Archive | Wiri

Updated: PFI adds to Wiri portfolio

Published 25 October 2018, yield corrected 1 November 2018:
NZX-listed Property for Industry Ltd has bought an industrial property at 12 Hautu Drive, Wiri, for a net $12.3 million at a 5.25% yield (originally given as 5.35%).

The 10,946m² site has a 4488m² warehouse with 514m² of office & amenities, and is leased to Kiwi Steel Ltd until 31 January 2030. The lease, currently $645,611/year net + gst + opex, provides fixed rental growth of 3.0% annually. Kiwi Steel is also the tenant at PFI’s 2500m² warehouse development on surplus land at Cavendish Drive, Manukau.

PFI general manager Simon Woodhams said yesterday: “This acquisition increases our presence in Wiri, one of Auckland’s major industrial hubs and a key precinct for PFI. The company currently owns 8 properties in the wider Wiri/Manukau area, representing more than 10% of the portfolio.

“The acquisition of 12 Hautu Drive is in line with the company’s strategy of investing in quality industrial property, and the acquisition will be accretive across a broad range of measures. The acquisition will also increase PFI’s weighting to Auckland industrial property.”

Settlement is expected to take place on 31 October.

Attribution: Company release, agency additions.

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Manurewa RSA among 4 properties sold vacant

The Manurewa RSA’s premises (pictured) have been sold, 6 months after the association found discrepancies in its finances. The RSA had occupied the property for 50 years, but said its ageing & declining membership base meant it was no longer viable. The club stopped trading in May.

It was one 4 commercial properties in East Tamaki, Manukau, Manurewa & Wiri sold vacant by Bayleys agents. They also sold an office with a new lease at the East Tamaki complex.

South

East Tamaki

363 East Tamaki Rd, unit B:
Features: 222m² ground-floor unit in 6-unit office complex, 9 parking spaces
Outcome: sold vacant as bare shell to owner-occupier for $765,000 + gst
Agents: Roy Rudolph & John Bolton

363 East Tamaki Rd, unit C:
Features: refurbished 242m² air-conditioned office unit, 9 parking spaces, new 10-year lease to accountancy firm
Rent: $55,000/year net + gst
Outcome: sold for $786,000 at a 7% yield
Agents: Roy Rudolph & John Bolton

Manukau

533 Great South Rd, unit H:
Features: 1020m² medium stud warehouse zoned light industrial, multiple roller door access, small amount of office, seismic assessment 75% of new building standard, 11 parking spaces
Outcome: sold with vacant possession for $1.94 million + gst
Agent: Karl Price

Manurewa

6 Maich Rd:
Features: 3091m² site zoned light industrial, 1820m² commercial building in town centre occupied by RSA for 50 years
Outcome: sold with vacant possession for $4 million + gst to owner-occupier for use as restaurant/bar
Agents: Ben Bayley, Karl Price, Dave Stanley & Tony Chaudhary

Wiri

34 Hobill Avenue, unit 6:
Features: 238m2 office & warehouse unit zoned light industrial, near motorway interchange, 141m2 of offices & amenities over 2 levels – 80mwarehouse, 17mmezzanine storage, 3 parking spaces
Outcome: sold vacant for $635,000 + gst
Agent: Mike Marinkovich

Attribution: Agency release.

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Retail sale in Flat Bush, industrials in Papakura & Wiri

Bayleys agents in South Auckland have sold a part-occupied new convenience retail complex (pictured) in Flat Bush, a vacant Papakura industrial site and a truck servicing holding in Wiri.

