Archive | Wellington

PFI completes Gracefield sale

on Friday 25 January 2019 in Gainz, Neighbourhoods, Property For Industry, Sectors, Securities – NZ, South of Bombays, Wellington

Property for Industry Ltd settled the disposal of an industrial property at 50 Parkside Rd at Gracefield in Wellington on Wednesday. The company announced the sale in December, to a private investor for a gross $3.4 million, and Bayleys gave details of the transaction in its roundup this week of December deals.

The sale was at a 10% yield on rent of $340,000/year net + gst. The 10,540m² corner site & its 4500m² industrial building are leased to Waste Management NZ Ltd.

In its portfolio update last month, PFI said it leased over 82,000m² (11% of the portfolio) to 22 tenants – 17 renewals averaging 5.7 years, 5 new tenants averaging 8.9 years, overall average new term 6.1 years.

The company also expected to conclude documentation last month of a 6-year lease over 2229m² at its Carlaw Park property in Parnell, representing 60% of the vacant space at the property.

PFI will issue its annual result on Monday 18 February.

Earlier story:

23 January 2019: Wellington office adds 19 commercial sales to December tally of 15 at auction

Attribution: Company releases.

Wellington office adds 19 commercial sales to December tally of 15 at auction

on Wednesday 23 January 2019 in Agency, Bayleys, Market, Neighbourhoods, Sectors, South of Bombays, Wellington

On top of selling all 15 properties at its Total Property auction in December, Bayleys’ Wellington office notched up over $44 million of other sales for the month.

The 19 non-auction sales were spread from Levin, down the Kapiti Coast & Porirua, through the Hutt Valley & around the central business districts.

The biggest sale was a Willis St office building (pictured above), sold on a 7.8% yield.

South of the Bombays

Horowhenua

Levin

232 Oxford St:
Features: 865m² corner site, 3 buildings totalling 960m², 7 tenants; seismic strengthening or redevelopment required
Rent: $56,466/year net + gst
Outcome: sold for $380,000
Agent: Steven Firth

3 Stuckey St:
Features: 388m² of bare commercial development land, one section away from State Highway 1
Outcome: sold for $115,000 at $296/m²
Agents: Jon Pottinger & Paul Adams

Kapiti Coast

Paraparaumu

3 Kapiti Rd:
Features: 2247m² of flat industrial land beside railway station
Outcome: sold for $700,000 at $311.53/m²
Agents: Fraser Press & Stephen Lange

Porirua

12 Mohuia Crescent & 13-15 Awarua St:
Features: 2 adjoining sites with development potential: 12 Mohuia Crescent, 12,340m² site, 2140m² of commercial & industrial buildings, large sealed yard; 13-15 Awarua St, 2116m² of residentially zoned land, 370m² of buildings
Outcome: sold with vacant possession for $2.9 million
Agents: Grant Young & Jon Pottinger

Elsdon

17 Raiha St:
Features: 4409m² site, 1729m² 1970s warehouse – 1524m² warehouse, 205m² showroom/office, 1860m² rear yard
Rent: estimated potential net rental $150,000/year net + gst
Outcome: sold with vacant possession for $1.7 million
Agents: Andrew Smith & Jon Pottinger

Hutt/Wellington

Grenada North

47 Takapu Rd:
Features: low-lying 8111m² site, 3161m² industrial building, large sealed yard; leased to Fresh Direct for over a decade, until 2020 with renewals
Rent: $317,000/year net + gst
Outcome: sold for $3 million at a 10.57% yield
Agent: Mark Sherlock

Lower Hutt

224-228 High St:
Features: 983m² site on corner of Queens Drive, opposite Queensgate Mall, 856m² retail building, Paper Plus & Premier College on 8-year leases until November 2026 & 2025 respectively
Rent: $223,280/year net + gst
Outcome: sold for $2.8 million at a 7.97% yield
Agents: Fraser Press & Bhakti Mistry

