Archive | Bayleys

3 sales & 7 leases on Shore

Bayleys agents on the Shore have completed 3 sales in Rosedale & Unsworth Heights, and 7 leases spread around Hauraki, Milford, Northcote, Rosedale & Takapuna.

North-east

Sales:

Rosedale

5 Civil Place, unit B:
Features: 232.1m² industrial unit – warehouse 143.6m², first-floor office 47.6m², ground-floor 40m², 4 parking spaces
Rent: $34,000 + gst
Outcome: sold in March for $726,000 + gst at a 5.68% yield, $3128/m² (including parking)
Agents: Matt Mimmack & Laurie Burt

27-29 William Pickering Drive, unit F4:
Features: 210m² office, 6 parking spaces
Outcome: sold in March for $760,000 + gst, $3619/m² (including parking)
Agents: Alex Strever & Ildy Meixner

Unsworth Heights

145 Unsworth Drive, unit 7:
Features: 186m² retail, 5 parking spaces
Outcome: sold in March for $520,000 + gst at $2796/m² (including parking)
Agents: Dean Gilbert-Smith & Adam Curtis

Leases:

Hauraki

347-349 Lake Rd, shop 2:
Features: 55m² retail
Rent: leased in March for $17,000/year net + gst, premises rental $309/m²
Agents: David Huang & Adam Curtis

Milford

56 Apollo Drive, unit 3A:
Features: 67.4m² retail,
Rent: leased in March for $34,000/year net + gst, premises rental $504/m²
Agent: Terry Kim

177A Shakespeare Rd, upper floor:
Features: 68m² office, 3 parking spaces
Rent: leased in March for $24,000/year net + gst, premises rental $353/m² (parking free)
Agent: Terry Kim

Northcote

Northmed, 3 Akoranga Drive, tenancy 3:
Features: 280m² retail, 2 parking spaces
Rent: leased in March for $160,520/year net + gst, parking $25/space/week, premises rental $564/m²
Agent: Jane Sims

Rosedale

34 Triton Drive, unit C4:
Features: 230m² office, 7 parking spaces
Rent: leased in March for $59,000/year net + gst, parking $20/space/week, net excluding parking $51,760/year, premises rental $225/m²
Agent: Alex Strever

36 William Pickering Drive, unit 4:
Features: 175m² industrial unit, 7 parking spaces
Rent: leased in March for $32,000 – 58m² office at $221/m², 67m² warehouse $120/m², 50m² showroom $221/m²
Agents: Ryan Dannhauser & Trevor Duffin

Takapuna

475 Lake Rd, level 1:
Features: 110m² office, 2 parking spaces
Rent: leased in March for $27,320/year net + gst, parking $30/space/week, $24,200 excluding parking, premises rental $220/m²
Agents: Dean Gilbert-Smith, Adam Curtis, David Huang, Michael Nees & Simon Aldridge

Attribution: Agency release.

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Coastal sales that didn’t work pre-Christmas all go now

John Greenwood, who heads lifestyle & waterfront special projects for Bayleys, called off the auction of 3 coastal properties in December for the lack of genuine enquiry – and immediately started fielding calls about them.

Come February, sales of all 3 were negotiated.

John Greenwood.

Mr Greenwood said there was a change in the air after international politics played heavily in the last quarter of 2016 on decision-making to use surplus money buying luxuries like a holiday home in New Zealand.

“Buyers in the coastal market like to see some stability of the financial markets before entering into the purchase of bigger luxuries like a holiday home or second home, and tend to withdraw from making a decision or using their surplus funds until they can see 2 years of stability in the markets.

“With the events of Brexit & Trump offshore, and also the Australian banks tightening up on lending into the Auckland market, the enquiry basically disappeared in November & December.

“This resistance was across the board, from $1.5 million to $6 million the call was the same. However, in February the enquiry really jumped, with a very positive attitude to New Zealand’s position in the world and the state of the economy, all 3 of my withdrawn auction properties selling by negotiation in February in the price range of $2-2.5 million, and enquiry in this range has been stronger than ever from local buyers.

The enquiry in the higher bracket, however, is still very slow, with almost no enquiry locally over the $3.5 million level.”

The international market

“The media frenzy after the US elections, about Americans “flooding here in their droves” just wasn’t real. Yes, enquiry was happening, but in reality no noticeable real enquiry came out of the US until February.

“European enquiry, however, was quite strong, with buyers actually committing last year to coming to New Zealand specifically looking at lifestyle properties, and in February they came and had budgets in the $20 million-plus range.”

