6 ground-floor retail tenancies on 3 unit titles at 12-14 O’Connell St.

6-tenant O’Connell St retail package sells

Bayleys agents have sold 6 properties around the Auckland cbd & western fringe, including 6 retail tenancies in an O’Connell St building (pictured).


Learning Quarter

44 Anzac Ave, unit L6:
Features: vacant 173mnorth-facing office unit with decks; includes boardroom, multiple office areas, kitchen & utilities room plus 2 onsite parking spaces
Outcome: sold for $647,000 + gst (if any)
Ken Hu

O’Connell St

12-14 O’Connell St, units A, B & C:
Features: 6 ground-floor retail tenancies on 3 unit titles totalling 359m2; Proper Pizza occupies third of the space on 10-year lease from April 2018, other occupants include a Wishbone café, florist, chocolate shop & hair salon on 3- to 8-year leases
Rent: $333,490/year net + gst
Outcome: sold for $5.2 million at a 6.41% yield
Agents: Nicolas Ching, Beterly Pan & James Chan

Queen St:

396 Queen St, unit 9:
Features: 26m² retail unit next to Skybus ticket office & departure stop; beneath Sheraton Four Point Hotel currently being constructed within the tower (255 hotel rooms over 21 levels)
Outcome: sold for $600,000 at $23,077/m²
Agent: Millie Liang

Victoria Quarter

17-19 Nelson St:
Features: block of 20 fully leased parking spaces on individual titles in 4-level building; parks all have 9-year head lease to Tournament Parking Ltd with fixed annual 2% rental increases
Rent: $90,149/year net + gst
Outcome: sold for $1.98 million at a 4.55% yield
Agents: Alan Haydock & Damien Bullick


16 Viaduct Harbour Ave, level 5:
Features: leasehold, 448m² office floor; current 15-year lease until 2028 to Tramco Ltd, which undertook a major refurbishment in January 2017 and pays all outgoings including ground rent
Rent: $175,340 /year net + gst
Outcome: sold for $1.45 million at a 12.09% yield
Agents: Damien Bullick & Sunil Bhana

Isthmus west

Freemans Bay

70 College Hill:
Features: 298m² corner site, 127m² character villa offering commercial & residential options
Outcome: sold vacant for $1.45 million
Agents: Andrew Wallace & Cameron Melhuish

Attribution: Agency release.

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