Archive | Penrose

Updated: 2 sell at Barfoots commercial auction, third sells later

Published 23 February 2017, updated 2 March 2017:

One commercial property in Otahuhu sold under the hammer and another in Penrose (pictured) sold a few minutes later at Barfoot & Thompson’s commercial auction on 23 February.

A third property, in the Surrey Crescent shops, didn’t attract a bid but was sold post-auction.

Isthmus east

Otahuhu

71 Portage Rd, unit F:
Features: 66m² unit, previously a lunch bar at front of light industrial precinct, 5 parking spaces
Outcome: sold for $310,000
Agent: Mike Jensen

Penrose

26 Botha Rd:
Features: vacant 895m² light industrial site, 2 warehouses of 239m² & 355m², parking 
Outcome: passed in at $1.15 million, sold shortly after for $1.25 million
Agents: Nick Wilson & James Marshall

Isthmus west

Grey Lynn

Updated: 604 Great North Rd:
Features: 153m² standalone retail property at the Surrey Crescent shops, rear access (1/16 share in right of way), onsite parking 
Rent: $30,500/year on lease running until November 2018
Outcome: no bid, sold post-auction for $890,000
Agents: Marie-Anne Molloy

Attribution: Auction.

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4 commercial sales on isthmus & Airport Oaks

Bayleys agents have sold 3 business premises in Greenlane, Onehunga & Penrose on the isthmus and another at Airport Oaks.

Isthmus east

Greenlane

G1/G2, 93-95 Ascot Avenue:
Features: 435m2 of ground-floor office space, substantial fitout, in Ascot Business Park adjacent to Greenlane roundabout, previously used as medical premises, 10 parking spaces
Outcome: sold vacant for $2.1 million (at 7.4% yield on previous rental)
Agents: Gordon Gibson & Matt Gordon

Onehunga

51-53 Church St & 2 Fleming St:
Features: 894msite zoned mixed use, 609m2 industrial building, vendor to repaint & recarpet
Outcome: sold vacant for $2.2 million
Agent: James Valintine

Penrose

39 Station Rd (pictured):
Features: 822m2 site, 413m2 single-level retail building occupied by NZ Post/Kiwibank on a lease until August 2018, one 3-year right of renewal, 7 parking spaces
Rent: $63,000/year net
Outcome: sold vacant for $1.185 million at a 5.32% yield on present rent
Agents: Cameron Melhuish & Andrew Wallace

South

Airport Oaks

77 Aintree Avenue:
Features: 3000msite, 900m2 childcare centre, 12-year lease to Bright Sparks Childcare Ltd from January 2008, 2 6-year rights of renewal
Rent: $275,236/year net + gst
Outcome: sold for $4.37 million at 6.25% yield
Agent: Mark Pittaway

Attribution: Agency release.

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13 sales around North Island

13 sales & 2 leases around the North Island have been reported by Colliers.

Sales

Isthmus east

Newmarket

7 Edgerley Ave:
Features: 716m² site, 464m² commercial building
Outcome: sold for $3.45 million, representing $4818/m² land & building
Agents: Jonathan Lynch & Simon Child

Otahuhu

132 Portage Rd:
Features: 4960m² site, 2324m² office & warehouse
Outcome: sold for $4.5 million at a 6.5% yield
Agents: Hamish West, Ben Herlihy, Andrew Hooper & Matt Prentice

Penrose

60 Hugo Johnston Drive:
Features: 4175m² industrial property, 1117m² 2-level office building & 1087m² standalone warehouse
Outcome: sold for $5.45 million at a 6.72% yield
Agents: Paul Jarvie, Brad Johnston & Greg Goldfinch

Isthmus west

Mt Eden

108 Mt Eden Rd:
Features: 1070m² site, 700m² 2-level office building
Outcome: sold for $4.55 million, representing $4252/m² land & building
Agent: Jonathan Lynch

North-east

Rosedale

63 Apollo Drive, unit B1:
Features: 444m² commercial uni,
Outcome: sold vacant for $1.85 million
Agents: Nick Recordon & Janet Marshall