Mr Greenwood said Napier & Hawke’s Bay appeared to be the Europeans’ places of choice as they saw the infrastructure, the fact that there is a hospital (not one in the Bay of Islands or Queenstown) and that the towns have a well presented residential presence.

As for the American, he said enquiry had picked up, buyers were committing to coming and they had specific briefs: “Their budgets are from $5 million upwards, so hopefully this will give some impetus to the higher end of the market.”

Attribution: Agency release.

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Hotel unit sells on low yield and Mission Bay church goes

A Portland Tower apartment on Queen St, in the Quest hotel pool, was sold by the mortgagee on a 4.2% yield at Bayleys’ auction today, and a Mission Bay church was also sold, future use unknown.

CBD

Queen St

Portland Tower, 62 Queen St, unit 14A:
Features: 31m², one-bedroom apartment on Quest hotel lease until 2030, balcony
Outgoings: rates $2440/year including gst
Income assessment: $12,000/year
Outcome: sold at ANZ Bank mortgagee auction for $286,500 at a 4.19% yield
Agents: Dave Hamlyn & Marcus Fava

Isthmus east

Mission Bay

69 Patteson Avenue:
Features: 1313m² section, Orakei Methodist church & hall, zone changing from residential 2B (one dwelling/600m²) to mixed housing suburban (minimum lot size 400m²)
Outcome: sold for $2.5 million at $1904/m² land
Agent: Alan Elliott

Isthmus west

Mt Albert

10 Counsel Terrace, unit 1:
Features: cross-lease, 1/3 share in 1050m², 3-bedroom townhouse, 2 bathrooms, conservatory, garage converted to fourth bedroom
Outcome: no bid
Agent: Angela Yang

Attribution: Auction.

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11 Total Property auction sales outside Auckland

11 commercial properties were sold at Bayleys’ Total Property auctions outside Auckland last week, on top of 12 sales through its Auckland auction.

A new office building in Hamilton (pictured) sold at a 5.4% yield and an older Hamilton building at a 6.4% yield, yields on Porirua food outlets varied from 5.6% to 7.9%, and 2 buildings in Christchurch sold at yields of 5.8% & 6.1%.

North

Kerikeri

185 Waipapa Rd:
Features: 6340m2 site, 8km from centre of Kerikeri, 590m2 industrial building, 3 short-term leases all expiring in May
Rent: $53,000/year net + gst
Outcome: sold for $785,000 at a 6.75% yield
Agent: Alan Broadbent

South of the Bombays

Bay of Plenty

Tauranga

56 Elizabeth St:
Features: 481m2 cbd site next to large carpark, 890m2 2-level building, partly occupied by Subway, balance of ground floor & upper-level office space vacant
Rent: $43,028/year net + gst; estimated potential income about $180,000/year net + gst
Outcome: sold for $2.15 million
Agents: Brendon & Lynn Bradley

Waikato

Frankton

92 Kent St:
Features: 607m2 corner site, 352m2 2-level building, long established tenant Waikato Drycleaners on 3-year lease from September 2014, 2 3-year rights of renewal
Rent: $32,000/year net + gst
Outcome: sold for $500,000 at a 6.4% yield
Agents: Brendon & Lynn Bradley & Mike Swanson

Hamilton

238 Anglesea St:
Features: 825m2 cbd site on the corner of Collingwood St, 1426m2 2-level new A grade office building, fully leased to 3 tenants on 3- to 6-year leases, Mike Greer Homes on ground floor and the Public Trust above
Rent: $254,661/year net + gst
Outcome: sold for $4.7 million at a 5.4% yield
Agents: Alex ten Hove & Mike Swanson

Wellington

Grenada North

16 Jamaica Drive, unit 44:
Features: 175m2, 6.4m-high warehouse/factory unit, 3 parking spaces in Grenada business park
Outcome: sold vacant for $355,000
Agent: Andrew Smith

Lower Hutt

Alicetown, 5 Victoria St:
Features: 299mworkshop, 3-4 park parking spaces
Outcome: sold vacant for $350,000
Agents: Andrew Smith & Paul Cudby

Porirua

1C Hagley St:
Features: 109m2 unit occupied by Chef’s Palette noodle bar for 3 years from May 2015, 2 3-year rights of renewal, one rear parking space
Rent: $18,130/year net + gst
Outcome: sold for $325,000 at a 5.6% yield
Agent: Jon Pottinger