South

Flat Bush

1 Arranmore Drive:
Features: 1463m² corner site, recently developed part-occupied 491m² convenience retail complex split into 5 tenancies; superette, café & Indian takeaway are returning $119,257/year net + gst
Rent: estimated total rental if fully leased, up to $180,000/year net + gst
Outcome: sold for $2.55 million + gst
Agents: Ben Bayley & Tony Chaudhary

Papakura

14-16 Parker St:
Features: 2.85ha of vacant industrial land, previously the site of an abandoned development project with $1.7 million spent on preconstruction
Outcome: sold for $5 million + gst to an owner occupier in the crane industry at $175/m²
Agents: Shane Snijder & Peter Migounoff

Wiri

6 Tacoma Rd:
Features: Fully fenced 8887m² landholding, modern 1280m² workshop, office & showroom building, only 12% site coverage; used for truck servicing, the high stud workshop has a 22m-long service pit & full drive-through capability plus 8 roller doors; largely sealed yards & concrete forecourts surround the workshop, an additional 4473m² metalled rear yard has washdown facility
Outcome: sold to trucking company with vacant possession for $6.6 million + gst
Agent: Mike Marinkovich

Attribution: Agency release.

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Wiri & Tauriko industrial properties and Matamata childcare centre sell

Colliers agents have sold a Wiri warehouse with a large canopy, an industrial property at the Tauriko estate on the outskirts of Tauranga, and a brand-new childcare centre in Matamata.

South

Wiri

12 Ha Crescent:
Features: 4167m² site, 3888m² high stud warehouse, 1043m² canopy, 278m² office space, north-facing concrete yards
Rent: $510,000/year net + gst, market rent review pending after 4 years of 8-year lese
Outcome: sold for $11.15 million at a 4.57% yield
Agents: Andrew Hooper & Hamish West

South of the Bombays

Bay of Plenty

Tauranga

Tauriko

52 Whakakake St:
Features: 7752m² property, 4300m² of usable area, 2315m² industrial facility, high stud workshop
Rent: $245,654 + gst from short-term lease
Outcome: sold for $4.225 million at a 5.8% yield
Agents: Rob Schoeser & Simon Clark

Waikato

Matamata

6 Peria Rd:
Features: 3382m² site, new 567m² purpose-built childcare centre on an 18-year lease from completion this month, plus renewal rights
Rent: $247,000/year net + gst
Outcome: sold for $4.1 million at a 6% yield
Agents: David Palmer & Justin Oliver

Attribution: Agency release.

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Logistics specialist Logos buys Wiri site

Australian vertically integrated logistics property specialist Logos Property Pty Ltd has bought a 10ha site in Auckland for its first move into New Zealand.

The Australian company said yesterday it had bought the property at the corner of Roscommon & Wiri Station Rds in Wiri from Fletcher Building Ltd subsidiary Fletcher Concrete & Infrastructure Ltd.

The site has access to State Highway 20 (the South-western Motorway), and is near the Conlinxx Inland Port.

Logos joint managing director Trent Iliffe said the company would develop the site into a 55,000m² logistics estate: “The New Zealand industrial & logistics sector has experienced strong growth over the past few years on the back of the country’s underlying economic fundamentals, increasing population and, importantly, the rise in e-commerce. We believe there will be many opportunities for Logos to partner with our investors & tenant customers across New Zealand over the coming years, and the Wiri site is an important and strategic first development for the group.”

The company’s other managing director, John Marsh, said: “Wiri is the key industrial suburb in Auckland, which is experiencing significant growth due to its proximity to key freight routes and as the market widens from Auckland’s historical industrial hubs of Penrose & Mt Wellington.

“We are currently in discussions with a number of existing tenant customers from our Asia-Pacific portfolio to develop purpose-built opportunities on the site, including large-format logistics operators, FMCG (fast-moving consumer goods), e-commerce operators & 3PL (third-party logistics) groups.”

Logos has operations in Australia, China, Singapore, Indonesia & India, managing every aspect of logistics real estate, from sourcing land or facilities to undertaking development & asset management for leading global real estate investors.

