Tag Archives | Albany

3 commercial leases on Shore

Bayleys agents on the North Shore have signed 3 commercial leases, one this month & 2 in June.

Leases

North-east

Albany

15 Lovell Court, unit 12:
Features: 100m² office, 2 parking spaces
Rent: leased in July for $26,000/year net + gst, premises rental $260/m² (no parking charge)
Agents: David Han & Steven Liu

Rosedale

6 Piermark Drive, part unit C:
Features: 415m² industrial unit – warehouse 235m², office 180m², 6 parking spaces
Rent: leased in July for $60,000/year net + gst, premises rental $145/m² (no parking charge)
Agents: James Yu & Laurie Burt

Wairau Valley

7 Colway Place, unit B:
Features: 165m² industrial unit, 3 parking spaces
Rent: leased in June for $23,500/year net + gst, premises rental $143/m² (no parking charge)
Agent: Trevor Duffin

Attribution: Agency release.

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Updated: 4 sell at 7-property Bayleys commercial auction, 2 more since

Published 28 June 2018, updated 5 July 2018:
4 of the 7 properties left in Bayleys’ Total Property 4 auction on 27 June were sold under the hammer. 2 were passed in on vendor bids and the other attracted no bid.

Update: The industrial building at 9 Tawa Drive, Albany, occupied by Xylem Water Solutions, was pulled from the 27 June auction at the last minute but went to auction on 4 July and was sold after strong bidding.

The property at 5 Oates Rd, Glen Eden, passed in after 2 vendor bids at the 27 June auction, has since been sold.

Top price at the original auction was for a site with maximum visibility in Penrose, on the corner of Walls & Station Rds, and just off Great South Rd (arrowed in photo).

The auction of a Rosedale property, on Arrenway Drive, was postponed.

Isthmus east

Onehunga

2A & 2B Rawhiti Rd:
Features: dairy on unit title at corner of Oranga Avenue
Rent: $17,565/year net + gst
Outcome: sold for $550,000 at 3.2% yield
Agents: Greg Hall & Sunil Bhana

Penrose

2 Walls Rd (arrowed in photo):
Features: 2072m² corner site fronting Walls & Station Rds and adjoining Great South Rd, Allied Work Force Ltd as tenant
Rent: $154,385/year net, 8-year lease term from August 2016, rights of renewal, CPI & market reviews
Outcome: sold for $3.41 million at a 4.53% yield on current rent (review in August)
Agents: Mike Adams & Jean-Paul Smit

North

Kaitaia

27 Matthews Avenue:
Features: vacant 3726m² site in town centre, 1050m² floor area, showroom, warehouse, canopy & office, large secure yard, 27 parking spaces, double street entry
Outcome: no bid
Agents: Steven McNally & Vinni Bhula

North-east

Albany

Updated: 9 Tawa Drive:
Features: 2457m² corner site, 1458m² industrial building – 950m² of medium stud warehousing, 77.5m² parts store, the balance comprising 2 storeys of air-conditioned offices & amenities at the main entrance; tenant Xylem Water Solutions NZ Ltd, in occupation since the building was constructed in 1994, has renewed for 4 years from April with one 4-year right of renewal
Rent: $245,000/year + gst + outgoings
Outcome: pulled from 27 June auction, sold at 4 July auction for $5.38 million at a 4.55% yield
Agents: Matt Mimmack & Laurie Burt

Beachhaven

366 Rangatira Rd:
Features: 202m² corner site occupied by café, 225m² floor area
Rent: potential rent assessed at $76,000/year + gst + opex
Outcome: passed in on sole bid from vendor of $1.3 million
Agents: Paul Dixon, Michael Nees & Ranjan Unka

Rosedale

63 Arrenway Drive, unit 8:
Features: 170m² end unit in new office & warehouse development, 2 exclusive parking spaces
Rent: $30,000/year + gst + outgoings, new 3-year lease from March
Outcome: auction postponed
Agents: Jane McKee & Laurie Burt