Gracefield

50 Parkside Rd:
Features: 10,540m² corner site, 4500m² industrial building; 3-year lease to Waste Management NZ Ltd from September 2018 with mutual break clause
Rent: $340,000/year net + gst
Outcome: sold for $3.4 million at a 10% yield
Agents: Fraser Press & Christian Taylor

Petone

122-126 Nelson St:
Features: 1116m² site, 1160m² warehouse & office premises built in 2004, seismic assessment 70% of new building standard
Rent: $125,371/year net + gst
Outcome: sold for $2.135 million at a 5.87% yield
Agent: Christian Taylor

Upper Hutt

45 Montgomery Crescent, unit 3:
Features: 355m² unit in industrial complex – 212m² warehouse, 5.5m-6m stud, office & amenities including kitchen & shower, 3 parking spaces
Outcome: sold vacant for $350,000
Agents: Christian Taylor & Baha Mabruk

Wellington

CBD

186 Willis St:
Features: 2102m² site, 10-level 5826m² 1980s office & retail building, 60-space basement carpark; seismically strengthened & upgraded, mix of corporate & government department tenants
Rent: $1,045,440/year net + gst
Outcome: sold for $13.35 million at a 7.83% yield
Agent: Mark Sherlock

204 Willis St:
Features: 526m² site, 2291m² 5-level office building, seismic assessment 88% of new building standard
Outcome: sold with vacant possession for $4.5 million at a land & building rate of $1964/m²
Agent: Luke Kershaw

Island Bay

131-133 The Parade:
Features: 382m² site, 210m² 2-level retail & residential building; 2 ground-floor shops (1 vacant), 2 residential tenancies above
Rent: $45,000/year net + gst
Outcome: sold for $705,000
Agents: Grant Young & Jon Pottinger

Mt Cook

4-8 Oxford Terrace:
Features: 1120m² site, 2360m² 3-level office & warehouse building, basement parking; commercial or residential redevelopment potential
Rent: holding income of about $100,000/year + gst
Outcome: sold for $3.1 million
Agents: Grant Young, Bhakti Mistry & Mark Walker

Te Aro

10 Fifeshire Ave:
Features: 501m² narrow site zoned central area (height limit 27m), 2-level 540m² earthquake-prone building
Outcome: sold with vacant possession for $854,000 at land & building rate of $1581/m²
Agents: Mark Walker & Jim Wana

5 Tory St, unit 3:
Features: 222m² unit-titled office floor
Outcome: sold vacant for $500,000 at $2252/m²
Agents: Grant Young & Mark Walker

29 Vivian St:
Features: 491m² site, 7 parking spaces & 297m² vacant building – showroom or warehouse with roller door access, upstairs kitchen with staffroom area & separate office
Outcome: sold to an owner/occupier for $2.04 million
Agents: Mark Walker & Bhakti Mistry

140 Vivian St, unit G1:
Features: 356m² ground-floor retail unit in 10-year-old building; NZ Post leases 220m², Subway 136m²
Rent: $119,391/year net + gst
Outcome: sold for $1.535 million at a 7.78% yield
Agents: Grant Young & Mark Walker

Thorndon

113 Molesworth St:
Features: 367m² site, 2-level 330m² heritage building dating back to 1912, occupied by Thai restaurant & physiotherapy practice with part vacancy
Outcome: sold for $580,000
Rent: holding income of $62,790/year gross + gst
Agents: Luke Kershaw & Luke Frecklington

Attribution: Agency release.

4 more sales take Wellington auction clearance to 100%

on Friday 21 December 2018 in Agency, Bayleys, Market, Neighbourhoods, Sectors, South of Bombays, Wellington

4 properties that were passed in at Bayleys’ Total Property commercial auction in Wellington on 6 December have since been sold, giving 100% clearance. 11 properties were sold on the day.

