THE WHILLANS REPORT AUCKLAND MARKET UPDATE 1ST QUARTER 2020
Over $100 million in sales in our first quarter
Welcome to our first report for 2020. the line at a pace corporates just can’t keep up Non-bank lending on the rise in New with. These privates are now operating in the Zealand In an exceptional first quarter for the Whillans $50-$100 million market. team, we’ve started out the year selling more In this edition of the Whillans Report, Senior than $100 million in property. Michael Pleciak joins the Whillans team Analyst Brendan Keenan reviews new banking regulations introduced by the Reserve Bank Our notable sales for this quarter include: We welcome Michael Pleciak to our team. and the rise of non-bank lending in New Michael brings with him a wealth of local and Zealand. 90-92 Queen Street — Henry Thompson international sales experience. He has an 112 Queen Street — Henry Thompson exceptional following of clients based in North We trust you find this report valuable. America, Europe, Asia and Australia. I look forward to doing business with you in the 220 Queen Street — Henry Thompson Continued success in a changing market near future.
Private investors dominate the market This year, 2020, marks our 10th year in Private investors continue to lead the business. Throughout this time we’ve found investment market in Auckland. success under a variety of market conditions. Bruce Whillans As we make our way into our next decade, Managing Director The corporate sector can’t move as quickly we’re facing a changing market once again. as its private counterparts. Corporate T +64 (09) 304 1453 investors are finding it tougher to deal with The success of our business is based on our M +64 (21) 985 619 bruce.whillans requirements to justify any structural issues as solid foundation of clients, our wide network, @whillans.co.nz part of their due diligence. On the other hand, and our extensive experience. We work cashed-up privates are getting major deals over confidently and discreetly. Our track record reflects this success and affirms our standards.
90-92 Queen Street, Auckland CBD 112 Queen Street, Auckland CBD 220 Queen Street, Auckland CBD $30,000,000 $30,000,000 $47,500,000
Market 2019 fourth quarter update
Auckland CBD Office Market Summary* CBD Office — Investment activity in the Vacancy rates and net effective office rents PRIME SECONDARY PREV 6MTH TREND Auckland CBD office market remained buoyant changed little over the year. Prime net effective Vacancy 3.6% 10.2% Increasing during 2019. Falling interest rates, attractive rents increased 1.2%, followed by secondary yield spreads and a shrinking pool of assets for rents increasing just 1%. Effective Rent $403 $245 Increasing sale drove CBD office yields to all-time lows. Yield 5.63% 6.56% Firming Leasing incentives rose moderately over 2019, During 2019, prime office yields firmed by 13 sapping total net effective rental growth. The Incentives* 10.1 mths 9.5 mths Increasing basis points to 5.63%. Over the same period, CBD vacancy rate as at December 2019 was *Based on an indicative new 9-year prime secondary office yields tightened by 27 basis 6.9%, compared to 7.2% the year before. and 6 year secondary lease points to reach 6.56%.
Whillans Realty Group Limited (REAA 2008) I Level 3, The Annex, 41 Shortland Street, Auckland, New Zealand I +64 09 304 1453 I www.whillans.co.nz © 1 THE WHILLANS REPORT AUCKLAND MARKET UPDATE 1ST QUARTER 2020
Market 2019 fourth quarter update
Auckland Industrial Market Summary Auckland Industrial — Strong demand decelerated over 2019, increasing by only PRIME SECONDARY PREV 6MTH TREND from occupiers and a shortage of industrial 1.8%. This compares to an annual growth Vacancy 1.2% 1.5% Flat space continue to support historically low rate of 4.2% for prime and 5.3% for secondary vacancy. As at December 2019, Auckland’s over the last five years. However, industrial Effective Rent $144.7 $113.7 Increasing total industrial vacancy was just 1.4%. Land yields continued to firm in 2019. Prime Yield 4.96% 5.83% Firming
values rose significantly over the course of yields tightened by 28 basis points to 4.96%. Land Value $850 $425 Increasing 2019, increasing by 12.6% to $633/m2. Prime Secondary yields firmed 47 basis points to and secondary net effective rental growth 5.83%.
