Tag Archives | Bayleys

Riverhead development site & Glen Eden commercial building sell

Bayleys agents have sold a Riverhead property with a development scheme plan in place and a Glen Eden commercial building with vacant tenancies.

North-west

Glen Eden

190 West Coast Rd:
Features: 448m² corner site opposite train station with frontage also to Glen Mall Place, zoned town centre; 361m² 2-level commercial building, 4 parking spaces; 71m² of retail space leased to hair salon until October 2019, 2 vacant tenancies
Rent: holding income of $16,880/year + gst; estimated potential income fully leased $85,000/year net + gst
Outcome: sold for $1.165 million
Agents: Tony Chaudhary, Janak Darji & Amy Weng

Riverhead

1064-1068 Coatesville-Riverhead Highway:
Features: 4663m² site in 5 titles zoned business mixed use; scheme plan completed for live/work development
Outcome: sold to a developer for $4.957 million at $1063/m²
Agent: Mike Adams

Attribution: Agency release.

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Bayleys’ Shore commercial office ends year with 4 sales & 6 leases

Bayleys commercial agents on the North Shore have reported 4 sales & 6 leases to complete their 2018 business.

They include one sale on Waiheke Island, of an apartment complex manager’s unit initially passed in at auction, and a land sale in the new Highgate business park at Silverdale.

5 of the leases were for properties around Rosedale.

Sales

Hauraki Gulf islands

Waiheke Island

Onetangi

141 The Strand, unit 1:
Features: 104m² manager’s unit in the Sands apartment complex, parking space 
Rent: $28,723/year net + gst + outgoings
Outcome: passed in without a bid at auction in October, sold in December for $525,000 + gst at a 5.47% yield
Agents: Brian Caldwell & Jane McKee

North-east

Northcross

950 East Coast Rd:
Features: 1012m² office property, 20 parking spaces
Rent: $142,627/year net + gst
Outcome: sold in December for $3.1 million + gst at a 4.6% yield
Agent: John Algie

Silverdale

Highgate Business Park, lot 7:
Features: 2626m² industrial lot 
Outcome: sold in August 2018 for $1,420,740 at $541/m²
Agent: Rosemary Wakeman

Takapuna

Sentinel, 3-9 Northcroft St, R3, R7 & R8:
Features: 180m² café + ancillary areas & 2 additional covered areas in 3 titles, shared parking
Rent: $48,400/year net + gst
Outcome: sold in December for $900,000 at a 5.38% yield
Agents: Adam Curtis, Adam Watton & Damian Stephen

Leases

North-east

Pinehill

6 Rosedale Rd, unit X:
Features: 58m² office unit, 2 parking spaces
Rent: leased in December for $17,000/year net + gst
Agent: Caroline McNaught

Rosedale

329 Albany Highway, unit 8:
Features: 60m² retail unit, shared parking
Rent: leased in November for $60,000/year net + gst
Agent: Steven Liu

63 Arrenway Drive, unit 5:
Features: 118m² industrial unit – warehouse 80m², office 19m², other area 19m², 2 parking spaces
Rent: leased in December for $28,000/year net + gst
Agents: Ian Waddams, Steven Liu & Meng He

5 Beatrice Tinsley Crescent, unit C:
Features: 414m² industrial unit – warehouse 282m², office 132m², 7 parking spaces
Rent: leased in December for $69,000/year net + gst
Agents: Laurie Burt & Matt Mimmack

57-59 Paul Matthews Rd, unit 2:
Features: 215.52m² industrial unit – warehouse 54.62m², office 107.35m², mezzanine 53.55m², 3 parking spaces
Rent: leased in November for $40,000/year net + gst
Agents: Trevor Duffin & James Kidd

8 Vega Place, ground floor, unit C:
Features: 70m² office unit, 2 parking spaces
Rent: leased in November for $12,500/year net + gst
Agent: Ian Waddams

Attribution: Agency release.

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Updated: 5 (now 7) of 14 sell at Bayleys’ Auckland commercial auction, 3 of 3 in Tauranga

Published 25 October 2018, updated 29 October 2018 & 13 January 2019:
5 of the 14 properties were sold at Bayleys’ Total Property commercial auction on Wednesday and 5 attracted no bid.

