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Bayleys sells $16 million at Total auction

Published: 23 June 2005

Bayleys Real Estate sold $16 million of properties at its Total Property auction in Auckland on Wednesday, including a suburban bank branch on a 6.6% yield.


Auckland City

Avondale, 9 St Jude St, 2 commercial buildings on a 1017m² site in a high-profile location, sold for $855,000. A combination of profile showroom space, partitioned offices & warehousing, the property was sold vacant. Sales, Colin Stewart, Central Auckland.

CBD eastern fringe, 20-30 Anzac Ave, 670m² standalone 4-level character building on 215m² site, sold for $1.85 million at a yield of 8.4%. Occupied by various tenants, the property is returning $155,240/year. Sales, Eliza Gilbertson and & Haydock, Auckland Central.

Ellerslie, 1 Ranier St, sold before auction for an undisclosed price. The commercial building is in a park-like environment on a 2276m² site, occupied by Gaze Commercial and returning net rent of $80,394/year on a 6-year lease from 2004. Sales, Sunil Bhana, Mike Houlker & David Gubb, Auckland Central.

Mt Eden, 292-310 Dominion Rd, unit K, 314m² ASB outlet at the entrance to Eden Quarter shopping centre, sold for $2 million at 6.6% yield. It’s currently producing net rent of $131,712/year from an 8-year lease to the bank from July 2000. Sales, Mark Pittaway, Manukau, & Dominic Ong, Auckland Central.

Ponsonby, 30-32 Jervois Rd, 185m² standalone 2-level building on a 306m² site, sold for $1.165 million at a 3% yield. It’s currently producing net rent of $33,933/year from a lease to Fusion Café, whose lease on 2 tenancies expires in 2006. Sales, James Chan & Quinn Ngo, Auckland Central.

Royal Oak Mall, 691 Manukau Rd, unit O, 108m² retail unit in Royal Oak Mall sold for $347,000 at a 10.2% yield.  Occupied by The Framers Guild on a 9-year lease from 1998, it’s producing net rent of $35,487/year. Sales, Sue de Jong & James Chan, Auckland Central.

Royal Oak Mall, 691 Manukau Rd, unit P, 117m² retail unit leased to Budget Eyewear (trading as OPSM), sold for $515,000 at an 8.7% yield. The property is on a 10-year lease from July 1997, returning net rent of $45,990/year. Sales, Sue de Jong & James Chan, Auckland Central.

St Lukes, 4 Western Springs Rd, modern 1025m² 2-level commercial building on a 1311m² site, sold for $2 million at a 7.5% yield. Anchor tenant the Post Primary Teachers’ Association occupies the upper floor on a lease until 2011 and Moto Systems occupies the ground floor showroom space. The property is producing net rent of $150,636/year. Sales, Dominic Ong & John O’Brien, Auckland Central.

Passed in:

Avondale, 11 St Jude St, 612m² site, redevelopment potential, passed in for $425,000. It’s leased to Avondale Japanese Parts on net rent of $22,800/year. Sales, Colin Stewart, Central Auckland.

CBD, Princes Wharf, Quay St, 98.12m² property occupied by Casa Del Oro, returning net rent of $23,227/year on a 9-year lease, passed in without a bid. Sales, Jack Downer & James Chan, Auckland Central.

Mt Albert, corner New North Rd & Lloyd Ave, character villa on a high-profile 617m² corner site producing  $33,696/year. Willow Shoes Ltd, an established tenant, has a new 3-year lease from April 2005. Passed in at $540,000. Sales, Michael Grainger, Auckland Central.

Penrose, 65 Maurice Rd, standalone 895m² building with office, warehouse & storage areas on 809m², passed in for $642,500. The building, which is partially tenanted, returns $32,670/year holding income. Sales, Cameron Melhuish & Kathryn Robinson, Auckland Central.

Royal Oak Mall, 691 Manukau Rd, unit Q, 158m² shop occupied by Souveran on a 3-year lease from March 2003, passed in for $350,000,. The unit is producing net rent of $38,800/year. Sales, Sue de Jong & James Chan, Auckland Central.

Manukau City

East Tamaki  225 Burswood Drive, 725m² showroom building close to Ti Rakau Drive, sold vacant for $1.5 million. Sales, Roy Rudolph & John Bolton, Manukau.

East Tamaki, 103 Harris Rd, units A & B, 2-title property with 2 units – 580m² & 355m² – on 1821m², sold before auction for $1.45 million. Returning net rent from Allways Manning and Toy Hire of $99,644/year, the property sold at a yield of 6.9%. Sales, John Bolton & Katie Wu, Manukau.