North-west

Kumeu

202-220 Main Rd:
Features: 4153m² site, 1740m² office & warehouse
Outcome: sold for $2.2 million, representing $530/m² land & building
Agents: Jonathan Lynch & Craig Smith

South

East Tamaki

27 Zelanian Drive:
Features: 5863m² vacant office & warehouse
Outcome: sold for $8.475 million
Agents: Andrew Hooper, Greg Goldfinch, Paul Higgins & Brad Johnston

South of the Bombays

Bay of Plenty

Mt Maunganui

24 Pacific Avenue:
Features: 675m² site, 440m² retail building,
Outcome: sold for $3.075 million at a 4.3% yield
Agents: Simon Clark, Rob Schoeser & Hadley Brown

Rotorua

422-430 Ngongotaha Rd:
Features: 2.66ha industrial development site, 1056m² warehouse,
Outcome: sold vacant for $2.4 million
Agent: Mark Rendell

Manawatu

Palmerston North

360 Albert St:
Features: 382m² site, 220m² retail building,
Outcome: sold for $800,000 at a 5.5% yield
Agents: Phil Nevill, Grant Lloyd & Doug Russell

314-322 Rangitikei St:
Features: vacant 1616m² property,
Outcome: sold for $1 million
Agents: Grant Lloyd, Phil Nevill & Doug Russell

Waikato

Hamilton

69 Vickery St, unit 9:
Features: 681m² industrial/retail unit,
Outcome: sold for $1.416 million at a 5.68% yield
Agent: John Hagar

Wellington

Lower Hutt

71 Port Rd:
Features: 4049m² site, 2411m² office & warehouse
Outcome: sold for $2.83 million
Agents: Tim Julian & Kieran Lennon

Leases

Isthmus east

Mt Wellington

103 Carbine Rd:
Features: 1664m² commercial premises leased to ECL Group Fuel Systems Ltd for a 6-year term on behalf of Windward Properties Ltd
Agents: Hamish West, Paul Higgins & Andrew Hooper

South of the Bombays – Wellington

Lower Hutt

109 Port Rd:
Features: 4852m² commercial premises leased to Linfox Logistics NZ Ltd for a 6-year term on behalf of Seaview Commercial Investments Ltd
Agent: Kieran Lennon

Attribution: Agency release.

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2 Mt Wellington properties & one on Onehunga Mall sold

Bayleys agents have sold 2 Mt Wellington properties, one a refurbished industrial building on a leaseback, the other a vacant warehouse. An Onehunga Mall commercial building with a mix of tenants has also been sold and a Penrose warehouse & showroom leased.

Sales

Isthmus east

Mt Wellington

4-6 Dryden Place:
Features: 2100m2 site zoned light industry, refurbished 1174m2 industrial building – warehouse 878m2, office 296m2, leaseback to Connexwire until June 2027 with annual rent reviews to CPI, minimum 2%, plus 2 4-year rights of renewal
Rent: $183,220/year net + gst
Outcome: sold for $3.325 million at a 5.5% yield
Agents: James Valintine & Sunil Bhana

173 Marua Rd:
Features: 875msite, 383m2 1980s warehouse
Outcome: sold vacant for $1.45 million
Agent: James Valintine

Onehunga

133 Onehunga Mall:
Features: 658msite, 782m2 1960s commercial building, 4 retail occupants and church tenancy at rear, on 3- to 5-year leases, 170 m2 of vacant second-floor office space
Rent: $115,100/year net + gst
Outcome: sold for $2,205,786 at a 5.61% yield
Agents: Greg Hall, James Valintine & Tony Chaudhary

Lease

Isthmus east

Penrose

24 Greenpark Rd, unit 1:
Features: 926m2 industrial building – warehouse 627m2, office 172m2, showroom 127m2, 11 parking spaces, 5-year lease term & one 5-year right of renewal
Rent: $159,000/year net + gst with fixed 2-yearly increases of 4%
Agent: James Hill

Attribution: Agency release.

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Penrose units sell

Knight Frank agents sold 2 commercial units in Penrose in December.

Isthmus east

Penrose

726 Great South Rd, unit 2:
Features: 362m² commercial unit including mezzanine, 7 assigned parking spaces
Outcome: sold for $1.125 million + gst
Agent: Damon Wyllie

22B Industry Rd:
Features: high stud unit
Outcome: sold for $720,000 + gst
Agent: Josh Franklin

Attribution: Agency release.

