Archive | Bayleys

Bayleys Shore agents start 2018 with 4 commercial leases

Bayleys agents on the North Shore have started 2018 with 4 commercial leases signed, plus one more completed in December.

Leases

North-east

Albany

14 Corinthian Drive, unit 4B:
Features: 84m² retail unit – retail area 70m², other area 14m², no parking
Rent: leased in January for $43,000/year net + gst, premises rental $512/m²
Agents: Dev Choudhury & Damian Stephen

254 Cornerstone Drive, shop 15, ground floor of Ramada Hotel building:
Features: 93m² retail unit on ground floor of Ramada Hotel, 21m² outdoor area, 4 exclusive parking spaces + shared spaces
Rent: leased in January for $48,000/year net + gst
Agent: James Yu

Birkenhead

39 Rawene Rd, ground-floor office:
Features: 50m² office, 3 parking spaces 
Rent: leased in January for $10,000/year net + gst, parking $15/space/week
Agents: Caroline McNaught & Michael Nees

Rosedale

3 John Glenn Avenue, office C:
Features: 182m², 5 parking spaces
Rent: leased in December for $36,000/year net + gst
Agents: Jane Mckee, Laurie Burt, Alex Strever & Caroline McNaught

40 William Pickering Drive, unit C:
Features: 294m² industrial unit – office 36m², warehouse 154m², other area 104m², 5 parking spaces
Rent: leased in January for $46,000/year net + gst
Agents: Laurie Burt & Chris White

Attribution: Agency release.

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Focus on Northcote in push for affordable home development

Government-owned company HLC (2017) Ltd – the former Hobsonville Land Co Ltd – is pushing hard to increase interest in 5 development superlots at Northcote, in keeping with the new government’s desire to get 100,000 “affordable” homes built over the next 10 years, half in Auckland.

Bayleys Real Estate launched an expressions of interest campaign late last year, seeking private sector partners to develop the 1.58ha in the 5 superlots.

Under Labour’s KiwiBuild policy, The Government wants to get 100,000 affordable homes built within 10 years, half of them in Auckland.

HLC has supervised development at Hobsonville Point, in West Auckland, where over 1000 houses have been built in 5 years. On completion, that 167ha masterplanned development will have 4500 houses & over 10,000 residents.

At Northcote, the focus in stage 1 of redevelopment of the state housing block will result in 298 old state houses being replaced by 400 new ones.

For stage 2, HLC, a subsidiary of Housing NZ Corp, appointed Bayleys to release the 5 superlots, which range in size from 2572-3665m². Registrations of interest close on Friday 16 February.

HLC chief executive Chris Aiken said a shortlist of potential home builder partners would be identified by March and the final selection made in April.

55% of the potential 165 homes in the 5 superlots have to be “affordable”, defined as a maximum price of $600,000 for a terraced home, $500,000 for apartments.

On completion, the whole project will provide about 1200 new homes near the Northcote town centre over a 6-year period.

Earlier stories:
19 September 2016: Unitary plan helps lift Northcote housing target to 1200
16 May 2016: Council & Government join forces to redevelop Northcote land

Attribution: Agency release.

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Bay of Plenty agents end year with 8 sales

Bayleys commercial agents in the Bay of Plenty finished 2017 with 8 sales around Rotorua, Tauranga, Tokoroa & Whakatane.

Pictured: The 17 Gateway West storage facility in Whakatane.

