Archive | Bayleys

6 sales & 7 leases for Bayleys in Manawatu & Wellington

Bayleys offices in the lower North Island, but primarily in the Wellington region, have reported 6 sales & 7 leases of commercial space.

Image above: 57 Kiln St, Silverstream.

South of the Bombays

Manawatu

Palmerston North

43 Alderson Drive:
Features: 7552m² site, 1504m² industrial building used as a cold storage facility by national tenant Big Chill on a 12-year lease from 2013 with annual CPI increases; includes 1692m² of adjoining development land
Rent: $369,937/year net + gst
Outcome: sold for $5.4 million at a 6.85% yield
Agent: Fraser Press

328-330 Broadway:
Features:1356m² cbd site, 2-level 920m² commercial building, 7 tenants; 3 ground-floor retail tenants including TAB and offices above, on 2- to 3-year leases
Rent: $149,100/year net + gst
Outcome: sold for $1.8 million at an 8.3% yield
Agents: Karl Cameron, Lewis Townshend & Bede Blatchford

Wellington

CBD

138 The Terrace:
Features: 605m² site, 9-level 3000m² office building, 7 tenants including Kiwibank, Chen Palmer & QE2 National Trust, on varying lease expiries through until 2023
Rent: $679,083/year net + gst
Outcome: sold for $7.55 million at an 8.99% yield
Agent: Mark Sherlock

Lower Hutt – Wingate

15 Eastern Hutt Rd, Wingate.

15 Eastern Hutt Rd:
Features: 4108m² site – 1438m² yard, 2670m² warehouse building; purpose-built distribution centre for Harvey Norman which has a 5-year lease from November 2016, with 4 5-year rights of renewal
Rent: $264,230/year net + gst
Outcome: sold for $3.5 million at a 7.55% yield
Agents: Mark Hourigan & Fraser Press

Paraparaumu

35 Te Roto Drive:
Features: 1.0865ha corner site with parking for over 100 cars & 3616m² data centre; Unisys NZ Ltd has occupied the site for 17 years and signed a new 5-year lease in October 2016, with 3 3-year rights of renewal
Rent: $457,000/year net + gst
Outcome: sold for $5.71 million at an 8% yield
Agents: Mark Sherlock & Stephen Lange

Upper Hutt – Silverstream

57 Kiln St:
Features: 4.0369ha site 167 parking spaces, 23,481m² warehouse & office building developed in the 1980s as Foodstuffs (Wellington) Ltd’s head office & distribution centre; 12,228m² of high stud, clearspan, drive-through warehousing, 5420m² of lower stud warehousing & 5733m² of offices partly refurbished in 2012
Outcome: sold by Foodstuffs to another owner-occupier for $10 million
Agents: Richard Faisandier, Mark Hourigan & Fraser Press

Leases

Wellington

CBD

102-122 Lambton Quay, level 8:
Features: 379m² of B grade office space, one-year lease term
Rent: $130,165/year + gst at $350/m²
Agent: Jim Wana

Newlands

6 Hurring Place, unit 2a:
Features: 1680m² industrial building with office accommodation over 2 levels
Rent: $273,030/year net + gst
Agent: John Pritchard

Te Aro

3 Market Lane
Features: Lease assignment of 1960m² of office space on 3 levels by Xero to co-working business BizDojo encompassing just over 3 years on the initial lease term plus further rights of renewal until 2027 as well as naming rights; Xero will relocate this year from 3 buildings to become anchor tenant in the nearby former Manthel Motors heritage building being redeveloped by The Wellington Co Ltd
Rent: Undisclosed
Agents: Luke Frecklington & Luke Kershaw

82 Tory St:
Features: 250m² of restaurant space, 6-year lease term
Rent: $120,000/year + gst at $350/m²
Agent: Luke Frecklington

Lower Hutt

531 High St:
Features: 3569m² lowrise office building, 75 parking spaces, leased for 6-year term
Rent: $856,080/year + gst at $240/m²
Agent: Matt Gibbs

Ngauranga

4 Glover St:
Features: 2500m² industrial building, 7m high warehouse with multiple entries, offices, 15 parking spaces
Rent: $330,000/year + gst
Agent: John Pritchard

Upper Hutt

20 Somme Rd:
Features: 1000m², 2 floors of office & lab space with modern fitout; 12-year lease term begins on 1 October
Rent: $212,220/year + gst
Agent: Matt Gibbs

Attribution: Agency release.

