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Updated: 5 (now 6) of 14 sell at Bayleys’ Auckland commercial auction, 3 of 3 in Tauranga

on Monday 29 October 2018 in Agency, Bay of Plenty, Bayleys, Blockhouse Bay, CBD, Chancery, Clendon, Coromandel, Eden Terrace, Ellerslie, Hauraki Gulf, Henderson, Isthmus east, Isthmus west, Market, Neighbourhoods, North-east, North-west, Onehunga, Orewa, Parnell, Pt Chevalier, Queen St, Rosedale, Sectors, South, South of Bombays, Wairau Valley

Published 25 October 2018, updated 29 October & 27 November 2018:
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: 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.

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Outcome: withdrawn from auction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

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: no bid
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Outcome: withdrawn from auction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.

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A low apartment price and very strong commercial yields

on Thursday 25 August 2016 in Agency, Apartments, Bayleys, CBD, CBD and fringe, Clendon, Isthmus east, Market, Neighbourhoods, North-east, Sectors, South, Stonefields, Uptown, Wairau Valley

A large Vincent St apartment (pictured above), a Stonefields terrace, a Wairau valley warehouse & office unit and 2 outlets in a new Clendon development (pictured below) were all sold under the hammer at Bayleys’ auction yesterday.

Assuming parking at $80,000/space, the Vincent St apartment in a mixed residential & commercial building up from Aotea Square sold at about $3750/m².

The Wairau Valley unit sold on a 4.63% yield on a new lease, and both Clendon shops sold on 4.5% yields.

Apartments

CBD

Uptown

126 Vincent St, unit 3:
Features: 211m² apartment, air-conditioned in zones, lifts open on to private foyer, 4 bedrooms, 2 bathrooms, media room, 2 basement parking spaces
Outgoings: body corp levy $13,307/year + $2981 contingency levy
Outcome: sold for $950,000
Agents: Julie Prince & Diane Jackson

Isthmus east

Stonefields

30 Bluegrey Avenue:
Features: 124m² section + 1/34th of 1218m², 2-bedroom corner terrace, courtyard, parking space
Outcome: pre-auction offer of $880,000 was acceptable, sold for $1 million
Agents: Anna Stephenson & Jackie Dragicevich

Commercial

North-east

Wairau Valley

59-61 View Rd, unit 10:
Features: 229m² warehouse & office, tenant GS Express Ltd
Outgoings: body corp levy $2190/year excluding gst
Rent: $28,000/year net + gst + outgoings, new 4-year lease
Outcome: sold for $605,000 at a 4.63% yield
Agents: Ashton Geissler & James Kidd

South

Clendon

439 Roscommon Rd, where 2 shops sold at yields of 4.5%.

439 Roscommon Rd, where 2 shops sold at yields of 4.5%.

439 Roscommon Rd, unit 2:
Features: 97m² dairy in new 5-unit retail complex
Outgoings: body corp levy $5658/year
Rent: $41,600/year + gst, 6-year term
Outcome: sold for $925,000 at a 4.5% yield
Agents: Tony Chaudhary & Janak Darji

439 Roscommon Rd, unit 3:
Features: 97m² liquor outlet unit in new 5-unit retail complex
Outgoings: body corp levy $5658/year
Rent: $41,740/year + gst, 4-year term
Outcome: sold for $935,000 at a 4.46% yield
Agents: Tony Chaudhary & Janak Darji

Attribution: Auction.

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6 commercial sales around Manukau

on Tuesday 12 April 2016 in Agency, Bayleys, Clendon, Manukau Central, Market, Neighbourhoods, Sectors, South, Takanini

Bayleys agents have completed 6 commercial sales in Clendon, Manukau Central & Wiri.

South

Clendon

421 Roscommon Rd, unit A:
Features: 1340m2 retail building
Outcome: sold vacant for $1.995 million
Agent: Tony Chaudhary

429 Roscommon Rd:
Features: 2100m2 business 5 site, 540m2 warehouse
Outcome: sold vacant for $2.025 million
Agents: Tony Chaudhary, Janak Darji & Amy Weng

Manukau Central

78B Grayson Avenue:
Features: 205m2 industrial building – 194m2 warehouse, 25m2 office, 2 parking spaces
Outcome: sold vacant for $405,000
Agent: Mike Marinkovich

12 Lambie Drive (pictured):
Features: Underdeveloped 7218m2 business 5-zoned site, 5255m2 2-level building with mix of office & warehouse, fully leased to 11 tenants, 92 parking spaces
Rent: $588,100/year net + gst
Outcome: sold for $7 million at an 8.4% yield
Agent: Alan Haydock

Wiri

1 Hautu Drive, unit 5:
Features: 471m2 industrial building – 294m2 warehouse, 97m2 office, 80m2 showroom
Outcome: sold vacant for $1.150 million
Agents: Nick Bayley & Marty Roestenburg

6A & B Earl Richardson Avenue:
Features: 2 small industrial units – 240m2 road-front unit & 180m2 unit, 9 parking spaces
Outcome: sold vacant for $850,000
Agent: Mike Marinkovich

Attribution: Agency release.