1D & 1E Hagley St:
Features: 603m2 unit occupied by Dynasty Chinese restaurant for 6 years from July 2014, with one 6-year right of renewal, 2 rear parking spaces
Rent: $72,561/year net + gst
Outcome: sold for $920,000 at a 7.9% yield
Agents: Jon Pottinger

South Island

Canterbury

Amberley

218-240 Carters Rd:
Features: 2.8867ha in 2 titles on State Highway 1 site, 8500m2 of vacant land available for development or lease, about 1000m2 of industrial buildings with 6 tenancies, short average lease term, 60m2 vacant, anchored by timber company Goldpine
Rent: $112,000/year net + gst
Outcome: sold for $1.45 million at a 7.72% yield
Agents: Stewart White, Chris Frank & Alex White

Christchurch

Sockburn, 22 Alloy St:
Features: 1041m2 site, 13 offstreet parking spaces, 546m2 warehouse & office building; Teltrac Communications Ltd has occupied it since early 1990s and has new 6-year lease from January 2017 and 2 4-year rights of renewal
Rent: $92,000/year net + gst
Outcome: sold for $1.504 million at a 6.1% yield
Agents: Stewart White, Chris Frank & Alex White

Waltham, 18 Iversen Terrace:
Features: 1000m2 site, 815m2 warehouse & office building; Larson-Juhl NZ Ltd has occupied it since 2002 & exercised final 3-year right of renewal in September 2016
Rent: $83,816/year net + gst
Outcome: sold for $1.445 million at a 5.8% yield
Agent: Nick O’Styke

Attribution: Agency release.

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Fiore corner office space leased

Office space on both levels of the revived Wong Doo building (ex-Canvas City, pictured) at the corner of Hobson & Cook Sts was among 3 leases Bayleys agent signed this month. The other 2 were in the Wairau Valley on the North Shore.

The Hobson St building was saved from imminent demolition in 2005 when Auckland City Council gave it a category B heritage scheduling. That also resulted in a change to the design of the Fiore apartment building, eventually completed as 2 structures, with the old corner building incorporated beneath the second apartment building.

Leases:

CBD

Hobson St

Fiore, 166 Hobson St:
Features: 200m² office in the revived Wong Doo building (ex-Canvas City) at the corner of Hobson & Cook Sts
Rent: leased in March for $110,000/year net & gst, premises rental ground floor $700/m², first floor $400/m²
Agents: Terry Kim, Nelson Patchett & Sarah Boles

North-east

Wairau Valley

49 Porana Rd, unit 2:
Features: 130m² industrial unit – warehouse 120m², office 10m², 3 parking spaces
Rent: leased in March for $22,100/year net + gst, premises rental $170/m² (parking free)
Agents: Adam Watton & Adam Curtis

71 Wairau Rd:
Features: 246m² industrial unit – office 88m², warehouse 158m²
Rent: leased in March for $44,720/year net + gst, premises rental $181.79/m²
Agent: Colin Harper

Attribution: Agency release.

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12 sell at Bayleys’ Total Property auction

Bayleys sold 11 properties under the hammer yesterday of the 15 offered in its first Total Property commercial portfolio for the year. Another property was sold last Friday in an auction brought forward.

Yields were variable – down at 3.1% on one property which might reflect development potential more than the present return, 3.6% on a Plumbing World tenancy in New Lynn, 4.4% on a Manukau butcher’s shop, 5.25% on a Party Hire warehouse in East Tamki, 5.4% & 4.9% on 2 retail outlets in the new Dylan apartment building on Great North Rd (pictured above), 6.1% on a Rosedale gym. And, out of town, 7.6% on a long-term NZ Post lease in Whanganui.

CBD

Queen St

Mid-City, 239 Queen St, unit 1A:
Features: 39m² fast-food outlet fronting Queen St
Rent: $150,657.30/year net + gst from renewed 12-year lease to Avachi Fried Chicken
Outcome: auction postponed to Total Property 2, Wednesday 12 April
Agents: Quinn Ngo & James Chan

Uptown

117 Vincent St:
Features: 364m² site, total building area 736m² on 3 levels, each of 245.6m²; 12 parking spaces on ground floor, 2 office floors above
Rent: vacant
Outcome: passed in at $3.5 million
Agents: Nigel McNeill & Ben Bayley

Isthmus east

Onehunga

137 Onehunga Mall:
Features: 185m² site, 213m² 2-storey building
Outcome: sold for $900,000, including the bar & gaming business in it
Agents: Oscar Kuang & James Chan

Parnell

465-467 Parnell Rd:
Features: 612m² site zoned terrace housing & apartment building, 422m² villa, onsite parking, opportunity to own/occupy after April 2018
Rent: fully lease returning $119,113/year + gst
Outcome: sold for $3.525 million
Agents: Cameron Melhuish & Jenny Kek

Isthmus west

Blockhouse Bay

The Blockhouse Bay property sold on 3.1% yield at auction brought forward.

