Tag Archives | Henderson

Bank’s Henderson centre among 4 commercial sales

on Friday 18 January 2019 in Agency, Grey Lynn, Henderson, Isthmus east, Isthmus west, Market, Neighbourhoods, Newmarket, North-west, Ray White, Sectors

Ray White Commercial agents have sold 4 properties around Auckland, 3 in conjunction with other Ray White agencies. One is on Newmarket Broadway, 2 are in Grey Lynn and the biggest, ASB Bank’s north-west regional centre, is in Henderson.

Isthmus east

Newmarket

25 Broadway:
Features: 193m² office space
Rent: leased to Fuse Creative Ltd for $95,000/year net + gst, 3-year lease with 2 3-year rights of renewal
Agents:Conrad Traill & Natasha Christensen

Isthmus west

Grey Lynn

36 Douglas St:
Features: 259m² character villa zoned business mixed use
Outcome: sold for $1.65 million
Agents: Conrad Traill & Natasha Christensen (Ray White Commercial) & Ray White Damerell Group Ponsonby

24A Williamson Avenue:
Features: 356m² site zoned mixed use urban, 201m² street-level warehouse, 2-bedroom loft apartment with rooftop terrace & deck, 5 parking spaces
Outcome: sold for $3.45 million
Agents: John Davies & Natasha Christensen (Ray White Commercial) & Ray White Damerell Group Ponsonby

North-west

Henderson

288-290 Lincoln Rd:
Features: 1871m² site, 1504m² building, ASB West Auckland regional centre on 9-year lease running until January 2022
Outcome: sold for $10.15 million at a 6% yield
Agents: John Davies & Nigel Ingham (Ray White Commercial) & Ron Yang (Ray White City Apartments)

Attribution: Agency release.

Updated: 5 (now 7) of 14 sell at Bayleys’ Auckland commercial auction, 3 of 3 in Tauranga

on Sunday 13 January 2019 in Agency, Bay of Plenty, Bayleys, Blockhouse Bay, CBD, Chancery, Clendon, Coromandel, Eden Terrace, Ellerslie, Hauraki Gulf, Henderson, Isthmus east, Isthmus west, Market, Neighbourhoods, North-east, North-west, Onehunga, Orewa, Parnell, Pt Chevalier, Queen St, Rosedale, Sectors, South, South of Bombays, Wairau Valley

Published 25 October 2018, updated 29 October 2018 & 13 January 2019:
5 of the 14 properties were sold at Bayleys’ Total Property commercial auction on Wednesday and 5 attracted no bid.

At the agency’s Tauranga auction, all 3 properties were sold under the hammer.

Update 1: One property has been sold post-auction – a takeaway outlet in the Wairau Junction retail centre. The outcomes for 2 of the Auckland properties were transposed – for Ellerslie & Blockhouse Bay – and have been corrected below.

Update 2: The manager’s unit in The Sands apartment complex at Onetangi on Waiheke Island was sold just before Christmas, after attracting no interest at auction.

CBD

Chancery

Chancery Square, 44 Courthouse Lane, unit A206:
Features: 45m² unit leased to property management company
Rent: $33,500/year net + gst + outgoings
Outcome: sold for $380,000 at an 8.82% yield
Agents: Mike Adams & Jean-Paul Smit

Queen St

Mid-City, 239 Queen St, unit 1Y:
Features: m²,
Rent: $27,360/year net + gst, occupied by hair salon, lease term runs to April 2021 with further rights of renewal
Outcome: withdrawn from auction
Agent: Oscar Kuang

Hauraki Gulf islands

Waiheke Island

Onetangi

Updated: The Sands, 141 The Strand, unit 1:
Features: 104m² manager’s unit in the Sands apartment complex
Rent: $28,723/year net + gst + outgoings
Outcome: passed in without a bid at auction in October, sold in December for $525,000 + gst at a 5.47% yield
Agents: Brian Caldwell & Mana Tahapehi

