2 properties taken to tender through Bayleys’ last Total Property campaign have been sold.
15 Nugent St (pictured):
Features: under-utilised 1988m2 site with 30 parking spaces, near the Khyber Pass Rd intersection, 939m2 industrial building occupied by a longstanding automotive tenant, Autohaus NZ Ltd, on 12-month lease; unitary plan mixed-use zoning allows buildings up to 5 storeys (20.5m), with Auckland Boys’ Grammar School zoning enhancing residential development appeal
Rent: $162,000/year net + gst
Outcome: sold for $6.7 million at a 2.42% yield & land value of $3370/m2
Agents: Alan & Phil Haydock
4 Station Rd:
Features: Caltex service station on 2957m2 site on State Highway 1 corner, 242m2 1980s commercial building contains the service station’s Fix retail premises plus a separate takeaway restaurant & fish shop, trading as Stumpy’s & operating under a sub-lease; over 11 years remaining on 23-year lease + 2 10-year rights of renewal
Rent: $208,343/year net + gst, annual rental increases to higher of 2% or CPI
Outcome: sold for $3.1 million at a 6.7% yield
Agents: Alan Haydock, Damien Bullick, Ken Hu & Tonya Spicer
Attribution: Agency release.