At 1 January 2018, Logos had:

  • $A4 billion of equity commitments to 14 ventures with a targeted end-value of over $A9 billion of assets under management
  • 42 projects or estates owned & under development
  • Over 2.9 million m² of logistics real estate owned & under development, and
  • 9 corporate offices throughout Asia & the Pacific.

Link: Logos

Attribution: Company release, website.

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Updated: New Euroclass-built Wiri warehouse sells at 4.9%, Onehunga warehouse sells

Published 15 March 2018, updated 16 March 2018:
A new purpose-built warehouse in Euroclass’s 40ha Stonehill Business Park at Wiri (pictured) was passed in at CBRE’s auction on Thursday on a 5% yield, but sold on a 4.9% yield after further negotiation.

That took the price from $9.925 million when it was passed in to a sale agreement at $10.2 million.

Rock Solid Holdings Ltd (trading as Euroclass Design & Build, directors Peter & Julie Bishop) began developing the business park after the McLaughlins Rd quarry was closed 11 years ago. The business park is separated from the Manukau Harbour by the Puhinui Reserve and has 2 prisons on the other side.

The Bishops started their Euroclass business in 1987 as a design/build company focused on office/warehouse development, then grew their expertise in industrial property.

This development, designed for Cargo Plus Ltd, has a clearspan warehouse with stud heights of 9.3m at the knee, rising to 11.3m, 3 roller doors, offices on 2 floors and 3 road crossings, including a separate entrance for the carpark.

Isthmus East

Onehunga

5 Mountjoy Place:
Features: 722m² site zoned light industrial, 400m² warehouse, 90m² office, 15m² amenity, 2 large roller doors
Rent: assessed market rent $73,000/year + gst, which would put the yield on the sale price at 5.14%
Outcome: sold for $1.42 million
Agents: Alex Hopkinson & Chad Greer

South

Wiri

Updated: 107 McLaughlins Rd:
Features: 6898m² site, 4550m² net lettable area, new purpose-built warehouse with large breezeway & office, designed for & fully tenanted by Cargo Plus Ltd on a 10-year lease from 1 January this year, with 2 5-year rights of renewal
Rent: $499,500/year net + gst + outgoings, with a stepped rental schedule set for the whole of the 10-year lease term
Outcome: passed in at $9.925 million, at a 5% yield; sold post-auction for $10.2 million at a 4.9% yield
Agents: Paul Steele & Claus Brewer

Link: Euroclass

Attribution: Auction, auction documents, Euroclass website.

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3 Wiri sales, another in central Manukau and a Christchurch supermarket

Bayleys agents have sold 3 Wiri industrial properties and an underdeveloped Lambie Drive property in central Manukau.

They also handled the sale of the Hornby Countdown supermarket in Christchurch for Investore Property Ltd.

South

Manukau Central

12 Lambie Drive:
Features: underdeveloped 7219m² site, 2-level office building, 92 parking spaces; 10 tenants comprising a mixture of warehouse & office occupants, including a Government anchor tenant which has renewed for a further 3 years
Rent: $617,250/year net + gst
Outcome: sold for $7.5 million at an 8.23% yield
Agents: Alan Haydock & Damien Bullick

Wiri

6 Hautu Drive:
Features: 8073m² site, 5746m² industrial premises, 650m² canopy, built 12 years ago as distribution centre for Cavalier Bremworth which exercised the first of 2 6-year rights of renewal last year; warehouse has an 11.2-13.8m stud height and an extremely high load capacity floor
Rent: $686,323/year net + gst; vendor provided a 3-year underwrite to increase income provided by tenant by a further $33,523
Outcome: sold for $11.1 million at a 6.18% yield
Agents: Mike Marinkovich, Ben Bayley, Scott Campbell & Stephen Scott

