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2 new Millwater retail units sell

2 new retail investments in a development just completed by the Broadway Property Group at Millwater, between Silverdale & Auckland’s northern motorway, were sold at a Colliers auction on Wednesday.

The 2 units, both tenanted, are the same size and were sold for the same price, but have a $1/week difference in rent.

Euan Stratton, Sean Honeycombe & Matt Prentice were Colliers’ sales agents for both units.



177 Millwater Parkway, unit 44:
Features: 86m², tenant Hello World on a 5-year lease
Rent: $34,552/year net + gst
Outcome: sold for $707,000 at a 4.88% yield

177 Millwater Parkway, unit 49:
Features: 86m², tenant The Goldsmith on an 8-year lease
Rent: $34,604/year net + gst
Outcome: sold for $707,000 at a 4.89% yield

Attribution: Auction documents & release.

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Refurbished Napier CPO one of 5 sales

The former CPO building in Napier (pictured) has been sold, 4 years after being refurbished & strengthened. It’s one of 5 commercial sales by Bayleys agents around Napier & Hastings.

South of the Bombays

Hawke’s Bay 


209 Avenue Rd:
Features: 1224m² corner site, 672m² office building, 19 parking spaces
Outcome: sold with vacant possession for $930,000
Agent: Rollo Vavasour

210 Queen St East:
Features: 362m² site, 360m² 2-level office building, 7 parking spaces at rear
Outcome: sold with vacant possession for $468,000
Agent: Jake Smith


1 Dickens St:

Features: 1554m² cbd site on corner of Hastings St, 3185m² former CPO building refurbished over 3 years and strengthened to 100% of new building standard, completed in 2014; now fully occupied by 12 tenants with Napier City Council occupying the top level, 3 other office tenants below & retail tenants on ground floor, including NZ Post/Kiwibank & Vodafone
Rent: $558,362/year net + gst
Outcome: sold for $8 million at a 6.9% yield
Agent: Sam MacDonald


2 Ford Rd:
Features: 2120m² corner site zoned main industrial, 1478m² modernised office & warehouse building, 100% new building standard seismic assessment, multiple roller door entry points from dual road access
Outcome: sold with vacant possession for $1.75 million
Agents: Daniel Moffit & Sam MacDonald


11 Allen Rd:
Features: 1.2938ha site zoned rural (B1) beside new roundabout development on Napier/Hastings expressway, 6500m² of garden centre-related buildings
Outcome: sold to local developer for $1.35 million
Agent: Paul Garland

Attribution: Agency release.

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Updated: Onehunga warehouse sells, Ponsonby vendor gets yield down, apartment interest low

Published 15 March 2018, updated 16 March 2018:
An Onehunga office & warehouse property (pictured) was sold under the hammer at Barfoot & Thompson’s city auction today.

A Brown St property in Ponsonby, with development potential from its mixed-use zoning, was passed in at a 4.8% yield on current rent but was sold a short time later on a 4.63% yield.

The 2 apartments on offer attracted little interest – no bid on the first, in the Stanford, and 2 bids but no deal on the second, a unit in the Urba which was passed in at a price $51,000 higher when it went to auction last August.


Isthmus east


35 Church St:
Features: 396m² section, vacant 294m² office & warehouse (auction documents show the vendor was unsure if the mezzanine had consent)
Outcome: sold for $1.21 million
Agents: Murray Tomlinson

Isthmus west


Updated: 62 Brown St:
Features: 326m² site zoned mixed use, 18m height limit, 436m² building, 2 commercial & 2 residential tenancies
Rent: recent income over $125,000/year with 50% vacant on settlement
Outcome: passed in at $2.6 million, at a 4.8% yield on current rent; sold post-auction for $2.7 million (4.63% on current rent)
Agents: Murray Tomlinson & Reese Barragar




Urba, 5 Howe St, unit 102:
Features: 55m², one bedroom + flexi-room, 5m² covered balcony, storage locker
Outgoings: body corp levy $4241/year
Outcome: passed in at $450,000
Agents: Stephen & Leo Shin

Victoria Quarter

Stanford, 189 Hobson St, unit 7B:
Features: 2 bedrooms
Outgoings: body corp levy $4586/year
Outcome: no bid
Agents: Casey Chen

Attribution: Auction.

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Updated: New Euroclass-built Wiri warehouse sells at 4.9%, Onehunga warehouse sells

Published 15 March 2018, updated 16 March 2018:
A new purpose-built warehouse in Euroclass’s 40ha Stonehill Business Park at Wiri (pictured) was passed in at CBRE’s auction on Thursday on a 5% yield, but sold on a 4.9% yield after further negotiation.

