Archive | North-west

6 commercial & rural sales include 2 post-auction & 1 pre-auction

Colliers agents have sold 4 properties around Auckland & 2 in Gisborne, including 2 post-auction & one pre-auction.

At Albany, a site on Appian Way (pictured) with consent for a mixed-use development has been sold.

Isthmus east

Mt Wellington

4E Pacific Rise:
Features: 820m² office property, 3 tenants, 28 parking spaces
Rent: $191,396/year net + gst + opex
Outcome: sold for $3.15 million at a 6% yield
Agents: Gareth Fraser, Simon Child & Michael van der Putten

North-east

Albany

4 Appian Way:
Features: 3406m² development site, has approved resource consents for a mixed-use residential, retail & commercial development
Outcome: sold for $5.38 million
Agents: Cherry Higginson, Josh Coburn & capital markets team

North-west

Whenuapai

1-9 Maramara Rd:
Features: 2200m², new purpose-built childcare centre, 575m² floor area, licensed for 90 children, 18-year lease to established provider New Shoots Ltd
Rent: $257,400/year net + gst
Outcome: sold post-auction for $4.4 million at a 5.85% yield
Agents: Josh Coburn, Shoneet Chand & Caroline Cornish

South

East Tamaki

15 Ra Ora Drive:
Features: 2000m² site, 998m² industrial building, 18 parking spaces
Outcome: sold for $3.2 million at a 4.68% contract yield
Agents: Jolyon Thomson & Paul Higgins

South of the Bombays

Gisborne

Ngatapa

1189 Wharekopae Rd:
Features: 6.37ha rural property – citrus orchard, sheds, 4-bedroom home, tennis court, helicopter pad
Outcome: sold post-auction for $1.3 million
Agents: Alan Thorpe & David Egan

Waerenga-a-hika

297 Matawai Rd:
Features: 11.07ha citrus orchard & 250m² homestead 
Outcome: sold pre-auction for $2.3 million
Agents: David Egan & Alan Thorpe

Attribution: Agency release.

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Henderson adult store & Onehunga warehouse passed in

Both commercial properties auctioned at Barfoot & Thompson yesterday were passed in.

Isthmus east

Onehunga

38 Angle St, unit 1:
Features: vacant 295m² high stud warehouse unit, 4 parking spaces, seismic rating 105% new building standard
Outcome: passed in
Agents: Nick Wilson & James Marshall

North-west

Henderson

253 Lincoln Rd, unit D:
Features: 100m² Peaches & Cream adult shop, seismic rating 100% new building standard
Rent: $36,409/year net + gst + outgoings, leased renewed for 3 years from April, 2 more 3-year renewal rights to 2027
Outcome: no bid
Agent: Chris Park

Attribution: Auction documents.

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Warehouse sells, new childcare centre passed in

Colliers sold the Bell Tea warehouse at East Tamaki at auction yesterday, but a new childcare centre at Whenuapai was passed in.

North-west

Whenuapai

1-9 Maramara Rd:
Features: 2200m² site, 575m² purpose-built new building, New Shoots Children’s Centre Ltd, licensed childcare centre for 90 children
Rent: $257,400/year net + gst + opex, 18-year lease term from 13 August 2018, 2 6-year rights of renewal
Outcome: passed in at $4 million
Agents: Josh Coburn, Caroline Cornish & Shoneet Chand

South

East Tamaki

305 East Tamaki Rd:
Features: 6052m² site, 3992m² warehouse, storage & office building occupied by Bell Tea & Coffee Co Ltd, full drive-around
Rent: $421,402/year net + gst, 7 years remaining on lease renewed in 2013
Outcome: sold for $7.5 million at a 5.6% yield
Agents: Paul Jarvie, Andrew Hooper & Hamish West

Attribution: Auctions.

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2 old suburban centre retail strips sell

Streetfront retail properties in New Lynn & Papatoetoe – both redevelopment prospects – sold under the hammer at Colliers’ auction today.

North-west

New Lynn

3114-3120 Great North Rd (pictured above):
Features: 486m² site zoned business – metropolitan centre, 307m² single-level strip retail building, 18m street frontage, 4 tenants, 3 leases expire in 2021, 2023 & 2025 with no renewal right, rear parking
Rent: $85,240/year net + gst
Outcome: sold for $1.3 million + gst
Agents: Gareth Fraser, James Appleby & Josh Coburn

South

Papatoetoe

74 St George St, Papatoetoe (outlined).

74 St George St:
Features: 1174m² site zoned business – city centre, allowing for development up to 27m high, 368.5m², land at rear used as shared parking, building fully tenanted
Rent: $101,641/year net + gst
Outcome: sold for $1.95 million + gst
Agents: Gareth Fraser & Matthew Barnes

Attribution: Auction documents.

