News
Bringing you the latest commercial property market news from NZ Herald and TrueCommercial.
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Last chance to lease in new auto centre
Oyster Group’s chief executive, Mark Schiele has announced that the recent syndication of the large Cardinal Logistics warehouse at 71 Westney Road Mangere has closed early and oversubscribed. It was the third proportionate ownership scheme offered by Oyster in 2014, projecting annual pre-tax cash returns of 8.1 per cent to be paid monthly.Date Feb 2015
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Once-cool Parnell on verge of regaining former glory
The billboard over the railway bridge at the bottom of Parnell Rise features a photograph of Novak Djokovic and reads "Opportunity has no limits". It's an ANZ billboard for the Australian Tennis Open. Equally, it could apply to the inner city suburb of Parnell, which is poised for a new era. "The golden age of the village we knew in the 1980s and 1990s with VBG, the wonderful Metropole has lost its gloss and from about 2000 it's been kind of dull," says real estate agent Graham Wall.Date Feb 2015
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Singapore interests in $23m deal for hotel
The $23.3 million sale of an Auckland hotel by one Singaporean business to another was New Zealand's biggest hotel sale lately, says an agent. Dean Humphries of Colliers International said he brokered the deal for Singaporean Hotel Grand Chancellor Group to sell the Hotel Grand Chancellor Auckland Airport to Naumi Hospitality, part of the Hind Group.Date Feb 2015
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Penrose industrial goes on the block
A freehold Penrose industrial building with three long standing tenants and with significant add value potential is up for auction in two weeks’ time. “The property is in a strong location and its rental upside will appeal to a wide range of investors and owner occupiers looking for a versatile industrial holding that ticks most of the boxes,” says Brennan Wyllie, commercial and industrial agent with Barfoot & Thompson Commercial.Date Feb 2015
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Oyster’s Mangere syndication snapped up
Oyster Group’s chief executive, Mark Schiele has announced that the recent syndication of the large Cardinal Logistics warehouse at 71 Westney Road Mangere has closed early and oversubscribed. It was the third proportionate ownership scheme offered by Oyster in 2014, projecting annual pre-tax cash returns of 8.1 per cent to be paid monthly.Date Feb 2015
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Blues set to build $4m high-tech training HQ
The Blues will today officially announce a new $4 million purpose-built training and administrative headquarters at Alexandra Park which the rugby franchise believes will take it to the next level in terms of success. "We aspire to be a world-class organisation both on and off the playing field - and we need appropriate facilities for the team and all of our staff," Blues chairman Tony Carter said. "This is a once-in-a-generation opportunity to reposition the entire Blues organisation towards achieving our long-term goals."Date Feb 2015
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Oyster opens up syndication pearler
Oyster Group’s first syndicated commercial property investment offering for 2015 is the ANZ Business Centre within the Albany business hub located about 15 kilometres north of the Auckland CBD. “This $27 million modern, mixed use office building is a quality New Year option for syndication investors,” says Tim Lichtenstein of Colliers International who is marketing the scheme with colleague Charlie Oscroft.Date Jan 2015
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Café business offers tempting city escape
A popular Taranaki café business with the option of a three bedroom house included in the sale package is being marketed as offering the ideal escape from the city rate race for its purchasers. The Mud Bay Café located in Urenui Village, about a 20 minute drive north of New Plymouth, is for sale as a business within leased premises for $220,000 plus stock.Date Jan 2015
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Pukekohe site a standout
A big central Pukekohe site encompassing a boutique shopping complex and the Saloon Saloon bar and restaurant on a separate title is among over 40 properties featured for sale in Bayleys’ first Greater Auckland commercial and industrial portfolio for 2015. Located on a 7028 sq m high profile corner site in two titles at the intersection of Edinburgh Street and Stadium Drive, the property comprises three buildings containing 12 tenancies producing total net annual rental income of $453,450 plus GST.Date Jan 2015
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Large industrial complex offers number of options
A large freehold site of 1.14 hectares in Mt Roskill housing a large industrial complex that is occupied by a multinational company is for sale as part of Bayleys’ latest Greater Auckland portolio. Sited on 11,432 sq m of land at 4 Carr Rd and encompassing 6110 sq m of buildings, the property is being offered for sale by deadline private treaty, closing at 4 pm on Thursday, March 5 unless it sells beforehand by negotiation through Mike Adams and James Appleby of Bayleys Auckland and their colleague William Coates of Bayleys’ West Auckland division.Date Jan 2015
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Smart Wiri industrial complex on the market
