Archive | Market

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.

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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.

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December home sales dive – but medians rise

House sales in December fell to their lowest level for that month in 7 years, the Real Estate Institute said today.

The 5330 sales were down 12.9% from December 2017’s 6117.

Auckland sales for the month were the lowest in 10 years, down 24.3% to 1336 (1765 in December 2017).

Outside Auckland, sales were the lowest December tally in 5 years. The 3994 sales were down 8.2% from December 2017’s 4352.

Sales declined from the previous December in 12 of the institute’s 16 regions.

The institute’s response was to try convincing vendors that the market is falling and to drop their asking price to get a sale. Institute chief executive Bindi Norwell said: “With national listing levels down 11.3% in November and 13.3% in December, it’s not entirely surprising that December was a quiet month in terms of sales volumes. However, what we’re hearing is that part of the lower sales volumes can also be attributed to some vendors’ understanding of the value of their home. A realistic approach to market value may help vendors sell their property in a more reasonable timeframe.” 

The median sale price rose in every region and hit a new record in the Bay of Plenty, rising 2% to $610,000 ($598,000).

Median house price, December 2018 (November 2018 & December 2017 in brackets):
Auckland: $862,000, ($860,000 in both November 2018 & December 2017), up 0.2%
National: $560,000 ($579,000, $551,750), down 3.3% from November, up 1.5% from December 2017
NZ ex-Auckland: $480,000 ($485,000, $451,000), down 1.0% from November, up 6.4% from December 2017

Volume sold, December 2018 (November 2018 & December 2017 in brackets):
Auckland: 1336 (2133, 1765), down 37.4% from November, down 24.3% from December 2017
National: 5330 (7514, 6117), down 29.1% from November, down 12.9% from December 2017
NZ ex-Auckland: 3994 (5381, 4352), down 25.8% from November, down 8.2% from December 2017

House price index (December 2017 in brackets):
Auckland: 2822 (2872), down 1.7%
National: 2740 (2653), up 3.3%
NZ ex-Auckland: 2672 (2473), up 8.0%

Median days to sell (December 2017 in brackets):
Auckland: 39 (34)
National: 35 (32)
NZ ex-Auckland: 33 (31)

Auctions (December 2017 in brackets):
Auckland: 260, 19.5% of all sales (462, 26.2%)
NZ: 584, 11% of all sales (836, 13.7%)

The breakdown of sales in price brackets and their share of the market (December 2017 in brackets):
$1 million-plus:  687 (852), 12.9% (13.9%)
$750-999,999: 834 (872), 15.6% (14.3%)
$500-749,999: 1596 (1730), 29.9% (28.3%)
Under $500,000: 2213 (2663), 41.5% (43.5%)
Total sales: 5330 (6117)

Median prices & volumes around Auckland on old council boundaries for December 2018 and, in brackets, November 2018 & December 2017:
Auckland region: $862,000 ($860,000, $860,000), 1336 (2133, 1765)
Auckland City: $986,000 ($950,000, $915,000), 414 (704, 605)
Franklin District: $680,000 ($702,000, $710,000), 66 (89, 88)
Manukau City: $830,000 ($835,000, $840,000), 275 (398, 336)
North Shore City: $980,000 ($1,050,000, $1,108,000), 213 (319, 278)
Papakura District: $685,000 ($650,000, $700,000), 52 (97, 68)
Rodney District: $855,000 ($865,000, $812,500), 120 (207, 149)
Waitakere City: $828,000 ($773,000, $780,000), 196 (319, 241)

Attribution: Real Estate Institute.

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Corrected: Wiri sale one of 4 for Colliers

The Trust Investments Property Fund has ended up with ownership of HEB Construction Ltd’s headquarters building in Wiri at a slightly higher price than it negotiated early last year after the rental figure was finalised, taking its portfolio of commercial properties to $150 million.

It was one of 4 recent transactions by Colliers agents. The others were in Christchurch, across the road from the casino in Hamilton and in Whakatane.

