Published & updated 18 April 2019:
A Mt Roskill shop was sold at Barfoot & Thompson’s commercial auction today.
A mixed-use property on Ponsonby Rd and a vacant retail arcade property at Whangaparaoa were passed in at Barfoot auctions yesterday.
The Mt Roskill shop, on Richardson Rd, was sold at a 5.8% yield, while the Ponsonby property was passed in at a price representing a 4.3% yield.
The Whangaparaoa property is on one side of an arcade above the Coast Plaza, built & still owned by a local family trust. The other side of the arcade is unit-titled with multiple owners.
Both the arcade & the separately owned plaza have considerable vacancy since a New World supermarket was opened 2km away in a new neighbourhood centre, in competition with the plaza’s Countdown, and both Pak n’ Save & Countdown supermarkets opened in new developments 10km away at Silverdale.
458 Richardson Rd:
Features: 230m² site, 139m² one-level shop with 8m frontage, parking at rear
Rent: $35,000/year net + gst
Outcome: sold for $605,000 + gst at a 5.8% yield
Agents: James Marshall & Nick Wilson
129-131 Ponsonby Rd:
Features: 483m² site in 2 titles, 3 shops, apartment above which could be used as offices, seismic rating 20% of new building standard; at rear, 3 apartments on 3 levels; secure basement parking
Outcome: passed in at $5.3 million, representing a 4.3% yield
Agent: Murray Tomlinson
719A Whangaparaoa Rd:
Features: 929m² site zoned business town centre, 690m² building split into 3 retail tenancies, all currently vacant
Rent: market rent for all 3 about $125,000/year net + gst
Outcome: auction 10 April postponed to 17 April, no bid
Agents: Graeme Perigo & Ben Clare