Archive | Wanganui

4 provincial sales

Bayleys agents have sold 4 provincial commercial properties – in Napier, New Plymouth & Whanganui.

South of the Bombays

Hawke’s Bay


102-106 Taradale Rd:
Features: 4019m² corner site, 1700m² bulk retail building, national tenants Mico Plumbing & Bike Barn on mixed-term leases
Outcome: sold for $3.15 million at a 6.98% yield
Agents: Sam MacDonald & Gary Wise


Bell Block

8 Auster Place:
Features: 3608m² security-fenced industrial site
Outcome: sold for $271,000 at $75/m²
Agents: Alan Johnston & Iain Taylor

New Plymouth

690-694 Devon Rd:
Features: 9266m² industrial site, 2026m² high stud warehouse alongside an older medium stud warehouse with offices & amenities, short-term tenancies
Outcome: sold for $2.3 million
Agents: Mike Adams, Iain Taylor & Alan Johnston


202 Victoria Avenue:
Features: 195m² AA Centre built in 2014
Rent: $64,787/year net + gst, 6-year lease term, CPI reviews
Outcome: sold for $1.04 million at a 6.23% yield
Agents: Karl Cameron & Bede Blatchford

Attribution: Agency release.

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12 sell at Bayleys’ Total Property auction

Bayleys sold 11 properties under the hammer yesterday of the 15 offered in its first Total Property commercial portfolio for the year. Another property was sold last Friday in an auction brought forward.

Yields were variable – down at 3.1% on one property which might reflect development potential more than the present return, 3.6% on a Plumbing World tenancy in New Lynn, 4.4% on a Manukau butcher’s shop, 5.25% on a Party Hire warehouse in East Tamki, 5.4% & 4.9% on 2 retail outlets in the new Dylan apartment building on Great North Rd (pictured above), 6.1% on a Rosedale gym. And, out of town, 7.6% on a long-term NZ Post lease in Whanganui.


Queen St

Mid-City, 239 Queen St, unit 1A:
Features: 39m² fast-food outlet fronting Queen St
Rent: $150,657.30/year net + gst from renewed 12-year lease to Avachi Fried Chicken
Outcome: auction postponed to Total Property 2, Wednesday 12 April
Agents: Quinn Ngo & James Chan


117 Vincent St:
Features: 364m² site, total building area 736m² on 3 levels, each of 245.6m²; 12 parking spaces on ground floor, 2 office floors above
Rent: vacant
Outcome: passed in at $3.5 million
Agents: Nigel McNeill & Ben Bayley

Isthmus east


137 Onehunga Mall:
Features: 185m² site, 213m² 2-storey building
Outcome: sold for $900,000, including the bar & gaming business in it
Agents: Oscar Kuang & James Chan


465-467 Parnell Rd:
Features: 612m² site zoned terrace housing & apartment building, 422m² villa, onsite parking, opportunity to own/occupy after April 2018
Rent: fully lease returning $119,113/year + gst
Outcome: sold for $3.525 million
Agents: Cameron Melhuish & Jenny Kek

Isthmus west

Blockhouse Bay

The Blockhouse Bay property sold on 3.1% yield at auction brought forward.

575 Blockhouse Bay Rd:
Features: 610m² corner site zoned business – local centre, dual-access rear parking
Rent: $55,687.93/year net from convenience store & attached accommodation and 2-level gym
Outcome: sold at pre-auction; declared reserve was $1.4 million, sold for $1.8 million at a 3.1% yield
Agents: Alan Haydock & Damien Bullick

Grey Lynn

The Dylan, 367-375 Great North Rd, principal unit 1:
Features: 128m² freehold retail unit on ground floor of new apartment development, 2 parking spaces, occupied by Love Bites Kitchen
Rent: $68,000/year net + gst from 6-year lease started November 2016, 2 4-year rights of renewal, 3%/year increases, to market on renewal
Outcome: sold for $1.27 million at a 5.4% yield
Agents: Damien Bullick & Alan Haydock

The Dylan, 367-375 Great North Rd, principal unit 2:
Features: 49m² freehold retail unit on ground floor of new apartment development, no parking, occupied by Arch Hill Laundromat
Rent: $30,000/year net + gst on 8-year lease from October 2016
Outcome: sold for $611,000 at a 4.9% yield
Agents: Damien Bullick & Alan Haydock