At the agency’s Tauranga auction, all 3 properties were sold under the hammer.

Update 1: One property has been sold post-auction – a takeaway outlet in the Wairau Junction retail centre. The outcomes for 2 of the Auckland properties were transposed – for Ellerslie & Blockhouse Bay – and have been corrected below.

Update 2: The manager’s unit in The Sands apartment complex at Onetangi on Waiheke Island was sold just before Christmas, after attracting no interest at auction.

CBD

Chancery

Chancery Square, 44 Courthouse Lane, unit A206:
Features: 45m² unit leased to property management company
Rent: $33,500/year net + gst + outgoings
Outcome: sold for $380,000 at an 8.82% yield
Agents: Mike Adams & Jean-Paul Smit

Queen St

Mid-City, 239 Queen St, unit 1Y:
Features: m²,
Rent: $27,360/year net + gst, occupied by hair salon, lease term runs to April 2021 with further rights of renewal
Outcome: withdrawn from auction
Agent: Oscar Kuang

Hauraki Gulf islands

Waiheke Island

Onetangi

Updated: The Sands, 141 The Strand, unit 1:
Features: 104m² manager’s unit in the Sands apartment complex
Rent: $28,723/year net + gst + outgoings
Outcome: passed in without a bid at auction in October, sold in December for $525,000 + gst at a 5.47% yield
Agents: Brian Caldwell & Mana Tahapehi

Isthmus east

Ellerslie

Updated: 101 Main Highway, unit 12:
Features: 272m² Asian supermarket at Ellerslie shopping centre, 10 parking spaces
Rent: $60,000/year net + gst, 5-year lease in place with 2 5-year rights of renewal
Outcome: passed in at $800,000 (2 results transposed – originally posted as $2.7 million), sold in November for $820,000 at a 7.32% yield
Agents: Oscar Kuang, Beterly Pan & Nicolas Ching

Onehunga

222 Onehunga Mall:
Features: 273m² site, 2-storey building, seismic rating 75% new building standard, local town centre zoning has 27m height control
Rent: commercial & residential tenants
Outcome: withdrawn from auction
Agent: Oscar Kuang

Parnell

29B Bath St:
Features: 175m² site, 139m² commercial unit, parking space
Rent: $42,000/year net + gst current contract, 2 2-year rights of renewal
Outcome: no bid
Agent: Millie Liang

Isthmus west

Blockhouse Bay

Updated: 35 Margate Rd, flats 1-6:
Features: 2497m² site, 6 2-bedroom residential units, each of about 55m² & on separate titles, parking space each, offered in one package
Rent: $200,000/year net + gst from 2-year lease
Outcome: passed in at $2.7 million (2 results transposed – originally posted as $800,000)
Agents: Quinn Ngo, Matt Lee & James Chan

Eden Terrace

1 Exmouth St:
Features: 665m² vacant section on Newton Rd corner, leased to Wilson Parking, mixed use zoning
Rent: $21,495/year net + gst, early termination clause
Outcome: withdrawn from auction
Agents: Owen Ding, James Chan & Jarrod Qin

Pt Chevalier

1110 Great North Rd, unit D:
Features: 345m², town centre fruit & vegetable shop + parking, leased to PTC Fresh NZ for 5 years from December 2016 with 2 5-year rights of renewal
Rent: $108,312/year net + gst
Outcome: sold for $1.55 million at a 6.99% yield
Agents: Nicolas Ching, Quinn Ngo & James Chan

350 Pt Chevalier Rd:
Features: 696m² site zoned business – neighbourhood centre, housed greengrocery for over 50 years
Outcome: sold with vacant possession for $1.87 million at a land value of $2686/m²
Agents: John Procter, Alan Elliott & Cameron Melhuish

North-east

Orewa

Tamariki Plaza, 1-19 Cammish Lane, unit J:
Features: vacant 190m² commercial unit, one parking space + share of 35 parking spaces
Outcome: passed in at $700,000
Agents: Mustan Bagasra

Rosedale

101 Apollo Drive, unit D:
Features: vacant 120m² ground-floor office unit, 4 parking spaces
Outcome: auction postponed
Agents: Tonia Robertson & Jane McKee

