The 68-unit Allenby Park hotel complex in Papatoetoe (pictured above) has been sold as a freehold going concern, one of 4 recent commercial sales in South Auckland by Bayleys. The complex has drive-around access and has recently been upgraded throughout, including a new roof.
Bayleys’ business, tourism & leisure team leader, Paul Dixon, said the new owner had indicated an intention to continue operating the accommodation business although longer term the 8345m² site had potential for further development as site coverage is only 42%.
A Takanini site with a small workshop on it has been sold at auction by Bayleys after competition between 7 bidders lifted the price from a starting offer of $600,000 to an eventual sale to a local owner-occupier, after 84 bids, at $941,000.
7 Piki Thompson Way:
Features: 2064m² in 3 titles zoned terrace housing & apartments, 608m² commercial building & surrounding parking; leased to Maori services provider Te Roopu Taurima o Manukau until July 2021
Rent: $65,922 /year net + gst, annual CPI increases
Outcome: sold for $1.7 million at land value of $823/m² & a 3.87% yield
Agent: Dave Stanley
5 Vernon St:
Features: 1012m² level site zoned mixed use, 116m² 1950s villa; consented for 3 industrial units
Outcome: sold vacant for $760,000 at $751/m²
Agents: Dave Stanley, Peter Migounoff & Piyush Kumar
477 Great South Rd:
Features: 8345m² site zoned mixed housing suburban, recently upgraded 68-unit Allenby Park hotel complex, in-house restaurant, bar & standalone 2-level conference facility; potential for further site development as building coverage only about 3500m²
Outcome: sold as a freehold going concern for $16 million
Agents: Paul Dixon, Janak Darji & Tony Chaudhary
22 Oakleigh Avenue:
Features: 1159m² security-fenced site zoned light industry, 184m² workshop built in 2000
Rent: estimate of $40-48,000/year net + gst
Outcome: sold with vacant possession for $941,000
Agents: Rod Grieve & Peter Migounoff
Attribution: Agency release.