Archive | New Lynn

2 old suburban centre retail strips sell

Streetfront retail properties in New Lynn & Papatoetoe – both redevelopment prospects – sold under the hammer at Colliers’ auction today.

North-west

New Lynn

3114-3120 Great North Rd (pictured above):
Features: 486m² site zoned business – metropolitan centre, 307m² single-level strip retail building, 18m street frontage, 4 tenants, 3 leases expire in 2021, 2023 & 2025 with no renewal right, rear parking
Rent: $85,240/year net + gst
Outcome: sold for $1.3 million + gst
Agents: Gareth Fraser, James Appleby & Josh Coburn

South

Papatoetoe

74 St George St, Papatoetoe (outlined).

74 St George St:
Features: 1174m² site zoned business – city centre, allowing for development up to 27m high, 368.5m², land at rear used as shared parking, building fully tenanted
Rent: $101,641/year net + gst
Outcome: sold for $1.95 million + gst
Agents: Gareth Fraser & Matthew Barnes

Attribution: Auction documents.

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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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4 sales, 7 leases

Industrial & commercial property specialist Commercial Realty Ltd has reported deals completed over $50,000 from May to July. Some had confidential pricing which I’ve mentioned, but I’ve omitted those with so little detail as to make this report meaningless.

Below are 4 sales & 7 leases signed around the Auckland region.

Sales

CBD

Lorne St

8 Lorne St, basement:
Features: 275m², secondary retail
Outcome: sold for $1.475 million
Agent: Reid McGowan

North-west

New Lynn

72 Delta Avenue:
Features: 1200m² standalone building
Outcome: sold to a dance studio for $1.875 million + gst
Agents: Mike Edward & Daniel Speck

South

East Tamaki

15 Bishop Lenihan Place, unit 22:
Features: 102m², live/work unit, 2 stacked parking spaces
Outcome: sold for $477,725
Agents: David Turner & Reid McGowan

Papatoetoe

260 Puhinui Rd:
Features: 8051m² site, 3664m² building
Outcome: sale & leaseback, price confidential
Agents: Mike Edward, Mark Bramwell & Reid McGowan

Leases

Isthmus east

Penrose

Part 323 Church St:
Features: 600m² car yard
Rent: leased to a car dealership for $75,000/year net + gst
Agent: Willie Fernandes

100 Gavin St:
Features: 3171m² warehouse, 1800m² yard, leased to an international tenant
Rent: $455,242/year net + gst
Agent: Danny Guise

22 Industry Rd, unit 2:
Outcome: sold to an investor for $875,000
Agent: Kerry McGuffog

Isthmus west

Avondale

12A Saunders Place:
Features: 698m² warehouse & office
Rent: leased for $93,000/year on a long term to a local Rosebank Rd business at the full asking rental
Agents: Tom Cooper & Mark Bramwell

South

Drury

4 Creek St:
Features: 2000m² yard, 700m² warehouse
Rent: leased for $105,000/year net + gst
Agents: Mark Bramwell & Brad Rathbun

Mangere

50 Andrew Baxter Drive:
Features: 1800m² site, 1080m² warehouse & office
Rent: leased for $175,000/year net + gst
Agents: Danny Guise & Mike Edward

Manurewa

Part 239 Browns Rd:
Features: 1200m² warehouse
Rent: leased to an international tenant for $120,000/year net + gst
Agent: Brad Rathbun

Attribution: Agency release.

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New Lynn commercial & Harvard apartment passed in

A commercial building in New Lynn and a Harvard apartment in the city centre were both passed in at Barfoot & Thompson’s auction today.

The commercial unit attracted only 2 bids, but there were multiple bids for the apartment.

Apartment

CBD

Victoria Quarter

Harvard, 147 Hobson St, unit 1F:
Features: 38m², 2 bedrooms
Outgoings: body corp levy $4172/year
Income assessment: $560/week
Outcome: passed in at $303,000
Agent: Stephen & Leo Shin

Commercial

North-west

New Lynn

14 Delta Avenue:
Features: 202m² site, 320m² commercial building, 2 storeys, 3 long-term tenancies
Rent: $93,600/year + gst
Outcome: passed in at $1.35 million + gst
Agent: Nick Wilson

Attribution: Auction.

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Updated: Light industrial building sells, 2 redevelopment propositions passed in, Dominion Rd house sold post

Published 15 March 2018, updated 10 July 2018:
Update: 4 months after this March auction, a Dominion Rd, Mt Eden, house used as an office has been sold.

A light industrial property in New Lynn was sold under the hammer at Colliers’ auction on 14 March, but 2 inner suburban properties marked for redevelopment were passed in.

