Archive | Bayleys

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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11 South Island commercial sales

Bayleys agents have sold 11 commercial properties around the South Island, from Nelson to Queenstown but mostly around Christchurch. They include 2 development sites in Selwyn District Council’s Izone business park and one in the Northfield business park in Papanui (pictured above).

South Island

Canterbury

Christchurch

Burnside

6E Sir William Pickering Drive:
Features: 141m² modern office unit; 2 tenants, one on 3-year lease, the other on 2-year lease, both with rights of renewal
Rent: $30,100/year net + gst
Outcome: sold for $430,000 at a 7% yield
Agent: George Phillips

Merivale

Carlton Mews, 21C Bealey Avenue:
Features: 92m² ground-floor retail space, insurance payout to be transferred to buyer on settlement
Outcome: sold for $525,000 with vacant possession
Agent: George Phillips

Papanui

Northfield business park, 62 Langdons Rd:
Features: 1250m² site, 434m² 2-level office building leased to 3 tenants on 3-, 5- & 6-year terms, 17 parking spaces
Outcome: sold for $2.55 million at a 6.06% yield
Rent: $154,424/year net + gst
Agents: Murray Madgwick & Greg Bevin

Riccarton

245 Blenheim Rd, unit 3:
Features: 239.5m² industrial unit
Outcome: sold with vacant possession for $600,000
Agent: Nick O’Styke

Rolleston

13 George Holmes Rd:
Features: 3001m² business-zoned landholding
Outcome: sold for $500,000 at $167/m²
Agent: Nick O’Styke

Izone business park, 12 Detroit Drive:
Features: 4230m² site
Outcome: sold to a developer for $655,600 at $155/m²
Agents: Stewart & Alex White

Izone business park, 14 John Morten Place:
Features: 2547m² industrial site
Outcome: sold for $446,000 at $175/m²
Agent: Nick O’Styke

North Canterbury

Amberley

16 & 753 Ashworths Rd:
Features: 24.62ha corner site on State Highway 1, various buildings including a café, rented house, cabin & sheds, plus mini-golfcourse, climbing tower & various other assault course structures
Outcome: sold for $1.3 million
Agents: Stewart White & Chris Frank

Kaiapoi

170B Williams St:
Features: 102m² retail space, 29m² verandah, seismic assessment 67% of new building standard; AMI Insurance Ltd will vacate the building next April
Rent: $31,360/year net + gst
Outcome: sold for $370,000 at an 8.48% yield
Agents: Stewart & Alex White

Lakes

Frankton

150 Glenda Drive:
Features: 400m² industrial site, 150m² 3-bay shed
Outcome: sold vacant for $790,000
Agent: Steven Kirk

Nelson

203-207 Trafalgar St:
Features: 218mcentral business district site, 400m2 building
Outcome: sold with vacant possession for $905,000
Agent: Doug McKee

Attribution: Agency release.

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7 commercial sales around North Island

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 7000mof 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.

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Mairangi Bay sale heads Shore transactions

Bayleys commercial agents on the North Shore have sold a fully tenanted Mairangi Bay site (pictured) which has consent for apartment development, and a Rosedale industrial unit, and have signed 5 leases around the Shore and one for a Karangahape Rd shop.

Sales

North-east

Mairangi Bay

368 Beach Rd:
Features: 836m² site, 644.77m² mixed use building, 6 tenancies, local centre-zoned site has conent for an apartment development
Rent: $210,314/year net + gst
Outcome: sold in October for $4.175 million + gst at $4994/m² land, 4.9% yield with current small vacancy, 5% fully tenanted
Agents: Michael Nees & Dean Gilbert-Smith

Rosedale

BizPark North Shore, 63 Arrenway Drive, unit 2:
Features: 118m² industrial unit – office 50m², warehouse 68m², 2 parking spaces
Outcome: sold vacant in November for $585,000 + gst
Agent: Ian Waddams

Leases

CBD

Uptown

258 Karangahape Rd, shop B:
Features: 130m² shop – retail 110m², warehouse 20m²
Rent: leased in November for $45,000/year net + gst, premises rental $346/m²
Agent: Terry Kim

