Published 5 December 2014, updated with full details 6 December:
In a big Total Property commercial auction at Bayleys on Wednesday, 16 properties were sold under the hammer, 4 sold prior, 2 were offered together then individually but didn’t sell, and 2 were withdrawn.
2 more properties have sold since the auction, taking the sell rate to just over 50% on what was offered.
Keenest bidding was for 2 distinctly properties which didn’t look exceptionally attractive but attracted more than 50 bids each, one at Pokeno (photo above, details at foot of page) and the other in Remuera (see under Isthmus east).
CBD
Queen St valley
9B Victoria St East:
Features: 48m² retail unit occupied by convenience store & money exchange business on 3-year lease until June 2015, with one 3-year right of renewal
Rent: $48,000/year net + gst
Outcome: sold for $775,000 at a 6.19% yield
Agents: Quinn Ngo & Matt Lee
Victoria Quarter
Victoria Park Market, 210 Victoria St West, unit 58:
Features: 41m² retail unit, leased unitl 2018 with 2 4-year rights of renewal
Rent: $26,832/year + gst
Outcome: no bid, passed in at vendor’s bid of $350,000
Agents: Paul Dixon & Samantha Ferguson
Isthmus east
Epsom
Greenwoods Corner, 567 Manukau Rd:
Features: 172m² site, 137m² vacant shop formerly occupied by fashion retailer
Outcome: sold for $750,000
Agents: Ben Wallace & Brendan Graves
Otahuhu
Great South Lodge, 32-34 Great South Rd:
Features: 4 shops of 73-80m² + 696m² 28-room guesthouse with 95% occupancy
Rent: $306,092/year
Outcome: passed in at vendor bid of $2.1 million
Agents: Dave Stanley & Ben Bayley
47 Huia Rd:
Features: 2592m² site, 2393m² net lettable area, 75% new building standard, vacant development opportunity with potential to split into separate tenancies
Outcome: passed in at $800,000
Agents: Simon Andrews & Nick Bayley
59-81 Station Rd:
Features: 1943m² site, 3-level building – 499m² retail, 331m² rear warehouse, 1905m² 31-room guesthouse in the old Orpheus Theatre
Rent: $332,000/year net + gst
Outcome: no bid
Agents: Ben Bayley & Dave Stanley
Panmure
8 Basin View Lane:
Features: 106m² single-storey building on 106m² site in heart of commercial centre
Outcome: sold with vacant possession for $258,000
Agents: Tony Chaudhary & Janak Darji
Parnell
8 Augustus Terrace:
Features: 4-level 309m² office building with 6 parking spaces, designed & originally occupied by award-winning architect Ken Crosson on 190m² elevated site with unobstructed views of the city centre & harbour; 94m² level 2 is vacant
Rent: $59,000/year net + gst from short-term leases on levels 1 & 3
Outcome: sold for $1.342 million
Agents: Matt Lee & James Chan
Penrose
176-178 Station Rd:
Features: 1621m² site in 2 titles with redevelopment potential, occupied by panelbeaters
