Archive | Colliers International

2 old suburban centre retail strips sell

Streetfront retail properties in New Lynn & Papatoetoe – both redevelopment prospects – sold under the hammer at Colliers’ auction today.

North-west

New Lynn

3114-3120 Great North Rd (pictured above):
Features: 486m² site zoned business – metropolitan centre, 307m² single-level strip retail building, 18m street frontage, 4 tenants, 3 leases expire in 2021, 2023 & 2025 with no renewal right, rear parking
Rent: $85,240/year net + gst
Outcome: sold for $1.3 million + gst
Agents: Gareth Fraser, James Appleby & Josh Coburn

South

Papatoetoe

74 St George St, Papatoetoe (outlined).

74 St George St:
Features: 1174m² site zoned business – city centre, allowing for development up to 27m high, 368.5m², land at rear used as shared parking, building fully tenanted
Rent: $101,641/year net + gst
Outcome: sold for $1.95 million + gst
Agents: Gareth Fraser & Matthew Barnes

Attribution: Auction documents.

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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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7 sales ranging from mainstreet to backblocks

Colliers agents have completed 7 commercial, industrial & rural sales at St Johns in Auckland, Hamilton, Hastings and Te Karaka (between Gisborne & Opotiki).

Isthmus east

St Johns

4 Farmhouse Lane:
Features: 2154m² site, 1629m² warehouse & office
Rent:
Outcome: sold with vacant possession for $4.35 million
Agents: Hamish West & Andrew Hooper

South of the Bombays

East Coast

Te Karaka

319 Whatatutu Rd:
Features: 38.8ha farm – 20ha of fertile cropping land, 18ha of grazing land, 3ha leased to a local nursery, large shed complex
Outcome: sold at auction with vacant possession for $1.15 million
Agents: David Egan & Alan Thorpe

Hawke’s Bay

Hastings

1026 Heretaunga St West:
Features: 456m² retail unit leased to ANZ Bank, 19 parking spaces
Outcome: sold for $1.805 million at a yield of 6.06% yield
Agent: Danny Blair

200 Market St:
Features: 3640m² retail & office property, predominantly leased to Kiwibank
Outcome: sold to an investor for $7,085,740 at a 6.13% yield
Agent: Danny Blair

822 Omahu Rd:
Features: 510m², new industrial development leased to engineering supplies company SaecoWilson
Outcome: sold for $1.46 million at a 4.65% yield
Agent: Danny Blair

Waikato

Frankton

279 Kahikatea Drive & 19 Wickham St:
Features: 2.44ha site in 2 titles, 6918m² warehouse
Outcome: sold for $8.3 million
Agents: Alan Pracy & Mark Brunton

Hamilton

26 Clarence St:
Features: 2009m² site, commercial office building,
Outcome: sold for $1.884 million
Agents: Alan Pracy & Mark Brunton

Attribution: Agency release.

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Mulpha buys Waldorf Stadium hotel

Mulpha Australia Ltd has bought the leasehold 4.5 star Waldorf Stadium Apartment Hotel at Quay Park in Auckland.

Colliers & CBRE declared last Thursday the hotel sale was the biggest in New Zealand since 2015 and biggest in Auckland since 2006 – without saying anything about the price of this transaction.

The 178-unit strata title development was sold subject to a new 11-year performance lease underpinned by Japanese serviced apartment conglomerate Daiwa House Group, which acquired the Australia & New Zealand Waldorf serviced apartment business in 2017 and has plans to expand in the region.

Mulpha chief executive Greg Shaw said: “We were attracted to its position in a key gateway city, strategic location in the heart of the Auckland cbd, together with several strategic opportunities to add additional value to this asset over the short to medium term, working in conjunction with the hotel operator Daiwa House Group.”

The hotel has a mix of studio, one-, 2- & 3-bedroom self-contained apartments. It has a long-term ground lease to the Ngati Whatua o Orakei Maori Trust Board.

Mulpha Australia is a subsidiary of Malaysia-listed Mulpha International Bhd, in turn controlled by Hong Kong company Allied Group Ltd, which also controls listed Hong Kong non-bank financial institution Sun Hung Kai & Co Ltd. Lee Seng Huang, Lee Seng Hui & their sister, Lee Su Hwei – Malaysians educated in Sydney, the children of 1980s corporate raider Lee Ming Tee – operate their family interests through Allied.

The hotel was developed by Perron Developments Ltd.

Earlier story:
9 October 2009: Apartments at centre of Blue Chip case go on market

Attribution: Agency release.

