$30 million of auction sales

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$30 million of auction sales

Tags: Auctions Commercial

A total of 26 properties have sold out of Bayleys’ first Total Property portfolio auction for 2015 at a combined value of close to $30 million:


4-8 Dunn Street, Kaitaia: 1,228m² Carters hardware store on 4,155m² industrial zoned site sold for $1,275,000 at an 11% yield. Leased to Carter Holt Harvey for 15 years from August 2007 with 2x6yr ROR. (Alan Broadbent, Bayleys Northland)

94 Normanby Street, Dargaville: New 200m² building on 759m² main street site with 9 car parks sold for $885,000 at a 6.6% yield. Developed by Wallace Development Co, the property is leased to Rabobank for 9 years from February 2015 with 2x3yrROR and annual CPI + 1% fixed increases. (Ross Blomfield, Bayleys Northland)

276 Te Atatu Road, Te Atatu South: 3,298m² residential development site, currently comprising a single large dwelling with swimming pool in landscaped grounds, sold for $1,780,000, at $534/m², to a buyer from mainland China. Currently zoned Living 1 (450m² per site subject to council approval) with potential for 6 townhouses and zoned Terrace Housing & Apartments under Proposed Auckland Unitary Plan. (Quinn Ngo, James Chan, Bayleys Auckland)

64 Shoreham Street, Avondale: Two 2bdrm flats and a 1bdrm flat in brick and tile dwelling located on Residential 5 zoned 612m² site sold for $1,166,000 at a 3.5% gross yield. (Quinn Ngo, Harry Cheng, Bayleys Auckland)

30-32 Rosebank Road, Avondale: 868m² elevated corner development site, next to the Avondale train station, with two industrial buildings and a bungalow totaling 322m² sold for $1,150,000. Plans drawn up for a 32-apartment development. Holding income of $44,416pa from 3 tenants. (James Were, Scott Kirk, Bayleys Auckland)

1 Exmouth Street, Eden Terrace: 655m² high profile corner bare land site zoned Mixed Use, currently used for car parking, sold for $1,920,000 at $2,931/m². (Owen Ding, James Chan, Bayleys Auckland)

23 Edwin Street, Mt Eden: 245m² office/showroom unit plus 7 car parks in Zone 23 complex sold for $1,150,000 at 7.6% yield. Two years remaining on 6-year lease. (Clint Barber, Bayleys Auckland)

48 Buckland Road, Mangere East: 154.5m² purpose built childcare centre, licensed for 39 children, on 698m² Main Residential zoned site sold for $1,320,000 at a 5.9% yield to buyer from mainland China. Leased to NZX listed Evolve Education Group for 15 years from Dec 2014, with 3x5yrROR and annual CPI reviews and to market every 3 years. (Toni Robertson, Bayleys North Shore; Tony Chaudhary, Bayleys South Auckland; James Chan, Bayleys Auckland)

Unit 2, 20-22 Dunrobin Place, Highland Park, Pakuranga: 110m² unit in converted former cinema premises in Highland Park Shopping Centre sold for $972,000 at a 5.4% yield. Occupied by Coffee Club on 8-year lease from March 2014 plus 1x8yrROR with fixed annual 3% rental increases. (Quinn Ngo, Sunil Bhana, Bayleys Auckland; Tony Chaudhary, Bayleys South Auckland)

Unit 3, 20-22 Dunrobin Place, Highland Park, Pakuranga: 82m² unit occupied by Pita Pitt sold for $591,000 at a 5.4% yield. 10-year lease from March 2014, plus 2x5yrROR with annual CPI rental increases capped at 3%. (Quinn Ngo, Sunil Bhana, Bayleys Auckland; Tony Chaudhary, Bayleys South Auckland)

Unit 5, 20-22 Dunrobin Place, Highland Park, Pakuranga (pictured): 88m² unit occupied by Tank Farm sold for $600,000 at a 5.8% yield. 8-year lease from June 2014, plus 2x6yrROR with fixed annual 3% rental increases. (Quinn Ngo, Sunil Bhana, Bayleys Auckland)

93 East Tamaki Road, Papatoetoe: Veterinary clinic located on Main Residential zoned 872m² site sold for $860,000 at a 5.6% yield. Leased for 6 years from April 2013, with 3x6yrROR. (Paul Dixon, Bayleys Auckland; Tony Chaudhary, Bayleys South Auckland)