Isthmus east

Epsom

218 Great South Rd:
Features: 1287m² irregularly shaped section, 2-storey villa, tenanted by Auckland District Health Board for 15 years, now vacant
Outcome: passed in
Agents: Simon Child & Gareth Fraser

Isthmus west

Mt Eden

Updated: 176 Dominion Rd:
Features: 568m² section, 133m² house + 67m² rear shed, office & garage, 4 parking spaces
Outcome: passed in at auction, marketed subsequently with $1.5 million asking price, sold in July for $1.443 million + gst
Agents: Jonathan Lynch, Gawan Bakshi & Ned Gow

North-west

New Lynn

11 Stock St:
Features: 1634m² site zoned light industrial, 1072m² net lettable area – warehouse 798m², offices & amenities 274m², originally in 3 separate tenancies, currently in 2 separate areas
Rent: $102,000/year + gst from monthly tenancy
Outcome: sold for $2.205 million
Agents: Dhiru Patel & Dwayne Warby

Attribution: Auction documents.

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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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3 sold in focus on cross-leases

7 of the 11 homes auctioned at Barfoot & Thompson’s city office yesterday afternoon were cross-leases, and 3 sold.

Also up for auction were a townhouse not on a cross-lease, an apartment & 2 standalone houses, all passed in.

A Newmarket apartment auctioned in the morning didn’t attract a bid.

The brick-&-tile sausage block is the standard from the past and they’re generally holding buyer interest, though the one in the photo above, in Mt Albert, didn’t attract a bid. Recent indications from the auctionrooms are that owners of suburban units & cross-leased homes, having gone to market, are resisting price reductions.

Isthmus east

Greenlane

93 Wheturangi Rd, unit 2:
Features: cross-lease, 1/5 share in 1942m², 2-bedroom unit, study, conservatory, garage
Outcome: sold for $1.057 million
Agents: Wendy Sadd & Helen Lam

Mt Wellington

36 Panama Rd, unit 1:
Features: cross-lease, ¼ share in 1232m², 2-bedroom unit, garage
Outcome: no bid
Agent: Paula Boontueng

Newmarket

Queen’s Lodge, 176 Broadway, unit C308:
Features: 64m², 2-bedroom apartment, 2 ensuites, secure covered parking space
Outgoings: body corp levy $2144/year for unit, $415/year for parking
Income assessment: $650-680/week
Outcome: no bid, back on market at $658,000
Agents: Selina Zheng & Tommy Zhang

Onehunga

49 Namata Rd, unit 2:
Features: cross-lease, 1/3 share in 895m², 2-bedroom unit – double-glazed, insulated, rewired; carport
Outcome: sold for $750,000
Agent: Kelly Fan

Remuera

17A Armadale Rd:
Features: cross-lease, 1/3 share in 858m², 3 bedrooms, 2 bathrooms, carport
Outcome: passed in at $1,281,500
Agents: Wayne Guo & Coco Wang

Isthmus west

Mt Albert

8 Counsel Terrace, unit 3:
Features: cross-lease, 1/6 share in 1315m², one-bedroom unit
Outcome: no bid, back on the market at $610,000
Agents: Wayne Guo & Zoe Zhang

Mt Eden

145 Mt Eden Rd, unit 10:
Features: 2-bedroom apartment, parking space
Outgoings: body corp levy $4343/year
Outcome: passed in at $820,000
Agent: Mozhgan Bahrami

573C Mt Eden Rd:
Features: 209m², 4-bedroom townhouse, 3 bathrooms, double garage
Outcome: passed in at $1.55 million
Agents: Ricky Fan & Joyce Gu

Mt Roskill

98 Melrose Rd, unit 4:
Features: cross-lease, ¼ share in 1378m², 75m² 2-bedroom unit, parking space
Outcome: passed in at $560,000
Agents: Michael Zhang & Debbie-Lee Wallace

North-west

New Lynn

1 Riverview Rd, unit 1:
Features: cross-lease, half share in 1042m², 180m² 3-bedroom unit, 2 bathrooms, double garage
Outcome: sold for $907,500 at auction brought forward
Agents: Anna Lechtchinski & Alex Wu

Attribution: Auction.

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Update 2 – post-auction sale of Gull station; Long auction takes K Rd corner property’s value to 4.1% yield

Published 17 May 2018, updated 24 May 2018 and again on 28 June 2018:
Update 2, 28 June: The Gull service station in an automotive-based complex next to Kingsland Village has been sold, a month after being passed in on the sole bid from the vendor at auction.

First update, 24 May: The second of 2 units in the Sainsbury retail centre in St Lukes has been sold post-auction, after not attracting a bid on the day.

Back to all those bids…

It took 40 minutes and 377 bids for the first property to be sold yesterday at Bayleys’ third Total Property auction for the year.

That property, a small unusually designed bank branch at the corner of Karangahape Rd & Upper Queen St, at the top of Auckland’s cbd (and foot of the picture), was eventually bought by a neighbour after competition initially from 4 other bidders.

The final battle between 2 K Rd owners took the price in small steps from $3 million, when it went on the market, up another $1 million. The sale was at a 4.12% yield on current rent.

