Archive | Takanini

8 out of 10 sell at Bayleys commercial auction

8 of the 10 properties in Bayleys’ Total Property commercial auction yesterday were sold under the hammer.

6 of them were vacant or with short leases. Of the 3 where a yield could be calculated, an Asian supermarket in Papakura (outlined in picture) sold at 4.7%, a Grange hair salon at Warkworth sold at 5.9% and a Birkenhead property with 5 tenants sold at 6%.

Isthmus east

Onehunga

12 George Terrace:
Features: vacant 521m² site, 515m² refurbished standalone industrial building, zone allows live/work or residential
Outcome: sold for $1.4 million
Agents: James Valintine & William Gubb

Parnell

11 Farnham St:
Features: 269m² site, standalone building with 4 levels built 10 years ago, 659m² floor area, private lift to penthouse on top 2 floors, conservatory, 4 bedrooms, 5/6-car garage + secured yard parking on ground floor, partitioned office & amenities on level 1, air-conditioned on levels 1-3
Outcome: sold for $3.22 million
Agents: Millie Liang

St Johns

121 Morrin Rd:
Features: 4755m² site, 2312m² high stud warehouse, 6 roller doors, small office, yard + parking
Rent: short-term tenancy in place
Outcome: sold for $6.81 million
Agents: Jamsheed Sidhwa, Luke Carran & James Valintine

North-east

Birkenhead

49-55 Birkenhead Avenue:
Features: 801m² site, 481m² floor area, 5 tenants, town centre zoning has 21m height limit
Rent: $112,070/year net + gst
Outcome: sold for $1.867 million at a 6% yield
Agents: Michael Nees, David Huang & Oscar Kuang

Browns Bay

755 Beach Rd:
Features: vacant 1029m² site, 70m² building, mixed use zoning allows building height up to 4 storeys
Outcome: passed in at $700,000
Agents: Ranjan Unka & Anna Radkevich

Rosedale

372 Rosedale Rd, unit 2A:
Features: 186.7m² first-floor office, 6 parking spaces, tenant Bayleys Real Estate Ltd
Rent: $58,209/year net + gst + outgoings, 18-month lease from 1 April, 2 18-month rights of renewal
Outcome: no bid
Agents: Matt Mimmack & Eddie Zhong

Unsworth Heights

1 Greenwich Way, shop 7:
Features: 186m² retail unit, tenant BookPrint Ltd
Rent: $51,520/year net + gst + outgoings
Outcome: withdrawn from auction
Agents: Dean Gilbert-Smith & Adam Curtis

Warkworth

The Grange, 67 Auckland Rd, unit 22A & 22B:
Features: 119m² shop, tenant Vivo Beauty Ltd
Rent: $49,100/year net + gst, new 8-year lease
Outcome: sold by the developer, Square & Main Street Ltd (Adam Reynolds) for $830,000 at a 5.9% yield
Agents: Matt Lee, James Chan & Henry Napier

North-west

Henderson

111 Lincoln Rd, unit FB:
Features: retail unit, tenant Petstock
Rent: $105,000/year net + gst, new 6-year lease
Outcome: withdrawn from auction
Agents: Tony Chaudhary & James Chan

South

East Tamaki

20 Ra Ora Drive:
Features: vacant 4885m² site, metalled, fenced & electronic security gate, former Howick Bus Co Ltd depot
Outcome: sold for $2 million
Agents: John Bolton, Roy Rudolph & Katie Wu

Papakura

303-305 Great South Rd:
Features: 2023m² site zoned business mixed use, Asian supermarket tenant
Rent: $161,740/year net + gst, new 4-year lease + 3 4-year rights of renewal
Outcome: sold for $3.44 million at a 4.7% yield
Agents: Quinn Ngo, Matt Lee & Piyush Kumar

Takanini

305 Great South Rd:
Features: vacant 990m² industrial site, 448m² warehouse
Outcome: sold for $1.52 million
Agents: Shane Snijder & Peter Migounoff

Attribution: Auction.

