Tag Archives | Mt Wellington

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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2 industrial properties sell at auction

Both industrial properties auctioned at Barfoot & Thompson today, one in Mt Wellington and the other in Onehunga (outlined in picture), sold under the hammer.

Isthmus east

Mt Wellington

126 Penrose Rd:
Features: 1012m² light industrial site, 2 buildings – 215m² industrial unit at front, 5m stud 120m² warehouse with roller door access, 95m² of office & amenities on 2 levels; 3-bedroom dwelling with large basement for parking or storage; 10 allocated parking spaces
Outcome: sold with vacant possession for $1.44 million
Agents: James Marshall & Mike Jensen

Onehunga

20 Alfred St:
Features: 1012m² heavy industrial site, net lettable area 681m², seismic rating 100% new building standard, leased long-term to Mac Valves Pacific Inc
Rent: $58,800/year net + gst
Outcome: sold for $1.62 million
Agents: Nick Wilson & James Marshall

Attribution: Auction.

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Leases signed on Mt Wellington motel & 3 Shore office units

Bayleys agents on the North Shore have signed up leases on 3 office units in Albany, Milford & Takapuna, and the lease on a Mt Wellington motel.

Leases

Isthmus east

Mt Wellington

580 Mt Wellington Highway:
Features: 984m² motel (ex-Duchess Motor Lodge)
Rent: $180,000/year net + gst, premises rental $183/m²
Agent: Terry Kim

North-east

Albany

61 Constellation Drive, level 3, suite 308:
Features: 5.5m² office
Rent: $10,821.84/year net + gst at $1967.61/m²
Agent: Jane McKee

Milford

164 Kitchener Rd, unit 5:
Features: 30.76m² office, 3 parking spaces
Rent: $21,340/year net + gst, parking $30/space/week, rental excluding parking $16,660/year, premises rental $542/m²
Agent: Ian Waddams

Takapuna

18 Anzac St, unit 3:
Features: 101m² office
Rent: $26,350/year net + gst at $261/m²
Agents: Dean Gilbert-Smith & Damian Stephen

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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Chaudhary team sells 5 childcare centres

Tony Chaudhary’s South Auckland team at Bayleys has sold 5 childcare centres in Mt Wellington, Manurewa, Papakura, Wattle Downs & Weymouth.

3 were sold on 6% yields, one a few dollars off that, and the Mt Wellington one was sold on a 5.2% yield.

In a story on this website on Monday, the Chaudhary team featured its successes in selling a number of fuel stations (ordinarily, long called service stations, but that’s not always the case now).

Isthmus east

Mt Wellington

73 Aranui Rd:
Features: 1012m² site zoned residential – mixed housing suburban, 221m² childcare centre, originally a 1960s house extended in the 1990s, licensed for 40 children, 8-year lease from December 2017, 2 8-year rights of renewal, fixed annual rental increases of 2%
Rent: $93,600/year net + gst
Outcome: sold for $1.805 million at a 5.19% yield
Agents: Tony Chaudhary, Janak Darji & Paul Dixon

South

Manurewa

4 Browns Rd:
Features: 1132m² site zoned residential – mixed housing urban, 317m² childcare centre licensed for 50 children, new 15-year lease
Rent: $117,000/year net + gst
Outcome: sold for $1.95 million at a 6% yield
Agents: Tony Chaudhary, Amy Weng & Janak Darji

Papakura

336 Great South Rd:
Features: 1419m² corner site zoned residential – mixed housing suburban, new 2-level 511m² childcare centre consented for 85 children, purpose-built for All About Children, 17 parking spaces, 15-year lease, 2 10-year rights of renewal
Rent: $243,000/year net + gst
Outcome: sold for $4,057,860 at a 5.99% yield
Agents: Tony Chaudhary, Janak Darji & Amy Weng

Wattle Downs

149 Mahia Rd:
Features: 818m² site zoned residential – mixed housing urban, 181m² childcare centre licensed for 40 children, new 15-year lease
Rent: $93,600/year net + gst
Outcome: sold for $1.56 million at a 6% yield
Agents: Tony Chaudhary, Amy Weng & Janak Darji

Weymouth

436 Weymouth Rd:
Features: 901m² site zoned residential – mixed housing urban, 305m² childcare centre licensed for 45 children, new 15-year lease
Rent: $105,300/year net + gst
Outcome: $1.755 million at a 6% yield
Agents: Tony Chaudhary, Amy Weng & Janak Darji

Earlier story, 9 September 2018: Chaudhary notches up fuel station sales

Attribution: Agency release.

