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.
Avondale, 9 St Jude St, 2 commercial buildings on a 1017mÂ² 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, 670mÂ² standalone 4-level character building on 215mÂ² 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 2276mÂ² 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, 314mÂ² 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, 185mÂ² standalone 2-level building on a 306mÂ² 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 CafÃ©, whose lease on 2 tenancies expires in 2006. Sales, James Chan & Quinn Ngo, Auckland Central.
Royal Oak Mall, 691 Manukau Rd, unit O, 108mÂ² 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, 117mÂ² 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 1025mÂ² 2-level commercial building on a 1311mÂ² 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.
Avondale, 11 St Jude St, 612mÂ² 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, 98.12mÂ² 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 617mÂ² 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 895mÂ² building with office, warehouse & storage areas on 809mÂ², 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, 158mÂ² 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.
East Tamaki 225 Burswood Drive, 725mÂ² 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 â€“ 580mÂ² & 355mÂ² â€“ on 1821mÂ², 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, 183mÂ² 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 581mÂ² 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 2040mÂ² site close to the motorway interchange, sold for $1.73 million with vacant possession. Sales, Mike McLennan & Simon Lee, East Tamaki.
Airport Oaks, 39 Aintree Ave, modern 5300mÂ² warehouse & office on 8106mÂ², 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, 348mÂ² retail property in 2 titles on 460mÂ² 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.