A panelbeater’s shop & yard in the Albany Village sold at a 5.4% yield on future projected earnings at Colliers’ auction in Takapuna today.
12 Gills Rd:
Features: 809m² site, 497m² building area, occupied by panelbeater for 10 years – workshop & amenities 395m², mezzanine office 102m², parking for up to 15 cars, offered with vacant possession
Rent: indicative analysis $80,695/year net + gst, including $10,920 for 14 parking spaces at $15/week each, workshop at $125/m², office at $125/m², which would see a 5.38% yield at the purchase price
Outcome: sold for $1.5 million
Agents: Jimmy O’Brien & Jack Tucson