Market News

Latest commercial property research suggests owners and their financiers may be offering more troubled commercial properties to the market in coming months.

 

The Research Report from Colliers International forecasts a rise in the number of properties coming onto the market as the year progresses.

Auckland continued its “reputation for volatility”  with sales of $2 million-plus-properties in 2008 down 62% on 2007, but last year were up 28% on the previous year.

 

In the office rental market, it is predicting a rental drop of 2% in Auckland and 3% in Wellington over the next year – while acknowledging the difficulty of
Predicting net effective rents after taking account of incentives offered by landlords to attract or retain tenants.

 

In the year to March 2010, prime CBD retail sector rentals are reported falling over 15% in Auckland’s Queen Street, with smaller drops of 3.6% in Wellington’s Lambton Quay.

 

A modest 2.5% rise in Auckland’s prime retail rentals is forecast for the next 12 months, while no change if predicted in Wellington.

 

Recent commercial property deals  - Auckland region

LEASES (All rentals are per annum plus GST, unless otherwise stated) 

 

Industrial

  • 233m2, Wairau Valley, $28,000 & OPEX
  • 1083m2, Albany, $155,000 & $15,000 OPEX
  • 237m2, Glenfield, $30,000 & $5,000 OPEX

Retail

  • 497m2, Albany, $110,000 (with shared carparks)
  • 65m2, Torbay, $20,000 & $45 per sq metre OPEX

Office

  • 189m2, Kitchener St, $86,799
  • 240m2, Normanby Rd, $56,400
  • 350m2, Queen St, $176,780

SALES

 

Industrial

  • 265m2, (vacant), Glenfield, $350,000

Retail

  • 71m2 unit, Forest Hill, $226 on 6.9% yield
  • 180m2, Takapuna, vacant unit & 9 carparks, $688,000,

Office

  • 185m2 office suite, 1 carpark, Sale St, $700,000
  • 225m2 office unit, 4 carparks, $375,000 (2+2 yr lease)
  • 137m2 vacant unit,  Eden Cres, 2 carparks, $225,000
  • 187m2 bar & café, former Ponsonby Fire Station, %752,000 on 5.2% yield

New Green Building Chief

The New Zealand Green Building Council has a new Chief Executive – Alex Cutler.


Cutler, who has spent the past 12 years consulting on sustainability, replaces Jane Henley, who was recently appointed chief executive of the World Green Building Council.


Most recently, Cutler was associate director at PricewaterhouseCoopers New Zealand, responsible for building and leading the sustainability practice.


The New Zealand Green Building Council is a not-for-profit, industry organisation dedicated to accelerating the development and adoption of market-based green building practices.


Dean Riddell has been appointed chairman of the New Zealand Green Building Council, taking over from Rob Lang.


Mr Riddell is the principal of global property and construction consultants, Davis Langdon.