Continue Reading

4 sales & 7 leases in latest Bayleys results

Bayleys agents have completed 4 commercial sales on Queen St, in the Heritage Auckland hotel building, at Rosedale and in Petone, and 7 leases in Dairy Flat, Rosedale, Silverdale & the Wellington cbd.

Image above: The former Farmers’ Grand Tearoom in the Heritage Auckland hotel, bought for conversion to a penthouse apartment.

Sales

CBD

Queen St

155 Queen St, units 11A, B & C:
Features: 631m² office unit in 3 titles, 2 parking spaces on separate titles, occupied by NZ Institute of Studies, longer-term residential development potential
Rent: $150,000/year net + gst
Outcome: sold for $1.9 million at a 7.89% yield
Agents: Anna Radkevich & Ranjan Unka

Victoria Quarter

Heritage Auckland, 35 Hobson St:
Features: 539m² on the top floor of the Heritage Auckland Hotel, formerly the Farmers department store’s Grand Tearoom, has operated as a function centre since hotel conversion in the late 1990s; the hotel has indicated it won’t be renewing the 20-year lease expiring in October next year; high stud ornate ceiling, 2 external decks with harbour & city views plus 4 parking spaces
Rent $200,782/year net + gst
Outcome: sold for $2.5 million at an 8.03% yield or $4638/m², buyer has indicated intention to convert to penthouse apartment
Agent: Matt Lee & James Chan

North-east

Rosedale

14 Vega Place, unit C:
Features: 354m² industrial unit, 8 parking spaces, tenant Adrenalin Publishing Ltd in occupation for 16 years and has renewed for a further 4 years from 1 July
Rent $62,420/year net + gst
Outcome: sold for $1.18 million at a 5.29% yield
Agents: Ashton Geisler, Laurie Burt & Mike Adams

South of the Bombays

Petone

2 Jackson St:
Features: 2010m² site, 1500m² store occupied by Kathmandu for 15 years
Rent: $243,000/year net + gst
Outcome: sold for $4.1 million at a 5.92% yield
Agent: Richard Faisandier

Leases

North-east

Dairy Flat

17 Kahikatea Flats Rd, units C1 & C2:
Features: 280.8m² building area – warehouse 150m², office 90m², other area 40.8m², yard 3000m², no parking spaces
Rent: leased in June for $111,450, premises rental $396.90/m²
Agent: Rosemary Wakeman

Rosedale

Part 1-3 Parkhead Place:
Features: 581m² industrial unit – warehouse 411m², office 137m², other area 33m², 8 parking spaces
Rent: leased in June for $80,000/year net + gst, premises rental $137.69/m² (no separate charge for parking)
Agent: Laurie Burt

Silverdale

19 Foundry Rd, unit A:
Features: 142m² industrial unit – warehouse 92m², office 50m², 2 parking spaces
Rent: leased in June for $25,000/year net + gst, premises rental $176.05/m² (no separate charge for parking)
Outcome:
Agent: Rosemary Wakeman

150 Foundry Rd:
Features: 225m² industrial unit – warehouse 150m², office 75m², 4 parking spaces
Rent: leased in June for $32,500/year net + gst, premises rental $144.44/m² (no separate charge for parking)
Agent: Rosemary Wakeman

8 Peters Way:
Features: 1356.6m² office & warehouse – warehouse 976m², office 205m², showroom 175.6m² 21 parking spaces
Rent: leased in June for $195,000/year net + gst, premises rental $143.74/m² (no separate charge for parking)
Outcome:
Agent: Rosemary Wakeman

South of the Bombays

Wellington cbd

20 Customhouse Quay, part level 12:
Features: 349.4m² of A grade office space leased for 7 years
Rent: $242,246/year + gst
Agents: Luke Kershaw & Luke Frecklington

20 Customhouse Quay, part level 12:
Features: 225m² of A grade office space leased for 9 years
Rent: $156,025/year + gst
Agents: Luke Kershaw & Luke Frecklington

Attribution: Agency release.

