Total Property Issue 6 2021 Auction Results


Waikato/Bay of Plenty

127 Second Avenue, Tauranga.jpg

Unit 3, 232 Ellis Street, Frankton, Hamilton: 94sqm unit plus one car park in a recently completed industrial development comprising 19 high-stud warehouses ranging from 94-197sqm sold vacant for $389,000.
(Jordan Metcalfe, Rebecca Bruce, Bayleys Hamilton)

25A Main Road, Katikati: 345sqm commercial premises on a 500sqm site in Town Centre zone sold for $1,010,000 at a 4.41% yield. BNZ Bank has a lease to July 2023 for the closed branch office, which has a seismic assessment of 80% of NBS.
Lynn Bradley, Brendon Bradley, Ryan Bradley, Bayleys Tauranga)

127 Second Avenue, Tauranga: 72sqm commercial premises on a 627sqm site sold for $2,500,000 at a 4.9% yield. Three tenants occupy the renovated office, warehouse and storage accommodation with on-site car parking in leases to November 2032. The building has been strengthened to 70% of NBS.
(Rory Brown, James Ross, Bayleys Tauranga)

60 Eighth Avenue, Tauranga Central: 355sqm medical consultancy clinic plus 14 car parks on a 1,012sqm site sold for $2,250,000. Two medical tenants occupy the single-level premises on leases to December 2021 returning $71,304 gross pa. The balance of offices are vacant.
(Brendon Bradley, Ryan Bradley, Lynn Bradley, Bayleys Tauranga)

51-53 Te Tahi Street, Whakatane

Unit B, 39 Totara Street, Mt Maunganui: 583sqm office unit in the Totara Business Park sold for $1,680,000 at a 3.63% yield. Comprising 376sqm of warehousing and 207sqm offices, storage and amenities. Currently tenanted by a sporting distribution company in a lease expiring October 2022.
(Ryan Bradley, Brendon Bradley, Bayleys Tauranga)

51-53 Te Tahi Street, Whakatane: 2,137sqm purpose-built Whakatane Secure Storage Centre on a 4,228sqm site sold for $4,040,000 as a freehold going concern at a 5.94% yield. The complex, with automated entry/exit and security systems, comprises five buildings with 110 units of varying sizes and periodic tenancy arrangements. Vacant land at the rear offers future development/expansion potential.
(Brendon Bradley, Ryan Bradley, Bayleys Tauranga)


Central North Island

65 Plymouth Street, Whanganui: Modern 260sqm commercial premises, built 2019, and seven car parks on a 520sqm site sold for $1,306,000 at a 4.89% yield. Occupied by a financial provider and project management business with leases to May 2026 plus rights of renewal.
(James Higgie, Bayleys Wellington; Russell Duggan, Bayleys Taranaki)

3 Tomas Neal Crescent, Upper Hutt: New 854sqm industrial premises plus six car parks on a 1,481sqm corner site sold for $3,070,000 at a 3.94% yield. Three lessees occupy three tenancies ranging from 125-504sqm comprising high-stud warehousing, offices and amenities.
(Ethan Hourigan, Bayleys Wellington)

320-326 Jackson Street, Petone: 780sqm mixed-use premises on a 663sqm corner site sold for $1,700,000 returning $88,879 net pa from six tenants with two vacancies. The character building, originally built for seed merchants H.C Gibbons & Co in 1927, comprises commercial accommodation on the ground floor with five first floor flats and rear car parking.
(Fraser Press, Paul Cudby, Bayleys Wellington)


42 South Terrace, Darfield, Christchurch

South Island

345 Stanmore Road, Richmond, Christchurch: 522sqm commercial premises on a 1,065sqm corner site in Local Centre zone sold for $1,325,000 at a 6.91% yield. Three tenants occupy the retail strip with varying lease terms.
(Blair Young, Bayleys Christchurch)

398 Blenheim Road, Upper Riccarton, Christchurch: 480sqm commercial premises, built by Calder Stewart in 2010 sold for $1,850,000 at a 5.41% yield. The 825sqm site comprises showroom, offices and warehousing with rear access plus 22 car parks. Westmeats butchery has a six year lease to March 2027 plus 2x3yrRoR.
(Nick O’Styke, Bayleys Christchurch)

11 Elgin Street, Sydenham, Christchurch: 315sqm industrial premises sold vacant for $740,000. Comprising 284sqm of warehousing, 31sqm of office and showroom accommodation plus five car parks.
(Benji Andrews, Bayleys Christchurch)

36 Tuarangi Road, Netherby, Ashburton

42 South Terrace, Darfield, Christchurch: 219sqm commercial building plus 11 car parks on a 967sqm site sold for $1,190,000 at a 5.73% yield. The modern premises, built 2007 with a seismic assessment of 100% of NBS, is occupied by a dentist to September 2027, and real estate office to September 2022.
(Julia Ashmore-Smith, Nick O’Styke, Bayleys Christchurch)

36 Tuarangi Road, Netherby, Ashburton: Character buildings totalling 2,590sqm on a residentially-zoned 4.125ha land parcel sold vacant for $1,350,000. The premises, built circa 1900, was originally a returned services hospital and most recently backpacker accommodation.
(Mick Hydes, Ray Knight, Bayleys Ashburton; Mike Adams, Bayleys Auckland)

230 Great North Road, Winton: 340sqm mixed-use premises on a 1,012sqm site sold vacant for $650,000. The character building, strengthened to 80% of NBS, comprises 250sqm of ground floor commercial accommodation with a two-bedroom art deco-style apartment above.
(Linda Riordan, Paula Johnstone, Bayleys Southland)