Tag Archives | East Tamaki

6 commercial & rural sales include 2 post-auction & 1 pre-auction

Colliers agents have sold 4 properties around Auckland & 2 in Gisborne, including 2 post-auction & one pre-auction.

At Albany, a site on Appian Way (pictured) with consent for a mixed-use development has been sold.

Isthmus east

Mt Wellington

4E Pacific Rise:
Features: 820m² office property, 3 tenants, 28 parking spaces
Rent: $191,396/year net + gst + opex
Outcome: sold for $3.15 million at a 6% yield
Agents: Gareth Fraser, Simon Child & Michael van der Putten

North-east

Albany

4 Appian Way:
Features: 3406m² development site, has approved resource consents for a mixed-use residential, retail & commercial development
Outcome: sold for $5.38 million
Agents: Cherry Higginson, Josh Coburn & capital markets team

North-west

Whenuapai

1-9 Maramara Rd:
Features: 2200m², new purpose-built childcare centre, 575m² floor area, licensed for 90 children, 18-year lease to established provider New Shoots Ltd
Rent: $257,400/year net + gst
Outcome: sold post-auction for $4.4 million at a 5.85% yield
Agents: Josh Coburn, Shoneet Chand & Caroline Cornish

South

East Tamaki

15 Ra Ora Drive:
Features: 2000m² site, 998m² industrial building, 18 parking spaces
Outcome: sold for $3.2 million at a 4.68% contract yield
Agents: Jolyon Thomson & Paul Higgins

South of the Bombays

Gisborne

Ngatapa

1189 Wharekopae Rd:
Features: 6.37ha rural property – citrus orchard, sheds, 4-bedroom home, tennis court, helicopter pad
Outcome: sold post-auction for $1.3 million
Agents: Alan Thorpe & David Egan

Waerenga-a-hika

297 Matawai Rd:
Features: 11.07ha citrus orchard & 250m² homestead 
Outcome: sold pre-auction for $2.3 million
Agents: David Egan & Alan Thorpe

Attribution: Agency release.

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East Tamaki sale starts last Bayleys commercial auction for year, 2 other sales in Airport Oaks & Orewa

A sale at Bayleys’ East Tamaki office yesterday kicked off the agency’s 8th Total Property auction round for the year.

It will continue in Auckland today, when 18 commercial properties are on the auction list.

While that auction round is starting, one Orewa property passed in at the Total Property 7 auction in October has been sold, and an Airport Oaks property (pictured) offered by tender in October has also sold.

North-east

Orewa

Tamariki Plaza, 1-19 Cammish Lane, unit J:
Features: vacant 190m² commercial unit set up as an office with a rear roller door, zoned town centre, one parking space + share of 35 parking spaces
Outcome: passed in at $700,000, sold to another investor post-auction for $780,000, with vacant possession
Agent: Mustan Bagasra

South

Airport Oaks

127 Montgomerie Rd:
Features: 5001m2 site, 3663m2 industrial building developed in late 1990s – 2953m2 of warehousing, 6.7-7.8m stud, 2 levels of offices & amenities; complete refurbishment undertaken in 2015 before start of 8-year lease to skin & hair products manufacturer Mix Ltd, 45 parking spaces
Rent: $374,544/year net + gst, increasing annually to $405,418 in 2022
Outcome: sold for $7.106 million at a 5.27% yield, after a tender that closed in October
Agents: James Hill, Sunil Bhana & Nick Bayley

East Tamaki

33A Springs Rd:
Features: 897m2 mid-1980s industrial unit, 647m2 warehouse with 6.5m stud, 2 roller doors & 3 tonne gantry, 2 levels of office & showroom space
Outcome: sold vacant for $2.3 million
Agents: John Bolton, Katie Wu & Roy Rudolph

Attribution: Agency release.

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9 business park units sold

Bayleys agents in South Auckland have sold 9 units in stage 1 of the new Wiri Station Business Park by Robert Cunningham Construction Commercial Ltd, which is nearing completion.