250 Roscommon Rd:
Features: 1.7419ha heavy industrial site on corner of Bolderwood Place, mix of small sheds & offices leased to Asphalt Supply Co Ltd with sub-lease of 46% of the site to Roadex Logistics Ltd; head lease runs until November 2022 with no renewal rights
Rent: $400,000/year net + gst, increasing to $450,000/year + gst in October and fixed 2% annual increases thereafter
Outcome: sold for $8 million at a 5% yield
Agents: Sunil Bhana, James Hill & Mike Houlker

105 Wiri Station Rd:
Features: 1.4ha heavy industrial site with frontage also to Plunket Avenue, 88 parking spaces, formerly occupied by Honda NZ; site coverage of around 30% – 6317m² building, 4993m² of medium to high stud warehousing, the balance a mix of modern & older-style offices
Outcome: sold vacant for $9.85 million
Agents: Ben Bayley, Karl Price & Scott Campbell

South Island

Christchurch

Hornby

17 Chappie Place:
Features: 1.77ha site, Countdown supermarket completed in 2010 located on State Highway 1 adjacent to Hornby Hub shopping centre, 20-year lease from December 2012 to General Distributors Ltd with renewal rights up to 60 years
Outcome: sold by Investore Property Ltd for $21.5 million at a 6.26% yield
Agents: Sunil Bhana, Mike Houlker & Blair Young

Attribution: Agency release.

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Long list of commercial sales & leases for Shore agents

Barfoot & Thompson Commercial agents on the North Shore have tallied up a long list of sales & leases over the summer – 6 sales & 22 leases, including involvement in some outside the north-east Auckland area.

Sales

North-east

Albany

236A Bush Rd:
Features: 387m² tenanted industrial building – 156m² warehouse, 137m² office, 96m² showroom
Outcome: sold for $1.25 million
Agents: Simon Farland, Chase Erceg & Lily Han

254 Cornerstone Drive, unit PU6:
Features: tenanted 64m² retail, 3 parking spaces
Rent: $42,000/year net + gst
Outcome: sold for $781,800
Agent: Brian Paulin

Rosedale

7 Triton Drive, unit D:
Features: 167m² tenanted retail space
Outcome: sold for $1.015 million
Agent: Nick Brown

44 William Pickering Drive, unit 8:
Features: 159m² vacant live & work
Outcome: sold for $720,000
Agent: David Cannon

North-west

Hobsonville

8 Workspace Drive:
Features: 2482m² land
Outcome: sold for $1.325 million
Agents: Paul Vermaak & Brian Paulin

North

Marsden Point

Marsden Point Rd:
Features: 59,423m² land
Outcome: sold for $500,000
Agent: David Goodhue

Leases

North-east

Albany

238F Bush Rd:
Features: 105m² office, 4 parking spaces
Rent: not given
Agents: North Shore Commercial

18 Oteha Valley Extension:
Features: 155m² work & live, 2 parking spaces
Rent: not given
Agents: Elaine Tutty & David Cannon

270 Oteha Valley Rd, unit 7:
Features: 90m² retail
Rent: leased for $51,375/year net + gst
Agent: Lily Han

Birkenhead

88 Hinemoa St:
Features: 136m² retail, one parking space
Rent: leased for $26,500/year net + gst
Agent: Gary Seekup

Browns Bay

21-27 Clyde Rd:
Features: 103m² retail, 3 parking spaces
Rent: leased for $48,837/year net + gst
Agent: Bruce Jiao

Rosedale

4 Antares Place, unit D:
Features: 121m² ground-floor office, 3 parking spaces
Rent: leased for $32,160/year net + gst
Agent: Brian Paulin

4 Antares Place, unit F:
Features: 105m² retail, 3 parking spaces
Rent: leased for $27,000/year net + gst
Agents: Brian Paulin & Max Andrews

59 Apollo Drive:
Features: 184m² office, 5 parking spaces
Rent: leased for $54,340/year net + gst
Agent: Brian Paulin

87 Apollo Drive:
Features: 108m² retail, 5 parking spaces
Rent: leased for $65,000/year net + gst
Agent: Brian Paulin

63 Arrenway Drive, unit 13:
Features: 120m² business unit – office 80m², warehouse 40m², 2 parking spaces
Rent: leased for $25,000/year net + gst
Agent: Lily Han

