KEY POINTS:
Barfoot & Thompson Commercial has launched its second portfolio for the year containing 42 properties, ranging from small retail properties to large commercial developments.
"We've got some really good properties this time around," says Peter Churchill, Barfoot & Thompson's Corporate Sales and Leasing Manager.
"Our new portfolio has
been well supported by vendors who are keen to take advantage of the buoyant market conditions.
"Some offshore investors are also taking the opportunity to repatriate their funds home, given the strength of the New Zealand dollar.
"Even with the uncertainty surrounding interest rates and the high value of the dollar, there's an almost insatiable appetite from investors for quality investment property and the offerings in the portfolio."
A high-profile property in the portfolio is four business units at 1 Courthouse Lane, within the historic Magistrates Court building, which serves as the reception area for the 38-level Ascot Hotel and Metropolis apartment tower hotel at the rear.
"The site occupies an excellent inner-city Auckland position, one block to the east of Queen St," says Mike Jesson, who is selling them with Roger Revell.
"It comprises a large land holding totalling 4421sq m bounded on its eastern side by Kitchener St, to the north by Courthouse Lane and the west by High St.
"This area, to the east of Queen St, is a very popular locality for fashion boutiques, cafes, restaurants, and includes the nearby Chancery retail and office development.
"The building also has a pleasant outlook, particularly from the first floor, on to Albert Park," Jesson says.
Situated within Auckland City's Strategic Management Area 1 Precinct, it is in a prime location sustaining the main commercial, administrative and entertainment centre for the city.
"It was developed as a court building in 1912 and is considered an example of Edwardian Baroque architecture," Revell says. "It has a distinctive facade in Oamaru stone and the ground floor lobby features high-quality marble, granite and limestone flooring and walls. A feature inlaid ceiling is believed to be onyx."
Unit CC within the building is a lettable area of 182.6sq m occupied by the ground floor Recess Bar. Units CD and CE are occupied by Magistrates Restaurant with a lettable area of 272.98sq m.
The lower floor, Unit CF, contains the hotel's offices and conference facilities and has a lettable area of 477.7sq m.
The basement level contains carpeted and partitioned offices used by the hotel manager, accounts and administration; storage, staff locker rooms and amenities and a small conference area.
The units will be sold by tender at 3pm on Wednesday, August 8 at Barfoot & Thompson Commercial's offices at 50 Kitchener St.
A second "character" building in the portfolio at 219-223 Dominion Rd, Mt Eden, comprises three adjacent units in a four-unit development integrated to form one retail unit on the ground floor and related office space upstairs.
The units comprise an area of about 345sq m over two levels plus garaging of 35sq m and will be auctioned at 1.30pm on Thursday, August 9 at Barfoot & Thompson Commercial's Kitchener St offices.
"The property is painted bright blue so it can't be missed and has an excellent profile for retail use," says agent Grant Hargrave.
"Its high profile probably explains why the tenant, Stereo World Retravision, has been here for 25 years and is keen to stay."
Retravision is proposing to take a new 10-year lease from September 1 at a net annual rental income of $93,000.
Hargrave says the property comprises an average-quality commercial property developed between 1910 and 1919.
"It is on the high profile intersection of Dominion Rd and Walters Rd, Mt Eden, only a seven-minute drive to the centre of Auckland."
At the other end of the spectrum, a building at 28-30 Balfour Rd, Parnell, has yet to be built but resource consent has been received and the proposed building is due for completion in December next year. Strata units will be available for sale from 280sq m at prices starting around $1.4 million.
The proposed building will comprise four floors, with the first three floors being 1200sq m each, and the top floor being about 900sq m, plus balconies facing northward. The middle floors are split into three strata title units, starting around 400sq m, and the building will have 156 car parks secured and covered at a ratio of one per 29sq m.
"It will have stunning views overlooking the waterfront and across the harbour, and is near the entry points to State Highway 1 and the western motorways," says agent Richard Bowker, who is selling the stratas with colleague Wayne Muir.
"The building will be at least 4-star Green rated according to international standards which will not only add to the environmental sustainability of the building and make for an enjoyable workplace, but also decrease overall operating expenses."
A fourth property in the portfolio at 13A Link Dr, Wairau Park, on the North Shore provides an annual rental income of $237,000 from a 15-year lease to Danske Mobler. The lease commenced September 1, 1998 and has two 10-year rights of renewal.
Paul Jarvie, who is selling the property with Ian Crawford, says it comprises a high-quality, purpose-built showroom building with a net lettable area of 1265sq m; a ground floor showroom and amenities of 668sq m; raised showroom of 235sq m, and mezzanine showroom with amenities of 277sq m.
Situated at the rear of the showroom on the northern boundary is a loading dock and high stud storage facility of 85sq m. External access is by way of a roller door, and double swinging doors provide entry to the main showroom area.
The site of about 2048sq m, has high exposure to the Northern Motorway, and has eight covered car parks beneath the raised showroom area, and 10 marked open car parks.
The property will be auctioned at 1.30pm on Thursday, August 2 unless sold before.