East Tamaki 138 Harris Rd, unit K, 183m² property on a prime corner site sold before auction for an undisclosed price. The property has a longstanding tenant, Mad About Food, on an 18-year lease from 1993, currently producing $37,345/year. Sales, John Bolton & Katie Wu, Manukau.

East Tamaki, 23 Springs Rd, unit H, 6-year-old 581m² warehouse, showroom & office building sold for $820,000 at 7.9% yield. Leased to R&A Co on a 3-year lease from February 2005, it produces net rent of $65,000/year. Sales, Roy Rudolph & Katie Wu, Manukau.

Otara, 12 Lovegrove Cres, standalone industrial property on 2040m² site close to the motorway interchange, sold for $1.73 million with vacant possession. Sales, Mike McLennan & Simon Lee, East Tamaki.

Passed in

Airport Oaks, 39 Aintree Ave, modern 5300m² warehouse & office on 8106m², passed in for $6.4 million. Tenanted by  Real Food Ltd on a 12-year lease from July 1996, the property is currently returning  net rent of $493,425/year with a rent review due in August. Sales, Peta Laery & Hayden Bryant, Manukau.


Papakura, 69 O’Shannessey St, 348m² retail property in 2 titles on 460m² of land, sold for $505,000 at 7.5% yield. The property is leased to the Salvation Army on a 3-year lease from 2005, returning net rent of $37,700/year. Sales, Dave Stanley & Mike Ashton, Counties.

Website: Bayleys


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Farm salesman collects Harveys’ top award

Published: 31 May 2005

Farm sales specialist Bill King, of Kaikohe, has won Harveys Real Estate’s top individual award for gross commissions for the 3rd time in 6 years, and top award for rural commissions for the 3rd time in 3 years.

With $41.5 million in sales, he topped Harveys’ value of properties sold list for the 5th time in 6 years.

The contest for top slot at Harveys was between provincial salesmen, despite the growing demand for expensive coastal property. Mr King, celebrating 25 years in real estate, headed Austin Harris of Taupo & David Egan of Gisborne for commissions after being pipped by Mr Harris last year. Mr Harris came 2nd on value of properties sold, at $28.3 million, followed by Mr Egan on $23.5 million.

The Taupo office was the most successful office for gross commissions for the 5th successive year. Mr Harris, who’s just been made a partner in the Taupo office with Rosie Harvey & Tony Hay, also won 3 individual awards, for top auction listings, advertising money received & gross residential commissions.

Linda Churchill, of Tokoroa, scored the highest number of sales with 83, and the Tokoroa office was most successful office for the number of sales. Jenny Bunn (New Plymouth) & Frank van de Ven (Tokoroa) were 2nd & 3rd in individual rankings.

Other winners were:

Property manager, Dianne Sutton (Rotorua); rookie, Mark Frear (Kaikohe),; auction achievement, Amanda Campbell (Gisborne); administrator, Dawne Howarth (Henderson) ; exclusive listings, Aaron Drever (Glen Eden); manager, Sandy Lowe (Te Atatu); auctioneer, Ian Keightley (North Harbour).

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Bayleys launches winter Total Property portfolio

Published: 21 May 2005

Bayleys Real Estate goes into its winter Total Property portfolio offering in positive mood – despite a 150 basis point rise in the Reserve Bank’s official cash rate in a year, both industrial & office yields are way down and retail vacancy is at a record low.

Bayleys Research manager Gerald Rundle said industrial yields had dipped to their lowest levels recorded on the Bayleys Research index despite interest rate rises – from 10.1% in September 2003 to a provisional 8.6% for the March 2005 quarter.

“Expectations are that the yield will remain at or near the existing levels over the next 12 months, given the current market conditions,” Mr Rundle said.

In Manukau City, commercial vacancy fell to 3.9%. Industrial vacancy rose to 4.5% on a 100,000m² increase in enw space, with another 50,000m² under construction.

The offering includes:

a 93ha subdivision property, Raumanga Heights, at the southern entrance to Whangarei
2 BP service stations
an Apollo Technical Park office/showroom with vacant possession
5 Princes Wharf tenancies not sold in an earlier auction
retail at Papakura, Ponsonby & Royal Oak Mall
development & redevelopment sites at Wiri & East Tamaki
new Airport Oaks premises, and
various central-city properties.

Tender & expressions-of-interest dates vary. The Auckland Total Property auction will be held on Wednesday 22 June at 11am.

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Leila Macdonald tops B&T sales again

Published: 13 May 2005

Remuera agent Leila Macdonald was named top salesperson at Barfoot & Thompson for the 3rd successive year this week, with an average sale price above $2 million. In 14 years, she’s never been placed lower than No 2.


