Tag Archives | Rosedale

Milford & Rosedale properties sell under hammer

NAI Harcourts sold a Milford development site and a Rosedale property containing a mix of 5 tenancies at auction last week. An upstairs office unit in Wairau Park was passed in.

North-east

Milford

1 Wairau Rd:
Features: 895m² section zoned mixed business use, 4-bedroom house, marketed as development site
Outcome: sold for $2 million + gst
Agents: Michael Swarbrick & Tim Turner

Rosedale

4 Dallan Place:
Features: 1443m², 966.5m² floor area, 5 titles in one lot, mix of commercial, industrial plus residential tenancies
Outcome: sold for $3.2 million + gst at a 5.23% yield
Agents: Marty van Barneveld & Andrew Bruce

Wairau Park

20 Link Drive, upstairs unit OO:
Features: 91m² office, long-term tenant, 7 parking spaces (2 covered)
Outgoings: opex $9173/year, body corp levy $6207/year
Outcome: passed in
Agents: Aaron Smith & Nick Young

Attribution: Agency release.

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Restaurant property sells 3 weeks after no-bid auction

A Rosedale restaurant property which didn’t attract a bid at auction 3 weeks ago has now been sold on a 6.25% yield.

It was one of 2 May sales by Bayleys North Shore agents, who also completed 5 lease deals.

North-east

Sales

Rosedale

North Shore Plaza, 4 Arrenway Drive, unit G:
Features: 82m² Korean restaurant, 2 dedicated parking spaces + common parking
Rent: $36,750/year net + gst + outgoings, 4-year lease from April 2017, 3 4-year rights of renewal
Outcome: no bid at auction on 16 May, sold post-auction for $588,000 at a 6.25% yield
Agents: Mustan Bagasra & David Han

4 Ride Way, unit A:
Features: 360m² industrial unit occupied by Chargenet NZ Ltd on lease expiring in December, 2 levels of air-conditioned office & showroom, 6 parking spaces
Rent: $50,000/year net + gst
Outcome: sold in May for $1.075 million + gst at a 4.65% yield, $2986/m²
Agents: Laurie Burt, James Kidd & Matt Mimmack

Leases

Milford

6-8 Milford Rd, part level 1:
Features: 34m² office
Rent: leased from 17 May for $12,000/year net + gst, premises rental $353/m²
Agent: Caroline McNaught

Rosedale

48 Parkway Drive, unit A:
Features: 163m² industrial unit – warehouse 136m², office 27m², 4 parking spaces
Rent: leased from 15 May for $30,000/year net + gst, premises rental $184/m²
Agent: Laurie Burt

Silverdale

29B Peters Way:
Features: 280m² industrial unit – warehouse 210m², office 70m², 5 parking spaces
Rent: leased from 23 May for $36,000/year net + gst, premises rental $129/m² (nothing for parking)
Agents: Rosemary Wakeman & Trevor Duffin

Wairau Valley

19 Ashfield Rd, unit A:
Features: 130m² industrial unit – warehouse 118m², office 12m², 4 parking spaces
Rent: leased from 24 May for $23,000/year net + gst, premises rental $177/m² (nothing for parking)
Agent: Trevor Duffin

112 Sunnybrae Rd, unit 2:
Features: 141m² warehouse unit, 3 parking spaces
Rent: leased from 29 May at $23,000/year net + gst, premises rental $163/m² (nothing for parking)
Agent: Trevor Duffin

Attribution: Agency release.

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Commercial sale & 2 leases in Rosedale

Bayleys commercial agents on the North Shore have reported one sale & 2 leases in Rosedale.