575 Blockhouse Bay Rd:
Features: 610m² corner site zoned business – local centre, dual-access rear parking
Rent: $55,687.93/year net from convenience store & attached accommodation and 2-level gym
Outcome: sold at pre-auction; declared reserve was $1.4 million, sold for $1.8 million at a 3.1% yield
Agents: Alan Haydock & Damien Bullick

Grey Lynn

The Dylan, 367-375 Great North Rd, principal unit 1:
Features: 128m² freehold retail unit on ground floor of new apartment development, 2 parking spaces, occupied by Love Bites Kitchen
Rent: $68,000/year net + gst from 6-year lease started November 2016, 2 4-year rights of renewal, 3%/year increases, to market on renewal
Outcome: sold for $1.27 million at a 5.4% yield
Agents: Damien Bullick & Alan Haydock

The Dylan, 367-375 Great North Rd, principal unit 2:
Features: 49m² freehold retail unit on ground floor of new apartment development, no parking, occupied by Arch Hill Laundromat
Rent: $30,000/year net + gst on 8-year lease from October 2016
Outcome: sold for $611,000 at a 4.9% yield
Agents: Damien Bullick & Alan Haydock

Newton

10 South St:
Features: 357m² site, 318m² standalone building,
Rent: $126,000/year net + gst, new 10-year lease to main tenant + income from billboards & 2-bedroom flat
Outcome: withdrawn from auction
Agents: Oscar Kuang & Nicolas Ching

North-east

Rosedale

32 Constellation Drive, unit 5:
Features: 385m² unit in retail centre, fully leased to Snap Fitness, 30 parking spaces in common area
Rent: $157,497/year net + gst, 8-year lease from 2013 + 2 8-year terms
Outcome: sold for $2.585 million at a 6.1% yield
Agents: Ranjan Unka & Anna Radkevich

11-13A Paul Matthews Rd:
Features: 517.7m² roadfront industrial unit, clearspan high stud warehouse, 8 parking spaces
Outcome: sold vacant for $1.55 million
Agent: Matt Mimmack

Wairau Valley

7 Porana Rd, unit A:
Features: 109.7m² vacant industrial unit, 2 parking spaces, multiple rollerdoor access
Outcome: sold for $476,000
Agent: Matt Mimmack

North-west

Henderson

Lincoln Centre, 111 Lincoln Rd, unit B:
Features: 1113m² building, occupied by Accident Compensation Corp since 2000, onsite parking
Rent: $287,000/year gross + gst, 3-year lease from March 2017 + 3-year right of renewal
Outcome: no bid
Agents: Nicolas Ching & James Chan

New Lynn

48 Portage Rd:
Features: 1012m² site + 1/10 share in 585m², 4-year lease to Plumbing World Ltd from October 2016 with rights of renewal
Rent: $62,250/year + gst, 4-year lease from 1 October 2016 with right of renewal
Outcome: sold for $1.73 million at a 3.6% yield
Agents: Mike Adams & Laurie Bell

South

Clover Park

112 Dawson Rd, unit O (shop 14) in Chapel Downs shopping centre:
Features: 230m² butchery, 2 parking spaces
Rent: $62,000/year net + gst + outgoings on 4-year lease from April 2016, rights of renewal to 2028
Outcome: sold for $1.42 million at a 4.4% yield
Agents: Dave Stanley & Geoff Wyatt

East Tamaki

179C Harris Rd, corner Ti Rakau Drive:
Features: 270m² strata title, showroom, warehouse & office occupied by Party Hire, 6 parking spaces
Rent: $46,000/year net + gst + outgoings, established tenant with renewed 4-year lease term
Outcome: sold for $875,000 at a 5.25% yield
Agents: Tony Chaudhary & Janak Darji

Manukau Central

5C Jack Conway Avenue:
Features: 471m² corner unit title – 230m² ground floor, 241m² first floor, onsite parking
Rent: $130,000/year net + gst + outgoings from 2 tenants on long-term leases
Outcome: no bid
Agents: Rod Grieve & Maxene Bates

South of the Bombays

Napier

88-94 Dickens St:
Features: 911m² site, 3 ground-floor tenants, option to develop upstairs
Rent: $78,855/year net + gst
Outcome: no bid
Agents: Paul Dixon & Sam MacDonald

Whanganui

115 Victoria Avenue:
Features: 916m² site, 403m² floor area, 10 parking spaces
Rent: $206,268 from long lease to NZ Post Ltd
Outcome: sold for $2.73 million at a 7.6% yield
Agents: Cameron Melhuish & Ed Donald

Attribution: Auction.