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Augusta sale on Carbine Rd among 8 Bayleys deals

Augusta Capital Ltd has sold a large syndicated Carbine Rd industrial property in Mt Wellington (pictured) through Bayleys. The agency has also sold 5 East Tamaki properties and 2 more in Takanini & Wiri.

Isthmus east

Mt Wellington

100 Carbine Rd:
Features: 4.48ha site, 29,526m² of buildings – 1970s warehouse, 7-10m stud height, extension added in 2005 providing 9-11m-high clearspan warehousing, separate 2-level air-conditioned office building & large staff cafeteria at the front plus yard areas; currently used as a distribution centre by Bunnings Warehouse, which will be vacating in March
Outcome: sold for $36.8 million to owner-occupier on behalf of Augusta Value-Add Fund No1 Ltd, with vacant possession
Agents: Mike Houlker, Sunil Bhana, James Valintine, James Hill & Scott Campbell

South

East Tamaki

2 Harris Rd:
Features: 3248m² corner site, 1516m² extensively refurbished & reconfigured commercial building, 52 parking spaces; Bayleys Real Estate is the anchor tenant on a 12-year lease from October 2016, insurance broker AON NZ has a 6-year lease on 478m² of office space
Rent: $501,600/year net + gst
Outcome: sold for $7.6 million at a 6.6% yield
Agents: Tony Chaudhary, Janak Darji, Chris Bayley & Stuart Bode

22 Harris Rd, units 2B & 2C:
Features: 2 adjoining industrial units of 441m² & 274m², tenant in occupation for 16 years
Rent: $66,000/year net + gst
Outcome: sold for $1.2 million at a 5.5% yield
Agents: Nelson Raines (Bayleys) & David Turner (Commercial Realty)

44 Crooks Rd, unit B:
Features: 622m² modern industrial unit – 332m² 8m-high, open span warehouse,  144m² ground-floor showroom, 114m² first-floor offices, 13 parking spaces
Outcome: sold vacant for $1.7 million
Agents: Katie Wu, Roy Rudolph & John Bolton

37 Greenmount Drive, unit C7:
Features: 109m² tilt-stab industrial unit – 81m² high stud warehouse & amenities, 28m² mezzanine floor, full height roller door access
Outcome: sold vacant for $330,000
Agents: Roy Rudolph & Katie Wu

11 Andromeda Crescent, unit 4B:
Features: 88m² industrial unit, food grade fitout including chiller
Outcome: sold vacant for $285,000
Agent: Nelson Raines

Takinini

26 Inlet Rd:
Features: 2707m² industrial site
Outcome: sold for $1.7 million at $628/m²
Agent: Nick Bayley

Wiri

18 Joval Place, unit F:
Features: 240m² industrial unit, mid-stud, clearspan warehouse in a busy cul-de-sac
Outcome: sold vacant for $676,000
Agent: Karl Price

Attribution: Agency release.

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Updated: 2 post-auction sales; strong yields for some, no bid on others as 6 sell at Bayleys’ commercial auction

Published 3 August 2017, updated twice on 9 August 2017
Sale of a small character building at the foot of College Hill at Bayleys’ Total Property commercial auction last Wednesday showed the right property could still sell at a yield under 5%.

That was confirmed by the post-auction sale of a Hurstmere Rd property in Takapuna, at a yield just below 4%. Also sold post-auction was a 2-storey building in East Tamaki occupied by a bar & gaming lounge, sold on a 6.5% yield.

Mind you, sub-5%, or even below 4%, isn’t quite a match for the sub-3% yields 2 old converted houses at the top of College Hill went for at auction in June.

Still, there was a buzz in the auctionroom which has been missing from most auctions in recent months, as auctioneers have tried to squeeze an offer from a smattering of mostly reluctant bidders.

6 properties were sold under the hammer at yesterday’s commercial auction. 4 attracted no bid out of the 7 passed in. Another 2 properties on the list had their auctions postponed and one was withdrawn completely.

Finance has become a central issue in all forms of property transaction, and agents told me of numerous new barriers in the way of a sale, such as insistence on tighter lease terms where those terms had previously not even been raised.

Scores of properties have been passed in without attracting a bid at auctions around Auckland this year, but the absence of a bid on the ANZ premises in the Lincoln North shopping centre in Henderson yesterday was in stark contrast to the frenzy of bidding that occurred when developer Frank Reynolds sold the centre down in 2009.