That took the price from $9.925 million when it was passed in to a sale agreement at $10.2 million.

Rock Solid Holdings Ltd (trading as Euroclass Design & Build, directors Peter & Julie Bishop) began developing the business park after the McLaughlins Rd quarry was closed 11 years ago. The business park is separated from the Manukau Harbour by the Puhinui Reserve and has 2 prisons on the other side.

The Bishops started their Euroclass business in 1987 as a design/build company focused on office/warehouse development, then grew their expertise in industrial property.

This development, designed for Cargo Plus Ltd, has a clearspan warehouse with stud heights of 9.3m at the knee, rising to 11.3m, 3 roller doors, offices on 2 floors and 3 road crossings, including a separate entrance for the carpark.

Isthmus East


5 Mountjoy Place:
Features: 722m² site zoned light industrial, 400m² warehouse, 90m² office, 15m² amenity, 2 large roller doors
Rent: assessed market rent $73,000/year + gst, which would put the yield on the sale price at 5.14%
Outcome: sold for $1.42 million
Agents: Alex Hopkinson & Chad Greer



Updated: 107 McLaughlins Rd:
Features: 6898m² site, 4550m² net lettable area, new purpose-built warehouse with large breezeway & office, designed for & fully tenanted by Cargo Plus Ltd on a 10-year lease from 1 January this year, with 2 5-year rights of renewal
Rent: $499,500/year net + gst + outgoings, with a stepped rental schedule set for the whole of the 10-year lease term
Outcome: passed in at $9.925 million, at a 5% yield; sold post-auction for $10.2 million at a 4.9% yield
Agents: Paul Steele & Claus Brewer

Link: Euroclass

Attribution: Auction, auction documents, Euroclass website.

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1 of 2 leasehold Quay Park townhouses sells

One (pictured) of 2 leasehold townhouses on Ngati Whatua o Orakei land at the foot of Parnell (the former railway land in Quay Park) was sold under the hammer at Ray White City Apartments’ auction today, but the second townhouse nearby was passed in with only a vendor bid.

The next 3 apartments and a Kingsland villa + sleepout were all passed in.

The next ground lease review for the passed-in townhouse is set down for 2 August.

Auctioneer Ted Ingram has argued many a time – and did so again today – that leasehold units at Quay Park can be good value, and shouldn’t be treated with the scepticism they’re accorded by many in the property market.

With a ground lease review imminent, the question for buyers – and current owners – is what change will occur to the land value, on which the ground lease is based. The Ngati Whatua leases are set at 6% of land value – which, for past reviews, has resulted in complicated negotiations over what that land value might be.


Albert St

Barclay Suites, 74 Albert St, unit 402:
Features: one bedroom
Outgoings: rates $4795/year including gst (commercial rates to be converted to residential soon); body corp levy $3439/year
Income assessment: $500-550/week
Outcome: passed in at $410,000
Agent: Ron Yang

Learning Quarter

Summit on Symonds, 103 Symonds St, unit 206:
Features: 69m², 2 bedrooms, 2 bathrooms, secure parking space
Outgoings: rates $2212/year including gst; body corp levy $4104/year
Income assessment: owner-occupied; appraisal $700-750/week furnished
Outcome: passed in at $560,000
Agent: Damian Piggin

Quay Park

39 Dovedale Place:
Features: leasehold, 106m² townhouse, 3 bedrooms, 2 bathrooms, internal access garage; reclad and new code compliance certificate issued
Outgoings: rates $1838/year including gst; body corp levy $9008/year, including $6974 ground rent – next ground lease review set for 2 August
Income assessment: $700/week current, appraisal $780-820/week unfurnished
Outcome: vendor bid at $300,000, passed in
Agents: May Ma & Mark Li

5 Sudbury Terrace:
Features: leasehold, 106m² terrace, 3 bedrooms, 2 bathrooms, secure covered parking space; remedial works completed and new code compliance certificate issued
Outgoings: rates $1864/year including gst; body corp levy $8081/year, including $6408 ground rent
Income assessment: $750/week current
Outcome: sold for $300,000
Agents: Dominic Worthington & Ady Huang

Isthmus east


Citta, 184 Symonds St, unit 417:
Features: 30m² penthouse-level studio, secure tandem basement parking, storage locker
Outgoings: rates $1012/year including gst; body corp levy $3880/year
Income assessment: $360/week, fixed until 30 October
Outcome: passed in at $320,000
Agent: Keisha Gutierrez

Isthmus west


62 Second Avenue:
Features: 463m² section, 126m² villa + sleepout, 5 bedrooms, 3 bathrooms
Outgoings: rates $3698/year including gst
Outcome: no bid
Agents: Zarlane & Bernie Grubisic

Attribution: Auction.

