A retail building in Papakura (pictured), with NZ Post & Co-op Bank as tenants and an apartment development proposed upstairs, is among 3 properties Bayleys agents have sold around the south of the Auckland region. The other 2 were a vacant building in Takanini and an industrial site containing development land in Tuakau.
138-142 Great South Rd:
Features: 2023m2 site zoned commercial 3, 1579m2 retail building, 20 parking spaces; 498m2 leased to NZ Post for 9 years from December 2010, one 6-year right of renewal; 288m2 leased to the Co-operative Bank for 3 years from October 2013, one 3-year right of renewal; 335m2 vacant; 11 upper-level apartments proposed
Rent: $173,949/year net + gst
Outcome: sold for $2.36 million
Agents: Piyush Kumar & Peter Migounoff
4 Graham Rd, unit E:
Features: industrial building – 398m2 warehouse, 196m2 office
Outcome: sold vacant for $1.19 million
Agents: Janak Darji, Tony Chaudhary & Peter Migounoff
23A Carr St:
Features: 1.4302ha industrial site, purchaser to complete the subdivision into 2 lots – 9346m2 lot 1 has a 1960m2 packing shed with 650m2 canopy, leased for 6 years from February, one 6-year right of renewal; lot 2 is 4951m2 of development land
Rent: lot 1, $135,000/year net + gst
Outcome: sold for $2.3 million in total – lot 1 for $1.8 million at a 7.5% yield, lot 2 for $500,000
Agents: Shane Snijder, Peter Migounoff & Gordon Gibson
Attribution: Agency release.