Isthmus east

Ellerslie

Updated: 101 Main Highway, unit 12:
Features: 272m² Asian supermarket at Ellerslie shopping centre, 10 parking spaces
Rent: $60,000/year net + gst, 5-year lease in place with 2 5-year rights of renewal
Outcome: passed in at $800,000 (2 results transposed – originally posted as $2.7 million), sold in November for $820,000 at a 7.32% yield
Agents: Oscar Kuang, Beterly Pan & Nicolas Ching

Onehunga

222 Onehunga Mall:
Features: 273m² site, 2-storey building, seismic rating 75% new building standard, local town centre zoning has 27m height control
Rent: commercial & residential tenants
Outcome: withdrawn from auction
Agent: Oscar Kuang

Parnell

29B Bath St:
Features: 175m² site, 139m² commercial unit, parking space
Rent: $42,000/year net + gst current contract, 2 2-year rights of renewal
Outcome: no bid
Agent: Millie Liang

Isthmus west

Blockhouse Bay

Updated: 35 Margate Rd, flats 1-6:
Features: 2497m² site, 6 2-bedroom residential units, each of about 55m² & on separate titles, parking space each, offered in one package
Rent: $200,000/year net + gst from 2-year lease
Outcome: passed in at $2.7 million (2 results transposed – originally posted as $800,000)
Agents: Quinn Ngo, Matt Lee & James Chan

Eden Terrace

1 Exmouth St:
Features: 665m² vacant section on Newton Rd corner, leased to Wilson Parking, mixed use zoning
Rent: $21,495/year net + gst, early termination clause
Outcome: withdrawn from auction
Agents: Owen Ding, James Chan & Jarrod Qin

Pt Chevalier

1110 Great North Rd, unit D:
Features: 345m², town centre fruit & vegetable shop + parking, leased to PTC Fresh NZ for 5 years from December 2016 with 2 5-year rights of renewal
Rent: $108,312/year net + gst
Outcome: sold for $1.55 million at a 6.99% yield
Agents: Nicolas Ching, Quinn Ngo & James Chan

350 Pt Chevalier Rd:
Features: 696m² site zoned business – neighbourhood centre, housed greengrocery for over 50 years
Outcome: sold with vacant possession for $1.87 million at a land value of $2686/m²
Agents: John Procter, Alan Elliott & Cameron Melhuish

North-east

Orewa

Tamariki Plaza, 1-19 Cammish Lane, unit J:
Features: vacant 190m² commercial unit, one parking space + share of 35 parking spaces
Outcome: passed in at $700,000
Agents: Mustan Bagasra

Rosedale

101 Apollo Drive, unit D:
Features: vacant 120m² ground-floor office unit, 4 parking spaces
Outcome: auction postponed
Agents: Tonia Robertson & Jane McKee

Rosedale Retail Centre, 94 Rosedale Rd, unit 2:
Features: 73m² shop at entrance to zero-vacancy retail centre
Rent: $37,520/year net + gst + outgoings
Outcome: sold prior
Agents: Eddie Zhong, Steven Liu & Meng He

Wairau Valley

18 Ashfield Rd, unit D:
Features: industrial unit, 110m² ground floor, 30m² storage above, monthly tenancy
Outcome: sold for $440,000
Agents: Trevor Duffin & James Yu

65-71 Porana Rd, unit E:
Features: 133m² unit occupied by Hollywood bakery
Rent: $55,000/year net + gst + opex, new 6-year lease
Outcome: auction postponed
Agents: Adam Curtis, Damian Stephen & Steven Liu

Updated: Wairau Junction, 162-178 Wairau Rd, unit 7:
Features: 45m² kebab outlet
Rent: $30,600/year net + gst + outgoings
Outcome: passed in at $500,000, sold post-auction for $550,000 at a 5.56% yield
Agents: Andrew Lin & Ranjan Unka

North-west

Henderson

192 Universal Drive, unit A1:
Features: 756m², corner store in Lincoln North Shopping Centre, 7-year lease to Super Cheap Auto NZ from July 2016, annual fixed 3% rental increases & one 5-year right of renewal
Rent: $225,221/year net + gst, 3% annual increases
Outcome: sold for $3.93 million at a 5.73% yield
Agents: Matt Lee, James Chan, Quinn Ngo, Terry Kim & David Han

