Tag Archives | Albany

2 sales & 8 leases for Shore agents

Bayleys North Shore agents have sold a development site & a new shop in Albany and leased 7 industrial & office units around the Shore plus one in Penrose.

Sales

North-east

Albany

1 William Laurie Place:
Features: 2341m² of vacant business development land
Outcome: sold in September for $2.2 million + gst at $940/m²
Agent: Owen Ding

25 Don McKinnon Drive, unit B3:
Features: 41m² shop built this year, one exclusive parking space + shared
Outcome: sold in September with vacant possession for $591,250 + gst
Agent: Eddie Zhong

Leases

Isthmus east

Penrose

531 Great South Rd, rear warehouse, tenancy 8:
Features: 550m² industrial unit
Rent: leased in September for $66,000/year net + gst, premises rental $120/m²
Agent: Brian Caldwell

North-east

Rosedale

13 Lovell Court, unit B3:
Features: 100m² office unit, 2 parking spaces
Rent: leased in September for $16,000/year net + gst
Agent: Ian Waddams

20 Parkway Drive, unit C:
Features: 172m² industrial unit – warehouse 91m², office 51m², mezzanine 30m², 2 parking spaces
Rent: leased in September for $28,000/year net + gst
Agents: Trevor Duffin & James Kidd

7 Vega Place, unit C:
Features: 114m² industrial unit – warehouse 67m², office 47m², 2 parking spaces
Rent: leased in September for $21,000/year net + gst
Agent: Laurie Burt

Takapuna

41 Taharoto Rd, tenancy E:
Features: 20.6m² office
Rent: leased in September for $7000/year net + gst, premises rental $340/m²
Agent: Caroline McNaught

Wairau Valley

89 Ellice Rd, unit 4B:
Features: 125m² industrial unit, 2 parking spaces
Rent: leased in September for $29,000/year net + gst
Agents: Adam Watton & Adam Curtis

77 Porana Rd, unit 18:
Features: 209.44m² industrial unit – warehouse 137.11m², office 72.33m², 3 parking spaces
Rent: leased in September for $32,000/year net + gst
Agent: Trevor Duffin

128 Sunnybrae Rd:
Features: 404m² industrial unit- warehouse 263m², office 141m², 10 parking spaces
Rent: leased in September for $51,000/year net + gst
Agent: Anna Radkevich

Attribution: Agency release.

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Highgate business park site at Silverdale sells

Published 2 September 2018
A half-hectare lot in the Highgate Business Park at Silverdale has been sold by Bayleys agents for $500/m², one of 2 sales & 3 leases in the agency’s latest report for August.

The newly developed business park lies between Wainui Rd & the Northern Motorway, beside the new Millwater residential subdivision.

A house converted to office on the fringe of Takapuna’s central business area has been sold, and industrial units in Browns Bay & Rosedale plus an office unit in Albany have been leased.

North-east

Sales

Silverdale

Highgate Business Park, lot 11:
Features: 5246m² of land zoned light industrial, fully serviced
Outcome: sold for $2.623 million + gst at $500/m²
Agents: Matt Mimmack & Rosemary Wakeman

Takapuna

3A Burns Avenue:
Features: 727m² site on fringe of Takapuna’s central business area, 110m² office in converted house, 4 parking spaces
Outcome: sold vacant for $2.9 million + gst
Agents: Damian Stephen, Alex Strever, Michael Nees & Bayleys Residential

Leases

Albany

9G Lovell Court:
Features: 60m² ground-floor office, 2 parking spaces
Rent: $16,000/year net + gst, parking $20/space/week, rental excluding parking $13,920, premises rental $232/m²
Agents: David Han & Ian Waddams

Browns Bay

751 Beach Rd, unit C & D:
Features: 190m² refurbished industrial unit divided into 2 separate workspaces – office 25m², yard 165m², 3 parking spaces
Rent: $34,000/year net + gst
Agents: Chris White & Trevor Duffin

Rosedale

9 Tait Place, unit A2:
Features: 108m² air-conditioned warehouse unit, high stud, automatic roller doors, private meeting room, 2 parking spaces
Rent: $28,000/year net + gst
Agents: Terry Kim & Ian Waddams

Attribution: Agency release.