South of the Bombays

Bay of Plenty

Rotorua

Mangakakahi

95 Tallyho St:
Features: 2524m² site in 2 titles, modern 1493m² industrial building, 3 high stud roller doors; leased to Fletcher Steel Ltd for 3 years from August 2017 with rights of renewal to 2029
Rent: $104,000/year net + gst
Outcome: sold for $1.5 million at a 6.93% yield
Agent: Mark Slade

Fairy Springs

25 Bidois Rd:
Features: 1011m² corner site, 1980s-built 350m² storage complex, 10 storage rental units, each with separate roller door access, multiple tenants
Outcome: sold for $268,000 at a 6.57% yield
Agent: Mark Slade

Tauranga

194 15th Avenue, Tauranga:
Features: 414m² site, 4 parking spaces & 1930s 100m² dwelling converted for office use
Outcome: sold with vacant possession for $550,000
Agent: Lloyd Davidson

74 Grey St:
Features: 1060m² prime city centre-zoned site (49m height allowance), 1290m² retail & office building, fully leased to 4 tenants on mixed terms
Rent: $141,187/year net + gst
Outcome: sold for $2.4 million at a 5.88% yield
Agents: Brendon & Lynn Bradley

90 Second Avenue:
Features: 584m² city centre-zoned site, 340m² industrial building occupied by 2 tenants; car valet business occupies rear tenancy and Great Deals Direct Ltd the front, both with leases expiring mid-2018
Rent: $34,632/year net + gst
Outcome: sold for $850,000 at a 4.07% yield
Agent: Lloyd Davidson

Tokoroa

24 Swanston St:
Features: 212m² cbd corner site, 2 adjacent retail premises totalling 175m², hair salon business has been in occupation since the premises were built in the 1970s and a sushi store has been in occupation since 2013
Rent: $19,119/year net + gst
Outcome: sold for $220,000 at an 8.69% yield
Agents: Brendon & Lynn Bradley

Whakatane

17 Gateway West:
Features: 2113m² site in the Gateway industrial precinct adjacent to State Highway 30, 1358m² self-storage complex comprising 106 units of various sizes, trading as EastBay Secure Storage
Outcome: sold for $1.5 million at a 7.93% yield
Agents: Brendon & Lynn Bradley

156 The Strand:
Features: 334m² leasehold site in cbd retail precinct, 590m² 2-level, fully tenanted retail & office building; 14-year ground lease with perpetual renewal rights
Rent: $68,000/year net + gst
Outcome: sold for $500,000 at a 13.6% yield
Agents: Brendon & Lynn Bradley

Attribution: Agency release.

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Bayleys office ends year with 9 sales & 11 leases

Bayleys agents from the North Shore branch have started the year reporting 9 sales & 11 leases in November & December.

5 of the sales and 9 of the leases were on the Shore and at Silverdale. The rest were in Epsom, Grafton, Huntly, New Lynn & Westgate.

Sales

Isthmus east

Epsom

1B Edgerley Avenue:
Features: 357m² mixed-use property
Rent: $40,037/year net + gst
Outcome: sold at auction in December for $1.26 million + gst, yield 3.18%
Agent: Terry Kim

North-east

Rosedale

1-3 Parkhead Place:
Features: 4532m² industrial site, 2424m² building
Rent: $393,400/year net + gst
Outcome: sold in December for $5.1 million + gst at a 7.7% yield, $2104/m² land & building
Agents: Alex Strever, Laurie Burt & Matt Mimmack

4 Piermark Drive, unit D:
Features: 372.2m² industrial unit – office 175m², warehouse 150m², other area 47.2m², 7 parking spaces
Outcome: sold at auction in December for $920,000 + gst, at $2472/m² land & building
Agent: James Kidd

14-22 Triton Drive, unit C2:
Features: 130m² unit – office 90m², warehouse 40m², 3 parking spaces
Outcome: sold in December for $480,000 + gst, at $3692/m² land & building
Agents: James Yu & Alex Strever

14-22 Triton Drive, unit C3:
Features: 237.2m² unit – warehouse 55,9m², office 181.3m², 4 parking spaces        
Outcome: sold in December for $785,000 + gst, at $3309/m² land & building
Agent: Alex Strever

Silverdale

162 Foundry Rd:
Features: 2002m² site, 1032m² building
Rent: about $150,000/year net + gst
Outcome: sold in November for $3.05 million + gst, at 4.92% yield, $2955/m² land & building
Agents: Rosemary Wakeman & Matt Mimmack

