Archive | North Shore

Albany Toyota property sold

Bayleys’ North Shore office has started 2013 with one sale at albany and 4 leases in Takapuna reported.

Sales

Albany

252 State Highway 17 & 8 Gills Rd:
Features: 2107.1m² mixed-use property leased to Albany Toyota (Eastern Wholesale Ltd)
Rent: $381,500/year
Outcome: sold for $4.77 million at an 8% yield
Agents: Daryl Devereux & Brian Caldwell

Leases

Takapuna

9 Huron St:

Features: 680m² office with 10 parking spaces
Rent: $135,000/year
Agents: Christina Heaven

31 Northcroft St, unit G7:
Features: 100.6m² office with 3 parking spaces
Rent: $23,215/year
Outcome:
Agents: Christina Heaven

95 Hurstmere Rd level 3, unit 3:
Features: 19.36m² office with one parking space
Rent: $21,319/year
Agents: Christina Heaven

9 Huron St:
Features: 680m² office with 10 parking spaces
Rent: $135,000/year
Outcome:
Agents: Christina Heaven

Attribution: Agency release, story written by Bob Dey for the Bob Dey Property Report.

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Shore office rents at $300/m², cap rates down to 6.5%

North Shore office rents are up to $300/m² and cap rates as low as 6.5% as stock remains scarce against high demand.


Bayleys Real Estate said in its latest office market report prime office rents on the North Shore ranged from $230-300/m², secondary from $180-200/m².


The agency said investment demand was strong, with little investment stock available. Tenant demand was steady in both segments, with rental rises forcast over the next 12 months for the prime segment.


Capitalisation rates in the prime segment are in the range of 6.5-8%, in the secondary segment 8-9.5%.


Bayleys said North Shore office vacancy got down to 7% in January from 10.8% a year earlier as a result of strong leasing activity & a decline in speculative development.


It said vacancy should stay below 10% as tenant inquiry remained strong, supported by a number of start-up businesses, expansion by local companies & relocation to the Shore.

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