Albany Area Commercial Still Slow

 

Parts of the North Shore and  Albany commercial are still sluggish it appears.The Albany area and its environs have been very slow since the GFC with many vacant commercial properties. Things seem to be improving but there seems a while to go yet. In any event some or all of these properties may sell after the auction as frequently happens,

 

Published 28 June 2012

All 4 North Shore commercial premises taken to auction at Colliers’ International yesterday were passed in.

Colliers research relevant to 2 of the properties showed office vacancy on the North Shore had tightened by 3% in the March year to 9.2%, the lowest vacancy rate since 2008, and vacancy in the Albany-North Harbour precinct had come down from 13.3% a year ago to 9.3%.

The third building was the Albany Toyota car dealership property and the fourth an industrial property on Porana Rd.

Auction results:

Albany, Albany Toyota car yard, 8 Gills Rd:

Features: 1181m² site

Rent: $66,500 + gst/year on6-year lease from November 2011, with 6-year right of renewal

Outgoings: rates $11,853/year including gst

Outcome: passed in at $458,000

North Harbour, 6 Omega St, unit 3:

Features: vacant 165m² ground-floor office with fit out, currently in 3 offices or meeting rooms, kitchenette, 3 parking spaces for sole use plus shared parks, near the corner of William Pickering Drive,

Outcome: passed in at $250,000

Wairau Valley, 45 Porana Rd:

Features: 900m² industrial building on 1144 m² site, 14 parking spaces, road front position, built in the 1980s and extensively refurbished in 2008, 2 levels of office totalling 509m² plus 391m² of medium-stud warehousing at rear

Outcome: passed in at $1.3 million

Wairau Valley, 6 Target Court:

Features: 1133m², built on 3265m² site by Kea Property Group in 1993 and fitted out specifically for a gym, since converted to 408m² low-stud warehouse, 409m² ground-floor office, 315m² first-floor workroom, 28 parking spaces

Rent: $198,224/year net on lease to November 2017

Outcome: passed in at $2 million

Bob Dey report

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