News

Bringing you the latest commercial property market news from NZ Herald and TrueCommercial.

  • Viaduct $40 million sale spotlights high CBD land prices

    Viaduct $40 million sale spotlights high CBD land prices

    In a landmark transaction for the Auckland commercial property market, Viaduct Harbour Holdings Limited has concluded the sale of an entire city block of nearly one hectare of land bounded by Beaumont St, Gaunt St, Daldy St and Pakenham Street West in the rapidly developing Viaduct Quarter precinct. The 9793 sq m parcel was sold to Goodman Group for $40.1 million and has concept plans for the construction of four mixed use buildings of more than 45,000 sq m on the site.

    Date Nov 2014

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  • Investments with a view in the Viaduct Harbour

    Investments with a view in the Viaduct Harbour

    A building occupied by one of Viaduct Harbour’s longest established taverns, O’ Hagans Irish Pub, and an office floor tenanted by a boutique law firm are two investment properties in Auckland’s popular Viaduct precinct which feature in Bayleys’ latest Total Property portfolio. The two-level bar and restaurant on a 395 sq m site at 103 Customs Street West is fully leased to O´Hagans Irish Pub and is producing net annual rental income of $168,279 plus GST, with the tenant paying all outgoings including the ground rental payable on the property’s leasehold tenure.

    Date Nov 2014

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  • Parnell site with consents for apartment complex

    Parnell site with consents for apartment complex

    A development site with a mixed commercial and residential zoning adjacent to the proposed Parnell railway station is for sale with resource and building consents in place for a 36 apartment complex overlooking The Domain. Located at 11A Cheshire St, Parnell, two blocks west of lower Parnell Rd and off Akarua St, the level, bare land site is featured in Bayleys’ latest Total Property portfolio. It is up for sale by tender closing December 4, unless it sells earlier, and is being marketed by Mark Pittaway and Colin McKenna of Bayleys Auckland.

    Date Nov 2014

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  • Half a billion dollars in sales

    Half a billion dollars in sales

    Ten large commercial properties valued at over half a billion dollars have recently been sold by Bayleys Real Estate. “And there’s more in the pipeline, with a number of other big land transactions close to being concluded,” says Mike Bayley, managing director of Bayleys. The multi-million dollar sales include all four office buildings in the head office complex of Spark New Zealand (formerly Telecom New Zealand) on Victoria St in central Auckland which sold for a total of just under $250 million; and an office and retail building in Takapuna occupied by Auckland Council which fetched $70 million.

    Date Nov 2014

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  • Wanganui AA office sale may set new yield record

    Wanganui AA office sale may set new yield record

    The sale of Wanganui’s newly-built Automobile Association office is believed to have set a new yield record for commercial property in the city. The 195 sq m single storey building on a 367 sq m site at 202 Victoria Ave on the corner with Ingrestre St in the CBD sold for $970,000 at a Bayleys’ auction representing a yield of 6.6 per cent.

    Date Nov 2014

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  • Heavenly office space for lease

    Heavenly office space for lease

    A high-profile former church building that has been converted into high-quality office accommodation on the Symonds St ridgeline is available for lease, presenting an opportunity for companies looking for central city character space. Leasing agent Phil Haydock of Bayleys' Auckland office says a new occupant has the option of leasing the entire 602sq m building at 116 Symonds St, which comprises 466sq m of ground floor space plus a mezzanine level of 136sq m, or just the ground floor. Naming rights are also on offer.

    Date Nov 2014

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  • Goodman joins with Singapore for Viaduct development

    Goodman joins with Singapore for Viaduct development

    Singapore's sovereign wealth fund has made its first New Zealand real estate investment, buying a half stake in some of Auckland's newest commercial buildings in the Viaduct Quarter. Goodman Property Trust, the country's largest listed property investor by market capitalisation will retain a 51 per cent stake in the portfolio valued at $313 million, and Singapore's GIC will own the rest.

    Date Nov 2014

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  • Foreigners snapping up commercial properties

    Foreigners snapping up commercial properties

    More than half of $2.6 billion commercial property transacted so far this year in New Zealand, at individual prices above $2 million per sale, has been sold to foreign buyers although some transactions are still subject to Overseas Investment Office approval, says Andrew Reed, newly appointed national director of capital markets at Colliers International. “There is a growing wall of overseas money waiting to be deployed into suitable markets and New Zealand is receiving unprecedented levels of interest from these investors,” says Reed who will work closely in his new role with Colliers’ capital market teams in Australia, Asia and other global markets.

    Date Nov 2014

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  • Big industrial duo for sale

    Big industrial duo for sale

    Two big Auckland industrial investment properties, both with new leases to long established tenants, are among over 120 commercial and industrial properties featured in Bayleys Real Estate’s final portfolio of commercial and industrial properties for 2014. The larger of the two, a 13,000 sq m steel manufacturing facility located on just over two hectares of land at 21 Beach Rd, Otahuhu is producing current net annual rental income of $953,431 from a new five year lease to Pacific Steel (NZ) Limited. It is being offered for sale by tender through Sunil Bhana, James Hill and Mike Houlker of Bayleys Auckland closing November 27 unless it sells earlier by negotiation.

    Date Nov 2014

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  • Council blocks offer blank canvas to developers

    Council blocks offer blank canvas to developers

    Auckland Council has put two blocks of Manukau land up for sale on four separate titles and with a flexible Business 5 Mixed Use zoning offering a variety of future development options. The council has appointed Dave Stanley and Ben Bayley of Bayleys Manukau office to market the sites totalling 3332 sq m at 182-186 and 194-198 Cavendish Drive.