That was about 18 months into the global financial crisis, a time when caution abounded, but it was also a time when there were plenty of Chinese buyers keen on small retail & fast-food premises and willing to bid strongly. With a new 9-year lease in place, the ANZ premises sold in 2009 for $3.03 million at a 5.47% yield. On that day, all 22 units in the centre sold under the hammer.

CBD

Victoria Quarter

20 Centre St:
Features: 260m² – 83m² café, 177m² office & showroom,
Rent: $100,000/year net + gst
Outcome: no bid
Agents: Oscar Kuang, Ben Wallace & James Chan

Isthmus east

Otahuhu

21 Hall Avenue:
Features: 397m² site zoned business town centre, vacant 269m² building previously occupied by a bank, 5 rear parking spaces  
Outcome: sold for $1.23 million
Agents: Piyush Kumar Peter Migounoff, Tony Chaudhary & Janak Darji

Parnell

11 Farnham St:
Features: 269m² site, standalone building with 4 levels built 10 years ago, 659m² floor area, private lift to penthouse on top 2 floors, conservatory, 4 bedrooms, 5/6-car garage + secured yard parking on ground floor, partitioned office & amenities on level 1, air-conditioned on levels 1-3
Outcome: auction postponed
Agents: Millie Liang

Isthmus west

Avondale

1843 Great North Rd:
Features: 2309m² site zoned multi-use commercial with 32.5m height limit, café & villa with 250m² floor area
Rent: $42,898/year net + gst
Outcome: auction postponed
Agents: Laurie Bell & Kate Kirby

Freemans Bay

3 College Hill:
Features: 276m² site, fully leased 592.5m² 3-level character building, retailer Boardertown occupies basement & ground floor, office tenant above, on leases running to 2023 & 2024 plus signage lease
Outcome: sold for $3.075 million at a 4.92% yield
Agents: Cameron Melhuish, Andrew Wallace & Genevieve Thompson-Ford

North-east

Rosedale

100 Bush Rd, units C & D:
Features: unit C 245m², Unit D 167m², corner office building, new 6-year lease from 1 June, 15 parking spaces
Rent: $118,575/year net + gst
Outcome: withdrawn from auction
Agents: Laurie Burt & Dean Gilbert-Smith

1 Cebel Place, unit B:
Features: 668m² warehouse, showroom & office unit, 15 parking spaces, Wesfarmers subsidiary NZ Safety Blackwoods renewed its lease for 4 years in June, with one further 4-year right of renewal
Rent: $134,000/year net + gst + opex
Outcome: sold for $2.38 million at a 5.63% yield
Agents: Laurie Burt, Matt Mimmack, Tony Chaudhary & Amy Weng

8 Piermark Drive, unit D:
Features: 401m² industrial unit in modern unit-title development with drive-round access, 265m² of high stud warehousing, 2 levels of showroom & office space, 7 parking spaces
Outcome: sold vacant for $1.3 million
Agents: Laurie Burt & Matt Mimmack

Takapuna

Updated: 178 Hurstmere Rd:
Features: 567m² site, 995m² building with dual frontage to Hurstmere Rd & Killarney St, 2 ground-floor shops, first-floor restaurant & hairdressing salon
Rent: $269,117.76/year net + gst + opex current from 4 tenancies after a lease on vacant space was concluded, (originally I used the rental figure used at the start of the campaign, $159,118, plus potential for further $120,000/year)
Outcome: passed in at $6.5 million, sold post-auction for $6.8 million at a 3.96% yield
Agents: Brian Caldwell, Ashton Geissler & Damian Stephen

Wairau Valley

7 Porana Rd, unit C:
Features: vacant 245m² industrial unit, 5 parking spaces        
Outcome: no bid
Agents: Ashton Geissler & Matt Mimmack

135 Sunnybrae Rd:
Features: 1257m² roadfront site, 683m² partly earthquake-prone warehouse & workshop building, longstanding upholstery tenant recently exercised final 2-year right of renewal, smaller rear tenancy on short lease       
Outcome: sold for $1.625 million at a 5% yield to a car sales business
Agents: Ashton Geissler & James Kidd

North-west

Henderson

The Lincoln North shopping centre.