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2 sales & 6 leases by Commercial Realty

Commercial Realty Ltd agents have completed 2 sales & 6 leases with values over $50,000 in the last 3 months.

Sales

Isthmus east

Penrose

1016a Great South Rd:
Features: 882m² industrial unit
Outcome: sold for $2.775 million to a nearby owner-occupier
Agents: David Turner & Danny Guise

South

East Tamaki

325 Ti Rakau Drive, unit 5:
Features: 180m² industrial unit, 2 levels, 3 parking spaces
Outcome: sold for $550,000 to an air-conditioning company as owner-occupier
Agents: David Turner & Brad Rathbun

Leases

Isthmus east

Penrose

16 Olive Rd:
Features: 988m² industrial premises, leased to a quickly expanding national tenant
Rent: $110,000/year net + gst
Agents: Willie Fernandes & Danny Guise

North-west

Swanson

212 Swanson Rd, units 1 & 2:
Features: 990m², long-term lease
Rent: $71,000/year net + gst
Agent: Daniel Speck

South

Drury

4 Creek St:
Features: 630m², warehouse plus yard area
Rent: $105,000/year net + gst
Agents: Mark Bramwell & Brad Rathbun

East Tamaki

1E Lady Ruby Drive:
Features: 460m² warehouse & office unit, road frontage
Rent: $65,000/year net + gst
Agent: David Turner

Takanini

12 Marphona Crescent, unit 1:
Features: 365m² industrial unit with road frontage, leased to an overseas company
Rent: $60,000/year net + gst
Agent: Brad Rathbun & David Turner

12 Marphona Crescent, unit 2:
Features: 360m² industrial unit, leased to an international tenant before development completion
Rent: $55,000/year net + gst
Agent: Danny Guise

Attribution: Agency release.

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Updated: 5 (now 6) of 14 sell at Bayleys’ Auckland commercial auction, 3 of 3 in Tauranga

Published 25 October 2018, updated 29 October & 27 November 2018:
5 of the 14 properties were sold at Bayleys’ Total Property commercial auction on Wednesday and 5 attracted no bid.

At the agency’s Tauranga auction, all 3 properties were sold under the hammer.

Update: One property has been sold post-auction – a takeaway outlet in the Wairau Junction retail centre. The outcomes for 2 of the Auckland properties were transposed – for Ellerslie & Blockhouse Bay – and have been corrected below.

CBD

Chancery

Chancery Square, 44 Courthouse Lane, unit A206:
Features: 45m² unit leased to property management company
Rent: $33,500/year net + gst + outgoings
Outcome: sold for $380,000 at an 8.82% yield
Agents: Mike Adams & Jean-Paul Smit

Queen St

Mid-City, 239 Queen St, unit 1Y:
Features: m²,
Rent: $27,360/year net + gst, occupied by hair salon, lease term runs to April 2021 with further rights of renewal
Outcome: withdrawn from auction
Agent: Oscar Kuang

Hauraki Gulf islands

Waiheke Island

Onetangi

The Sands, 141 The Strand, unit 1:
Features: 104m² manager’s unit in the Sands apartment complex
Rent: $28,723/year net + gst + outgoings
Outcome: no bid
Agents: Brian Caldwell & Mana Tahapehi

Isthmus east

Ellerslie

Updated: 101 Main Highway, unit 12:
Features: 272m² Asian supermarket at Ellerslie shopping centre, 10 parking spaces
Rent: $60,000/year net + gst, 5-year lease in place with 2 5-year rights of renewal
Outcome: passed in at $800,000 (2 results transposed – originally posted as $2.7 million), sold in November for $820,000 at a 7.32% yield
Agents: Oscar Kuang, Beterly Pan & Nicolas Ching

Onehunga

222 Onehunga Mall:
Features: 273m² site, 2-storey building, seismic rating 75% new building standard, local town centre zoning has 27m height control
Rent: commercial & residential tenants
Outcome: withdrawn from auction
Agent: Oscar Kuang