Auckland CBD Retail Market Summary CBD Retail — Auckland’s prime CBD retail These sales have set new benchmarks for retail AVERAGE HIGH LOW PREV 6MTH TREND market remained stable over the course on lower Queen Street. Rent $3,925 $4,800 $2,150 Flat of 2019. Prime Queen Street retail rents New leasing opportunities have been created increased marginally, lifting 1.1% to $3,925/m2. Yield 4.71% 4.5% 5.00% Flat by the opening of Commercial Bay. Several Yields firmed by 8 basis points to 4.71%. luxury brands are due to open their flagship A number of prime Queen Street investment doors on lower Queen Street. Source: Statistical data in this market update has been summarised from CBRE research and is intended for sales took place during the fourth quarter of general guidance only. No responsibility is accepted 2019 and the first quarter of 2020. by CBRE or Whillans Realty Group Limited for any omissions or errors contained within this report.
The rise of non-bank lending in New Zealand — Brendan Keenan, Senior Analyst
New banking regulations introduced by the Reserve Bank of New Zealand (RBNZ) have reignited the country’s non-bank lending sector.
In this edition of the Whillans Report, we What do banks have against the new review the reasons behind the new regulations rules? and explore their impact on New Zealand’s While financial stability is in everyone’s commercial real estate market. interest, the RBNZ and the country’s After two and a half years of consultation, the commercial banks are at loggerheads over the RBNZ introduced a raft of new regulatory new regulations. changes aiming to protect depositors from The banks argue that the capital requirements future banking crises. These changes were will: passed in December 2019 and come into effect from July 2020. Banks will then have seven ▪ lower bank shareholder return on years to fully implement the new regulations. capital Under the new rules, commercial banks will ▪ raise interest rates need to increase the amount of shareholder ▪ shift bank lending away from higher- capital they have on hand. If a bank loses risk but also economically important money, it becomes the owner’s investment in sectors such as property development, the business (the bank’s capital) that is lost agriculture, and business. first, not the money the bank borrowed (that is, deposits). The larger the buffer for shareholder Banks will need to raise a lot of money to capital that’s on hand, the better a bank is able comply with the changes. Estimates suggest to protect depositors and avoid insolvency. that New Zealand’s ‘Big Four’ trading banks (Westpac, ANZ, BNZ and ASB) will need to New Zealand’s commercial banks are now raise approximately $20 billion over the next expected to withstand a 1-in-200-year banking 7 years. crisis, up from a 1-in-100-year event previously. But as the saying goes, there’s no such thing as a free lunch — these changes will come at a cost.
Whillans Realty Group Limited (REAA 2008) I Level 3, The Annex, 41 Shortland Street, Auckland, New Zealand I +64 09 304 1453 I www.whillans.co.nz © 2 THE WHILLANS REPORT AUCKLAND MARKET UPDATE 1ST QUARTER 2020
The rise of non-bank lending in New Zealand
Limiting risk through a dual reporting Indicative of this unbalanced lending, New In the residential and commercial mortgage system Zealand banks have grown their residential markets, non-bank lending has increased from Under regulatory capital requirements, banks lending portfolio by 20% since May 2017. 9% of loans in 2009 to approximately 50% must set aside a certain amount of capital for However, over the same period their exposure today. to commercial real estate has increased 14%, each loan they originate. The riskier the loan, Unlike traditional banks, non-bank lenders and dairy remains virtually unchanged. the more capital needs to be set aside in case of can offer borrowers more flexible terms. a default. Unequal lending growth A shadow of its former self Until recently, the country’s Big Four banks Registered bank lending by sector (RBNZ) Non-bank lending market share in NZ (RBNZ) had used their own internal models to determine the level of risk a loan represented. 125 12% However, under the new regulations these 120 10% banks will be subject to a dual reporting