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Mt Eden office building sells

Colliers agents have sold a small office building on the city side of Mt Eden to a private investor.

The agency has also sold a Napier warehouse.

Isthmus west

Mt Eden

60 Mt Eden Rd (pictured):
Features: 341m² site at corner of Edwin St, 577m² 2-storey office building
Rent: $140,000/year net + gst holding income
Outcome: sold to a private investor for $2.6 million + gst
Agents: Jonathan Lynch & Kris Ongley (Colliers), Cam Paterson & Reese Barragar (B&T Commercial)

South of the Bombays

Hawke’s Bay


15 Edmundson St:
Features: 2024m² site, 1210m² warehouse
Outcome: sold to a private investor for $1.4 million + gst
Agent: Dan Walker

Attribution: Agency release.

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6 out of 6 auction result

Multiple bidders making multiple bids – combined with some meeting the market by vendors – turned Ray White City Apartments’ auction yesterday into a 6-sold-out-of-6 event.

It was in sharp contrast to many auctions in recent months, where bidders have held back – and no bid has been made on many properties auctioned – forcing vendors to reassess their position, either letting their property get passed in to be followed by a multi-offer process (akin to an immediate tender) or a new campaign, or in some cases lowering their expectations on auction day.

At Ray White’s auction yesterday, auctioneer Ted Ingram negotiated new asking prices on 4 of the 6 apartments during pauses in bidding, got 2 sales above that revised asking price, and got another 2 sales that were looking unlikely had he not disclosed figures that would bring an immediate result.

The auction opened with a flurry of bidding on a leasehold apartment at Q Central, at the top of Queen St, and also saw 25-plus bids on units in buildings with remedial issues.



Q Central, 58 Liverpool St, unit 3A (pictured):
Features: leasehold, 69m², 2 bedrooms, deck, secure parking space
Outgoings: rates $1396/year including gst; opex $4496/year, ground rent $9106/year; no body corporate – management structure with opex & administrators
Income assessment: $540/week, rising to $590/week from 28 March & fixed to January 2019
Outcome: sold for $186,000
Agents: Dominic Worthington & Ady Huang

Volt, 430 Queen St, unit 924:
Features: 43m² including balcony, 2 bedrooms
Outgoings: rates $1253/year including gst; body corp levy $4085/year
Income assessment: $385/week current
Outcome: sold for $370,000
Agent: Victor Liu

Lapwood Spiral, 8 Scotia Place, unit 6F:
Features: 30m², one bedroom, future levies envisaged for remedial work
Outgoings: rates $1110/year including gst; body corp levy $3242/year
Income assessment: $330/week fixed until May, appraisal $440-460/week
Outcome: sold for $123,000
Agents: Mitch Agnew & Ryan Bridgman

Victoria Quarter

Altitude, 34 Kingston St, unit 8J:
Features: 40m², 2 bedrooms
Outgoings: rates $1149/year including gst; body corp levy $4285/year
Income assessment: $420/week, fixed until 20 April
Outcome: sold for $340,000
Agent: Damian Piggin

Heritage Tower, 22 Nelson St, unit 1113:
Features: 30m² furnished studio
Outgoings: rates $2357/year including gst; body corp levy $4923/year
Income assessment: $692/month – under hotel management
Outcome: sold for $230,000 + gst
Agent: Damian Piggin



Shoalhaven, 130 Anzac St, unit A201:
Features: 76m², 3 bedrooms, 2 bathrooms, tandem parking spaces, double storage unit
Outgoings: rates $1918/year including gst; body corp levy $5282/year, $5000 to be retained from sale proceeds to pay a special levy for seismic joint repair
Outcome: sold for $726,000
Agents: Susan Woods-Markwick & Liam Kyle

Attribution: Auction.

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Old $1 million house signals changing impact of unitary plan, and unauthorised work affects apartment sales

A 1950s weatherboard house in Blockhouse Bay was sold for $1 million at Bayleys’ residential auction on Wednesday – just short of the $1.05 million which Quotable Value said this week was the current average value of residential properties in the Auckland region.

A larger Blockhouse Bay section with development consent was passed in.

Since Auckland’s unitary plan started to come into force last year, enabling intensification across suburbia, auctioneers have listed a steady (but so far small) stream of properties highlighted for their consequent development potential.

