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$25 million of sales at Total Property auctions

Tags: Auctions Commercial

Eighteen out of 22 properties put for sale at Bayleys’ latest Total Property commercial and industrial property auctions in Auckland, Wellington and Rotorua have so far sold at a total value in excess of $25 million.


Here are the sales:

AUCKLAND

1 Shakespeare Road, Milford: 556m2 corner site on high profile intersection sold for $1,300,000 at a land value of $2338/m2, with 290m2 vacant building formerly used as fitness complex. (Simon Aldridge, Michael Nees, Bayleys North Shore)

404-406 Titirangi Road, Titirangi: 575m2 retail complex on high-profile 2,664m2 site in tightly held Titirangi Village, sold for $3,900,000. Three tenants producing $133,570 net + GST pa plus 237m2 of recently vacated ground floor space. (Mike Adams, Bayleys Auckland)

2 Crum Avenue, New Lynn: 400m2 warehouse, showroom and office building on 696m2 dual access corner site sold for $1,275,000. Short-term lease on first floor offices is producing $14,000 net + GST pa. (William Coates, Mike Adams, James Appleby, Cameron Melhuish, Bayleys Auckland)

3102 Great North Road, New Lynn: 160m2 2-storey retail and office building on 152m2 site in established shopping strip sold for $450,000. Two tenants on short term leases returning $24,000 gross + GST pa. (Quinn Ngo, Bayleys Auckland; Katie Wu, Bayleys South Auckland)

88 Hendon Avenue, Mt Albert: 71m2 shop on 307m2 corner site in suburban retail strip sold for $340,000 at a 4.9% yield. Occupied by dairy on 3-year lease from April 2013 with one 3-year right of renewal. (James Appleby, William Coates, Bayleys Auckland)

20 Newton Road, Grey Lynn: 450m2 2-level building with A Grade seismic rating on 303m2 Mixed Use site, sold for $1,375,000. Ground floor workshop and showroom leased to auto interior business with vacant 225m2 upper level fitted out to high standard offering residential use options. Producing $33,642 net + GST pa (under rented) from short term ground floor lease. (James Were, Scott Kirk, Bayleys Auckland)

352-354 Remuera Road, Remuera: 2-storey building on 339m2 in heart of Remuera Road shopping strip sold for $2,860,000 at a 4.6% yield. Occupied by anchor tenant the Phoenix Tree Garden Restaurant plus a clothing store and travel agency. (Quinn Ngo, Owen Ding, James Chan, Bayleys Auckland)

10 Walls Road, Penrose: 584m2 warehouse, showroom and office building, split into 2 tenancies, on 825m2 corner site with dual access sold for $1,150,000. One occupied tenancy is producing $36,000 net + GST pa. (James Valintine, James Hill, Bayleys Auckland)

Unit G, 333 East Tamaki Road, East Tamaki: 529m2 industrial unit, with 362m2 warehouse, 90m2 of office, 76m2 mezzanine plus 8 car parks, sold vacant for $650,000. (Clint Barber, Bayleys Auckland; John Bolton, Bayleys South Auckland)

Unit 7, 792 Great South Road, Manukau: 87m2 retail premises in Pacific Square retail complex sold for $580,000 at an 8.4% yield. 10-year lease to Vista Cafe from May 2006 with 2-yearly rent reviews to CPI plus 1x8yr RoR. (Tony Chaudhary, Janak Darji, Amy Weng, Bayleys South Auckland)

2 & 6 Railway Street West, Papakura: 3,118m2 two-building bulk retail complex on 6,319m2 site in two titles with 68 car parks sold for $6,175,000 at an 8.05% yield. Seven tenants include Noel Leeming plus other national retailers. (Peter Migounoff, Piyush Kumar, Bayleys South Auckland)

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79-85 Great South Road, Papakura: 1,123m2 medical centre on 2,185m2 site with redevelopment potential under its proposed Auckland Unitary Plan zoning of Metropolitan Centre, sold for $1,815,000. Occupied by Counties Accident & Medical for nearly 20 years with lease expiring next year and no right of renewal. Holding income of $196,577 net + GST pa. (Tony Chaudhary, Shane Snijder, Janak Darji, Piyush Kumar, Bayleys South Auckland)

32 Broadway, Papakura: Single level retail block with 70% NBS seismic rating on 382m2 corner site sold for $725,000 at a 9.1% yield. Three established tenancies include two food businesses and hairdresser. (Tony Chaudhary, Janak Darji, Bayleys South Auckland)

CENTRAL/LOWER NORTH ISLAND

5 Stonebridge Park Drive, Holdens Bay, Rotorua: 1.6409ha holiday park, adjacent to airport, sold for $982,000 as freehold going concern as part of asset sell down by Rotorua Lakes Council. 12 motels, 21 cabins and 50 powered sites plus conference, games and TV rooms, large swimming pool and hot pools. (Mark Slade, Mark Rendell, Bayleys Rotorua)

271-275 Main Street, Palmerston North: Ground lease on 2,204m² corner site sold for $450,000 at a 7.9% yield. 20 year lease from December 2014, with 5-yearly rent reviews and perpetual rights of renewal. (Mark Sherlock, Bayleys Wellington; Karl Cameron, Bayleys Manawatu)

5 Serlby Place, Porirua: Two small retail outlets, one leased and one vacant, totalling 140m2 on 204m2 site sold for $180,000. (Andrew Smith, John Pritchard, Jon Pottinger, Bayleys Wellington)

135-137 Jackson Street, Petone: 335m2 2-level character building with two shops and two flats on 327m2 site sold for $520,000. Three of four tenancies leased returning $55,224 gross + GST pa. (Paul Cudby, Fraser Press, Bayleys Wellington)

5 Tory Street, Te Aro: 200m2 character premises off Courtenay Place, with 100% NBS seismic rating, sold for $810,000 at a 7.4% yield. Occupied by Joe’s Garage Cafe on recently renewed 6-year lease producing $60,300 net + GST pa. (Mark Walker, Grant Young, Bayleys Wellington)

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