Archive | Papakura growth

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.

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Commercial Realty signs 4 industrial sales & 6 leases

Commercial Realty Ltd agents have completed 4 $50,000-plus industrial property sales & 6 leases in the 3 months November-January. The agency specialises in industrial & commercial property in the east of Auckland’s isthmus & southern suburbs. I haven’t gone back to determine further property details in each transaction.

Sales

Isthmus east

Mt Wellington

1066 Great South Rd, unit 5:
Features: 186m²
Outcome: sold to a local owner-occupier for $685,000 – “transaction completed within a week, showing the strength of the Mt Wellington market”
Agent: Willie Fernandes

South

East Tamaki

12-16 Harris Rd:
Features: 2195m²
Rent: holding income of $267,000/year until September
Outcome: sold to an owner-occupier for $5.882 million
Agents: Mark Bramwell & Tom Cooper

24E Sir William Avenue:
Features: 360m², office & warehouse unit
Outcome: sold to an owner-occupier for $1.3 million
Agent: David Turner

Wiri

18 Aerovista Place:
Features: 1600m²
Outcome: sold to an investor for an undisclosed price on behalf of clients by Viranda Holdings Ltd, but reflecting a 5.7% return
Agent: Kerry McGuffog

Leases

Isthmus east

Onehunga

88 Princes St:
Features: 208m²
Outcome: sold to a nearby owner-occupier for $775,000 after a multiple offer campaign
Agent: Danny Guise

Penrose

345 Church St:
Features: 810m²
Rent: leased to a local tenant for $126,500/year after a multiple offer campaign
Agent: Danny Guise

525 Great South Rd, unit D:
Features: 535m²
Rent: leased for $109,740/year to an international client which is upsizing its New Zealand operation
Agents: Tom Cooper & Danny Guise

108-136 Hugo Johnston Drive:
Features: 3669m²
Rent: leased for $136,000/year to a client looking to expand
Agent: Willie Fernandes

South

Mangere

180 Montgomerie Rd, unit 9:
Features: 412m²
Rent: leased to an Airport Oaks tenant for $80,000/year
Agent: Tom Cooper

Papakura

40-52 Hunua Rd:
Features: 4000m²
Rent: leased to a national tenant on a long-term lease for $409,400/year
Agents: Mark Bramwell & Willie Fernandes

Attribution: Agency release.

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Top 10 holiday park & central Waiuku development site sold

The Top 10 holiday park at Orere Point (pictured), at the top of the Firth of Thames in Auckland’s south-east, has been sold through Bayleys to a buyer who intends to retain it as a holiday park.

In Waiuku, the agency has sold a central development site which has multiple residential leases in place.

South

Orere Point

2 Orere Point Rd:
Features: established Top 10 holiday park on 5.29ha at Firth of Thames, multitude of sites, permanent caravans & cabins plus communal facilities & owner’s accommodation; maintained to high standard by owner for past 34 years
Outcome: sold as freehold going concern for $2.5 million + gst, Auckland-based buyer intends to continue to operate as holiday park with plans to expand services
Agent: Josh Smith

Waiuku

The Waiuku development site outlined.

24, 28 & 30 Bowen St, 4 & 6 Martyn Place, 9 Court St (outlined):
Features: 6660m² town centre development site in 6 titles, local centre zoning, opposite Mitre 10 & New World stores, multiple residential leases
Outcome: sold for $3.25 million + gst at $492.4/m²
Rent: $78,833/year net (gst inclusive)
Agents: Shane Snijder & Virginia Zhou

Attribution: Agency release.

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Sale St redevelopment sells

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.

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Retail sale in Flat Bush, industrials in Papakura & Wiri

Bayleys agents in South Auckland have sold a part-occupied new convenience retail complex (pictured) in Flat Bush, a vacant Papakura industrial site and a truck servicing holding in Wiri.