10 Canaveral Drive, unit 5D:
Features: 92m² office, 4 parking spaces
Rent: leased for $24,000/year net + gst
Agent: Max Andrews

43 Omega St, unit GE:
Features: 246m² office, 7 parking spaces
Rent: leased for $66,320/year net + gst
Agents: Barfoot & Thompson North Shore Commercial

19B William Pickering Drive:
Features: 403m² industrial building – 196m² warehouse, 207m² office, 8 parking spaces
Rent: leased for $65,000/year net + gst
Agent: David Cannon

Silverdale

177 Millwater Parkway, shop 8:
Features: 86.38m² retail
Rent: leased for $33,552/year net + gst
Agent: Lily Han

Takapuna

9 Anzac St:
Features: 174m² office
Rent: leased for $38,180
Agent: Max Andrews

16 Byron Avenue:
Features: 120m² office, 4 parking spaces
Rent: leased for $35,000/year net + gst
Agent: Nick Brown

56-60 Hurstmere Rd, shop 4:
Features: 53.23m² retail
Rent: leased for $31,920/year net + gst
Agent: Max Andrews

507 Lake Rd:
Features: 106m² office
Rent: leased for $33,000/year net + gst
Agent: Brian Paulin

Wairau Valley

59 Hillside Rd:
Features: 1440m² industrial building plus yard
Rent: leased for $160,000/year net + gst
Agent: Gary Seekup

11 Silverfield, unit 10:
Features: 160m² industrial building, 3 parking spaces
Rent: leased for $23,000/year net + gst
Agent: David Cannon

North-west

Kumeu

156C Main Rd:
Features: 449m² industrial building – 382m² warehouse, 67m² office, 10 parking spaces
Rent: leased for $55,000/year net + gst
Agents: David Herron & Chase Erceg

South

Wiri

20 Hobill Avenue:
Features: 500m² industrial building
Rent: leased for $120,000/year net + gst
Agents: Paul Vermaak & James Marshall

Attribution: Agency release.

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6 commercial properties & residential development site sell

Bayleys agents in South Auckland have sold 6 commercial properties in East Tamaki, Manukau & Wiri, and a 5ha residential development site at The Gardens, Manurewa.

South

East Tamaki

9 Lady Ruby Drive, unit E:
Features: 160m² industrial unit – 129.5m² ground-floor warehouse, office & amenities, 30m² of mezzanine office, 4 parking spaces
Outcome: sold vacant for $500,000
Agents: Katie Wu, Roy Rudolph & John Bolton

22 Neilpark Drive, unit A:
Features: 337m2 roadfront unit in 3-unit development, A grade food premises comprising about 172mof processing space & warehousing, 58mof chillers & freezers and 63mof offices & amenities
Rent: previously generating $65,000/year net + gst
Outcome: sold with vacant possession for $910,000
Agents: Roy Rudolph, John Bolton, Katie Wu & Karl Price

33 Springs Rd, unit D:
Features: 897m² industrial unit – 460m² high stud clearspan warehouse, dual roller door access, 198m² of ground-floor showroom, office & amenities, 239m² of first-floor offices & amenities with separate entrance
Outcome: sold vacant for $1,817,500
Agents: John Bolton, Roy Rudolph & Katie Wu

Manukau

5 Jack Conway Avenue, unit C:
Features: 471m² 2-level commercial building – 230m² ground-floor tenant Gordy’s Bar & Gaming Lounge has 8-year lease from December 2016, with 3 4-year rights of renewal, 241m² first floor tenanted by Bartercard NZ Ltd on 8-year lease from March 2013, with 2 4-year rights of renewal
Rent: $130,000/year net + gst
Outcome: sold for $1.92 million at a 6.77% yield
Agents: Rod Grieve & Maxine Bates