Parnell

29B Bath St:
Features: 175m² site, 139m² commercial unit, parking space
Rent: $42,000/year net + gst current contract, 2 2-year rights of renewal
Outcome: no bid
Agent: Millie Liang

Isthmus west

Blockhouse Bay

Updated: 35 Margate Rd, flats 1-6:
Features: 2497m² site, 6 2-bedroom residential units, each of about 55m² & on separate titles, parking space each, offered in one package
Rent: $200,000/year net + gst from 2-year lease
Outcome: passed in at $2.7 million (2 results transposed – originally posted as $800,000)
Agents: Quinn Ngo, Matt Lee & James Chan

Eden Terrace

1 Exmouth St:
Features: 665m² vacant section on Newton Rd corner, leased to Wilson Parking, mixed use zoning
Rent: $21,495/year net + gst, early termination clause
Outcome: withdrawn from auction
Agents: Owen Ding, James Chan & Jarrod Qin

Pt Chevalier

1110 Great North Rd, unit D:
Features: 345m², town centre fruit & vegetable shop + parking, leased to PTC Fresh NZ for 5 years from December 2016 with 2 5-year rights of renewal
Rent: $108,312/year net + gst
Outcome: sold for $1.55 million at a 6.99% yield
Agents: Nicolas Ching, Quinn Ngo & James Chan

350 Pt Chevalier Rd:
Features: 696m² site zoned business – neighbourhood centre, housed greengrocery for over 50 years
Outcome: sold with vacant possession for $1.87 million at a land value of $2686/m²
Agents: John Procter, Alan Elliott & Cameron Melhuish

North-east

Orewa

Tamariki Plaza, 1-19 Cammish Lane, unit J:
Features: vacant 190m² commercial unit, one parking space + share of 35 parking spaces
Outcome: passed in at $700,000
Agents: Mustan Bagasra

Rosedale

101 Apollo Drive, unit D:
Features: vacant 120m² ground-floor office unit, 4 parking spaces
Outcome: auction postponed
Agents: Tonia Robertson & Jane McKee

Rosedale Retail Centre, 94 Rosedale Rd, unit 2:
Features: 73m² shop at entrance to zero-vacancy retail centre
Rent: $37,520/year net + gst + outgoings
Outcome: sold prior
Agents: Eddie Zhong, Steven Liu & Meng He

Wairau Valley

18 Ashfield Rd, unit D:
Features: industrial unit, 110m² ground floor, 30m² storage above, monthly tenancy
Outcome: sold for $440,000
Agents: Trevor Duffin & James Yu

65-71 Porana Rd, unit E:
Features: 133m² unit occupied by Hollywood bakery
Rent: $55,000/year net + gst + opex, new 6-year lease
Outcome: auction postponed
Agents: Adam Curtis, Damian Stephen & Steven Liu

Updated: Wairau Junction, 162-178 Wairau Rd, unit 7:
Features: 45m² kebab outlet
Rent: $30,600/year net + gst + outgoings
Outcome: passed in at $500,000, sold post-auction for $550,000 at a 5.56% yield
Agents: Andrew Lin & Ranjan Unka

North-west

Henderson

192 Universal Drive, unit A1:
Features: 756m², corner store in Lincoln North Shopping Centre, 7-year lease to Super Cheap Auto NZ from July 2016, annual fixed 3% rental increases & one 5-year right of renewal
Rent: $225,221/year net + gst, 3% annual increases
Outcome: sold for $3.93 million at a 5.73% yield
Agents: Matt Lee, James Chan, Quinn Ngo, Terry Kim & David Han

South

Clendon Park

439 Roscommon Rd, unit 2:
Features: 97m² retail unit, tenant Clendon Foodmarket
Rent: $41,600/year net + gst, 6-year lease from 2015
Outcome: no bid
Agents: Matt Lee, Quinn Ngo & Piyush Kumar

439 Roscommon Rd, unit 3:
Features: 97m² retail unit, tenant Crown Liquor
Rent: $43,201/year net + gst, 4-year lease from 2016, rights of renewal
Outcome: no bid
Agents: Matt Lee, Quinn Ngo & Piyush Kumar

South of the Bombays

Bay of Plenty

Bethlehem

272A State Highway 2:
Features: 809m² site, 305m² 2-level commercial building, anchor ground-floor pharmacy tenancy, smaller dental tenancy above on leases renewed until 2021 plus further renewals
Rent: $62,730/year net + gst
Outcome: sold for $1.26 million at a 4.98% yield
Agent: Myles Addington