Lincoln North shopping centre, 192 Lincoln Rd, unit 4A:
Features: 503m², ANZ Bank branch on 6-year lease from December 2015, 3 3-year rights of renewal
Rent: $167,550/year net + gst
Outcome: no bid
Agents: Oscar Kuang & James Chan

Westgate

7 Maki St, unit 3:
Features: retail unit, NZ Post as tenant
Rent: $112,513/year net + gst
Outcome: no bid, back on the market at $1.725 million + gst
Agents: Andrew Wallace, Cameron Melhuish & Genevieve Thompson-Ford

South

East Tamaki

Botany South, 8 Bishop Lenihan Place, unit H:
Features: 158m², vacant retail unit in 19-unit complex, 7 allocated parking spaces
Outcome: sold for $580,000
Agents: Terry Kim, Tony Chaudhary & Steven Liu

Updated: 272 Ti Rakau Drive, unit B:
Features: 443m² 2-storey building, 9 parking spaces, bar & gaming lounge on 10-year lease starting in March
Rent: $118,000/year net + gst + opex
Outcome: passed in at $1.6 million, sold post-auction for $1.825 million at a 6.5% yield
Agents: Tony Chaudhary, Janak Darji & Amy Weng

Takanini

88-94 Great South Rd, unit F:
Features: 1191m² floor area, 6 tenancies fully leased
Rent: $242,000/year net + gst     
Outcome: passed in at $3.5 million
Agents: Piyush Kumar & Peter Migounoff

Earlier stories:
13 June 2017: Sub-3% yields on College Hill, and Queen St office sells
8 July 2009: 22 out of 22 shops go at auction

Attribution: Auction.

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4 intensive residential & development properties sell

A mix of 4 properties in the intensive living & residential development sectors were sold at Bayleys auctions this week – an apartment in the 1930s Brooklyn building in the cbd, one of 2 properties in the future urban zone 28km north of the cbd at Dairy Flat, a St Heliers townhouse and a Manurewa section with development consents in place.

CBD

Learning Quarter

Brooklyn, 66 Emily Place, unit 14:
Features: one-bedroom apartment in 1930s building
Outgoings: rates $1532/year including gst; body corp levy $4208/year
Outcome: sold for $461,000
Agents: Diane Jackson & Julie Prince

Isthmus east

St Heliers

41C Vale Rd:
Features: 3-bedroom townhouse, 3 bathrooms, courtyard, parking space
Outcome: sold for $1.125 million
Agents: John Howard & Josie Moon

North-east

The 2 rural properties marked future urban, one sold and the other passed in.

Dairy Flat

18 Green Rd:
Features: flat 3.38ha in 18 paddocks, 3-bedroom house, 2 bathrooms, double garage
Outcome: passed in
Agents: Graeme Mann & Karen Asquith

20 Green Rd:
Features: 9620m² site, 2 tenanted houses, one of 2 bedrooms, the other of 3 bedrooms & 2 bathrooms, each with a single garage
Outcome: sold for $1.3 million
Agents: Graeme Mann & Karen Asquith

South

Manurewa

40 Sturdee Rd:
Features: 809m² section, 3-bedroom house near motorways, health facilities & shopping centres, resource & building consents for development approved
Outcome: sold for $725,000
Agents: Shan Collings & Marlene Dragicevich

Takanini

220 Great South Rd, unit 1:
Features: 161m² refurbished standalone mainstreet bungalow containing 7 single-level offices
Outcome: passed in
Agents: Piyush Kumar & Peter Migounoff

Attribution: Agency release.

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10 sell at Bayleys’ commercial auction

9 properties were sold under the hammer and one post-auction of the 17 in Bayleys’ commercial auction yesterday. Another 3 were sold prior.

[Today’s report is short on some detail.]