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8 commercial leases on Shore

Bayleys agents on the Shore have concluded 4 commercial leases in the Rosedale area & 4 in Albany, Milford, Northcote & the Wairau Valley.

Leases:

North-east

Albany

5-7 Henry Rose Place, unit 5:
Features: 470m² unit – warehouse 345m², office 125m², 7 parking spaces
Rent: leased in February for $75,000/year net + gst, premises rental $160/m² (no extra for parking)
Agent: Laurie Burt

Milford

164 Kitchener Rd, unit 3:
Features: 155m² retail unit, parking space
Rent: leased in February for $48,300/year net + gst, parking $25/space/week, premises rental $403/m²
Agents: Ildy Meixner, Alex Strever & Steven Liu

Northcote

Downstairs of 67 Onewa Rd:
Features: 212m² industrial space – showroom 116m², other area 96m², 5 parking spaces
Rent: leased in February for $28,000/year net + gst, premises rental $132/m² (no extra for parking)
Agents: Steven Liu & Damian Stephen

Rosedale

112 Bush Rd, unit L:
Features: 186m² office, 7 parking spaces
Rent: leased in February for $53,000/year net + gst, parking $20/space/week, net excluding parking $45,720/year, premises rental $245/m²
Agent: Alex Strever

10 Canaveral Drive, unit 3:
Features: 344m² industrial unit – office 50m², warehouse 244m², showroom 50m², 6 parking spaces
Rent: leased in February for $58,000/year net + gst, parking $20/space/week, premises rental $168.60/m²
Agent: Matt Mimmack

Part of 1-3 Parkhead Place:
Features: 873m² unit – 713m² warehouse, 160m² office, 12 parking spaces
Rent: leased in February for $112,000/year net + gst, premises rental $128.29/m² (no extra for parking)
Agent: Laurie Burt

23 William Pickering Drive, part of unit E:
Features: 193m² office, 10 parking spaces
Rent: leased in February for $45,200/year net + gst, parking $15/space/week, premises rental $234/m²
Agent: Alex Strever

Wairau Valley

Corrected: 21 Poland Rd, unit 13:
Features: 321m² industrial unit (and the breakdown now equals the total) – office 55m², warehouse 220m², showroom 46m², 6 parking spaces
Rent: leased in February for $44,300/year net + gst, premises rental set at office $180/m², warehouse $120/m², showroom $170/m²
Agent: Trevor Duffin

Attribution: Agency release.

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Avondale sale & 5 Shore leases

Bayleys agents on the Shore have completed one warehouse unit sale in Avondale and 5 leases in Milford, Rosedale & the Wairau Valley.

The Apollo Drive retail unit at Rosedale is in a development (pictured) completed by Kea Property Development Group Ltd in December. It’s anchored by a childcare centre and has 13 retail units totalling 941m² of the 5218m² site. 2 other retail units were sold a month ago.

Sale:

Isthmus west

Avondale

16 Timothy Place, unit B:
Features: 287m² unit – 206m² warehouse, 81m² office
Rent: $46,956/year net + gst
Outcome: sold in February for $855,000 + gst at a 5.49% yield, $2979/m²
Agent: Ranjan Unka

Leases:

North-east

Milford

162 Kitchener Rd, level 1:
Features: 133.4m² office, parking space included
Rent: leased in February for #33,094.99/year net + gst, premises rental $248/m²
Agents: Paul Prouse & Ryan Dannhauser

Rosedale

56 Apollo Drive, unit 6:
Features: 95m² retail unit, shared parking
Rent: leased in February for $52,250/year net + gst, premises rental $550/m²
Agents: Laurie Burt & Eddie Zhong

14 John Glenn Avenue, unit B:
Features: 199m² retail unit, shared parking
Rent: leased in February for $85,000/year net + gst, premises rental $420/m²
Agent: James Yu

36 William Pickering Drive, unit 2:
Features: 103m² office, 5 parking spaces
Rent: leased in February for $27,860/year net + gst, parking $20/space/week, net excluding parking $22,660, premises rental $220/m²
Agent: Ryan Dannhauser

Wairau Valley

68 Hillside Rd, unit C:
Features: 344.68m² industrial unit – warehouse 266.43m², mezzanine 78.25m², 5 parking spaces included
Rent: leased in February for $35,000/year net + gst, premises rental $101.54/m²
Agent: Trevor Duffin

Earlier story:
5 February 2017: 2 new Apollo Drive units among January sales

Attribution: Agency release.