Her awards for topping sales overall & in residential were announced at Barfoot & Thompson’s annual convention.


Other awards:


Rural, Mike Butler (Papakura)
Commercial, John McDonald (Whangaparaoa)
Rookie of the year, Lucy Zhuo-Kiu (Mt Eden)
Property manager, Claire Turner

Barfoot & Thompson’s Top 25:

1.                  Leila MacDonald – Remuera

2.                  Johnson Chen – City

3.                  Paul Barnao – Remuera

4.                  John McDonald – Whangaparoa

5.                  Kathryn West – Epsom

6.                  Virgil Roberts – City

7.                  Mike Butler – Papakura

8.                  Craig Matheson – Whangarei

9.                  Daniel Huang – Meadowbank

10.              Todd Yelavich – Milford

11.              Dean Wotherspoon – Devonport

12.              Dominic Shu – Mt Roskill

13.              George Erdos – City

14.              Michael Benns – Henderson

15.              Els de Jong – City

16.              Ian Molloy – Glenfield

17.              John Zhang – Te Atatu

18.              Ron Sadler – Takapuna

19.              Kerry Graham – Milford

20.              Steve Miles – Glen Eden

21.              Gerard Charteris – Remuera

22.              Karin Cooper – St Heliers

23.              Aaron Hudson – City

24.              Madja Court – Mairangi Bay

25.              George Fong – Epsom. 

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B&T finds a Titirangi home at last

Published: 20 April 2005

Barfoot & Thompson has opened a Titirangi branch, managed by former Mt Eden branch manager Barbara Smith and taking the firm’s network to 60 branches.


Director Peter Thompson said Barfoot’s had been looking at Titirangi for several year but couldn’t find a suitable spot: “It can be difficult to secure good commercial premises in the small Titirangi village, so when an opportunity presented itself we didn’t have to think twice.”


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Turners of Otahuhu pulls out of Hooker chain

Published: 13 April 2005

Otahuhu real estate licensee Walter Turner has pulled out of the Australian LJ Hooker network after 5 years and gone back to being a local-for-locals business.

Mr Turner turned Kevin McGrath (Otahuhu) Ltd – part of an Auckland chain – into Turners Real Estate Ltd in 1992 but took it into the Hooker franchise in 2000. He’s kept his premises at 375 Great South Rd, in the Otahuhu shopping strip, and will continue operating as Turners, with the same sales team.

Mr Turner said that when it came to “the nitty-gritty of selling properties in suburban South Auckland, there is no substitute for local knowledge & local people who are in close touch with their diverse local communities. 

“The action takes place close to the ground here and the costs that come with an international network just don’t justify themselves in this environment.

“Our people know every aspect of the property market in this region of Auckland from Ellerslie, Panmure & Mt Wellington in the north through Otara, Otahuhu, Papatoetoe to Manukau & Mangere. This district and its variety of ethnic communities is part & parcel of their personal & professional lives.”

Turners will sell residential, rental & commercial properties and also manage properties.

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Buildings with personality popular at Wellington Total Property auction

Published: 2 April 2005

Continuing strong demand for commercial & industrial property attracted large numbers of bidders to Bayleys’ Wellington Total Property auction on 24 March, with 10 out of 11 properties selling at prices ranging from $90,000 to $1.14 million.

Bayleys Capital Commercial director Mark Hourigan said 79 bids were received on the first property alone.

“The star performers were office suites & owner-occupier opportunities,” he said.

Mr Hourigan said the Wellington commercial & industrial markets showed no sign of dampening. “This auction shows that the positive trend of the past year looks set to continue, with demand from a mix of investors, developers & owner occupiers continuing to underpin the market.”

The largest sale was an industrial property in Drummond St, next to the Governor-general’s residence, which went under the hammer for $1.14 million.

Also sold were 3 character buildings in Island Bay (a café & wine bar), Adelaide Rd (the Adelaide Junction antique shop) & Majoribanks St (an old butcher’s shop).

Jill Downie, involved in all 3 sales, said the buildings dated back to the early part of last century and the bidding competition reflected the popularity of well located buildings “with personality”.

Mr Hourigan said Bayleys Wellington was consistently achieving auction clearance rates above 90% and multiple bids on all offerings. The only property to be passed in at this auction was a 3-storey 2020m² industrial building at 264-272 Taranaki St, which got a top bid of $1.53 million.