Unit D, 7 Ryan Place, Papatoetoe: 240m² industrial unit sold for $380,000 at a 7.9% yield. New 3-year lease to established tenant. (Nick Bayley, Dave Stanley, Bayleys South Auckland)

10-12 Wickham Street, Frankton, Hamilton: 2,360m² warehouse and office building on 5,273m² site with room for expansion occupied by long-established business Strata Precision Plastics sold for $2,460,000 at a 7.5% yield. 5-year lease from April 2015 with 1x5yrROR. (Andrew Shaw, Bayleys Hamilton)

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10-12 Wickham Street, Frankton, Hamilton: 2,360m² warehouse and office building on 5,273m² site with room for expansion occupied by long-established business Strata Precision Plastics sold for $2,460,000 at a 7.5% yield. 5-year lease from April 2015 with 1x5yrROR. (Andrew Shaw, Bayleys Hamilton)

51 Marguerita Street, Fenton Park, Rotorua: Significantly redeveloped 1,130m² vehicle testing station on 3,595m² site sold for $2,400,000. 10-year lease to VTNZ from October 2014, with CPI rent reviews, returning $189,250 net + GST pa, including $45,888 for 10 years for tenant repayment of renovation works. (Mark Rendell, Bayleys Rotorua)

Units 1 & 2, 1071 Hinemoa Street, Rotorua: 792m² fully leased 2-level, 10-year-old CBD office building sold for $1,700,000 at an 8.72% yield. Each floor is unit titled with 1 tenant on top floor and 2 on ground floor, plus 9 on-site car parks. (Bill Wilson, Bayleys Rotorua)

100 Fairy Springs Road, Rotorua: Recently completed 10-unit retail complex in prime city fringe location on SHW 5 with 90 common car parks and anchored by medical centre and pharmacy.
Unit 2: 120m² Burger Fuel outlet sold with 10-year lease for $655,000 at a 5.95% yield with 3% annual rental increases.
Unit 3: 87m² Best Sushi outlet sold with 6-year lease for $390,000 at a 6.7% yield with 3% annual rental increases.
Unit 6: 130m² Springs Bakery sold with 6-year lease for $507,000 at a 6.7% yield with CPI rental increases.
Unit 9: 279m² superette sold with 6-year lease for $762,000 at a 6.6% yield with CPI rental increases. (Mark Rendell, Bayleys Rotorua)

Cnr Victoria Street & Dublin Street, Wanganui: 426m² Burger King outlet in prime corner location, opposite new Rebel Sports/Briscoes development, sold for $1,855,000 at an 8% yield. 10-year lease from December 2013 with 2x5yrROR to Antares Restaurant Group which has recently completed a major refurbishment to premises it has occupied since 1998. (James Higgie, Bayleys Wellington; Bob Davies, Bayleys Wanganui)

6D Broken Hill Road, Elsdon, Porirua: Modern high-stud manufacturing and distribution industrial premises built in 2010 for NCR sold for $2,040,000 at a 7.8% yield. Comprising a 1,226m² warehouse, 193m² of office, sealed secure yard of 1,072m² and 358m² container park on 4,678m² of land. NCR (NZ) has just renewed its lease for another 5 years from September 2015, with 1x5yrROR. (Andrew Smith, Bayleys Wellington)

221 Newlands Road, Newlands, Wellington: 344m² industrial building with 201m² workshop and 143m² of upper level office space with 2 undercover car parks and rear service lane access sold for $450,000 with vacant possession. Assessed net potential rental of $45,000pa. (Fraser Press, Bayleys Wellington)

Unit 10, 155 Gracefield Road, Lower Hutt: 277m² warehouse/workshop with 60m² yard sold with vacant possession for $200,000. (Paul Cudby, Matt Gibbs, Bayleys Wellington)

133 Park Road, Miramar Wellington: 878m² bulk retail centre on 1,365m² site with 380m² display yard sold for $1,920,000 at a 7.5% yield. 6-year leaseback to anchor tenant, a 4 Seasons Home & Leisure Centre, plus 2x3yrROR. (Colin Hodge, James Higgie, Bayleys Wellington)

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