A vacant Ponsonby Rd shop was sold on an assumed 5% yield – or $11,176/m² net lettable area, or $7364/m² site area – at Colliers International’s commercial auction on Wednesday. The property at 275 Ponsonby Rd went for $1.9 million after keen bidding between a neighbour and another investor.
The second property up for auction – an 813m² site in the middle of the Morningside shops with a vacant 295m² high-stud clearspan warehouse on it – was passed in at $1.31 million.
596 New North Rd:
Features: 813m² site with vacant 295m² high-stud clearspan warehouse at rear beside railway line
Outgoings: rates $8544/year including gst
Outcome: passed in at $1.31 million
Agents: Peter Kermode & Will Dromgool
275 Ponsonby Rd:
Features: vacant shop with 170m² lettable area, 258m² site, IEP rating of 19%
Outgoings: rates $13,527/year including gst
Rent: independently assessed at $95,000/year
Outcome: sold for $1.9 million, which would put the yield at 5% on the independently assessed rent
Agents: Peter Kermode, Nicolas Ching & Kris Ongley