A selection of small commercial properties traded recently through Bayleys includes a body corporate manager’s office & a small office/showroom on 2 sides of Victoria Park, a mostly vacant office building at the foot of Grafton Gully and an office in Mt Eden.
The rent originally given on the Normanby Rd property has been corrected. The yield on the original figure would have been 11.23%, but is unchanged at 7%.
1 Centre St:
Features: 225m² site zoned mixed use, 280m² character office/showroom building, 3 parking spaces
Outcome: sold vacant for $2.05 million
Agent: James Were
56-58 Grafton Rd (pictured):
Features: 1607m² site zoned mixed use, 4-level 1050m² office building vacant apart from level 2, which has been tenanted by Amtrade NZ Ltd for 13 years, 40 parking spaces
Rent: $121,724/year net + gst
Outcome: sold for $4.5 million
Agents: Alan & Phil Haydock
Freemans, 12 Beaumont St, unit B1:
Features: 8m² basement-level unit used as building manager’s office, 35-year lease to body corporate from November 2005
Rent: $7685/year net + gst, rent reviews 2-yearly to CPI
Outcome: sold for $100,000 at a 7.68% yield
Agent: Matt Lee
Corrected: 45C Normanby Rd, unit 13:
Features: 515m² refurbished character office, 19 parking spaces, new 6-year lease & 3 2-year rights of renewal
Corrected: Rent: $181,659/year net + gst
Outcome: sold for $2.6 million at a 7% yield
Agents: Stuart Bode & Mike Adams
Attribution: Agency release.