevelopment options up to 15m
Outcome: sold with vacant possession for $942,000
Agents: Rhys Mischefski & Lloyd Davidson

Attribution: Agency release.

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9 commercial properties sell at auction series down country

Bayleys agents have sold a North Canterbury retail complex (pictured) and 8 North Island properties south of the Bombay Hills in the agency’s Total Property 4 auction series over the last 10 days.

5 of the 6 properties auctioned in Wellington were sold.

South Island

Canterbury

Rangiora

216-222 High St & 2 Durham St:
Features: 1194m² corner site in 4 titles, 605m² retail complex, substantial offstreet parking, 3 national tenants all on multiple 2- & 3-year renewal terms
Rent: $122,829/year net + gst
Outcome: sold for $1.99 million at 6.17% yield
Agents: Stewart White, Alex White & Chris Frank

South of the Bombays

Bay of Plenty

Kawerau

11 Spencer Avenue:
Features: 3915m² site, 1688m² of high stud warehousing, offices & amenities; provisioned for dangerous goods storage and set up to service Kawerau’s engineering & fabrication requirements since the 1980s
Outcome: sold with vacant possession for $615,000
Agents: Lloyd Davidson, Rhys Mischefski & Laura Taylor

Rotorua

18 Victoria St:
Features: 607m² site, 1960s 2-storey block of 4 residential units totalling 398m² – 3 2-bedroom units on periodic tenancies currently returning total of $925/week gross, 3-bedroom ground-floor unit occupied by owner
Outcome: sold for $1.1 million
Agents: Mark Slade & Brei Gudsell

Horowhenua

Levin

213 Oxford St:
Features: 999m² site in main road retail precinct, 1400m² commercial building strengthened to 80% of new building standard, 2 streetfront retail premises occupied by the Bank of NZ on 10-year lease until September 2021 plus 3 3-year rights of renewal, and Postie Plus on 3-year lease until March 2020, plus small monthly tenancy at rear
Rent: $131,605/year net + gst
Outcome: sold for $1.634 million at an 8.05% yield
Agents: Stephen Lange & James Higgie

Taranaki

New Plymouth

137 Devon St East:
Features: 490m² cbd site, 805m² commercial building with category A seismic rating, access to 7 basement parking spaces; occupied by New Plymouth’s Cash Converters franchise on 8-year lease from October 2015 plus 3 4-year rights of renewal
Rent: $80,197/year net + gst
Outcome: sold for $1.2 million at a 6.68% yield, exactly the same price & yield it sold for in late 2016
Agents: Alan Johnston & Iain Taylor

Wellington

Kapiti Coast – Waikanae

16 Omahi St:
Features: 542m² site, 327m² warehouse which can be split into 2 units, seismic assessment 70% of new building standard; 6 parking spaces
Outcome: sold vacant for $595,000 at $1700/m² land & building
Agent: Richard Faisandier

Lower Hutt

6 Aglionby St:
Features: 502m² high stud warehouse, storage & office building constructed in the mid-1990s, seismic assessment 85% of new building standard, 7 parking spaces; 5-year lease from this month to multinational Huber Group NZ Ltd, one 5-year right of renewal
Rent: $69,500year net + gst
Outcome: sold for $1.18 million at a 5.89% yield
Agents: Andrew Smith & Paul Cudby

Naenae

12 Horlor St:
Features: 406m² site, 350m² industrial building, roller door access from rear service lane to clearspan medium stud warehouse, showroom/office at front, 5 parking spaces
Income assessment: estimated potential rental income $39,000/year net + gst
Outcome: sold vacant for $500,000 at $1430/m² land & building
Agents: Andrew Smith & Paul Cudby

Ngaio

33 Kaiwharawhara Rd, unit 5C:
Features: 96m² ground floor office unit suitable for range of uses, 3 parking spaces at front door
Outcome: sold with vacant possession for $359,000 at $3740/m²
Agent: James Higgie

Attribution: Agency release.

