Latest Bayleys auction results
Over $40 million worth of commercial and industrial property was sold at Bayleys North Island Total Property commercial and industrial auctions in July, with 19 offerings in Auckland selling either before, at or shortly after auction.
Moenui & Tamariki Avenues, Orewa: 2161 sq m Countdown building on a 5,245 square metre site in five titles plus four other titles totalling 4102 square metres of under developed land sold for $14.28 million. The supermarket is currently producing annual net rental income of $401,000 with close to a further $115,000 also coming from smaller residential and commercial tenancies located on the neighbouring sites (Richard White, Bayleys Auckland, Logan Gilbert, Bayleys North West, Mustan Bagasra, Bayleys Orewa)
Unit 1A Apollo Drive, Albany: 144m² café with 6 carparks sold for $960,000 at a 6.85% yield. New 10-year lease to Sticky Fingers Café & Deli, with 2-yearly rent reviews and two 5-year rights of renewal. (Caleb Belling, Richard Moors, Bayleys North Shore Commercial)
Unit G, 120 Sunnynook Road, Sunnynook: 72 sqm unit, with well-established café which recently signed a new 6-year lease, sold for $610,000 at a 5.9% yield. Located close to Countdown supermarket in Sunnynook Shopping Centre. (Nicolas Ching, James Chan, Bayleys Auckland, Damian Stephen, Bayleys North Shore Commercial)
90-94 Hurstmere Road, Takapuna: fully tenanted 379m² 2-level building with two retail tenants on the ground floor and an office tenant above, sold for $1,900,000 at a 7.7% yield . Located on a 306m² site with four carparks at the rear of the building, the property’s leases run through until 2014. (Richard Moors, Christina Heaven, and Nick Howe-Smith, Bayleys North Shore Commercial)
9-11 Victoria Street, East, Auckland CBD: 83m² authentic Asian café sold for $768,000 at a 5.9% yield. 3-year lease to Victoria Café Ltd from Jan 2008, with two yearly rent reviews and two four-year rights of renewal. (James Chan, Quinn Ngo, Bayleys Auckland)
74-76 Upper Queen Street, Auckland: 2-level office and residential accommodation complex with rear warehousing and 20 carparks on 1,197 sq m site sold semi-vacant for $2,000,000.(Colin McKenna, Quinn Ngo, Bayleys Auckland)
327 Karangahape Road, Auckland: 260 sq m building on 546 sq m site sold with vacant possession for $1,050,000. The building has 60 sqm of showroom/retail space with the balance residential. (Alan Haydock, Cameron Melhuish, Phil Priestley, Bayleys Auckland)
Unit 9, 49 Sainsbury Road, St Lukes: Near-new architecturally designed 352m² warehouse and office unit next to St Lukes Shopping Centre sold for $900,000 at a 7.3% yield. Vector Folitec has a new 5-year lease on the property. (Clint Barber, David Gubb, Bayleys Auckland)
388 New North Road, Kingsland: A Gull Service Station located in a high profile automotive and commercial development completed in 1999 sold for $3,250,000 at a 7.6% yield. The property is occupied by Gull Petroleum (NZ) Limited on a 15-year lease that runs until August 2014, with five further rights of renewal of five years each. (Stuart Bode, Bayleys Auckland)
3121 Great North Road, New Lynn: A 622 sq m Chinese supermarket, in the heart of busy New Lynn Plaza, sold for $1,818,000 at a 7% yield. There is a six-year lease from May 2007, with 2-yearly rent reviews and three 3-year rights of renewal. (Gordon Gibson, Bayleys Manukau, Tony Ye, Bayleys North Shore Commercial)
3091 Great North Road, New Lynn: 688m² 2-level retail and commercial building on 1,012m² site , with seven tenants, sold for $998,000 at a 9.8% yield. (John O’Brien, Chris Upright, Bayleys Auckland)
3 Rakich Place, Henderson: 1,227m² industrial site with a new 105m² warehouse and 36m² workman’s cottage sold for $350,000. (Lisa Nielson, Bayleys Auckland)
4 Domain Road, Panmure: 2-level 350m² commercial building on 210m² site sold with vacant possession for $330,000 to purchaser intending to redevelop the site. (Stuart Christie, Bayleys Manukau, Reeve Barnett, Bayleys Auckland)
