5 properties were sold under the hammer at Bayleys’ Total Property auction in Auckland yesterday, out of the 12 on the auction list.
The Portage Licensing Trust bought the first property up, an under-utilised site at the end of a block of shops in Blockhouse Bay, and trust president Ross Clow was ecstatic.
Mr Clow, who’s also chaired Auckland Council’s finance & performance committee this term, said the trust would introduce a liquor store, and there was ample room to add apartments to the site.
Sub-5% yields were achieved on 3 of the sales – on one, a North Shore warehouse with office, it was down at 4.5% and on a Pukekohe property it was 4.8%.
Buyer energy was noticeably up for some properties, but half the offering attracted no or little interest. The former Epsom Post Office, plus development land, got one bid and was passed in, while a 4.3ha site in a development area at Karaka attracted no bid.
Isthmus east
Epsom
311 Manukau Rd:
Features: 789m² corner site occupied by former Epsom Post Office, seismic rating 100% new building standard, resource consent granted to add 5-level mixed-use building including 25 apartments
Rent: holding income from monthly lease
Outcome: passed in at $4.1 million
Agents: Quinn Ngo, Matt Lee & James Chan
Newmarket
Rialto Centre, 153-185 Broadway, unit 5A:
Features: 194m² food outlet, leased to Nando’s since 2007, lease expires 30 September
Rent: $77,019/year + gst + opex
Outcome: withdrawn from auction
Agent: Rohit Khanna
Onehunga
6 Malvern Rd:
Features: 1317m² site zoned light industrial, 892m² building split into 4-5 units, food-grade fitout, secure gated yard
Rent: about $143,000/year + outgoings + gst
Outcome: no bid
Agents: Owen Ding, James Chan & Greg Hall
Isthmus west
Blockhouse Bay
511-515 Blockhouse Bay Rd:
Features: 1088m² site, 304m² floor area plus ATM machine in strip of shops, A+ seismic rating, 15 parking spaces at rear
Rent: vacant possession except for ATM, which returns $5000/year + gst
Outcome: sold for $2.61 million
Agents: Tony Chaudhary, Ranesh Parmar & Chris Beasleigh
Freemans Bay
3 College Hill:
Features: 276m² site, 592.6m² retail & office floor area, long-term leases
Rent: $158,977/year + gst
Outcome: sold for $3.2 million at a 4.97% yield
Agents: Cameron Melhuish & Genevieve Taylor-Ford
Mt Albert
932-934 New North Rd:
Features: 306m² site opposite station, 267m² floor area, 2 street-level food tenants, flats upstairs
Rent: $78,000/year from 2 commercial tenants
Outcome: no bid
Agents: Oscar Kuang & James Chan
North
Matakana
1151 Leigh Rd, lot 2:
Features: 2913m² title in Matakana Country Park, 823.6m² floor area,
Rent: $172,998/year from multiple tenancies, including refurbished Smiths Bar & Stables Restaurant
Outcome: postponed
Agent: Henry Napier
North-east
Rosedale
39 Arrenway Drive, unit 4:
Features: 203m² floor area, high stud warehouse, air-conditioned offices & amenities on both floors
Rent: $37,000/year net + gst + opex, 3-year lease term to October 2020, one 3-year right of renewal
Outcome: sold for $820,000 at a 4.5% yield
Agents: Laurie Burt & Matt Mimmack
3E Tait Place:
Features: 543m² floor area, warehouse with roller door access, workrooms, amenities on both levels, warehouse expansion feasible, 11 parking spaces
Outcome: sold with vacant possession for $1.56 million
Agents: Nicky Joyce & Matt Mimmack
North-west
Taupaki
68 Henwood Rd:
Features: 10,003m² lifestyle block, 2-bedroom house, mixed housing suburban zone; urban development of the area imminent
Outcome: passed in after bid at $1.7 million, vendor bid at $1.85 million, vacant possession
Agents: Ben Bayley, Jayne McCall & Chris Bayley
South
Karaka
393 Bremner Rd:
Features: 4.279ha zoned mixed housing urban allowing high density housing up to 3 storeys, near 1000-section Auranga residential subdivision
Rent: dwelling returning $28,600/year including gst
Outcome: no bid
Agents: Shane Snijder & Ginny Cheyne
Pukekohe
12 Harris St:
Features: 817m² commercially zoned site, 168m² floor area
Rent: $48,000/year net, 3-year lease from 1 July, 3 3-year rights of renewal
Outcome: sold for $1.001 million at a 4.8% yield
Agent: Shane Snijder
51 Twomey Drive:
Features: 841m² site zoned mixed housing suburban, 234.6m² floor area, 9 parking spaces
Rent: $92,720/year net + gst, preschool on 4-year lease + 4-year renewals
Outcome: passed in at $1.4 million, with the yield at 6.62%
Agents: Shane Snijder & Peter Migounoff
South of the Bombays
Whitianga
10-12 Campbell St:
Features: 1528m² site, 515m² floor area in 2 separate buildings, 2 street frontages, 14 parking spaces, basement suitable for storage
Rent: $72,500/year net + gst from Dive Zone shop on 5-year lease, laundromat on 3-year lease
Outcome: passed in at $1.1 million, with the yield at 6.59%
Agent: Noel Rogers
Attribution: Auction.
