Bayleys agents have sold a large Royal Oak site with a variety of residential tenancies on it, 2 mixed use units in Grey Lynn which have development options and a vacant commercial unit in the St Lukes Business Park.
880-882 Manukau Rd, 108-110 Trafalgar St:
Features: 3131m² corner site, 3 titles, 10 tenancies over 8 residential units in terraced housing & apartment buildings zone permitting development up to 16m; 880-882 Manukau Rd – 1545m² site, 4 standalone buildings on 2 titles, 5 tenancies of 3- to 5-bedroom dwellings; 108-110 Trafalgar St – 1586m² site, 3 adjoining brick units plus 5-bedroom dwelling, part-leased
Rent: $265,200/year gross when fully leased
Outcome: sold for $6.78 million
Agents: Damien Bullick & Alan Haydock
400 Great North Rd, units A & B:
Features: 2 mixed use units, 592m² combined floor area, terraced housing & apartment buildings zone allowing highest density residential development under the unitary plan; Unit A – 304m² upper-level high stud residential accommodation, 7 bedrooms, 7 parking spaces, leased back to the vendor for 1 year to January 2021; Unit B – 288m² refurbished office/warehouse, 6 parking spaces, leased to community care provider for 6 years to May 2025 plus 1 6-year right of renewal
Rent: $165,394/year from both units
Outcome: sold for $2.9 million at a 5.7% yield
Agents: Alan Haydock & Damien Bullick
St Lukes Business Park, 49 Sainsbury Rd, unit 9:
Features: vacant 372m² 2-level commercial unit – 112m² office, 260m² high stud warehouse, modern development by Midpoint Investments Ltd (Geoff Ridley) comprises 7 retail & 21 office/warehouse units plus childcare centre, 7 parking spaces include 3 freestanding & 4 stacked parks
Outcome: sold for $1.375 million
Agents: James Were & Phil Haydock
Attribution: Agency release.