Yield slashed as panelbeating shop sold again

A Penrose property occupied by a panelbeater has been sold by Bayleys agents on a 4.9% yield. It was previously sold in December 2014 for $1.23 million at a 7.52% yield.

Another 4 properties around Auckland’s southern suburbs were sold vacant.

Isthmus east

Glen Innes

233 Taniwha St:
Features: 429m² site zoned town centre (height limit 32.5m), dual street frontages; 248m² industrial building more recently used for offices, with potential to convert to retail/showroom; 7 parking spaces
Outcome: sold vacant for $1.22 million
Agent: Phil Haydock

Mt Wellington

218K Marua Rd:
Features: 549m² industrial unit – 332m² high stud warehouse, 168m² mezzanine, 48m² office & amenities, 90m² fenced courtyard, 9 parking spaces
Outcome: sold vacant for $1.75 million
Agents: James Valintine & Greg Hall

Onehunga

8-10 O’Rorke St:
Features: 1563m² corner site in 2 titles, with frontage also to Neilson St, zoned mixed use (height limit 21m); large yard areas with multiple buildings including 2 dwellings converted for office & storage
Outcome: sold with vacant possession for $2.165 million
Agents: James Valintine & James Hill

Penrose

176-178 Station Rd:
Features: 1621m² site zoned light industrial, 2 separate workshop buildings totalling 863m², leased to panelbeating business over both titles
Rent: $98,000/year net + gst
Outcome: sold for $2 million at a 4.9% yield
Agents: William Gubb, James Hill & Greg Hall

South

East Tamaki:

24 Sir William Avenue, unit E:
Features: 367m² industrial unit, mixture of tilt slab and block construction, 2 roller doors, 7 parking spaces
Outcome: sold vacant for $1.12 million at $3051/m²
Agent: Nelson Raines

Attribution: Agency release.

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