Bayleys launches last auction round for year with Tauranga sales

Bayleys launched its final round of Total Property commercial auctions in Tauranga yesterday with 2 suburban sales. The agency has also sold an office at the entrance to the Piccadilly Arcade.

South of the Bombays – Bay of Plenty

Tauranga

CBD

44 Grey St, unit 23:  
Features: 118m² unit-titled airconditioned premises on streetfront entrance to 22-unit Piccadilly Arcade; currently used as a professional office by Wise Management Services Ltd
Rent: $43,000/year net + gst, increasing to $47,200 + gst from February
Outcome: sold for $680,000 at a 6.32% yield on current income, 6.94% on raised income
Agents: Brendon & Lynn Bradley

Bethlehem

2 Jude Place:
Features: 2088m² corner site, 4-year-old 953m² Ridge Plaza retail complex & 21 parking places; fully leased to 6 tenants
Rent: $155,575/year net + gst
Outcome: sold for $3.05 million at a 5.1% yield
Agents: Brendon, Lynn & Ryan Bradley

Poike

2 Roxanne Place:
Features: 1794m² site, modern 848m² building with high stud warehousing & airconditioned offices; large sealed yard provides 24 parking spaces; 5-year lease from September 2018 to Skatescool Tauranga
Rent: $100,000/year net + gst
Outcome: sold for $1.65 million at a 6.06% yield
Agents: Jo Stewart & Lloyd Davidson

Attribution: Agency release.

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