Continue Reading

8 properties sell at Bayleys’ southern auctions

8 North Island properties south of Auckland were sold in Bayleys’ Total Property auction series last week.

Image above: The Turners Auto building in Palmerston North, including the Workshop bar, sold last week on a 6.4% yield.

Bay of Plenty – Rotorua

Fairy Springs

153 Fairy Springs Rd:
Features: 1184m² site opposite Skyline Skyrides – 86m² showroom, 130m² 3-bedroom house plus 72m² workshop/garage
Outcome: sold with vacant possession for $580,000
Agents: Mark Slade & Brei Gudsell

Westbrook

320 Malfroy Rd:
Features: 3039m² commercial site, 502m² building split into 2 tenancies, education facility & dance studio, on 2- & 3-year leases
Rent $60,000/year net + gst
Outcome: sold for $650,000 at a 9.23% yield
Agents: Mark Slade & Brei Gudsell

Manawatu

Palmerston North

201-203 John F Kennedy Drive:
Features:  7454m² corner site, recently refurbished 2440m² warehouse & commercial building; anchor tenant NZX-listed Turners Auto has been in occupation for 19 years and renewed last July for 9 years; 392m² Workshop bar is the other occupant on 6-year lease from December 2016  
Outcome: sold for $3.855 million at a 6.4% yield
Agents: Dave & Kate Looney

Waikato

Te Awamutu

61 Bruce Berquist Drive:
Features: 4732m² industrial site occupied by longstanding storage business, 132 units totalling 1520m² leased to over 100 tenants
Rent $192,000/year net + gst
Outcome: sold for $2.52 million at a 7.62% yield
Agent: Andrew Shaw

Te Rapa

31 McKee St:
Features: 1990m² industrial site, 661m² of modern buildings, 3 long-term tenants
Rent $90,973/year net + gst
Outcome: sold for $1.51 million at a 6.02% yield
Agent: Andrew Shaw

Wellington – Lower Hutt

Alicetown

15 Wakefield St:
Features: 769m² site, 792m² high stud, column-free warehouse by the Dowse Interchange, holding income from lease expiring 31 January 2018
Rent: $70,000/year gross + gst
Outcome: sold for $450,000
Agents: Paul Cudby & Matt Gibbs

Naenae

12 Horlor St:
Features: 406m² site, 393m² 1950s industrial building with good seismic rating plus 5 parking spaces; 296m² ground-floor warehouse/workshop, showroom plus 97m² mezzanine office
Rent: estimated potential income of $39,725/year net + gst
Outcome: sold with vacant possession for $480,000
Agent: Paul Cudby

Petone

10 Te Puni St:
Features: 2130m² site adjacent to new Rebel Sports and Briscoes stores in Petone West’s growing bulk retail precinct, 1503m² high stud warehouse, office & showroom building, leased to 3 tenants with final lease expiries from 2018-20
Rent: $146,401/year net + gst (estimated full market rental $207,299 year net + gst)
Outcome: sold for $2.394 million at a 6.1% yield
Agents: Matt Gibbs & Fraser Press

Attribution: Agency release.

Continue Reading

8 out of 12 sell at Bayleys’ auction

8 of the 12 commercial properties in Bayleys’ Total Property auction on Wednesday sold under the hammer. Heaviest bidding was between intending owner-occupiers for a Penrose property on Olive Rd (pictured). 

Isthmus east

Parnell

481 Parnell Rd:
Features: 300m² site zoned mixed use, in double grammar zone, 225m² 2-level character dwelling converted for commercial use with resource consent to demolish; new 4-year lease from May 2017 to Mt Hobson Properties Ltd (Hamish Firth)
Rent: $80,000/year net + gst
Outcome: sold for $2.45 million at a 3.26% yield
Agents: Alan Haydock, Damien Bullick & Phil Haydock

Penrose

9 Olive Rd:
Features: 2043m² site, 1281m² older style industrial building, 884m² manufacturing warehouse, 257m² of offices & amenities and 109m² of mezzanines, first time on market in 34 years
Outcome: sold with vacant possession for $3.32 million at $2591.7/m² land & building
Agents: John Bolton & Roy Rudolph