Judea

66 Koromiko St:
Features: 2536m² industrial site, 1519m² standalone building comprising 1123m² of warehouse & workshop space, 4 large roller doors; the balance 2 levels of offices, showroom, storage & amenities; tenant Paramount Stainless has recently renewed for the next 3 years with one final right of renewal to 2024
Rent: $122,000/year net + gst
Outcome: sold for $1.8 million at a 6.78% yield
Agent: Graeme Coleman

Tauranga:

199, 207 & 213 Cameron Rd:
Features: 2192m² redevelopment site zoned city centre, allowing 19m² building height, next to central fire station on main arterial, car dealers have operated from site since the early 1970s, 2 tenancies expiring in August 2020
Rent: $190,715/year net + gst
Outcome: sold for $6.25 million + gst at a 3.05% yield, land value $2851/m²
Agents: Lloyd Davidson & Laura Taylor

Coromandel

Thames

517 Pollen St:
Features: 1521m² site, 1410m² building occupied by multiple tenants including NZ Post Ltd on long-term lease, 16 parking spaces
Rent: $107,717.53/year net + gst, multiple tenants
Outcome: no bid
Agents: Millie Liang & Josh Smith

Attribution: Agency release.

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Updated: Construction starts on next north-western subdivision, West Hills

Published 17 October 2018, clarified 18 October 2018:
Half a kilometre west of the Westgate & NorthWest retail & business centres at the top of Auckland’s North-western Motorway, Universal Homes Ltd has started work on the first block of 7 units in its next subdivision, West Hills, which will ultimately yield about 1200 homes.

The 41ha development is unusual because it allows construction to proceed alongside the provision of infrastructure, a consent provision which vice-general manager Andrew Crosby reckons will save about 9-10 months in getting the project to market.

Image above: West Hills, where construction has started as infrastructure works continue.

Clarification on pricing:

On Wednesday morning I wrote: “The first batch of 7 terrace houses will include 4 56m² one-bedroom units without a garage, priced at the bottom of the Universal scale, about $5000/m², which will see them marketed for $285,000.”

Universal told me later in the day the 4 56m² one-bedroom units would come later in stage 1, haven’t had their prices set yet, but they would exceed $285,000.

In the first batch of 7, one with a floor area of 82.5m² has 2 bedrooms and the rest have 3 bedrooms.

The table below sets out prices for the first 7 homes released. I’ve added a column to show the range of prices/m², without distinguishing between living & garage space:

West Hills pricing, first batch of 7 homes:
Lot Beds Price Floor area*  Price/m²
1 3 $849,000 131 $6,481
2 2 $695,000 82.5 $8,424
3 3 $851,000 131 $6,496
4 3 $799,000 113.2 $7,058
5 3 $799,000 113.2 $7,058
6 3 $845,000 131.8 $6,411
7 3 $850,000 131.8 $6,449
* Floor area including garage where applicable

But most of West Hills won’t be in the sub-$600,000 “affordable” category, although they’ll come in comfortably below much of the $1 million-plus construction at nearby Hobsonville Point – the standard homes of 2-4 bedrooms will be priced between $695-851,000.

Those prices include rises in Auckland Council development contributions & water service charges.

“For the level of quality which we want – which is not super-luxury – this is as affordable as a good builder can make it,” Mr Crosby said.

Universal Homes vice-general manager Andrew Crosby onsite at West Hills, with concurrent drainage & earthworks & construction underway behind him.

Universal’s West Hills block off Fred Taylor Drive will form about 10% of the Redhills special housing area precinct, land held by a number of developers and all rezoned under the new Auckland unitary plan to allow for a mix of building.

Mr Crosby expects Universal will take about 8 years to build out its project, providing some standalone homes but with an increasing focus on terraces & duplexes, including about 90 one-bedroom units but dominated by 2-bedroom homes.

Both Mr Crosby & sales manager Mike Pearce attribute much of the improvement in what buyers will get to Universal’s participation in the development of Hobsonville Point, including the Axis energy-efficiency programme led by Government company HLC (2017) Ltd (the former Hobsonville Land Co).

Mr Pearce: “The high quality of urban design, energy efficiency & value-for-money pricing of the homes is due to Universal’s extensive experience at Hobsonville Point with urban designers Isthmus, a key partner at Hobsonville Point, leading the masterplanning, along with Avery Team Architects & Construkt Architects.

“The community & environmental dimensions are a major emphasis in the planning of West Hills, with the vision for the development described as green city living.”