South

Clendon Park

439 Roscommon Rd, unit 2:
Features: 97m² retail unit, tenant Clendon Foodmarket
Rent: $41,600/year net + gst, 6-year lease from 2015
Outcome: no bid
Agents: Matt Lee, Quinn Ngo & Piyush Kumar

439 Roscommon Rd, unit 3:
Features: 97m² retail unit, tenant Crown Liquor
Rent: $43,201/year net + gst, 4-year lease from 2016, rights of renewal
Outcome: no bid
Agents: Matt Lee, Quinn Ngo & Piyush Kumar

South of the Bombays

Bay of Plenty

Bethlehem

272A State Highway 2:
Features: 809m² site, 305m² 2-level commercial building, anchor ground-floor pharmacy tenancy, smaller dental tenancy above on leases renewed until 2021 plus further renewals
Rent: $62,730/year net + gst
Outcome: sold for $1.26 million at a 4.98% yield
Agent: Myles Addington

Judea

66 Koromiko St:
Features: 2536m² industrial site, 1519m² standalone building comprising 1123m² of warehouse & workshop space, 4 large roller doors; the balance 2 levels of offices, showroom, storage & amenities; tenant Paramount Stainless has recently renewed for the next 3 years with one final right of renewal to 2024
Rent: $122,000/year net + gst
Outcome: sold for $1.8 million at a 6.78% yield
Agent: Graeme Coleman

Tauranga:

199, 207 & 213 Cameron Rd:
Features: 2192m² redevelopment site zoned city centre, allowing 19m² building height, next to central fire station on main arterial, car dealers have operated from site since the early 1970s, 2 tenancies expiring in August 2020
Rent: $190,715/year net + gst
Outcome: sold for $6.25 million + gst at a 3.05% yield, land value $2851/m²
Agents: Lloyd Davidson & Laura Taylor

Coromandel

Thames

517 Pollen St:
Features: 1521m² site, 1410m² building occupied by multiple tenants including NZ Post Ltd on long-term lease, 16 parking spaces
Rent: $107,717.53/year net + gst, multiple tenants
Outcome: no bid
Agents: Millie Liang & Josh Smith

Attribution: Agency release.

Stride sells Albany property to Oyster, buys Concourse from Goodman

on Friday 21 December 2018 in Albany, Gainz, Goodman Property Trust, Henderson, Neighbourhoods, North-east, North-west, Sectors, Securities – NZ, Stride (DNZ), Syndication

Stride Property Ltd has unconditionally agreed the sale of one property to property & funds manager Oyster Management Ltd and the purchase of another from the Goodman Property Trust.

The sale:

North-east

Albany

33 Corinthian Drive:
Features: tenant ASB Bank Ltd
Outcome: unconditional agreement for sale for $50.5 million, settlement scheduled for 1 April 2019, representing an initial yield of 5.88% and a 4.7% premium to the property’s value of $48.25 million as recorded in Stride’s September half-year accounts

Stride has committed to undertake $600,000 of upgrade works before settlement.

The sale was signalled earlier this year. Stride chief executive Philip Littlewood said today: “This transaction aligns with Stride’s strategy to recycle capital from non-core assets and into office & industrial assets that we consider will form the base of portfolios that will, in future, become Stride’s new investment management products. We are delighted to end the year with this positive result.”

The purchase:

North-west

Henderson

The Concourse, 1-11 Selwood Rd & 6-12 The Concourse:
Features: 4ha industrial property adjoining State Highway 16 – 1.84ha with established buildings, 9700m² of industrial space, 2.17ha of development land, the former Alloy Yachts premises & an adjoining industrial property
Outcome: sold for $35 million following an unsolicited offer, settlement scheduled for 27 June 2019, initial yield for Stride of 6.1%

Mr Littlewood said: “This acquisition aligns with Stride’s strategic investment focus on growing its portfolio of quality industrial investment property, and builds on the Stride Property Group’s track record of industrial development expertise, following on from its comprehensive development of 6 buildings at O’Rorke Rd, Penrose, and the recently announced development of its property at Springs Rd, East Tamaki.

“Stride focuses on acquiring & developing properties in key industrial locations which are well serviced with connection to significant roading infrastructure. The West Auckland site has immediate access to the Lincoln Rd interchange, with connectivity north via the Western Ring Route and south via the Waterview tunnel.”