10 South St:
Features: 357m² site, 318m² standalone building,
Rent: $126,000/year net + gst, new 10-year lease to main tenant + income from billboards & 2-bedroom flat
Outcome: withdrawn from auction
Agents: Oscar Kuang & Nicolas Ching



32 Constellation Drive, unit 5:
Features: 385m² unit in retail centre, fully leased to Snap Fitness, 30 parking spaces in common area
Rent: $157,497/year net + gst, 8-year lease from 2013 + 2 8-year terms
Outcome: sold for $2.585 million at a 6.1% yield
Agents: Ranjan Unka & Anna Radkevich

11-13A Paul Matthews Rd:
Features: 517.7m² roadfront industrial unit, clearspan high stud warehouse, 8 parking spaces
Outcome: sold vacant for $1.55 million
Agent: Matt Mimmack

Wairau Valley

7 Porana Rd, unit A:
Features: 109.7m² vacant industrial unit, 2 parking spaces, multiple rollerdoor access
Outcome: sold for $476,000
Agent: Matt Mimmack



Lincoln Centre, 111 Lincoln Rd, unit B:
Features: 1113m² building, occupied by Accident Compensation Corp since 2000, onsite parking
Rent: $287,000/year gross + gst, 3-year lease from March 2017 + 3-year right of renewal
Outcome: no bid
Agents: Nicolas Ching & James Chan

New Lynn

48 Portage Rd:
Features: 1012m² site + 1/10 share in 585m², 4-year lease to Plumbing World Ltd from October 2016 with rights of renewal
Rent: $62,250/year + gst, 4-year lease from 1 October 2016 with right of renewal
Outcome: sold for $1.73 million at a 3.6% yield
Agents: Mike Adams & Laurie Bell


Clover Park

112 Dawson Rd, unit O (shop 14) in Chapel Downs shopping centre:
Features: 230m² butchery, 2 parking spaces
Rent: $62,000/year net + gst + outgoings on 4-year lease from April 2016, rights of renewal to 2028
Outcome: sold for $1.42 million at a 4.4% yield
Agents: Dave Stanley & Geoff Wyatt

East Tamaki

179C Harris Rd, corner Ti Rakau Drive:
Features: 270m² strata title, showroom, warehouse & office occupied by Party Hire, 6 parking spaces
Rent: $46,000/year net + gst + outgoings, established tenant with renewed 4-year lease term
Outcome: sold for $875,000 at a 5.25% yield
Agents: Tony Chaudhary & Janak Darji

Manukau Central

5C Jack Conway Avenue:
Features: 471m² corner unit title – 230m² ground floor, 241m² first floor, onsite parking
Rent: $130,000/year net + gst + outgoings from 2 tenants on long-term leases
Outcome: no bid
Agents: Rod Grieve & Maxene Bates

South of the Bombays


88-94 Dickens St:
Features: 911m² site, 3 ground-floor tenants, option to develop upstairs
Rent: $78,855/year net + gst
Outcome: no bid
Agents: Paul Dixon & Sam MacDonald


115 Victoria Avenue:
Features: 916m² site, 403m² floor area, 10 parking spaces
Rent: $206,268 from long lease to NZ Post Ltd
Outcome: sold for $2.73 million at a 7.6% yield
Agents: Cameron Melhuish & Ed Donald

Attribution: Auction.

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Updated: Bayleys sells 13 at down-country auctions

Published 20 April 2015, updated 22 April 2015
Bayleys achieved a high sales level at its auctions south of Auckland last week – 6 out of 7 sold in Rotorua (including Burger Fuel premises pictured for sub-6%), another 6 out of 7 sold in Wellington and one in Hamilton. The update is on a Rotorua property, where the rental details have been clarified.

South of the Bombays

Bay of Plenty


VTNZ Rotorua.

VTNZ Rotorua.

Updated: Fenton Park, 51 Marguerita St:
Features: Significantly redeveloped 1130m² vehicle testing station on 3595m² site, 10-year lease to VTNZ from October 2014 plus 4 3-year rights of renewal
Rent: $189,250/year net + gst with CPI rent reviews, including $45,888/year for 10 years for tenant repayment of renovation works on the premises
Outcome: sold for $2.4 million
Agent: Mark Rendell

1071 Hinemoa St, units 1 & 2:
Features: 792m² fully leased 2-level, 10-year old cbd office building, each floor unit-titled, one tenant on top floor, 2 on ground floor, 9 onsite parking spaces
Rent: $148,265/year net + gst
Outcome: sold for $1.7 million at an 8.72% yield
Agent: Bill Wilson