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Warehouse sells, vendor bids dominate auction of Grey Lynn property

A Mt Wellington warehouse occupying less than half the site was sold at Colliers’ auction today, but a Grey Lynn property with permit questions (pictured) was passed in after a series of vendor bids.

The Grey Lynn property, on the corner of Williamson Avenue & Mackelvie St, has 4 tenancies including a billboard & communications equipment.

The sole bid priced the property at a 6.58% yield, but the final vendor indicator bid priced it at a 4.46% yield.

Isthmus east

Mt Wellington

2 Donnor Place:
Features: vacant 1372m² site in industrial precinct, 754m² warehouse net lettable area (47% site coverage) – warehouse 514m², storage 55m², offices 185m²
Outcome: sold for $2.45 million
Agents: Hamish West & Ben Cockram

Isthmus west

Grey Lynn

26B Williamson Avenue:
Features: corner of Mackelvie St, 355m² site zoned mixed use, 2 building tenants (Mickey’s Gym & a travel agency) occupy 531m², other 2 tenancies are for an advertising billboard & communications equipment, all expiring in 2021-22 and 3 with renewal periods; 5 parking spaces, seismic rating 100% of new building standard, zoning allows development up to 27m; property offered “as is” as some building works don’t have consent, code compliance certificate, certificate of acceptance or final sign-off
Outgoings: rates $15,181 + gst
Rent: $131,530/year net + gst
Outcome: passed in after bid at $2 million & 4 vendor bids up to $2.95 million
Agents: Jonathan Lynch, Kris Ongley & Hamish Paterson

Attribution: Auction.

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East Tamaki & Mt Wellington warehouses sell

Bayleys agents have sold 2 warehouses in East Tamaki & Mt Wellington (picture above).

Isthmus east

Mt Wellington

24 Vestey Drive:
Features: 2834m² site, 1780m² industrial building – 1025m² of factory/warehouse space, 3 roller doors plus 2 levels of offices on street frontage, 28 parking spaces; Jazz Print, in occupation since 1996, has a 6-year lease from settlement & 2 3-year rights of renewal
Rent: $250,000/year net + gst, 2% annual rental increases
Outcome: sold for $5.15 million at a 4.85% yield
Agents: James Hill, Sunil Bhana & Mike Houlker

84 Lady Ruby Drive, East Tamaki.

South

East Tamaki

84 Lady Ruby Drive:
Features: 2153m² site, 843m² industrial building, 8m high clearspan warehouse roof, 2 levels of showroom & offices; 36.5% site coverage provides opportunity for expansion
Rent: $100,000/year net + gst holding income
Outcome: sold for $3.2 million to an owner-occupier
Agents: Katie Wu, John Bolton & Roy Rudolph

Attribution: Agency release.

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3 sold in focus on cross-leases

7 of the 11 homes auctioned at Barfoot & Thompson’s city office yesterday afternoon were cross-leases, and 3 sold.

Also up for auction were a townhouse not on a cross-lease, an apartment & 2 standalone houses, all passed in.

A Newmarket apartment auctioned in the morning didn’t attract a bid.

The brick-&-tile sausage block is the standard from the past and they’re generally holding buyer interest, though the one in the photo above, in Mt Albert, didn’t attract a bid. Recent indications from the auctionrooms are that owners of suburban units & cross-leased homes, having gone to market, are resisting price reductions.

Isthmus east

Greenlane

93 Wheturangi Rd, unit 2:
Features: cross-lease, 1/5 share in 1942m², 2-bedroom unit, study, conservatory, garage
Outcome: sold for $1.057 million
Agents: Wendy Sadd & Helen Lam

Mt Wellington

36 Panama Rd, unit 1:
Features: cross-lease, ¼ share in 1232m², 2-bedroom unit, garage
Outcome: no bid
Agent: Paula Boontueng

Newmarket

Queen’s Lodge, 176 Broadway, unit C308:
Features: 64m², 2-bedroom apartment, 2 ensuites, secure covered parking space
Outgoings: body corp levy $2144/year for unit, $415/year for parking
Income assessment: $650-680/week
Outcome: no bid, back on market at $658,000
Agents: Selina Zheng & Tommy Zhang