North-west

Westgate

Northside Drive, lot 1, unit 6:
Features: 294m² industrial unit, 4 parking spaces
Outcome: sold in November for $990,000 + gst, at $3367/m² land & building
Agents: >Matt Mimmack & Ashton Geissler

Northside Drive, lot 1, unit 4:
Features: 309m² industrial unit, 4 parking spaces
Outcome: sold in November for $1.06 million + gst, at $3430/m² land & building
Agents: Matt Mimmack & Ashton Geissler

South of the Bombays

Waikato

Huntly

3768 State Highway 1:
Features: motel business on 3065m² site, 690m² floor area
Income: $68,000/year net + gst
Outcome: sold in December for $1.25 million + gst at 5.4% yield
Agent: David Han

Leases

Isthmus east

Grafton

14 Burleigh St, part ground floor:
Features: 561m² office, 16 parking spaces
Rent: leased in November for $144,360/year net + gst, $111,080 excluding parking, parking $40/space/week, premises rental $198/m²
Agent: Dean Gilbert-Smith

North-east

Albany

86 Bush Rd, unit U:
Features: 92m² office unit
Rent: leased in December for $29,660/year net + gst, net excluding parking $25,760/year + gst, premises rental $280/m²
Agent: Jane Sims

Birkenhead

65 Birkenhead Avenue, basement:
Features: 200m² industrial space, parking space
Rent: $30,000/year net + gst
Agents: Adam Watton & Adam Curtis

Gulf Harbour

69 Gulf Harbour Drive, unit H:
Features: 145m² retail area, 8 parking spaces
Rent: $38,160/year net + gst
Agent: Terry Kim

Rosedale

5 Beatrice Tinsley Crescent, unit B:
Features: 361m² industrial unit, 5 parking spaces
Rent: leased in December for $50,000/year net + gst
Agent: Laurie Burt

10B Canaveral Drive:
Features: 300m² industrial, 5 parking spaces
Rent: leased in December for $52,000/year net + gst, net excluding parking $52,000, premises rental $173/m²
Agent: James Kidd

7 Vega Place, unit F:
Features: 132m² industrial unit, 2 parking spaces
Rent: leased in December for $23,000/year net + gst, net excluding parking $23,000, premises rental $174/m²
Agent: Laurie Burt

45 William Pickering Drive, unit A:
Features: 340m² industrial unit, 7 parking spaces
Rent: leased in December for $65,000/year net + gst, net excluding parking $65,000/year + gst, premises rental $191/m²
Agents: James Kidd & Laurie Burt

51 William Pickering Drive, unit 9, level 1:
Features: 60m² office space, parking space
Rent: leased in December for $14,000/year net + gst, net excluding parking $14,000, premises rental $233/m²
Agent: Terry Kim

Silverdale

10 Silverdale St, shops 2 & 3:
Features: 262m² retail area, no parking
Rent: leased in December for $98,000/year net + gst, premises rental $374/m²
Agents: Adam Curtis & Adam Watton

North-west

New Lynn

3047 Great North Rd, first floor:
Features: 370m² office, 10 parking spaces
Rent: leased in November for $93,000/year net + gst, $80,000 excluding parking, parking $25/space/week, premises rental $251/m²  
Agents: Chris White & Damian Stephen

Attribution: Agency release.

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2 Westgate sales & 5 leases on Shore & K Rd

Bayleys North Shore agents completed 2 industrial unit sales at Westgate in November, and signed 5 leases on Karangahape Rd (pictured), Takapuna, and 3 in Rosedale.