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6 Shore leases for Bayleys

Bayleys agents on the North Shore have leased 6 commercial properties in August.

3 of the 6 sales at Bayleys’ Total Property auction on 8 August were also made by Shore agents.

Leases

North-east

Albany

3 Henry Rose Place, unit A:
Features: 246m² industrial unit – warehouse 87m², showroom 67m², office 74m², 6 parking spaces
Rent: leased in August for $40,000/year net + gst
Agents: Trevor Duffin, Ildy Meixner & Alex Strever

Devonport

81 Victoria Rd, first floor:
Features: 70m² office,
Rent: leased in August for $21,000/year net + gst, premises rental $300/m²
Agent: Caroline McNaught

Rosedale

part 4 Cebel Place:
Features: 2158m² industrial space – warehouse 1415m², office 691m², 38 parking spaces
Rent: leased in August for $282,198/year net + gst
Agents: Matt Mimmack & Jarrod Qin

6 Piermark Drive, unit B:
Features: 907m² site, 846m² industrial unit – warehouse 264m², office 522m², other area 60m², 18 parking spaces
Rent: leased in August for $160,000/year net + gst
Agent: Laurie Burt

8 Vega Place, unit C:
Features: 206m² office unit, 8 parking spaces
Rent: leased in August for $36,110/year net + gst, parking $15/space/week, rental excluding parking $29,870/year, premises rental $145/m²
Agents: Ian Waddams (Bayleys) & Harcourts

Silverdale

9B Anvil Rd:
Features: 205m² industrial unit – office & warehouse 184m², mezzanine 21m², 4 parking spaces
Rent: leased in August for $28,500/year net + gst
Agent: Rosemary Wakeman

Earlier story:
8 August 2018: One sells at 5%, another at hefty premium in Total Property auction

Attribution: Agency release.

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Argosy buys Albany Warehouse

Argosy Property Ltd has unconditionally acquired The Warehouse property at 11 Coliseum Drive in Albany for $26.4 million. The property is next to the Argosy-owned Albany Mega Centre and comprises 7600m² of warehouse, 760m² of office, mezzanine & garden centre and 413 parking spaces.

Argosy chief executive Peter Mence said on Monday the acquisition price represented an initial passing yield of 5.0% and the pre-tax internal rate of return was 6.78%. The property has 6.5 years to run on the initial 12-year lease.

Mr Mence said the acquisition size was within Argosy’s investment policy criteria and the property had met all the necessary due diligence requirements: “We are very pleased to have secured a strategically important property and strengthened our relationship with a longstanding & valued partner in The Warehouse Group. The purchase allows us to now consider a range of organic growth options across the entire Albany Mega Centre site. Longer term, we are excited about the opportunity & value this acquisition can deliver for Argosy & its shareholders.”

Settlement is expected to occur on or around 7 September.

Attribution: Argosy release.

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3 industrial sales & 4 leases on Shore

Bayleys agents on the North Shore have sold 2 neighbouring industrial premises at Rosedale and another in the Wairau Valley, and leased 4 properties.

North-east

Sales

Rosedale

5 Douglas Alexander Parade, unit B1:
Features: 180m² unit – office 96m², warehouse 84m², 4 parking spaces
Outcome: sold for $600,000
Agents: Alex Strever & James Kidd

7 Douglas Alexander Parade, unit B:
Features: 285m² industrial premises comprehensively upgraded in 2015, used as showroom & office space for the display & sale of bathroom fittings & equipment, 5 parking spaces; new 4-year lease to Bath & Tile (NZ) Ltd, 3 4-year rights of renewal
Rent: $72,000/year net + gst
Outcome: sold for $1.15 million at a 6.62% yield
Agents: Janak Darji, James Kidd & Amy Weng

