Archive | Glen Eden

Firm yields on range of commercial sales

Bayleys agents have sold a Freemans Bay building at a sub-5% yield and 2 properties in Glen Eden & New Lynn (a former petrol station, now car yard, pictured above) for yields around 5.5%.

A commercial unit at the base of the new SKHY apartments on Khyber Pass has also been sold.

Isthmus east

Grafton

5 Hohipere St, unit 3W:
Features: 60mcommercial unit, parking space directly in front, one of 3 mixed-use zoned units at the base of new SKHY apartment development, on corner of Symonds St & Khyber Pass Rd, with shared loading dock & toilet facilities
Outcome: sold vacant for $250,000 at $4166/m2
Agents: James Were & Scott Kirk

Isthmus west

Freemans Bay

25 Hargreaves St:
Features: 1219m² sloping site zoned mixed use, on corner of Gudgeon St, 1404m² 1970s 2-level fully leased building; ground floor comprises light industrial/workshop space, accessed via 4 roller doors, with ancillary officesfirst floor has flat with medium stud warehousing & ramp access to parking area at the rear; 4 leases with 3- to 6-month termination clauses, resource consent for 6-level commercial & residential development incorporating existing building
Rent: $312,430/year net + gst
Outcome: sold to an owner-occupier for $6.55 million at a 4.77% yield
Agent: Alan Haydock

North-west

Glen Eden

202-208 West Coast Rd:
Features: 607m² of land in 2 titles in commercial centre opposite train station, 928m² 2-level retail & office building, 8 tenants; town centre zoning allows development up to 27m
Rent: $212,449/year net + gst
Outcome: sold for $3.815 million at a 5.57% yield
Agents: Tony Chaudhary & Janak Darji

New Lynn

3010 Great North Rd:
Features: 2782mfreehold site in commercial precinct, zoned general business, over 40m of road frontage, formerly a service station site; Buy Right Cars, a division of Turners Automotive Group Ltd, has been operating from the property since 2014 and renewed its lease for further 4-year term in May
Rent: $166,312/year net + gst
Outcome: sold for $3,023,854 at a 5.5% yield
Agents:
 Mike Adams, Simon Davies & Jean-Paul Smit

Attribution: Agency release.

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Updated: Sub-5% on 3 properties sold at Bayleys commercial auctions, one further sale in September

Published 13 April 2018, updated 23 September 2018
4 of the 7 Auckland commercial properties offered at Bayleys’ second Total Property auction of the year on 11 April sold under the hammer, and another commercial property sold the previous day at an East Tamaki auction. 3 properties were passed in.

3 of the sales were at yields under 5% in strong competition for smaller investments – down at 4.6% for 2 of them, the East Tamaki industrial unit and a superette in Papatoetoe.

Update, 23 September: The Wairau Valley industrial unit passed in at auction was sold in September.

Isthmus east

Grafton

20 Huntly Ave:
Features: 801m² site zoned residential – single house, 405m² fully leased dwelling containing 7 individual residential tenancies with their own kitchens & bathrooms
Rent: $191,880/year; single-bedroom units rent for $390-$400/week, 2-bedroom units $550-
$650/week
Outcome: sold for $3.65 million at a 5.26% yield
Agents: Phil Haydock & Damien Bullick

North-east

Orewa

8K Moana Ave:
Features: 85m² retail unit in large retail & office plaza with multiple tenancies fronting central customer parking area, 3-year lease to liquor store from October 2016, 3 3-year rights of renewal
Rent: $30,000/year net + gst
Outcome: sold for $605,000 at a 4.96% yield
Agents: Mustan Bagasra & Matt Lee

Wairau Valley

Updated: 234 Archers Rd, unit A:
Features: vacant 1205m² light industrial unit – warehouse 817.6m², showroom 387.4m² (size originally stated as 1146m²), 13 parking spaces
Outcome: passed in at $2.85 million at auction in April, sold in September for $2.95 million + gst
Agents: Ranjan Unka & Matt Mimmack