Auction results:

Drummond St, industrial property next to the Governor-general’s residence, sold for $1.14 million. It has a 2-storey 1000m² warehouse and a self-contained residential unit on 895m². The property, sold by Joanna Piatek-Dyer, has 2 tenants and is producing net rent of just over $60,000/year. She said the property had potential for residential redevelopment
Island Bay, 351 The Parade, Kai in the Bay premises in the Zino Buildings (a café & wine bar based on Maori values, but property sold vacant), 310m² on 468m² site, sold for $676,000; Jill Downie
Kilbirnie, 20-22 Bay Rd, Kilbirnie Plaza, vacant unit, 50m² ground floor & 17m² mezzanine, in 80s complex of 27 unit-titled shops, sold for $90,000; Colin Hodge
Mt Victoria, 12 Majoribanks St, vacant old butcher’s shop next to Embassy Theatre, 150m² on 191m² site, sold for $560,000 ($2932/m² land value); Jill Downie & Stathis Moutos
Newtown, 191 Adelaide Rd, the Adelaide Junction antique shop premises, with apartment space above, 280m² on 268m² site, sold for $600,000 with vacant possession; Jill Downie
Paraparaumu, 44 Marine Parade, shop 1, vacant 99m² concrete block unit in development across the road from the beach, sold for $196,000; Stephen Lange
Seaview, 113A Hutt Park Rd, industrial complex containing 16 storage units, each of 98m³ cubic capacity and leased on monthly basis, on 545m² site, sold post-auction for $400,000; Fraser Press
Te Aro, 148 Cuba St, 508m² unit-titled office floor on level 4 of the 6-storey Crombie Lockwood House, sold with vacant possession for $764,000, sold with an existing modern fitout, including large boardrooms; Andrew Smith & Joanna Piatek-Dyer
Te Aro, 82 Willis St (Press House), 2 half-floor office units, 193m² on level 2 & 187m² on level 3, sold vacant for $320,000 & $325,000; the office suites were created as a result of the strata titling of the 75-year old 6-storey building, which formerly housed the Dominion & Evening Post newspapers; sales, Chris Callear.

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9 sold through Auckland Total Property auction

Published: 31 March 2005

Bayleys Real Estate sold 9 out of 12 properties in the Auckland leg of its latest Total Property auction for $15.1 million (correcting original figure).

Results (property details to follow) from the auction at Bayleys in Auckland on Wednesday were:

Airport Oaks, 40 Richard Pearse Drive, warehouse leased to July 2009, sold for $2.66 million at 9.3% yield; Stuart Bode & Hayden Bryant.

East Tamaki, 89 Springs Rd, unit A, sold for $1.12 million at 7.1% yield; Shane Snijder.

East Tamaki, 49 Sir William Ave, 3010m² of warehouse, office & amenities, sold post-auction for $2.85 million; John Bolton & Katie Wu.

East Tamaki, 35 Stonedon Drive, combination of higher-stud & low-stud factory, minimal office in 1797m² building, sold before auction for $1.6 million at 7.84% yield; John Bolton & Roy Rudolph.

Glen Innes, 306 Apirana Ave, KFC outlet on 12-year lease from 1 November 2001, sold for $1.645 million at 6.9% yield; Richard Yang.

Grafton, 22 Burleigh St, 600m² building in 4 tenancies, part-leased, sold for $1.315 million; Michael Grainger & Colin Stewart.

Manurewa, 185 Great South Rd, passed in with vendor bid of $475,000; property earning $50,000/year gross from 6-year leases; Dave Stanley & Mike Ashton.

Morningside, 37 Leslie Ave, 1400m² industrial building on 1660m² freehold title, in 2 tenancies, highest bid of $1.65 million was at a yield of 8.5%; Kathryn Robinson, David Gubb & Mike Houlker.

Onehunga, 51A Princes St, north0facing site with road frontage & consent for 28 apartments, holding income of $80,000 plus gst, sold for $1.275 million post-auction; James Chan & Dominic Ong.

Pakuranga, 491 Pakuranga Rd, unit E, property with Government tenant on 6-year lease paying $200,000 plus gst, including outgoings/year, set aside; Mark Pittaway.

Takanini, 317 Great South Rd, 132.5m² property with 9-year lease from August 1999, sold for $1.22 million at 7.3% yield; sales, Dave Stanley & Mike Ashton.

Tuakau, 23 Carr St, 14,302m² site with about 2800m² of building, sold post-auction for $1.45 million at a 9.3% yield; Mike Ashton & Dave Stanley.

There’ll be more auction details on the BD Central website over the next couple of days.

Website: Bayleys


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All 7 properties sold in Wellington

All 7 properties put up for sale at a Bayleys auction in Wellington last week were sold, for a total $6.89 million.