South of the Bombays

Wellington

Lyall Bay

219 Onepu Rd:
Features: 491m² corner site, 2-level, recently refurbished 170m² character timber building; Botanist Café & Restaurant occupies ground floor with 9 years to run on lease; 2 2-bedroom apartments above
Outcome: sold for $1.91 million
Agents: Richard Faisandier & Mark Walker

Naenae

53-55 Treadwell St:
Features: 298m² corner site, dual street frontage, in heart of Naenae shopping centre, 470m² 2-level commercial premises; opportunity to add value through building strengthening
Outcome: sold with vacant possession for $325,000
Agents: Jon Pottinger & Ethan Hourigan

Ngauranga

5-7 Lower Tyers Rd, unit 13:
Features: 955m² industrial building, seismic assessment 80% new building standard, 5 parking spaces
Outcome: sold with vacant possession for $900,000
Agents: Fraser Press & Ethan Hourigan

Petone

47 Hutt Rd:
Features: 369m² site zoned general business, 251m² showroom/warehouse building
Rent: estimated potential net annual rental income $55,000/year net + gst
Outcome: sold with vacant possession for $750,000
Agents: Andrew Smith & Paul Cudby

Earlier story:
10 December 2018: 11 sell at Bayleys’ Wellington commercial auction

Attribution: Agency release.

Updated: Bayleys year-end auction series yields $25.6 million from 14 sales

on Friday 14 December 2018 in Agency, Avondale, Bayleys, CBD, Freemans Bay, Isthmus east, Isthmus west, Learning Quarter, Manurewa, Market, Neighbourhoods, Newmarket, North-east, Onehunga, Orewa, Pakuranga, Parnell, Pukekohe, Remuera, Rosedale, Sectors, Silverdale, South, South of Bombays, St Heliers, Wellington

Published 7 December 2018, updated 14 December 2018:
Bayleys sold 11 properties for $21.6 million at its final Total Property commercial auction in Auckland on Wednesday. A Newmarket property has since been sold.

One property auctioned at the agency’s East Tamaki office on Tuesday added $2.3 million and 2 auctions brought forward to November added $1.7 million to the return, for a total $25.6 million.

The first 2 properties auctioned on Wednesday, both small premises in prominent spots in tightly held eastern suburbs neighbourhoods, were sold on yields of 3.6% (St Heliers, pictured above) & 4.7% (Remuera).

CBD

Learning Quarter

26 Airedale St:
Features: 220m² site, 2-level 364m² building, seismic rating 50% new building standard, concept plan available for 17-storey 68-unit apartment building
Rent: $139,00/year gross + gst
Outcome: no bid
Agents: Owen Ding & Sarah Liu

Isthmus east

Newmarket

Updated: 375-389 Khyber Pass Rd, unit 7:
Features: 88m² retail unit occupied by Hair Design salon on a new lease from October, 2 parking spaces
Rent: $36,000/year gross + gst
Outcome: passed in at $510,000, sold post-auction for $551,000 at a 6.53% yield
Agents: Quinn Ngo & Matt Lee

Onehunga

155 Neilson St:
Features: 980m² site zoned heavy industrial, 625m² warehouse, office & showroom, 2 tenants
Rent: $91,811.38/year net + gst
Outcome: sold for $1.75 million at a 5.25% yield
Agents: James Hill, James Valintine, Sunil Bhana, Amy Weng & Tony Chaudhary

3 Pukemiro St:
Features: 556m² site, 390m² industrial building – clearspan warehouse, office & amenities, seismic rating 70% new building standard
Outcome: sold with vacant possession for $1.15 million
Agents: William Gubb & James Valintine

Parnell

11A Cheshire St:
Features: 1031m² development site next to the new Parnell train station, resource & building consents in place for a 6-level apartment complex
Outcome: withdrawn from auction
Agents: Owen Ding & James Chan

