New portfolio launches on upbeat market

5:00 AM Saturday April 4, 2015 Colin Taylor

The warehouse and office complex at of 10 Mepal Place, Papatoetoe, identified by a red border.

Variety is the hallmark of 47 commercial, industrial and retail properties comprising Barfoot & Thompson Commercial’s first Insite portfolio of the year which features offerings throughout Auckland with the exception of a lone Whitianga property up north.

“The portfolio includes 22 Auckland CBD and city fringe properties listed including in Penrose, Mt Wellington and Glen Innes,” says John Urlich, commercial manager for Barfoot and Thompson. “Ten South Auckland properties including Papatoetoe and Mangere are contained in the portfolio along with 10 on the North Shore, four out in West Auckland and one in Whitianga.”   

The portfolio’s variety also extends to methods of sale with 19 properties being sold by negotiation, 10 properties up auction, three being sold by deadline treaty, three selling by tender, four for sale or lease by negotiation and eight for lease.

Urlich says the latest portfolio comes on the back of a spectacular 2014 for the agency’s commercial division.

“There is every indication that this year will be little different as the level of activity across our sales team remains at historic highs.”

Urlich says Barfoot & Thompson continues to strengthen its commitment to the active Chinese new immigrant market.

“We now number over 400 Chinese born salespeople and recent exhibitions in Chinese cities have directly resulted in a number of transactions.

“Our sales teams in all three commercial offices are busy securing more stock items to bring to the market and this new Insite portfolio provides a snapshot of those quality offerings,” Urlich says.  

210-218 Victoria Street West, Units 55A, 56 & 57 - exterior.jpg

This building houses units 55A, 56 and 57 at 210 Victoria Street West within Victoria Park markets.

One of the bigger properties for sale in the portfolio is a 2600 sq m office and warehouse complex on a level 6012 sq m freehold site at 10 Mepal Place in Papatoetoe.

The site, with its office building, and three separate warehouses offers flexible leasing options for multiple tenants, owner occupiers and investors,” says Paul Vermaak who, with colleague Jesh Jaskiewicz, is marketing the property for sale by deadline private treaty closing at 4 pm on Wednesday April 29 at Barfoot & Thompson Commercial’s Manukau office Level 1, 24 Cavendish Drive.

The property encompasses a double storey office building of over 800 sq with ground floor and first floor office areas of 406 sq m each; two warehouse buildings both 630 sq m; a separate warehouse unit of 342 sq m and ancillary buildings of about 190 sq m.

Vermaak says the double storey office building as well as warehouses 1 and 2 comprise a single building, with warehouse 3 and a dangerous goods store being separate.

“The property has been used as a church facility and allows for 40 parking bays,” he says.

“In line with its 1970s design, the double storey office block comprises some 30 per cent of the total building area.”

The two warehouses adjoining the offices do not have a separating wall between them and each has a stud height of five metres rising to eight metres.

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This single level building containing six retail tenancies is for sale at 210 Richardson Rd, Mt Roskill. 

The external warehouse of 342 sq m has been converted into a meeting room but vehicle access could again be provided through an existing roller shutter door, Vermaak says.

Jaskiewicz says the site is accessed from Mepal Place and is centrally located for easy access to Auckland city the airport and the State Highway One and SH20 motorways.

“It is 280 metres from the main arterial route of Cavendish Drive and 1.2 km from the Lambie Drive and the southwestern motorway interchange.’

The property has a Business 5 Mixed zoning applied to mixed areas of light and medium industry, offices and a limited range of retailing activity. It is also designated within HANA (High Aircraft Noise Area) under the Auckland Council’s Operative Manukau District Plan.

“Providing they comply with required performance standards, the zone permits a wide range of activities including auction rooms, cafes, restaurants and take away food premises; care centres, educational and entertainment facilities; equipment hire, hotels, motor vehicle sales and servicing, and limited retailing,” Jaskiewicz says.

“The Proposed Auckland Unitary Plan is still in the submission stage but this property will most likely be designated Light Industrial which includes light manufacturing, production, logistics, storage, transport and distribution activities.”

At the other end of the size scale, Reese Barragar and Duane Mullooly are selling, by negotiation, three freehold retail units within a newly constructed concrete building on the corner of Drake St and Union St in Auckland’s Victoria Park Markets complex.  

The units are 55A, 56 and 57 at 210 Victoria Street West and are located within a 585.51 sq building with 176.16 sq m of decks that is being sold with vacant possession.

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The block of three shops at 149 Line Rd in Glenn Innes town centre earns $44,789 per annum.

The units are zoned Strategic Management Area 3 under the Auckland City District Plan and will remain with this zooming under the Proposed Unitary Plan

“The building has already been used for two separate retail shops and an entrance area could be used as an office or for a retail or hospitality outlet,” Barragar says.

“This building is managed a body corporate that ensures other shops, offices and hospitality providers in Victoria Park Markets are run professionally which effectively makes this a passive investment.”

Barragar says he has clear instructions from the vendor that the three units must be sold.

“It is an ideal small property for owner occupiers or for a purchaser looking for an investment with multiple income streams.”

Agents John Stringer and Dave Palmer are marketing three Insite portfolio properties for sale by auction on the same day, Thursday April 30, unless they sell earlier by negotiation.

The first in Mt Roskill is a high profile single level building containing six retail tenancies that is for sale at 210 Richardson Rd.

“Built in the 1950s, this property has become available to the market for the first time in over 30 years,” says Stringer.

Stringer says the freehold property with a building area of 386 sq m on an 809 sq m site, benefits from a high pedestrian count, curb side parking for customers and rear parking for tenants.

Zoned Business 2 under the Auckland Council’s Operative District Plan, the retail block earns net annual rent of $118,832 from a dairy, two takeaway outlets, a bar­ber, bakery and Kiwibank/NZ Post branch.  

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Unit 5B is for sale at the entrance to the food court on the first floor of the well known Rialto Centre at 153-185 Broadway, Newmarket. 

Also for sale for the first time in 30 years, through Stringer and Palmer at the same auction, is a single level block of three retail shops earning $44,789 per annum net at 149 Line Rd in Glenn Innes town centre.

“The three tenants are a chemist, kebab shop and a barber,” Palmer says. “However, the barber is on a month by month arrangement, providing scope for an owner occupier to move in if desired and receive passive income from the other two tenanted shops.”

He says the building occupies a 164 sq m freehold corner site zoned Business 2 with excellent profile and a high pedestrian count.  “It has the prospect for significant rental upside in a location where there is strong demand for retail services.”

Being on a corner site, it has high exposure to passing traffic while a council car park is directly across the road.

“The property lies to the east of thelarger Glen Innes shopping precinct in a location that has

grown in popularity due to the high level ofnew amenities and services, and also being close to the large residential populations of Panmure,Pt England, Glendowie, St Heliers, Kohimarama and Remuera.”

The third property to be sold at the April 30 auction by Stringer and Palmer is Unit 5B on the first floor of the well known Rialto Centre at 153-185 Broadway, Newmarket.

“This 129.95 sq m unit at the entrance to the food court is currently vacant but was previously occupied by a cafe paying an annual rental of $54,000,” Stringer says.  “Its sale provides an investor with the prospect of high yields or an owner occupier with the chance to establish their own business in a freehold property.”

The high profile Rialto Centre encompasses 25 stores over two levels and is supported by an affluent catchment in the suburbs of Remuera, Parnell and Epsom. 

John Urlich, Barfoot & Thompson Commercial.jpg

John Urlich, commercial manager for Barfoot and Thompson Commercial.