South

Wiri

Corrected: 105 Wiri Station Rd:
Features: 1.46ha heavy industrial site with frontage also to Plunket Avenue, 6317m² building, 4993m² of medium to high stud warehousing, the balance a mix of modern & older-style offices, 88 parking spaces, formerly occupied by Honda NZ Ltd, refurbished early this year before HEB Construction Ltd occupied it on a 15-year lease
Rent: the lease has annual 2.5% rental increases with reviews to market every 5 years (cap & collar mechanism)
Outcome: sold vacant for $9.85 million in February, contract signed last April by the Trust Investments Property Fund and settled in November on completion of the refurbishment at $20.12 million, based on the final rental
Agents: Greg Goldfinch, Hamish West & Ben Herlihy

South Island

Canterbury

Christchurch

4 Russley Rd, corner Yaldhurst Rd; & Rangiora, 300 High St, corner King St:
Features: 2 Caltex service stations up for sale & leaseback to Z Energy 2015 Ltd at auction on 10 December; Russley Rd: 4249m² site, 383m² floor area, leaseback term 10 years 1 month + 3 5-year rights of renewal from 28 February; Rangiora: 1987m² site, same renewal rights & lease terms
Rent: Russley Rd: proposed rent $310,490/year net + gst + opex; Rangiora: proposed rent $190,035/year net + gst + outgoings; both 2%/year fixed growth, market reviews at end of initial lease term
Outcome: both sold to an Auckland buyer – Russley Rd for $5.3 million, Rangiora for $3.335 million
Agents: Mark Macauley & Will Franks

South of the Bombays

Bay of Plenty

Whakatane

106 Commerce St:
Features: 1553m² site, 1013m² 2-level office building, 2 long-term tenants, 26 parking spaces, seismic rating 100% new building standard
Rent: $204,600/year net + gst
Outcome: sold for $2.6 million, at a 7.87% yield
Agents: Rob Schoeser & Simon Clark

Waikato

Hamilton

331 Victoria St:
Features: 364m² site, 710m² 2-level building opposite SkyCity & the new Riverbank Lane retail development, seismic rating 51% new building standard
Rent: $95,000/year gross + gst
Outcome: sold for $1.13 million at a 7% yield
Agents: Justin Wang & David Palmer

Attribution: Agency release, Trust Management.

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It’s a buyer’s market, says Barfoots chief

Barfoot & Thompson managing director Peter Thompson acknowledged last week – on the agency’s latest residential sales figures – that it’s become a buyer’s market.

“The Auckland property market ended the year edging towards its first decline in prices for 10 years,” he said.

His analysis is supported by Quotable Value Ltd’s monthly index release, out today, which showed the Auckland index just positive (by 0.4%) in the 12 months to November, but has slipped to 0.4% negative in the 12 months to December.

“In the past few months the tide has turned towards it becoming a buyers’ market,” Mr Thompson said. “The overriding market sentiment at present is indecision as to the direction the market is heading.

“A range of factors contributed tomarket uncertainty at year end. These included non-New Zealand residents being restricted from buying certain categories of property, the reported major decline of property prices in the major Australian cities, the potential for capital gains to be applied to investment properties in the future and concerns over world economic stability, in part caused by the trade friction between the US & China.

“The sales data for December masks that trend, but it shows up clearly in the year-on-year figures between 2018 & 2017.

“In December, the point was reached where it was vendors that were prepared to meet the market who were achieving a sale while those holding out for their asking price were not.”

Mr Thompson said residential sales rose 8.1% from 2017 to 2018, but the median price fell 0.8% to $836,792 in 2018 – “the first time the median price has fallen below that for the previous year since 2008, the year the impact of the global financial crisis affected house prices.

“The average 12-month sales price for 2018 at $929,910 is up on that for 2017, but by only 0.4%. Earlier in the year it was tracking between 1-2% above 2017’s average price.”

While the focus has moved from constant price rises, Mr Thompson said the standout feature of 2018 for him was in the under-$500,000 price category, where sales rose from an 8.9% share ofthe agency’s total in 2017 to 11.4%: “This increase can be linked directly to the higher number of apartments, terraced housing & townhouses hitting the market, giving first-time buyers & those on limited incomes far better access to property.”

He said the 555 new listings in December were in line with a year earlier, and the 4194 properties on the agency’s books at year end were also similar: “It will ensure that we start the year’s trading with buyers being offered the highest level of choice for 7 years.”

The figures:

Related story today:
Auckland house price chart turns from just-positive in November to just-negative

Attribution: Agency release.

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Auckland house price chart turns from just-positive in November to just-negative

Quotable Value Ltd’s monthly chart of house price movements, out today, shows Auckland going from a just-positive 0.4% shift over the 12 months to November, to a just-negative 0.4% shift for the December year.

Nationally, the picture remains more positive than in Auckland, as it has been for the 2 years since the Auckland charts stalled (with the exception of the southern suburbs on the isthmus & the north-west of old Manukau – QV still works on the local government boundaries abandoned in 2010).

QV’s average residential value for the Auckland region in December 2018 was $1,048,145. Back one year it was $1,050,647. Back 2 years it was $1,047,179.