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5 commercial & industrial sales in Auckland & south of Bombays

Colliers agents have sold 4 properties around Auckland, 2 at auction, and another 5 in the Bay of Plenty, Hawke’s Bay & Taranaki.

CBD

Uptown

5-7 Galatos St:
Features: 706m² site zoned business – city centre, allowing development to 30m high, 712.9m² building, headquarters of social enterprise Eat My Lunch Ltd, 100m from soon-to-be-constructed Karangahape city rail link station
Rent: $189,950/year net + gst, 8-year lease from 2016, 2 rights of renewal
Outcome: sold at auction brought forward for $4.35 million + gst, at a 4.37% yield
Agents: Shoneet Chand & Jonathan Lynch

Isthmus east

Newmarket

5 Broadway:
Features: 819m² site, 770m² commercial building
Outcome: sold for $6.75 million at a 4.4% yield
Agents: David Burley & Adam White

Isthmus west

Westmere

127-131 West End Rd:
Features: 741m² site zoned neighbourhood centre, redevelopment potential, 200m² floor area, 3 retail tenancies, rear parking
Rent: $45,620/year net + gst + opex
Outcome: sold at auction for $3 million + gst, at a 1.52% yield
Agents: Kris Ongley, Jonathan Lynch & Leroy Wolland

South

Half Moon Bay

490 Pakuranga Rd:
Features: 350m² retail block, 4 tenancies ranging from 70-130m²
Outcome: sold for $2.9 million + gst, at a 5.74% yield
Agents: Gawan Bakshi & Matthew Barnes

South of the Bombays

Bay of Plenty

Tauranga – Judea

19-25 Montgomery Rd:
Features: 3381m² industrial site in 3 titles, 2024m² net lettable area, high stud warehousing
Rent: $179,013/year net + gst
Outcome: sold for $2.85 million + gst, at a 6.28% yield
Agents: Rich Davidson & Rob Schoeser

Hawke’s Bay

Hastings – Twyford

1137 Omahu Rd:
Features: 15,568m² site zoned general industrial, redevelopment site containing a lifestyle block with a 240m² house, 448m² steel portal shed, 112m² canopy
Outcome: sold for $1.8 million + gst
Agents: Rob Nankervis & Hadley Brown

1424C Omahu Rd, unit 1:
Features: 3742m² industrial property, 1640m² 7m-stud warehouse & office, 1400m² sealed yard
Rent: $152,600/year net + gst, with 3-month break clause
Outcome: sold for $1.8 million + gst, at an 8.48% yield
Agent: Rob Nankervis

Napier

Whakatu industrial park, 50 Johnston Way:
Features: 11,130m² industrial property, single-storey specialist processing facility
Rent: $251,286/year net + gst from multiple tenants
Outcome: sold for $2,479,800 + gst, at a 10.1% yield
Agent: Rob Nankervis

Taranaki

New Plymouth – Bell Block

87 Corbett Rd:
Features: 6689m² site, 725m² building – warehouse 457m², office 268m² on ground floor & mezzanine, 3000m² subdivisible yard, 19 parking spaces
Rent: market assessment $102,500/year net + gst
Outcome: sold vacant for $1.375 million + gst
Agent: Benet Carroll

Attribution: Agency release & agent documents.

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6 commercial deals around Auckland, Porirua & Central Otago

Colliers agents have reported 5 sales in Auckland, Porirua & Central Otago, including one at an auction brought forward, plus leasing of a design-build project in Penrose.

Isthmus east

Mt Wellington

4 Rakino Way:
Features: 4500m² site, 2180m² office & warehouse occupied by Fero Ltd
Rent: $291,504/year net + gst + opex from new 6-year lease with rights of renewal
Outcome: sold for $4.45 million + gst at a 6.55% yield
Agents: Ben Herlihy & Joshua Franklin

Penrose

15-21 Bell Avenue:
Features: 2.49ha site, 6600m² industrial facility, to be developed by Southpark Corp Ltd for an Australasian automotive & water products tenant on a 12-year initial lease
Agents: Hamish West & Paul Higgins

North-east

Takapuna

Parklane Motor Inn, 2 Rewiti Avenue:
Features: 3096m² site, 2160m² motor inn, 32 rooms, 40 offstreet parking spaces,
Outcome: sold for $10.6 million + gst
Agents: Dean Humphries & Gawan Bakshi