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Penrose distribution building, Rotorua motel & Paraparaumu hostel sell

Colliers agents have sold a former distribution building in Penrose to a trust, and a Rotorua motel & Paraparaumu Beach hostel to private investors.

Isthmus east

Penrose

3 Goodman Place:
Features: 4956m² site, 2792m² ex-distribution building, large yard
Outcome: sold to a private trust for $5.128 million
Agents: Todd Kuzmich & Hamish West

South of the Bombays

Bay of Plenty

Rotorua

1271 Ranolf St
Features: 25-unit motel on 2548m² site, 1560m² floor area, thermally heated swimming pool plus 2 geothermal mineral plunge pools
Rent: $146,000/year net + gst current
Outcome: sold to a private investor for $1.8 million
Agents: Mark Rendell & Mathew Gibbard

Wellington

Paraparaumu Beach

3 Marine Parade:
Features: 644m² site, 870m² 2-storey guesthouse operating as the Barnacles Seaside Inn hostel
Outcome: sold to a private investor as a freehold going concern for $817,000
Agent: Dean Anderson

Attribution: Agency release.

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5 commercial sales around Rotorua

Bayleys has sold one Tutanekai St property (Nos 1226-1232) in Rotorua through its Total Property auction series and another outside the auctionroom, plus 3 more around Rotorua.

South of the Bombays – Bay of Plenty

Rotorua

1231 Hinemoa St:
Features: 154m² retail unit built in 1980s
Outcome: sold vacant for $160,000
Agents: Paul Stewart & Mark Slade

520 Te Ngae Rd:
Features: 2536m² corner site integrated with the Te Ngae shopping centre, occupied by Caltex service station & associated Fix shop plus car wash; leased until October 2033 with 4 3-year rights of renewal; last service station between cbd & Rotorua Airport
Rent: $140,712/year net + gst with 2-yearly fixed rental increases of 4%
Outcome: sold for $2.15 million at a 6.54% yield
Agents: Alan Haydock, Damien Bullick & Mark Slade

1226-1232 Tutanekai St:
Features: 215m² single-level cbd retail building, recently modernised & strengthened, fully leased; 4 tenancies ranging from 45-64m², leases running from 2021-26
Rent: $107,112/year net + gst
Outcome: sold for $1.188 million at a 9.01% yield
Agents: Brei Gudsell & Mark Slade

1266 Tutanekai St:
Features: 835m² unit-titled retail premises, extensively refurbished in 2007, rear access via high stud roller door; anchor tenant Kathmandu Ltd is on an 8-year lease from December 2015, with one 4-year right of renewal, plus small Coffee Fix Kiosk lease
Rent: $220,161/year net + gst
Outcome: sold for $2.75 million at an 8.4% yield
Agents: Brei Gudsell & Mark Slade

Fenton Park

34 White St:
Features: 685m² site, 1960s 300m² industrial & showroom buildings, separate storage/workshop premises, leased to Poolside Rotorua
Rent: $23,000/year net + gst, increasing in September to $24,000/year net + gst
Outcome: sold for $330,000 at a 6.97% yield
Agents: Mark Slade & Brei Gudsell

Attribution: Agency release.

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Bay of Plenty agents end year with 8 sales

Bayleys commercial agents in the Bay of Plenty finished 2017 with 8 sales around Rotorua, Tauranga, Tokoroa & Whakatane.

Pictured: The 17 Gateway West storage facility in Whakatane.