North-east

Rosedale
156 Bush Rd, unit B:
Features: 229.4m² industrial unit – office 122.9m², warehouse 69.6m², other area 37.4m², 4 parking spaces
Rent: leased in November for $39,000/year net + gst
Agent: James Kidd

23 Canaveral Drive, unit B:
Features: 513m² industrial unit – retail 184.5m², warehouse 300m², other area 28.5m², 8 parking spaces
Rent: leased in November for $87,000/year net + gst
Agent: Matt Mimmack

12 Parkhead Place, unit B:
Features: 545m² industrial unit – warehouse 412m², office 133m², 12 parking spaces
Rent: leased in November for $107,000/year net + gst
Agents: Laurie Burt & Matt Mimmack

Sunnynook

20 Tonkin Drive, shop 2:
Features: 56m² shop
Rent: leased in November for $16,000/year net + gst, premises rental $286/m²
Agent: Dev Choudhury

Wairau Valley

18 Link Drive, unit C:
Features: 500m² retail unit – retail 350m², mezzanine 50m², other area 100m²
Rent: leased in November for $130,000/year net + gst, premises rental $260/m²
Agent: Trevor Duffin

Attribution: Agency release.

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10 commercial sales around Bay of Plenty & Waikato

Bayleys agents have sold 10 properties around the Bay of Plenty & Waikato, including 2 more industrial sites at the Tauriko business estate outside Tauranga, 2 properties in Tauranga and 3 around Hamilton.

Out of the main centres, the most prominent sale was of the Lemon & Paeroa premises in Paeroa (pictured above).

Bay of Plenty

Tauranga

1339 Cameron Rd:
Features: 1005m² site, 360m² single-level commercial building leased to 2 food & beverage businesses, 17 parking spaces
Rent: $53,352/year net + gst, rental increase of $28,000/year for one tenancy in March 2019
Outcome: sold for $1.2 million at a 5.46% yield
Agent: James Ross

Greerton

6 Hynds Rd, unit 1:
Features: 766m2 modern, high stud warehouse, large mezzanine, high quality offices, 6 parking spaces
Outcome: sold with vacant possession for $1 million
Agents: Myles Addington & Graeme Coleman

Tauriko

31 & 39 Paerangi Place, Tauriko, sold at $425/m².

31 & 39 Paerangi Place:
Features: 12,591m2 flat industrial site in Tauriko Business Estate in 2 freehold titles (11,041m2 & 1550m2), 3 street frontages, utility services, roading & titles in place
Outcome: sold for $5,351,175 at $425/m2
Agents: Lloyd Davidson & Jo Stewart

Lot 414:
Features: 837m2 of bare industrial land, one of limited number of smaller sites in Tauriko Business Estate, title expected to be issued second quarter of 2019
Outcome: sold for $375,000 at $448/m2
Agent: Lloyd Davidson

Waikato

Hamilton

CBD:

28 Harwood St:
Features: 2104m2 corner site on edge of cbd, 3328m2 Opus House, 1980s office building with grade A seismic rating, 38 parking spaces; 2 national occupants, Opus International Ltd the anchor tenant
Rent: $599,813/year net + gst
Outcome: sold for confidential price
Agents: Scott Kirk, Mike Swanson & David Cashmore

Beerescourt

430 Ulster St:
Features: cross-lease, 170m² dwelling consented for office use, 4 offices with kitchen, bathroom & onsite parking
Outcome: sold with vacant possession for $471,000 to owner-occupier who will renovate for finance company business
Agent: Jason Kong

Frankton

87e Killarney Rd:
Features: Freshly renovated 120m² industrial unit plus 3 parking spaces
Outcome: sold with vacant possession for $325,000, including GST, to building industry owner occupier
Agent: Anne-Marie Brown

Paeroa

2 Seymour St:
Features: 2546m² corner site at northern entrance to township with 444m² L&P building (with replica 6m L&P bottle); anchor tenancy L&P Café Bar & Brasserie, which underwent a substantial refurbishment in 2015, on 3-year lease from December 2016, with one 3-year right of renewal; buyer will occupy vacant part of the premises (previous asking rental $19,000/year)
Rent: $53,352/year net + gst
Outcome: sold post-auction for $650,000
Agents: Jo Stewart & Brendon Bradley