Sales

North-west

Westgate

Northside Drive, lot 1, unit 1:
Features: 325m² industrial unit, 4 parking spaces
Outcome: sold in November for $895,000 + gst, at $2754/m² land & building
Agents: Matt Mimmack & Ashton Geissler

Northside Drive, lot 1, unit 2:
Features: 650m² industrial unit, 8 parking spaces
Outcome: sold in November for $1.92 million + gst, at $2954/m² land & building
Agents: Ashton Geissler & Matt Mimmack

Leases

CBD

K Rd

258-264 Karangahape Rd, level 1:
Features: 370m² retail area
Rent: leased in November for $48,000/year net + gst, premises rental $130/m²
Agents: Terry Kim

North-east

Rosedale

33 Apollo Drive, unit 3:
Features: 174m² office, 5 parking spaces
Rent: leased in November for $45,200/year net + gst, parking $20/space/week, net rent excluding parking $40,000/year, premises rental $230/m²       
Agents: Laurie Burt & Alex Strever

68 Paul Matthews Rd, unit D:
Features: 190m² industrial unit, 3 parking spaces
Rent: leased in December for $35,000/year net + gst, parking $5/space/week, net excluding parking $34,220/year, premises rental $150/m²  
Agents: Alex Strever

8 Piermark Drive, unit E:
Features: 224m² industrial unit
Rent: leased in November for $36,000/year net + gst, premises rental $161/m²
Agents: Laurie Burt & James Kidd

Takapuna

66 Anzac St, ground floor:
Features: 76m² retail, 2 parking spaces
Rent: leased in November for $27,780/year net + gst, parking $55/space/week, net excluding parking $22,060/year, premises rental $290/m²
Agent: Ildy Meixner

Attribution: Agency release.

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9 commercial auction sales in Wellington, Cambridge & Rotorua

7 of the 9 commercial properties Bayleys auctioned in Wellington were sold, and 2 properties at Cambridge & Rotorua were also sold.

The 2 unsold property in Wellington: 127 Kapiti Rd was passed in at $700,000 and 257 Oxford at $450,000.

Bay of Plenty

Rotorua

Mangakakahi, 15 Sunset Rd:
Features: 1011m2 site zoned industrial, 875m2 warehouse & office building; 10-year lease from May 2012 to long-established laundry & drycleaning company plus 3 3-year rights of renewal
Rent: $79,000/year net + gst
Outcome: sold for $1.16 million at a 6.81% yield
Agents: Mark Slade & Brei Gudsell

Waikato

Cambridge

20 Lake St:
Features: 309m2 site with rear access, 268m2 commercial building, ground floor retail/showroom, mezzanine offices; leased to Resene Paints for 3 years from July 2016, plus 2 3-year rights of renewal, after extensive landlord refurbishment
Rent: $48,000/year net + gst
Outcome: sold for $905,000 at a 5.3% yield
Agent: Blair Hutcheson

Wellington

Kapiti Coast

Paraparaumu:

35-41 Hinemoa St:
Features: 4048m2 flat rectangular site in 4 titles zoned industrial service, 569m2 workshop, most recently for bus storage & servicing
Outcome: sold with vacant possession for $1.1 million, settlement August 2018
Agents: Fraser Press & Stephen Lange

Raumati Beach

5 Lorien Court:
Features: 2387m2 corner site zoned residential, 2 buildings totalling 570m2, fully leased to a chocolate-making business & osteopath on various lease terms, 14 parking spaces
Outcome: sold for $900,000 at an 8.5% yield
Agents: Paul Adams & Stephen Lange

Lower Hutt:

13 Aglionby St:
Features: 865m2 site zoned general business, fully tenanted 489m2 industrial building – 389m2 warehouse & 100m2 showroom, seismic assessment of 67% of new building standard; IFocus International has renewed lease for 4 years from April 2017
Rent: $62,500/year net + gst, increases in April 2019 by $5000 plus CPI over preceding 2 years
Outcome: sold for $802,000 at a 6.2% yield
Agents: Paul Cudby & Andrew Smith

134 Queens Drive:
Features: 723m2 site, modern 3-level 1246m2 office building, 10 mostly vacant commercial tenancies, 12 parking spaces
Rent: holding income of about $50,000/year
Outcome: sold for $1.427 million
Agents: Mark Hourigan & Richard Faisandier