North-west

Glen Eden

1 Glendale Rd:
Features: 1511m² corner site with town centre zoning (27m height limit), 680m² retail/showroom building built in 2004, Cash Converters occupies 370m² on 6-year lease to October 2022 with 2 6-year rights of renewal; a Salvation Army family store occupies 309m² on lease to May 2019, with 2 rights of renewals of 2.5 years; 33 parking spaces
Rent: $251,224/year net + gst
Outcome: sold for $3.325 million at a 7.55% yield
Agents: Mike Adams, Jean-Paul Smit & Alan Haydock

New Lynn

2 Hutchinson Ave:
Features: 556m² corner site zoned terrace housing & apartment building, 203m² building occupied by longstanding retail & café tenant
Rent: new lease set at about $80,000/year net
Outcome: passed in at $1.25 million
Agents: Mike Adams & Phil Haydock

South

East Tamaki

21B Andromeda Crescent:
Features: 212m² industrial unit in block of 7, 3-year lease to Mahe Glasstech Ltd
from July 2016 – 104m² warehouse, 73m² office/showroom, 30m² mezzanine, 8m² deck
Rent: $23,000/year net + gst
Outcome: sold for $501,500 at a 4.59% yield
Agent: Nelson Raines

Manurewa

18 Mahia Rd:
Features: 2448m² corner site zoned light industrial, 1606m² building – warehouse 972.6m², office & amenities 385.7m², low-stud workshop 247.9m², seismic ratings 90% for warehouse, 70% for office
Rent: $168,603/year net + gst from longstanding tenant
Outcome: no bid
Agents: Peter Migounoff & Rod Grieve

Papatoetoe

70 St George St:
Features: 326m² site zoned town centre, single-level 120m² retail premises occupied by superette on 2-year lease from November 2016, 4 4-year rights of renewal
Rent: $30,100/year net + gst
Outcome: sold for $655,000 at a 4.6% yield
Agents: Ash Jogia, John Bolton & Dave Stanley

Attribution: Agency release.

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Updated: 4 sell at 7-property Bayleys commercial auction, 2 more since

Published 28 June 2018, updated 5 July 2018:
4 of the 7 properties left in Bayleys’ Total Property 4 auction on 27 June were sold under the hammer. 2 were passed in on vendor bids and the other attracted no bid.

Update: The industrial building at 9 Tawa Drive, Albany, occupied by Xylem Water Solutions, was pulled from the 27 June auction at the last minute but went to auction on 4 July and was sold after strong bidding.

The property at 5 Oates Rd, Glen Eden, passed in after 2 vendor bids at the 27 June auction, has since been sold.

Top price at the original auction was for a site with maximum visibility in Penrose, on the corner of Walls & Station Rds, and just off Great South Rd (arrowed in photo).

The auction of a Rosedale property, on Arrenway Drive, was postponed.

Isthmus east

Onehunga

2A & 2B Rawhiti Rd:
Features: dairy on unit title at corner of Oranga Avenue
Rent: $17,565/year net + gst
Outcome: sold for $550,000 at 3.2% yield
Agents: Greg Hall & Sunil Bhana

Penrose

2 Walls Rd (arrowed in photo):
Features: 2072m² corner site fronting Walls & Station Rds and adjoining Great South Rd, Allied Work Force Ltd as tenant
Rent: $154,385/year net, 8-year lease term from August 2016, rights of renewal, CPI & market reviews
Outcome: sold for $3.41 million at a 4.53% yield on current rent (review in August)
Agents: Mike Adams & Jean-Paul Smit

North

Kaitaia

27 Matthews Avenue:
Features: vacant 3726m² site in town centre, 1050m² floor area, showroom, warehouse, canopy & office, large secure yard, 27 parking spaces, double street entry
Outcome: no bid
Agents: Steven McNally & Vinni Bhula