Manurewa

The Gardens, 261 Hill Rd:
Features: 5.1445ha of mostly bare land with an easy contour, part zoned mixed housing suburban, part future urban
Outcome: sold with vacant possession for $7 million at $136/m2
Agents: Peter Migounoff & Piyush Kumar

Wiri

20 Hobill Avenue:
Features: 3140m² site zoned light industry, modern 600m² industrial building, fully fenced & gated rear site with sealed yard that provides options to extend building
Outcome: sold to an owner occupier for $1.97 million with short-term holding income from vendor & additional income from cellphone tower
Agent: Mike Marinkovich

34 Hobill Avenue, unit E:
Features: 350m² mid-1980s roadfront industrial unit – 156m² warehouse, 194m² showroom, office & amenities over 2 levels
Outcome: sold vacant to an owner-occupier for $1.02 million
Agent: Mike Marinkovich

Attribution: Agency release.

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Updated: Takapuna properties bought on development-based yields as 9 sell at Bayleys’ commercial auction

Published 26 October 2017, updated 28 October 2017:
Bayleys’ 7th Total Property commercial auction in Auckland for the year ended with 9 properties sold, 8 passed in, and the auction of the one remaining property on the list was deferred a week. Another, in Birkenhead, has been sold post-auction.

The sales included 2 adjoining converted houses (pictured) on Lake Rd, Takapuna, sold at yields on present uses of 2.7% & 4.1%. Both have more intensive development potential.

CBD

Waterfront

Sebel, 85-93 Customs St West, unit S:
Features: leasehold, 628m² floor area, tenant Soul Bar on 9-year lease + rights of renewal until 2038
Rent: $437,500/year net + gst + outgoings including ground rent, rent reviews to CPI + fixed increases
Outcome: passed in
Agent: Mark Pittaway

16 Viaduct Harbour Avenue, unit 1A, ground floor:
Features: leasehold, 439m² office including balcony, 5 secure covered parking spaces
Rent: $248,500/year gross + gst, net $124,026/year + gst, 6-year lease to Auckland Council with rights of renewal
Outcome: passed in
Agent: Mark Pittaway

Isthmus east

Onehunga

360 Onehunga Mall:
Features: 538m² site zoned residential – terrace housing & apartment building, 2-level 341m² building constructed in 2010, ground-floor liquor store, 4-bedroom accommodation above
Rent: $93,712.50/year net + gst
Outcome: sold for $1.96 million at a 4.78% yield
Agents: Ken Lu, Damien Bullick & Alan Haydock

Panmure

100 Queens Rd:
Features: 979m² site, 1701m² floor area, multi-tenanted retail property
Rent: $131,181/year net + gst + outgoings, rising to $139,432/year next April 
Outcome: auction deferred until Wednesday 6 December
Agent: Mark Pittaway

Penrose

766 Great South Rd:
Features: 998m² site, 300m² single-level medical clinic, multiple tenants include GP practice, physiotherapist, occupational therapist & accountant
Rent: $65,050/year net + gst
Outcome: sold for $1.065 million at a 6.11% yield
Agents: Tony Chaudhary, Janak Darji, James Hill & James Chan

25 Walls Rd:
Features: 1037m² light industry-zoned site, 702m² high stud warehouse & office building, new 6-year lease to well established import & distribution tenant
Rent: $106,302/year net + gst     
Outcome: sold for $2.305 million at a 4.61% yield
Agents: Mike Adams & Phil Haydock

Isthmus west

Mt Eden

54 Mt Eden Rd:
Features: 400m² site zoned mixed use, in Grammar zone, 130m² villa, garage + 3 parking spaces
Outcome: passed in at $1.4 million
Agents: Alan Haydock, Phil Haydock & Damien Bullick