South

Flat Bush

1 Arranmore Drive:
Features: 1463m² corner site, recently developed part-occupied 491m² convenience retail complex split into 5 tenancies; superette, café & Indian takeaway are returning $119,257/year net + gst
Rent: estimated total rental if fully leased, up to $180,000/year net + gst
Outcome: sold for $2.55 million + gst
Agents: Ben Bayley & Tony Chaudhary

Papakura

14-16 Parker St:
Features: 2.85ha of vacant industrial land, previously the site of an abandoned development project with $1.7 million spent on preconstruction
Outcome: sold for $5 million + gst to an owner occupier in the crane industry at $175/m²
Agents: Shane Snijder & Peter Migounoff

Wiri

6 Tacoma Rd:
Features: Fully fenced 8887m² landholding, modern 1280m² workshop, office & showroom building, only 12% site coverage; used for truck servicing, the high stud workshop has a 22m-long service pit & full drive-through capability plus 8 roller doors; largely sealed yards & concrete forecourts surround the workshop, an additional 4473m² metalled rear yard has washdown facility
Outcome: sold to trucking company with vacant possession for $6.6 million + gst
Agent: Mike Marinkovich

Attribution: Agency release.

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Chaudhary team sells 5 childcare centres

Tony Chaudhary’s South Auckland team at Bayleys has sold 5 childcare centres in Mt Wellington, Manurewa, Papakura, Wattle Downs & Weymouth.

3 were sold on 6% yields, one a few dollars off that, and the Mt Wellington one was sold on a 5.2% yield.

In a story on this website on Monday, the Chaudhary team featured its successes in selling a number of fuel stations (ordinarily, long called service stations, but that’s not always the case now).

Isthmus east

Mt Wellington

73 Aranui Rd:
Features: 1012m² site zoned residential – mixed housing suburban, 221m² childcare centre, originally a 1960s house extended in the 1990s, licensed for 40 children, 8-year lease from December 2017, 2 8-year rights of renewal, fixed annual rental increases of 2%
Rent: $93,600/year net + gst
Outcome: sold for $1.805 million at a 5.19% yield
Agents: Tony Chaudhary, Janak Darji & Paul Dixon

South

Manurewa

4 Browns Rd:
Features: 1132m² site zoned residential – mixed housing urban, 317m² childcare centre licensed for 50 children, new 15-year lease
Rent: $117,000/year net + gst
Outcome: sold for $1.95 million at a 6% yield
Agents: Tony Chaudhary, Amy Weng & Janak Darji

Papakura

336 Great South Rd:
Features: 1419m² corner site zoned residential – mixed housing suburban, new 2-level 511m² childcare centre consented for 85 children, purpose-built for All About Children, 17 parking spaces, 15-year lease, 2 10-year rights of renewal
Rent: $243,000/year net + gst
Outcome: sold for $4,057,860 at a 5.99% yield
Agents: Tony Chaudhary, Janak Darji & Amy Weng

Wattle Downs

149 Mahia Rd:
Features: 818m² site zoned residential – mixed housing urban, 181m² childcare centre licensed for 40 children, new 15-year lease
Rent: $93,600/year net + gst
Outcome: sold for $1.56 million at a 6% yield
Agents: Tony Chaudhary, Amy Weng & Janak Darji

Weymouth

436 Weymouth Rd:
Features: 901m² site zoned residential – mixed housing urban, 305m² childcare centre licensed for 45 children, new 15-year lease
Rent: $105,300/year net + gst
Outcome: $1.755 million at a 6% yield
Agents: Tony Chaudhary, Amy Weng & Janak Darji

Earlier story, 9 September 2018: Chaudhary notches up fuel station sales

Attribution: Agency release.

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One sells at 5%, another at hefty premium in Total Property auction

5 of the 8 properties auctioned in Bayleys’ Total Property 5 auction in Auckland today sold under the hammer, and a sixth sold a couple of hours later at a hefty premium above the last bid.

The auctions for 3 other properties were postponed (but they’re listed below).

Most activity was for a retail unit in an Apollo Drive, Rosedale, development on the North Shore (pictured).

Bidding opened at $750,000, equating to a 6.6% yield, it went on the market at $910,000, equating to 5.4%, and after a series of small raises by 3 bidders it sold for $1000 more than an exact 5% yield – the strongest return of the day.