Rosedale Retail Centre, 94 Rosedale Rd, unit 2:
Features: 73m² shop at entrance to zero-vacancy retail centre
Rent: $37,520/year net + gst + outgoings
Outcome: sold prior
Agents: Eddie Zhong, Steven Liu & Meng He

Wairau Valley

18 Ashfield Rd, unit D:
Features: industrial unit, 110m² ground floor, 30m² storage above, monthly tenancy
Outcome: sold for $440,000
Agents: Trevor Duffin & James Yu

65-71 Porana Rd, unit E:
Features: 133m² unit occupied by Hollywood bakery
Rent: $55,000/year net + gst + opex, new 6-year lease
Outcome: auction postponed
Agents: Adam Curtis, Damian Stephen & Steven Liu

Updated: Wairau Junction, 162-178 Wairau Rd, unit 7:
Features: 45m² kebab outlet
Rent: $30,600/year net + gst + outgoings
Outcome: passed in at $500,000, sold post-auction for $550,000 at a 5.56% yield
Agents: Andrew Lin & Ranjan Unka

North-west

Henderson

192 Universal Drive, unit A1:
Features: 756m², corner store in Lincoln North Shopping Centre, 7-year lease to Super Cheap Auto NZ from July 2016, annual fixed 3% rental increases & one 5-year right of renewal
Rent: $225,221/year net + gst, 3% annual increases
Outcome: sold for $3.93 million at a 5.73% yield
Agents: Matt Lee, James Chan, Quinn Ngo, Terry Kim & David Han

South

Clendon Park

439 Roscommon Rd, unit 2:
Features: 97m² retail unit, tenant Clendon Foodmarket
Rent: $41,600/year net + gst, 6-year lease from 2015
Outcome: no bid
Agents: Matt Lee, Quinn Ngo & Piyush Kumar

439 Roscommon Rd, unit 3:
Features: 97m² retail unit, tenant Crown Liquor
Rent: $43,201/year net + gst, 4-year lease from 2016, rights of renewal
Outcome: no bid
Agents: Matt Lee, Quinn Ngo & Piyush Kumar

South of the Bombays

Bay of Plenty

Bethlehem

272A State Highway 2:
Features: 809m² site, 305m² 2-level commercial building, anchor ground-floor pharmacy tenancy, smaller dental tenancy above on leases renewed until 2021 plus further renewals
Rent: $62,730/year net + gst
Outcome: sold for $1.26 million at a 4.98% yield
Agent: Myles Addington

Judea

66 Koromiko St:
Features: 2536m² industrial site, 1519m² standalone building comprising 1123m² of warehouse & workshop space, 4 large roller doors; the balance 2 levels of offices, showroom, storage & amenities; tenant Paramount Stainless has recently renewed for the next 3 years with one final right of renewal to 2024
Rent: $122,000/year net + gst
Outcome: sold for $1.8 million at a 6.78% yield
Agent: Graeme Coleman

Tauranga:

199, 207 & 213 Cameron Rd:
Features: 2192m² redevelopment site zoned city centre, allowing 19m² building height, next to central fire station on main arterial, car dealers have operated from site since the early 1970s, 2 tenancies expiring in August 2020
Rent: $190,715/year net + gst
Outcome: sold for $6.25 million + gst at a 3.05% yield, land value $2851/m²
Agents: Lloyd Davidson & Laura Taylor

Coromandel

Thames

517 Pollen St:
Features: 1521m² site, 1410m² building occupied by multiple tenants including NZ Post Ltd on long-term lease, 16 parking spaces
Rent: $107,717.53/year net + gst, multiple tenants
Outcome: no bid
Agents: Millie Liang & Josh Smith

Attribution: Agency release.

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4 more sales take Wellington auction clearance to 100%

4 properties that were passed in at Bayleys’ Total Property commercial auction in Wellington on 6 December have since been sold, giving 100% clearance. 11 properties were sold on the day.