CBD

Learning Quarter

5 Eden Crescent, units A & B:
Features: 600m² strata title, renovated, licensed karaoke bar & restaurant
Rent: $161,000/year net + gst
Outcome: passed in at $2.5 million
Agents: Oscar Kuang & Nicolas Ching

Queen St

239 Queen St, unit 1A:
Features: new 12-year lease
Rent: $150,657/year net + gst
Outcome: withdrawn from auction
Agents: Quinn Ngo & James Chan

Isthmus east

Ellerslie

38 Eaglehurst Rd, unit 7:
Features: warehouse
Outcome: declared reserve of $600,000, sold for $800,000
Agents: Andrew Wallace & Cameron Melhuish

Epsom

206 Manukau Rd:
Features: 898m² corner section,
Rent: $67,340/year holding income
Outcome: passed in at $3.55 million
Agents: Owen Ding & James Chan

Mission Bay

2 Atkin Avenue, unit 1:
Features: 374m² site zoned mixed use (up to 18m) under unitary plan, 3-bedroom unit, garage
Outcome: sold for$1.955 million
Agents: Phil Haydock & Angela Yang

Onehunga

18 George Terrace:
Features: 342m² site zoned mixed use, warehouse, office, amenities
Outcome: sold for $1.072 million
Agents: James Valintine & William Gubb

4 Newsome St:
Features: 493m², permissible height 20m
Outcome: no bid
Agents: Tony Chaudhary & James Valintine

Panmure

100 Queens Rd:
Features: town centre zone under unitary plan
Rent: $121,000/year net + gst
Outcome: passed in at $1.6 million
Agents: Mark Pittaway

Isthmus west

Eden Terrace

12 Fleet St:
Features: 336m² site
Rent: $52,260/year
Outcome: sold prior at declared reserve of $1.25 million
Agents: James Were & Scott Kirk

Mt Roskill

439 Mt Albert Rd:
Features: corner site, 4-bedroom home, internal garage, 3 commercial tenancies on ground floor
Outcome: auction postponed
Agents: Phil Haydock & Angela Yang

Ponsonby

91 College Hill:
Features: 337m² site zoned mixed use, 275m² gross floor area, 5 secure parking spaces
Outcome: sold for $2,577,500
Agents: Nigel McNeill & Meredith Graham

Sandringham

513 Sandringham Rd:
Features: retail + refurbished 3-bedroom flat
Rent: $88,060/year
Outcome: sold for $1.75 million
Agents: Scott Kirk & Damien Bullick

North-east

Northcote

44 Akoranga Drive:
Features: 946m² corner site, mixed use zone next to AUT
Outcome: sold for $2.5 million
Agents: Michael Nees & Simon Aldridge

Takapuna

6 & 6A Blomfield Spa:
Outcome: withdrawn from auction
Agents: Simon Aldridge & David Huang

Wairau Valley

170 Wairau Rd, unit 18:
Features: Hell Pizza on long-term lease
Rent: $54,000/year net + gst + outgoings
Outcome: sold for $990,000
Agents: Paul Dixon & Tony Chaudhary

North-west

Glendene

3 Bancroft Crescent:
Features: 3584m² site, long-term tenant, 6-year lease term with renewal rights
Rent: $225,000/year net + gst
Outcome: passed in at $2.775 million
Agents: Dave Stanley & Stuart Bode

New Lynn

3019 Great North Rd & 2 Bentinck St:
Features: 1459m² corner site in 2 titles, vacant possession
Outcome: passed in at $1.625 million at $1114/m²
Agents: Mike Adams & Scott Kirk

South

Botany Downs

286 Cascades Rd:
Features: 7493m² site opposite Pakuranga golfcourse, 70m frontage to Cascades Rd
Outcome: sold for $6.1 million
Agents: Dave Stanley & Graeme Sun

Botany South

Bishopsgate business centre, 2 Bishop Dunn Place, unit 32:
Features: 134m² first-floor office, storage, 2 parking spaces
Outcome: sold for $465,000
Agents: Geoff Wyatt & Dave Stanley

Takanini

292 Great South Rd:
Features: 2209m² site, standalone office & warehouse building anchored by long-term office lease + 2 warehouse tenants
Rent: $152,592/year net + gst
Outcome: sold for $2.68 million
Agents: Sunil Bhana & Peter Migounoff

South of the Bombays

Gisborne

412 Gladstone Rd:
Features: 670m² store, seismic rating 100% new building standard, 6-year lease term
Rent: $122,569/year
Outcome: passed in at $1.5 million, sold post-auction for $1.52 million at an 8% yield
Agents: Paul Garland & Colin McNab

Attribution: Auction.