CBD

Queen St

Mid-City Centre, 239 Queen St, basement unit B:
Features: 600m²,
Rent: $168,000/year net + gst from pool hall operator, 8-year lease from March 2018, rent increases 2%/year
Outcome: auction postponed
Agents: Nicolas Ching & James Chan

Isthmus east

Otahuhu

35B Saleyards Rd:
Features: 994m² site, 426m² floor area, 4 light industrial units, 3 tenants, all on 2-year leases
Rent: $64,774/year net + gst
Outcome: sold for $1.031 million at a 6.3% yield
Agents: Tony Chaudhary & Nelson Raines

Penrose

14 Greenpark Rd:
Features: 1627m² site, 1451m² warehouse, seismic rating 71%, head office for Momotea restaurant group, plus apartment
Rent: $201,141/year net + gst, lease expiring in 2035
Outcome: auction postponed
Agent: Millie Liang

North-east

Rosedale

56 Apollo Drive, unit 6:
Features: 90m² corner café leased to Duck Duck Goose in 13-unit retail development by Kea Property Group
Rent: $49,500/year net + gst + outgoings from 6-year lease + renewals
Outcome: sold for $991,000 at a 4.995% yield
Agents: Laurie Burt & Eddie Zhong

12 Parkhead Place, unit B:
Features: 627.4m², warehouse with 3 roller doors, offices & amenities at both ends, 12 parking spaces
Outcome: sold with vacant possession for $1.945 million
Agents: Matt Mimmack & Laurie Burt

Wairau Valley

Wairau Junction, 160 Wairau Rd, unit 5:
Features: 59m² retail, tenant Spice Cuisine on 10-year lease from 2013
Rent: $25,000/year net + gst
Outcome: sold for $415,000 at a 6% yield
Agents: Matt Lee & Terry Kim

North-west

Te Atatu Peninsula

570 Te Atatu Rd:
Features: 1229m² site, 4 separate shops, rear access
Rent: $85,093/year net + gst
Outcome: auction postponed
Agents: Scott Kirk & James Were

South

Manukau

533 Great South Rd, unit H:
Features: vacant 1020m² standalone light industrial building, offices & amenities, 11 parking spaces
Outcome: no bid
Agents: Alex McNeil & Karl Price

Manurewa

25 Station Rd:
Features: 344m² site, 550m² building area, 4 separate tenancies on 2 floors, B grade seismic rating, roof replaced 2013
Rent: $71,830/year net + gst
Outcome: sold for $1.25 million at a 5.75% yield
Agents: Dave Stanley & Shane Snijder

Papakura

13 Vernon St:
Features: vacant 2071m² business mixed use site, 573m² floor area, high stud workshop across the rear boundary, lower stud shed at roadfront
Outcome: passed in at $1.3 million, sold within 2 hours for $1.75 million
Agents: Piyush Kumar & Peter Migounoff

Pukekohe

30 Franklin Rd:
Features: vacant 1161m² site zoned business mixed use, 827m² floor area, plans for apartment development available
Outcome: no bid
Agents: Shane Snijder, Scott Penney & Virginia Zhou

Attribution: Auction.

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Allenby Park sale among 4 South Auckland deals

The 68-unit Allenby Park hotel complex in Papatoetoe (pictured above) has been sold as a freehold going concern, one of 4 recent commercial sales in South Auckland by Bayleys. The complex has drive-around access and has recently been upgraded throughout, including a new roof.

Bayleys’ business, tourism & leisure team leader, Paul Dixon, said the new owner had indicated an intention to continue operating the accommodation business although longer term the 8345m² site had potential for further development as site coverage is only 42%.

A Takanini site with a small workshop on it has been sold at auction by Bayleys after competition between 7 bidders lifted the price from a starting offer of $600,000 to an eventual sale to a local owner-occupier, after 84 bids, at $941,000.

South

Otahuhu

7 Piki Thompson Way:
Features: 2064m² in 3 titles zoned terrace housing & apartments, 608m² commercial building & surrounding parking; leased to Maori services provider Te Roopu Taurima o Manukau until July 2021
Rent: $65,922 /year net + gst, annual CPI increases
Outcome: sold for $1.7 million at land value of $823/m² & a 3.87% yield
Agent: Dave Stanley

Papakura

5 Vernon St:
Features: 1012m² level site zoned mixed use, 116m² 1950s villa; consented for 3 industrial units
Outcome: sold vacant for $760,000 at $751/m²
Agents: Dave Stanley, Peter Migounoff & Piyush Kumar

Papatoetoe

477 Great South Rd:
Features: 8345m² site zoned mixed housing suburban, recently upgraded 68-unit Allenby Park hotel complex, in-house restaurant, bar & standalone 2-level conference facility; potential for further site development as building coverage only about 3500m²
Outcome: sold as a freehold going concern for $16 million
Agents: Paul Dixon, Janak Darji & Tony Chaudhary

Takanini

22 Oakleigh Avenue, Takanini.

22 Oakleigh Avenue:
Features: 1159m² security-fenced site zoned light industry, 184m² workshop built in 2000
Rent: estimate of $40-48,000/year net + gst
Outcome: sold with vacant possession for $941,000
Agents: Rod Grieve & Peter Migounoff

Attribution: Agency release.