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Updated: Strong yields as 14 sell at Bayleys’ commercial auction, 3 post-auction sales

Published 2 December 2016, updated 5 & 12 December 2016:
Strong yields were a feature as 14 of the 27 properties taken to auction in Bayleys’ final Total Property portfolio for the year were sold under the hammer on Wednesday.

They included 3 units sold in stage 3 of the Grange development (pictured) at the southern entrance to Warkworth, and another one sold post-auction.

2 other properties have been sold post-auction – a unit on Amera Place, East Tamaki, and a property on Moore St, Howick, sold on a 4.1% yield.

CBD

Federal St

205 Federal St, unit R1:
Features: 60m², one of only 2 retail tenants in Federal City apartment building, 8-year lease from July 2014
Rent: $29,120/year net + gst
Outcome: passed in at $475,000
Agents: Piyush Kumar & Oscar Kuang

Learning Quarter

23 Whitaker Place, units 110 & 111:
Features: 120m² unit, suitable for restaurant
Rent: $23,478.26/year from tenant on 3-year lease from 1 August 2014
Outcome: sold for $150,000
Agents: Nicolas Ching & Beterly Pan

Queen St

Mid-City, 239 Queen St, unit 2A:
Features: 282m² floor area on first floor, tenant the Ryo Japanese restaurant, 6-year lease, 2 rights of renewal
Rent: $120,000/year average from 6-year lease
Outcome: no bid
Agents: Graeme Sun & Oscar Kuang

Uptown

3 shops & gym of 14 ground-floor commercial units in the Summit on Symonds apartment conversion building, next to the Langham Hotel at the corner of Karangahape Rd & Symonds St:

105 Symonds St, shop 5, Nata Portuguese Bakery:
Features: 69.47m², 6-year lease
Rent: $49,400/year net + gst
Outcome: passed in at $500,000
Agents: Millie Liang

105 Symonds St, shop 9, laundromat:
Features: 43.41m², self-service laundromat, 8-year lease
Rent: $30,387/year net + gst
Outcome: passed in at $350,000
Agents: Millie Liang

105 Symonds St, shop 11, The Corner Café:
Features: 68.39m², 8-year lease
Rent: $47,873/year net + gst
Outcome: passed in at $500,000
Agents: Millie Liang

103-105 Symonds St, unit 15, Anytime Fitness:
Features: m², 10-year lease, beside the entrance to the Langham Hotel
Rent: $184,000/year net + gst
Outcome: withdrawn from auction
Agents: Millie Liang

Isthmus east

Onehunga

106 Beachcroft Avenue:
Features: 692m² site, 431m² standalone warehouse & office building
Outcome: sold vacant for $1.505 million
Agents: James Valintine & Graeme Moore

255 Onehunga Mall:
Features: 379m² site, Cotton On Clothing (NZ) Ltd on 8-year lease from 15 August with one 8-year right of renewal
Rent: $110,000/year + gst + outgoings, 3%/year rental growth
Outcome: sold for $2.21 million at a 4.98% yield
Agents: Tony Chaudhary & Damien Bullick

Otahuhu

121 Church St:
Features: 731m² site zoned terrace housing & apartment building, 138m² floor area, medical centre on 5-year lease from October 2015
Rent: $48,000/year + gst + outgoings
Outcome: declared reserve of $800,000, sold prior for $933,000 at a 5.14% yield
Agents: Tony Chaudhary & Janak Darji

Panmure

141-157 Queens Rd:
Features: 2963m² site on 2 titles, 1464m² floor area, 35 parking spaces, residential potential under the unitary plan, 27m height limit
Rent: $357,000/year net + gst
Outcome: no bid
Agents: Mark Pittaway

Penrose

419B Church St East:
Features: 1596m² industrial site, 25 parking spaces, 8-year head lease to Southpark Corp Ltd from 1 November 2015
Rent: $25,485/year net + gst
Outcome: passed in after vendor bid at $3.7 million
Agents: James Hill & Ben Bayley

