Published 7 August 2019, updated 11 August 2019 & 12 September 2019:
2 post-auction sales of commercial units at the SugarTree apartment complex left only one property, a childcare centre, unsold of the 9 offered at Bayleys’ Total Property auction on 7 August. Post-auction, the childcare centre has been sold.
The auction opened with the sale of a New Lynn carsales yard on a 4.24% yield, or $1731/m² land price.
Last October, a nearby caryard at 3010 Great North Rd sold for $3,023,854 at a 5.5% yield, at $1087/m² for the land.
Also sold were a childcare centre in Glenfield, a vacant warehouse + offices in the Wairau Valley, a shop in the Mangere Town Centre and the Manukau premises of a Sal’s Pizza outlet.
In the newly completed SugarTree complex of 3 apartment stages at the top of Nelson St, with a second frontage on Union St, 4 commercial premises bulked up what would have been a skinny auction list. 2 of those units were separately listed for auction with 2 other units – unit 6 with 7, and 1 with 8 – but the double offerings were withdrawn.
Also withdrawn was a unit in the Lincoln North shopping centre in Henderson.
The withdrawals left an auction list of 9 properties, still including 4 at SugarTree, a development which has about 2000 residents.
It was Bayleys’ fifth Auckland auction for the year in the agency’s Total Property series, which continues down country.
This was a downbeat event with few bidders, but it achieved results – 6 sales from 9 properties on offer, strong pricing for the New Lynn caryard, and some exposure for the SugarTree commercial selection.
CBD
Victoria Quarter
Updated: SugarTree, 145 Nelson St, unit PU1:
Features: 659m², new childcare centre
Rent: $223,600/year net + gst, initial 15-year lease, final expiry 2048
Outcome: passed in after bid at $2.6 million & vendor bid at $2.7 million; sold post-auction for $3.01 million at a 7.42% yield
Agents: Damien Bullick & James Chan
SugarTree, 27 Union St, unit PU3:
Features: 110m² floor area + 44m² external deck, vacant fully fitted out bar & restaurant
Outcome: no bid
Agents: Damien Bullick & James Chan
SugarTree, 27 Union St, unit PU6:
Features: 56m², 6-year lease to convenience store, final expiry 2031
Rent: $35,520/year net + gst
Outcome: sold for $500,000 at a 7.1% yield
Agents: Damien Bullick & James Chan
SugarTree, 27 Union St, unit PU14:
Features: 43.2m², café on 5-year lease, final expiry 2028
Rent: $31,500/year net + gst
Outcome: no bid
Agents: Damien Bullick & James Chan
North-east
Glenfield
12 Locket Rd:
Features: 751m² site zoned mixed housing urban, childcare centre licensed for 40 children
Rent: $90,000/year net + gst + outgoings, initial 15-year lease term
Outcome: sold for $1.69 million at a 5.3% yield
Agents: Michael Nees, Tony Chaudhary & Amy Weng
Wairau Valley
21 Poland Rd, unit 4:
Features: 228m² floor area, high stud warehouse, offices
Outcome: sold with vacant possession for $690,000
Agents: Ranjan Unka & Trevor Duffin
North-west
New Lynn
3021-3023 Great North Rd:
Features: 1294m² site in 2 titles, zoned general business, carsales yard
Rent: $95,000/year net + gst + opex
Outcome: sold for $2.237 million at a 4.25% yield, or a land price of $1729/m²
Agents: James Were, Scott Kirk & George Yeoman
South
Mangere
11 Mangere Town Square:
Features: m² standalone building, Dollars Mart on renewed 4-year lease from 2018
Rent: $49,530/year net + gst
Outcome: sold for $751,000, at a 6.6% yield
Agents: Quinn Ngo, Andrew Lin & Matt Lee
Manukau
597 Great South Rd, unit 2:
Features: m²,
Rent: $58,762/year net + gst + outgoings, rising to $60,818 on 15 August, guaranteed 3.5%/year fixed rental growth
Outcome: sold for $1.15 million at a 5.29% yield on new rent
Agents: Oscar Kuang, Amy Weng & James Chan
Attribution: Auction.