100 Fairy Springs Rd:
Features: Recently completed 10-unit retail complex in prime city fringe location on State Highway 5, anchored by medical centre & pharmacy, 90 common parking spaces
Unit 2: 120m² Burger Fuel outlet, sold with 10-year lease for $655,000 at a 5.95% yield on net rental income of $39,000/year with 3% annual increases
Unit 3: 87m² Best Sushi outlet, sold with 6-year lease for $390,000 at a 6.69% yield on net rental income of $26,100/year with 3% annual increases
Unit 6: 130m² Springs Bakery, sold with 6-year lease for $507,000 at a 6.66% yield on net rental income of $33,800/year with CPI increases
Unit 9: 279m² superette, sold with 6-year lease for $762,000 at a 6.56% yield on net rental income of $50,000/year with CPI increases


10-12 Wickham St, Hamilton.

10-12 Wickham St, Hamilton.


Frankton, 10-12 Wickham St:
Features: 2360m² warehouse & office building on 5273m² site with room for expansion, occupied by long-established business, Strata Precision Plastics, on 5-year lease from April 2015, with one 5-year right of renewal
Rent: $180,530/year net + gst
Outcome: sold for $2.46 million at a 7.5% yield
Agent: Andrew Shaw


Burger King on Victoria St, Wanganui.

Burger King on Victoria St, Wanganui.

Corner Victoria & Dublin Sts:
Features: 426m² Burger King outlet in prime corner location opposite new Rebel Sports/Briscoes, Antares Restaurant Group has recently completed major refurbishment to premises it has occupied since 1998
Rent: $148,346/year net + gst on 10-year lease from December 2013, with 2 5-year rights of renewal
Outcome: sold for $1.855 million at an 8% yield
Agents: James Higgie & Bob Davies

Wellington region

Lower Hutt

Gracefield, 155 Gracefield Rd, unit 10:
Features: 277m² warehouse/workshop with 60m² yard
Outcome: sold with vacant possession for $200,000
Agents: Paul Cudby & Matt Gibbs

133 Park Rd, Miramar.

133 Park Rd, Miramar.


133 Park Rd: 
Features: 878m² bulk retail centre on 1365m² site, 380m² display yard, 6-year leaseback to anchor tenant, a 4 Seasons Home & Leisure Centre plus 2 3-year rights of renewal
Rent: about $144,000/year net + gst
Outcome: sold for $1.92 million at a 7.5% yield
Agents: Colin Hodge & James Higgie


221 Newlands Rd:
Features: 344m² industrial building – 201m² workshop, 143m² office space on upper level, 2 covered parking spaces, rear service lane access
Rent: vacant possession but with assessed net potential rental of $45,000/year net + gst
Outcome: sold for $450,000
Agent: Fraser Press


6D Broken Hill Rd, Porirua.

6D Broken Hill Rd, Porirua.

Elsdon, 6D Broken Hill Rd:
Features: 4678m² site, modern high-stud manufacturing & distribution premises built in 2010 for NCR (NZ) Ltd – 1226m² warehouse, 193m² office, 1072m² sealed secure yard, 358m² container park, NCR has just renewed its lease for another 5 years from September 2015, one further 5-year right of renewal
Rent: $160,000/year net + gst from September 2015
Outcome: sold for $2.04 million at a 7.8% yield
Agent: Andrew Smith

Upper Hutt

49-53 Main St:
Features: 230m² single-level building occupied by pharmacy & medical practice
Rent: $41,388/year net + gst from 2-year lease to Radius Pharmacy Upper Hutt Ltd from June 2014
Outcome: sold for $195,000 at a 21.2% yield
Agent: Mark Sherlock

Attribution: Auctions release.

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8 sell at Wellington & Wanganui auctions

Published 2 November 2014
Bayleys sold 7 out of 8 commercial properties offered at its Wellington Total Property auction a week ago, and another in Wanganui.

