Archive | Barfoot and Thompson Commercial

Broadway office & retail building sells

Barfoot & Thompson Commercial agents based in Takapuna have sold a Newmarket Broadway building on a 6.46% yield.

Isthmus east

Newmarket

131-151 Broadway:
Features: 2408m² site, 4734.67m² net lettable area, fully tenanted 5-level retail & office building, adjacent to Rialto, 87 parking spaces
Rent: $1,801,127/year net + gst
Outcome: sold in November for $27.9 million at a 6.46% yield
Agents: Elaine Tutty & Bruce Jiao

Attribution: Agency release.

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2 industrial properties sell at auction

Both industrial properties auctioned at Barfoot & Thompson today, one in Mt Wellington and the other in Onehunga (outlined in picture), sold under the hammer.

Isthmus east

Mt Wellington

126 Penrose Rd:
Features: 1012m² light industrial site, 2 buildings – 215m² industrial unit at front, 5m stud 120m² warehouse with roller door access, 95m² of office & amenities on 2 levels; 3-bedroom dwelling with large basement for parking or storage; 10 allocated parking spaces
Outcome: sold with vacant possession for $1.44 million
Agents: James Marshall & Mike Jensen

Onehunga

20 Alfred St:
Features: 1012m² heavy industrial site, net lettable area 681m², seismic rating 100% new building standard, leased long-term to Mac Valves Pacific Inc
Rent: $58,800/year net + gst
Outcome: sold for $1.62 million
Agents: Nick Wilson & James Marshall

Attribution: Auction.

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Henderson adult store & Onehunga warehouse passed in

Both commercial properties auctioned at Barfoot & Thompson yesterday were passed in.

Isthmus east

Onehunga

38 Angle St, unit 1:
Features: vacant 295m² high stud warehouse unit, 4 parking spaces, seismic rating 105% new building standard
Outcome: passed in
Agents: Nick Wilson & James Marshall

North-west

Henderson

253 Lincoln Rd, unit D:
Features: 100m² Peaches & Cream adult shop, seismic rating 100% new building standard
Rent: $36,409/year net + gst + outgoings, leased renewed for 3 years from April, 2 more 3-year renewal rights to 2027
Outcome: no bid
Agent: Chris Park

Attribution: Auction documents.

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Updated: Mt Eden shops passed in (now sold), 2 apartments sold

Published 11 October 2018, updated 5 November 2018:
A commercial site in Mt Eden with 3 shops & 2 flats on it (outlined in photo) was passed in at Barfoot & Thompson’s auction on 11 October and sold shortly after, which I missed updating at the time.

Of the 6 apartments, townhouses & suburban units the agency had up for auction on Wednesday afternoon, one was sold under the hammer and another post-auction. 2 in the new Conrad Properties Ltd Victoria Residences development across the street from SkyCity remain on the market.

Commercial

Isthmus west

Mt Eden

Updated: 547-551 Mt Eden Rd:
Features: 501m² site, total floor area 273m² – 3 shops & 2 flats (one derelict), zoned business – mixed use, erected about 1912, seismic rating 19% new building standard
Rates: $13,481/year including gst
Rent: partially leased with demolition clause – rent $30,600/year from one shop + flat
Outcome: no bid; sold unconditionally post-auction for $1.35 million + gst
Agent: Marie-Anne Molloy

Apartments

CBD

Learning Quarter

Eden Apartments, 32 Eden Crescent, unit 8B:
Features: one-bedroom apartment
Income assessment: $430/week current
Outcome: no bid, sold post-auction
Agents: Selina Zheng & Tommy Zhang

Uptown

Winsun Heights, 113 Vincent St, unit 7B:
Features: studio
Outgoings: rates $933/year including gst; body corp levy $2406/year
Outcome: passed in
Agents: Stephen Shin & Lauren Lee

Victoria St

Victoria Residences, 75 Victoria St, unit 301:
Features: 50m² + 5m² balcony, fully furnished 2-bedroom apartment, tower completed in June
Income assessment: $750/week current guaranteed income
Outcome: no bid
Agents: Will Liu & Nicole Zhang

Victoria Residences, 75 Victoria St, unit 1801:
Features: 50m² + 5m² balcony, 2-bedroom apartment, balcony, tower completed in June
Outcome: auctioned postponed, on market at $745,000
Agents: Alastair Brown & Hayley Sok

Isthmus east

Ellerslie

39 Peek St, unit 1:
Features: 3-bedroom unit, single garage (currently used as a studio)
Outcome: passed in, back on market at $845,000
Agents: Alex Baker & Cindy Jiang

Kohimarama

53A Rawhitiroa Rd:
Features: 4-bedroom townhouse, 2 living areas, 3 bathrooms, double internal-access garage, courtyard & garden
Outcome: sold for $2.5 million
Agents: Veronica Schoonraad & Cheryl Woodward

Attribution: Auction documents.

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New Lynn commercial & Harvard apartment passed in

A commercial building in New Lynn and a Harvard apartment in the city centre were both passed in at Barfoot & Thompson’s auction today.

The commercial unit attracted only 2 bids, but there were multiple bids for the apartment.

Apartment

CBD

Victoria Quarter

Harvard, 147 Hobson St, unit 1F:
Features: 38m², 2 bedrooms
Outgoings: body corp levy $4172/year
Income assessment: $560/week
Outcome: passed in at $303,000
Agent: Stephen & Leo Shin

Commercial

North-west

New Lynn

14 Delta Avenue:
Features: 202m² site, 320m² commercial building, 2 storeys, 3 long-term tenancies
Rent: $93,600/year + gst
Outcome: passed in at $1.35 million + gst
Agent: Nick Wilson

Attribution: Auction.

