4 properties were sold at Bayleys’ final Total Property 5 auction round last Thursday, out of 6 on offer.
The auctions covered the Hauraki Plains, Hawke’s Bay & Waikato. A Gull service station plus development land (pictured) at Ngatea was sold on a 5.7% yield. Other sales were at Napier, Hamilton & Te Awamutu.
South of the Bombays
44 Orchard Rd West:
Features: 1624m² site on State Highway 2, 96m² canopy for fully automated Gull fuel station; Gull NZ Ltd has 10-year lease plus 4 5-year rights of renewal; chattels include 60,000 & 50,000-litre fuel storage tanks, 3 self-service pumps, 4 filling stations & vapour recovery lines; unused land at rear of site accessed via service lane could offer opportunity for further development
Rent: $57,783/year net + gst
Outcome: sold for $1.02 million at a 5.66% yield
Agent: Josh Smith
110 Kennedy Rd:
Features: 126m² site in Marewa Shopping Centre, 250m² commercial building recently strengthened to 80% of new building standard; ground floor occupied by Canton Wok restaurant, second tenant occupies upstairs office space
Rent: $26,692/year net + gst
Outcome: sold post-auction for $585,000 at a 4.56% yield
Agent: Sam MacDonald
38 Whatawhata Rd:
Features: 90m² unit in suburban retail centre, previously operated as a beauty salon, comprising a reception & workspace area, 3 treatment rooms with separate heat pumps, staff room & bathroom
Outcome: sold vacant for $350,000
Agent: Jason Kong
106 Alexandra St:
Features: 479m² corner cbd site, 505m² bank building strengthened to seismic rating of 100% of new building standard; Westpac has occupied it since 1999 and is on 6-year term from August 2017
Rent: $104,000/year gross + gst
Outcome: sold for $1.5 million at a net 6.25% yield
Agents: Josh Smith & Blair Hutcheson
Attribution: Agency release.