Hobsonville Point led the way towards intensification, though generally not multi-level apartment projects (that said, a multi-level project there is up for hearing today).

“Hobsonville Point changed the thought that you’d have a standalone 5 years ago, but it took about 3 years to start building apartments,” Mr Crosby said.

Now, at West Hills, terraces & apartments are the first structures to go up, and terraces & duplexes form about 80% of Universal’s overall business.

For inter-tenancy walls, Universal uses Speedwall, a lightweight, quake-resistant & fire-resistant slab produced onsite.

Site works to break up the intensity include opening up watercourses for streams, wetland areas, a 5000m² pocket park, playgrounds (smaller ones vested in the owners’ society) & walkways.

My biggest question about the recent expansion of suburban housing developments – and greenfield plans further out on the fringe – is the access to shops & amenities. West Hills answers that question with its proximity to Westgate & Northwest.

The first homes at West Hills will be completed early next year, and the first stage will contain 94 homes.

Attribution: Site visit, company releases.

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Firm yields on range of commercial sales

Bayleys agents have sold a Freemans Bay building at a sub-5% yield and 2 properties in Glen Eden & New Lynn (a former petrol station, now car yard, pictured above) for yields around 5.5%.

A commercial unit at the base of the new SKHY apartments on Khyber Pass has also been sold.

Isthmus east

Grafton

5 Hohipere St, unit 3W:
Features: 60mcommercial unit, parking space directly in front, one of 3 mixed-use zoned units at the base of new SKHY apartment development, on corner of Symonds St & Khyber Pass Rd, with shared loading dock & toilet facilities
Outcome: sold vacant for $250,000 at $4166/m2
Agents: James Were & Scott Kirk

Isthmus west

Freemans Bay

25 Hargreaves St:
Features: 1219m² sloping site zoned mixed use, on corner of Gudgeon St, 1404m² 1970s 2-level fully leased building; ground floor comprises light industrial/workshop space, accessed via 4 roller doors, with ancillary officesfirst floor has flat with medium stud warehousing & ramp access to parking area at the rear; 4 leases with 3- to 6-month termination clauses, resource consent for 6-level commercial & residential development incorporating existing building
Rent: $312,430/year net + gst
Outcome: sold to an owner-occupier for $6.55 million at a 4.77% yield
Agent: Alan Haydock

North-west

Glen Eden

202-208 West Coast Rd:
Features: 607m² of land in 2 titles in commercial centre opposite train station, 928m² 2-level retail & office building, 8 tenants; town centre zoning allows development up to 27m
Rent: $212,449/year net + gst
Outcome: sold for $3.815 million at a 5.57% yield
Agents: Tony Chaudhary & Janak Darji

New Lynn

3010 Great North Rd:
Features: 2782mfreehold site in commercial precinct, zoned general business, over 40m of road frontage, formerly a service station site; Buy Right Cars, a division of Turners Automotive Group Ltd, has been operating from the property since 2014 and renewed its lease for further 4-year term in May
Rent: $166,312/year net + gst
Outcome: sold for $3,023,854 at a 5.5% yield
Agents:
 Mike Adams, Simon Davies & Jean-Paul Smit

Attribution: Agency release.

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Low yields on city fringe properties

Bayleys agents have sold 2 properties in Freemans Bay & Herne Bay at yields below 3%, reflecting development potential, and another in Mt Eden below 5%, plus a refurbished & vacant Henderson accommodation facility.

Isthmus west

Freemans Bay

37 & 39 Spring St:
Features: 490m2 site in 2 titles, 2 neighbouring character villas fully leased to commercial tenants, both on final 3-year rights of renewal; mixed use zoning allows for development up to 4 storeys
Rent: $81,291/year net + gst
Outcome: sold for $3.6 million + gst at a 2.26% yield
Agents: Alan Haydock, Damien Bullick & Scott Kirk

Herne Bay

88 Jervois Rd:
Features: 652m2 site zoned mixed use, 315m2 refurbished 2-level villa, high stud character office space; fully leased to multiple tenants
Rent: $122,636/year net + gst
Outcome: sold for $4.2 million + gst at a 2.92% yield
Agents: Alan Haydock & Damien Bullick

Mt Eden

31 Rossmay Terrace:
Features: 1799m2 site zoned mixed use, 855m2 health & fitness centre, fully leased to tenant in occupation since 1999 with 10 years to run on current lease term plus 30-year right of renewal
Rent: $140,000/year net + gst
Outcome: sold for $2.9 million + gst at a 4.83% yield
Agents: Alan Haydock & Damien Bullick

North-west

Henderson

2 Tara Rd:  
Features: 802m2  site in quiet residential no-exit street, fully refurbished & upgraded 267m2 14-room accommodation facility (6 rooms with private ensuite, 8 single rooms), communal dining, living & laundry facilities; ready for occupation
Rent: $125,000/year net + gst estimated income after expenses & management
Outcome: sold vacant for $1,718,500 + gst
Agents: Damien Bullick & Alan Haydock

Attribution: Agency release.