South of the Bombays


202 Victoria St:
Features: 195m² building constructed by Wallace Development Ltd on 367m² main street corner site, 9-year lease to Automobile Association plus 2 4-year rights of renewal
Outcome: sold for $970,000 at a 6.6% yield
Agent: Karl Cameron



3-9 Gear St:
Features: 4 buildings, 2 leased, on one 1598m² title
Rent: $94,895/year + gst gross income, estimated potential gross income $183,000/year + gst
Outcome: sold for $1.075 million
Agents: Fraser Press & Mark Hourigan

19-21 Gear St:
Features: vacant 792m² industrial building on 799m² site
Outcome: sold for $800,000
Agents: Fraser Press & Mark Hourigan

23 Gear St:
Features: vacant 282m² industrial building on 400m² site
Outcome: sold for $360,000
Agents: Fraser Press & Mark Hourigan

2 Scholes Lane:
Features: 188m² former warehouse with ground-floor showroom & first-floor offices
Outcome: sold vacant for $250,000
Agent: Paul Cudby

Raumati South

30 Poplar Avenue:  
Features: 4 suburban shops in 406m² building on 816m² corner site, anchored by Four Square, one small shop vacant
Rent: potential rental in excess of $90,000/year net + gst
Outcome: sold for $837,500
Agent: Stephen Lange


170 Eastern Hutt Rd:
Features: 371m² site, 400m² industrial building – 260m² warehouse, 75m² office & amenities, 65m² mezzanine storage
Rent: potential rental in excess of $35,000/year net + gst
Outcome: sold vacant for $341,000
Agents: John Pritchard & Matt Gibbs

Upper Hutt

25 Queen St:
Features: 685m² site, 563m² bulk retail building, purpose-built in 2005 for Repco with 12-year lease from May 2005, 2 3-year rights of renewal
Rent: $118,000/year net + gst, with CPI reviews
Outcome: sold for $1.48 million at an 8% yield
Agent: Richard Faisandier

Attribution: Agency release.

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Stiassny takes own Wanganui portfolio to auction

Published 16 April 2010

KordaMentha Ltd senior partner Michael Stiassny & his wife, Mary-Louise, have put a portfolio of Wanganui properties on the market after holding them for about 15 years.


Bayleys Wanganui will take the portfolio to auction in Wanganui on Friday 14 May. Branch manager Ian Barns said the auction would be the biggest of its type held in the city – no previous auction had combined commercial, industrial & residential land & building offerings on this scale.


Realising the crowd-pulling potential for the largescale corporate sell-off, 3 unrelated investors had added properties to the auction.


The Stiassny portfolio is held by Glenogle Trust Ltd. Another partner in the corporate advisory firm, Brendon Gibson, is a director but not a shareholder of the investment company.


Mr Barns said Mr Stiassny was looking at using the proceeds for other investment opportunities. 


Among the properties on offer are:

2 commercial premises in Ridgway St, in the heart of Wanganui’s cbd. Both are tenanted – one by a law firm and the other by a curtain shop – and are surrounded by food & beverage establishments and professional services offices5 variously sized bare land lots on the high-profile main arterial routes of Heads Rd & Somme Parade, in the city’s manufacturing & industrial sector of Wanganui; the land sizes range from 551-2060m² and are suitable for multiple uses2 blocks of 5 one-bedroom flats in the seaside suburb of Castlecliff7 sections – ranging in size from 466-2881m² – also in Castlecliffan 8225m² section on 5 titles in Springvale6 bare sections – ranging in size from 440-3120m² – in the Aramoho suburb3 sections near the township of Maxwell, about 20 minutes’ drive north of Wanganui, anda 10,178m² lifestyle block at Mangamahu, 50km inland from Wanganui.

  Mr Barns said: “The portfolio was purchased around 1990 and into the mid-1990s, at the time when there was a sizeable sell-off of real estate assets by local bodies & former Government-owned or administered infrastructure agencies throughout New Zealand.


“At that time, the owner & now vendor was like many Wanganui business operators & residents who shared a vision for the longer-term prosperity of the city & surrounding districts. Circumstances have obviously changed during the intervening decades, and the vendor is looking to exit their presence from the region.”


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Attribution: Bayleys release, Companies Office, story written by Bob Dey for the Bob Dey Property Report.


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Wanganui Carters sale

Published 25 May 2009

Round 2 for the week of Bayleys Real Estate’s tally of recent sales transactions covers the North Island south of the Bombays, and Christchurch. This section of the report covers sales in Wanganui:


Wanganui, 95 Wilson St, 7900m² corner site in the commercial heart of Wanganui with an 1800m² Carters building supply depot, sold for $2.2 million at a 9.6% yield; 9-year lease to Carter Holt Harvey Ltd from August 2007, with fixed annual rental increases of 3%. (David Gubb, Bayleys Auckland; Bob Davies, Bayleys Wanganui; Karl Cameron, Bayleys Manawatu).


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Attribution: Bayleys release, story written by Bob Dey for the Bob Dey Property Report.

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