Investment management director James Spence, of the Goodman trust’s manager, Goodman (NZ) Ltd, said: “We’ve added significant value since acquiring the asset in 2016, reconfiguring the layout, creating additional yard space and securing new leases. It was a compelling offer from Stride and, rather than complete the development of this property, we’ll be reinvesting in new opportunities elsewhere in Auckland.”

The sale adds about 0.5c/unit to the Goodman trust’s net tangible asset backing.

Earlier stories:
18 July 2017: Goodman settles Henderson purchase
22 October 2012: DNZ confirms purchase of development site between 2 of its Albany buildings
13 August 2012: DNZ buys C orinthian Drive building, conditional on development site

Attribution: Company releases.

9 commercial, industrial, retail & rural sales

on Monday 17 December 2018 in Agency, Bay of Plenty, Colliers International, East Tamaki, Gisborne, Hawkes Bay, Henderson, Market, Mt Maunganui, Neighbourhoods, North-west, Rotorua, Sectors, South, South of Bombays, Waikato

Colliers agents have concluded a range of sales in Auckland & elsewhere around the North Island.

They include the Whoa! Studios at Henderson (pictured above) on a leaseback, industrial sites in East Tamaki & Hamilton, a Mt Maunganui retail development and a central Hamilton office building.

North-west

Henderson

Whoa! Studios, 8-16 Henderson Valley Rd:
Features: 5916m² entertainment venue & restaurant The Grounds in 1902m² warehouse & office building, on 2 titles, 42-space carpark + separate staff parking, zoning allows mixed used evelopment up to 72.5m high
Rent: new 10-year leasebacks for studios & restaurant at $636,339/year net + gst, 5-year rights of renewal, fixed 2.75%/year rental growth
Outcome: sale & leaseback at 6% yield, which puts the price at $10.61 million
Agents: Andrew Hooper, Hamish West, Josh Coburn, Caroline Cornish & Cherry Higginson

South

East Tamaki

42 Allens Rd:
Features: 1647m² industrial site, 862m² floor area – warehouse 736m², office 126m², shared driveway
Current rent: $100,000/year net + gst, putting the purchase price at a 4.05% yield
Outcome: sold to an owner-occupier for $2.47 million
Agents: Paul Higgins & Jolyon Thomson

South of the Bombays

Bay of Plenty

Mt Maunganui

Mount Central, 233 Maunganui Rd:
Features: 3096m² site,1345m² building, 9 tenancies of 80-120m² in retail development built in 2016, 52 parking spaces managed by Wilson Parking on lease expiring next June; commercial zone allows development to 12m, design allows subdivision into 4 titles
Outcome: sold for $16 million at a 4.9% yield
Agents: Duncan Woodhouse, Simon Clark & Mat Gibbard

Rotorua

Mangakakahi

164a Lake Rd:
Features: 698m² site, 2-storey 528m² warehouse & office, tenant has renewed with final expiry in 2027
Rent: $54,000/year net + gst
Outcome: sold for $900,000 at a 6% yield
Agents: Mat Gibbard & Mark Rendell

Gisborne

Matawai

Rockwood Farm, 2999 Whakarau Rd:
Features: 404.69ha breeding & finishing farm, sheds, centrally located homestead, 85ha of bushland
Outcome: sold at auction for $2.9 million
Agent: Rod Chrisp

Hawke’s Bay

Hastings

306 Ellison Rd, unit 1:
Features: 800m², Ideal Electrical Ltd’s new showroom & warehouse, due for completion in April
Outcome: sold off the plans to an investment syndicate for $3.2 million
Agents: Ian McLachlan & Danny Blair

Waikato

Hamilton

256 Brymer Rd:
Features: 16.17ha development site, zoned residential, elevated views
Outcome: sold for $7.8 million
Agent: Alan Pracy

Kiwibank Centre, 410 Victoria St & 12 Alma St:
Features: 1912m² floor area, ground-floor retail, 3 office floors, multi-tenanted, seismic rating 67% new building standard, 5-level 32-car The Stack on separate Alma St title
Rent: estimated $567,500/year net + gst, putting a 7.1% yield on the approximate sale price
Outcome: sold for around $8 million to Tauranga-based property fund manager Property Managers Group
Agents: John Hagar & Alan Pracy

Rukuhia

Ingram Rd, lot 11:
Features: 17,748m² industrial development site between State Highway 3 & the Hamilton Airport runway
Outcome: sold for $3,141,396 at $177/m²
Agents: Mark Brunton &Alan Pracy

Attribution: Agency release.