Wairau Valley

76 Ellice Rd:
Features: 1915m² site, refurbished 1075m² industrial building, seismic assessment 90% new building standard, 21 parking spaces
Rent: new 6-year lease to animal care provider, fixed rental increases of 4% every 2 years, 2 6-year rights of renewal
Outcome: sold for $3.45 million at a 5.36% yield
Agents: Scott Kirk & James Were

Leases

Albany

25 Don McKinnon Drive, unit A1:
Features: 68.4m² retail, shared parking
Rent: leased in July for $47,880/year net + gst, premises rental $700/m²
Agents: Eddie Zhong & Steven Liu

Rosedale

12 Vega Place, unit A:
Features: 223m² industrial unit, office 148m², warehouse 75m², 4 parking spaces
Rent: leased in July for $40,000/year net + gst
Agents: Jane McKee, Laurie Burt & Chris White

Wairau Valley

54 View Rd, PU6:
Features: 122m² industrial unit – warehouse 61m², office 61m², 2 parking spaces
Rent: leased in July for $34,000/year net + gst, parking $20/space/week, net excluding parking $31,920/year, premises rental $262/m²
Agents: Zoran Popovich & Matt Mimmack

54 View Rd, unit PU1:
Features: 122m² industrial unit – warehouse 61m², office 61m², 2 parking spaces
Rent: leased in July for $37,500/year net + gst, parking $20/space/week, net excluding parking $35,420/year, premises rental $290/m²
Agents: Zoran Popovich & Matt Mimmack

Attribution: Agency release.

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Residents move into 201-unit Rose Garden at Albany

The Chinese developer of the Rose Garden Apartments, across the lake from the Westfield mall at Albany, has completed construction of stage 1, 201 units of 1-4 bedrooms, 23 months after securing Overseas Investment Office consent for the project.

The development company, NZ Rose Garden Development Ltd, is 75% owned by Nanjing Dadi Construction Group Co Ltd & its president, Yu Guojia. The other 25% is held by Tina Yang, of Albany, who sold the 2ha property to the Nanjing development company.

The development at 25 Don Mckinnon Drive was masterplanned & designed by Auckland firm Context Architects Ltd, and stage 1 was originally intended to be completed in 2016, but consent for the Chinese participation was only issued on 11 August 2016.

All the apartments were sold off the plans for between $550,000 & $1.3 million.

Construction of stage 2 is scheduled to start in 2019, adding another 600 apartments.

Context managing principal Stephen Voyle said as residents moved in last week: “The Rose Gardens demonstrates how apartment living is a positive, vital choice, and part of easing the pressures that have given Auckland some of the world’s most expensive housing. The development delivers on the city’s need for thoughtful intensification and increases the vitality & viability of this part of Albany.

“The design informs the density debate by creating more affordable homes that look great, will endure and have a sense of place. A range of apartment sizes & prices and good design establishes a more vibrant & diverse neighbourhood.

“Amenity – the things that make living somewhere enjoyable – is also key to creating great places. The masterplan orientated the buildings to make the most of local amenity: views of bushclad hills, a landscaped lake, the nearby QBE stadium and good transport links from the Northern Busway & the motorway.”

The development so far comprises a series of buildings within a unified design, giving it “a distinct presence at an appropriate scale”. Mr Voyle said its stepped roof heights & view shafts through the site meant it responded well to its environment. Tightly built edges & ground-floor commercial activities provide active frontages, and the site has landscaped courtyards, gardens & public areas to create a sense of openness & connection.

“Coloured balcony forms & detailing add playfulness to the façade and soften the mass of the built form. All apartments enjoy a balcony, unobstructed views & good positioning for sunlight. Underground parking separates cars & pedestrians and makes more room for landscaping.”

One serious issue during construction was cost escalation – as much as $100,000, or about 10%, on some larger units. Mr Voyle said: “The project was built during a time of massive construction cost increases across the industry. A modest price rise in line with cost increases – and less than similar projects – was applied by the developer, ensuring the development was successfully completed with no loss of deposits. Purchase prices versus current market valuations means owners are still well ahead.”

Links:
Rose Garden Apartments
Context Architects

Attribution: Context release.

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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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