North-east

Rosedale

Sale

100 Bush Rd, units C & D:
Features: 411.9m² office, 15 parking spaces, tenant EDC
Rent: $118,575/year net + gst
Outcome: sold for $1.8 million + gst at a 5.9% yield, premises rental $4370/m² (parking not separately charged)
Agents: Dean Gilbert-Smith & Laurie Burt

Leases

20 Parkway Drive, unit D:
Features: 153m² industrial unit – warehouse 110m², office 43m², 2 parking spaces
Rent: leased in May for $26,000/year net + gst, premises rental $170/m² (parking not separately charged)
Agent: James Kidd

15-17 William Pickering Drive, part level 1:
Features: 113m² office, 3 parking spaces
Rent: leased in May for $31,155/year net + gst, parking $15/space/week, rental excluding parking $28,815, premises rental $255/m²
Agents: Caroline McNaught, Tonia Robertson, Laurie Burt & Ildy Meixner

Attribution: Agency release.

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Updated – post-auction sale: Long auction takes K Rd corner property’s value to 4.1% yield

Published 17 May 2018, updated 24 May 2018:
Update: The second of 2 units in the Sainsbury retail centre in St Lukes has been sold post-auction, after not attracting a bid on the day.

Back to all those bids…

It took 40 minutes and 377 bids for the first property to be sold yesterday at Bayleys’ third Total Property auction for the year.

That property, a small unusually designed bank branch at the corner of Karangahape Rd & Upper Queen St, at the top of Auckland’s cbd (and foot of the picture), was eventually bought by a neighbour after competition initially from 4 other bidders.

The final battle between 2 K Rd owners took the price in small steps from $3 million, when it went on the market, up another $1 million. The sale was at a 4.12% yield on current rent.

In contrast, and in keeping with the way many commercial auctions have gone over the last year, the next property on the list, a service station, attracted no bid and was passed in on the vendor’s indicative bid.

5 of the 9 properties auctioned were sold under the hammer and another was sold prior.

While auctioneers have struggled to attract bidders on many properties in recent times, where there is interest yields have remained strong.

At this auction, the sub-3% yield on a Meadowbank retail property may reflect development potential more than existing quality, and a bank branch at Kaikohe in Northland sold for a yield just over 7.5%.

But retail & hospitality offerings remain attractive – 4.7% on a St Lukes café, 5.4% on a Rosedale café.

CBD

O’Connell St

12-14 O’Connell St, units A, B & C:
Features: 3 retail units of 63.43m², 56.25m² & 238.57m² (total 358.25m²), occupied by a café, a florist & the best chocolate shop in New Zealand, Bohemein
Rent: $333,490.11/year net + gst
Outcome: withdrawn from auction
Agents: Nicolas Ching, Beterly Pan & James Chan

Queen St

Mid-City arcade, 239 Queen St, unit 2E:
Features: vacant 80m² retail unit
Outcome: auction postponed
Agent: Oscar Kuang

Uptown

122-130 Karangahape Rd:
Features: 357.41m² floor area on Upper Queen St corner, seismic rating 100% of new building standard, ANZ Bank a longstanding tenant, 6 parking spaces
Rent: $164,958/year net + gst
Outcome: sold for $4.005 million at a 4.12% yield
Agents: Matt Lee, James Chan & Quinn Ngo

Isthmus east

Meadowbank

2-4 Dorchester St:
Features: 339m² site, 190m² floor area, 2 refurbished retail tenancies, A grade seismic rating, neighbourhood centre zoning gives development upside
Rent: $64,496/year net + gst from 2 8-year leases starting February 2016
Outcome: sold for $2.25 million at a 2.87% yield
Agents: James Were & Scott Kirk

Isthmus west

Kingsland

388 New North Rd:
Features: 288.5m² shop, 636.6m² canopy, unit title share of 5385m², Gull service station next to Kingsland Village, in automotive-based complex
Rent: Gull Petroleum (NZ) Ltd on 15-year lease from August 1999, renewals to 2039, 2-year CPI-based reviews, current rent $283,197.51/year net + gst
Outcome: passed in on sole bid from vendor at $4.8 million, pricing the property on a 5.9% yield
Agents: Stuart Bode & Mike Bradshaw