Onehunga

49 Namata Rd, unit 2:
Features: cross-lease, 1/3 share in 895m², 2-bedroom unit – double-glazed, insulated, rewired; carport
Outcome: sold for $750,000
Agent: Kelly Fan

Remuera

17A Armadale Rd:
Features: cross-lease, 1/3 share in 858m², 3 bedrooms, 2 bathrooms, carport
Outcome: passed in at $1,281,500
Agents: Wayne Guo & Coco Wang

Isthmus west

Mt Albert

8 Counsel Terrace, unit 3:
Features: cross-lease, 1/6 share in 1315m², one-bedroom unit
Outcome: no bid, back on the market at $610,000
Agents: Wayne Guo & Zoe Zhang

Mt Eden

145 Mt Eden Rd, unit 10:
Features: 2-bedroom apartment, parking space
Outgoings: body corp levy $4343/year
Outcome: passed in at $820,000
Agent: Mozhgan Bahrami

573C Mt Eden Rd:
Features: 209m², 4-bedroom townhouse, 3 bathrooms, double garage
Outcome: passed in at $1.55 million
Agents: Ricky Fan & Joyce Gu

Mt Roskill

98 Melrose Rd, unit 4:
Features: cross-lease, ¼ share in 1378m², 75m² 2-bedroom unit, parking space
Outcome: passed in at $560,000
Agents: Michael Zhang & Debbie-Lee Wallace

North-west

New Lynn

1 Riverview Rd, unit 1:
Features: cross-lease, half share in 1042m², 180m² 3-bedroom unit, 2 bathrooms, double garage
Outcome: sold for $907,500 at auction brought forward
Agents: Anna Lechtchinski & Alex Wu

Attribution: Auction.

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Mt Wellington warehouse sells at 5% yield

A Mt Wellington warehouse, showroom & office (outlined at foot of photo) was sold just above a 5% yield at Colliers’ auction today.

Isthmus east

Mt Wellington

12 Fisher Crescent:
Features: 2000m² site, 1203m² standalone office and clearspan showroom & warehouse refurbished in 2014 – warehouse 742m², offices on 2 levels 460m², dual roller doors, 360m² concrete yard; new 4-year lease to Nilfisk Ltd in place, fixed 2.75% annual rent reviews, market reviews on renewal, 2 4-year rights of renewal
Rent: $199,986/year net + gst (warehouse $120/m², office $235/m²)
Outcome: sold for $3.975 million at a 5.03% yield
Agents: Ben Herlihy & Hamish West

Attribution: Auction.

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Yield slashed as panelbeating shop sold again

A Penrose property occupied by a panelbeater has been sold by Bayleys agents on a 4.9% yield. It was previously sold in December 2014 for $1.23 million at a 7.52% yield.

Another 4 properties around Auckland’s southern suburbs were sold vacant.

Isthmus east

Glen Innes

233 Taniwha St:
Features: 429m² site zoned town centre (height limit 32.5m), dual street frontages; 248m² industrial building more recently used for offices, with potential to convert to retail/showroom; 7 parking spaces
Outcome: sold vacant for $1.22 million
Agent: Phil Haydock

Mt Wellington

218K Marua Rd:
Features: 549m² industrial unit – 332m² high stud warehouse, 168m² mezzanine, 48m² office & amenities, 90m² fenced courtyard, 9 parking spaces
Outcome: sold vacant for $1.75 million
Agents: James Valintine & Greg Hall

Onehunga

8-10 O’Rorke St:
Features: 1563m² corner site in 2 titles, with frontage also to Neilson St, zoned mixed use (height limit 21m); large yard areas with multiple buildings including 2 dwellings converted for office & storage
Outcome: sold with vacant possession for $2.165 million
Agents: James Valintine & James Hill

Penrose

176-178 Station Rd:
Features: 1621m² site zoned light industrial, 2 separate workshop buildings totalling 863m², leased to panelbeating business over both titles
Rent: $98,000/year net + gst
Outcome: sold for $2 million at a 4.9% yield
Agents: William Gubb, James Hill & Greg Hall

South

East Tamaki:

24 Sir William Avenue, unit E:
Features: 367m² industrial unit, mixture of tilt slab and block construction, 2 roller doors, 7 parking spaces
Outcome: sold vacant for $1.12 million at $3051/m²
Agent: Nelson Raines

Attribution: Agency release.

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