Rent: $92,560/year net + gst
Outcome: sold for $1.23 million at a 7.52% yield
Agents: Mark Pittaway
1 Wootton Rd, Remuera.
Remuera
1 Wootton Rd:
Features: 2-level 309m² building, commercial tenancy & vacant residential space on ground floor, 2 residential tenancies above on 551m² residential 7B-zoned site with 2 street frontages in Remuera’s medical belt
Rent: $67,000/year net + gst
Outcome: sold for $2.31 million
Agents: Shayne Snijder, Robert Ashton & Quinn Ngo
Royal Oak
772-776 Manukau Rd:
Features: 364m² building, 4 retail & 2 office tenancies on 639m² leasehold site opposite shopping mall, ground-lease term of 20 years from 1 November 2001 with 20-year rights of renewal until 30 October 3001
Rent: $139,172/year net + gst, all outgoings & ground rent paid by tenants
Outcome: sold for $795,000 at a 17.5% yield
Agents: Ranjan Unka, Deep Purohit & Quinn Ngo
St Johns
23 Hannigan Drive, unit 6:
Features: 224m2 industrial unit – 113.5m2 high stud warehousing, 31.5m2 office, 79m2 mezzanine
Outcome: sold prior with vacant possession for $336,000
Agent: Millie Liang
Isthmus west
Balmoral
660 Dominion Rd:
Features: 944m² 2-level building, 522m² tenanted, on 470m² site on the corner of Halston Rd, 5-year head lease until July 2018 to Ruy Ltd, which operates a restaurant on the first floor and subleases 125m² on the first & ground floors to a fast-food tenancy; 313m² on the ground floor, formerly occupied by a supermarket, is vacant
Outcome: passed in at $1.71 million, sold post-auction for $1.75 million
Agents: Millie Liang
Ponsonby
1 Jervois Rd, units Q & R:
Features: 2 ground-floor units in Three Lamps retail complex leased to Media Works for 3 years until January 2017 with 3 3-year rights of renewal
Rent: $25,330/year net + gst
Outcome: sold prior for $400,000 at a 6.33% yield
Agents: Michael Block, Damian Stephen & Eddie Zhong
North
Paihia
Dolphin Motel, 69 Williams Rd:
Features: 1012m² site, 497m² floor area; land, buildings & business offered as freehold going concern; 10 units + one-bedroom manager’s unit
Outcome: passed in at vendor bid of $900,000
Agents: Paul Dixon & Chester Rendell
Warkworth
6 Morrison Drive:
Features: Purpose-built 527m² storage facility, comprising 57 units from 13.5-126m², developed in 2008 on 1769m² site in Woodcocks industrial estate, occupancy running at close to 100%
Outcome: sold for $1.905 million
Agents: Duncan Napier & Steve Orr
North-east
Albany
234 Bush Rd, unit C:
Features: vacant 380m² warehouse & office, 6 exclusive parking spaces
Outcome: passed in at $655,000
Agents: Alex Strever
52 Oteha Valley Rd, unit F:
Features: 92.5m² ground-floor cafe plus an exclusive 13.75m² outdoor area in the centre of the 13-shop Seville retail complex, 6 exclusive stacked parking spaces; leased to Gina’s Café & Cakes until May 2015, with 4 3-year rights of renewal
Rent: $36,000/year net + gst
Outcome: sold for $560,000 at a 6.42% yield
Agents: Damian Stephen, Eddie Zhong & Terry Kim
33 Triton Drive, unit J:
Outcome: withdrawn
Agents: Adam Curtis & Rosemary Wakeman
Northcote
50 Lake Rd:
Features: 2 adjoining mixed-use buildings on 1208m² site, 3 tenancies on 3-4 year leases, 187m² of vacant upper- level office space
Rent: $72,857/year net + gst
Outcome: sold for $1.41 million
Agents: Dean Gilbert-Smith & Simon Aldridge
Takapuna
106-108 Hurstmere Rd, unit B:
Features: 133m² retail unit occupied by a homeware & gift shop and a fashion retailer on short-term leases
Rent: $79,500/year net + gst
Outcome: passed in at $1,366,000 at a 5.8% yield
Agents: Simon Aldridge & Damian Stephen
473 Lake Rd:
Features: 197m² site with rear lane access, 129m² 2-storey building, Green Wasabi Japanese restaurant on a lease until May 2016 in the 74m² ground floor and 55m² first-floor apartment
Rent: $53,100pa/year net + gst, 30% of opex non-recoverable due to the residential tenancy
Outcome: sold for $800,000 at a 6.63% yield
Agents: Damian Stephen, Eddie Zhong & Terry Kim
Wairau Valley
18 Link Drive, unit 18:
Features: 380m² building, 9 parking spaces, leased until September 2019 with one right of renewal
Rent: $69,152/year + gst
Outcome: no bid
Agents: Trevor Duffin & John Algie
4D Target Court:
Features: 320m² industrial unit – 140m² high stud, tilt-slab warehousing, 90m² air-conditioned first-floor offices, 90m² ground-floor showroom
Outcome: sold prior with vacant possession for $575,000
Agents: Ranjan Unka & Matt Mimmack
96 Wairau Rd:
Features: 883m² business 9-zoned site occupied by car dealership U-Sell North Shore Ltd on 3-year lease
Rent: $63,000/year + gst + opex
Outcome: sold for $1.155 million at a 5.45% yield
Agents: Rosemary Wakeman, Trevor Duffin & Ranjan Unka
North-west
Henderson
11 & 13 The Concourse:
Features: 2 adjoining 1012m² sites, one with substantial workshop
Outcome: passed in at $1.25 million for both lots, No 11 passed in at $525,000 vendor bid when offered separately, no bid on No 13 alone
Agents: Grant Miller & Mike Adams
Huapai
326 Main Rd:
Features: 1012m² site for commercial development
Outcome: no bid
Agents: Angela Little & Grant Miller
Kelston
17 Cartwright Rd, units 3 & 4:
Features: 3 industrial units of 100m², 160m² & 100m², 2 tenanted and one vacant
Rent: gross $26,500/year + gst from 2 units
Outcome: no bid
Agents: Derek Presland & Paul Dixon
South
Airport Oaks
62 Ascot Rd:
Features: vacant 4048m² corner site, dual access, 2190m² floor area
Outcome: passed in at $2.36 million
Agents: Jamsheed Sidhwa & Luke Carran
East Tamaki
Corner Harris Rd & Nandina Avenue:
Features: 2530m², 2 road frontages
Rent: $120,000/year + gst
Outcome: passed in at $1.725 million
Agents: Shane Snijder & John Bolton
21 Stonedon Drive:
Features: 2 industrial units totalling 1041m² on separate titles on 1906m² site with large yard, new 4-year lease to G&A Adhesives with one 4-year right of renewal
Rent: $114,000/year net + gst
Outcome: passed in at $1.57 million, sold post-auction for $1.7 million at a 6.7% yield
Agents: Mark Pittaway & Tony Chaudhary
386 Ti Rakau Drive:
Features: 2121m² site occupied by a Gull service station since 2000, with Gull Petroleum (NZ) Ltd on a 15-year lease until 21 December 2015 plus one 4-year right of renewal, 226m² retail area subleased
Rent: $261,183/year net + gst with annual increases to the higher of CPI or 2%
Outcome: sold for $2.82 million at a 9.26% yield
Agents: Tony Chaudhary & Shane Snijder
Highland Park
17 Aviemore Drive, units N & M:
Outcome: withdrawn
Agents: Geoff Wyatt
Howick
180 Moore St:
Features: 1040m² corner site with multiple access, 568m² floor area,
Rent: $121,406/year + outgoings + gst
Outcome: no bid, passed in on a vendor’s bid of $1.4 million
Agents: Tony Chaudhary & Shane Snijder
Manukau
Totara Heights, 46 Eugenia Rise:
Features: 1575m² site, 353m² retail building occupied by a superette, takeaway & hairdresser with one vacancy, and 231m² basement flat
Rent: $51,651/year net + gst from 3 retail tenants, with the flat currently returning $23,400/year
Outcome: sold for $1.023 million
Agents: Tony Chaudhary & Janak Darji
Manurewa
327 Great South Rd:
Features: 3288m² of business 5-zoned land, 320m² industrial building
Outcome: sold vacant for $1.55 million
Agents: Katie Wu, Roy Rudolph & Tony Chaudhary
Papakura
41A Elliot St:
Features:546m² corner warehouse unit, renewed 3-year lease to Pulse Party & Event Hire, in occupation since 1992
Rent: $39,000/year net + gst
Outcome: sold prior for $502,000 at a 7.77% yield
Agents: Dave Stanley, Nick Bayley & Piyush Kumar
Pukekohe
83 King St:
Features: 531m² site – 219m² retail, 110m² apartment, 12 parking spaces of which 5 are leased to the neighbouring law firm
Rent: $72,723/year + outgoings + gst from 4 tenants
Outcome: offered as is where is, passed in at $860,000
Agents: Peter Migounoff & Graeme Moore
Takanini
100 Takanini School Rd:
Features: 2969m² site, 2260m² floor area, offstreet parking for 27 cars – high-stud warehouse 800m², low-stud warehouse 320m², first-floor offices 588m², social club & glass-back squash court 251m², decks
Rent: $120,000/year holding income
Outcome: no bid
Agents: Peter Migounoff & Piyush Kumar
South of Bombays
Pokeno
39 Great South Rd:
Features: 1518m² corner site zoned business 8a (multi-use within industrial), 2 road frontages, 606m² of retail, office & warehouse space
Rent: $31,200/year net + gst
Outcome: sold for $816,000
Agents: Shayne Snijder, Peter Migounoff & Tony Chaudhary
Attribution: Auction.