Royal Oak

Royal Oak Mall, 691 Manukau Rd, unit AL:
Features: 226m² retail unit, occupied by Paper Plus since 1993
Rent: $48,845/year net + gst
Outcome: no bid
Agents: Nicolas Ching & Beterly Pan

North-east

Milford

47 Nile Rd:
Features: 688m² site zoned neighbourhood centre, 2 roadfront shops (superette & Thai takeaway) totalling 132m² and 92m² residential dwelling occupied by superette tenant; longer-term redevelopment potential
Rent: $56,200/year net + gst
Outcome: sold for $1.56 million at a 3.6% yield
Agents: Eddie Zhong, Terry Kim & Ranjan Unka

170 Wairau Rd, unit 22:
Features: 180m² retail unit in rear portion of Wairau Junction convenience centre, occupied by Wairau Foods & Spices which renewed in February for 6 years
Rent: $55,500/year net + gst
Outcome: sold for $840,000 at a 6.61% yield
Agents: Matt Mimmack & Ashton Geissler

Silverdale

4 Titan Place, unit R:
Features: 169m² workshop & office unit built in 2007, 3-phase power, air-conditioning, security alarm system, 2 parking spaces; 2-year lease to Ice Industrial Engravers Ltd from 1 July 2017
Rent: $22,500/year net + gst
Outcome: sold for $426,000 at a 5.28% yield
Agents: Rosemary Wakeman & Mustan Bagasra

Warkworth

The Grange, 67 Auckland Rd, unit 21A:
Features: 61m² unit in retail complex, currently fitted out as office accommodation and leased to Hawthorn Geddes Engineers & Architects for 6 years from April 2017; could be converted to retail
Rent: $21,315/year net + gst
Outcome: sold for $432,000 at a 4.93% yield; auction brought forward, bidding starting at declared reserve of $338,500
Agents: Matt Lee & James Chan

The Grange, 67 Auckland Rd, unit 15:
Features: 367m² unit in retail complex occupied by Fit Factory gym for 6 years from March 2017
Outcome: no bid
Agents: Matt Lee & James Chan

North-west

Henderson

114 Henderson Valley Rd:
Features: 2140m² site, 80-unit storage complex
Rent: $145,218/year net + gst
Outcome: passed in on vendor bid of $1.7 million
Agents: Shane Snijder & James Hill

Hobsonville

160 Hobsonville Point Rd, unit 5R:
Features: 118m² ground-floor retail unit, 2 parking spaces occupied by café on 10-year lease
Rent: $56,200/year net + gst
Outcome: no bid
Agents: Steven Liu & Eddie Zhong

South

Manurewa

232 Great South Rd:
Features: 2141m² site, 2025m² bulk retail building owned & occupied by family furniture business for 20 years, 2-year lease back
Rent: $170,000/year net + gst
Outcome: sold for $2.4 million at a 7.08% yield
Agents: Shane Snijder & Piyush Kumar

Papakura

32 Elliot St:
Features: 809m² corner site, 2-level main building, 157m² of ground-floor offices plus 106m² residential floor & 36m² terrace above currently occupied by beauty therapy business; 1920s 90m²  bungalow at rear with separate entrance & residential tenancy
Rent: $46,540/year net + gst from 2 commercial leases; $23,400/year from residential tenancy
Outcome: sold for $1.32 million at a 5.3% yield
Agents: Rod Grieve & Peter Migounoff

Attribution: Agency release.

Continue Reading

Industrial unit & office building sell, 6 leases signed

Bayleys agents on the North Shore have sold a Rosedale industrial unit and an office building across the road from Smales Farm, and signed 6 lease deals.

North-east

Sales

Rosedale

19 Orbit Drive, unit B:
Features: 748m² industrial unit – warehouse 438m², office 286m², other area 24m², 11 parking spaces
Outcome: sold in May for $2.2 million + gst at $2941/m² land & building
Agents: Ashton Geissler & Laurie Burt

Takapuna

43 Taharoto Rd:
Features: 897m² site, 700m² 2-level office building occupied by the Waitemata District Health Board and TRG Imaging Ltd, 20 parking spaces, on corner of Shea Rd opposite the Vodafone building at Smales Farm
Rent: $218,475.20/year net + gst
Outcome: sold in June for $4.1 million + gst at a 5.33% yield
Agents: Adam Watton, Adam Curtis & Eddie Zhong