South

East Tamaki

24 Harris Rd, unit 7C:
Features: 267m² warehouse unit
Outcome: sold for $600,000 + gst, at a 5.43% yield, at auction brought forward from 17 October after pre-auction offer accepted
Agents: Jolyon Thomson & Greg Watson

South Island

Central Otago

Alexandra

85-87 Tarbert St:
Features: 2024m² site in 2 titles, 939m² retail showroom, office & warehouse leased to PGG Wrightson Ltd
Outcome: sold for $1.35 million + gst at an 8% yield
Agents: Mark Simpson & Rory O’Donnell

South of the Bombays

Wellington

Porirua

10 Norrie St:
Features: 854m² site, 660m² warehouse & showroom
Outcome: sold for $1.1 million + gst
Agents: Vince Southee & Dean Anderson

Attribution: Agency release.

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Equinox wins consent for Peninsula at Orakei Bay Village

Equinox Group Ltd has obtained resource consent for its luxury residential development beside the Orakei railway station, in the Orakei Bay Village at the foot of Remuera – 12 years after getting involved in the original project as financier, and a year after transforming the small peninsula with a village retail precinct.

The new feature, The Peninsula, will have 32 apartments & penthouses priced from $2.7-13 million, looking back to the city across Hobson Bay.

Image above: Artist’s impression of The Peninsula at Orakei Bay Village.

They’ll be built at the most northerly point of the village, which has bars, eateries, boutique shopping & service stores and is anchored by Farro Fresh & Kings Plant Barn.

The design is for apartments of 150-660m², including covered lanais & balconies. Colliers will market the project and construction is intended to start next year.

The whole site at 228-246 Orakei Rd is partly freehold, partly leasehold, and the early intention over a decade ago was to build over the railway tracks, incorporating council-owned carparking land.

Equinox Group director Kerry Knight said yesterday the plans have been scaled back to remove the complexities of the previous requirement for development over the train tracks & a land swap with the council: “We are now only building on our freehold land, and The Peninsula is the premier waterfront location for residents in Orakei Bay Village.”

The original development proposal was by Tony Gapes’ Redwood Group Ltd. After he failed to get the project through all the council hoops, and the complications of leasehold interests, Equinox took charge of the project, but put it on hold in 2015 after further issues with Auckland Council & Auckland Transport made funding impossible.

The site for the Peninsula, right on the water’s edge, is where King’s Plant Barn was previously located.

Earlier stories:
14 March 2014: Orakei Point plan change over last hurdle
1 April 2011: Gapes’ Orakei Pt plan change approved
11 June 2010: Tramco throws Orakei Pt development scheme into disarray
9 June 2010: Orakei Point development far from fait accompli
17 January 2010: Council notifies Orakei Point plan change, but commercial agreement missing
9 October 2009: Orakei Point gets council-sponsored plan change
7 October 2009: Council pushes ahead with Orakei Pt plan as locals reiterate congestion concerns
16 September 2009: Latest Orakei masterplan gets a better reception
29 April 2009: Orakei criticism muted this time
15 July 2008: Braying at a developer’s consultant no way to demonstrate council leadership
11 July 2008: Mayor launches blistering attack on Redwood at presentation to councillors as Gapes holidays in Fiji
17 June 2008: Gapes unveils Orakei Pt masterplan
18 March 2008: Redwood’s Orakei consent declined week after master plan agreement reached
10 March 2008: Mayor gets agreement to intervene in Orakei consent process
7 February 2007: Community board supports residents’ group opposing development, wants comprehensive plan done for Orakei Rd
10 December 2006: Now it’s Tony Gapes’ turn to propose Jacobsens site development

Attribution: Company & agency release.

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All 4 commercial properties sell at 2 Colliers auctions

Colliers has sold 4 commercial properties at auction in East Tamaki, Onehunga & Takapuna in the last 2 days.

The East Tamaki warehouse was sold at a sub-4% yield, and the other 3 all had complicated stories to tell.

The Onehunga Mall property (outlined in picture above looking towards the Manukau Harbour) – 2 adjoining buildings with some retail frontage on a side street – has upstairs vacancy and was offered as a prospect for refurbishment or redevelopment.

In Takapuna, the 2 properties on Barrys Point Rd & one on Bracken Avenue were put forward with earnings potential double the present income.

The East Tamaki auction on Tuesday attracted strong bidding. All 3 auctions yesterday were protracted, with multiple bidders but pressure on the vendor to reduce the reserve.