They’ve also sold 4 commercial properties in East Tamaki – 2 over $5 million – plus one in Pakuranga.

The most expensive building, on Barmac Place in East Tamaki (pictured below), was sold with a one-year leaseback in place. Another of the East Tamaki properties, on Polaris Place, was sold at an auction brought forward.

South

East Tamaki:

9 Barmac Place (image above):
Features: 4610m² site, 2763m² building, 225m² canopy, completed in 2004; high stud warehousing (8m at knee & rising), 3 large roller doors, single-level showroom & office space; one-year leaseback to current owner-occupier
Outcome: sold for $7.11 million + gst
Agents: Nelson Raines, Amy Weng & Andrew Wallace

12-16 Harris Rd:
Features: 4186m² site, 2195m² industrial building – 1919m² of high stud warehousing, 2 gantry cranes, balance office & amenities; current occupier has lease until September 2019
Rent: $267,000/year net + gst
Outcome: sold to an owner-occupier for $5.82 million + gst (if any)
Agents: Mike Marinkovich (Bayley) & Paul Higgins (Colliers)

108 Harris Rd, unit B:
Features: 334m² industrial unit – 283m² of high stud, clearspan warehousing, dual motorised roller door access, 51m² of offices & amenities over 2 levels
Outcome: sold vacant for $1.175 million + gst at $3518/m²
Agents: Roy Rudolph, John Bolton & Katie Wu

22 Polaris Place, unit 5:
Features: 208m² high stud warehouse & office unit in new industrial complex, 4 parking spaces, 3-year lease to BRP Electrical, one 5-year right of renewal
Rent: $39,000/year net + gst
Outcome: sold for $800,000 + gst at a 4.87% yield (auction brought forward from 5 December)
Agents: Jarod Qin, Nicolas Ching & Ben Bayley

Pakuranga

60-62 Tiraumea Drive:
Features: 898m² corner site zoned neighbourhood centre, fully leased single-level 421m² building comprising 3 shops plus residential accommodation at rear
Outcome: sold for $1,337,860 at a 6% yield
Agents: Tony Chaudhary, Janak Darji & Amy Weng

Wiri

114 Wiri Station Rd
Features: 9 industrial units in the 1.6ha Wiri Station Business Park – 5 warehouse units ranging from 206–495m² in an 11-unit complex nearing completion plus another 4 units ranging from 385–666m² in 3 existing buildings on the site
Outcome: sold vacant for a total of $10.305 million + gst to mix of owner-occupiers & investors
Agents: Mike Marinkovich, Karl Price & James Hill

Attribution: Agency release.

 

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Warehouse sells, new childcare centre passed in

Colliers sold the Bell Tea warehouse at East Tamaki at auction yesterday, but a new childcare centre at Whenuapai was passed in.

North-west

Whenuapai

1-9 Maramara Rd:
Features: 2200m² site, 575m² purpose-built new building, New Shoots Children’s Centre Ltd, licensed childcare centre for 90 children
Rent: $257,400/year net + gst + opex, 18-year lease term from 13 August 2018, 2 6-year rights of renewal
Outcome: passed in at $4 million
Agents: Josh Coburn, Caroline Cornish & Shoneet Chand

South

East Tamaki

305 East Tamaki Rd:
Features: 6052m² site, 3992m² warehouse, storage & office building occupied by Bell Tea & Coffee Co Ltd, full drive-around
Rent: $421,402/year net + gst, 7 years remaining on lease renewed in 2013
Outcome: sold for $7.5 million at a 5.6% yield
Agents: Paul Jarvie, Andrew Hooper & Hamish West

Attribution: Auctions.

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2 sales & 6 leases by Commercial Realty

Commercial Realty Ltd agents have completed 2 sales & 6 leases with values over $50,000 in the last 3 months.