    Date Nov 2014

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  • Big crowds and low yields feature at auction

    Big crowds and low yields feature at auction

    Ten properties sold at Bayleys’ latest Total Property auction in Auckland fetching a total value of $13.792 million with low yields once again being the order of the day for the most sought after offerings. A large crowd, in attendance for the start of the auction, saw the first property, a 70 sq m century-old retail building on a 366 sq m site at 293-297 Ponsonby Rd, Ponsonby, sell for the highest price of the day of $2,820,000. Bidding started at $1.75 million and it was sold at a 5.3 per cent yield by Cameron Melhuish, Sunil Bhana and James Chan of Bayleys Auckland on behalf of a vendor who had owned it for nearly half a century.

    Date Nov 2014

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  • Architect’s former office offers superb view

    Architect’s former office offers superb view

    A partially tenanted Parnell office building designed and originally occupied by award winning architect Ken Crosson is up for sale in Parnell, offering an opportunity for an owner occupier or an add value investor or developer. Located at 8 Augusta Terrace, the four level 309 sq m building and its 190 sq m site with six ground floor car parks are being offered for sale by James Chan and Matt Lee of Bayleys Auckland.

    Date Nov 2014

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  • Historic CBD building has the X factor

    Historic CBD building has the X factor

    Auckland’s historic former New Art Gallery, now known as X Gallery at 18-26 Wellesley Street on the corner of Lorne Street, Wellesley Street and Khartoum Place, has been put on the market. “The chance to buy this award winning investment property and heritage building should not to be missed,” says John Binning, director of capital markets for JLL, which has been appointed to sell it as sole agent via an expressions of interest campaign closing on Thursday November 27 unless it sells earlier by negotiation.

    Date Nov 2014

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  • Ski field sale offers fun run for new owner

    Ski field sale offers fun run for new owner

    The business, buildings and assets comprising Mt Dobson skifield, in the South Island and situated directly off the main tourist route of State Highway 8 between Christchurch and Queenstown, have been placed on the market. The 400 hectare Mt Dobson ski area is 65 km from Timaru and 25 km west of Fairlie which is the closest township.

    Date Nov 2014

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  • Five house site ideal for high density development

    Five house site ideal for high density development

    Five adjoining residential addresses in an Onehunga street are being offered for sale a single commercial development site suitable for the construction of a high density housing development. The properties at 10, 12, 14, 16 and 18 Wade Avenue, Onehunga, are being sold as one parcel of land by public tenders closing at NAI Harcourts North Shore office at 128 Hurstmere Rd, Takapuna, at 4 pm on Thursday December 4.

    Date Nov 2014

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  • Historic hotel awaits innovative owner and chooks

    Historic hotel awaits innovative owner and chooks

    Northland’s historic Towai Hotel, which commenced providing food, drink and accommodation to weary travellers and local customers around 1872, has been put on the market for sale “This beautifully renovated hotel offers a great lifestyle in the country with room for a large vegetable garden, space to graze a few animals and a big area where chooks could run free,” says Darcy Snowden of Christopher Brown and Associates Auckland, who is selling the property as a freehold going concern business with its land and buildings for an asking price of $475,000 plus GST if any.

    Date Nov 2014

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  • Ideal opportunity to own and earn

    Ideal opportunity to own and earn

    A West Auckland commercial building at 30 The Concourse in a popular industrial area of Henderson is being offered for sale as an excellent split risk investment opportunity. “Opportunities to buy property on The Concourse are few and far between,” says Meir Alfassi of Harveys Te Atatu Peninsula who is selling the property by expressions of interest closing on November 13.

    Date Oct 2014

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  • Car yard can be driven many ways

    Car yard can be driven many ways

    A high profile, strategic corner site on busy Lincoln Rd, Henderson, offers three years of holding income from an established brand-name tenant while a new owner considers multiple development options. “More than 45,000 cars passing by daily is a key feature for any buyer and the options of how investors can ultimately use the property are just as attractive,” says John Davies of Colliers International who, with colleague Dwayne Warby, is offering the 2000 sq m property at 261 Lincoln Rd property for sale by auction on Wednesday November 5 unless it sells earlier by negotiation.

    Date Oct 2014

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  • Manukau tower would crown a portfolio

    Manukau tower would crown a portfolio

    A solid Crown tenant on a nine year lease and a net return of over $1.5 million a year is expected to make an eight level Manukau office a sought-after property for well-heeled investors, syndicators, institutional property companies and large family trusts. “This property at 5 Osterley Way has been tenanted by government departments since it was built in 1979 by Fletcher Construction,” says Paddy Callesen, Savills joint managing director who is featuring it for sale with Kevin Richards, the agency’s senior executive, capital transactions.

    Date Oct 2014

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  • Education centre rights are apples for teachers

    Education centre rights are apples for teachers

    Five new business territory rights are being offered for sale by Kip McGrath Education Centres in Glenfield Auckland, Timaru, Oamaru, Dunedin North and Dunedin South for an asking price of $20,000 to $35,000 dependent on territory size. “The rights are for three years with a right of renewal for a further three years,” says Neville Choksi of Link Business Broking who is marketing them with colleague Tony Andrew.

    Date Oct 2014

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