Bayleys Commercial Auction Results


Published 1 November 2012
10 of the 16 properties taken to auction from Bayleys’ Greater Auckland commercial portfolio yesterday were sold under the hammer, and 2 more were sold prior.

184 Symonds St, unit 118:
Features: 72m² ground-floor commercial unit with 3 parking spaces in high profile position next to building entranceway on Khyber Pass corner
Rent: $17,228/year net from 2-year lease from December 2011, with one 2-year right of renewal to Machine Monitor NZ
Outcome: sold for $250,000 at a 6.9% yield

2 Beach Rd, units 202-208:
Features: 7 parking spaces 
Rent: $35,000/year + gst, fully leased to Yum Char Chinese Restaurant Ltd for 3 years from November 2011 with a 2-year right of renewal
Outcome: passed in at $225,000

239 Queen St, unit 2J:
Features: 16m² unit in Mid City retail complex
Rent: $41,580/year net from 3-year lease to Blog Fashions, from August 2011, with one 3-year right of renewal
Outcome: sold prior for $390,000 at a 10.7% yield

240 Hobson St:
Features: 1497m² 5-storey building on 551m² site , ground-level parking
Rent: $280,000/year from 9 tenants
Outcome: passed in at $2.25 million

311 Manukau Rd:
Features: 415m² 2-storey former Epsom Post Office on 789m² mixed-use site, 7 parking spaces
Rent: vacant
Outcome: passed in at $1.75 million


415 Great South Rd:
Features: 2-level, 153m² building with ground-floor retail & 3-bedroom flat upstairs on 80m² site
Rent: the 73m² retail unit is producing monthly net rental income of $1993, the flat is vacant
Outcome: sold for $525,00
227 Jervois Rd:
Features: 180m² early 1900s villa converted for restaurant use on 726m² freehold business 1 site 
Rent: Empress Garden Chinese restaurant last year exercised the first  of 2 6-year rights of renewal on its lease, producing current net annual rental income of $78,000 year net
Outcome: sold for $1.8 million at 4.3% yield

Mt Albert

947 New North Rd:
Features: leasehold, 21-year ground lease from May 2004, 1856m² site, 4 commercial & retail tenants;
Rent: $137,785/year gross
Outcome: passed in, no bid

Mt Eden

292 Dominion Rd, unit E:
Features: 54m² outlet in Eden Quarter shopping complex
Rent: $38,768/year net; Sharing Shed hairdressing chain has occupied the premises since 2007 on a 6-year lease, with a 6-year right of renewal
Outcome: sold for $625,000 at a 6.2% yield


179 Onehunga Mall:
Features: 595m² 2-level bank building on 329m² corner roundabout site
Rent: $172,889/year net; Westpac last year exercised the second of 3 3-year rights of renewal
Outcome: sold for $2.3 million at a 7.5% yield

112 Apollo Drive:
Features: purpose-built Burger King restaurant on 2224m² corner site in the North Harbour Industrial Estate
Rent: $146,500/year + gst + outgoings; leased to  Antares Restaurant Group, exclusive NZ franchise development rights holder for Burger King, for 10 years from date of building completion in April 2007, with 4 5-year rights of renewal
Outcome: sold for $2.53 million at a 5.8% yield


4 Titan Place, unit K:
Features: 547m² 3-year-old mostly vacant industrial unit, 302m²   workshop/warehouse, 15m² showroom, 25m² office and 37m² amenities with 300m² yard including 8 parking spaces & container drop- off area
Rent: $15,700/year from basement tenants
Outcome: sold for $560,000 with vacant possession of warehouse, office & showroom


3 Northcroft St, unit 9:
Features: 85m² ground-floor unit in the 31-level Sentinel Apartments building, occupied by dry-cleaning & laundromat business, Ocean Drycleaners, on 6-year lease from February 2010, with 3 6-year rights of renewal
Outcome: sold prior for $370,000 at a 7.6% yield

Wairau Valley

89 Ellice Rd, unit 1A:
Features: 118m² roadfront café & bakery with 22m² outdoor courtyard & 13 customer parking spaces; part of 35-unit complex built 5 years ago by Kea Property Group; Ellice Café has a 10-year right of occupation from June 2008, with 3 rights of renewal to 2027
Rent: $56,000 + gst + outgoings
Outcome: sold for $840,000 at a 6.6% yield


Westgate shopping centre, lot 42:
Features: 89m² unit leased to Labtests for 8 years until 2017, with a 10-year right of renewal
Rent: $33,218/year
Outcome: sold for $520,000 at a 6.4% yield

East Tamaki

7 Torrens Rd, unit B10:
Features: 180m² 2-storey building, 
Rent: $34,500/year net on 2-year lease from 1 April
Outcome: passed in, no bid


185 Great South Rd, unit K:
Features: 257m² gross containing 2 retail tenants, one o the main road and the other within Southmall 
Rent: $67,856/year + gst
Outcome: passed in at $575,000
  (Bob Dey)

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