Isthmus west

Morningside

4 Taylors Rd:
Features: 809m² site zoned mixed use, 585m² office & high stud warehouse
Outcome: sold vacant for $2.9 million
Agents: Scott Kirk & James Were

Pt Chevalier

1191 Great North Rd:
Features: 226m² retail, occupied by optometrist & osteopath
Rent: $83,900/year
Outcome: sold for $1.55 million at a 5.4% yield
Agents: Owen Ding & Quinn Ngo

North-east

Birkenhead

268 Onewa Rd, unit 10A:
Features: 125m², office & residential tenancies, town centre zoning, 2 parking spaces
Rent: $23,464.57/year net + gst + outgoings
Outcome: withdrawn from auction
Agents: Tonia Robertson & Chris White

Torbay

934 Beach Rd:
Features: cross-lease, 1/3 share in 1072m², 140m² beachfront retail, only business-zoned property on the Torbay/Waiake beachfront, taken to auction by the Official Assignee under the Criminal Proceeds (Recovery) Act
Outcome: sold for $1.8 million
Agents: Damian Stephen & Adam Curtis

Warkworth

4 units in stage 3 of the Grange, 67 Auckland Rd, development by Square & Main St Ltd (Adam Reynolds), stages 1 & 2 both fully sold
Agents: Matt Lee, Quinn Ngo, Jan Hutcheson & James Chan, and Paul Dixon on unit 14

Unit 5A, Cizzlin:
Features: 128.3m², 8-year lease
Rent: $65,000/year net + gst
Outcome: sold for $1.005 million at a 6.47% yield

Unit 13B, The Grange Bakery:
Features: 76.8m², 5-year lease
Rent: $30,000/year net + gst
Outcome: sold for $560,000 at a 5.34% yield

Unit 11, Fish Nets:
Features: 59m², 10-year lease
Rent: $30,975/year net + gst
Outcome: sold for $565,000 at a 5.48% yield

Updated: Unit 14, Green Bay Fruit & Veg:
Features: 297.2m², 8-year lease
Rent: $92,500/year net + gst
Outcome: passed in after vendor bid at $1.25 million, sold post-auction for $1.365 million at a 6.77% yield

Unit 22, Cross Gate Variety Store:
Features: 373.7m², 6-year lease
Rent: $86,700/year net + gst
Outcome: withdrawn from auction

North-west

Henderson

349 Great North Rd:
Features: 276m² site, 10-year lease from July
Rent: $50,000/year net + gst
Outcome: sold for $1.045 million at a 4.8% yield
Agents: Mike Adams & Laurie Bell

Lincoln North shopping centre, 192 Lincoln Rd, unit B4:
Features: 60.12m², retail unit, new 5-year lease to OPSM
Rent: $22,545/year net + gst
Outcome: sold for $465,000 at a 4.85% yield
Agents: Matt Lee & Quinn Ngo

South

East Tamaki

Updated: 12 Amera Place, unit 5:
Features: 105m² unit, 6-year lease starting this month
Rent: $50,150/year net + gst + outgoings
Outcome: passed in at $900,000, sold post-auction for $910,000 at a 5.5% yield
Agents: Katie Wu & John Bolton

9-11 Nandina Avenue:
Features: 2 titles, each of 2552m², metalled & flat, 74m road frontage, business 5 zoning
Outcome: sold for $2.86 million
Agents: John Bolton & Katie Wu

Howick

Updated: 8-14 Moore St:
Features: 875m² site zoned business town centre under unitary plan, 590m² floor area, 6 tenancies
Rent: $94,262.74
Outcome: passed in at $2.11 million, sold post-auction for $2.3 million at a 4.1% yield
Agents: Tony Chaudhary & Janak Darji

Manukau

Pacific Retail Centre, 792 Great South Rd, unit 6:
Features: 89m² Subway restaurant
Rent: $39,367.45/year net + gst + outgoings
Outcome: passed in at $750,000
Agents: Terry Kim & Janak Darji

52-58A St George St:
Features: 971m² in 2 titles zoned town centre under unitary plan, 2 tenants,
Rent: $80,040/year + gst
Outcome: no bid
Agents: Oscar Kuang & James Chan

