Colliers sold 4 commercial properties in 2 auctions on Wednesday, starting with an Eden Terrace redevelopment prospect which attracted 5 bidders.
In the second auction, at Takapuna, a site with a 4-year-old warehouse on it in The Mill industrial park subdivision at Riverhead attracted considerable attention and was sold to a neighbouring property owner.
That was followed by 2 industrial units which attracted little bidding before the hammer fell, a unit occupied by Tyrepower on a long lease going at a 4.35% yield.
16-22 Virginia Avenue:
Features: 900m² site, 568m² building, zoned mixed use & subject to Newton height variation control (21m height limit), 10 parking spaces, 2 tenants – both leases expire 30 June, redevelopment options
Rent: $78,250/year net + gst
Outcome: sold for $3.607 million + gst
Agents: Jonathan Lynch & Tony Allsop
6 Parity Place, unit E:
Features: 257m² industrial unit, 132m² of allocated yard & parking space
Outcome: sold with vacant possession for $880,000 + gst
Agents: Ryan de Zwart, Mike Ryan, Euan Stratton & Jack Tuson
177 Wairau Rd, unit B:
Features: 520m² strata title, high stud clearspan warehouse, onsite parking; 10-year lease to Tyrepower, 2 4-year rights of renewal, final expiry 2035
Rent: $64,821/year net + gst + outgoings, market reviews every 4 years
Outcome: sold for $1.49 million + gst, at a 4.35% yield
Agents: Euan Stratton, Matt Prentice & Sam Sherning
3 Timber Place:
Features: 2320m² site zoned light industrial in The Mill industrial park subdivision, 507m² warehouse built in 2015, 2 roller doors & 2 gantry cranes
Outgoings: rates $4015/year, vendor has warranted $25,000 + gst to upgrade potable, fire & wastewater
Outcome: sold with vacant possession for $1.9 million + gst
Agents: Ryan de Zwart (Colliers) & Chase Erceg (Barfoot & Thompson Commercial)