South of the Bombays

Wellington

Lyall Bay

219 Onepu Rd:
Features: 491m2 corner site, 2-level, recently refurbished 170m2 character timber building; Botanist Café & Restaurant occupies ground floor with 9 years to run on lease; 2 2-bedroom apartments above
Outcome: sold for $1.91 million
Agents: Richard Faisandier & Mark Walker

Naenae

53-55 Treadwell St:
Features: 298m2 corner site, dual street frontage, in heart of Naenae shopping centre, 470m2 2-level commercial premises; opportunity to add value through building strengthening
Outcome: sold with vacant possession for $325,000
Agents: Jon Pottinger & Ethan Hourigan

Ngauranga

5-7 Lower Tyers Rd, unit 13:
Features: 955m2 industrial building, seismic assessment 80% new building standard, 5 parking spaces
Outcome: sold with vacant possession for $900,000
Agents: Fraser Press & Ethan Hourigan

Petone

47 Hutt Rd:
Features: 369m2 site zoned general business, 251m2 showroom/warehouse building
Rent: estimated potential net annual rental income $55,000/year net + gst
Outcome: sold with vacant possession for $750,000
Agents: Andrew Smith & Paul Cudby

Earlier story:
10 December 2018: 11 sell at Bayleys’ Wellington commercial auction

Attribution: Agency release.

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St Marks apartment sells

One apartment was sold at Bayleys auctions last week out of 4 on offer.

CBD

Quay Park

Hudson Brown, 57 Mahuhu Crescent, unit 417:
Features: leasehold, 84m², 2-level 2-bedroom apartment, parking space, storage locker
Outgoings: rates $1808/year including gst
Income assessment: $650/week-plus
Outcome: passed in
Agents: Habeeb Urrahman, Steve Kirk & Chris Cairns

Isthmus east

Epsom

The Ivory, 10 Lion Place, unit 504:
Features: 2 bedrooms, 2 bathrooms, balcony, parking space
Outcome: passed in, back on market at $899,000
Agents: Grace Lee & Eric Cher

Remuera

St Marks, 10 St Marks Rd, unit 202:
Features: 124m², 2 bedrooms, 2 bathrooms, 2.9m-high stud, 2 parking spaces
Outcome: sold for $1.925 million
Agents: Karen Spires & Trisha Vincent

96 Upland Rd, unit 2E:
Features: 3 bedrooms, 2 bathrooms, 2 covered + 2 offstreet parking spaces
Outcome: passed in
Agents: Warren Fenning & Louise De Martin

Attribution: Agency release.

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Updated: Bayleys year-end auction series yields $25.6 million from 14 sales

Published 7 December 2018, updated 14 December 2018:
Bayleys sold 11 properties for $21.6 million at its final Total Property commercial auction in Auckland on Wednesday. A Newmarket property has since been sold.

One property auctioned at the agency’s East Tamaki office on Tuesday added $2.3 million and 2 auctions brought forward to November added $1.7 million to the return, for a total $25.6 million.

The first 2 properties auctioned on Wednesday, both small premises in prominent spots in tightly held eastern suburbs neighbourhoods, were sold on yields of 3.6% (St Heliers, pictured above) & 4.7% (Remuera).

CBD

Learning Quarter

26 Airedale St:
Features: 220m² site, 2-level 364m² building, seismic rating 50% new building standard, concept plan available for 17-storey 68-unit apartment building
Rent: $139,00/year gross + gst
Outcome: no bid
Agents: Owen Ding & Sarah Liu

Isthmus east

Newmarket

Updated: 375-389 Khyber Pass Rd, unit 7:
Features: 88m² retail unit occupied by Hair Design salon on a new lease from October, 2 parking spaces 
Rent: $36,000/year gross + gst
Outcome: passed in at $510,000, sold post-auction for $551,000 at a 6.53% yield
Agents: Quinn Ngo & Matt Lee

Onehunga

155 Neilson St:
Features: 980m² site zoned heavy industrial, 625m² warehouse, office & showroom, 2 tenants 
Rent: $91,811.38/year net + gst
Outcome: sold for $1.75 million at a 5.25% yield
Agents: James Hill, James Valintine, Sunil Bhana, Amy Weng & Tony Chaudhary

3 Pukemiro St:
Features: 556m² site, 390m² industrial building – clearspan warehouse, office & amenities, seismic rating 70% new building standard 
Outcome: sold with vacant possession for $1.15 million
Agents: William Gubb & James Valintine