Remuera

371-373 Remuera Rd:
Features: 229m² site, 598m² 3-level 1970s building zoned town centre, café & bar lease of 319m² of ground floor & basement space runs until mid-2023, with 2 6-year rights of renewal, balance of retail space & upper-level office premises occupied by 2 other tenants
Rent: $201,434/year net + gst
Outcome: sold for $4.325 million at a 4.66% yield
Agents: Alan Haydock, Damien Bullick, Andrew Wallace & Quinn Ngo

St Heliers

413 Tamaki Drive:
Features: 235m² site zoned local centre, 288m² 2-level building, opposite St Heliers Beach & near St Heliers Bay Rd intersection, 2 tenants on 10-year leases which both run until 2022 with no rights of renewal
Rent: $169,145/year net + gst
Outcome: sold for $4.71 million at a 3.59% yield
Agents: Cameron Melhuish, Andrew Wallace & James Chan

Isthmus west

Avondale

6C Wingate St:
Features: 80m² middle unit in modern retail block in town centre with access also from Great North Rd
Rent: $47,000/year net + gst + outgoings on new 9-year lease to Domino’s Pizza NZ Ltd
Outcome: sold for $960,000 at a 4.9% yield
Agents: Janak Darji, Tony Chaudhary & Mike Bradshaw

Freemans Bay

27 Hargreaves St:
Features: 304m² site zoned mixed use, 318m² renovated character office building, 30m² deck
Rent: $171,160/year net + gst on new 6-year lease to Studio South Ltd from March 2018, 2 3-year rights of renewal
Outcome: sold shortly after auction for $3.25 million at a 5.27% yield
Agents: Damien Bullick, Alan Haydock & Mike Adams

3 Margaret St, unit 4:
Features: 53m² ground level commercial unit leased to lawyer Susan Kingston, 2 parking spaces, zoned business town centre
Rent: $27,000/year net + gst
Outcome: sold for $620,000 at a 4.35% yield
Agents: Stuart Bode, Mike Bradshaw & Mike Adams

North-east

Orewa

2 Hillary Square:
Features: 586m² site, 648m² floor area, tenants ANZ Bank and KiwiBank/NZ Post
Rent: $262,316/year net + gst
Outcome: passed in at $4.5 million
Agents: Mustan Bagasra, Nicolas Ching & James Chan

Rosedale

63 Arrenway Drive, unit 5:
Features: 118m² industrial unit, 2 parking spaces
Outcome: no bid
Agents: Meng He, Ian Waddams & Steven Liu

5 Ceres Court, unit 2G:
Features: 155m², first floor office unit, 5 exclusive parking spaces
Rent: $45,000.00/year net + gst + outgoings
Outcome: auction postponed
Agents: Tonia Robertson & Caroline McNaught

Silverdale

28 Anvil Rd, unit 1:
Features: 246m² industrial unit, 5 parking spaces
Outcome: sold with vacant possession for $750,000
Agents: Matt Mimmack & Rosemary Wakeman

South

Manurewa

327 Great South Rd:
Features: 3288m² yard used as car yard, zoned business light industrial
Outcome: no bid
Agents: Piyush Kumar & Peter Migounoff

39B Holmes Rd:
Features: half share of 1182m² site, 382m² workshop + parking & yard, tenant of 15 years now on monthly lease
Rent: holding income of $39,000/year net + gst + outgoings
Outcome: sold for $771,000 at a 5.1% yield
Agents: Peter Migounoff & Piyush Kumar

Pakuranga, Highland Park

5 Aviemore Drive, unit 1:
Features: 135m² Domino’s pizza outlet in 10-unit development completed in 2006
Rent: $63,296/year net + gst + outgoings
Outcome: sold for $1.305 million at a 4.85% yield
Agents: Amy Weng, Tony Chaudhary & Janak Darji

