Bayleys agents have sold 5 residential development, industrial & commercial properties around Auckland.
At Pacific Heights at the northern end of Orewa, 7 lots have been sold for townhouse & apartment development.
At New Lynn, a former Great North Rd caryard now occupied by a pet groomer has been sold for $1.24 million on a 3.39% yield – up $578,000 from the last sale, in 2012, when the yield was 5.5%.
2 industrial properties have been sold in Otara & Papakura and a vacant Moore St commercial unit in Howick has been sold.
Pacific Heights, stage 1A, superlot 269:
Features: 1742m² in 7 lots sold together in new 550-lot subdivision, proposed plans for 4 3-bedroom townhouses, 2 2-bedroom townhouses, 4 2-bedroom apartments (subject to council approval on lot 271)
Outcome: sold for $1.23 million
Agents: Dylan Turner & April Zhou
3025 Great North Rd:
Features: 646m² commercial premises near LynnMall shopping centre, leased by pet groomer Any Pets on new 5-year lease
Rent: $42,000/year net + gst
Outcome: sold for $1.24 million at a 3.39% yield
Agent: James Were
37 Moore St, unit 5:
Features: vacant 102m² commercial premises, mezzanine floor, reception, amenities, 4 parking spaces
Outcome: sold for $550,000
Agents: Dave Stanley & Geoff Wyatt
126 Bairds Rd:
Features: 784m² site zoned light industry adjacent to the Otara Mall, 467m² retail block, 4 lettable spaces partially occupied by 2 tenants – Pizza Hut 5 years to November 2023 plus 3 5-year rights of renewal, pharmacy leased for 6 years to April 2025 plus 2 6-year rights of renewal, 4-year vendor leaseback on 133m² ground floor retail, vacant 68m² mezzanine office, seismic assessment 70% new building standard
Rent: $173,000/year + gst from 2 tenants
Outcome: sold for $1.76 million
Agents: Tony Chaudhary, Amy Weng, Janak Darji & Scott Kirk
3 Old Wairoa Rd:
Features: 2 industrial land titles, combined 1665m², fully fenced, 2 units totalling 665m² split into 2 tenancies, unit A 283m² currently leased, unit B 333m² vacant
Outcome: sold for a confidential sum
Agents: Mike Marinkovich & Peter Migounoff
Attribution: Bayleys release.