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Updated: Sub-5% on 3 properties sold at Bayleys commercial auctions, one further sale in September

Published 13 April 2018, updated 23 September 2018
4 of the 7 Auckland commercial properties offered at Bayleys’ second Total Property auction of the year on 11 April sold under the hammer, and another commercial property sold the previous day at an East Tamaki auction. 3 properties were passed in.

3 of the sales were at yields under 5% in strong competition for smaller investments – down at 4.6% for 2 of them, the East Tamaki industrial unit and a superette in Papatoetoe.

Update, 23 September: The Wairau Valley industrial unit passed in at auction was sold in September.

Isthmus east

Grafton

20 Huntly Ave:
Features: 801m² site zoned residential – single house, 405m² fully leased dwelling containing 7 individual residential tenancies with their own kitchens & bathrooms
Rent: $191,880/year; single-bedroom units rent for $390-$400/week, 2-bedroom units $550-
$650/week
Outcome: sold for $3.65 million at a 5.26% yield
Agents: Phil Haydock & Damien Bullick

North-east

Orewa

8K Moana Ave:
Features: 85m² retail unit in large retail & office plaza with multiple tenancies fronting central customer parking area, 3-year lease to liquor store from October 2016, 3 3-year rights of renewal
Rent: $30,000/year net + gst
Outcome: sold for $605,000 at a 4.96% yield
Agents: Mustan Bagasra & Matt Lee

Wairau Valley

Updated: 234 Archers Rd, unit A:
Features: vacant 1205m² light industrial unit – warehouse 817.6m², showroom 387.4m² (size originally stated as 1146m²), 13 parking spaces
Outcome: passed in at $2.85 million at auction in April, sold in September for $2.95 million + gst
Agents: Ranjan Unka & Matt Mimmack

North-west

Glen Eden

1 Glendale Rd:
Features: 1511m² corner site with town centre zoning (27m height limit), 680m² retail/showroom building built in 2004, Cash Converters occupies 370m² on 6-year lease to October 2022 with 2 6-year rights of renewal; a Salvation Army family store occupies 309m² on lease to May 2019, with 2 rights of renewals of 2.5 years; 33 parking spaces
Rent: $251,224/year net + gst
Outcome: sold for $3.325 million at a 7.55% yield
Agents: Mike Adams, Jean-Paul Smit & Alan Haydock

New Lynn

2 Hutchinson Ave:
Features: 556m² corner site zoned terrace housing & apartment building, 203m² building occupied by longstanding retail & café tenant
Rent: new lease set at about $80,000/year net
Outcome: passed in at $1.25 million
Agents: Mike Adams & Phil Haydock

South

East Tamaki

21B Andromeda Crescent:
Features: 212m² industrial unit in block of 7, 3-year lease to Mahe Glasstech Ltd
from July 2016 – 104m² warehouse, 73m² office/showroom, 30m² mezzanine, 8m² deck
Rent: $23,000/year net + gst
Outcome: sold for $501,500 at a 4.59% yield
Agent: Nelson Raines

Manurewa

18 Mahia Rd:
Features: 2448m² corner site zoned light industrial, 1606m² building – warehouse 972.6m², office & amenities 385.7m², low-stud workshop 247.9m², seismic ratings 90% for warehouse, 70% for office
Rent: $168,603/year net + gst from longstanding tenant
Outcome: no bid
Agents: Peter Migounoff & Rod Grieve

Papatoetoe

70 St George St:
Features: 326m² site zoned town centre, single-level 120m² retail premises occupied by superette on 2-year lease from November 2016, 4 4-year rights of renewal
Rent: $30,100/year net + gst
Outcome: sold for $655,000 at a 4.6% yield
Agents: Ash Jogia, John Bolton & Dave Stanley

Attribution: Agency release.

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