North-west

Glen Eden

Updated: 5 Oates Rd, unit 6:
Features: 175m² floor area
Rent: $70,000/year + gst + outgoings from TAB, lease renewed for 6 years from October, 2 3-year rights of renewal
Outcome: passed in after 2 vendor bids at $1.2 million & $1.25 million; sold post-auction for $1.36 million at a 5.15% yield
Agents: Tony Chaudhary, Janak Darji & Katie Wu

New Lynn

3045 Great North Rd, unit 2:
Features: 412m² building – 322m² retail space, balance storage, seismic rating 92%, opposite LynnMall & New Lynn Transport Centre
Rent: $151,178/year net + gst + outgoings, 8-year lease to Beds ‘r Us from June 3%/year rental growth
Outcome: sold for $2.8 million at a 5.4% yield
Agents: Damien Bullick & Mike Adams

South

Burswood

239A Burswood Drive:
Features: 277.5m² floor area, restaurant in Burswood precinct of East Tamaki
Rent: $60,000/year net + gst + outgoings, 6-year lease from March 2017, one 6-year right of renewal left
Outcome: sold for $1.41 million at a 4.26% yield
Agents: Katie Wu, John Bolton & Roy Rudolph

Attribution: 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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Sale & 4 leases on Shore

Bayleys commercial agents on the North Shore have sold a Takapuna unit used by a medical tenant and leased 4 properties.

North-east

Sale

Takapuna

2 Ngaio St, unit 1:
Features: 120m² mixed-use premises, tenant North Shore Chiropractic Ltd, 4 parking spaces
Rent: $39,000/year net + gst
Outcome: sold in May for $798,000 + gst at $6650/m², 4.89% yield
Agents: Adam Curtis & Adam Watton

Leases

Albany

18 Oteha Valley Rd Extension, unit A9:
Features: 64m² office, parking space
Rent: leased in June for $18,000/year net + gst, premises rental $281/m²
Agents: leased by Caroline McNaught, Laurie Burt & Jane McKee

Birkenhead

12 Birkenhead Avenue, shop 2:
Features: 175m² shop, parking space
Rent: leased in May for $50,000/year net + gst, premises rental $289/m²
Agents: Dev Choudhury & Michael Nees

Forrest Hill

1-11 Grenada Avenue, shop 6:
Features: 64m² shop
Rent: leased in May for $13,200/year net + gst, premises rental $206/m²
Agents: Dev Choudhury

Hauraki

332 Lake Rd:
Features: 342m² car yard – yard 302m², office 40m²
Rent: leased in June for $36,000/year net + gst, premises rental $105/m²
Agents: Dean Gilbert-Smith

Attribution: Agency release.

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Office & retail premises leased in Albany, Milford & Penrose

Bayleys agents on the North Shore have leased 3 commercial properties at Albany, Milford and across in Penrose, one in partnership with Harcourts NAI.

Leases   

Isthmus east

Penrose

531 Great South Rd, tenancy 3:
Features: 357m² office, 2 parking spaces
Rent: leased in May for $77,580/year net + gst, parking $25/space/week, rental excluding parking $74,980, premises rental $210/m²
Agent: Brian Caldwell

North-east

Albany

21-25 Corinthian Drive, unit 14:
Features: 6.5m² retail unit, shared parking
Rent: leased in April for $12,000/year net + gst, premises rental $1846.15/m²
Agent: Steven Liu

Milford

121-123 Kitchener Rd, level 1, tenancy 1:
Features: 183m² office, 4 parking spaces
Rent: leased in May for $52,000/year net + gst, parking $30/space/week, rental excluding parking $45,760, premises rental $250/m²
Agents: Dean Gilbert-Smith (with Harcourts)

Attribution: Agency release.