In the north of the region, prices in Rodney, and the more rural north of Rodney, have held up, while pricing on the Hibiscus Coast remains weak, declining in the last 3 months. That weakness is also apparent on the North Shore (but not North Harbour) & the isthmus, but not the Hauraki Gulf islands (on the usual thin results). Prices in the south of the region have stayed positive over both 3 & 12 months.

Outside Auckland, the catchup continues – Dunedin’s QV index has risen 11.2% over 12 months, Invercargill’s 11.6%, Gisborne’s 10.7% and, on the northern border, Kaipara’s has risen 10.8% (on low numbers, as usual).

Nick Goodall, head of research for CoreLogic NZ Ltd, which contributes analysis for the QV reports, said: “Responsible bank lending standards remain and have been a defining factor of the property market in 2018. However, solid market foundations also continue, both of which shape our outlook for the market to perform similarly to last year.

“These foundations include low mortgage interest rates and a relaxation of loan:value ratio (LVR) rules for both owner-occupiers & investors, still-high (albeit slowing) population growth, a strong labour market & a remaining deficit of new properties being built, despite very encouraging consent figures.

“Counteracting these factors are proposed tax changes for investment property, potentially an increased requirement for banks to hold greater capital against their loans, and the elimination of foreign buyers in the New Zealand property market.

“These all contribute to our expectation of growth rates remaining constrained, while not necessarily doing enough to see values drop.”

“In Auckland in particular, there’s still a deficit of supply from years of under-building, which is likely to guard against a significant drop in values, given still-strong population growth.

“The lending environment will remain another key market fundamental. We’ve just seen a loosening of the LVR restrictions and, with interest rates likely to stay low, certainly in the short term, we’re in a relatively accommodating position, which will allow for a continuation of modest property growth.”

Below, the dollar figure is the average value for December. The first percentage is for the 3 months to December, the second is for the last 12 months (QV switches those around in its tables) and the third is the change since the 2007 peak. For Auckland, QV still works on the old council boundaries (councils marked in bold); Kaipara & the Hauraki Gulf Islands, as usual, have low counts:

Auckland region: $1,048,145, 0.1%, -0.4%, 92.4%
Total NZ: $682,938, 1.2%, 3.2%, 65.1%

The Auckland region:
Rodney: $950,940, 0.1%, 1.1%, 62.1%
North: $973,800, 0.6%, 1.3%, 62.1%
Hibiscus Coast: $929,006, -0.4%, 0.8%, 58.2%
North Shore: $1,212,664, -0.3%, -1.1%, 87.9%
Coastal: $1,383,491, -0.4%, -1.6%, 83.6%
Onewa: $969,252, -1.1%, -1.3%, 95.4%
North Harbour: $1,194,389, 1.0%, 0.2%, 96.6%
Waitakere: $822,906, -0.2%, -0.2%, 94.1%
Auckland City: $1,233,311, -0.1%, -1.0%, 98.1%
Central: $1,082,656, 1.1%, -0.2%, 90.1%
East: $1,547,702, -1.1%, -1.7%, 94.2%
South: $1,095,532, -0.4%, -0.5%, 103.5%
Islands: $1,166,500, 6.5%, 0.5%, 82.5%
Manukau: $906,658, 0.9%, 1.2%, 98.1%
East: $1,156,353, 0.3%, 0.5%, 94.0%
Central: $707,726, 1.2%, 1.7%, 88.3%
North-west: $784,662, 1.3%, 2.0%, 112.4%
Papakura: $701,230, 0.2%, 0.6%, 94.9%
Franklin: $673,679, 0.5%, 1.1%, 70.3%

On the borders & down country:
Whangarei: $563,201, 5.3%, 12.8%, 42.1%
Kaipara: $550,378, 1.3%, 10.8%, 38.7%
Waikato: $486,980, 1.8%, 6.0%, 60.9%
Hamilton: $570,886, -0.2%, 5.0%, 57.9%
Tauranga: $720,645, 1.6%, 3.9%, 49.7%
Gisborne: $324,691, -0.2%, 10.7%, 9.2%
Wellington region: $688,074, 3.2%, 7.8%, 51.0%
Christchurch: $496,562, 0.5%, 0.6%, 30.9%
Queenstown-Lakes: $1,193,225, 2.0%, 7.3%, 73.5%
Dunedin: $434,903, 3.5%, 11.2%, 51.9%
Invercargill: $286,275, 3.2%, 11.6%, 29.8%.

Attribution: QV & CoreLogic releases.