Petone

362-364 Jackson St:
Features: 316m2 Petone Commercial 1 site with 2-level character building, with 2 ground floor shops of 68m2 each and a 100m2 apartment above; fully leased to 3 tenants on short term leases; constructed in 1928, fully refurbished & strengthened in 1990s
Rent: $46,121/year net + gst, estimated potential $62,000/year net + gst
Outcome: sold for $780,000 at a 5.9% yield
Agents: Paul Cudby & Andrew Smith

112 Nelson St:
Features: 369m2 2-level industrial building built in 1958 – 261m2 warehouse, 108m2 office, 8 parking spaces, rear access
Rent: estimated potential net rental income of $62,000/year + gst
Outcome: sold with vacant possession for $790,000
Agents: Andrew Smith & Fraser Press

Te Aro

11 Torrens Terrace (pictured):
Features: 583m2 site zoned central area, 50m from Cuba St, 750m2 2-level office/warehouse, ground floor vacant, first floor on monthly tenancy, 8 parking spaces
Outcome: sold for $1.55 million
Agents: Mark Walker & Fraser Press

Attribution: Agency release.

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Propbd on Q Th7Dec17 – auction results – Barfoots intensive resi, Ray White apartments, Bayleys Total Property

It’s a long time since I’ve pumped out auction results on Propbd on Q, should get the detail up in individual items Friday morning. The names after the outcome for each property are the listing agents.

7 intensives sell at Barfoots

7 intensive residential properties were sold at Barfoot & Thompson’s auctions from Tuesday-Thursday this week out of 26 apartments, suburban units & cross-leases (and there were probably more cross-leases at sessions I didn’t attend).

Tuesday:

Sandringham, 377A Sandrinham Rd, unit 5: sold for $487,000, Joanne Yu & Christine Wooding
Mt Eden, 30 Rocklands Avenue, unit 3: no bid, James Yu & Danny Upton

Wednesday:

St Heliers, 55 Maskell St, unit 2: passed in, Kelly Midwood
Glendowie, 58 Riddell Rd, unit 2: passed in, Helen McVicar
Remuera, 29 Greenlane Rd, unit 2: no bid, Kathy Bower & Julie Fitzpatrick
Parnell, 9-11 Fox St, unit 4: no bid, Cindy Yu
Mt Wellington, 166 Panama Rd, unit 2: no bid, Neno Radinovich
St Heliers, 51 Paunui St, unit 2: no bid, Andy Dye
Parnell, 4 Cowie St, unit 1: passed in, Jill Jackson & Emma John
Remuera, 4 Baden Powell Place, unit 2: passed in, Steve Hood
Mt Wellington, 50 Stanhope Rd: no bid, Zdenka Zinajic
Meadowbank, 5 Steele St: no bid, George Fong & Laura McAuley
Mt Albert, 27A Owairaka Avenue: no bid, Lucy Liu & Daniel Qiu
Sandringham, 43 Haverstock Rd, unit 2: sold for $662,000, Paul Donovan & Sharon Walls
Mt Eden, 29 View Rd, unit 3: passed in at $1.702 million, George Fong & Laura McAuley
Sunnyvale, 12 Blueridge Close, unit 12: passed in, Miles Aravindhan

Thursday:

Tower Hill, 1 Emily Place, unit 12G: sold for $555,000, Livia Li
Metropolis, 1 Courthouse Lane, unit 2615: passed in at $350,000, Stephen Shin & Zoran Farac
HarbourCity, 16 Gore St, unit 35G: passed in at $350,000, Wendy Feng & Jack Li
Fiore, 168 Hobson St, unit 1202: no bid, Stephen Shin & Justin Choi
Argent Hall, 2 Eden Crescent, unit 7A: sold for $419,000, Stephen & Leo Shin
Onehunga, 6 Wade Avenue, unit 1: sold for $599,000, Kevin Liu
One Tree Hill, 59 Athens Rd, unit 3: sold for $905,000, Ron Maman
Ellerslie, 72 Main Highway, unit 1: passed in at $665,000, Di Martens
Sandringham, 43 Kingsway Avenue, unit 1: withdrawn from auction, Yi Wei Lowndes & Tian Qiu
The Peaks, 117 Victoria St West, unit 8D: passed in at $710,000, Michele Ballinger & Jean-March D’Anglejan
Greenlane, 24 Nolan Rd: sold for $1.1 million Gloria Zeng