Putaruru

91 Tirau St:
Features: 332m² business-zoned site on State Highway 1 at the northern entrance to township, 118m² office premises in need of refurbishment
Outcome: sold for $116,500 with vacant possession
Agents: Brendon & Ryan Bradley

Tokoroa

2-4 & 6 Waratah Place:
Features: 2 adjoining titles totalling 4075m² of industrial land, exposure to State Highway 1, 183m² workshop; part of one title leased to BP Oil NZ Ltd for truckstop operation at peppercorn rental of $1/year + gst, balance of both sites vacant
Outcome: sold for $316,000
Agents: Ryan & Brendon Bradley

Attribution: Agency release.

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Whangarei shopping centre & office building sold

The Otaika Shopping Centre in Whangarei (pictured) has been sold in Bayleys’ Total Property auction series, and a Bank St building in the centre of the city has also been sold.

North

Whangarei

38 Bank St:
Features: 144m² central cbd site, 382m² commercial building comprising ground-floor retail space & first-floor offices & storage, full glass frontage to a busy intersection
Outcome: sold with vacant possession for $1.15 million + gst
Agents: Jan Hutcheson & Neil Campbell

Raumanga

Otaika Shopping Centre:
Features: 2799m2 site on State Highway 1 at southern entrance to Whangarei, 1270m2 fully leased convenience retail complex built in the 1960s and expanded in the 1970s with 60 parking spaces; 8 tenancies with 5 10-year leases running until 2027-2028
Rent: $260,534/year net + gst
Outcome: sold at auction for $3.81 million + gst at a 6.84% yield
Agents: John Haselden & Neil Campbell

Attribution: Company release.

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Housing NZ takes Mt Albert townhouse land to market

20 residential sections in 5 development blocks in Mt Albert have been put on the market with resource consents in place, 4½ years after Housing NZ was granted special housing area status for a total 8094m².

The 5 blocks at 33 Asquith Avenue, corner of Burch St, Mt Albert, have been put up for tender through Bayleys, closing on Wednesday 21 November.

Each block contains 2-5 sections and they all have resource consents for 4-bedroom townhouses. They’re being offered individually, as one super-block or in any combination of lots. Housing NZ will continue to oversee construction.

Special housing areas were introduced in 2013 through an agreement between then-Housing Minister Nick Smith & Auckland Council. This one had 3 blocks of flats housing boarders at the nearby Mt Albert Grammar School, which were demolished in February 2015.

Housing NZ named the builders for a 40-townhouse project on the land in November 2017 – 20 of them designated one-bedroom units for its tenants and the other 40 to be sold on the open market.

It’s the open-market part that’s up for sale.

Earlier story:
9 May 2014: Third tranche of special housing areas unveiled
Accord tranche 3 adds 41 special housing areas

Attribution: Agency release.

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Porana Rd retail unit sells

A retail unit in the Wairau Valley on the North Shore was sold at Bayleys’ auction on Wednesday.

North-east

Wairau Valley

65-71 Porana Rd, unit E:
Features: 133m² retail unit, new 6-year lease to Hollywood Bakery franchisee
Rent: $55,000pa + gst + opex
Outcome: sold for $1.025 million at a 5.37% yield
Agents: Adam Curtis, Damian Stephen & Steven Liu

Attribution: Agency release.

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Rotorua industrial building & residential units sell

2 Rotorua properties were sold on Tuesday to round off Bayleys’ Total Property 7 action series around the country.

South of the Bombays – Bay of Plenty

Rotorua

Fenton Park

40-42 White St:
Features: 1370msite, 746m1980s industrial building
Rent: 3 leases returning $54,651/year net + gst, anchor auto tenancy on a new 5-year term
Outcome: sold for $865,000 at a 6.32% yield
Agents: Mark Slade & Brei Gudsell

Victoria

15 Larch St:
Features: 1169m2 site in 2 cross-lease titles, 5 residential units totalling 350m2, 4 of 2 bedrooms & a one-bedroom unit, each with one parking space
Rent: fully leased on periodic tenancies, gross rental income $47,840/year
Outcome: sold for $770,000
Agents: Mark Slade & Brei Gudsell

Attribution: Agency release.

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All 3 sold at Bayleys’ Wellington auction

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.

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