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Bunnings Takanini sells on 5.24% yield

Bunnings Warehouse Takanini has been sold for $26.5 million following a strong response to the tendering of the property.

The 10,433m² building on a 1.7ha corner site at 167-173 Great South Rd was opened in December 2013 and has been sold with a new 12-year lease back to Bunnings at a 5.24% yield through Dave Stanley, James Chan & Tony Chaudhary of Bayleys Real Estate. It was the first Bunnings Warehouse property in Auckland to be offered for sale this year.

Mr Stanley said: “The property attracted very strong interest, with a large number of tenders received from Auckland & Wellington-based investors as well as from offshore parties. The low yield achieved for the property reflects a combination of factors that made it a very compelling investment. These included a high quality, modern building located on a very high profile site in one of Auckland’s fastest growing areas, with a long lease to one of Australasia’s best retail covenants.”

Bunnings’ New Zealand general manager, Jacqui Coombes, said the sale was in line with the group’s long-term strategic approach of releasing capital on lease terms which provide flexibility to Bunnings from an operational perspective, while providing investors with exposure to high quality retail properties backed by the strength of the Bunnings covenant.

The area around the store has developed into a significant retail precinct occupied by numerous national & international brands. Nearby neighbours include Countdown, Pak‘n Save, The Warehouse and a host of smaller retail & convenience stores, many of them in the Southgate Shopping Centre & Takanini Village.

“Takanini has experienced significant expansion in the last 5-10 years and that growth looks set to continue with a second stage of retail development planned for Takanini Village and 469ha of land zoned future urban under the unitary plan which could accommodate up to an estimated 4500 new dwellings,” Mr Stanley said.

Attribution: Agency release.

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Heritage building sells 2 months after auction

A heritage building in Pukekohe (pictured) passed in at Bayleys’ Total Property auction on 1 June has been sold on a firm yield, and a brand-new warehouse in the Stonehill Business Park at Wiri has been leased.

They’re among the latest 5 transactions reported by Bayleys’ East Tamaki office.

South

Papatoetoe

558 Great South Rd:
Features: 2530m2 main residential site with 1130m2 Budget Travellers Inn 40-room motel complex
Outcome: sold as freehold going concern for $4.4 million
Agent: Tony Chaudhary

Pukekohe

3 West St:
Features: 276m2 cbd site, 392m2 2-level heritage building dating back to the early 1900s, 3 tenancies including Thai restaurant, café & bakery plus first-floor 4-bedroom apartment, 34% new building standard
Rent: $71,406/year net + gst
Outcome: passed in at 1 June auction at $1.04 million, sold post-auction for $1.1 million at a 6.5% yield
Agent: Graeme Moore

Takanini

206 Great South Rd:
Features: 1339m2 site with warehouse & office, occupied by car wholesaler on 4-year lease from January 2014
Rent: $60,000/year net + gst
Outcome: sold for $1.275 million at a 4.7% yield
Agent: Tony Chaudhary

Wiri

17A Hobill Avenue:
Features: 245m2 industrial unit – 142m2 warehouse, 52m2 office, 52m2 showroom, plus 15m2 canopy, 5 parking spaces
Outcome: sold vacant for $710,000
Agent: Mike Marinkovich

Lease

Wiri

3 Wilco Place:
Features: Brand new 1444m2 industrial building in new Stonehill Business Park – 1228m2 of high stud warehouse, dual roller door access, 216m2 office, 14 parking spaces, leased for 5 years from July 2016 with 2 5-year rights of renewal
Rent: $214,000/year net + gst
Agent: Mike Marinkovich

Attribution: Agency release.

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3 commercial sales in Matakana, Henderson & Takanini

A mixed-use Matakana site (in picture foreground) sold by Colliers & NAI Harcourts agents is one of 3 new transactions reported by Colliers. The other 2, both commercial, are in Henderson & Takanini.