South of the Bombays

Bay of Plenty

Rotorua

Mangakakahi

95 Tallyho St:
Features: 2524m² site in 2 titles, modern 1493m² industrial building, 3 high stud roller doors; leased to Fletcher Steel Ltd for 3 years from August 2017 with rights of renewal to 2029
Rent: $104,000/year net + gst
Outcome: sold for $1.5 million at a 6.93% yield
Agent: Mark Slade

Fairy Springs

25 Bidois Rd:
Features: 1011m² corner site, 1980s-built 350m² storage complex, 10 storage rental units, each with separate roller door access, multiple tenants
Outcome: sold for $268,000 at a 6.57% yield
Agent: Mark Slade

Tauranga

194 15th Avenue, Tauranga:
Features: 414m² site, 4 parking spaces & 1930s 100m² dwelling converted for office use
Outcome: sold with vacant possession for $550,000
Agent: Lloyd Davidson

74 Grey St:
Features: 1060m² prime city centre-zoned site (49m height allowance), 1290m² retail & office building, fully leased to 4 tenants on mixed terms
Rent: $141,187/year net + gst
Outcome: sold for $2.4 million at a 5.88% yield
Agents: Brendon & Lynn Bradley

90 Second Avenue:
Features: 584m² city centre-zoned site, 340m² industrial building occupied by 2 tenants; car valet business occupies rear tenancy and Great Deals Direct Ltd the front, both with leases expiring mid-2018
Rent: $34,632/year net + gst
Outcome: sold for $850,000 at a 4.07% yield
Agent: Lloyd Davidson

Tokoroa

24 Swanston St:
Features: 212m² cbd corner site, 2 adjacent retail premises totalling 175m², hair salon business has been in occupation since the premises were built in the 1970s and a sushi store has been in occupation since 2013
Rent: $19,119/year net + gst
Outcome: sold for $220,000 at an 8.69% yield
Agents: Brendon & Lynn Bradley

Whakatane

17 Gateway West:
Features: 2113m² site in the Gateway industrial precinct adjacent to State Highway 30, 1358m² self-storage complex comprising 106 units of various sizes, trading as EastBay Secure Storage
Outcome: sold for $1.5 million at a 7.93% yield
Agents: Brendon & Lynn Bradley

156 The Strand:
Features: 334m² leasehold site in cbd retail precinct, 590m² 2-level, fully tenanted retail & office building; 14-year ground lease with perpetual renewal rights
Rent: $68,000/year net + gst
Outcome: sold for $500,000 at a 13.6% yield
Agents: Brendon & Lynn Bradley

Attribution: Agency release.

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All 6 southern properties sell at Bayleys auctions

Bayleys sold all 6 properties south of the Bombays in its Total Property auction series last week.

South of the Bombays

Bay of Plenty

Bethlehem

1 Valley Grove Rd (pictured):
Features: 1310m² site, 978m² 2-level A grade office building constructed in 2008, 18 parking spaces, 2 tenancies, anchored by national insurance broker BrokerWeb Risk Services Ltd
Rent: $144,128/year net + gst
Outcome: sold to an Auckland buyer for $2.195 million at a 6.57% yield
Agents: Brendon & Lynn Bradley

Rotorua – Glenholme

193 Ranolf St:
Features: 348m² suburban site, 3 retail units totalling 170m², leases ranging from 12 months to 4 years, all with renewals
Rent: $28,103/year net + gst
Outcome: sold for $285,000 at a 9.86% yield
Agents: Brei Gudsell & Paul Stewart

Manawatu

Feilding

11 Manchester Square:
Features: 157m2 cbd site, 100m² character building recently fully refurbished and seismically  strengthened to 70% of new building standard, new 10-year lease term to the Thai House group, which operates 14 restaurants in the North Island
Rent: $38,000/year net + gst, fixed 2-yearly CPI rent increases
Outcome: sold for $455,000 at an 8.35% yield
Agents: Bede Blatchford, Karl Cameron & Lewis Townshend

Wellington

Grenada North

50 Takapu Rd:
Features: 1247m² truck refuelling site on corner of Jamaica Drive at the gateway to the Grenada Business Park, leased to BP Oil NZ, which has exercised a right of renewal until November 2022 and & owns maintains all of the truckstop plant & equipment
Rent: $60,766/year net + gst
Outcome: sold for $799,000 at a 7.6% yield
Agents: Fraser Press & John Pritchard