system. 115 8%
The new system requires the Big Four banks 110 6% to compare their internal models with the 105 4%
RBNZ’s standardised model for assessing May 2017100 = risk. The banks then determine the amount of 100 2% shareholder capital they need to set aside for Non Bank Lending Share
each loan. Previously, only smaller commercial 95 0% banks — like Kiwibank and TSB — were May 2017 May 2018 May 2019 1998 2001 2004 2007 2010 2013 2016 2019 expected to use the standardised model. Housing Dairy CRE Non Bank Lending While the Big Four banks can still use their own models, they mainly need to follow New void opens door to non-bank lenders This includes easier finance criteria, quicker the standardised model prescribed by the approval processes, and the ability to offer RBNZ. More conservative and less granular, With traditional banks tapping the brakes on higher loan-to-value ratios. With lower the standardised model will set higher-risk commercial real estate lending, where does overheads and less regulation, non-banks can weightings for certain types of loans and asset this leave us? Unlike other larger and more run leaner operations, passing these savings on classes in New Zealand. The rule changes are mature markets, New Zealand has little in the to their customers. also meant to put New Zealand’s smaller banks way of non-bank lending alternatives. on a level playing-field with the Big Four banks, which have until now been able to hold less Currently, just 3% of all bank lending in New shareholder capital. Zealand is made by non-banks. In Australia, non-bank lending accounts for approximately A slowdown in high-risk lending 8% of all bank lending. And in the United States, non-bank lending has become To meet the RBNZ’s new requirements, ubiquitous. industry experts warn that commercial banks could well shun higher-risk lending categories in favour of low-risk lending. Just 3% of all bank High-risk categories include commercial real estate, property development and agriculture - housing, as a low-risk category, is the obvious lending in New candidate. Some local bankers are already reporting that they’ll only lend to commercial Zealand is made real estate investors who are already on their books, effectively implementing a lending by non-banks, freeze for all new clients. Sir John Key, Chairman of ANZ Bank and compared to 8% in former New Zealand prime minister, has warned that the new rules could potentially create a bubble in the country’s housing Australia. market. Indeed, total bank lending has been According to a recent article published in anything but equal since the Reserve Bank the New York Times, non-bank lending has began its review of capital requirements back eclipsed traditional banks in residential in May 2017. mortgages, auto lending, and some business loans.
Whillans Realty Group Limited (REAA 2008) I Level 3, The Annex, 41 Shortland Street, Auckland, New Zealand I +64 09 304 1453 I www.whillans.co.nz © 3 THE WHILLANS REPORT AUCKLAND MARKET UPDATE 1ST QUARTER 2020
The rise of non-bank lending in New Zealand
Every silver lining has its cloud Other industry experts believe non-bank Non-bank debt cycle takes off in New Zealand Non-bank lending is less regulated and lending gives greater scope for tax avoidance, transparent than traditional bank lending. creating an uneven playing-field between Unrestricted by the RBNZ, non-bank lenders Investors have drawn comparisons between traditional banks and non-banks. in New Zealand are seeking to fill the vacuum the rampant growth in non-bank lending in the A new breed of non-bank lender left by the exit of the Big Four banks in areas US today and the 2007/2008 Global Financial like commercial real estate lending. Crisis (GFC). After a decade in decline, New Zealand’s