Henderson adult store & Onehunga warehouse passed in

on Friday 16 November 2018 in Agency, Barfoot and Thompson Commercial, Henderson, Isthmus east, Market, Neighbourhoods, North-west, Onehunga, Sectors

Both commercial properties auctioned at Barfoot & Thompson yesterday were passed in.

Isthmus east

Onehunga

38 Angle St, unit 1:
Features: vacant 295m² high stud warehouse unit, 4 parking spaces, seismic rating 105% new building standard
Outcome: passed in
Agents: Nick Wilson & James Marshall

North-west

Henderson

253 Lincoln Rd, unit D:
Features: 100m² Peaches & Cream adult shop, seismic rating 100% new building standard
Rent: $36,409/year net + gst + outgoings, leased renewed for 3 years from April, 2 more 3-year renewal rights to 2027
Outcome: no bid
Agent: Chris Park

Attribution: Auction documents.

Low yields on city fringe properties

on Friday 28 September 2018 in Agency, Bayleys, Freemans Bay, Henderson, Herne Bay, Isthmus west, Market, Mt Eden, Neighbourhoods, North-west, Sectors

Bayleys agents have sold 2 properties in Freemans Bay & Herne Bay at yields below 3%, reflecting development potential, and another in Mt Eden below 5%, plus a refurbished & vacant Henderson accommodation facility.

Isthmus west

Freemans Bay

37 & 39 Spring St:
Features: 490m² site in 2 titles, 2 neighbouring character villas fully leased to commercial tenants, both on final 3-year rights of renewal; mixed use zoning allows for development up to 4 storeys
Rent: $81,291/year net + gst
Outcome: sold for $3.6 million + gst at a 2.26% yield
Agents: Alan Haydock, Damien Bullick & Scott Kirk

Herne Bay

88 Jervois Rd:
Features: 652m² site zoned mixed use, 315m² refurbished 2-level villa, high stud character office space; fully leased to multiple tenants
Rent: $122,636/year net + gst
Outcome: sold for $4.2 million + gst at a 2.92% yield
Agents: Alan Haydock & Damien Bullick

Mt Eden

31 Rossmay Terrace:
Features: 1799m² site zoned mixed use, 855m² health & fitness centre, fully leased to tenant in occupation since 1999 with 10 years to run on current lease term plus 30-year right of renewal
Rent: $140,000/year net + gst
Outcome: sold for $2.9 million + gst at a 4.83% yield
Agents: Alan Haydock & Damien Bullick

North-west

Henderson

2 Tara Rd:
Features: 802m²site in quiet residential no-exit street, fully refurbished & upgraded 267m² 14-room accommodation facility (6 rooms with private ensuite, 8 single rooms), communal dining, living & laundry facilities; ready for occupation
Rent: $125,000/year net + gst estimated income after expenses & management
Outcome: sold vacant for $1,718,500 + gst
Agents: Damien Bullick & Alan Haydock

Attribution: Agency release.

Assessment of north-west community facilities shortfall nears decision time

on Sunday 16 September 2018 in Councils, Forward thinking, Kumeu, Neighbourhoods, North-west, Planning, Sectors

An Auckland Council report on community facilities in the north-west – and recommended action – will go to the 4 relevant local boards this week.

The area investigated covers 150km², represents just 3% of the region and had an estimated population of just 34,230 last year.

But that population is expected to balloon by 350% through to 2046. In the east at the moment, the new Millwater subdivision out from Silverdale is hemmed in by the Northern Motorway. From there to Kumeu at night, all is pitch black, but that won’t last much longer.

The council investigation area included parts of the Rodney, Upper Harbour & Henderson-Massey local board areas.