Leases

Albany

28 Corinthian Drive, ground floor:
Features: 81m² retail, 4 parking spaces
Rent: leased in June for $45,350/year net + gst, parking $35/space/week, net $38,070/year excluding parking, premises rental $470/m²
Agents: Eddie Zhong & Dean Gilbert-Smith

Devonport

57-59 Victoria Rd, room 4:
Features: 20m² office,
Rent: leased in June for $8400/year net + gst, premises rental $420/m²
Agents: Jane Sims & Chris White

Rosedale

6 Ascension Place, unit C:
Features: 221m² industrial unit, 3 parking spaces
Rent: leased in June for $29,000/year net + gst, premises rental $131/m² (no charge for parking)
Agents: Ashton Geissler & James Kidd

9-11 Lovell Court, unit Q:
Features: 136m² industrial unit – warehouse 68m², office 68m², 4 parking spaces
Rent: leased in May for $28,000, premises rental $205/m² (no charge for parking)
Agent: Laurie Burt

Wairau Valley

33 Porana Rd, unit 4:
Features: 110m² warehouse, 2 parking spaces
Rent: leased in June for $18,750/year net + gst, premises rental $170.45/m² (no charge for parking)
Agent: Trevor Duffin

39-45 Porana Rd, unit E:
Features: 207m² industrial unit – warehouse 107m², office 100m², 4 parking spaces
Rent: leased in June for $32,500/year net + gst, premises rental $157/m² (no charge for parking)
Agents: Colin Harper & Laurie Burt

Attribution: Agency release.

Continue Reading

3 ex-Masala restaurants nearly make $8 million forfeiture order price tag at auction

3 restaurants in the former Masala chain were sold for $7.875 million at Bayleys’ auction yesterday, just short of a forfeiture order made in February.

Image above: Dining room of the former Masala restaurant in Mt Eden.

A Glen Eden shop with the Mad Butcher as tenant and a Dilworth apartment at the foot of Queen St were also sold under the hammer.

The restaurants, owned by JKK Holdings Ltd (Supinder Singh & Daisy Kaur) were taken to auction by the Official Assignee under the Criminal Proceeds (Recovery) Act after Justice Rebecca Edwards agreed in the High Court to an $8 million assets forfeiture order between the Commissioner of Police and 8 companies & 2 individuals associated with the Masala restaurant chain.

Justice Edwards said in her decision approving the settlement: “The settlement sum of $8 million represents almost all of the unlawful benefit said to have been derived from the tax evasion offending. The settlement sum is expected to be met in full through the sale of restrained properties.”

The 2 individuals, Joti Jain & Rajwinder Singh Grewal, were sentenced in 2015 to home detention and ordered to pay reparations on a long list of immigration & exploitation charges.

In March, Ms Jain was reported to have left New Zealand ahead of an appeal against being deported, but she was in the auctionroom yesterday.

All 3 restaurants in Mt Eden, Stanmore Bay & Birkenhead attracted multiple bidders. The properties were marketed for sale on an “as is where is” basis and subject to occupancy.

Apartments

CBD

Queen St

Dilworth, 22 Queen St, unit 5L:
Features: one bedroom, high stud
Outcome: sold for $530,000
Agents: Julie Prince & Diane Jackson

Commercial

Isthmus west

Mt Eden

510 Mt Eden Rd:
Features: 554m² section, 200m² restaurant in converted villa at corner of Disraeli St in Mt Eden village, additional 206m² downstairs area gives potential to split risk
Outcome: sold for $3.61 million on “as is where is” basis, subject to occupancy
Agents: Scott Kirk, Adam Curtis, John Algie

North-east

Birkenhead

188-192 Hinemoa St:
Features: 835m² site, development potential, 280m² restaurant in converted villa, wraparound covered deck, vacant office area below restaurant previously used as accommodation
Outcome: sold for $2.535 million on “as is where is” basis, subject to occupancy
Agents: Adam Curtis, John Algie & Damian Stephen

Stanmore Bay

195 Brightside Rd:
Features: 1783m² site, 276m² restaurant
Outcome: sold for $1.73 million on “as is where is” basis, subject to occupancy
Agents: Jeremy Milton, John Algie & Adam Curtis

North-west

Glen Eden

5 Oates Rd, unit 5:
Features: 292m² corner unit in block of 13 shops, dual access, split internally between retail, office storage, meat processing & cool storage, opportunity to split or occupy the tenancy
Rent: $92,040/year net + gst from established tenant, the Mad Butcher
Outcome: sold for $1.375 million at a 6.7% yield
Agents: Adam Curtis, Adam Watton & Oscar Kuang

Earlier story:
28 February 2017: $8 million Masala assets forfeiture agreed

Attribution: Auction.