Pukekohe

44-48 King St:
Features: 841m² site, 381m² building, 12 parking spaces at rear
Rent: $111,349/year net + gst + outgoings, pharmacy & Dollar World shops on 3- & 4-year leases
Outcome: sold for $2.005 million at a 5.55% yield
Agents: Shane Snijder & Graeme Moore

South of the Bombays

Wellington

Rydges Hotel, 75 Featherston St, units 422 & 1317:
Features: 2 28m² hotel units, leased to Rydges Hotel until 2033
Rent: unit 422 $19,371/year including gst, unit 1317 $30,244/year including gst
Outcome: withdrawn from auction but still for sale
Agents: Nick Thompson & Jim Wana

Earlier stories:
5 December 2018: East Tamaki sale starts last Bayleys commercial auction for year, 2 other sales in Airport Oaks & Orewa
25 November 2018 (another East Tamaki auction brought forward, 22 Polaris Place): 9 business park units sold
23 November 2018: Rosedale unit sold at auction brought forward

Attribution: Auctions.

11 sell at Bayleys’ Wellington commercial auction

on Monday 10 December 2018 in Agency, Bayleys, Market, Neighbourhoods, Sectors, South of Bombays, Wellington

Bayleys agents in Wellington sold 11 of the 15 properties they took to auction on Thursday in the agency’s final Total Property round of commercial auctions for the year.

South of the Bombays

Wellington

Lower Hutt

Alicetown

407-409 Hutt Rd (pictured):
Features: 1024m² site adjacent to motorway with dual access; 709m²of industrial buildings – 480m² trade showroom/office at front, 229m² rear workshop, fully leased until late 2019
Rent: $137,155/year net + gst
Outcome: sold for $2 million at a 6.86% yield
Agents: Andrew Smith & Paul Cudby

Otaki

21 Main St:
Features: 574m² site, 226m² former bank premises, seismic assessment 70% new building standard; rear parking area has development potential
Rent: $6000/year from ATM leased to ANZ Bank, otherwise vacant
Outcome: sold for $355,000
Agents: Steven Firth & Fraser Press

44 Riverbank Rd:
Features: 1540m² site, refurbished & painted 730m² warehouse, 6 parking spaces; leased to rubber & plastic recycler Matta Products Ltd, which has made a considerable investment in plant, for 7 years from November 2012 with 2 2-year rights of renewal
Rent: $36,585/year net + gst
Outcome: sold for $510,000 at a 7.17% yield
Agents: Paul Adams & Stephen Lange

Petone

284 Jackson St:
Features: 304m² corner site, 297m² commercial building strengthened to over 67% of new building standard, occupied by Westpac Bank
Outcome: sold with vacant possession from January for $1.3 million
Agents: Andrew Smith & Paul Cudby

23 Gear St:
Features: 400m² site, comprehensively refurbished building, fitout comprises 120m² showroom, 110m² office/apartment & 161m² workshop
Rent: estimated potential income of $63,000/year net + gst
Outcome: sold with vacant possession for $1.1 million
Agent: Fraser Press

12 Cornish St, unit 2:
Features: 183m² clearspan warehouse near State Highway 2, high stud, roller door, 87m² office/amenities, 2 parking spaces
Outcome: sold with vacant possession for $390,000
Agent: Richard Faisandier

Porirua

Kenepuru

10 Wall Place:
Features: 1634m² site near the Transmission Gully interchange, fully leased 810m² industrial building, 4 tenants; 2 largest tenancies due for rent reviews & renewals over the next 12 months
Rent: $78,000/year net + gst
Outcome: sold for $1.215 million at a 6.42% yield
Agents: Mark Walker & Jon Pottinger

Seaview

39 Seaview Rd:
Features: 1330m² site, dual access off 2 main roads, 640m² vehicle testing station, 11-year lease to VTNZ from April 2011, no renewal right
Rent: $157,795/year net + gst
Outcome: sold for $2.25 million at a 7.01% yield
Agent: Fraser Press