5 apartments sell at Ray White

5 of the 9 apartments auctioned at Ray White City Apartments today sold under the hammer. Auction results:

Metropolis, 1 Courthouse Lane, unit 1104: sold for $570,000, Damian Piggin & Daniel Horrobin
Shoalhaven, 130 Anzac St, unit A201: sold for $625,000, Liam Kyle & Gary Walker
Nova en Scotia, 18 Scotia Place, unit 9C: sold for $472,500, Bain Duigan
Spencer on Byron, 9-17 Byron Avenue, unit 410: sold for $150,000 + gst, James Mairs & Gillian Gibson
Kingsland, 2 Western Springs Rd, unit 7: no bid, Dusan Valenta & Adele Keane
Lorne St Lofts, 4 Lorne St, unit 1B: passed in at $400,000, Mitch Agnew & Ryan Bridgman
The Quadrant, 10 Waterloo Quadrant, unit 1215: sold for $270,000, Damian Piggin & Daniel Horrobin
The Mews, 8 Basque Rd, unit 20: passed in at $1 million, Vladimir Kiselev
Quest Henderson, 12 Wadier Place, unit 3A: passed in after sole bid from vendor at $150,000 + gst, Ron Yang

8 commercial sales at Bayleys auction

8 of the 16 commercial properties in Bayleys’ final Total Property auction for the year sold under the hammer. Auction results:

Epsom, 1B Edgerley Avenue: sold for $1.26 million, James Chan, Quinn Ngo & Matt Lee
Remuera, 616-618 Remuera Rd: sold for $1.575 million at a 4.83% yield, Andrew Wallace, Cameron Melhuish & Genevieve Thompson-Ford
East Tamaki, 6C Lorien Place: sold for $2.215 million, Mike Marinkovich & James Hill
Kumeu, 609 State Highway 16: sold for $2 million, James Chan, Quinn Ngo & Matt Lee
East Tamaki, 20 Kerwyn Avenue: sold for $2.36 million, Nelson Raines & Jamsheed Sidhwa
Wiri, 59 Ash Rd: sold for $4.92 million, Dave Stanley & Nelson Raines
Wiri, 55 Ash Rd, unit 2: passed in at $600,000, Mike Marinkovich
Albany, 4 Piermark Drive, unit D: sold for $920,000, James Kidd
Papakura, 53 Wood St: sold for $1.025 million, Rod Grieve, Peter Migounoff & Piyush Kumar
103 Victoria St West: passed in at $2.2 million, Paul Dixon & Nick Thompson
Panmure, 100 Queens Rd: passed in at $1.7 million, Mark Pittaway
Manukau, 13 Ryan Place, unit C: passed in at $400,000, Mike Marinkovich
Puriri, 8865 Paeroa-Kopu Rd: passed in, Karl Davis & Josh Smith
Mt Wellington, 66C Morrin Rd: passed in at $480,000, Greg Hall & James Valintine
Otahuhu, 387 Great South Rd: passed in at $2.2 million, Millie Liang
103 Symonds St, units 1 & 13: passed in, Millie Liang
51E Hobson St: withdrawn from auction, Millie Liang

Attribution: Auctions.

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Augusta fund sells NZ Post building

A Hong Kong-based investor has bought the NZ Post building on Victoria St West, the fourth property in Augusta Capital Ltd’s Value-Add Fund No 1 to be sold.

2 retail premises in the conversion of 396 Queen St and the Viaduct Point apartment complex were also sold by Bayleys agents.