Sales

Isthmus east

Penrose

1016a Great South Rd:
Features: 882m² industrial unit
Outcome: sold for $2.775 million to a nearby owner-occupier
Agents: David Turner & Danny Guise

South

East Tamaki

325 Ti Rakau Drive, unit 5:
Features: 180m² industrial unit, 2 levels, 3 parking spaces
Outcome: sold for $550,000 to an air-conditioning company as owner-occupier
Agents: David Turner & Brad Rathbun

Leases

Isthmus east

Penrose

16 Olive Rd:
Features: 988m² industrial premises, leased to a quickly expanding national tenant
Rent: $110,000/year net + gst
Agents: Willie Fernandes & Danny Guise

North-west

Swanson

212 Swanson Rd, units 1 & 2:
Features: 990m², long-term lease
Rent: $71,000/year net + gst
Agent: Daniel Speck

South

Drury

4 Creek St:
Features: 630m², warehouse plus yard area
Rent: $105,000/year net + gst
Agents: Mark Bramwell & Brad Rathbun

East Tamaki

1E Lady Ruby Drive:
Features: 460m² warehouse & office unit, road frontage
Rent: $65,000/year net + gst
Agent: David Turner

Takanini

12 Marphona Crescent, unit 1:
Features: 365m² industrial unit with road frontage, leased to an overseas company
Rent: $60,000/year net + gst
Agent: Brad Rathbun & David Turner

12 Marphona Crescent, unit 2:
Features: 360m² industrial unit, leased to an international tenant before development completion
Rent: $55,000/year net + gst
Agent: Danny Guise

Attribution: Agency release.

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Strong bidding for Rosedale retail unit, plus long list of airport area leases

6 bidders turned out for Bayleys’ auction yesterday of a Rosedale retail unit, brought forward from the agency’s Total Property auction next Wednesday, and the property sold at a 4.22% yield.

From north-east to south-west, and Bayleys agents have reported a long list of leasing deals in the Airport Oaks & Airport precincts, plus a couple in East Tamaki & Penrose.

Sale

North-east

Rosedale

Rosedale Retail Centre, 94 Rosedale Rd, unit 2:
Features: 73m² unit, occupied by a health & beauty retailer with just under 16 months to run on lease, wide frontage to a common parking area opposite anchor Tai Ping supermarket
Rent: $37,520/year net + gst + outgoings
Outcome: sold for $890,000 at a 4.22% yield at auction brought forward with declared reserve of $750,000
Agents: Eddie Zhong, Steven Liu & Meng He

Leases

Isthmus east

Penrose

7-9 McNab St:
Features: 5215m², global logistics operator has taken new lease
Rent: $560,000/year net + gst
Agents: Scott Campbell & James Valintine

South

Airport Oaks

8 Airpark Drive:
Features: 9816m² net lettable area, new 6-year lease to Bendon Ltd
Rent: $1,421,839/year net + gst
Agents: Scott Campbell & Jamsheed Sidhwa

1 Amelia Earhart Avenue:
Features: 8654m² net lettable area, Schenker Logistics has taken long-term lease
Rent: $1,224,200/year net + gst
Agents: Jamsheed Sidwha & Scott Campbell

99 Montgomerie Rd:
Features: 960m² net lettable area, new 4-year lease to Uniload,
Rent: $140,000/year net + gst
Agents: Nick Bayley & Scott Campbell

113 Pavilion Drive, unit 8:
Features: 1822m² net lettable area, new 6-year lease to Logical Freight Solutions NZ Ltd
Rent: $232,535/year net + gst
Agents: Nick Bayley & Jamsheed Sidhwa

9 Richard Pearse Drive:
Features: 12,470m² net lettable area, new 10-year lease to Apollo Motor Homes
Rent: $888,560/year net + gst
Agents: Scott Campbell & Nick Bayley

Auckland Airport

15 Maurice Wilson Avenue, unit A:
Features: 3028m² net lettable area, new 5-year lease to Sheppard Industries Ltd
Rent: 457,744/year net + gst
Agents: Jamsheed Sidhwa & Nelson Raines

15 Maurice Wilson Avenue, unit B:
Features: 4178m² net lettable area, new 6-year lease to Early Settler
Rent: $518,224/year net + gst
Agent: Jamsheed Sidhwa

East Tamaki

Highbrook Drive, unit D:
Features: 1965m² net lettable area, new 6-year lease to FDM
Rent: $346,800/year net + gst
Agents: Tom Davison & Scott Campbell

Attribution: Agency releases.