Report authors principal policy analyst Antonia Butler & southern community policy team leader Elizabeth Fitton-Higgins said the north-west’s population was growing faster than the Auckland average, which would put pressure on existing community services & facilities and create demand for new services.

Council staff investigated the provision of community facilities across the north-west over the last financial year to identify gaps now & likely in future.

Their key findings:

The baseline population is aging but new developments are bringing in younger people, families & increasing ethnic diversity, which will impact service needs
Economic & geographic disparity restricts access and creates barriers to participation for some residents, particularly those in rural areas and in lower socio-economic areas such as parts of Westgate & Massey
A pool & additional sport & recreation space are priorities for many residents, and
There is some capacity within existing facilities and opportunities to better target services to increase participation in low user groups.

The recommended key moves to address the findings are:

Address condition issues at Kumeu Library to maintain service levels
New aquatic provision from 2026, ideally near Westgate
Additional recreation/leisure space in Rodney by 2026 and further recreation space in the longer term (2036) in the Henderson-Massey or Upper Harbour area to support 4 additional indoor courts
Potential additional multi-purpose community space in Whenuapai from 2026 and Kumeu from 2036, subject to the impact of new provision in Westgate, the rate of growth across the area and the needs of emerging communities.

The local boards will be asked to endorse the report’s findings & consequent next steps – to assess options, start strategic cases for change and develop an indicative business case.

Links:
Rodney local board agenda item
North-west community facilities provision investigation summary report
Bob Dey Property Report diary, week 17-23 September 2018

Attribution: Council committee agenda.

3 industrial sales & 5 leases in mix of premises

on Thursday 13 September 2018 in Agency, Bayleys, Henderson, Market, Milford, Neighbourhoods, North-east, Otara, Rosedale, Sectors, Silverdale, South, Wairau Valley

Published 9 September 2018
Bayleys North Shore agents have sold 3 properties at the start of September – 2 industrial lots in the Highgate business park at Silverdale, a Wairau Valley warehouse & office, and an Otara property occupied by a Gull service station.

They’ve also secured 5 new leases in Henderson, Milford, Rosedale & Silverdale.

Click the link below to check out the separate item on service station sales, including the Otara sale.

Sales

North-east

Silverdale

Highgate business park, Emirali Rd, lots 5 & 6:
Features: 4593m² industrial lots – lot 5 2312m², lot 6 2281m²
Outcome: sold in September for $2.5 million + gst at $544/m²
Agent: Rosemary Wakeman

Wairau Valley

77 Porana Rd, unit 18:
Features: 209m² industrial unit – warehouse 139m², office 70m², 3 parking spaces
Outcome: sold in September with vacant possession for $615,000 + gst
Agents: Trevor Duffin & Matt Mimmack

South

Otara

263 East Tamaki Rd:
Features: 3075m² mixed-use property occupied by Gull service station, 1395m² structures
Rent: $247,173/near net + gst
Outcome: sold for $4.3 million + gst at a 5.75% yield, $1398/m² land price
Agents: Terry Kim, Eddie Zhong & Tony Chaudhary

Leases

North-east

Milford

166 Kitchener Rd, suite H:
Features: 18m² office
Rent: leased in September for $4673/year net + gst, premises rental $260/m²
Agents: Ian Waddams & Ildy Meixner

Rosedale

33 Apollo Drive, unit 8:

Features: 234m² office unit, 7 parking spaces
Rent: leased in August for $64,000/year net + gst, parking $20/space/week, rental excluding parking $56,720/year net + gst, premises rental $242/m²
Agent: Alex Strever

34 William Pickering Drive, unit B:
Features: 597m² industrial unit – warehouse 446.1m², office 81.3m², retail 51.9m², other area 14.5m², 11 parking spaces
Rent: leased in September for $90,000/year net + gst
Agents: Laurie Burt & Matt Mimmack

Silverdale

30 Foundry Rd, unit 1:
Features: 670m² industrial unit – warehouse 477m², showroom 76m², office 106m², amenities 11m², canopy 31m², 11 parking spaces, in the 9000m² first stage of a new development on a 17,920m² site by Collabor8 Property Ltd (Euan Armstrong, Wayne Boocock & Gavin Brannigan)
Rent: leased in September for $127,070/year net + gst
Agents: Rosemary Wakeman

North-west

Henderson

Part 122-134 Lincoln Rd:
Features: 956m² industrial yard
Rent: leased in September for $28,000/year net + gst
Agents: Steven Liu & Meng He

Related story today: Chaudhary notches up fuel station sales

Attribution: Agency release.

