Bayleys sold $8.9 million of property at auction or shortly after on Wednesday, in its first Total Property offering of the year.
Of the 15 properties offered, 6 were sold under the hammer & 1 afterward, and 8 were passed in.
This article contains outcomes from the 24 March auction conducted by Bayleys Real Estate in Auckland & some earlier sales from the Total Property portfolio. A number of properties offered in the portfolio went to tender and details aren’t yet available. Sales agents are listed at the end of each item.
In the new-look Bob Dey Property Report, these transactions are dealt with in 2 ways. Auction results are listed below, but transactions will also be listed on their local neighbourhood page. So, for the first item on the list below, you will also find details under Propbd/Neighbourhoods/North Shore/Takapuna.
The neighbourhood pages are intended to build a picture of an area, while a large volume of transactions such as this can also be viewed under each agency’s page, as in Propbd/Organisations/Agency/Bayleys.
Takapuna, 178-180 Hurstmere Rd, 567mÂ² freehold site, estimated net rental $137,427 plus gst/year, sold for $2.008 million at a 6.4% yield after a long battle between 2 bidders. Stuart Bode & Bryan Harris.
Kingsland, 25-27 Sandringham Rd, 10 flats & 1 shop returning about $156,000 net, 668mÂ² site zoned business 1, passed in at $1.785 million (8.74%). Price includes gst. Colin Stewart.
Three Kings, 509 Mt Albert Rd, D’zine Furniture premises, 790mÂ² of showroom plus mezzanine on 1186mÂ² site, sold for $945,000 at 7.2%. Mike Houlker & Sunil Bhana.
Kingsland, 353 New North Rd, freehold standalone 558mÂ² building, 3 levels each of 186mÂ², top floor vacant, on 401mÂ² site, currently returning $53,0005/year net, sold for $903,000. Michael Grainger & Robert Platt.
Avondale, 24 Fremlin Place, high-stud warehouse, minimal office, dangerous goods store, 1177mÂ² of building on 1787mÂ² business 5 site, sold for $1.195 million. Mike Houlker & Sunil Bhana
Albany, unit X, Northridge Plaza, Don McKinnon Drive, 423mÂ² Ed-ex Toys store in retail park, rent $131,719/year with CPI rent review structure, sold for $1.625 million at 8.1%. James Chan & David Mayhew.
Manukau, Dalgety Drive, vacant high-stud 641mÂ² warehouse with office, 1055mÂ² fenced yard, sold for $505,000. Mike McLennan.
St Lukes, unit A, corner Sandringham & St Lukes Rds, 1410mÂ² partly leased business 4 unit with 29 parking spaces, passed in at $1.33 million. James Chan & Johnathan Chang.
St Lukes, unit B, corner Sandringham & St Lukes Rds, the 173mÂ² unit in the same building as the one above, fully leased to a gym at $23.111.11 plus gst/year, passed in at $310,000. James Chan & Johnathan Chang.
Eden Terrace, 41 Charlotte St, a 4-level mixed-use building in the business 4 zone, 966mÂ² of offices, 32 parking spaces returning $159,565 plus gst/year, 252mÂ² 3-bedroom penthouse apartment with 93mÂ² of deck & 46mÂ² of secure basement storage returning $41,600/year gross, passed in at $2.05 million. Colin Stewart & David O’Connell.
Whangarei, corner State Highway 1 & 211 Kamo Rd, prominent 1720mÂ² site with vacant house containing 430mÂ² on 2 floors, development options, passed in at $410,000. Ross Blomfield.
Papakura, 65 Hunua Rd, 3860mÂ² industrial 4 building in 4 tenancies on 8461mÂ² site, full drive-round access, rent $152,000/year net, passed in t $1.175 million. Dave Stanley.
Howick, 87 Picton St, 663mÂ² retail & 112mÂ² mezzanine space in 2 tenancies, ANZ Bank and Pakuranga & Howick Realty Ltd, business 2 site, rent $207,850 plus gst/year, passed in at $2 million. Mark Pittaway.
Whangarei, lot 2, Vinery Lane, vacant 2088mÂ² freehold section ready for development with adjacent parcel also available, passed in. Ross Blomfield.
Taupo, 100 Horomatangi St, 1012mÂ² corner site with 379mÂ² building in 2 commercial tenancies, recently refurbished, passed in at $1.71 million. Gary Harwood.