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Helius leases in East Tamaki for medicinal cannabis business

Helius Therapeutics Ltd has secured an 8800m² property in East Tamaki for its first facility to cultivate, extract, research & manufacture medicinal cannabis.

The lease on 21 Ron Driver Place comes ahead of expected regulatory changes which would legalise the use of medicinal cannabis by mid-2020.

Helius co-founder JP Schmidt said yesterday the deal was an important step forward for the company: “We’re delighted to have secured this facility, which will set the standard for medicinal cannabis production in New Zealand. We’re operating in one of the fastest-growing industries in the world and this property underscores our commitment to leading this market in New Zealand.”

The site has 6500m² of warehouse to be used for cultivation and about 2000m² of office & laboratories. The agreement also allows for expansion into the 6500m² of an adjacent tenancy.

This will give Helius about 20,000m² of cultivation space, capable of growing 140,000 plants and producing 50 tonnes of cannabis material/year.

CBRE industrial & logistics national director Claus Brewer said the process pointed to a new use for large footprint industrial properties: “We’re already seeing in places like Colorado & California the impact legal cannabis manufacturing plants have had on the industrial property market. Whether it’s plant-based meat or more generic growing or processing facilities, the repurposing of industrial stock with low stud height or excess office space to indoor horticulture space could be the future of farming in urban environments, providing further opportunities for savvy landlords.”

CBRE East Tamaki agent Lewis Watson said the Helius deal was an example of repositioning that could benefit a number of older industrial properties: “The change of use allows investors to achieve rental returns comparable to newer builds, and the occupier to be able to achieve greater economic benefits from an older style facility.”

Attribution: Agency release.

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Manurewa RSA among 4 properties sold vacant

The Manurewa RSA’s premises (pictured) have been sold, 6 months after the association found discrepancies in its finances. The RSA had occupied the property for 50 years, but said its ageing & declining membership base meant it was no longer viable. The club stopped trading in May.

It was one 4 commercial properties in East Tamaki, Manukau, Manurewa & Wiri sold vacant by Bayleys agents. They also sold an office with a new lease at the East Tamaki complex.

South

East Tamaki

363 East Tamaki Rd, unit B:
Features: 222m² ground-floor unit in 6-unit office complex, 9 parking spaces
Outcome: sold vacant as bare shell to owner-occupier for $765,000 + gst
Agents: Roy Rudolph & John Bolton

363 East Tamaki Rd, unit C:
Features: refurbished 242m² air-conditioned office unit, 9 parking spaces, new 10-year lease to accountancy firm
Rent: $55,000/year net + gst
Outcome: sold for $786,000 at a 7% yield
Agents: Roy Rudolph & John Bolton

Manukau

533 Great South Rd, unit H:
Features: 1020m² medium stud warehouse zoned light industrial, multiple roller door access, small amount of office, seismic assessment 75% of new building standard, 11 parking spaces
Outcome: sold with vacant possession for $1.94 million + gst
Agent: Karl Price

Manurewa

6 Maich Rd:
Features: 3091m² site zoned light industrial, 1820m² commercial building in town centre occupied by RSA for 50 years
Outcome: sold with vacant possession for $4 million + gst to owner-occupier for use as restaurant/bar
Agents: Ben Bayley, Karl Price, Dave Stanley & Tony Chaudhary

Wiri

34 Hobill Avenue, unit 6:
Features: 238m2 office & warehouse unit zoned light industrial, near motorway interchange, 141m2 of offices & amenities over 2 levels – 80mwarehouse, 17mmezzanine storage, 3 parking spaces
Outcome: sold vacant for $635,000 + gst
Agent: Mike Marinkovich

Attribution: Agency release.