non- bank lending sector is rising from the ashes. But unlike the previous generation of domestic Then, as now, the US housing market played The industry has been growing since 2017, with finance companies in New Zealand, new non- centre stage. According to some in the housing, consumer credit and business lending bank lenders are able to offer more than just industry, high-risk deals that would not even eclipsing traditional banks. Over this period, mezzanine finance. Many groups are looking have been considered before the GFC are now total non-bank lending grew 25%, while to aggressively build loan books underpinned in play. traditional bank lending grew 14%. by senior debt. Sovereign wealth and pension funds in Asia and Europe are highly active In New Zealand, we had a thriving non-bank in this space, where low and even negative lending sector not all that long ago, on par with Rising from the ashes interest rates at home are forcing them to Australia today. But poor governance, greed Total bank lending growth (RBNZ) diversify into new markets abroad. and improper disclosure saw this industry 130 implode between 2006 and 2013. For these lenders, New Zealand is seen as an 125 untapped market with promising potential. Over that period, 67 finance companies Business transparency, political and economic collapsed in New Zealand. An inquiry led by 120 stability, and sound demographics are globally New Zealand’s Parliament estimated losses at in short supply. But, for now, New Zealand has over $3 billion, affecting between 150,000 and 115 an abundance of all three. 200,000 investors — mainly ‘mum and dad’
May 2017May = 100 110 investors. Is the sky the limit? According to the RBNZ, at the height of New 105 With New Zealand’s traditional banking sector
Zealand’s financial expansion before the 100 in a period of transition, will the non-bank GFC, non-bank lenders had assets of about May 2017 May 2018 May 2019 lending sector rise to the occasion? Could $25 billion and made up over 9% of lending by Non Banks Registered Banks its success and rapid growth overseas be financial institutions. replicated here? Some industry experts worry that the RBNZ’s Many in the industry believe New Zealand Unlike the previous crop of New Zealand new rules will simply shift risk from traditional is at the beginning of a new cycle for non- finance companies funded by ‘mum and banks back into the non-bank lending sector. bank lending. But challenges remain for new dad’ investors, we’re beginning to see the offshore lenders. While ‘mum and dad’ investors may not be emergence of non-bank lenders funded by directly exposed to non-bank lenders, could large institutional investors and high-net- Unrealistic pricing expectations and a lack of they be indirectly exposed through their worth privates. ‘on-the-ground’ infrastructure are hampering KiwiSaver and retirement accounts? many offshore non-bank lenders from Many of the institutions behind non-bank successfully establishing themselves in New lenders in Australasia have also invested Zealand. The small scale of our market and in Australia and New Zealand’s traditional perceived lack of liquidity are also deterrents. Some industry banking sector. Nevertheless, the opportunity for first mover experts worry that Groups pushing into Australasia’s non-bank advantage is tempting. lending for the commercial property market include: Goldman Sachs, Korea’s National the RBNZ’s new rules Pension Service, Invesco, Blackstone, and Australian Super. Brendan Keenan will simply shift risk Low returns from fixed-income investments Senior Analyst and a glut of savings globally are seeing the from traditional sector showered with institutional capital. T +64 (09) 304 1453 And with commercial property valuations M +64 (21) 161 3882 brendan.keenan now looking relatively full across Australasia, banks back into the @whillans.co.nz non-bank debt is offering relative value for funds seeking less risky forms of exposure to non-bank lending commercial real estate. sector.