A Wiri office, warehouse and office designed for energy efficiency and in a superb location close to Auckland airport, the Wiri Inland Port and the State Highway One and SH20 motorway systems, will be free for occupation in May this year when the current tenant relocates to a larger premises.Date Jan 2015
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For sale: City office block with resident jjimjilbang
A freehold Auckland city office floor fully leased to two tenants and producing net annual rental income of $270,841 is among a wide range of investment properties that will go under the hammer on March 4 as part of Bayleys’ first Greater Auckland portfolio auction for the year. The 994 sq m strata titled Unit F at 51 Hobson Street comprises the upper floor of the two-level building located just north of the Victoria Street intersection.Date Jan 2015
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Augusta on a roll with syndications
Companies behind the successful syndication of one of the buildings in Spark’s central Auckland headquarters in central Auckland believe it is the biggest property syndication ever undertaken in New Zealand and is a portent of other big syndication offerings to come.Date Jan 2015
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Trendy offices for lease close to Britomart
A new commercial precinct in Quay Park near Britomart on the fringe of the Auckland central business district is offering fully fitted out tenancy options for smaller business and professional firms under a simplified gross lease arrangement. The Russell Property Group is offering the turn-key office or retail tenancies ranging from 123 sq m to 324 sq m in a new mini-precinct called The Exchange located on Dockside Lane and Tapora Street. The available units are situated below the Quba Apartment buildings and opposite the Arena Car Park and Aecom House in Quay Park in the eastern quarter of the CBD.Date Jan 2015
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Glen Innes industrial with wide appeal
“The reception area and offices occupying 76.41 sq m are located at the Taniwha Street end of the building and comprise a mix of open plan and partitioned work space that is also set up well for general showroom and product display. Staff amenities are located at the front and centre of the premises which would provide flexibility if the property was to be leased to more than one tenant.” The property is on the northern side of Taniwha Street and a short distance from its intersection with Apirana Avenue. The main streets in Glen Innes are Line Road, Taniwha Street and Apirana Avenue, which meet in the city centre.Date Jan 2015
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Idyllic Wanaka Garden Centre on market for first time
The Le Jardin Wanaka Garden Centre, less than five minutes’ drive from Wanaka township in the Southern Lakes District, is being marketed for sale as a going concern business and a freehold property with expansion potential. Catherine Pearson, business broker with Nexus Business Sales in Wanaka, says the property at 555 Aubrey Road will be sold at a price to be determined by negotiation.Date Jan 2015
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Kingsland villas with ‘good bones’ for commercial development
A Kingsland city fringe property occupied by two villas on a combined site totalling 744 sq m is being marketed as an ideal site for commercial redevelopment. “The property has been used by the Framework Trust for many years and provides a purchaser with the opportunity develop the properties into commercial buildings or into a larger scale residential complex,” says Cam Paterson of Barfoot & Thompson Commercial who, with colleagues Matt O’Rourke and Ryan Harding, is marketing for sale by tender closing Thursday, February 12.Date Jan 2015
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Eden Office Park sold in big Australian portfolio exchange
Auckland’s Eden Business Office Park, on the corner of Normanby Rd and Enfield St in the Mt Eden city fringe precinct, has been sold as a part of a five property asset portfolio sale by Melbourne based Arena Investment Management to Sydney based Anton Capital for a combined net price of AU$249.3 million (NZ$262,937,000). In addition to Eden Business Park the four properties involved in the portfolio sale were: Victoria Police Centre in Melbourne; Customs House in Fremantle; 1-3 Smail Street, Ultimo and 235 Pyrmont Street, Pyrmont both in Sydney.Date Jan 2015
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China syndrome pushes ‘meteoric’ land prices
Driven by overseas interests and mainly offshore Chinese buyers, Auckland’s CBD land values have experienced “a meteoric rise” surpassing their 2007 peak, says Brendan Keenan, senior analyst with Ray White Commercial. “Chinese investors have also been very active in buying industrial and commercial land elsewhere in the city and particularly in Albany,” says Keenan.Date Jan 2015
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Big land block could help fill Tauranga’s housing needs
A rare big block of Bay of Plenty development land in Ohauti, about 10 minutes’ drive south of the Tauranga CBD, is to be auctioned next month. “Tauranga is a growth area in need of additional housing and there is little doubt this property will be inside or beside the city boundary within a decade” says Jeremy Pryor of Bayleys Tauranga who is marketing the property for sale with colleague Craig Orr. Pryor says the 20.95 hectare block at 47 Adler Drive could be subdivided into a small number of lifestyle blocks but the land’s higher value probably lies in its subdivision into smaller residential sections.Date Jan 2015