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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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Updated: Sub-5% on 3 properties sold at Bayleys commercial auctions, one further sale in September

Published 13 April 2018, updated 23 September 2018
4 of the 7 Auckland commercial properties offered at Bayleys’ second Total Property auction of the year on 11 April sold under the hammer, and another commercial property sold the previous day at an East Tamaki auction. 3 properties were passed in.

3 of the sales were at yields under 5% in strong competition for smaller investments – down at 4.6% for 2 of them, the East Tamaki industrial unit and a superette in Papatoetoe.

Update, 23 September: The Wairau Valley industrial unit passed in at auction was sold in September.

Isthmus east

Grafton

20 Huntly Ave:
Features: 801m² site zoned residential – single house, 405m² fully leased dwelling containing 7 individual residential tenancies with their own kitchens & bathrooms
Rent: $191,880/year; single-bedroom units rent for $390-$400/week, 2-bedroom units $550-
$650/week
Outcome: sold for $3.65 million at a 5.26% yield
Agents: Phil Haydock & Damien Bullick

North-east

Orewa

8K Moana Ave:
Features: 85m² retail unit in large retail & office plaza with multiple tenancies fronting central customer parking area, 3-year lease to liquor store from October 2016, 3 3-year rights of renewal
Rent: $30,000/year net + gst
Outcome: sold for $605,000 at a 4.96% yield
Agents: Mustan Bagasra & Matt Lee

Wairau Valley

Updated: 234 Archers Rd, unit A:
Features: vacant 1205m² light industrial unit – warehouse 817.6m², showroom 387.4m² (size originally stated as 1146m²), 13 parking spaces
Outcome: passed in at $2.85 million at auction in April, sold in September for $2.95 million + gst
Agents: Ranjan Unka & Matt Mimmack

North-west

Glen Eden

1 Glendale Rd:
Features: 1511m² corner site with town centre zoning (27m height limit), 680m² retail/showroom building built in 2004, Cash Converters occupies 370m² on 6-year lease to October 2022 with 2 6-year rights of renewal; a Salvation Army family store occupies 309m² on lease to May 2019, with 2 rights of renewals of 2.5 years; 33 parking spaces
Rent: $251,224/year net + gst
Outcome: sold for $3.325 million at a 7.55% yield
Agents: Mike Adams, Jean-Paul Smit & Alan Haydock

New Lynn

2 Hutchinson Ave:
Features: 556m² corner site zoned terrace housing & apartment building, 203m² building occupied by longstanding retail & café tenant
Rent: new lease set at about $80,000/year net
Outcome: passed in at $1.25 million
Agents: Mike Adams & Phil Haydock

South

East Tamaki

21B Andromeda Crescent:
Features: 212m² industrial unit in block of 7, 3-year lease to Mahe Glasstech Ltd
from July 2016 – 104m² warehouse, 73m² office/showroom, 30m² mezzanine, 8m² deck
Rent: $23,000/year net + gst
Outcome: sold for $501,500 at a 4.59% yield
Agent: Nelson Raines

Manurewa

18 Mahia Rd:
Features: 2448m² corner site zoned light industrial, 1606m² building – warehouse 972.6m², office & amenities 385.7m², low-stud workshop 247.9m², seismic ratings 90% for warehouse, 70% for office
Rent: $168,603/year net + gst from longstanding tenant
Outcome: no bid
Agents: Peter Migounoff & Rod Grieve

Papatoetoe

70 St George St:
Features: 326m² site zoned town centre, single-level 120m² retail premises occupied by superette on 2-year lease from November 2016, 4 4-year rights of renewal
Rent: $30,100/year net + gst
Outcome: sold for $655,000 at a 4.6% yield
Agents: Ash Jogia, John Bolton & Dave Stanley

Attribution: Agency release.

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