10 Uxbridge Street, Howick: A new near mixed-use property in the heart of Howick sold for $1,630,000. The two-year old 473 sq m building on a 240 sq m site comprises two ground floor commercial units – one used as offices and the other a retail outlet ¬– plus four 98 sq m two-bedroom apartments over the two upper floors. The property is producing gross annual rental income of approximately $123,620. (Mark Pittaway Bayleys Manukau)
Unit G, 297-301 Botany Road, Botany: 133m² commercial unit, with Botany Chiropractic Ltd on a 6-year lease from Sept 2007, sold for $402,000 at a 7.2% yield. (John Parry-Crooke, Bayleys North Shore Commercial, Rachael Pittaway, Bayleys Manukau)
Unit H 258 Puhinui Road, Papatoetoe: 120m² café sold for $522,000 at an 8.6% yield. Occupied by VnA café on a 6-year lease from May 2008, with two yearly rent reviews and one 6-year right of renewal. (Geoff Wyatt, Tony Chaudhary, Bayleys Manukau)
14 Earl Richardson Avenue, Manukau: 1438 sq m industrial building leased to Fonterra Brands (The Pastryhouse )Ltd for 3 years from December 2009 sold for $1,550,000 at a 9.8% yield. (David Young, Bayleys Auckland )
Unit J, 185 Great South Road, Manurewa: 260m² retail outlet in Southmall Shopping Centre sold for $550,000 at an 8.5% yield. Main occupant – Quick Money – has a new 10 year lease. (Mike Ashton, Peter Migounoff, Bayleys Counties, Tony Chaudhary, Bayleys Manukau)
25 Fifteenth Avenue, Tauranga: 300 sq m vacant warehouse and office building on 477 sq m site, with exposure to over 30,000 cars per day, sold for $500,000. (Kevin Wehipeihana, Duncan Dysart, Bayleys Tauranga)
13 Maui Street, Te Rapa: 1,030m² bulk retail unit sold for $1,835,000 at a yield of 7.96% after attracting obver 80 bids at auction.The property is occupied on a new six-year lease by a Beds R Us franchise and comes with 3,444 sq m of land and also has frontage onto Te Rapa Road. (Andrew Shaw and Blair Hutcheson of Bayleys Hamilton)
34 Wainui Road, Gisborne: Blitz Surf Shop on the fringe of Gisborne’s CBD sold post auction in Gisborne for in excess of $1 million The sale of the 445 sq m building on an 851 sq m site at included the land, building and business, inclusive of stock. It was purchased by an expatriate returning to Gisborne after 16 years in the UK. (Karen Raureti of Bayleys Gisborne).
208-214 Heretaunga Street, Hastings: 937m² commercial building on a 1,064m² site at 208-214 Heretaunga Street, Hastings leased to the Ministry of Social Development sold to a Rodney investor for $805,000, at a 9.6% yield. Formerly the Bon Marche department store, the building - constructed in 1936 – was modernised and extended in 2003 to carter for Winz which recently renewed its lease for three years. (Mike Ashton, Bayleys Counties; Eoin Carty Bayleys Hawke’s Bay.)
Level 5, 105 High Street , Lower Hutt: 417m² penthouse office floor with large outdoor patio area sold vacant for $400,000. (Richard Faisandier, Bayleys Wellington)
19 Railway Avenue, Lower Hutt: 594m² building on 647m² high profile site with exposure to in excess of 20,000 cars a day sold for $1,550,000 at a 7.9% yield. Leased to a recruitment company and two automotive businesses. (Mark Hourigan , Andrew Smith, Bayleys Wellington)
69 The Esplanade, Petone: 1,130m² warehouse and office building on a 1,039m² high profile corner waterfront site sold for $2,000,000 at a 6.7% yield. Leased to Smith & Smith and APN New Zealand Ltd. (Richard Faisandier, Bayleys Wellington)
90 Hutt Road, Kaiwharawhara: 450m² building on 820m² site with 486m² yard sold vacant for $1,075,000. (Colin Hodge, Bayleys Wellington)
227 Cuba Street, Te Aro: 173m² ground floor cafe in a two-year-old character building sold for $955,000 at an 8.2% yield. 6-year lease to Cafe Italiano from 2007, with 1x6yr RoR. (Joanna Piatek-Dyer, Bayleys Wellington)
Cnr Torrens Terrace & Webb Street, Te Aro: Ex car yard 293m² high profile corner site with vacant 57m² workshop and office building sold for $567,000. (Colin Hodge, Bayleys Wellington)
“Monument”, Wakefield & Tory Streets, Wellington: Two retail investments on the ground floor of brand new apartment between Te Papa and Courtenay Place sold with three year leases in place. 127m² Unit GD sold for $685,000 at a 7.5% yield. 95m² Unit GD sold for $525,000 at an 8.5% yield. (Joanna Piatek-Dyer, Grant Young Bayleys Wellington)