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5 sales & 6 leases

Bayleys agents have completed 5 sales on the North Shore, in Henderson and on Waiheke Island, and 6 leases in the Auckland cbd, Avondale and on the Shore.

Sales

Hauraki Gulf islands

Waiheke Island

171 Carsons Rd:
Features: 8.95ha of land
Outcome: sold in May for $2.85 million + gst
Agents: Ranjan Unka & Brian Caldwell

North-east

Birkenhead

27-33 Mokoia Rd, unit 4:
Features: 59m² retail unit occupied by cafe on new 2-year lease with 2 2-year rights of renewal sold for $502,000 at a 4.98% yield
Rent: $25,000/year net + gst
Outcome: sold for $502,000 at a 4.98% yield
Agents: Owen Ding, Oscar Kuang, Michael Nees

27-33 Mokoia Rd, unit 5:
Features: 59m² retail unit occupied by Kebab Serai, one of the Turkish takeaway’s 4 Auckland outlets, on a lease until April 2020, 2 5-year rights of renewal
Rent: $24,000/year net + gst
Outcome: sold for $500,000 at a 4.8% yield
Agents: Owen Ding, Oscar Kuang & Michael Nees

Takapuna

8-12 The Promenade:
Features: 817m² corner site zoned metropolitan centre, frontage to 3 cbd streets, 1672m² 2-level commercial building, anchored by 2 restaurants & gym, range of office tenancies on the upper level & 373m² of vacant space, 18 open-air, rooftop parking spaces; 10 leases have final expiries ranging from 2018-28 and all but 2 have demolition clauses
Rent: $415,091/year net + gst
Outcome: sold for $7.4 million at a 5.61% yield
Agent: Brian Caldwell

North-west

Henderson

9-11 Aetna Place:
Features: 8712m² site, 6495m² industrial premises – 5095m² warehouse, 8.9-10.35m stud, multiple roller doors & 1120m² canopy, office & amenities 280m²
Outcome: sold with vacant possession for $9 million
Agents: Sunil Bhana, James Valintine, Mike Houlker & Matt Mimmack

Leases

CBD

Victoria Quarter

118-122 Nelson St:
Features: 1344m² office, 18 parking spaces
Rent: leased in April for $346,522/year net + gst (based on an average over 10 years), parking $50/space/week, premises rental $223/m²
Agents: Tonia Robertson + Jean Paul Smit

Isthmus west

Avondale

419A Rosebank Rd:
Features: 1692.39m² industrial property – warehouse 1,509.19m², showroom 137.17m², office 46.03m², 15 parking spaces
Rent: leased in April for $202,868.85/year net + gst, premises rental $120/m²
Agents: Tonia Robertson & Mark Preston

North-east

Albany

287 Oteha Valley Rd, unit 5:
Features: 150m² retail, shared parking
Rent: leased in April for $85,000/year net + gst, premises rental $566/m²
Agents: Steven Liu, Matt Lee & Quinn Ngo

Birkenhead

80-94 Mokoia Rd, shop 1B, 2 & 3:
Features: 429.3m² shop, 7 parking spaces
Rent: leased in April for $129,932/year net + gst, parking $20-25/space/week, premises rental $303/m²
Agent: Ildy Meixner

Wairau Valley

7 Kaimahi Rd:
Features: 958m² industrial unit warehouse 708m², office 83m², mezzanine 167m², 8 parking spaces
Rent: leased in May for $115,000/year net + gst, premises rental $120/m²
Agents: Trevor Duffin & Eddie Zhong

16 Woodson Place, unit C:
Features: 638m² industrial unit – warehouse 506m², office 120m², other 12m², 11 parking spaces
Rent: leased in May for $83,090/year net + gst, premises rental $130/m²
Agent: Trevor Duffin

Attribution: Agency release.

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2 retail sales, 4 leases on Shore

Bayleys agents on the North Shore have completed 2 retail property sales in Devonport & Hauraki and 4 leases, including 2 on Taharoto Rd, Takapuna.