In contrast, and in keeping with the way many commercial auctions have gone over the last year, the next property on the list, a service station, attracted no bid and was passed in on the vendor’s indicative bid.

5 of the 9 properties auctioned were sold under the hammer and another was sold prior.

While auctioneers have struggled to attract bidders on many properties in recent times, where there is interest yields have remained strong.

At this auction, the sub-3% yield on a Meadowbank retail property may reflect development potential more than existing quality, and a bank branch at Kaikohe in Northland sold for a yield just over 7.5%.

But retail & hospitality offerings remain attractive – 4.7% on a St Lukes café, 5.4% on a Rosedale café.

CBD

O’Connell St

12-14 O’Connell St, units A, B & C:
Features: 3 retail units of 63.43m², 56.25m² & 238.57m² (total 358.25m²), occupied by a café, a florist & the best chocolate shop in New Zealand, Bohemein
Rent: $333,490.11/year net + gst
Outcome: withdrawn from auction
Agents: Nicolas Ching, Beterly Pan & James Chan

Queen St

Mid-City arcade, 239 Queen St, unit 2E:
Features: vacant 80m² retail unit
Outcome: auction postponed
Agent: Oscar Kuang

Uptown

122-130 Karangahape Rd:
Features: 357.41m² floor area on Upper Queen St corner, seismic rating 100% of new building standard, ANZ Bank a longstanding tenant, 6 parking spaces
Rent: $164,958/year net + gst
Outcome: sold for $4.005 million at a 4.12% yield
Agents: Matt Lee, James Chan & Quinn Ngo

Isthmus east

Meadowbank

2-4 Dorchester St:
Features: 339m² site, 190m² floor area, 2 refurbished retail tenancies, A grade seismic rating, neighbourhood centre zoning gives development upside
Rent: $64,496/year net + gst from 2 8-year leases starting February 2016
Outcome: sold for $2.25 million at a 2.87% yield
Agents: James Were & Scott Kirk

Isthmus west

Kingsland

Updated: 388 New North Rd:
Features: 288.5m² shop, 636.6m² canopy, unit title share of 5385m², Gull service station next to Kingsland Village, in automotive-based complex
Rent: Gull Petroleum (NZ) Ltd on 15-year lease from August 1999, renewals to 2039, 2-year CPI-based reviews, current rent $283,197.51/year net + gst
Outcome: passed in on sole bid from vendor at $4.8 million, pricing the property on a 5.9% yield; sold post-auction for $4.7 million, at an even 6% yield
Agents: Stuart Bode & Mike Bradshaw

Mt Albert

Sainsbury retail centre in St Lukes business park, 55 Sainsbury Rd, unit 1:
Features: 84m² floor area, 90m² outdoor floor area, café on new 5-year lease
Rent: $52,000/year net + gst
Outcome: sold for $1.114 million at a 4.67% yield
Agents: Phil Haydock & Ken Hu

Updated: Sainsbury retail centre in St Lukes business park, 55 Sainsbury Rd, unit 7:
Features: 104m² floor area, foodmarket on 5-year lease from June 2017, 2 5-year rights of renewal
Rent: $45,000/year net + gst + outgoings
Outcome: no bid; sold post-auction for $715,000 at a 6.29% yield
Agents: James Darji, Amy Weng, Nicolas Ching & Phil Haydock

North

Kaikohe

109-111 Broadway:
Features: 459m² site, 230m² floor area, ASB Bank Ltd on 6-year lease from September 2016, one 6-year right of renewal, seismic rating 67% of new building standard, parking at rear
Rent: $33,000/year net + gst
Outcome: sold for $437,000 at a 7.55% yield
Agents: Nicolas Ching, James Chan & Neil Campbell

North-east

Rosedale

4 Arrenway Drive, unit G:
Features: 82m² Korean restaurant, 2 dedicated parking spaces + common parking
Rent: $36,750/year net + gst + outgoings, 4-year lease from April 2017, 3 4-year rights of renewal
Outcome: no bid
Agents: Mustan Bagasra & Terry Kim

Rosedale retail centre, 96 Rosedale Rd, unit 15:
Features: restaurant with 144m² retail floor area, 85m² covered terrace
Rent: $89,500/year net + gst + outgoings from 8-year lease
Outcome: sold prior for $1.65 million at a 5.4% yield
Agents: Eddie Zhong & Steven Liu

North-west

New Lynn

3026 Great North Rd:
Features: 956m² car sales yard, dual frontage through to Veronica St
Rent: $48,000/year net + gst
Outcome: passed in at $1.15 million
Agents: Kate Kirby & Stephen Scott

South

Papatoetoe

45 St George St:
Features: 228m² site, 200m² floor area, in heart of Old Papatoetoe Mall/New World redevelopment
Rent: $44,869/year net + gst from 2 tenants on renewed leases from 1 April
Outcome: sold for $745,000 at a 6% yield
Agents: Quinn Ngo, Matt Lee & Janak Darji

Attribution: 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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