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Stanley Tan launches Remarkables Residences

Longtime Singaporean investor Stanley Tan (Tan Poh Leng) announced a new New Zealand investment on Friday, a $190 million 225-home lifestyle development on the Frankton Flats in Queenstown called Remarkables Residences.

Mr Tan had a number of commercial investments in New Zealand in the 1990s. He was a partner with the Tang family of Singapore in Dynasty Pacific Ltd, which began the Heritage hotel chain, but that partnership split in 1998, when the Tangs took the hospitality arm and Mr Tan got the other assets, which he put into the Angliss Property Group.

Those assets included a former Colonial Mutual building on the corner of Queen & Wyndham Sts, and the leasehold development site at the top of Queen St which was later developed into Q Central by Kitchener Group Ltd. Angliss also holds extensive property investments in Australia.

Mr Tan and his partner in numerous investments dating back to the 1990s, Pang Yoke Min, joined the board of Singapore-listed Global Yellow Pages Ltd in 2007 after taking major stakes in the company. In 2014, GYP, through local company GYP Properties Ltd, bought Pakuranga Plaza from Ladstone Holdings Ltd for $96 million.

GYP Properties’ name was changed again last August to Remarkables Residences Ltd and the Pakuranga investment & development are in separate entities.

Remarkables Residences will consist of a range of 3- & 4-bedroom multi-storey townhouses, masterplanned to be surrounded by an array of lifestyle amenities, including retail & dining.

GYP Properties chair Mah Bow Tan, chief executive Stanley Tan and other directors were in Queenstown for last week’s launch, and said they chose Queenstown for the development because of its continued growth and strong demand for this type of innovative housing.

Bayleys Real Estate has been taking registrations of interest for stage 1, the first 56 houses, which will go on the market shortly. Construction is scheduled to start this year and the first stage will take about 18 months to complete. Further stages will be released during the year. Pricing will be released shortly.

At the launch, from left: John Bayley (Bayleys Corp), Mah Bow Tan, Queenstown mayor Jim Boult & Stanley Tan.

Link:
Remarkables Residences

Earlier stories:
2 October 2015: 15-year plan to transform Pakuranga Plaza takes shape
8 November 2014: Stanley Tan buys Pakuranga Plaza

Attribution: Company release.

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5 South Auckland buildings sold

4 industrial properties & a commercial building occupied by healthcare tenants have been sold over the summer by Bayleys agents in South Auckland.

South

East Tamaki

22K Greenmount Drive:
Features: 395m2 industrial building – 285m2 warehouse, 65m2 office & amenities, 45m2 unconsented mezzanine, 7 parking spaces, dual road access
Outcome: sold vacant for $846,000
Agent: Mike Marinkovich

Manukau Central

7 Ryan Place, unit D:
Features: 240m2 industrial unit, 3-year lease to auto tenant from April 2015 plus 2 3-year rights of renewal
Rent: $30,000/year net + gst
Outcome: sold for $485,000 at 6.2% yield
Agents: Nick Bayley, Karl Price & Nelson Raines

Papakura

14-16 Parker St:
Features: abandoned development project, 2.875ha of vacant industrial land in 2 titles, dual road access; over $1.7 million has been spent on preconstruction siteworks, geotech report & plans for a 3000m2 building also undertaken
Outcome: sold for $4.56 million at $158.60/m2
Agents: Shane Snijder & Peter Migounoff

Papatoetoe

230 Great South Rd
Features: 1533m2 site – 1019m2 commercial building leased to 2 healthcare service providers until 2020
Rent: $210,000/year net + gst
Outcome: sold for $3.45 million at a 6.1% yield
Agents: Tony Chaudhary, Amy Weng & Janak Darji

Wiri

55 Ash Rd, unit 1: 548m2 warehouse & office unit, one tenant has occupied it since it was built in 2003
Rent: $65,000/year net + gst
Outcome: sold for $1.27 million at a 5.11% yield
Agent: Nick Bayley & Karl Price

Attribution: Agency release.

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