2 fast-food outlets sold at yields of 4.7% at Colliers’ commercial auction today, a fitness centre was sold for a whisker under a 7% yield and a café run by the former operators of the Palmers Garden Centre café (centre shut for redevelopment) sold shortly after the auction.
They’re in a new development at Glen Eden by Rhenish Properties Ltd (Nigel Powell, Graeme Edwards & Matthew Chaytor).
The fifth unit in the auction, a Thai restaurant, was passed in.
Charlie Oscroft, Shoneet Chand & Deborah Dowling were the agents on all 5 units.
4034-4038 Great North Rd:
Bruce Lee Sushi:
Rent: $29,750/year net, 10-year initial term from 22 July at $433.98/m²
Outcome: sold for $635,000 at a 4.69% yield
Rent: $37,689/year net, 10-year initial term from 15 July at $425/m²
Outcome: sold for $800,000 at a 4.71% yield
Rent: $50,000/year net, 10-year initial term from 22 July at $401.67/m²
Outcome: passed in at $775,000 with yield at 6.45%, sold shortly after the auction for $910,000 at a 5.49% yield
Rent: $127,695.75/year net, 8-year initial term from 22 July at $325/m²
Corrected: Outcome: sold for $1.825 million (corrected from original version, $825,000) at a 7% yield
Aroha Thai Restaurant:
Rent: $105,000/year net, 15-year initial term from 22 July at $410.57/m²
Outcome: passed in at $1.25 million vendor bid, no other bid