Chaudhary notches up fuel station sales

on Thursday 13 September 2018 in Agency, Bay of Plenty, Bayleys, Henderson, Market, Neighbourhoods, North-east, North-west, Otara, Sectors, Silverdale, South, South of Bombays, Tauranga

Published 9 September 2018
Bayleys Manukau agent Tony Chaudhary & his team of Amy Weng & Janak Darji have scored several service station sales recently, including the new Z at Silverdale (reported in August, repeated here) and another in Henderson, Gull in Otara (pictured) and the Caltex premises in Welcome Bay, Tauranga.

North-east

Silverdale

5 Hibiscus Coast Highway:
Features: 2466m² site beside park & ride bus station, recently completed 228m² 24-hour Z fuel station comprising retail outlet, canopy & forecourt, 4 pump islands servicing up to 8 lanes; initial 18-year lease to Z Energy Ltd
Rent: $314,000/year net + gst
Outcome: sold for $6,281,067 at a 5% yield
Agents: Bill Lissington & Tony Chaudhary

North-west

Henderson

1 Corban Avenue:
Features: 2028m² corner site, new 228m² service station leased to Z Energy Ltd for 21 years from June 2016, annual CPI rental increases, 10-yearly market reviews
Rent: $327,939 /year net + gst
Outcome: sold for $6 million + gst at a 5.47% yield
Agents: Tony Chaudhary, Amy Weng & Janak Darji

South

Otara

263 East Tamaki Rd:
Features: 3075m² site, over 50m of road frontage, 1395m² of structures, Gull fuel station & associated Night ’n Day convenience store on 10-year lease to Gull NZ Ltd until February 2026, with rights of renewal to 2046 & annual CPI rent increases
Rent: $247,173/year net + gst
Outcome: sold for $4.3 million + gst at a 5.75% yield, $1398/m² land price
Agents: Terry Kim, Eddie Zhong & Tony Chaudhary

South of the Bombays

Bay of Plenty

Tauranga, Welcome Bay

248 Welcome Bay Rd:
Features: 1200m² site on main arterial road, occupied by Caltex service station since 1995, current 5-year lease from October 2017 plus one 5-year right of renewal
Rent: $83,925/year net + gst
Outcome: sold for $1.35 million + gst at a 6.22% yield
Agents: Tony Chaudhary & Janak Darji

Attribution: Agency releases.

Large sites at Henderson & Te Rapa sell

on Thursday 13 September 2018 in Agency, Colliers International, Henderson, Market, Neighbourhoods, North-west, Sectors, South of Bombays, Waikato

Published 4 September 2018

A large storage building & large parking lot in Henderson (outlined in picture), with concept designs for development of 116 apartments, has been sold by Colliers agents on a yield of just under 6%. At Te Rapa, just north of Hamilton, another large site partly occupied by Vehicle Inspection NZ has been sold at a 5.5% yield.

North-west

Henderson

14-36 Sel Peacock Drive:
Features: 9640m² site in 3 titles, 9700m² net lettable area, Storage King anchor tenant, others include Mad Butcher & Ministry of Social Development; 3024m² of the site vacant & zoned terrace housing & apartment buildings
Rent: about $1.245 million/year net + gst from 6 tenants, weighted average lease time 6.05 years
Outcome: sold for $21 million at a 5.93% yield
Agents: Richard Kirke & Josh Coburn

South of the Bombays

Waikato

Te Rapa

59 Tasman Rd, lot 1:
Features: 3980m² site, 1350m² building, newly developed industrial property leased to VINZ (Vehicle Inspection NZ Ltd)
Outcome: sold for $2.758 million at a 5.5% yield
Agents: David Palmer, Peter Scammell & Justin Oliver

Attribution: Agency release.

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