North-east

Sales

Devonport

69-71 Victoria Rd:
Features: 443m² retail – retail area 227m², office 109m², other area 107m², 4 parking spaces, tenants Brolly Sheets, Yarntons & Monsoon
Rent: $143,650/year net + gst
Outcome: sold in April for $2.15 million + gst at $5780/m², yield 6.68%
Agents: Adam Curtis & Adam Watton

Hauraki

Details of a Hauraki sale have been removed as confidential.

Leases

Albany

63 Corinthian Drive, level 1, unit 4:
Features: 78m² office, 2 parking spaces
Rent: leased in April for $30,000/year net + gst
Agent: Jane McKee

Rosedale

9-11 Lovell Court, unit Q:
Features: 136m² industrial unit – office 68m², warehouse 68m², 4 parking spaces
Rent: leased in April for $28,000/year net + gst
Agents: Zoran Popovich & Laurie Burt

Takapuna

39 Taharoto Rd, level 1, tenancy B & C:
Features: 189m² office, 5 parking spaces
Rent: leased in April for $60,080/year net + gst, parking $40/space/week, rental excluding parking $49,680, premises rental $262.85/m²
Agents: Dean Gilbert-Smith, Adam Watton & Adam Curtis

68-76 Taharoto Rd, level 2, suite 16:
Features: 90m² office,
Rent: leased in April for $137,403/year net + gst, premises rental $1526.70/m²
Agent: Dean Gilbert-Smith

Attribution: Agency release.

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8 Corinthian units & 2 Tauriko sites sell

Colliers agents have sold 8 new industrial units at Albany & 2 sites in the Tauriko business estate out the back of Tauranga, among 5 recent transactions.

Isthmus west

Kingsland

615 New North Rd:
Features: 1681m² site, 1241m² floor area, occupied by the Auckland District Health Board for over 25 years, now on a new 3-year lease
Outcome: sold to a private investor for $4.25 million + gst, at a 5.2% yield
Agents: Jonathan Lynch & Simon Child

North-east

Albany

18 Corinthian Drive:
Features: 8 new industrial units
Outcome: sold for asking price off the plans to multiple investors & occupiers for a total $8.557 million + gst
Agents: Sam Sherning, Matt Prentice & Janet Marshall

South Island

Queenstown – Frankton

8-12 McBride St:
Features: 759m² site, 145m² residential building leased as rental car depot
Rent: leased to Omega Car Rentals Ltd for $60,000/year + gst + outgoings, expiring 9 September
Outcome: sold at auction to a private investor for $1.81 million + gst, at a 3.3% yield
Agents: Mark Simpson & Rory O’Donnell

South of the Bombays

Bay of Plenty

Tauranga – Tauriko

204 Taurikura Drive:
Features: 3837m² corner lot in stage 2 of the Tauriko Business Estate, has a fully compliant scheme plan yielding 7 retail tenancies & one childcare tenancy, totalling 1976m²
Outcome: sold to a private investor for $2.155 million
Agents: Rachel Emerson & Duncan Woodhouse

43 Poturi St:
Features: 2748m² site, 750m² warehouse, 18-month lease
Rent: $137,563/year net + gst
Outcome: sold to an investor before private treaty deadline for $2.475 million, at a 5.56% yield
Agents: Simon Clark & Rob Schoeser

Attribution: Agency release.

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5 commercial sales include 3 in Orchard Park

Bayleys agents have sold 3 warehouse & retail units in the Orchard Park subdivision on Corinthian Drive, Albany, a mixed-use property on Barrys Pt Rd in Takapuna and a warehouse in Mt Wellington.

2 other units at 21 Corinthian Drive, 7A & 7B, sold at auction on 7 March.