Parnell

11A Cheshire St:
Features: 1031m² development site next to the new Parnell train station, resource & building consents in place for a 6-level apartment complex
Outcome: withdrawn from auction
Agents: Owen Ding & James Chan

Remuera

371-373 Remuera Rd:
Features: 229m² site, 598m² 3-level 1970s building zoned town centre, café & bar lease of 319m² of ground floor & basement space runs until mid-2023, with 2 6-year rights of renewal, balance of retail space & upper-level office premises occupied by 2 other tenants
Rent: $201,434/year net + gst
Outcome: sold for $4.325 million at a 4.66% yield
Agents: Alan Haydock, Damien Bullick, Andrew Wallace & Quinn Ngo

St Heliers

413 Tamaki Drive:
Features: 235m² site zoned local centre, 288m² 2-level building, opposite St Heliers Beach & near St Heliers Bay Rd intersection, 2 tenants on 10-year leases which both run until 2022 with no rights of renewal
Rent: $169,145/year net + gst
Outcome: sold for $4.71 million at a 3.59% yield
Agents: Cameron Melhuish, Andrew Wallace & James Chan

Isthmus west

Avondale

6C Wingate St:
Features: 80m² middle unit in modern retail block in town centre with access also from Great North Rd 
Rent: $47,000/year net + gst + outgoings on new 9-year lease to Domino’s Pizza NZ Ltd
Outcome: sold for $960,000 at a 4.9% yield
Agents: Janak Darji, Tony Chaudhary & Mike Bradshaw

Freemans Bay

27 Hargreaves St:
Features: 304m² site zoned mixed use, 318m² renovated character office building, 30m² deck
Rent: $171,160/year net + gst on new 6-year lease to Studio South Ltd from March 2018, 2 3-year rights of renewal
Outcome: sold shortly after auction for $3.25 million at a 5.27% yield
Agents: Damien Bullick, Alan Haydock & Mike Adams

3 Margaret St, unit 4:
Features: 53m² ground level commercial unit leased to lawyer Susan Kingston, 2 parking spaces, zoned business town centre
Rent: $27,000/year net + gst
Outcome: sold for $620,000 at a 4.35% yield
Agents: Stuart Bode, Mike Bradshaw & Mike Adams

North-east

Orewa

2 Hillary Square:
Features: 586m² site, 648m² floor area, tenants ANZ Bank and KiwiBank/NZ Post
Rent: $262,316/year net + gst
Outcome: passed in at $4.5 million
Agents: Mustan Bagasra, Nicolas Ching & James Chan

Rosedale

63 Arrenway Drive, unit 5:
Features: 118m² industrial unit, 2 parking spaces 
Outcome: no bid
Agents: Meng He, Ian Waddams & Steven Liu

5 Ceres Court, unit 2G:
Features: 155m², first floor office unit, 5 exclusive parking spaces
Rent: $45,000.00/year net + gst + outgoings
Outcome: auction postponed
Agents: Tonia Robertson & Caroline McNaught

Silverdale

28 Anvil Rd, unit 1:
Features: 246m² industrial unit, 5 parking spaces
Outcome: sold with vacant possession for $750,000
Agents: Matt Mimmack & Rosemary Wakeman

South

Manurewa

327 Great South Rd:
Features: 3288m² yard used as car yard, zoned business light industrial 
Outcome: no bid
Agents: Piyush Kumar & Peter Migounoff

39B Holmes Rd:
Features: half share of 1182m² site, 382m² workshop + parking & yard, tenant of 15 years now on monthly lease
Rent: holding income of $39,000/year net + gst + outgoings
Outcome: sold for $771,000 at a 5.1% yield
Agents: Peter Migounoff & Piyush Kumar

Pakuranga, Highland Park

5 Aviemore Drive, unit 1:
Features: 135m² Domino’s pizza outlet in 10-unit development completed in 2006   
Rent: $63,296/year net + gst + outgoings
Outcome: sold for $1.305 million at a 4.85% yield
Agents: Amy Weng, Tony Chaudhary & Janak Darji