53 Port Rd:
Features: 1158m² site, 40m road frontage, 926m² engineering workshop, multiple roller doors, 6 parking spaces, occupation licence for 108m² fenced yard on southern boundary
Rent: estimated potential income $95,200/year net + gst
Outcome: sold for $1.1 million with vacant possession from March
Agents: Andrew Smith & Paul Cudby

Upper Hutt

222-228 Main St:
Features: 452m² corner site, 2-level 810m² commercial building
Rent: estimated potential income of $90,000/year net + gst
Outcome: sold with vacant possession for $420,000
Agents: Ethan Hourigan & James Higgie

Wingate

80-82 Eastern Hutt Rd, unit 19:
Features: 180m² warehouse/workshop, mezzanine offices, 4 parking spaces in 20-unit business park on main arterial route linking Lower & Upper Hutt; leased to Underwater Solutions Ltd for 2 years from April 2018, 2 2-year rights of renewal
Rent: $13,088/year net + gst
Outcome: sold for $220,000 at a 5.95% yield
Agents: Bhakti Mistry & Ethan Hourigan

Attribution: Agency release.

7 commercial sales around North Island

on Tuesday 13 November 2018 in Agency, Bayleys, Hawkes Bay, Market, Neighbourhoods, Sectors, South of Bombays, Taranaki, Wellington

Bayleys agents have sold 7 commercial properties around the North Island – in Levin, Napier, New Plymouth, Petone & Upper Hutt.

South of the Bombays

Hawke’s Bay

Napier

56 Corunna Bay:
Features: 669m² site zoned suburban industrial, 290m² live/work premises comprising 100m² workshop & office, street frontage, 3-bedroom residence at rear
Outcome: sold vacant for $590,000
Agents: Sam MacDonald & Jack Lee

36 Faraday St:
Features: 1.4518ha development site on Napier Hill with industrial/commercial usage rights; McWilliams Winery manufacturing site for many years, about 7000m²of mostly large industrial sheds, some leased & some empty
Outcome: sold for $646,000 to an existing tenant intending to develop the site
Agent: Gary Wise

Horowhenua

Levin

6 Liverpool St:
Features: 1264m² site, 609m² purpose-built community corrections facility, seismic assessment 100% of new building standard, 11 parking spaces, new 12-year lease to Department of Corrections
Rent: $168,805/year net + gst
Outcome: sold for $2.617 million at a 6.45% yield
Agents: Fraser Press, Stephen Lange & Bede Blatchford

Taranaki

New Plymouth

4 Egmont St, units 6-9:
Features: 2025m² fitness centre in u-shaped cbd retail complex with large central carpark; occupied by City Fitness since 2007 with substantial tenant investment in fitout
Rent: $339,318/year net + gst
Outcome: sold for $3.8 million at an 8.93% yield
Agents: Mike Houlker, Sunil Bhana, Iain Taylor & Alan Johnston

Bell Block

153 & 157 De Havilland Drive, 6-8, 7, 9 & 10 Dakota Place:
Features: 1.7595ha of industrial land in 7 titles, variety of mostly warehouse/workshop buildings
Outcome: sold with vacant possession for $1.575 million
Agents: Iain Taylor & Alan Johnston

Wellington

Petone

20-24 Hautonga St:
Features: 6070m² site, 3000m² high stud warehouse with drivethrough access & dual frontage; fully fenced 2025m² yard
Outcome: sold with vacant possession for $3.915 million
Agent: Richard Faisandier

Upper Hutt

5 Thomas Neal Crescent, lot 32:
Features: 1380m² of industrial land
Outcome: sold for $300,000 at $217/m²
Agents: Christian Taylor & Ethan Hourigan

Attribution: Agency release.

Sale St redevelopment sells

on Sunday 11 November 2018 in Agency, CBD, Colliers International, Greenlane, Isthmus east, Kitchener St, Market, Neighbourhoods, Papakura growth, Sectors, South, South of Bombays, Victoria Quarter, Wellington

A redeveloped building on Sale St (pictured), above Victoria Park, and 2 development properties at Greenlane & in Papakura are the leading sales in Colliers’ latest transactions list.

