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Total Property Issue 8 2023 auction results

AUCKLAND

23-31-Hobson-Street,-Auckland-Central.png Carparks FX, FY, FZ and GA, 23-31 Hobson Street, Auckland Central

Carparks FX, FY, FZ and GA, 23-31 Hobson Street, Auckland Central: Four unit title car parks in a busy central city parking building sold together for $295,000. The car parks, which can accommodate over-height vehicles, have direct access from Hobson Street. (Jill Downie, Bayleys Auckland)

Unit D, 2 Mepal Place, Papatoetoe: 287sqm industrial unit proximate to the Manukau City Centre, sold post-auction for $937,500. The premises is one of six units in a complex off main arterial Norman Spencer Drive, zoned Business – Light Industry. (Karen Yung, Owen Ding, James Chan, Bayleys Auckland; Karl Price, Bayleys South Auckland)

WAIKATO/BAY OF PLENTY

78 Normanby Road, Paeroa: 1,000sqm mixed-use Regent Theatre, built in 1926, sold for $500,000 with a seismic assessment of 15% of NBS returning $85,090 from seven tenants on varying lease arrangements. The heritage premises is situated on a 1,471sqm main street site with rear car parking. Dual access from Wiloughby Street and profile to State Highway 2 provide scope for future redevelopment. (Josh Smith, Bayleys Hamilton)

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78 Normanby Road, Paeroa

Unit 1, 4 Brent Greig Lane, Te Rapa, Hamilton: 144sqm industrial unit comprising high-stud warehousing with a 4.5m roller door and three car parks sold with vacant possession for $635,000. The unit is part of a gated development with dual access from Kiriwai Kaui Drive in the Te Rapa industrial area. (Rebecca Bruce, Jordan Metcalfe, Bayleys Hamilton)

436B State Highway 26, Newstead, Hamilton: 276sqm shed on one-quarter share of a 4,074sqm cross lease site in rural zone, sold ‘as is-where is’ for $396,000. The fully fenced property features multiple roller doors and a large yard area lending it to private use for storage or hobbies. (Rebecca Bruce, Jordan Metcalfe, Bayleys Hamilton)

145 Second Avenue, Tauranga Central: 340sqm commercial premises sold for $920,000 at a 4.82% yield. The 516sqm site in a sought-after city-fringe precinct is occupied by national franchise business Kitchen Studio with a lease to October 2024 plus rights of renewal to 2030. (Ryan Bradley, Brendon Bradley, Bayleys Tauranga)

CENTRAL NORTH ISLAND

16 Opepe Street, Taupō: Buildings totalling 509sqm on a 2,110sqm site in Town Centre Commercial Fringe zone sold with vacant possession for $1,850,000. The 382sqm main building has been utilised as an education facility with the second building, a 127sqm three bedroom home with existing commercial use rights, having been converted into offices. (Gary Harwood, Lisa Christensen, Bayleys Taupō)

LOWER NORTH ISLAND

10-12-Waione-Street,-Petone.png 10-12 Waione Street, Petone, Lower Hutt

10-12 Waione Street, Petone, Lower Hutt: 989sqm industrial premises plus five car parks sold for $1,915,000 at a 5.88% yield. The 903sqm site in General Business zone features rear access via Marine Parade. Two tenants occupy the building; Brockelsby Plumbing has a new six year lease and Mike’s Glass has 26 months left to run on an expiring lease term. (Andrew Smith, Bayleys Wellington)

2-6 Wilson Street, Newtown, Wellington: 783sqm commercial premises plus 12 car parks on a 1,093sqm site held in three titles, sold for $1,860,000 at an 8.06% yield. The single-level building and rear mezzanine have a seismic assessment of 76% of NBS and are occupied by a laundromat which has a lease to April 2029 plus 2x5yrRoR and market rent reviews triennially. (Johnny Curtis, Mark Walker, Bayleys Wellington)

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2-6 Wilson Street, Newtown, Wellington

SOUTH ISLAND

171C Wordworth Street, Sydenham, Christchurch: 103sqm trade unit plus two car parks sold with vacant possession for $360,000. Comprising 67sqm of warehousing plus 36sqm of offices and a 36sqm mezzanine, with a seismic assessment of 67% of NBS. (Benji Andrews, Simon Lagan, Bayleys Christchurch)

45C Parkhouse Road, Wigram, Christchurch: 346sqm industrial unit in a modern complex with dual access onto Jipcho Road, sold for $885,000 at a 6.21% yield. An automotive service and repair business occupies the premises with a three year lease term plus right of renewal and fixed rental growth. (Jeremy Speight, Bayleys Christchurch)

Synergy-Lane,-Christchurch.png 1 Synergy Lane, Islington, Christchurch

1 Synergy Lane, Islington, Christchurch: 257sqm industrial unit plus four car parks in the Waterloo Business Park, sold for $794,500 at a 5.92% yield. Comprising 250sqm of warehousing and offices occupied by a tenant which has recently exercised 1x3yrRoR to 2027. (Graeme Donaldson, Steven Schwalger, Bayleys Christchurch)

3 Synergy Lane, Islington, Christchurch: 360sqm industrial unit plus four car parks built circa 2018 in the Waterloo Business Park, sold for $915,000 at a 5.79% yield. Comprising 290sqm of high-stud warehousing and 69sqm of offices over two levels occupied by a business with a three year lease to May 2025. (Graeme Donaldson, Steven Schwalger, Bayleys Christchurch)

2 Stoneleigh Drive, Rolleston, Christchurch: 1,295sqm industrial premises plus 26 car parks sold for $3,450,000 at a 5.80% yield on a lease effective December 2023. The 5,104sqm corner site is located in the IZONE Business Park with extensive profile to Hoskyns Road. Warehousing, showroom, office/amenities and 2,000sqm surplus yard occupied by an established tenant which has recently exercised its first of six three year renewal rights. (Nick O’Styke, Bayleys Christchurch)