Isthmus east

Onehunga

134-136 Onehunga Mall:
Features: 412m² site, 666m², 2 commercial buildings, both 2-level mixed use, 2 parking spaces, 100m from station, council carpark across sidestreet; neighbouring properties have first-floor apartments
Rent: passing income $87,689/year + gst – under-rented + vacancy
Outcome: sold for $1.46 million + gst at a 6% yield
Agents: Gawan Bakshi & Ned Gow

North-east

Takapuna

42 & 44 Barrys Point Rd:
Features: combined 1159m² site zoned business mixed use, 18m building height limit, adjoining standalone buildings; No 42, 825m² site, 155m² ground floor retail, 33m² basement, 12 parking spaces; No 44, 333m² site, ground floor retail 163m², lower level workroom 77m², lower level storage 77m², 6 parking spaces
Rent: No 42, $54,522/year + gst + opex, based on 182m² lettable building area, including $25/space/week ($5200/year including gst) for 4 parking spaces; No 44, sold vacant, projected rent $55-60,000/year net + gst + opex based on 317m² lettable area
Outcome: sold for $2.77 million + gst
Agents: Ryan de Zwart, Matt Prentice & Shoneet Chand

25 Bracken Avenue:
Features: 828m² site on corner of Burns Avenue zoned residential – terrace house & apartment, 110m² lettable area (house & one-bedroom flat), house converted for use as a GP medical clinic but vacant, 16 (possible 25) parking spaces
Rent: holding income $52,631/year net holding income (plus gst on $33,391 from parking; flat $19,240/year net)
Potential income: holding income $52,631/year, $35,000/year + gst premises rent at $350/m², additional parking 3 spaces at $200/month, 6 spaces at $120/month including gst (total $15,840 – $13,774 + gst); total $101,405/year + applicable gst
Outcome: sold for $2.7 million + gst, putting yield on potential income at 3.76%
Agents: Euan Stratton & Matt Prentice

South

East Tamaki

23-25 Highbrook Drive:
Features: 3923m² site, 2072m² floor area, 3 warehouse & office tenancies, tilt slab building constructed in 2004, 8m warehouse stud
Rent: $248,350/year net + gst
Outcome: sold for $6.3 million + gst, at a 3.94% yield
Agents: Jolyon Thomson, Joshua Franklin & Greg Goldfinch

Attribution: Auctions & agency release.

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Tauriko building leads Colliers sales


Colliers sold 2 industrial & commercial properties in Nelson and at the Tauriko business estate (pictured) outside Tauranga last week. In Auckland, the agency has sold a warehouse & an industrial property with a high office component in Rosedale.

Yields were around 5.2% & 5.9%, but below 5% at Tauriko.

North-east

Rosedale

44 Arrenway Drive:
Features: 3972m² site, 3715m² warehouse & office
Outcome: sold for $13,117,116 + gst, at a 5.88% yield
Agents: Matt Prentice & Shoneet Chand

13 William Pickering Drive:
Features: 6813m² industrial property, 1933m² floor area – 904m² of offices on ground & first floors, warehouse 984m², dock 45m², 36 parking spaces
Outcome: sold for $11.4 million + gst, at a 5.24% yield
Agents: Shoneet Chand, Matt Prentice & Josh Coburn

South of the Bombays

Bay of Plenty

Tauranga, Tauriko business estate

47 Paerangi Place:
Features: 3988m² site, dual frontage, 2296m² building constructed in 2016, 517m² canopy, 18 parking spaces
Rent: $261,738.75/year net estimated rent from 2 tenants starting 1 November, CPI + 1% annual rent reviews
Outcome: sold at auction last Friday for $5.4 million + gst, at a 4.85% yield
Agents: Simon Clark, Rob Schoeser & Doug Russell

South Island

Nelson

76-82 St Vincent St:
Features: 3826m², 15-year ground lease to service station operator NPD; construction of the self-serve station is underway, with an estimated pump date of late November
Rent: $118,125/year net + gst, 1.75%/year fixed increases
Outcome: sold at auction last Thursday for $2.03 million + gst, at a 5.8% yield
Agents: Sam Staite & Geoff Faulkner

Attribution: Agency release.

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Otahuhu industrial property sells

Published 9 September 2018
Colliers agents have sold a heavy industrial property in Otahuhu.

Isthmus east

Otahuhu

9 Titi St:
Features: 1616m² property zoned heavy industrial, 350m² net lettable area in multiple buildings including a 255m² warehouse & office, secure yard
Outcome: sold with vacant possession for $1.11 million + gst
Agents: Ash Vincent & Dhiru Patel

Attribution: Agency release.

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