Mt Albert

Sainsbury retail centre in St Lukes business park, 55 Sainsbury Rd, unit 1:
Features: 84m² floor area, 90m² outdoor floor area, café on new 5-year lease
Rent: $52,000/year net + gst
Outcome: sold for $1.114 million at a 4.67% yield
Agents: Phil Haydock & Ken Hu

Updated: Sainsbury retail centre in St Lukes business park, 55 Sainsbury Rd, unit 7:
Features: 104m² floor area, foodmarket on 5-year lease from June 2017, 2 5-year rights of renewal
Rent: $45,000/year net + gst + outgoings
Outcome: no bid; sold post-auction for $715,000 at a 6.29% yield
Agents: James Darji, Amy Weng, Nicolas Ching & Phil Haydock

North

Kaikohe

109-111 Broadway:
Features: 459m² site, 230m² floor area, ASB Bank Ltd on 6-year lease from September 2016, one 6-year right of renewal, seismic rating 67% of new building standard, parking at rear
Rent: $33,000/year net + gst
Outcome: sold for $437,000 at a 7.55% yield
Agents: Nicolas Ching, James Chan & Neil Campbell

North-east

Rosedale

4 Arrenway Drive, unit G:
Features: 82m² Korean restaurant, 2 dedicated parking spaces + common parking
Rent: $36,750/year net + gst + outgoings, 4-year lease from April 2017, 3 4-year rights of renewal
Outcome: no bid
Agents: Mustan Bagasra & Terry Kim

Rosedale retail centre, 96 Rosedale Rd, unit 15:
Features: restaurant with 144m² retail floor area, 85m² covered terrace
Rent: $89,500/year net + gst + outgoings from 8-year lease
Outcome: sold prior for $1.65 million at a 5.4% yield
Agents: Eddie Zhong & Steven Liu

North-west

New Lynn

3026 Great North Rd:
Features: 956m² car sales yard, dual frontage through to Veronica St
Rent: $48,000/year net + gst
Outcome: passed in at $1.15 million
Agents: Kate Kirby & Stephen Scott

South

Papatoetoe

45 St George St:
Features: 228m² site, 200m² floor area, in heart of Old Papatoetoe Mall/New World redevelopment
Rent: $44,869/year net + gst from 2 tenants on renewed leases from 1 April
Outcome: sold for $745,000 at a 6% yield
Agents: Quinn Ngo, Matt Lee & Janak Darji

Attribution: Auction.

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Multi-tenanted Rosedale property sells at 5.2% yield

A 5% yield beckoned, but the final 2-way bidding battle for a multi-tenanted commercial building in the North Harbour business precinct stopped $127,000 short at Colliers’ auction today, with a sale at 5.19% on current rent.

The building, erected by Kea Property Group Ltd in 2001, has 4 separate units & 6 individual leases (including a cellphone tower). It backs on to the Harbour Hockey fields, and is 4 doors from the North Harbour Business Centre at the corner of Upper Harbour Highway.

The owners, 2 family trusts, declared the property on the market with the yield at 5.34%. Most of the leases are within 2 years of expiry.

North-east

Rosedale

68 Paul Matthews Rd:
Features: 1801m² site, 849m² net lettable area, 4 titles sold as one, seismic rating 100% of new building standard
Rent: $174,376/year current
Outcome: sold for $3.36 million at a 5.19% yield
Agents: Matt Prentice & Mike Ryan

Attribution: Auction.

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2 sales & a lease on Shore

Colliers agents on the North Shore have secured 2 commercial sales in the Rosedale area & Wairau Valley, and a Wairau Valley lease.