Pukekohe

1722 & 1748 Buckland Rd:
Features: 14.4336ha in 2 titles overlooking Pukekohe racetrack, zoned future urban, proposed light industrial, has 3-bedroom house & 2-bedroom cottage
Outcome: no bid
Agents: Shane Snijder & Peter Migounoff

South of the Bombays

Coromandel

Whitianga

17 Monk St:
Features: 516m² site, 800m² floor area – 4 shops in 335m² on ground floor, plus carport, 2 apartments in 376m² upstairs licensed as traveller accommodation, plus 60m² deck & terrace; separate studio & workshop
Rent: about $53,000/year net
Outcome: sold for $1.03 million at a 5.15% yield
Agent: Noel Rogers

Hawke’s Bay

Napier

359 Marine Parade:
Features: 1413m² site, 20 self-contained motel units + manager’s accommodation
Rent: $225,750/year + gst from motel lease running until 2040
Outcome: sold for $3.75 million at a 6% yield
Agents: Paul Dixon & Sam MacDonald

Attribution: Auction.

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Onehunga & Penrose properties sell, but not New Lynn

2 of the 3 commercial properties auctioned at Colliers yesterday were sold under the hammer.

The other (pictured) – a rear site in the changing environment of downtown New Lynn, where 18-storey buildings are allowed – was passed in well short of the vendor’s hopes. It’s outlined in blue in the front left corner of the photo.

Isthmus east

Onehunga

37 Church St:
Features: 557m² site, 469m² net lettable area – warehouse 308m², office on 2 levels + amenities 128m², canopy 33m², mixed-use zone
Outcome: sold vacant for $1.21 million
Agents: Ben Cockram & Ben Herlihy

Penrose

49 Felix St:
Features: 759m² site, 522m² net lettable area – 388m² warehouse, 134m² office & amenities, offstreet parking, 250m² of sealed front yard
Rent: holding income of $5000/month + gst + opex to end of February
Outcome: sold for $1.36 million
Agents: Ben Cockram & Todd Kuzmich

North-West

New Lynn

3105 Great North Rd:
Features: 688m² site, 226m² building, zoned metropolitan centre, which allows up to 18 levels
Rent: holding income
Outcome: passed in at $310,000, back on market at $550,000
Agents: Deborah Dowling & Michael Bray

Attribution: Auction.

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Updated & corrected: Sales in Rosedale & Penrose, leases around Shore & in Queens Court

Published 13 November 2016, corrected 14 November 2016, updated 15 November 2016:
Bayleys agents have completed 2 sales in the Rosedale area of the North Shore and one in Penrose, plus 3 leases around the Shore and 2 in Queens Court on Queen St in the cbd.

I raised questions about 2 leases, change for one (67 Corinthian Drive) so far. The value of parking and its contribution to location choice & traffic movement intrigue me. In the first case, Corinthian Drive, the number of parking spaces was wrong, as was the price/space. In the second, Colway Place, the parking looks free or the premises rental is high.

The update answers a few questions about 30 O’Rorke Rd, pointing out that the site is leasehold and it’s the lessee’s interest that has been sold. I mentioned that in my report when it was passed in at auction on 6 July, but that detail slipped out in the initial sale report.

Sales:

Isthmus east

Penrose

Updated: 30 O’Rorke Rd:
Features: 3120m² industrial site, 1700m² premises, terminating ground lease interest for sale, fixed expiry 30 September 2044, fully tenanted – 3 tenants on leases to 2018 & 2020 with renewal rights; freehold held by Tram Lease Ltd
Outgoings: ground lease set at $91,000/year + gst from 1 October 2014 under 5-yearly review
Rent: $169,800/year + gst
Outcome: reserve of $560,000 declared for auction on 6 July, no bid; sold in November for $300,000 + gst; at effective sub-lease net rent of $78,800/year + gst, initial yield at the declared reserve would have been 14.1%, but at sale price would rise to 26.3%
Agents: Graham Anderson & Greg Hall

North-east

Rosedale

59 Apollo Drive, unit D3:
Features: 181m² office unit, 5 parking spaces
Outcome: sold in October for $710,000 + gst at $3922/m² land & building
Agents: Ryan Dannhauser & Alex Strever

