Bayleys agents have sold a cross-leased Parnell site fronted by a character villa and a refurbished Penrose warehouse.
Both properties had been scheduled for auction on 15 April as part of the Total Property 2 portfolio, but that auction was abandoned because of the Covid-19 lockdown, and these 2 were sold by negotiation during the lockdown.
487 Parnell Rd:
Features: 177m² streetfront character villa on cross-lease site, city centre zone, existing commercial use rights, high stud, open-plan airconditioned offices, separate boardroom, storage, kitchen, parking spaces front & rear
Outcome: sold with vacant possession for $2.15 million
Agent: Cameron Melhuish
176-178 Station Rd:
Features: 1622m² in 2 titles, light industry zone, 950m² refurbished showroom & office, used as Ideal Electrical Ltd trade retail outlet with new warehouse at rear, 10-year lease to May 2029 plus 2 5-year rights of renewal, 22 parking spaces
Rent: $266,780/year net + gst
Outcome: sold for $5.3 million at a 5.03% yield
Agents: James Valintine, James Hill & Sunil Bhana
Attribution: Agency release.