North-east

Albany – Orchard Park

18 Corinthian Drive, unit 10:
Features: 190m² industrial unit – warehouse 112m², office 78m², canopy 20m²
Outcome: sold vacant in March for $713,000 + gst at $3753/m²
Agents: James Yu & Matt Mimmack

18 Corinthian Drive, unit 11:
Features: 190m² industrial unit – warehouse 112m², office 78m², canopy 20m²
Outcome: sold vacant in March for $713,000 + gst at $3753/m²
Agents: James Yu & Matt Mimmack

21 Corinthian Drive, unit 1:
Features: 450m² retail occupied by Albany Supermarket Ltd
Rent: $260,000/year net + gst
Outcome: sold in March for $4.3 million + gst at $9556/m², 6% yield
Agents: David Han, Eddie Zhong, Terry Kim & Ranjan Unka

Takapuna

55 Barrys Pt Rd:
Features: 1549m² industrial, office & retail property
Rent: $285,630/year net + gst
Outcome: sold in March for $5.775 million + gst at $3728/m², 4.95% yield
Agents: James Kidd & Matt Mimmack

Isthmus east

Mt Wellington

26 Vestey Drive:
Features: 2049m² industrial property, 39 parking spaces, tenant Estee Lauder Ltd
Rent: $307,645/year net + gst
Outcome: sold in December for $5.55 million + gst at $2709/m², 5.54% yield
Agents: Sunil Bhana, Mike Houlker & Ranjan Unka

Earlier story:
9 March 2018: 8 commercial properties sell for total $11 million

Attribution: Agency release.

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2 sales & 7 leases on the Shore

Bayleys agents on the North Shore have completed 2 sales outside the auctionroom and signed 7 leases in the last month.

North-east

Sales

Rosedale

32 Constellation Drive, unit 1:

Features: 455m² retail & office, shared parking, occupied by Coffee Club & Meditation Tour Ltd
Rent: $134,829.96/year net + gst
Outcome: sold in February for $2.61 million + gst at a 5.16% yield, $5736/m²
Agents: Terry Kim & Ranjan Unka

Takapuna

2D Burns Avenue:
Features: 150m² office, 4 parking spaces
Outcome: sold vacant for $800,000 + gst at $5333/m²
Agents: Jane McKee, Dean Gilbert-Smith & Alex Strever

Leases

Albany

67 Corinthian Drive:
Features: 758m² office, 18 parking spaces
Rent: leased in March for $275,320/year net + gst, parking $35/space/week, premises rental $242,560/year at $320/m²
Agent: Dean Gilbert-Smith

3 Henry Rose Place, unit J:
Features: 298m² industrial unit – warehouse 168m², office 65m², showroom 65m², 7 parking spaces
Rent: leased in March for $45,000/year net + gst, premises rental $151/m²
Agents: Laurie Burt & Alex Strever

42 Tawa Drive, Building B, suite A:
Features: 81m² office, 3 parking spaces
Rent: leased in March for $25,270/year net + gst, parking $20/space/week, premises rental $22,150/year at $273/m²
Agents: Caroline McNaught & Dean Gilbert-Smith

Birkenhead

12 Birkenhead Avenue, shop 1:
Features: 92.6m² shop, parking space
Rent: leased in March for $28,960/year net + gst, parking $18.50/week, premises rental $28,000 at $302/m²
Agents: Michael Nees & Dev Choudhury

Browns Bay

731 Beach Rd, unit B:
Features: 55m² retail
Rent: leased in March for $18,000/yea net + gst, premises rental $327/m²
Agents: Adam Curtis & Dev Choudhury

Rosedale

100 Rosedale Rd, unit 1A:
Features: 110m² retail, 4 parking spaces
Rent: leased in February for $43,000/year net + gst, premises rental $40,001/year at $364/m²
Agent: Steven Liu

Wairau Valley

54 View Rd, F1 unit C:
Features: 59m² office, parking space
Rent: leased in March for $18,000/year net + gst, parking $20/week, premises rental $287/m²
Agents: David Han & Terry Kim

Attribution: Agency release.

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