13 Lovell Court, unit B5:
Features: 92m² unit – 46m² retail, 46m² office, 2 parking spaces, periodic tenancies
Outcome: sold in November for $310,000 + gst
Agents: Steven Liu, Adam Watton & Adam Curtis

Leases:

CBD

Queen St

Queens Court, 368 Queen St, units G35 & G36:
Features: 20m² retail unit
Rent: leased in November for $25,000/year net + gst, premises rental $1250/m²
Agents: Steven Liu & Sarah Boles

Queens Court, 368 Queen St, unit G53:
Features: 20m² retail unit
Rent: leased in November for $27,000/year net + gst, premises rental $1350/m²
Agents: Steven Liu & Sarah Boles

North-east

Albany

Corrected: 67 Corinthian Drive, part ground floor:
Features: 400m² office, 13 parking spaces (originally said 8)
Rent: leased in November for $133,520/year net + gst, parking $20/space/week (originally said $25), net rent excluding parking $120,000/year, premises rental $300/m²
Agent: Dean Gilbert-Smith

Rosedale

59 Apollo Drive, unit E1:
Features: 280m² office, 8 parking spaces
Rent: leased in October for $74,200/year net + gst, parking $20/space/week, net rent excluding parking $65,880/year, premises rental $235/m²
Agent: Jane Sims

Wairau Valley

10 Colway Place, unit 3B:
Features: 162m² industrial unit,
Rent: leased in November for $27,500/year net + gst, 2 parking spaces, at $169.75/m²
Agents: James Kidd & Trevor Duffin

Attribution: Agency release.

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All 3 sell at Colliers auction

All 3 commercial properties auction at Colliers today were sold under the hammer on strong yields – all under 5.5%.

Isthmus east

Penrose

643 Great South Rd:
Features: 5306m² site, 2542m² industrial building – medium-stud warehouse 2364m², office 93m², mezzanine 85m²
Rent: $229,200/year + opex + gst from 6-year lease to REP Powder Coating Ltd
Outcome: sold for $4.92 million at a 4.66% yield
Agents: Ben Herlihy & Hamish West

South

Airport Oaks

25 Rennie Drive:
Features: 2462m² site, refurbished light industrial building with net lettable area of 1683m² – 1148m² clearspan warehouse with 5.5m stud, offices & amenities 188m² on ground & 191m² first floor, new 3-year lease to Active Healthcare NZ Ltd
Rent: $184,920/year net + gst
Outcome: sold for $3.4 million at a 5.44% yield
Agents: Brad Johnston & Paul Jarvie

Wiri

67 Druces Rd (pictured):
Features: 4150m² industrial site, 2103m² floor area – warehouse 1647m², offices 189m² on ground & 88m² mezzanine, mezzanine storage 179m², 5-year lease from December 2013 to Australia company Pitango Pty Ltd
Rent: $182,577/year + outgoings + gst; market rent assessed at $226,195, which would push the yield on the sale price out to 6.5%
Outcome: sold for $3.48 million at a 5.25% yield
Agents: Paul Higgins, Brad Johnston & Dwayne Warby

Attribution: Auction.

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Updated: 9 sell at Bayleys’ Auckland commercial auction, 2 post-auction, 3 in Wellington, 1 in Whakatane

Published 28 October 2016, updated 7 November 2016:
9 of the 16 properties auctioned in Bayleys 6th Total Property portfolio for the year were sold under the hammer on Wednesday or shortly after.

They included 2 Post Shops, and the post-auction sale of 2 properties in a mixed portfolio offered by one vendor.

Another 2, in Manurewa & Wiri, have sold post-auction at prices substantially above the levels they were passed in at (details below).

In Wellington, all 3 properties in the Total Property offering yesterday were sold. Another in Whakatane was also sold.

The Auckland auction opened with the sale of 2 Post Shop/ Kiwibank premises, one in Royal Oak (pictured) selling on a yield just under 5% and one in Mt Eden on a 3.6% yield. The second of these, on Dominion Rd, went on the market at $3.1 million and sold for $750,000 more. Auction of a third Post Shop property, in Penrose, was postponed. 2 others in Kaitaia & Thames were up for tender, closing yesterday.

