A Papatoetoe site containing 12 1970s flats has been sold for a land price of over $2100/m² & a yield just over 5% on present rent.
At the top of the Auckland region, the building containing the 4 Square supermarket on the main road through Wellsford has been sold at a 6.4% yield.
They’re among 5 commercial sales by Bayleys agents. The others were in East Tamaki, Greenlane & Penrose.
582 Great South Rd, unit A:
Features: 156m² commercial unit, ground floor office, amenities, 7 parking spaces
Rent: $73,248/year + gst
Outcome: sold for $1.13 million at a 6.48% yield
Agents: Jordan Brown, Greg Hall & Rick Kermode
Botany South Business Estate, 15 Bishop Lenihan Place, unit 18:
Features: 102m² live/work unit, 2 levels, upstairs apartment, downstairs office, conference room & amenities
Outcome: sold for $515,000
Agents: Ryan McColl & Mike Marinkovich
201 Rodney St:
Features: 1307m² site on State Highway 1 zoned town centre, 580m² commercial premises leased to 4 Square supermarket, seismic assessment 70% new building standard
Rent: $60,000/year + gst
Outcome: sold for $939,000 at a 6.39% yield
Agents: Janak Darji, Tony Chaudhary & Henry Napier
Penrose Court, 701 Great South Rd, units J & K:
Features: 2 commercial units totalling 504m², corner position, dual street frontage, leased to 3 tenants including international human resources provider Adecco
Rent: $79,019/year net + gst
Outcome: sold for $1.025 million at a 7.71% yield
Agents: Greg Hall & Sunil Bhana
176 Shirley Rd, units 1-12:
Features: 2240m² site zoned mixed housing urban with 16m height control, 12 1970s-style 2-bedroom flats sold together, each about 60m², individual titles including carport, storage locker, fully leased on varying terms, final expiry February 2020, development potential
Rent: $242,213/year net + gst
Outcome: sold for $4.8 million at a 5.05% yield, land price $2143/m², about $6670/m² floor area
Agents: Kate Kirby, Stephen Scott & Tony Chaudhary
Attribution: Agency release.