North-east

Albany

Updated: 9 Tawa Drive:
Features: 2457m² corner site, 1458m² industrial building – 950m² of medium stud warehousing, 77.5m² parts store, the balance comprising 2 storeys of air-conditioned offices & amenities at the main entrance; tenant Xylem Water Solutions NZ Ltd, in occupation since the building was constructed in 1994, has renewed for 4 years from April with one 4-year right of renewal
Rent: $245,000/year + gst + outgoings
Outcome: pulled from 27 June auction, sold at 4 July auction for $5.38 million at a 4.55% yield
Agents: Matt Mimmack & Laurie Burt

Beachhaven

366 Rangatira Rd:
Features: 202m² corner site occupied by café, 225m² floor area
Rent: potential rent assessed at $76,000/year + gst + opex
Outcome: passed in on sole bid from vendor of $1.3 million
Agents: Paul Dixon, Michael Nees & Ranjan Unka

Rosedale

63 Arrenway Drive, unit 8:
Features: 170m² end unit in new office & warehouse development, 2 exclusive parking spaces
Rent: $30,000/year + gst + outgoings, new 3-year lease from March
Outcome: auction postponed
Agents: Jane McKee & Laurie Burt

North-west

Glen Eden

Updated: 5 Oates Rd, unit 6:
Features: 175m² floor area
Rent: $70,000/year + gst + outgoings from TAB, lease renewed for 6 years from October, 2 3-year rights of renewal
Outcome: passed in after 2 vendor bids at $1.2 million & $1.25 million; sold post-auction for $1.36 million at a 5.15% yield
Agents: Tony Chaudhary, Janak Darji & Katie Wu

New Lynn

3045 Great North Rd, unit 2:
Features: 412m² building – 322m² retail space, balance storage, seismic rating 92%, opposite LynnMall & New Lynn Transport Centre
Rent: $151,178/year net + gst + outgoings, 8-year lease to Beds ‘r Us from June 3%/year rental growth
Outcome: sold for $2.8 million at a 5.4% yield
Agents: Damien Bullick & Mike Adams

South

Burswood

239A Burswood Drive:
Features: 277.5m² floor area, restaurant in Burswood precinct of East Tamaki
Rent: $60,000/year net + gst + outgoings, 6-year lease from March 2017, one 6-year right of renewal left
Outcome: sold for $1.41 million at a 4.26% yield
Agents: Katie Wu, John Bolton & Roy Rudolph

Attribution: Auction.

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Takapuna office building sells at 6.4%, auctionroom stalls

An office building occupied by the NZ Institute of Education’s Takapuna campus (pictured) has been sold by Barfoot & Thompson Commercial agents at a 6.4% yield.

Across at the agency’s city auction session this morning, a retail space at Glen Eden without even a disclosed size didn’t attract a bidder and the auction of an Aura apartment, having gone close to a sale, stalled – and it was passed in half an hour later.

Given that auctionroom non-performance, I’ll limit my visits to auctions where same-day outcomes look a reasonable prospect.

Commercial

North-east

Takapuna

62-64 Anzac St:
Features: 5682m² net lettable area, 12-level office building, 196 parking spaces
Rent: $2,748,562/year net + gst from 24 tenancies
Outcome: sold for $43 million at a 6.39% yield
Agents: Elaine Tutty & Bruce Jiao

North-west

Glen Eden

1 Westech Place:
Features: vacant retail space
Outgoings: body corp levy $1003/year
Outcome: no bid
Agent: Paul Greenwood

Residential

CBD

Victoria Quarter

Aura, 53 Cook St, unit 506:
Features: 49m² + balcony, 2-bedroom apartment
Outgoings: body corp levy $4513/year
Outcome: passed in at $410,000
Agents: Selina Zheng & Tommy Zhang

Attribution: Agency release, auction.

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Caryard sells post-auction, plus 3 more West Auckland deals

A New Lynn caryard has sold 5 weeks after being passed in at auction, and Bayleys agents have added another 3 sales in West Auckland – 2 in Avondale and one in Glen Eden.