At first a number were presented from Point England, on the Tamaki Estuary in the south-east, but increasingly they have come from the west of the isthmus, particularly Mt Roskill, Sandringham and across to the Manukau Harbour.


Also at the Wednesday auction, one apartment was sold prior and another was passed in.

A unit at 2 Whitaker Place, off Symonds St in central Auckland’s student area, was passed in at a short-notice offering. The building is affected by an unapproved addition to a penthouse apartment, which also demonstrated the potential effects on other owners in apartment developments.

The auction predisclosure statement said it was noted that the 2015 annual meeting of the body corporate was told penthouse unit 10A had previously added an additional storey to the unit without the body corporate’s permission: “The addition has encroached on the common area airspace. The renovations will have affected the units’ relative value and thus it was agreed that a new unit plan should be deposited. An update of the ownership interest amounts (which are in effect levy allocation) has also been proposed. The current owner has agreed to cover the cost of implementing a new unit plan.”

In 2016, a roof condition report recommended replacing the roof, which also affects the penthouse because the cladding for that unit is connected to the roof. In addition, the complex’s goods lift is out of order and the concrete of the lower carpark extension has cracked and requires securing.

Unit 10A, which has 3 bedrooms & 2 parking spaces, is on the market through Crockers. It has current rates of $2383/year including gst and a body corp levy of $8387/year.


Learning Quarter

Westminster Court, 5 Parliament St, unit 2G:
Features: 2-bedroom corner apartment – for many years an artist’s studio; parking space, storage locker
Outcome: sold prior
Agents: Diane Jackson & Julie Quinton

2 Whitaker Place, unit 5A:
Features: 40m², furnished one bedroom, parking space, storage locker
Outgoings: rates $1240/year including gst; body corp levy $6694/year including water
Income assessment: $550/week current
Outcome: passed in at $420,000, back on the market at $449,000
Agents: Habeeb Urrahman, Steve Kirk & Chris Cairns

Isthmus west

Blockhouse Bay

518 Blockhouse Bay Rd (pictured):
Features: 916m² section, 1950s weatherboard house in terrace housing & apartment building zone, 3 bedrooms, double garage
Outcome: sold for $1.01 million
Agents: Christopher Valladares & Michelle Hicks

31 Margate Rd:
Features: 1639m² section, 3-bedroom cottage, certificate of compliance for subdivision granted, building consent sought for 3 2-level townhouses
Outcome: no bid
Agent: Summer Sun

Attribution: Auction.

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City Rd building sold, Tauriko land price rises

A 30-year-old City Rd building, across the street from the Langham Hotel, has been sold on a 7.9% yield by Colliers agents.

Colliers in Tauranga has sold a vacant lot in the Tauriko industrial estate for what they said was a record-breaking $475/m². In October, the agency reported a land sale at $370/m².



7 City Rd:
Features: 6608m² site, 6662m² net lettable area, 16-level commercial office building, 2-level podium, 134 secure parking spaces on 4 levels
Rent: $1,812,650/year net + gst
Outcome: sold for $23 million at a 7.9% yield
Agents: Jonathan Lynch & Tony Allsop

South of the Bombays



32 Paraone Koikoi Drive, lot 223:
Features: 3740m², vacant lot
Outcome: sold for the asking price of $1,776,500 at $475/m²
Agents: Rachel Emmerson & Simon Clark

Attribution: Agency releases.

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Investore sells Hornby supermarket property

Investore Property Ltd said on Friday it had secured an unconditional agreement for the sale of its Countdown supermarket at 17 Chappie Place, Hornby, Christchurch, for $21.5 million at a 6.26% yield.

The sale price represents an initial yield of 6.26% and a 10.8% premium on the property’s $19.4 million value in Investore’s 30 September 2017 interim financial statements. Settlement is scheduled for Friday 23 March.

This sale is part of a divestment programme Investore announced in November, relating to the $78.5 million purchase of 3 Bunnings properties in Hamilton, Rotorua & Palmerston North. Shareholders approved the Bunnings deal last month and it settled last Wednesday.

The Hornby sale follows on from Investore’s recently announced sale of its Fresh Choice Queenstown property for $11.1 million at a 4.8% initial yield, which represented a 12% premium on the property’s value in Investore’s  September interim financial statements.

The supermarket was completed in 2010 on a 1.77ha site adjacent to the Hornby Hub shopping centre on State Highway 1. It has a 20-year lease from December 2012 to General Distributors Ltd with renewal rights up to 60 years. Sunil Bhana, Mike Houlker & Blair Young of Bayleys handled the sale

Earlier story:
2 March 2018: Stride’s 3-property sale to Investore settles

Attribution: Company & agency releases.

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