Continue Reading

2 mixed-use buildings and a childcare centre sell

Bayleys agents have sold 2 buildings zoned mixed use in Kingsland & Glen Eden, and a new childcare centre at Westgate.

Isthmus west

Kingsland

343 New North Rd:
Features: 372m² site zoned mixed use (height limit 21m), 222m² industrial building with mezzanine storage, constructed in mid 1970s; automotive tenant in occupation for over 20 years, now on month-to-month lease
Rent: $36,000/year net + gst
Outcome: sold for $1.65 million at a 2.18% yield
Agents: Kate Kirby & Stephen Scott

North-west

Glen Eden

41 Cartwright Rd:
Features: 2062m² site zoned mixed use, 3 industrial buildings of 345m², 372m² & 527m², one tenanted & 2 vacant, both vacant premises refurbished & ready for occupation; 3-year lease on 372m² building to automotive tenant until August 2019, 2 3-year rights of renewal; residential redevelopment potential longer term
Rent: $24,000/year net + gst
Outcome: sold for $1.7 million
Agents: James Valintine & William Gubb

Westgate

575 Don Buck Rd, unit 6:
Features: 3998m² site, new 1159m² childcare centre licensed for 110 children; one of 6 units in recently built commercial complex near intersection with Fred Taylor Drive, leased to Learning Tree Childcare Centre for 15 years plus 2 10-year rights of renewal
Rent: $286,000/year net + gst, 3% fixed rental increases every 2 years from November 2020
Outcome: sold for $4.7 million at a 6.08% yield
Agents: Tony Chaudhary, Janak Darji, James Chan & Matt Lee

Attribution: Company release.

Continue Reading

Brooklyn apartment & Thames retail passed in

A refurbished apartment in the Brooklyn building on Emily Place and a Thames retail building were passed in at Bayleys’ auction on Wednesday.

Apartment

CBD

Learning Quarter

Brooklyn, 66 Emily Place, unit 44:
Features: refurbished one-bedroom apartment
Outgoings: body corp levy $4862/year
Outcome: passed in after bid at $450,000 and vendor bid at $475,000
Agents: Julie Prince & Diane Jackson

Commercial

South of the Bombays

Coromandel

Thames, 101 Pahau St:
Features: 587m² building, 2 retail tenants – Resene Paints Ltd & St John Op Shop, upstairs office suite vacant
Rent: $48,600/year net + gst
Outcome: passed in at $665,000
Agents: Geoff Graham

Attribution: Auction.

Continue Reading

2 Shore sales & 5 leases, plus an Onehunga sale

Bayleys agents on the North Shore completed 2 sales & 3 lease agreements at Rosedale and another 2 leases in Takapuna, and were involved in a sale in Onehunga.

Sales

Isthmus east

Onehunga

72 & 76 Onehunga Mall:
Features: 2292m² site zoned mixed use, 1257m² building
Rent: $96,900/year net + gst
Outcome: sold in May for $1.8 million + gst at a 5.38% yield
Agents: Ranjan Unka, Scott Kirk & James Were

North-east

Rosedale

9 Airborne Rd, unit A:
Features: 288m² industrial unit occupied by Freedom Flooring Ltd – office 172m², warehouse 116m², 8 parking spaces
Rent: about $44,000/year net + gst
Outcome: sold for $850,000 + gst at a 5.18% yield, premises rental $2951/m²
Agents: James Kidd & Ashton Geissler

118 Bush Rd, unit D:
Features: 194m² work/live industrial unit – warehouse 92m², showroom 44m², living area 58m², 3 parking spaces
Outcome: sold in May for $740,000/year + gst at $3895/m² land & building
Agent: Laurie Burt