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4 industrial sales & 10 leases

Commercial Realty Ltd agents have completed 4 industrial sales for over $50,000, also leased one of those properties and signed another 9 leases since April. The agency specialises in industrial & commercial property. I haven’t gone back to determine the types of property in each transaction.

Sales

Isthmus east

St Johns

145F Morrin Rd:
Features: 91m²
Outcome: sold for $350,000 + gst
Agent: David Turner

South

East Tamaki

29F Neilpark Drive:
Features: 100m²
Outcome: sold for $320,000 + gst
Agent: David Turner

South of the Bombays

Manawatu

Levin

16-20 Roe St:
Features: 1315m²
Outcome: sold for $2.45 million + gst, leased for $175,000/year + gst
Agent: John Lee

Waikato

Pokeno

Gateway Business Park:
Features: 11,000m² of land
Outcome: sold for $2.439 million + gst
Agent: Mark Bramwell

Leases

Isthmus east

Mt Wellington

24R Allright Place:
Features: 485m²
Rent: leased for $56,000/year + gst
Agent: Danny Guise

Onehunga

14 Angle St:
Features: 575m²
Rent: leased for $78,000/year + gst
Agent: Danny Guise

Penrose

Part 8-12 Greenpark Rd:
Features: 1460m²
Rent: leased for $185,000/year + gst
Agents: Danny Guise & Willie Fernandes

373 Neilson St:
Features: 2598m²
Rent: leased for $435,476/year + gst
Agent: Willie Fernandes

Isthmus west

Mt Roskill

62-68 Carr Rd:
Features: 1050m²
Rent: leased for $76,800/year + gst
Agent: Reid McGowan & Willie Fernandes

South

East Tamaki

110D Cryers Rd:
Features: 309m²
Rent: leased for $52,000/year + gst
Agent: David Turner

Mangere

17 Aintree Avenue:
Features: 1100m²
Rent: leased for $150,000/year + gst
Agent: Kerry McGuffog

Part 38 Richard Pearse Drive:
Features: 1566m²
Rent: leased for $195,000/year + gst
Agents: Mike Edward, Reid McGowan & Willie Fernandes

Papakura

40-52 Hunua Rd:
Features: 1000m²
Rent: leased for $123,575/year + gst
Agent: Mark Bramwell

Attribution: Agency release.

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Mix of offices & one industrial sell in South Auckland

Bayleys agents in South Auckland have sold 3 office properties and a vacant industrial site.

South

Manukau

5A Ryan Place:
Features: refurbished 1500m² 2-level office unit, 24 secure parking spaces, new 3-year lease
Outcome: sold for $2.64 million at a 7.59% yield
Rent: $200,400/year net + gst, 2.5% annual rental increases
Agents: Damien Bullick & Alan Haydock

Papakura

37 East St:
Features: 651m² cbd site, 2 industrial buildings with a total floor area of 390m², secure rear yard & offstreet parking
Outcome: sold with vacant possession for $770,000  
Agents: Peter Migounoff & Piyush Kumar

Papatoetoe

129 Kolmar Rd:
Features: 809m² site zoned town centre, 763m² 2-level modern office building; 2 occupants, with purchaser having a replacement tenant for an expiring lease
Rent: $96,000/year net + gst
Outcome: sold for $1.55 million at a 6.19% yield
Agents: John Bolton, Roy Rudolph & Katie Wu

Takanini

4 Graham St, unit 4:
Features: 240m² first-floor office premises, 5 parking spaces, one year to run on current lease with renewal rights
Rent: $30,000/year net + gst
Outcome: sold for $390,000 at a 7.69% yield
Agents: Peter Migounoff & Piyush Kumar

Attribution: Agency release.

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