CBD

Kitchener St

2 Kitchener St, unit 1:
Features: 1026m² retail unit, 3 tenancies
Rent: $223,500/year net + gst
Outcome: sold for $3.5 million + gst at a 6.39% yield
Agents: Adam White, Simon Felton & Gawan Bakshi

Victoria Quarter

Hobson Towers, 26 Hobson St, level 6:
Features: 325m² office floor, 14 parking spaces
Outcome: sold with vacant possession for $2.03 million + gst
Agents: Tony Allsop, Simon Child & Roger Seavill

34 Sale St:
Features: 6317m² redevelopment, 4 office floors, 2 parking levels
Outcome: sold for $63 million + gst at “a yield in the early 5%s”
Agents: Simon Child, Sam Gallaugher & Matt Lamb

Isthmus east

Greenlane

614 & 616 Great South Rd, Greenlane.

614 & 616 Great South Rd:
Features: 3867m² commercial property, net lettable area 2125m² in 2 buildings
Outcome: sold for $11.6 million at a 3.1% yield on holding income
Agents: Gareth Fraser, Simon Child, Josh Coburn & Colliers’ capital markets team

South

Papakura

40-44 East St, lot 2:
Features: vacant 1507m² corner site formerly occupied by the New World Papakura carpark
Outcome: sold for $1.54 million + gst
Agents: Chris Wakim & Matthew Barnes

South of the Bombays

Wellington

Petone

140 Hutt Rd:
Features: 1160m² site, 1020m² warehouse, showroom & office, 10 parking spaces
Outcome: sold with vacant possession for $2.475 million + gst
Agents: Kieran Lennon (Colliers) in joint agency with Gollins Commercial

Taita

1115 High St:
Features: 4818m² development site
Outcome: sold with vacant possession for $1.95 million + gst, with quotes in place for the removal of 1170m² of various structures
Agents: Tim Julian & Janette Lillas

Attribution: Agency release.

Cassels sells Spark Central

on Monday 29 October 2018 in Agency, CBRE, Market, Neighbourhoods, Sectors, South of Bombays, Wellington

Ian Cassels’ The Wellington Company Ltd has sold its Spark Central building in Wellington for $197.5 million, 3 months after CBRE launched a marketing campaign.

Rent at a net $14,491,781 + gst puts the yield on the sale price at 7.34%.

The building at 40-48 Willis St, completed in 2011, has been bought by an investment group represented by Queenstown law firm Mitchell Mackersy. The unconditional sale will be settled in early 2019.

Image above: Spark Central’s Willis St frontage.

Below: The pedestrian link through the Spark Central site.

The pedestrian link through the Spark Central site.

CBRE Wellington managing director Matthew St Amand & NZ executive chair Brent McGregor said it was the biggest single office sale in Wellington.

Mr St Amand said the property attracted strong interest from international investors, drawing offers from Germany, Singapore, Hong Kong & Australia: “We were delighted that Wellington continues to be a destination of choice for offshore investors, but ultimately the strongest offer came from our own backyard.”

The 2-frontage 3658m² site has a 12-storey refurbished heritage building on Willis St and a new 11-storey office tower on Boulcott St, 3 levels of basement parking & an internal pedestrian link connecting the 2 streets.

It has floorplates ranging from 1336-2837m², a net lettable area of 28,000m² and a 5-star green star rating. Tenants include Spark, media group Stuff, insurer AMP and the Bank of NZ.

Mr Cassels said the strong interest & sale pointed to renewed optimism in investing in the capital, and Mr St Amand agreed: “Investors look for quality assets with strong investment fundamentals. What we are seeing now is that the things that traditionally made investors nervous about Wellington – the weather, the distance & the possibility of the occasional earthquake – aren’t the city’s defining features anymore.