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Updated: Yield under 4.5% in St Heliers post-auction sale; Metropolis old courthouse hospitality spaces were passed in

Published 29 June 2018, updated 30 July 2018:
Update: A small commercial property on Polygon Rd in St Heliers, passed in at Barfoot & Thompson’s auction on 28 June, has been sold for an extra $215,000, taking the yield below 4.5%.

2 commercial spaces in the old Magistrate’s Court section of the Metropolis apartments complex in central Auckland were passed in at the auction and a third space withdrawn.

All 3 of the courthouse premises were offered vacant. One (outlined in photo) was previously a bar, another a restaurant and the third, withdrawn from the auction after the other 2 failed to sell, was a commercial kitchen.

CBD

Kitchener St

The old Auckland Magistrate’s Court building on Kitchener St, former bar area outlined.

Metropolis, 40 Kitchener St, unit CC:
Features: vacant 159m² unit set up as a bar, seismic rating 67% new building standard
Outcome: passed in at $1.25 million
Agents: Andrew Clark & Reese Barragar

Metropolis, 40 Kitchener St, unit CD:
Features: vacant 151m² unit, previously used as a restaurant & conference room
Outcome: passed in at $750,000
Agents: Andrew Clark & Reese Barragar

Metropolis, 40 Kitchener St, unit CE:
Features: 62m² commercial kitchen unit, vacant possession
Outcome: withdrawn from auction
Agents: Andrew Clark & Reese Barragar

Isthmus east

St Heliers

13 Polygon Rd:
Features: 121m² site, net lettable area 165.5m², seismic rating 50% new building standard, property has an 18m height limit Domino’s Pizza 2 years into a 7-year lease, with 2 5-year rights of renewal, Bay Physiotherapy the upstairs tenant on 3-year lease, 2 2-year rights of renewal
Rent: $97,141/year net + gst
Outcome: passed in at $2.07 million, representing a 4.69% yield; sold to the neighbour post-auction for $2.285 million, at a 4.25% yield; sold to the neighbour post-auction for $2.285 million, at a 4.25% yield
Agents: Rex Fowler & Daniel Braid

Attribution: Auction.

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Takapuna office building sells at 6.4%, auctionroom stalls

An office building occupied by the NZ Institute of Education’s Takapuna campus (pictured) has been sold by Barfoot & Thompson Commercial agents at a 6.4% yield.

Across at the agency’s city auction session this morning, a retail space at Glen Eden without even a disclosed size didn’t attract a bidder and the auction of an Aura apartment, having gone close to a sale, stalled – and it was passed in half an hour later.

Given that auctionroom non-performance, I’ll limit my visits to auctions where same-day outcomes look a reasonable prospect.

Commercial

North-east

Takapuna

62-64 Anzac St:
Features: 5682m² net lettable area, 12-level office building, 196 parking spaces
Rent: $2,748,562/year net + gst from 24 tenancies
Outcome: sold for $43 million at a 6.39% yield
Agents: Elaine Tutty & Bruce Jiao

North-west

Glen Eden

1 Westech Place:
Features: vacant retail space
Outgoings: body corp levy $1003/year
Outcome: no bid
Agent: Paul Greenwood

Residential

CBD

Victoria Quarter

Aura, 53 Cook St, unit 506:
Features: 49m² + balcony, 2-bedroom apartment
Outgoings: body corp levy $4513/year
Outcome: passed in at $410,000
Agents: Selina Zheng & Tommy Zhang

Attribution: Agency release, auction.

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Tenor apartment building commercial units sell at 5.2% yield & below

2 recently fitted out ground-floor commercial units in the Tenor apartment building in Albany Village were sold at a Barfoot & Thompson Commercial auction last week.

Both have been leased on 10-year terms plus 2 5-year rights of renewal and sold on yield just below 5% for the medical centre and at 5.2% for the pharmacy.

The 3 floors above contain 45 apartments.

North-east

Albany

40 Library Lane, units 1A & 1B:
Features: 220m² medical centre, 10 basement parking spaces
Rent: $88,000/year + gst, including parking
Tenant’s outgoings: $16,000/year + gst
Outcome: sold for $1.77 million at a 4.97% yield
Agents: Nick Brown, Bruce Jiao & Max Andrews

40 Library Lane, unit 1C:
Features: 120m² pharmacy, 7 basement parking spaces
Rent: $60,000/year + gst, including parking
Tenant’s outgoings: $8640/year + gst
Outcome: sold for $1.15 million at a 5.22% yield
Agents: Nick Brown, Bruce Jiao & Max Andrews

Image above: The Tenor apartment building, with ground-floor commercial units outlined, sits among a range of new developments in the Albany Village.

Attribution: Agency release.

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Onehunga industrial sells at auction

An Onehunga industrial property on Neilson St sold on a 5.8% yield at Barfoot & Thompson’s commercial auction today.

The property, with 2 tenants in place in separate warehouse structures, offices & yards, attracted 4 bidders.

Isthmus east

Onehunga

165 Neilson St:
Features: 2208m² site, 28m road frontage, 2 warehouse structures & associated office totalling 695m², multiple roller door access to both warehouses, 2 separate tenancies with exclusive fenced yards, weighted average lease term 5.5 years
Rent: $150,000/year net + gst
Outcome: sold for $2.58 million + gst at a 5.8% yield
Agents: Bruce Jiao & James Marshall

Attribution: Auction.

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Rosedale industrial unit sells

A vacant Rosedale industrial unit was sold at Barfoot & Thompson Commercial’s auction in Takapuna on Thursday at just over $3900/m².

North-east

Rosedale

3A Tait Place:
Features: vacant 506m² industrial unit with road frontage
Outcome: sold at auction on Thursday for $1.98 million, $3913/m² land & building, 4.5% yield
Agents: David Goodhue & Chase Erceg

Attribution: Agency release.

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