North-east

Sales

Rosedale

3 Ceres Court, unit 2H:
Features: 72m² office, 3 parking spaces
Outcome: sold for $335,000 with vacant possession
Agents: Nick Recordon & Janet Marshall

Wairau Valley

75 Ellice Rd, unit 12:
Features: 333m² warehouse unit converted to a dance school
Outcome: sold to a private investor for $1.071 million at a 5.6% yield
Agents: Mike Ryan & Sam Sherning

Lease

Wairau Valley

15 Woodson Place:
Features: 735.5m² business premises – industrial 509m², office & amenities 226m², 10 parking spaces
Rent: leased in April for $105,000/year net + gst
Agents: Sam Sherning, Euan Stratton & Matt Prentice

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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Rosedale industrial unit sells

A vacant Rosedale industrial unit was sold at Barfoot & Thompson Commercial’s auction in Takapuna on Thursday at just over $3900/m².

North-east

Rosedale

3A Tait Place:
Features: vacant 506m² industrial unit with road frontage
Outcome: sold at auction on Thursday for $1.98 million, $3913/m² land & building, 4.5% yield
Agents: David Goodhue & Chase Erceg

Attribution: Agency release.

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4 auction sales for NAI Harcourts

NAI Harcourts has sold 3 properties at auction and another pre-auction, among 5 recent commercial sales in Birkenhead, Rosedale and at Papakura.

North-east

Birkenhead

35 Enterprise St, unit O:
Features: 898m² vacant industrial unit, 2-level office & showroom of 115m², seismic rating 100% of new building standard
Outcome: sold pre-auction for $1.91 million
Agents: Isaac Tankard & Andrew Bruce

Rosedale

45 Arrenway Drive, unit 9:
Features: vacant 93m² office unit
Outcome: sold for $415,000
Agent: Dave Lane

20 Constellation Drive, unit 8:
Features: 240m² retail/warehouse/office, 7 parking spaces
Rent: $41,200/year net + gst, opex $7800/year
Outcome: sold at auction for $886,000 at a 4.65% yield
Agents: Aaron Smith & Andrew Bruce

15-17 Saturn Place, unit 4:
Features: 389m2 office, showroom & warehouse
Outcome: sold at auction for $1.5 million at a 5.23% yield
Agents: Rob Meister & Andrew Bruce

South

Papakura

1B Old Wairoa Rd:
Features: 203m² industrial site, 120m² warehouse, 2 parking spaces
Rent: $27,600/year net + gst + outgoings
Outcome: sold at auction for $500,000 at a 5.52% yield
Agent: Isaac Tankard

Attribution: Agency release.

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8 sales & 11 leases from Silverdale to city to Westgate

Bayleys North Shore agents have notched up 8 sales & 11 leases of commercial property from Silverdale down to the inner city and across to Henderson & Westgate.

Sales

CBD

Learning Quarter

76 Anzac Avenue:
Features: 356m² site, 1097m² 3-storey office building, one parking space
Rent: $60,000 net + gst, plus $96,000 gross + gst
Outcome: sold 2 weeks ago for $5.3 million + gst at $4831/m², 2.94% yield
Agent: Tonia Robertson

North-east

Rosedale

60 Apollo Drive:
Features: 1729m² site, 1301m² industrial premises tenant Wallace Cotton Ltd
Rent: $228,210/year net + gst
Outcome: sold in March for $5.1 million + gst, at $3920/m², 4.47% yield
Agent: Matt Mimmack

15 Lovell Court, unit 12:
Features: 100m² office, 2 parking spaces
Rent: $28,600/year net + gst at $3350/m², 8.54% yield
Outcome: sold in April for $335,000 + gst
Agents: David Han & Annette Lum

Rothesay Bay

2-8 Montgomery Avenue:
Features: 316m² site, 190m² retail, 3 parking spaces
Rent: $70,000/year net + gst
Outcome: sold in March for $1.185 million + gst, at $3750/m², 5.9% yield, 3 weeks after being passed in at $1.1 million at auction
Agents: Brian Caldwell, Adam Curtis & Michael Nees

Wairau Valley

17 Ashfield Rd:
Features: 1017m² site, 692m² building, 5 industrial units on one title
Rent: $75,600/year net + gst
Outcome: passed in at March auction at $1.535 million, sold a week ago for $1.7 million at $2457/m², 4.45% yield
Agents: Trevor Duffin & Ranjan Unka