3 of the 4 properties offered by Kermani Properties Ltd were passed in and the fourth, a commercial kitchen & retail premises at ground level in the Grand Chancellor Hotel building, was withdrawn. However, sales were later concluded on a standalone building in the Otara town centre & 2 buildings on Papakura’s Broadway.

CBD

Queen St

175 Queen St, unit 14:
Features: vacant 228m² top floor, secure basement parking space
Outcome: passed in at $800,000
Agents: Quinn Ngo & Matt Lee

Victoria Quarter

Grand Chancellor, 1 Hobson St:
Features: 320m² street-level retail unit with kitchen, 2 entrances from hotel lobby & street
Outcome: withdrawn from auction
Agents: Millie Liang & Oscar Kuang

Isthmus east

Otahuhu

56-58 Atkinson Avenue:
Features: Box Building, 283m² corner site, residential & commercial tenants
Rent: $74,396/year net + gst
Outcome: no bid
Agents: Tony Chaudhary & Janak Darji

Penrose

39 Station Rd:
Features: 822m² site, 413m² Post Shop building, 7 parking spaces, seismic rating 60% new building standard
Rent: $63,000/year net + gst
Outcome: auction postponed
Agents: Cameron Melhuish & Andrew Wallace

Remuera

551-553 Remuera Rd:
Features: 531m² site, 220m² 2-level character building, ground-floor retail, offices upstairs, rear access off Upland Rd; 3-year lease from May to long established tenant School Uniform Centre, in occupation since 1998, with 2 3-year rights of renewal
Rent: $57,200/year net + gst
Outcome: sold for $1.69 million at a 3.38% yield
Agents: James Chan, Quinn Ngo & Owen Ding

Royal Oak

794 Manukau Rd:
Features: 581m² site on roundabout, 277m² single-level building, A grade seismic rating; town centre zoning, 27m height overlay; building occupies about half the site on one title, separate land-only title used for casual parking
Rent: $103,000/year net + gst; Post Shop/ Kiwibank franchisee contributes $58,000, balance paid by liquor store
Outcome: sold for $2.07 million at a 4.97% yield
Agents: Cameron Melhuish & Alan Haydock

Isthmus west

Mt Eden

371 Dominion Rd:
Features: 974m² corner site, 581m² 2-level building fully occupied on 3- to 6-year lease terms; Post Shop/Kiwibank franchisee & copy centre occupy the ground floor with an office tenant above; An underutilised vacant land area behind the building, accessed off King Edward St, provides a development opportunity; local centre zoning allows buildings up to 3 storeys incorporating upper floor residential
Rent: $134,362/year net + gst
Outcome: sold for $3.85 million at a 3.59% yield
Agents: Cameron Melhuish & Alan Haydock

North

Whangarei

Kensington, 11 Kensington Avenue:
Features: 2300m² site, new 650m² radiology facility set among other healthcare complexes, 9-year lease to TRG Imaging, NZ’s largest radiology group, one 6-year right of renewal
Rent: $192,000/year net + gst
Outcome: sold for $3.115 million at a 6.16% yield
Agents: Ranjan Unka & Ross Blomfield

North-east

Albany

6-8 Omega St, units 7 & 9:
Features: office units of 227m² & 222m², 8 exclusive parking spaces + more shared
Rent: $110,000/year net + gst from new 3-year lease
Outcome: withdrawn from auction
Agents: Alex Strever & Dean Gilbert-Smith

52 Oteha Valley Rd, unit A:
Features: 70m² retail unit occupied by liquor store
Rent: lease recently renewed for 3 years at $30,102/year net
Outcome: sold for $585,000 at a 5.14% yield
Agents: Matt Mimmack & Alex Strever

South

East Tamaki

20 Kerwyn Avenue, factory 1:
Features: cross-lease, half share in 3000m², 765m² medium-stud industrial premises on high visibility corner site with dual street access; 587m² factory/workshop with 4 roller doors
Rent: longstanding monthly tenancy returning $81,900/year
Outcome: sold for $1.825 million at a 4.48% yield
Agents: Jamsheed Sidhwa & Luke Carran