North

Matakana

33, 35 & 41 Matakana Valley Rd:
Features: 3369m² mixed-use site in 3 titles, each with a house on it
Outcome: sold for $2.1 million
Agents: Jonathan Lynch (Colliers) & Richard Parkinson (NAI Harcourts)

North-west

Henderson

404 Great North Rd:
Features: 1268m² 2-storey building, 634m2 ground-floor retail vacant
Outcome: sold for $1.8 million
Agents: Michael Bray & Craig Smith

South

Takanini

15 Inlet Rd:
Features: 7701m² site, 3433m² showroom/warehouse in 2 buildings, Trade Depot Ltd lease expires next March
Rent: $323,000/year net from present lease
Outcome: sold for $3.375 million
Agents: Paul Jarvie & Andrew Hooper

Attribution: Agency release.

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Papakura building with upstairs apartments proposed among 3 southern sales

A retail building in Papakura (pictured), with NZ Post & Co-op Bank as tenants and an apartment development proposed upstairs, is among 3 properties Bayleys agents have sold around the south of the Auckland region. The other 2 were a vacant building in Takanini and an industrial site containing development land in Tuakau.

South

Papakura

138-142 Great South Rd:
Features: 2023m2 site zoned commercial 3, 1579m2 retail building, 20 parking spaces; 498m2 leased to NZ Post for 9 years from December 2010, one 6-year right of renewal; 288m2 leased to the Co-operative Bank for 3 years from October 2013, one 3-year right of renewal; 335m2 vacant; 11 upper-level apartments proposed
Rent: $173,949/year net + gst
Outcome: sold for $2.36 million
Agents: Piyush Kumar & Peter Migounoff

Takanini

4 Graham Rd, unit E:
Features: industrial building – 398m2 warehouse, 196m2 office
Outcome: sold vacant for $1.19 million
Agents: Janak Darji, Tony Chaudhary & Peter Migounoff

Tuakau

23A Carr St:
Features: 1.4302ha industrial site, purchaser to complete the subdivision into 2 lots – 9346m2 lot 1 has a 1960m2 packing shed with 650m2 canopy, leased for 6 years from February, one 6-year right of renewal; lot 2 is 4951m2 of development land
Rent: lot 1, $135,000/year net + gst
Outcome: sold for $2.3 million in total – lot 1 for $1.8 million at a 7.5% yield, lot 2 for $500,000
Agents: Shane Snijder, Peter Migounoff & Gordon Gibson

Attribution: Agency release.

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6 commercial sales around Manukau

Bayleys agents have completed 6 commercial sales in Clendon, Manukau Central & Wiri.

South

Clendon

421 Roscommon Rd, unit A:
Features: 1340m2 retail building
Outcome: sold vacant for $1.995 million
Agent: Tony Chaudhary

429 Roscommon Rd:
Features: 2100m2 business 5 site, 540m2 warehouse
Outcome: sold vacant for $2.025 million
Agents: Tony Chaudhary, Janak Darji & Amy Weng

Manukau Central

78B Grayson Avenue:
Features: 205m2 industrial building – 194m2 warehouse, 25m2 office, 2 parking spaces
Outcome: sold vacant for $405,000
Agent: Mike Marinkovich

12 Lambie Drive (pictured):
Features: Underdeveloped 7218m2 business 5-zoned site, 5255m2 2-level building with mix of office & warehouse, fully leased to 11 tenants, 92 parking spaces
Rent: $588,100/year net + gst
Outcome: sold for $7 million at an 8.4% yield
Agent: Alan Haydock

Wiri

1 Hautu Drive, unit 5:
Features: 471m2 industrial building – 294m2 warehouse, 97m2 office, 80m2 showroom
Outcome: sold vacant for $1.150 million
Agents: Nick Bayley & Marty Roestenburg

6A & B Earl Richardson Avenue:
Features: 2 small industrial units – 240m2 road-front unit & 180m2 unit, 9 parking spaces
Outcome: sold vacant for $850,000
Agent: Mike Marinkovich

Attribution: Agency release.

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