Lower Hutt

423 High St:
Features: 1000m² site, 643m² single-level building tenanted by a Jetts 24-hour fitness centre on a renewed lease from June 2016 and a tyre/auto centre, 14 parking spaces
Outcome: sold for $2.1 million at a 6.8% yield
Agent: Andrew Smith

Stokes Valley

18-20 George St:
Features: 1665m² site, rundown 1145m² double-bay warehouse/workshop building with mezzanine & office space
Rent: potential income assessed at $55,000/year net + gst
Outcome: sold with vacant possession for $6.15 million
Agents: Richard Faisandier & Andrew Smith

Attribution: Agency release.

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8 properties sell at Bayleys’ southern auctions

8 North Island properties south of Auckland were sold in Bayleys’ Total Property auction series last week.

Image above: The Turners Auto building in Palmerston North, including the Workshop bar, sold last week on a 6.4% yield.

Bay of Plenty – Rotorua

Fairy Springs

153 Fairy Springs Rd:
Features: 1184m² site opposite Skyline Skyrides – 86m² showroom, 130m² 3-bedroom house plus 72m² workshop/garage
Outcome: sold with vacant possession for $580,000
Agents: Mark Slade & Brei Gudsell

Westbrook

320 Malfroy Rd:
Features: 3039m² commercial site, 502m² building split into 2 tenancies, education facility & dance studio, on 2- & 3-year leases
Rent $60,000/year net + gst
Outcome: sold for $650,000 at a 9.23% yield
Agents: Mark Slade & Brei Gudsell

Manawatu

Palmerston North

201-203 John F Kennedy Drive:
Features:  7454m² corner site, recently refurbished 2440m² warehouse & commercial building; anchor tenant NZX-listed Turners Auto has been in occupation for 19 years and renewed last July for 9 years; 392m² Workshop bar is the other occupant on 6-year lease from December 2016  
Outcome: sold for $3.855 million at a 6.4% yield
Agents: Dave & Kate Looney

Waikato

Te Awamutu

61 Bruce Berquist Drive:
Features: 4732m² industrial site occupied by longstanding storage business, 132 units totalling 1520m² leased to over 100 tenants
Rent $192,000/year net + gst
Outcome: sold for $2.52 million at a 7.62% yield
Agent: Andrew Shaw

Te Rapa

31 McKee St:
Features: 1990m² industrial site, 661m² of modern buildings, 3 long-term tenants
Rent $90,973/year net + gst
Outcome: sold for $1.51 million at a 6.02% yield
Agent: Andrew Shaw

Wellington – Lower Hutt

Alicetown

15 Wakefield St:
Features: 769m² site, 792m² high stud, column-free warehouse by the Dowse Interchange, holding income from lease expiring 31 January 2018
Rent: $70,000/year gross + gst
Outcome: sold for $450,000
Agents: Paul Cudby & Matt Gibbs

Naenae

12 Horlor St:
Features: 406m² site, 393m² 1950s industrial building with good seismic rating plus 5 parking spaces; 296m² ground-floor warehouse/workshop, showroom plus 97m² mezzanine office
Rent: estimated potential income of $39,725/year net + gst
Outcome: sold with vacant possession for $480,000
Agent: Paul Cudby

Petone

10 Te Puni St:
Features: 2130m² site adjacent to new Rebel Sports and Briscoes stores in Petone West’s growing bulk retail precinct, 1503m² high stud warehouse, office & showroom building, leased to 3 tenants with final lease expiries from 2018-20
Rent: $146,401/year net + gst (estimated full market rental $207,299 year net + gst)
Outcome: sold for $2.394 million at a 6.1% yield
Agents: Matt Gibbs & Fraser Press

Attribution: Agency release.

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