Isthmus west

Avondale

Harbourside Business Park, 485A Rosebank Rd, unit 1:
Features: 216m² ground-floor office unit in modern 2-level building, open plan workspace, 2 offices, boardroom, lunchroom, reception area & associated amenities, rear deck area overlooking harbour, 8 parking spaces
Outcome: sold vacant for $713,000 at $3300/m²
Agents: Mark Preston, Sunil Bhana, Laurie Bell & James Hill

7 Wingate St:
Features: 599m² site zoned mixed use in heart of Avondale Village, 432m² warehouse; new 4-year lease to Spice World grocery store
Rent: $162,500/year net + gst
Outcome: sold for $972,000 at a 6.17% yield
Agents: Tony Chaudhary & Millie Liang

North-west

Glen Eden

9 Westech Place, unit M:
Features: 110m² high stud industrial unit with coldroom, previously used for food production
Outcome: sold with vacant possession for $330,000 at $3000/m²
Agents: Mark Preston, Nicolas Ching & Beterly Pan

New Lynn

3026 Great North Rd:
Features: narrow 956m² car sales yard near Lynnmall shopping centre, dual frontage through to Veronica St, occupied by Just Prestige Cars
Rent: holding income $48,000/year net + gst
Outcome: passed in at $1.15 million at auction on 16 May, sold post-auction for $1.305 million
Agents: Kate Kirby, Stephen Scott, Tony Chaudhary & Amy Weng 

Attribution: Agency release.

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2 sales & 8 leases for Shore agents

Bayleys agents on the North Shore have signed 2 sales in Albany and 8 leases – 7 on the Shore and the other in Glen Eden.

Sales

North-east

Albany

86 Bush Rd, unit M:
Features: 65m² office unit, 2 parking spaces     
Outcome: sold in September for $375,000 + gst
Agent: Alex Strever

100 Don McKinnon Drive, unit C:
Features: 180m² unit – retail 150m², office 30m², shared parking
Outcome: sold in October for $1.398 million + gst at $7767/m²
Agents: Rosemary Wakeman, Adam Curtis & Millie Liang

Leases

North-east

Devonport

57-59 Victoria Rd:
Features: 200m² retail area
Rent: leased in October for $80,000/year net + gst, premises rental $400/m²  
Agents: Chris White & Adam Curtis

Rosedale

5-7 Paul Matthews Rd, unit E:
Features: 700m² industrial unit – office 325m², warehouse 375m², 15 parking spaces
Rent: leased in September for $120,000/year net + gst
Agents: James Kidd & Chris White

Takapuna

56-60 Hurstmere Rd, shop 1:
Features: 53m² shop
Rent: leased in September for $31,920/year net + gst, premises rental $602/m²
Agent: Ildy Meixner

507 Lake Rd, ground floor:
Features: 200m² retail space
Rent: leased in September for $110,000/year net + gst, premises rental $550/m²
Agents: Adam Curtis & Adam Watton

Wairau Valley

89 Ellice Rd, unit 10B:
Features: 125m² industrial unit, 2 parking spaces
Rent: leased in September for $32,000/year net + gst
Agents: Dean Gilbert-Smith, Adam Curtis & Adam Watton

54 View Rd, ground floor, unit C:
Features: 118m² retail space, one parking space
Rent: leased in September for $21,000/year net + gst
Agents: David Han & Terry Kim

75 View Rd, unit 10:
Features: 61m² office, 2 parking spaces
Rent: leased in October for $13,000/year net + gst      
Agents: Terry Kim & David Han

North-west

Glen Eden

182 West Coast Rd, unit 5:
Features: 100m² retail unit, shared parking
Rent: leased in October for $35,000/year net + gst, premises rental $350/m²
Agents: Steven Liu & Damian Stephen

Attribution: Agency release.

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Suburban unit sells, dual-key studios & development prospects passed in

A cross-leased Sandringham unit (pictured) sold under the hammer at Barfoot & Thompson’s city auction today, but dual-key studios in the Queens Residences attracted no bid.

