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Total Property Issue 2 2024 auction results

Bayleys latest Total Property auction results reflected regional divergence, with properties in the lower North Island generating competitive bidding, whilst properties further north leaned to post-auction negotiations. In Auckland, the bid-ask gap has narrowed, particularly as investors gravitate towards compact units with versatile use options in established locations.

 

AUCKLAND

Unit 9, 254 Lincoln Road, Henderson: High-profile 160sqm retail premises occupied by a long-standing tenant with a two-decade trading history in the area, sold during post-auction negotiations for $790,000 at a 6.96% yield. The unit is located in a busy commercial centre on one of the region’s highest-traffic roads. There are no vacancies within the complex, and the occupant ‘Hot Dollar’ has a three year lease plus 3x3yrRoR for the subject property. (Beterly Pan, Bayleys Northwest; Tony Chaudhary, Bayleys South Auckland)

TP-2-auction-results_31-Woodside-Avenue.png 31 Woodside Avenue, Northcote: 435sqm industrial premises sold with vacant possession for $1,585,000. Improvements with an A-grade seismic assessment on the 830sqm Business – Light Industry zoned landholding include functional warehousing with drive-around access via multiple roller doors, modernised offices, and a rear yard. (Matt Mimmack, Trevor Duffin, Bayleys North Shore)

TP-2-auction-results_8-10-St-Georges-Road.png 8-10 St Georges Road, Avondale: 116sqm retail unit, one of six in a busy neighbourhood commercial centre with frontage to the Avondale roundabout, sold for $562,000 at a 6.76% yield. The laundromat tenant, in occupation for several decades, has nine years remaining on its current 12 year lease term. The property is strategically located to benefit from local development and connectivity to motorway interchanges, the Avondale Train Station, and New Lynn Transport Hub. (Beterly Pan, Bayleys Northwest; Tony Chaudhary, Bayleys South Auckland)

BC and BD, 8 Albert Street, Auckland Central: Two basement car parks in the prominent Quay West building sold together with vacant possession for $320,000. There is dual access via Mills Lane and secure electronic monitoring, with a location benefitting from proximity to the Ferry Terminal, Commercial Bay, Viaduct Harbour, Britomart and Central City. (Mike Adams, Jean-Paul Smit, Bayleys Auckland)

TP-2-auction-results_103-Lansford-Crescent.png 103 Lansford Crescent, Avondale: 809sqm industrial premises on a large 1,175sqm Business – Light Industry zoned site sold for $1,597,000 at a 5.92% yield. The property is occupied by three separate tenants with varying lease arrangements that provide for built-in rental growth. Located in an established industrial precinct on the northwest corridor, the premises feature an A-grade seismic assessment, security fencing and substantial concrete yard areas for carparking, devanning, and container storage. (Mike Adams, Jean-Paul Smit, Matt Clifford, Bayleys Auckland)

TP-2-auction-results_Unit-B-and-C,-89-Great-South-Road.png Units B and C, 89 Great South Road, Epsom: Side-by-side investment properties on a busy retail strip near the intersection with Market Road sold together for $1,600,000 at a 3.43% yield. Both two level buildings feature ground floor retail with an internal staircase and access to on-site car parking via a right of way on Market Road. 167sqm 89B is tenanted by a popular rice bowl takeaway store which has a three year lease to September 2024. 162sqm 89C is occupied by a health and massage clinic, which has a three year lease to June 2024. Both tenancies feature renewal rights of 2x3yrRoR. (Oscar Kuang, James Chan, Bayleys Auckland)

 

WAIKATO/BAY OF PLENTY

TP-2-auction-results_1066-Hinemoa-Street,-Rotorua.png 1066 Hinemoa Street, Rotorua: Underutilised commercial premises with a net lettable floor area of 1,158sqm sold for $700,000 returning $46,399 from one tenant and a vacancy on the first floor. Occupying a prominent 1,012sqm site in City Centre Zone 1, the premises feature car parking for 12 vehicles and street-front exposure to passing traffic. A kitchen equipment supplier occupies the ground floor with a monthly tenancy arrangement, and there is scope to increase the rental return through development works or future leasing. (Mark Slade, Damien Keenan, Brei King, Bayleys Rotorua)

     

40 Riri Street, Mangakakahi: Industrial buildings totalling 250sqm on a 577sqm site, sold for $420,000 at a 7.09% yield. Comprising versatile workshop/warehousing in Industrial 1 zone with a lease to a craft supplier expiring in August 2024. (Mark Slade, Damien Keenan, Brei King, Bayleys Rotorua)

 

LOWER NORTH ISLAND

TP-2-auction-results_14-Middle-Road.png 14 Middle Road, Havelock North: 250sqm childcare centre licensed for 40 placements sold for $1,350,000 at a 3.96% yield. The prominent 765sqm site is located on the corner with Porter Drive, adjacent to the busy Havelock North Village shopping precinct, and features Residential zoning with existing commercial use rights. Tenant the Havelock North Family Centre has exercised two of 3x3yrRoR in a lease to 2026. (Jodie Woodfield, Kerry Geange, Bayleys Napier)

TP-2-auction-results_4A-Presentation-Way.png 4A Presentation Way, Paraparaumu, Kāpiti: 200sqm modern commercial property on a 675sqm site featuring prominent road frontage in a tightly-held growth location proximate to the Kāpiti Expressway, sold with vacant possession for $1,425,000. A versatile internal configuration features a mix of open-plan and partitioned office accommodation with secure garage car parking and allocated parking off-street. (Jo Stewart, Bayleys Wellington)

8 Te Tupe Road, Paraparaumu, Kāpiti: 2,733sqm bare land parcel zoned Mixed Use sold for $1,000,000 at $366/sqm. The property features an elevated build platform with approved council consent for a multi-unit development. The immediate area has been earmarked for growth, reflected by the recent completion of new roading infrastructure and several high-profile developments currently underway. (Jo Stewart, Bayleys Wellington)

4 Cedric Place, Plimmerton, Porirua: Commercial buildings totalling 630sqm on a 1,771sqm industrially zoned site, sold during post-auction negotiations with vacant possession for $1,500,000. The dominant structure is a 360sqm warehouse, constructed circa 2016, presented in ‘as-new’ condition with active building warranties. Other improvements include offices of 100sqm and two separate storage/workshops totalling 130sqm. The site features dual street access and a substantial concrete yard. (Simon Butler, Fraser Press, Bayleys Wellington)

182 Gracefield Road, Gracefield, Lower Hutt: 280sqm industrial workshop and offices, recently strengthened to 70 percent of NBS, plus four car parks sold for $1,100,000 at a 5.10% yield. The 639sqm site features 294sqm of yard and future development potential to increase the workshop size by approximately 225sqm. The long-standing tenant has indicated its interest in renewing its current lease agreement which has an expiry of November 2024. (Paul Cudby, Ethan Hourigan, Bayleys Wellington)

70 Abel Smith Street, Te Aro, Wellington: 120sqm mixed-use premises occupying a sunny site on the corner with Claytons Avenue, sold with vacant possession for $620,000. The 157sqm landholding features redevelopment potential and a generous 27m height overlay under current zoning provisions, reflecting a strategic location proximate to the vibrant Cuba Street precinct and surrounding residential catchment. (Mark Walker, Sarah Lyford, Bayleys Wellington)