A corner retail building in Orewa, the last in a block of 5 titles where Chris Jones’ Southside Group Ltd sought to build a 50m tower 5 years ago, was sold at auction today.
2 other titles were auctioned last December and Barfoot & Thompson, which conducted yesterday’s auction, started the breakup last year by buying 2 titles, one occupied by its local agency.
Most of the site had been aggregated by Cornerstone Group Ltd (Rick Martin), developer of the nearby Nautilus apartment building and the Sentinel apartments in Takapuna. Mr Martin lost a consent battle for 2 apartment blocks rising 31.5m above the beachfront thoroughfare, and Mr Jones was subsequently defeated in his ambitions for a taller tower.
The block of shops auctioned today previously had a pharmacy fronting the highway that was owned by prominent local businessman Des Adams, who’d opposed the highrise developments.
316 Hibiscus Coast Highway:
Features: 916m² site at corner of Tamariki Avenue, fully refurbished 706m² of 5 shops & offices above
Outcome: sold for $4.4 million, giving a yield of 6.1% on a rent roll of about $270,000
Agents: Graeme Perigo & Barry Masefield
11 December 2013: One site sells as breakup of Orewa Village aggregation continues
27 April 2009: Orewa gets its new development rules
27 February 2009: Southside buys Cornerstone’s Orewa block as Jones targets strategic sites
9 September 2008: Commissioners cite adverse effects on neighbours as they reject Cornerstone’s new Orewa scheme