News

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

  • Auckland Airport's land bank value soars to $2.6b

    Auckland Airport's land bank value soars to $2.6b

    Auckland International Airport's vast Mangere land bank rose in value by $734 million between June 2011 and June 2014. The extensive Auckland waterfront greenfields site, mainly unbuilt, was valued at $1.9 billion but is now assessed as being worth $2.6 billion. That is revealed in the notes to the accounts released with the annual result out yesterday which showed profit from the country's main gateway up 21.3 per cent to $215.9 million on a 6 per cent revenue increase to $475.8 million. Simon Robertson, AIAL's chief financial officer, said the airport owned 1500ha of freehold land and the main driver for the valuation rise was an assessment of the land's worth compared to residential land values.

    Date Aug 2014

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  • Three more building projects for Goodman

    Three more building projects for Goodman

    Goodman (NZ) Limited, the manager of Goodman Property Trust, has announced that the trust is undertaking three new design build projects that will add 28,430 sq m of industrial space to the trust’s investment portfolio and bring to 15 the number of new developments by the trust since early 2013.

    Date Aug 2014

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  • Fletcher in $40m HQ makeover

    Fletcher in $40m HQ makeover

    New Zealand's biggest builder is about to start a $40 million makeover at its own global headquarters, after buying its headquarters back from Tauranga's Carrus Corporation. QV records showed Fletcher sold the 1960s building in 2009 for $36 million but had to pay $6.5 million extra to buy it back only five years later for $42.5 million.

    Date Aug 2014

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  • Investors drawn to Oyster syndication

    Investors drawn to Oyster syndication

    Oyster Group's syndication of the New Zealand Racing Board's head office in Petone, Wellington, has closed fully subscribed, says Oyster's chief executive, Mark Schiele. It is the second proportionate ownership scheme offered by the company in Wellington this year - both projecting 10 per annum pre-tax cash returns paid monthly.

    Date Aug 2014

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  • Restaurant in fast-growing area for sale

    Restaurant in fast-growing area for sale

    The popular Shanghai 1930 restaurant in Flat Bush in southeast Auckland is being offered for sale with all its assets as a going concern business within leased premises at an asking price of $180,000. "This restaurant would certainly rank among the top three high-end venues in Manukau," says Neville Choksi of Link Business Broking Ltd. "It is located in the fast-growing Flat Bush area where the council has plans for 40,000 new residents.

    Date Aug 2014

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  • Seven-in-one retail block adds up to top investment opportunity

    Seven-in-one retail block adds up to top investment opportunity

    A near-new Browns Bay building with six ground-floor retail outlets and a childcare centre on the first floor is for sale, offering an opportunity for a new owner to add value by leasing two vacant tenancies or self-occupy. The 625sq m two-storey building on a 2093sq m corner site at 41 Bute Rd is for sale by tender closing on September 11 unless it sells beforehand as part of Bayleys' latest Greater Auckland portfolio. It is being marketed by Simon Aldridge, Michael Block and Damian Stephen of Bayleys North Shore Commercial.

    Date Aug 2014

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  • Retail units right in centre of attention

    Retail units right in centre of attention

    Amodern, multi-tenanted retail investment of seven newly renovated retail units is available in the Highland Park retail precinct of Auckland's Eastern Bays. "With few comparable retail investments currently available, 20 Dunrobin Place represents an attractive opportunity for astute investors," says Andrew Brown, investment sales director for JLL, who is exclusively marketing the property for sale through expressions of interest, closing at 4pm on September 18.

    Date Aug 2014

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  • Potential packed to the rafters

    Potential packed to the rafters

    A big 1.43ha Onehunga site with future development potential and encompassing a variety of industrial buildings, and a standalone Mt Wellington property are two of a number of vacant industrial properties for sale in Bayleys' latest Greater Auckland portfolio. "The large freehold Onehunga property offers the opportunity to add value to existing buildings, occupy as is, or construct new buildings," says James Hill of Bayleys Auckland who is marketing it with colleagues Mike Houlker and Sunil Bhana.

    Date Aug 2014

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  • Top-class design certain to lure industrial tenants

    Top-class design certain to lure industrial tenants

    An industrial building to go up on one of the last large undeveloped industrial sites in Mt Wellington is expected to be finished by March. Construction is about to start on the 2700sq m A-grade warehouse and office building on a 4000sq m site at 17 Levene Place.

    Date Aug 2014

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  • Beachlands beckons buyers

    Beachlands beckons buyers

    Two separate buildings on one lot containing a mix of commercial and residential tenancies have come on the market in the rapidly growing commercial precinct of Beachlands, southeast of Auckland city near Whitford and Maraetai The fully tenanted property at 38 Wakelin Rd encompasses 922sq m of freehold land and two separate buildings, and is being offered for sale by Nicolas Ching, sales director of NAI Harcourts Auckland Central. It will be auctioned at 2pm on September 18 at NAI Harcourts Auckland Central at 18 Emily Place in the Auckland CBD unless it sells beforehand.