11 Stonedon Drive, unit H:
Features: 170m² industrial unit, 2 roller doors, 3 parking spaces; tenant of 12 years, United Industries, has signed for an additional 5 years, with 5 more 5-year rights of renewal
Rent: $32,400/year net + gst
Outcome: sold for $720,000 (including $93,913 gst) at a 5.17% yield
Agents: Nelson Raines

Manurewa

Updated: 185-189 Great South Rd:
Features: 2-level 1124m² commercial unit with multiple retail & office tenants, between New World & South Mall entrance
Rent: $215,921/year net + gst
Outcome: passed in at $2 million, sold post-auction for $2.45 million at an 8.81% yield
Agents: Oscar Kuang, James Chan, Tony Chaudhary & Janak Darji

Otara

The Kermani building on Fair Mall place, Otara, sold post-auction.

The Kermani building on Fair Mall place, Otara, sold post-auction.

19 Fair Mall Place:
Features: 501m² site in heart of the town centre, multi-tenanted 980m² building; ground floor fully leased on 3- to 6-year terms to butcher, TAB, pizza outlet & discount store; 485m² upstairs, recently occupied by a nightclub, is vacant
Rent: $174,702/year net + gst
Outcome: passed in at $1.675 million, sold shortly after for $1.76 million
Agents: Oscar Kuang & James Chan

Papakura

28-30 Broadway:
Features: 488m² site in 2 titles, 2 adjoining retail & office buildings totalling 569m², metropolitan centre zoning has height allowance of 40.5m
Outcome: passed in at $510,000, sold shortly after for $545,000 with vacant possession
Agents: Oscar Kuang, Peter Migounoff & Tony Chaudhary

201-203 Great South Rd:
Features: 438m² site, vacant 700m² floor area – 390m² ground-floor retail in former bank, 131m² mezzanine, 179m² rear warehouse & parking
Outcome: no bid
Agents: Piyush Kumar & Peter Migounoff

82 Hunua Rd:
Features: 1.9488ha site zoned industrial 4 (heavy zoning)
Outcome: no bid
Agents: Shane Snijder & Peter Migounoff

Wiri

Updated: 14 Aerovista Place:
Features: 3931m² bare land, zoned heavy industrial, new 5-year lease from March 2016 to Titan Containers NZ
Rent: $100,000/year net + gst
Outcome: passed in at $1.55 million, sold post-auction for $1.75 million at a 5.71% yield and a land value of  $445/m2
Agents: Nick Bayley & Dave Stanley

South of the Bombays

Bay of Plenty

Whakatane

34 Valley Rd:
Features: 3046m² site, 1548m² storage facility, multi-tenanted 74-unit complex with 95-100% occupancy
Outcome: sold as a freehold going concern for $1.325 million
Agents: Brendon Bradley & Matthew Gibbard

Manawatu

Palmerston North

14-18 Broadway Avenue (auctioned in Auckland):
Features: 337m² site, 1400m² floor area,
Rent: $36,000/year net + gst from 2 tenants
Outcome: no bid
Agents: Quinn Ngo & Owen Ding

Wellington

Lower Hutt – Alicetown

31 Wakefield St:
Features: 485m² workshop/office building, fully refurbished & strengthened to 75% of new building standard, new 6-year lease to Central Electrical which has been in occupation for 15 years
Rent: $55,000/year net + gst, annual 2.5% increases
Outcome: sold for $720,000 at a 7.63% yield
Agents: Andrew Smith & Paul Cudby

Tawa

180-182 Main Rd:
Features: 506m² site in shopping precinct, 670m² 2-level commercial building, 5 leased retail tenancies on ground floor plus 5 smaller office tenancies above and one larger vacant office tenancy
Outcome: sold for $869,000
Agent: Jon Pottinger

Upper Hutt

806 – 808 Fergusson Drive:
Features: 916m² fringe city site, 960m² high stud warehouse; Jetts Gym & Pak ’n Save have new leases running until 2022
Rent: $110,000/year net + gst
Outcome: sold for $1.21 million at a 9.09% yield
Agents: Matt Gibbs & Fraser Press

Attribution: Auction, agency releases.

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