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.
5 Hohipere St, unit 3W:
Features: 60m2 commercial 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
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 offices, first 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
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
3010 Great North Rd:
Features: 2782m2 freehold 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.