Pukekohe

44-48 King St:
Features: 841m² site, 381m² building, 12 parking spaces at rear
Rent: $111,349/year net + gst + outgoings, pharmacy & Dollar World shops on 3- & 4-year leases
Outcome: sold for $2.005 million at a 5.55% yield
Agents: Shane Snijder & Graeme Moore

South of the Bombays

Wellington

Rydges Hotel, 75 Featherston St, units 422 & 1317:
Features: 2 28m² hotel units, leased to Rydges Hotel until 2033
Rent: unit 422 $19,371/year including gst, unit 1317 $30,244/year including gst
Outcome: withdrawn from auction but still for sale
Agents: Nick Thompson & Jim Wana

Earlier stories:
5 December 2018: East Tamaki sale starts last Bayleys commercial auction for year, 2 other sales in Airport Oaks & Orewa
25 November 2018 (another East Tamaki auction brought forward, 22 Polaris Place): 9 business park units sold
23 November 2018: Rosedale unit sold at auction brought forward

Attribution: Auctions.

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Newton PO building among 6 sales

The former Newton Post Office building on Karangahape Rd, home to the Artspace NZ gallery, is among 6 sales by Bayleys agents at the top of the cbd and in Mt Eden, Newmarket & Parnell.

CBD

Uptown

292-300 Karangahape Rd:
Features: 934msite zoned city centre on corner of East St, 2-level 1288mformer Newton Post Office building, designed in the early 1970s by architect Ron Sang, seismic assessment 71% new building standard; partially leased to 2 tenants plus 422mof vacant ground level & basement space formerly occupied by NZ Post
Rent: $136,009/year net + gst
Outcome: sold for $6.05 million
Agents: Alan Haydock & Cameron Melhuish

Isthmus east

Newmarket

Rialto Shopping Centre, 153 Broadway, unit 5N:
Features: 38m2 retail premises on level 2
Outcome: sold vacant for $149,000
Agents: Beterly Pan & Nicolas Ching

Parnell

15 Bath St:
Features: 375mcorner site zoned mixed use (height limit 21m), 538m3-level commercial building constructed in the early 1980s providing showroom & office, basement parking for 13 cars; seismic assessment 100% new building standard, fully leased to 2 tenants
Rent: $224,657/year net + gst
Outcome: sold for $4.35 million at a 5.16% yield
Agents: Alan Haydock & Damien Bullick

Isthmus west

Mt Eden

Zone 23, 23 Edwin St, unit  G11:
Features: 169mground floor office unit, streetfront profile, 5 parking spaces
Outcome: sold vacant for $1.1 million
Agents: James Were & Scott Kirk

40 George St:
Features: 446msite zoned mixed use, 716m1980s building offering a combination of warehouse,showroom & office plus a 2-bedroom apartment; partly leased for a further 2 years with no renewal rights
Rent: $40,365/year net + gst
Outcome: sold for $2.75 million
Agents: Scott Kirk, James Were & Genevieve Thompson-Ford

471 Mt Eden Rd:
Features: 273mcorner site zoned mixed use, 113.5m² single-level retail premises, 6 parking spaces; short-term tenancy to a furniture store provides holding income 
Outcome: sold for $2.1 million
Agents: Tony Chaudhary, Janak Darji, Amy Weng & Phil  Haydock

Attribution: Agency release.

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Strong yield on Bayleys’ Hamilton office leads Taranaki & Waikato sales

Bayleys agents have sold 8 commercial properties in Taranaki & the Waikato, 7 at auction and one by tender, in its final Total Property campaign for the year.

Leading the results was the sale of the agency’s purpose-built Hamilton office (pictured), sold at auction on a 4.84% yield.

