Total Property Issue 6 2021 Auction Results
Waikato/Bay of Plenty
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)
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)
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)
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)