    Date Aug 2014

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  • Big auction of Greater Auckland properties

    Big auction of Greater Auckland properties

    Amulti-tenanted property in Archers Rd in Wairau Valley earning $235,208 a year in net rental income is among several retail investment properties up for auction next month. The 774sq m purpose-built, single-level retail centre at 239 Archers Rd, constructed in 2010, is fully leased with four tenancies ranging in size from 113sq m to 291sq m.

    Date Aug 2014

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  • Three more building projects for Goodman

    Three more building projects for Goodman

    Goodman (NZ) Limited, the manager of Goodman Property Trust, has announced that the trust is undertaking three new design build projects that will add 28,430 sq m of industrial space to the trust’s investment portfolio and bring to 15 the number of new developments by the trust since early 2013. The three industrial developments, which have a combined total cost of $44.4 million including land, construction costs and all professional fees, will be funded through the trust’s existing debt facilities and a continuation of its asset disposal programme. John Dakin, chief executive officer of Goodman (NZ) Limited, said two of the new buildings were being constructed for Steel & Tube and the third would be built for Ford.

    Date Aug 2014

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  • Work starts on The Landing at Queenstown

    Work starts on The Landing at Queenstown

    Queenstown construction company Rilean has started work on The Landing development comprising new shops and car parks at Queenstown’s Remarkables Park Shopping Centre. The Landing is the second shopping centre investment by Queenstown based couple Lindsay and Di Williams of Savanna Group, who developed the Terrace Junction complex by the Frankton roundabout. Savanna Group contracted to purchase the 1.2 hectare site off the Porter brothers’ Shotover Park company in 2011 and are now proceeding with the 3200 sq m building.

    Date Aug 2014

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  • Ramada Hotel to complement Queenstown convention centre

    Ramada Hotel to complement Queenstown convention centre

    Auckland-based development company Safari Group has applied for resource consent to build a 48-room, six apartment, Ramada Hotel at Remarkables Park adjacent to Queenstown’s planned convention centre. The application lodged with the Queenstown Lakes District Council says construction is planned to start on the $25 million project before Christmas this year. As part of the continued economic development of the Frankton area, the four-level 5000 sq m hotel is to be built adjacent to the Remarkables Park Town Centre, making it Queenstown’s first ‘airport hotel’.

    Date Aug 2014

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  • Millbrook Resort buys land for double golf courses

    Millbrook Resort buys land for double golf courses

    Queenstown’s well-known Millbrook Resort has conditionally purchased 66 hectares of land adjacent to the five-star resort which could significantly expand the property and see it upgraded into a full two golf course layout. Millbrook currently comprises 27 golf holes with only one full 18-hole course available at any time using a mixture of the three nines – the Arrow Nine, Remarkables Nine and newer Coronet Nine. “This has maintenance benefits but limits golfing capacity to just a single course shared between members and guests, which can be an issue at peak times,” says Brian Spicer, Millbrook’s CFO. “In peak times we experience capacity issues regularly and so moving to a two-course layout would not only ease the pressure but also enable us to offer New Zealand’s only two course resort complex and double our capacity.”

    Date Aug 2014

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  • Govt hints at early start to City Rail Link

    Govt hints at early start to City Rail Link

    The Government is looking at an early start on the $2.4 billion City Rail Link - but only for a short section of the route to go with the redevelopment of the Downtown Shopping Centre. The underground rail link starts at Britomart and goes under Lower Queen St and the shopping centre before turning up Albert St bound for Mt Eden.

    Date Aug 2014

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  • Sloping in the right direction

    Sloping in the right direction

    A 10 level freehold office building known for its distinctive sloping profile in the heart of the city and in the Art Gallery precinct has been put on the market offering investors a chance to buy into a strategic CBD location.

    Date Aug 2014

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  • Y not buy this idyllic waterfront site?

    Y not buy this idyllic waterfront site?

    A YMCA owned waterfront block of land at Waiwera north of Auckland is being marketed for sale as an ideal development opportunity for the construction of a large waterfront block of terraced houses, a mini resort, function centre or motel complex. Other options for the site include retention as a recreational resource for a club; educational, church or religious organisation; or as location for a luxury home or lifestyle property. Colin McKenna of Bayleys Central office is marketing the site with colleague Stephen Scott through a tender process closing at 4 pm on Thursday September 11 at Bayley’s Viaduct Harbour office. McKenna says the Hibiscus Coast property would suit a variety uses and should be looked at closely by investors, owner occupiers and developers.

    Date Aug 2014

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  • Property Council backs proposed Wellington convention centre

    Property Council backs proposed Wellington convention centre

    Property Council Wellington today (Tuesday August 19) issued a statement saying it strongly supports a proposed purpose-built convention centre and five-star Hilton Hotel for Wellington on a vacant site opposite the Museum of New Zealand, Te Papa.

    Date Aug 2014

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  • Beautifully presented Christchurch office building

    Beautifully presented Christchurch office building

    A fully leased five storey office building redevelopment in Christchurch generating more than $1.3 million annually in rent is being offered for sale at a fixed price. The property at 104 Victoria St is being sold on behalf of Countryside Group by Mark Macauley, managing director of CBRE Christchurch and his colleague Sam Staite.

    Date Aug 2014

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