Whillans Realty Group Limited (REAA 2008) I Level 3, The Annex, 41 Shortland Street, Auckland, New Zealand I +64 09 304 1453 I www.whillans.co.nz © 4 THE WHILLANS REPORT AUCKLAND MARKET UPDATE 1ST QUARTER 2020
Auckland Office and Retail Investment Sales
Office Investment Sales
Address Suburb Asset Type NLA Parking Occupancy WALT Sale Price Date Initial Yield 529 Lake Road Takapuna B-Grade 2,154 - 100% NA $14,500,000 Feb-20 5.23% 220 Queen Street CBD B-Grade 5,653 - 100% 3 $47,500,000 Jan-20 5.43% 7 Falcon Street Parnell A-Grade 1,131 39 100% NA $10,250,000 Dec-19 5.3% 42 Upper Queen Street Eden Terrace B-Grade 2,907 23 NA NA $14,000,000 Dec-19 NA 2 Flower Street ex. Media Works Eden Terrace B-Grade 7,001 125 NA 3 $26,000,000 Dec-19 NA 25 Broadway Newmarket B-Grade 2,421 33 100% NA $19,450,000 Dec-19 5.88% 229 Dairy Flat Highway Albany Mixed-Use 6,736 156 100% 10 $33,000,000 Oct-19 5.78% 36 Kitchener Street CBD B-Grade 3,251 28 NA NA $24,500,000 Oct-19 NA 166-174 Queen Street CBD Character 5,890 - 100% 1.8 $52,000,000 Oct-19 5.13% 5 Nelson Street CBD C-Grade 1,221 24 NA NA $9,500,000 Oct-19 5.00% 25 Union Street CBD C-Grade 1,976 57 NA NA $8,325,000 Oct-19 7.48% 57 Symonds Street CBD B-Grade 3,726 53 95% 1.7 $22,750,000 Oct-19 4.38% 10 O’Connell Street CBD Character 460 - 100% 3.37 $4,650,000 Sep-19 3.28% 16 Wakefield Street CBD B-Grade 13,987 43 100% 4.8 $62,593,460 Aug-19 5.79% 2 Princes Street CBD B-Grade 2,804 29 100% NA $15,037,000 Aug-19 4.45% ACG, 345 Queen Street CBD B-Grade 5,159 49 100% 20 $39,000,000 Jul-19 5.68% 48 Greys Avenue CBD B-Grade 6,449 34 67% NA $20,800,000 Jul-19 NA 89/87 Albert Street CBD C-Grade 7,210 58 68% NA $34,300,000 Jun-19 NA 323 Great South Road Ellerslie C-Grade 3,434 97 100% 5.5 $20,630,000 Jun-19 5.95% The General Building, 29-33 Shortland Street CBD Character 5,486 - 91% 2 $42,000,000 Jun-19 4.46% 79 Carlton Gore Road Newmarket A-Grade 3,597 95 100% 8.4 $37,300,000 May-19 6% 35 Graham Street CBD B-Grade 9,990 42 100% 2 $58,000,000 May-19 6.85% 86 Parnell Road Parnell B-Grade 1,832 7 100% 2.5 $12,764,000 Apr-19 5.8% 66 Wyndham Street CBD B-Grade 21,856 191 NA 3.48 $144,500,000 Apr-19 5.34% 32 Manukau Road Epsom B-Grade 2,130 75 NA NA $13,900,000 Feb-19 5.8% 155 Fanshawe Street CBD A-Grade 15,354 80 60% NA $247,000,000 Jan-19 5% 110 Symonds Street CBD B-Grade 8,788 167 61% NA $38,500,000 Dec-18 4.46% 5-7 Kingdon Street Newmarket B-Grade 4,710 62 NA 2.23 $19,750,000 Dec-18 7.49% C-Drive, 33 Corinthian Drive Albany A-Grade 10,248 334 100% 6.9 $50,500,000 Dec-18 5.88% 626 Great South Road Ellerslie B-Grade 2,647 90 100% 2.43 $11,600,000 Nov-18 6.85% 6 Fox Street Parnell Character 877 10 100% 2 $7,600,000 Nov-18 5.39% 135 - 151 Broadway Newmarket B-Grade 4,735 87 100% NA $27,900,000 Oct-18 6.45%
Retail Investment Sales Address Suburb Asset Type GLA Parking Occupancy WALT Sale Price Date Initial Yield
90-92 Queen Street Auckland CBD Luxury Retail 910 - 100% NA $30,000,000 Jan-20 NA
112 Queen Street Auckland CBD Luxury Retail 861 - 100% NA $30,000,000 Jan-20 NA
186 Queen Street Auckland CBD Retail Strata 528 - 100% 8 $15,750,000 Nov-19 5.00%