Earlier Total Property transactions:
Glen Eden, multi-tenanted 692mÂ² retail property – 2 roadfront buildings in the Glen Eden retail centre, 1 containing 3 tenancies and the other with 4 â€“ returning $99,799/year net, was sold before auction for $1.28 million at 7.8%. Alan Hargreaves & Chris Upright.
Greenlane, corner Great South & Market Rds, 3 buildings totalling 563mÂ², containing the Hong Kong seafood restaurant, a herbal medicine business, a photo frame business (on monthly lease) & some vacant space available for retail & residential use, on 1138mÂ² site, returning $117,660/year, was sold to a local Chinese buyer for $2.368 million at 4.97%. James Chan & Johnathan Chang.
Kohimarama, 42 & 44 Kohimarama Rd, 11 & 13 Taranaki Rd, residential 6A property, lots of 3065mÂ², 3232mÂ², 938mÂ² & 959mÂ², total 8194mÂ², with a large home & large undeveloped open area, sold for an undisclosed price. Dinah Macky & Mike Houlker.
Hamilton, 93 Grey St, 12 self-contained motel units plus manager’s unit, long-term lease in place, 770mÂ² floor area on 2895mÂ² site with further development potential, near Cobham Drive State Highway 1 bypass & Hamilton East shopping centre, returning $55,000 plus gst/year plus outgoings, sold for $760,000. Theo de Leeuw & Nick Dinan.
Rotorua, 1218-1226 Eruera St, The Mansions business centre retail & office property, 3 floors of 260mÂ², ground floor of 506mÂ² on 1012mÂ² site, gross income $90,807 plus gts/year, net income $36,857 plus gst/year, passed in at $530,000 in mortgagee auction. Bill Wilson.
Rotorua, 1081 Hinemoa St, Pacioli House 2-level office building, 710mÂ² net lettable area plus 17 parking spaces, occupied by accountancy firm Iles Casey, earning $135,000 plus gst/year, sold for $1.6 million at 8.4%. Bill Wilson.
Napier cbd, 116 Hastings St, 2-storey art deco building occupied by jewellers McClurg Ltd, 276mÂ² total floorspace on 190mÂ² site, returning $42,300 plus gst/year, sold for $600,000 at 7.05%. John Looney.
Napier, Onekawa, 24-26 Niven St & 5-9 Thorn Place, industrial complex occupied by Clark Products Ltd, showroom, offices & manufacturing/warehouse, 2528mÂ² floor area on 5445mÂ² in 2 sites, returning $125,000/year, sold for $1.29 million at 9.7%. Steve Glasspole & Eoin Carty.
Dunedin, 14-20 Dowling St, total 5445mÂ² net lettable area including ex-Hallensteins NZ head office, which is a protected townscape & heritage structure, 3 retail & 8 commercial tenants in buildings of 3 & 4 storeys, returning $117,875 plus gst/year, passed in at $955,000 (at 12.3%). Alister Calvert.
Queenstown, 50 Gorge Rd, 1 of 4 Hirequip NZ Ltd (formerly Southern Capital Ltd) properties to be sold, this one in Queenstown’s developing service & commercial precinct, 750mÂ² of building on 2164mÂ² site, lease for 1 year at $150,000 plus gst, was owned by a private investor and was sold for just over $2 million at 7.5%. Alister Calvert & Barry Robertson.
Wanaka, 42-44 Reece Crescent, Hirequip property, 500mÂ² of building on 2020mÂ² site, 9-year leaseback, returning $60,000 plus gst/year, sold to a private investor for $1.1 million at 5.45%. Alister Calvert & Mat Andrews.
Nelson, Stoke, Quarantine Rd, Hirequip property, 1200mÂ² of building on 5904mÂ² site, 9-year leaseback, returning $174,000, sold for $2.4 million at 7.23% along with the New Plymouth Hirequip property to a joint venture in which Hirequip director & shareholder Stuart McKinlay holds a 50% interest. Graeme & Tony Vining.
New Plymouth, Smart Rd, Hirequip property, 1300mÂ² floor area on 4951mÂ² site, 9-year leaseback, sold for $1.93 million at 8.7% with Hirequip’s Stoke property to a joint venture in which Hirequip director & shareholder Stuart McKinlay holds a 50% interest. Mark Gunning & Karl Cameron.