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Bayleys’ Shore commercial office ends year with 4 sales & 6 leases

Bayleys commercial agents on the North Shore have reported 4 sales & 6 leases to complete their 2018 business.

They include one sale on Waiheke Island, of an apartment complex manager’s unit initially passed in at auction, and a land sale in the new Highgate business park at Silverdale.

5 of the leases were for properties around Rosedale.

Sales

Hauraki Gulf islands

Waiheke Island

Onetangi

141 The Strand, unit 1:
Features: 104m² manager’s unit in the Sands apartment complex, parking space 
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 & Jane McKee

North-east

Northcross

950 East Coast Rd:
Features: 1012m² office property, 20 parking spaces
Rent: $142,627/year net + gst
Outcome: sold in December for $3.1 million + gst at a 4.6% yield
Agent: John Algie

Silverdale

Highgate Business Park, lot 7:
Features: 2626m² industrial lot 
Outcome: sold in August 2018 for $1,420,740 at $541/m²
Agent: Rosemary Wakeman

Takapuna

Sentinel, 3-9 Northcroft St, R3, R7 & R8:
Features: 180m² café + ancillary areas & 2 additional covered areas in 3 titles, shared parking
Rent: $48,400/year net + gst
Outcome: sold in December for $900,000 at a 5.38% yield
Agents: Adam Curtis, Adam Watton & Damian Stephen

Leases

North-east

Pinehill

6 Rosedale Rd, unit X:
Features: 58m² office unit, 2 parking spaces
Rent: leased in December for $17,000/year net + gst
Agent: Caroline McNaught

Rosedale

329 Albany Highway, unit 8:
Features: 60m² retail unit, shared parking
Rent: leased in November for $60,000/year net + gst
Agent: Steven Liu

63 Arrenway Drive, unit 5:
Features: 118m² industrial unit – warehouse 80m², office 19m², other area 19m², 2 parking spaces
Rent: leased in December for $28,000/year net + gst
Agents: Ian Waddams, Steven Liu & Meng He

5 Beatrice Tinsley Crescent, unit C:
Features: 414m² industrial unit – warehouse 282m², office 132m², 7 parking spaces
Rent: leased in December for $69,000/year net + gst
Agents: Laurie Burt & Matt Mimmack

57-59 Paul Matthews Rd, unit 2:
Features: 215.52m² industrial unit – warehouse 54.62m², office 107.35m², mezzanine 53.55m², 3 parking spaces
Rent: leased in November for $40,000/year net + gst
Agents: Trevor Duffin & James Kidd

8 Vega Place, ground floor, unit C:
Features: 70m² office unit, 2 parking spaces
Rent: leased in November for $12,500/year net + gst
Agent: Ian Waddams

Attribution: Agency release.

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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.

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4 more sales take Wellington auction clearance to 100%

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.

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Spencer & Zest apartments sell

2 apartments in the Spencer on Byron (pictured) & Zest were sold at Ray White City Apartments’ final auction for the year yesterday.

No bid was made for a unit in the leasehold Docks complex, where owners are progressing a leaky building claim & remedial work. The top bid for the fourth property up for auction, a house at Greenhithe, went on an offer contract.

The agency will resume its auctions on 24 January.

CBD

Quay Park

The Docks, 4 Dockside Lane, unit 311:
Features: leasehold, 74m², 2-bedroom corner apartment, balcony, parking space; the building has leaky issues and the buyer waives any right of recovery against the vendor; the buyer will be liable for any further levies
Outgoings: rates $1904/year including gst; body corp levy $18,586/year including gst, which includes ground rent of $11,785/year
Income assessment: $660/week until August
Outcome: no bid
Agent: Victor Liu

Victoria Quarter

Zest, 72 Nelson St, unit 627:
Features: 37m², 2 bedrooms, parking space
Outgoings: rates $1265/year including gst; body corp levy $4901/year including gst
Income assessment: unit $400/week until February, park $65/week until April
Outcome: sold for $380,000
Agent: Victor Liu

North-east

Greenhithe

1 Northbrook Close:
Features: 505m² section, 176m² house, 4 bedrooms, 2 bathrooms, double garage + offstreet space
Outgoings: rates $2694/year including gst
Outcome: passed in with offer on contract at $1.01 million
Agents: Zoran Farac & Marco Sahar

Takapuna

Spencer on Byron, 9-17 Byron Avenue, unit 1008:
Features: 48m², one bedroom with French doors to balcony, parking space
Outgoings: rates $5391/year including gst; body corp levy $3874/year including gst
Outcome: sold for $336,000 + gst
Agents: Gillian Gibson & James Mairs

Attribution: Auction.

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