Leases

North-east

Rosedale

59 Apollo Drive, unit 4, suite 2:
Features: 44.5m² office, 2 parking spaces
Rent: leased in May for $13,500/year net + gst, premises rental $303.37/m² (no charge for parking)
Agents: Chris White & Jane Sims

8 John Glenn Avenue:
Features: 1766.4m² office & warehouse – warehouse 1268.5m², office 216.7m², canopy 281.2m², 20 parking spaces
Rent: leased in May for $270,000/year net + gst, premises rental $152.90/m², parking $10/space/week
Agents: Matt Mimmack, Ashton Geissler & Laurie Burt

11 Piermark Drive, unit I:
Features: 163m² industrial unit, 3 parking spaces
Rent: leased in May for $29,500/year net + gst, premises rental $181/m² (no charge for parking)
Agents: Laurie Burt

Takapuna

360 Lake Rd:
Features: 90m² office
Rent: leased in May for $29,000, premises rental $322/m²
Agent: Dean Gilbert-Smith

10 Northcroft St, level 2:
Features: 430m² office, no parking
Rent: leased in May for $132,870/year net + gst, premises rental $309/m²
Agents: Dean Gilbert-Smith

Attribution: Agency release.

Continue Reading

3 properties pulled from auction list plus 3 more in South Auckland sold

3 South Auckland properties originally included in Bayleys’ Total Property 3 auction list, but excluded before the 17 May event, have since been sold. They are 60-62 Tiraumea Drive in Pakuranga, 254A Roscommon Rd in Wiri and 336 Great South Rd, Papakura.

Another 5 properties in East Tamaki, Flat Bush, Papakura & Pukekohe have also been sold.

South

East Tamaki

37 Greenmount Drive, unit C7:
Features: 109m² industrial unit – 81m² high stud warehouse & amenities, 28m² mezzanine floor, full height roller door & 3-phase power, 2 parking spaces, controlled access to complex
Outcome: passed in
Agents: Roy Rudolph & Katie Wu

3 Torrens Rd, unit 4:
Features: 155m² unit in Burswood retail strip, ground-floor retail space of 135m2 plus 25m² mezzanine, 4 parking spaces at front & one at rear
Outcome: sold vacant for $465,000
Agents: Katie Wu & Ken Hu

Flat Bush

201 Murphys Rd:
Features: 1386m² of bare land zoned neighbourhood centre allowing for 3-level buildings, retail on ground floor & residential above
Outcome: sold for $1.95 million at $1407/m²
Agent: Dave Stanley

Pakuranga

60-62 Tiraumea Drive:
Features: 1355m² corner site in 2 titles zoned business neighbourhood centre, 430m2 single-level building, 3 shops (one vacant) plus residential accommodation
Rent: $50,010/year net + gst, estimated potential income about $65,000/year net + gst
Outcome: sold for $940,000 at a 5.3% yield on current rent, 6.9% on prospective rent
Agents: Tony Chaudhary, Janak Darji & Amy Weng

Papakura

336 Great South Rd:
Features: 1419m² corner site, resource consent granted for childcare centre catering for 85 children in 519m² of proposed building plus existing dwelling, with plans for 3 indoor play areas & 17 parking spaces
Outcome: sold for $1.45 million
Agents: Tony Chaudhary, Amy Weng & Janak Darji

82 Hunua Rd:
Features: 1.9488ha rear, mostly bare site zoned heavy industrial
Outcome: sold with vacant possession for $4.4 million at $225.70/m²
Agents: Shane Snijder & Peter Migounoff

Pukekohe

200 King St:
Features: 220m² streetfront retail & office, occupied by a sushi shop & an accountancy practice
Rent: $76,825/year net + gst
Outcome: sold for $1 million at a 7.7% yield
Agents: Shane Snijder & Peter Migounoff

Wiri

254A Roscommon Rd:
Features: 3886m² level industrial site, security-fenced yard, 497m² of various basic buildings
Rent: $5394/year net + gst holding income
Outcome: sold for $2.15 million at $556/m2
Agents: Shane Snijder, Nick Bayley & Jamsheed Sidhwa

Attribution: Agency release.

Continue Reading
WordPress Appliance - Powered by TurnKey Linux