“Spark Central is one of the largest & highest quality office assets in the Wellington cbd and is home to notable tenants including Stuff, Spark, BNZ & AMP – all of which is a testament to the way in which future-focused development can make an attractive proposition.”

Attribution: Agency release.

All 3 sold at Bayleys’ Wellington auction

on Monday 29 October 2018 in Agency, Bayleys, Market, Neighbourhoods, Sectors, South of Bombays, Wellington

Bayleys sold all 3 commercial properties at its Total Property auction in Wellington last Thursday.

South of the Bombays

Wellington

Petone

12 Sydney St:
Features: 455m² site zoned Petone commercial 2, 300m² of predominantly warehouse/workshop plus showroom/office space, 8 parking spaces
Outcome: sold vacant for $760,000 at land & building rate of $2533/m²
Agent: Richard Faisandier

75 Sydney St:
Features: 498m² site zoned general business in the heart of Petone’s light industrial area, 369m² tilt-slab warehouse constructed in 2000, seismic assessment 70% of new building standard, 10 parking spaces
Outcome: sold vacant for $900,000 at land & building rate of $2439/m²
Agents: Fraser Press & Paul Cudby

Stokes Valley

192 Stokes Valley Rd:
Features: 322m² corner site zoned suburban commercial, 320m² retail space configured as 4 shops, 2 with longstanding tenants, 2 vacant
Rent: $15,572/year net + gst (estimated potential $36,000/year net + gst)
Outcome: sold for $280,000 at a 5.6% yield on current rent (13.9% on potential rent)
Agents: Paul Cudby & Andrew Smith

Attribution: Agency release.

6 commercial deals around Auckland, Porirua & Central Otago

on Wednesday 3 October 2018 in Agency, Central Otago, Colliers International, East Tamaki, Isthmus east, Market, Mt Wellington, Neighbourhoods, Penrose, Sectors, South, South Island, South of Bombays, Wellington

Colliers agents have reported 5 sales in Auckland, Porirua & Central Otago, including one at an auction brought forward, plus leasing of a design-build project in Penrose.

Isthmus east

Mt Wellington

4 Rakino Way:
Features: 4500m² site, 2180m² office & warehouse occupied by Fero Ltd
Rent: $291,504/year net + gst + opex from new 6-year lease with rights of renewal
Outcome: sold for $4.45 million + gst at a 6.55% yield
Agents: Ben Herlihy & Joshua Franklin

Penrose

15-21 Bell Avenue:
Features: 2.49ha site, 6600m² industrial facility, to be developed by Southpark Corp Ltd for an Australasian automotive & water products tenant on a 12-year initial lease
Agents: Hamish West & Paul Higgins

North-east

Takapuna

Parklane Motor Inn, 2 Rewiti Avenue:
Features: 3096m² site, 2160m² motor inn, 32 rooms, 40 offstreet parking spaces,
Outcome: sold for $10.6 million + gst
Agents: Dean Humphries & Gawan Bakshi

South

East Tamaki

24 Harris Rd, unit 7C:
Features: 267m² warehouse unit
Outcome: sold for $600,000 + gst, at a 5.43% yield, at auction brought forward from 17 October after pre-auction offer accepted
Agents: Jolyon Thomson & Greg Watson

South Island

Central Otago

Alexandra

85-87 Tarbert St:
Features: 2024m² site in 2 titles, 939m² retail showroom, office & warehouse leased to PGG Wrightson Ltd
Outcome: sold for $1.35 million + gst at an 8% yield
Agents: Mark Simpson & Rory O’Donnell

South of the Bombays

Wellington

Porirua

10 Norrie St:
Features: 854m² site, 660m² warehouse & showroom
Outcome: sold for $1.1 million + gst
Agents: Vince Southee & Dean Anderson

Attribution: Agency release.

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