The ASB Bank’s Onehunga branch was sold at an NAI Harcourts auction yesterday for $1.61 million, representing a 5.2% yield on current rent.
The property at 168 Onehunga Mall has a large parking area at the rear, and only 46% site coverage, leaving scope for further development.
3 buyers made a total 30 bids before a local investor secured the property, which is sandwiched between the Onehunga Workingmen’s Club and a laundromat.
168 Onehunga Mall:
Features: 503m² site, single-level building with 7 parking spaces in sealed area at rear 46% site coverage, dual street frontage to the Mall & Upper Municipal Place, above 67% of new building standard
Rent: $83,500/year + gst + outgoings from renewed 6-year lease to ASB from November 2013
Outcome: sold for $1.61 million
Agent: Tim Turner
Attribution: Agency release.