Taranaki

New Plymouth

1 Devon Street East:
Features: 324m2 cbd corner site, 740m2 fully tenanted 2-level building; anchored by longstanding pharmacy occupying ground floor & basement on 6-year lease from September 2015 plus 4 6-year rights of renewal, wellness centre occupies refurbished upper level on new 2-year lease
Rent: $100,000/year net + gst
Outcome: sold by tender for $1.16 million at an 8.62% yield
Agents: Iain Taylor & Alan Johnston

Fitzroy

50 Sackville St:
Features: 809m2 site, 209m2 single-level commercial building, parking at rearlongstanding tenant Sporty’s Café & Bar has 9-year lease from September 2016 plus 2 9-year rights of renewal
Rent: $48,000/year net + gst
Outcome: sold for $780,000 at a 6.15%yield
Agents: Alan Johnston & Iain Taylor

Waikato

Hamilton

96 Ulster St:
Features: 1766m2 corner site, 685m2 2-level building purpose-built as Bayleys Waikato’s regional headquarters in 2011, 25 parking spaces; refurbished & modernised in 2015 with 10-year lease until 2025 to Realty Services Holdings Ltd (multiple shareholders, 60.6% owned by Bayley Corp Ltd) plus 2 6-year rights of renewal
Rent: $224,080/year net + gst
Outcome: sold for $4.63 million at a 4.84% yield
Agents: Mike Swanson, Alex ten Hove & Jordan Metcalfe

1100 Victoria St:
Features: 160m2 single-level building in mainstreet fringe cbd location; 3-year lease from 2016 to dental practice plus 2 3-year rights of renewal
Rent: $47,058/year net + gst
Outcome: sold for $895,000 at a 5.26% yield
Agents: Rebecca Bruce & David Cashmore

Taupo

4 Roberts St:
Features: 372msite on Lake Terrace corner; 471m2 bar & restaurant plus substantial cobbled outdoor area overlooking lake; 5-year lease to Pub N Grub from April 2015 plus 2 5-year rights of renewal
Rent: $100,000/year net + gst
Outcome: sold for $2.05 million at a 4.88% yield
Agent: Brendan Gallagher

1 Tongariro St:
Features: 362m2 corner site at Lake Terrace intersection opposite lakefront, single-level 441m2 building leased to Waterside Restaurant with renewal rights until 2026, and Taupo Rod & Tackle; development potential
Rent: $98,701/year net + gst
Outcome: sold for $1.81 million at 5.45% yield
Agent: Brendan Gallagher

Te Rapa

56 Sunshine Ave:
Features: 1012m2 industrial-zoned site with existing residential use rights, 3-bedroom house at front, warehouse at rear
Outcome: sold with vacant possession for $630,000 (inclusive of gst)
Agents: Jordan Metcalfe & Rebecca Bruce

60 Sunshine Ave:
Features: 1012m2 industrial site, 432m2 warehouse with 6 roller doors, original 69m2 residential structure in front most recently used as office space
Outcome: sold with vacant possession for $607,500
Agents: Jordan Metcalfe & Rebecca Bruce

Attribution: Agency release.

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2 Rosedale sales & a lease, one Wairau Valley sale

Bayleys & Omega Commercial have jointly sold 2 properties on Omega St in Rosedale, on the North Shore.

Bayleys agents have also achieved the resale of a Wairau Valley property and have leased one in Rosedale.

Sales

North-east

Rosedale

5-7 Omega St:
Features: 4129m² site, 1952.48m² office, 87 parking spaces, tenant Flintfox Plan B Ltd
Rent: $490,155/year net + gst
Outcome: sold in November for $7.8 million + gst at a 6.28% yield
Agents: Brian Caldwell (Bayleys) & Omega Commercial

19 Omega St, lot 1:
Features: 802m² site, 375.75m² industrial building, 8 parking spaces 
Outcome: sold vacant in December for $1.68 million + gst
Agents: Matt Mimmack & Laurie Burt (Bayleys) & Omega Commercial

Wairau Valley

18 Poland Rd:
Features: 3811m² site, 2773m² industrial building – office 972m², warehouse 1669m², showroom 132m², tenant Fresco Shades NZ Ltd 
Rent: $330,000/year net + gst
Outcome: sold in November for $5.5 million + gst at a 6% yield; the property was sold in August 2017 for $4.95 million at a 5.86% yield on rent of $290,000
Agents: Trevor Duffin & Ranjan Unka

Lease

Rosedale

4 Orbit Drive, unit F2:
Features: 220m² office unit – office 164m², warehouse 56m², 3 parking spaces
Rent: leased in December for $58,000/year net + gst – office $275/m², storage $160/m², parking $25/space/week ($3900/year)
Agents: Jane McKee (Bayleys) & Max Andrews (Barfoot & Thompson)

Attribution: Agency release.