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Foodstuffs to replace Clendon store with Pak ’n Save

on Wednesday 19 August 2015 in Clendon, Foodstuffs, Market, Neighbourhoods, Retail, Sectors, South

Foodstuffs North Island Ltd has decided to replace its New World store in Clendon with a bigger Pak ’n Save supermarket.

It’s had a New World in the Clendon shopping centre since the South Auckland suburb was established in 1984, but Foodstuffs property development general manager Angela Bull said yesterday it was time, after 30 years, for a complete makeover: “We have had a good look at the store and seen there’s a great opportunity for Pak ’n Save to come to Clendon to best meet our customers’ needs.”

The conversion from the present store’s gross floor area of 2993m² to the proposed Pak ’n Save 4706m² will happen in stages and the store will stay open throughout the construction. The redevelopment has consent and Ms Bull expected construction of the first stage of the new supermarket to start in mid-2016.

Attribution: Company release.

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McDonald’s buys its Clendon outlet

on Saturday 17 July 2010 in Clendon

Written 29 April 2010 but seemingly not published at the time, published 17 July 2010

The McDonald’s outlet at the Clendon shopping centre was sold for $2.8 million on a 6.5% yield at a Colliers International auction today.

 

The auction drew 3 bidders and was sold under the hammer to McDonald’s Restaurants NZ Ltd, which also has a $100 million programme to expand its outlets to 173 by the end of next year.

 

The 306m² restaurant sits on a 1151m² site, with its own title, at the corner of Roscommon Rd & Robert Ross Place, on the edge of the Clendon shopping centre’s second stage. Current rent was $181,500 plus gst, with all outgoings paid by McDonald’s as tenant. It includes a McCafe, drive-through & playground.

 

It was taken to auction by Point Nominees (Clendon) Ltd (Chris Holmes, Remuera), a subsidiary of Point Capital Group Ltd (Mr Holmes & Tony Hannon, Torbay).

 

McDonald’s had first right of refusal on the property. Any other buyer would have had a long-term tenant – McDonald’s signed a 10-year lease renewal in December 2007 and had 3 more 6-year rights of renewal.

 

The shopping centre was built around 1984 and was most recently extended in 2008. It’s anchored by a Warehouse store, has more than 40 specialty tenancies, some office space and parking for 575 cars, and 2 other sites under separate ownership – the New World supermarket & Mobil service station. All of them come under the shopping centre management agreement.

 

McDonald’s development director Brett Watson said the company had a first right of refusal on most of its stand-alone tenancies but evaluated them carefully before buying. The price on this one was considered “market”, although some retail properties have sold recently at stronger yields.

 

Meanwhile, McDonald’s is into the second year of its 3-year programme to add 30 restaurants to its fast-food network. It built 10 last year, is on track to complete 10 more this year and should add another 10 next year.

 

The first for 2010 was opened at Richmond, Nelson, one will open in about 2 months at the corner of Constellation & Apollo Drives, Mairangi Bay, and work started this week on a site on Whangaparaoa Rd, next to the Berkeley cinema and just down from the Pacific Plaza shopping centre on the Whangaparaoa Peninsula.

 

Vendor background:

 

Mr Holmes is a director of Best Properties Ltd, Omaha Bay Investments Ltd, Point Properties Holdings Ltd, Radius Property Holdings Ltd, Roscommon Tavern Ltd, Seniorcare Group Ltd, Symmetry Partners Ltd & Sym Trustee Ltd, and a former director of AMP Capital Investors (NZ) Ltd, Foundation Securities (NZ) Ltd & Radius Hospitals Ltd. Mr Hannon is a director of Basin Properties Ltd, Kaching Investments Ltd, Kava Investments Ltd, Pitchbeam Partners Ltd, Radius Property Holdings, Rock Isle Forestry Ltd, Seniorcare Asset Management Ltd & Seniorcare Properties Management Ltd, Vomo Developments Holdings Ltd & Vomo (NZ) Ltd, and a former director of 4WD Experience NZ Ltd, Ascot Private Equity Ltd, Auckland Bridge Climb Ltd, Best Properties, BNZL Properties Ltd, Bungy NZ Ltd, Canterbury of NZ Ltd, Eastman Properties Ltd, Endeavour I-cap Ltd, FP North Ltd (in liquidation – ex-Vestar Ltd & Northplan Financial Services Ltd), I-cap Nominees Ltd, IMP Diversified Income Fund Ltd, Jade Software Corp Ltd, Jucy Group Ltd, Next Holdings Ltd, Passage Holdings Ltd, Peppertree Apartments Ltd, Pic Logic Ltd & Picobi Ltd (both in receivership & liquidation after his departure), various Point Properties companies, Radius Health Group Ltd, Radius Properties Ltd, Rodney Wayne Ltd, Savoy Equities Ltd, several Seniorcare  companies, Snowline Holdings Ltd, Stoney Creek Village Ltd, Sun Living Ltd, Treble Cone Investments Ltd, Upstart Capital Ltd & Woosh Wireless Ltd.

 

Want to comment? Go to the forum.

 

Attribution: Auction & auction documents, Companies Register, story written by Bob Dey for the Bob Dey Property Report.

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