The largest sale of the day was of a Mitre 10 outlet in Milne Drive, Paraparaumu, which went under the hammer for $3.015 million. The 1088m² property has a showroom & adjoining garden centre and is occupied by Paraparaumu Hardware Holdings Ltd, trading as Mitre 10, on a new 10-year lease. The property is returning net rental income of $265,000/year and was sold at an 8.8% yield. (Mark Hourigan & Stephen Lange, Bayleys Wellington).

A 397m² retail property in High St, Lower Hutt, was sold for $937,000. The property, which has dual street frontages, has been tenanted by GC Yip (Goodworld Chinese Restaurant) since 1997. It’s producing net rental income of $62,500/year and was sold at a 6.7% yield. (Mark Sherlock, Bayleys Wellington).

A vacant 991m² office building in Raroa Rd, Lower Hutt, was sold immediately after auction for $925,000. The 3-storey air-conditioned building was formerly occupied by Datacraft NZ Ltd. (Paul Cudby, Bayleys Wellington).

In Webb St, Te Aro, a 360m² freestanding industrial building was sold for $850,000. The property is equipped with a coolstore, chiller & processing rooms and is tenanted by Ocean Ranch (NZ) Ltd. It’s producing net rental income of $380,000/year, representing a 6.3%. (Jill Downie, Bayleys Wellington).

A modern multi-purpose 5-unit showroom/warehouse complex at 34 Park St, Upper Hutt, was sold for $500,000. The fully tenanted property is producing net rental income of $43,576/year from a variety of short-term leases and was sold at an 8.7% yield. (Andrew Smith, Bayleys Wellington).

A small industrial property in Birch St, Lower Hutt, containing a ground-floor workshop/warehouse with a mezzanine floor, was sold for $407,000. The property has been occupied by Contour Brakes Ltd, whose lease is set to expire in April 2005. The property has been producing net rental income of almost $20,000/year. (Andrew Smith, Bayleys Wellington).

An 80m² unit-titled office floor at 99 The Terrace was sold vacant for $265,000. (Joanna Piatek-Dyer, Bayleys Wellington).

Bayleys Wellington principal Mark Hourigan said the auction attracted the interest of a broad spectrum of bidders. “There was spirited bidding on all of the properties from a mixture of people including private individuals, investor groups & tenants.”

Mr Hourigan said 60-80 people competed for the 7 properties on offer. He said the good yields achieved, & sale prices in excess of reserves, reflected the healthy state of the commercial & industrial markets.

The Wellington auction followed on from an Auckland auction of properties in Bayleys’ latest commercial & industrial Total Property portfolio, which also attracted very strong bidding. 22 properties were sold for in excess of $24 million.

Bayleys will launch another Total Property portfolio early in the New Year.

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Bayleys sells 22 for $24 million in Total Property auction

22 of the 28 properties Bayleys Real Estate offered to a packed auction room at its Auckland Total Property sale on Wednesday were bought for $24 million.

Average yield was 8.3% and the yield range 6.8-10.2%.

An eager early turnout was guaranteed by the first property on offer – a small 2-storey building containing the China Book Centre in the busy Mt Albert shopping strip on New North Rd. As well as the 80m² shop, the building has a 57m² flat & 66m² basement on a 149m² site, currently returning $29,900 plus gst.

It sold for $425,000 at a 7% yield.

Strong bidding pushed a medium-term development property on Turner St, just below the Kitchener developments at the top of Queen St, to a 7.6% yield on current rent and land price of $3494/m².

Check the details by clicking on the headings below:


Auckland cbd:


7.6% yield on Turner St

Indian restaurant premises sell on 8.4% yield

Development site passed in


CBD fringe:


Newton character sold vacant


Auckland City suburbs:


6.8% in Mt Albert strip

Largely vacant building off Dominion Rd sold

Corner site sells for $2090/m²

7% on Mt Wellington Wendys

8.2% on Vestey Drive café

9.5% on Carr Rd

Rosebank warehouse passed in

Character mall corner building passed in


Waiheke Island:


Ostend roadfront site sells

Oneroa development site passed in




10.3% on West Coast Rd

Vacant resthome sold




7.5% for bar & grill building

Cavendish-area warehouse sells vacant

Refurbished office/warehouse gets 10%

Wiri unit sells at 8.3%

9.2% for busy corner site

7.5% on Ti Rakau

8.3% on Greenmount Drive

9.9% for Corrections building

$3.35 million not enough for Wiri corner


North Shore:


10 leased units go for 7.4%




No bid for development site


Bay of Plenty:


3.1% yield on prime Mount shops

5.7% in St John St


You can also check sales activity by sector:


Contract! Office, December 2004

Contract! Warehouse, December 2004

Contract! Retail, December 2004

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