At Barfoot’s auction yesterday, a Glen Eden property with consent for townhouses and a Sunnyvale property also zoned mixed housing urban were passed in, again without attracting a bid between them.

CBD

Uptown

Queens Residences, 8 Airedale St, unit 1312:
Features: dual key, 2 studio units on one title, one of 30m², the other of 32m² & 8m² balcony
Outgoings: rates $2753/year including gst; body corp levy $3450/year
Income assessment: unit A $800/fortnight, fixed until 4 December; larger unit B $400/week fixed until November 2018
Outcome: no bid
Agents: Stephen Shin & Yasu Ka

Isthmus west

Sandringham

26 Locarno Avenue, unit 1:
Features: cross-lease, 1/3 share in 749m², 2-bedroom unit, conservatory, tandem garage with workshop
Outcome: sold for $846,000
Agents: Ivy Wong & Carol Fraser

North-west

Glen Eden

37 Ambler Avenue:
Features: 1029m² section, 3-bedroom house owned by foreign investor, zoned mixed housing urban, resource consent granted for 6 terrace townhouses
Outcome: no bid
Agents: Lunar Zhang & Nicole Sun

Sunnyvale

7 & 9 Awaroa Rd:
Features: 2119m² corner site in 2 titles, 2 houses, zoned mixed housing urban; No 7 857m², 1950s weatherboard house; No 9 1262m², 1930s weatherboard house; in an area of recently developed terraces & standalone homes
Income assessment: fixed-term tenancies of $500/week (No 7), $520/week (No 9)
Outcome: no bid
Agents: Lunar Zhang & Nicole Sun

Attribution: Auctions.

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6 Orchard Park transactions among 15 sales & leases

3 units in the Orchard Park retail hub at Albany have been sold and 3 leased by Bayleys agents in the last month.

Goodman Group bought the 12.1ha for Orchard Park in 2012 from Rick Martin’s Cornerstone Group Ltd and its banker, Bank of Scotland subsidiary BOSIAL (BOS International (Australia) Ltd).

The site, at the southern end of what was the Albany City leasehold land, is on both sides of Corinthian Drive, which curls round the southern slope facing back toward Auckland, and is freehold again.

The 3-building Orchard Park retail hub has been developed by Northbridge Properties Ltd (Craig Green). It has 16 units in 2026m² and 94 common parking spaces and is the second stage of retail in the development. The first stage, the Corinthian retail centre, has 14 units.

The Orchard Park deals are among 6 sales & 9 leases in the latest transaction report from Bayleys’ North Shore office.

Sales

North-east

Albany

Orchard Park retail hub, 21-25 Corinthian Drive, unit 8A:
Features: 76m² retail unit
Outcome: sold in August for $701,000 + gst at $9224/m²
Agent: Eddie Zhong

Orchard Park retail hub, 21-25 Corinthian Drive, unit 11A:
Features: 81m² retail unit, shared parking
Rent: $49,971/year net + gst including $5421/year parking share
Outcome: sold in September for $912,000 + gst at $11,993/m², yield 5.48%
Agents: Eddie Zhong, Damian Stephen & Michael Block

Orchard Park retail hub, 21-25 Corinthian Drive, unit 11B:
Features: vacant 92m² retail unit
Outcome: sold in August for $940,000 + gst at $10,217/m²
Agents: Eddie Zhong, Damian Stephen & Michael Block

52 Oteha Valley Rd, unit M:
Features: 278m² standalone retail, corner unit in 13-unit retail complex completed in 2001
Outcome: sold vacant in August for $2.1 million + gst at $7554/m²
Agents: Adam Curtis, Adam Watton & Eddie Zhong

Rosedale

43 Omega St, unit 1H:
Features: 226m² first-floor air-conditioned office unit, 6 parking spaces
Outcome: sold vacant in July for $660,000 + gst at $2920/m² land & building
Agent: Ryan Dannhauser