132-134 Wellesley Street West Auckland CBD Showroom 2,368 16 100% NA $14,810,000 Oct-19 4.1%
107-107A Queen Street, Guardian Trust Building Auckland CBD Retail Strata 148 - 100% 7.92 $8,000,000 Sep-19 4.00%
284-292, 294-306 Ponsonby Road and Ponsonby Suburban Retail 2,521 37 100% NA $28,050,000 Aug-19 4.45% 1-3 Cowan Street,
Albany Lifestyle Centre Albany Bulk Retail 26,667 616 100% 7.65 $89,000,000 May-19 6.84% 156 Central Park Drive (Nido Furniture) Henderson Bulk Retail 26,387 654 100% 15 $59,000,000 Mar-19 7.60% Pohutukawa Coast Shopping Centre (Countdown) Beachlands Supermarket 10,892 252 100% 17 $15,184,696 Dec-18 5.27% Royal Heights Shopping Centre Massey Supermarket 5,087 263 81% NA $16,830,000 Sep-18 4.67% The Warehouse, 11 Coliseum Drive Albany Bulk Retail 8,360 413 100% 6.5 $26,400,000 Aug-18 5.00% Countdown, 19-29 Donovan Street Blockhouse Bay Supermarket 2,238 145 100% 7.5 $9,300,000 Jun-18 5.17%
Whillans Realty Group Limited (REAA 2008) I Level 3, The Annex, 41 Shortland Street, Auckland, New Zealand I +64 09 304 1453 I www.whillans.co.nz © 5 THE WHILLANS REPORT AUCKLAND MARKET UPDATE 1ST QUARTER 2020
Auckland CBD and City Fringe Land Sales
CBD Land Sales
Address Property Proposal/Development (m2) Sale Price $/psm Date
16-18 Beresford Square 2-level building Purchased by Samson Corp 460 $4,000,000 $8,695 Oct-19
28 Fort Street 2-level building Purchased by adjacent owner 265 $8,080,000 $30,490 Sep-19
5-7 Galatos Street 2-level building Underdeveloped: 35 metre height limit 713 $4,350,000 $6,101 Oct-18
6-8 Upper Queen Street Vacant section Plans for a student accommodation development 1,176 $9,000,000 $7,653 Sep-18
6 Wolfe Street Vacant warehouse No known consents 285 $5,500,000 $19,298 Sep-18
29 Anzac Avenue Vacant building Consented for 15 level apartment tower 754 $17,459,159 $23,155 Jun-18
7 Albert Street 4-level building Plans for a 50 level apartment / hotel tower 1,043 $27,000,000 $25,887 Jun-18
65-71 Federal Street Federal Street Carpark Plans for a 50 level apartment / hotel tower 1,641 $40,000,000 $24,375 May-18
74-80 Wellesley Street West 2-level office building 152 room Grand Chancellor Hotel 997 $10,000,000 $10,030 Apr-18
76 Anzac Avenue 3-level 1920’s building No known consents 356 $5,300,000 $14,887 Apr-18
204 Hobson Street Warehouse building No known consents 506 $3,500,000 $6,917 Nov-17
4 Hobson Street 5-level mixed use building No known consents 455 $5,200,000 $11,429 Nov-17
136-142 Fanshawe Street Warehouse building Purchased by Mansons TCLM 5,210 $30,739,000 $5,900 Oct-17
9-11 Albert Street Food Alley Plans for a 50 level apartment / hotel tower 885 $19,200,000 $21,695 Aug-17
13-15 Albert Street and 9 Wolfe Street Link House Plans for a 50 level apartment / hotel tower 1,228 $26,500,000 $21,580 Aug-17
103 Wellesley Street Datacom House Plans a new 194 room Sudima Hotel 1,228 $12,250,000 $9,975 Jul-17
51 Albert Street Vacant Building 41 level Indigo Hotel and Apartment. 225 hotel suites, 24 apartments 645 $10,425,000 $16,162 Jun-17
46 Albert Street Part of old APN site 37 level, 490 room Holiday Inn Express and Even hotel 1,134 $31,000,000 $27,336 Jun-17
Non-CBD High Density Land Sales