18 Link Drive, unit H:
Features: 462.09m² bulk retail unit – showroom 358.8m², mezzanine area 103.29m², 12 parking spaces
Outcome: sold in March with vacant possession for $1.4 million + gst, at $3030/m²
Agents: Trevor Duffin & Chris White

63 View Rd:
Features: 5885m² industrial site, 3093.8m² building – warehouse 2693.8m², office 400m², 15 parking spaces
Outcome: sold vacant for $6.6 million + gst, at $2133.30/m²
Agents: Tonia Robertson & Laurie Burt

North-west

Westgate

1 Kawakawa Place:
Features: 3,223m² site, 1858m² retail & childcare property, 40 parking spaces
Rent: $562,464/year net + gst
Outcome: sold in March for $9.375 million, at $2909/m², 6% yield
Agent: Brian Caldwell

Leases

North-east

Orewa

50 Centreway Drive, part level 1:
Features: 266.75m² office, 10 parking spaces; Auckland Council Orewa service centre & former council chamber building, council committee to decide on Tuesday whether it will be sold
Rent: leased in April for $66,687.50/year net + gst, premises rental $250/m²
Agents: Tonia Robertson & Mustan Bagasra

Rosedale

36 Arrenway Drive, unit B:
Features: 307m² industrial unit – warehouse 148m², showroom 79.5m², office 79.5m², 6 parking spaces
Rent: leased in March for $58,000/year net + gst, premises rental $189/m²
Agent: Laurie Burt

7 Douglas Alexander Parade, unit C:
Features: 298.7m² industrial unit – warehouse 121m², office 177.7m², 8 parking spaces
Rent: leased in March for $54,000/year net + gst, premises rental $181/m²
Agents: Caroline McNaught & Laurie Burt

2 Rothwell Avenue, unit F:
Features: 704m² industrial unit – warehouse 462.6m², office 241.4m², 10 parking spaces
Rent: leased in March for $105,000/year net + gst, premises rental $149/m²
Agents: James Kidd, Chris White & Laurie Burt

Part 15-17 William Pickering Drive:
Features: 836m² industrial & office unit – warehouse 638m², office 198m², 14 parking spaces
Rent: leased in March for $134,780/year net + gst, premises rental $161/m²
Agents: Laurie Burt & Tonia Robertson

Silverdale

30 Foundry Rd, unit 9:
Features: 590m² industrial unit – warehouse 419m², showroom 51m², office 89m², other area 31m², 8 parking spaces
Rent: leased in January for $105,000/year net + gst, premises rental $180/m²
Agent: Rosemary Wakeman

150 Foundry Rd, unit D2:
Features: 75m² office unit, 2 parking spaces
Rent: leased in March for $15,000/year net + gst, premises rental $200/m²
Agent: Rosemary Wakeman

Takapuna

15 Auburn St, unit 1A:
Features: 50m² office, parking space
Rent: leased in March for $18,000/year net + gst, premises rental $360/m²
Agent: Chris White

29 Northcroft St, part lower ground floor:
Features: 280.7m² office, 5 parking spaces
Rent: leased in March for $69,920/year net + gst, 2 parking spaces at $45/space/week each, 3 parking spaces at $35/space/week each
Agents: Jane McKee, Eddie Zhong & Dean Gilbert-Smith

Wairau Valley

101-111 Diana Drive, unit 17 (M):
Features: 970m² industrial unit – warehouse 690m², showroom 140m², office 140m²
Rent: leased in April for $165,000/year net + gst, premises rental $170/m²
Agent: Trevor Duffin

North-west

Henderson

42 Paramount Drive, units 6 & 7:
Features: 280m² retail unit
Rent: leased in March for $80,000/year net + gst, premises rental $286/m²
Agents: Terry Kim & David Han

Attribution: Agency release.

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