North-west

Glen Eden

44 Ambler Avenue:
Features: 1348m² residential site           
Outcome: sold in August for $1.28 million + gst
Agents: Michael Block & Damian Stephen

Leases

North-east

Albany

Orchard Park retail hub, 21-25 Corinthian Drive, unit 6B:
Features: 144m² retail area, shared parking
Rent: leased in August for $90,000/year net + gst, premises rental $625/m²
Agent: Eddie Zhong

Orchard Park retail hub, 21-25 Corinthian Drive, unit 7A:
Features: 87m² retail area
Rent: leased in August for $53,672/year net + gst, premises rental $616.92/m²
Agents: Steven Liu & Eddie Zhong

Orchard Park retail hub, 21-25 Corinthian Drive, unit 8B:
Features: 78m² retail area, shared parking
Rent: leased in August for $48,000/year net + gst, premises rental $615/m²
Agent: Eddie Zhong

Rosedale

9 Apollo Drive, unit G:
Features: 130m² office, 4 parking spaces
Rent: leased in May for $31,875/year net + gst, including 4 parking spaces at $21.99/space/week; net rent excluding parking $27,300/year, premises rental $210/m²
Agents: Jane Sims & Steven Liu

43 Apollo Drive, unit D, suite 1:
Features: 15m² office, parking space
Rent: leased in August for $7713/year net + gst, parking $21.35/space/week; net rent excluding parking $6603/year, premises rental $440/m²
Agent: Jane Sims

5 Douglas Alexander Parade, unit C4:
Features: 55m² industrial unit – warehouse 40m², office 15m², 2 parking spaces
Rent: leased in August for $11,500/year net + gst (no allocation for parking), premises rental $209/m²
Agent: Laurie Burt

9 John Glenn Avenue, unit 1:
Features: 755m² warehouse – warehouse 493m², office 198m², mezzanine 64m², 10 parking spaces
Rent: leased in August for $103,000/year net + gst, premises rental $136/m² (no allocation for parking)
Agents: Laurie Burt (Bayleys) & Chase Erceg (Barfoot & Thompson)

59 Paul Matthews Rd, unit 4:
Features: 182.7m² industrial unit, 4 parking spaces
Rent: leased in August for $36,000/year net + gst, parking $15/space/week, net excluding parking $32,880, premises rental $178/m²
Agents: Ildy Meixner & Laurie Burt

Takapuna

15 Auburn St, unit 1C:
Features: 100m² office, 2 parking spaces
Rent: leased in August for $26,000/year net + gst (no allocation for parking), premises rental $260/m²
Agents: Chris White & Jane Sims

Link:
Northbridge Properties 2015 plan, Orchard Park retail hub

Earlier story:
28 September 2012: Goodman’s Orchard Park a 12ha office & light commercial precinct

Attribution: Agency release.

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Bayleys apartment action slow

Bayleys sold 2 northern beach properties under the hammer at its auction yesterday, but action in the apartment sector was slow.

A beach house at 10 Kokopu St, Omaha, sold for $1.575 million and another at 6 Breve St, Mangawhai Heads, sold for $1.125 million.

A new unit in the Hereford Residences just down from the transforming Karangahape Rd received no bid, a cross-leased unit in Mt Albert was passed in, a Glen Eden townhouse was withdrawn from the auction list and put back on the market with a price tag, and the receiver’s auction of a Parnell townhouse was postponed  fortnight.