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11 sell at Bayleys’ Wellington commercial auction

Bayleys agents in Wellington sold 11 of the 15 properties they took to auction on Thursday in the agency’s final Total Property round of commercial auctions for the year.

South of the Bombays

Wellington

Lower Hutt

Alicetown

407-409 Hutt Rd (pictured):
Features: 1024m2 site adjacent to motorway with dual access; 709mof industrial buildings – 480m2 trade showroom/office at front, 229m2 rear workshop, fully leased until late 2019
Rent: $137,155/year net + gst
Outcome: sold for $2 million at a 6.86% yield
Agents: Andrew Smith & Paul Cudby

Otaki

21 Main St:
Features: 574m2 site, 226m2 former bank premises, seismic assessment 70% new building standard; rear parking area has development potential
Rent: $6000/year from ATM leased to ANZ Bank, otherwise vacant
Outcome: sold for $355,000
Agents: Steven Firth & Fraser Press

44 Riverbank Rd:
Features: 1540m2 site, refurbished & painted 730m2 warehouse, 6 parking spaces; leased to rubber & plastic recycler Matta Products Ltd, which has made a considerable investment in plant, for 7 years from November 2012 with 2 2-year rights of renewal
Rent: $36,585/year net + gst
Outcome: sold for $510,000 at a 7.17% yield
Agents: Paul Adams & Stephen Lange

Petone

284 Jackson St:
Features: 304m2 corner site, 297m2 commercial building strengthened to over 67% of new building standard, occupied by Westpac Bank
Outcome: sold with vacant possession from January for $1.3 million
Agents: Andrew Smith & Paul Cudby

23 Gear St:
Features: 400m2 site, comprehensively refurbished building, fitout comprises 120m2 showroom, 110m2 office/apartment & 161m2 workshop
Rent: estimated potential income of $63,000/year net + gst
Outcome: sold with vacant possession for $1.1 million
Agent: Fraser Press

12 Cornish St, unit 2:
Features: 183m2 clearspan warehouse near State Highway 2, high stud, roller door, 87m2 office/amenities, 2 parking spaces
Outcome: sold with vacant possession for $390,000
Agent: Richard Faisandier

Porirua

Kenepuru

10 Wall Place:
Features: 1634m2 site near the Transmission Gully interchange, fully leased 810m2 industrial building, 4 tenants; 2 largest tenancies due for rent reviews & renewals over the next 12 months
Rent: $78,000/year net + gst
Outcome: sold for $1.215 million at a 6.42% yield
Agents: Mark Walker & Jon Pottinger

Seaview

39 Seaview Rd:
Features: 1330m2 site, dual access off 2 main roads, 640m2 vehicle testing station, 11-year lease to VTNZ from April 2011, no renewal right
Rent: $157,795/year net + gst
Outcome: sold for $2.25 million at a 7.01% yield
Agent: Fraser Press

53 Port Rd:
Features: 1158m2 site, 40m road frontage, 926m2 engineering workshop, multiple roller doors, 6 parking spaces, occupation licence for 108m2 fenced yard on southern boundary
Rent: estimated potential income $95,200/year net + gst
Outcome: sold for $1.1 million with vacant possession from March
Agents: Andrew Smith & Paul Cudby

Upper Hutt

222-228 Main St:
Features: 452m2 corner site, 2-level 810m2 commercial building
Rent: estimated potential income of $90,000/year net + gst
Outcome: sold with vacant possession for $420,000
Agents: Ethan Hourigan & James Higgie

Wingate

80-82 Eastern Hutt Rd, unit 19:
Features: 180m2 warehouse/workshop, mezzanine offices, 4 parking spaces in 20-unit business park on main arterial route linking Lower & Upper Hutt; leased to Underwater Solutions Ltd for 2 years from April 2018, 2 2-year rights of renewal
Rent: $13,088/year net + gst
Outcome: sold for $220,000 at a 5.95% yield
Agents: Bhakti Mistry & Ethan Hourigan

Attribution: Agency release.

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