Address Zone Proposal/Development (m2) Sale Price $/psm Date
5 Burns Avenue, Takapuna THAB No known consents. 22.5 metre height limit 1,040 $4,005,000 $3,850 Jan-20
3 and 3A Burns Avenue, Takapuna THAB Consented for 7-level, 42 unit apartment building 1,094 $3,700,000 $3,382 Dec-19
92 Manukau Road, Epsom Mixed Use Consented for 5-level, 11-unit apartment building 390 $1,480,000 $3,794 Dec-19
5 Cornerstone Drive, Albany Metropolitan Centre Bare land. 72.5 metre height limit 2,757 $5,350,000 $1,940 Nov-19
3094 Great North Road, New Lynn Metropolitan Centre Corner Metropolitan Centre site with 72.5 metre height limit 18,668 $20,680,000 $1,108 Nov-19
299 Great North Road, Grey Lynn Mixed Use Corner site sold with vacant possession. 16 metre height limit 1,632 $6,010,000 $3,682 May-19
2 Mountain Road, Newmarket Mixed Use Resource consent for 11-level mixed-use development. 40m height 1,113 $6,600,000 $5,930 Oct-19
299 Great North Road, Grey Lynn Mixed Use Ex Red Baron Motorcycle workshop. 18 metre height limit 987 $6,010,000 $6,089 Aug-19
Purchased by McDougall Reidy for a Quest hotel and BTR develop- 34 Edwin Street, Eden Terrace Mixed Use 2,970 $7,072,360 $2,382 Aug-19 ment 284-292, 294-306 Ponsonby Road Town Centre No known consents. 13 metre height limit 3,083 $28,050,000 $9,098 Aug-19 and 1-3 Cowan Street, Ponsonby 46 Upper Queen Street, Eden Terrace Mixed Use Consented for 35 apartments. 32.5 metre height limit 816 $3,200,000 $3,921 Jul-19
19-21 Minnie Street, Eden Terrace Mixed Use Underdeveloped: 21 metre height limit 480 $1,580,000 $3,292 May-19
16-22 Virginia Avenue, Eden Terrace Mixed Use Underdeveloped: 21 metre height limit 900 $3,607,000 $4,008 May-19
340 - 346 New North Road, Kingsland Mixed Use No known consents. 21 metre height limit 1,323 $4,500,000 $3,401 May-19
4 Roxburgh Street, Newmarket Metropolitan Centre Sold with vacant possession. 40.5 metre height limit 438 $3,525,000 $8,047 Apr-19
28 - 38 Stanley Street, Parnell Mixed Use 800-1,000 bed student accommodation building. 32.5 metre height 5,441 $25,000,000 $4,595 Apr-19
1 Exmouth Street, Eden Terrace Mixed Use Used as a carpark. 21 metre height limit 665 $2,500,000 $3,759 Mar-19
19 and 21 Taharoto Road, Takapuna Mixed Use No known consents. 18 metre height limit 1,126 $3,950,000 $3,508 Dec-18
110-116 Carlton Gore Road, Newmarket Mixed Use Mansons development pipeline. 27 metre height limit 2,399 $12,000,000 $5,002 Dec-18
4 Appian Way, Albany Metropolitan Centre Consented for multiple schemes 3,406 $5,380,000 $1,580 Dec-18
4 - 6 Kingsland Terrace, Kingsland Mixed Use Short term leases. 13 metre height limit 1,953 $5,920,000 $3,031 Nov-18
377 New North Road, Kingsland Mixed Use Currently a Jeans Outlet . No known consents. 18 metre height limit 1,222 $4,125,000 $3,375 Oct-18
614 - 616 Great South Road, Greenlane Mixed Use Underdeveloped 1970’s office 3,867 $11,600,000 $3,000 Sep-18
90-96 Khyber Pass Road, Grafton Mixed Use No known consents. 16-17 metre height limit 1,090 $4,200,000 $3,853 May-18
Whillans Realty Group Limited (REAA 2008) I Level 3, The Annex, 41 Shortland Street, Auckland, New Zealand I +64 09 304 1453 I www.whillans.co.nz © 6