2 North Shore light industrial properties – one beside the Northern Motorway at Rosedale and the other on the busy Wairau Rd (pictured) – were sold under the hammer at Colliers’ auction in Takapuna today on yields just above 4%.
Judging by land value, the Wairau Valley property’s sale price, equating to a land value of $2836/m², was 20% up on an 1184m² carsales yard at the nearby 107 Wairau Rd sold at auction in May 2017 for $2365/m².
18 Cowley Place:
Features: 2034m² yard zoned light industrial, beside Northern Motorway; office, amenities & storage total 185m²
Rent: holding income $101,894/year net from 2 tenants on monthly leases
Outcome: sold for $2.52 million, at a 4.04% yield on holding income, $1239/m² land price
Agents: Shoneet Chand & Matt Prentice
120 Wairau Rd:
Features: 1525m² site zoned light industrial, 860m² building area – showroom, first floor office, medium stud warehouse, 12 open parking spaces & 5 stacked & side spaces, secured side yard; tenant the Tile Warehouse has just signed new 6-year lease; property subject to right of way easement; seismic rating 75% new building standard according to initial assessment done in January
Rent: $179,327/year net + gst (premises $163,597, parking $15,730 – $25/week + gst)
Outcome: sold for $4.325 million at a 4.15% yield, $2836/m² land
Agents: Euan Stratton & Janet Marshall
Attribution: Auction documents.