CBD

Queen St

396 Queen St, unit 19:
Features: new 18m² shop, only one remaining for sale on Mayoral Drive frontage of building, located alongside the lobby entrance of the 255-room Four Points by Sheraton Hotel being constructed in the former office tower; fully serviced with power & gas, marble flooring & lighting; Russell Property Group Ltd bought the 19-level office tower a year ago to convert it
Outcome: sold vacant for $280,000
Agent: Millie Liang

Victoria Quarter

151 Victoria St West:
Features: 1741m² site on the corner of Hardinge St, 5-level, 4777m² commercial premises, 75 parking spaces; fully leased to NZ Post Ltd until 2022 although it no longer uses all the building; fourth property to sell from Augusta’s Value-Add Fund No 1, bought by a Hong Kong-based investor
Outcome: sold for $30 million at a 5.93% yield
Agents: Beterly Pan & James Chan

Waterfront

125 Customs St, unit 111:
Features: 110m² leasehold retail unit plus one basement parking space on ground level of Viaduct Point apartment complex, occupied by the same superette operator since 2003; current 8-year lease from April 2013, with one 6-year right of renewal
Rent: $44,133/year net + gst; tenant pays all outgoings, including ground rent payments
Outcome: sold for $467,000 at a 9.45% yield
Agents: Quinn Ngo & Matt Lee

Earlier story:
14 November 2016: Russell to convert 396 Queen St to hotel

Attribution: Agency release.

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Sale & 5 leases

Bayleys agents have completed one Rosedale commercial sale & 5 leases, 4 on the Shore and the other in East Tamaki.

Sale

North-east

Rosedale

4 Antares Place, unit J:
Features: 85m² office, 4 parking spaces
Rent: $26,418.12/year net + gst  
Outcome: sold in November for $460,000 + gst at a 5.47% yield
Agents: Alex Strever & James Yu

Leases

North-east

Albany

210 Dairy Flat Highway, unit 6C:
Features: 90m² retail
Rent: leased in November for $37,000/year net + gst, premises rental $411/m²       
Agent: James Yu

Birkenhead

60-60 Mokoia Rd:
Features: 187m² retail
Rent: leased in October for $50,000/year net + gst, premises rental $267/m²
Agents: Michael Nees & Ildy Meixner

Smales Farm

68-76 Taharoto Rd, B:Hive, level 2, suite 207:
Features: 27m² office
Rent: leased in November for $39,900/year net + gst, premises rental $1478/m²      
Agent: Caroline McNaught

Takapuna

20 Northcroft St, level 1, suite 2:
Features: 27m² office, parking space
Rent: leased in November for $12,080/year net + gst, parking $40/space/week, net excluding parking $10,000/year, premises rental $370/m²
Agents: Caroline McNaught & Dean Gilbert-Smith

South

East Tamaki

8 Bishop Lenihan Place, unit H:
Features: 158m² retail, 7 parking spaces
Rent: leased in September for $37,000/year net + gst
Agents: Terry Kim, David Han & Amy Weng

Attribution: Agency release.

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3 Caltex service stations sold

3 Caltex service station & associated Fix store sites around Auckland have been sold to separate buyers for a total $12.775 million.

Each has close to 16 years left to run on 20-year initial lease terms plus 3 4-year rights of renewal; a triple net lease structure with all ongoing maintenance & capital expenditure the tenant’s responsibility; 2-yearly fixed rental increases of 4%, as well as reviews to market in November 2023 & on renewal.

Bayleys agents Alan Haydock & Damien Bullick were the agents for all 3.

Isthmus east

Penrose

682 Great South Rd:
Features: 2335m² site zoned light Industry, multiple main road frontages
Rent: $195,104/year net + gst
Outcome: sold for $3.9 million at a 5.00% yield

Isthmus west

Mt Roskill

913 Dominion Rd:
Features: 3201m² site zoned business-mixed use
Rent: $192,816 /year net + gst
Outcome: sold for $4.175 million at a 4.62% yield

Sandringham

340 Sandringham Rd:
Features: 3965m² site on corner of St Lukes Rd, zoned business-mixed use
Rent: $211,120/year net + gst
Outcome: sold for $4.7 million at a 4.49% yield

Attribution: Agency release.

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