CBD

Uptown

Hereford Residences, 8 Hereford St, unit 814:
Features: 130m² internal, 20m² covered balcony, 2 bedrooms, 2 bathrooms, 2 lounges, 2 parking spaces
Outgoings: body corp levy $5082/year
Outcome: no bid
Agents: Julie & Ellie Prince

Isthmus east

Parnell

Fox Terrace Apartments, 5-7 Fox St, unit 13:
Features: 135m², 3-level standalone townhouse, 2 bedrooms, 2 bathrooms, 2 parking spaces, ground-floor courtyard, rooftop terrace, in leaky complex which has settled with council
Outcome: taken to market by receiver, auction postponed to Wednesday 2 August
Agent: Chris Reeves

Isthmus west

Mt Albert

825 New North Rd, unit 9:
Features: cross-lease, 1/10 share in 1088m², 2-bedroom unit, parking space
Outcome: passed in at $430,000
Agents: Summer Sun

North-west

Glen Eden

94 Glengarry Rd, unit 19:
Features: 2-level 2-bedroom townhouse, deck, parking space
Income assessment: $390/week appraisal
Outcome: withdrawn from auction, back on market at $478,000
Agents: Christopher Valladares & Michelle Hicks

Attribution: Auction.

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3 ex-Masala restaurants nearly make $8 million forfeiture order price tag at auction

3 restaurants in the former Masala chain were sold for $7.875 million at Bayleys’ auction yesterday, just short of a forfeiture order made in February.

Image above: Dining room of the former Masala restaurant in Mt Eden.

A Glen Eden shop with the Mad Butcher as tenant and a Dilworth apartment at the foot of Queen St were also sold under the hammer.

The restaurants, owned by JKK Holdings Ltd (Supinder Singh & Daisy Kaur) were taken to auction by the Official Assignee under the Criminal Proceeds (Recovery) Act after Justice Rebecca Edwards agreed in the High Court to an $8 million assets forfeiture order between the Commissioner of Police and 8 companies & 2 individuals associated with the Masala restaurant chain.

Justice Edwards said in her decision approving the settlement: “The settlement sum of $8 million represents almost all of the unlawful benefit said to have been derived from the tax evasion offending. The settlement sum is expected to be met in full through the sale of restrained properties.”

The 2 individuals, Joti Jain & Rajwinder Singh Grewal, were sentenced in 2015 to home detention and ordered to pay reparations on a long list of immigration & exploitation charges.

In March, Ms Jain was reported to have left New Zealand ahead of an appeal against being deported, but she was in the auctionroom yesterday.

All 3 restaurants in Mt Eden, Stanmore Bay & Birkenhead attracted multiple bidders. The properties were marketed for sale on an “as is where is” basis and subject to occupancy.

Apartments

CBD

Queen St

Dilworth, 22 Queen St, unit 5L:
Features: one bedroom, high stud
Outcome: sold for $530,000
Agents: Julie Prince & Diane Jackson

Commercial

Isthmus west

Mt Eden

510 Mt Eden Rd:
Features: 554m² section, 200m² restaurant in converted villa at corner of Disraeli St in Mt Eden village, additional 206m² downstairs area gives potential to split risk
Outcome: sold for $3.61 million on “as is where is” basis, subject to occupancy
Agents: Scott Kirk, Adam Curtis, John Algie

North-east

Birkenhead

188-192 Hinemoa St:
Features: 835m² site, development potential, 280m² restaurant in converted villa, wraparound covered deck, vacant office area below restaurant previously used as accommodation
Outcome: sold for $2.535 million on “as is where is” basis, subject to occupancy
Agents: Adam Curtis, John Algie & Damian Stephen

Stanmore Bay

195 Brightside Rd:
Features: 1783m² site, 276m² restaurant
Outcome: sold for $1.73 million on “as is where is” basis, subject to occupancy
Agents: Jeremy Milton, John Algie & Adam Curtis

North-west

Glen Eden

5 Oates Rd, unit 5:
Features: 292m² corner unit in block of 13 shops, dual access, split internally between retail, office storage, meat processing & cool storage, opportunity to split or occupy the tenancy
Rent: $92,040/year net + gst from established tenant, the Mad Butcher
Outcome: sold for $1.375 million at a 6.7% yield
Agents: Adam Curtis, Adam Watton & Oscar Kuang

Earlier story:
28 February 2017: $8 million Masala assets forfeiture agreed

Attribution: Auction.

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