North-east

Birkenhead

221-225 Hinemoa St:
Features: 522m² floor area, medi-spa & beauty salon a tenant since 2004 & on new 5-year lease, 2 small shops, penthouse apartment
Rent: $122,304/year net + gst from commercial premises, apartment vacant
Outcome: passed in at $3.5 million
Agents: James Kidd & Michael Nees

Updated: 60-62 Mokoia Rd:
Features: 405m² site in town centre zone (21m height limit) retail strip, 744m² floor area, 3 tenants
Rent: $131,018.33/year net + gst + outgoings
Outcome: passed in at $2.2 million, sold shortly after auction for $2.3 million at a 5.7% yield
Agents: Michael Nees & Nick Howe-Smith

Takapuna

58-60 Jutland Rd:
Features: 371m² site zoned neighbourhood centre (13m height limit), 398m² 2-level building with mix of commercial & residential tenancies – 3 ground-floor retail units, anchored by a superette, 2 flats above; secondary access at the rear, where there are 4 parking spaces
Rent: $100,088/year net + gst current, development upside   
Outcome: sold for $2.09 million at a 4.79% yield
Agents: Adam Curtis, Damian Stephen & Nick Howe-Smith

398 Lake Rd:
Features: 888m² site in mixed use zone, 321m² 2-level building; the Skin Institute has occupied the premises since 1994 and has recently renewed its lease until September 2023, with 3 further 3-year rights of renewal; zoning provides potential for residential accommodation with sea views on top of commercial base
Rent: $165,000/year/net + gst    
Outcome: sold for $4.04 million at a 4.08% yield
Agents: Ranjan Unka, Tonia Robertson & Ashton Geissler

400 Lake Rd:
Features: 890m² site zoned mixed use, 272m² converted split-level character residential building, fully leased to long established law firm Turner Hopkins with 5½ years to run on lease, longer-term potential for multi-level redevelopment
Rent: $96,000/year net + gst
Outcome: sold for $3.61 million at a 2.66% yield
Agents: Tonia Robertson, Ranjan Unka & Terry Kim

North-west

Henderson

42 Paramount Drive, units 6 & 7:
Features: 280m² for 2 units consented for restaurant use, separate entrances, in retail complex off Lincoln Rd
Outcome: sold vacant for $1.408 million
Agents: David Han, Terry Kim & Matt Lee

South

Beachlands

40 9th View Avenue:
Features: 1416m² site zoned residential – terrace housing & apartment building, opposite entranceway to Pine Harbour marina, modern 640m² single-level showroom building;
Rent: $36,443/year holding income
Outcome: sold for $1.65 million from lease to Pine Harbour Motorsport Museum
Agents: Nick Bayley & Dave Stanley

East Tamaki

46 Neilpark Drive:
Features: 2100m² site, 2 adjoining clearspan warehouse & office units totalling 1012m²
Rent: $110,000/year net + gst holding income from short-term leaseback of both units to vendor
Outcome: sold shortly after auction for $2.65 million
Agents: Katie Wu, John Bolton & Roy Rudolph

Papakura

80 Hunua Rd, lot 2:
Features: 9453m² site, 6302m² warehouse
Rent: $360,000/year net + gst     
Outcome: passed in at $4 million
Agents: Shane Snijder & Peter Migounoff

Wiri

55 Ash Rd, unit 4:
Features: 200m² unit in industrial precinct, parking
Rent: $28,600/year net + gst
Outcome: passed in at $625,000
Agents: Karl Price & Nick Bayley

South of the Bombays

Manawatu – Dannevirke

69 High St:
Features: 617m² site, 693m² building, long-term tenant Westpac on new 5-year lease, 3 more 3-year rights of renewal, second tenant Cooly Properties Ltd on one-year lease to end of next year
Rent: $59,000/year net + gst from bank, $30,000/year net + gst from second tenant
Outcome: no bid
Agent: Rollo Vavasour

Attribution: Auction.

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