BAYLEY’S LATEST COMMERCIAL AUCTION RESULTS

The full results of this week’s Bayleys commercial property auctions are listed below:

4-8 Dunn Street, Kaitaia: 1,228m²  Carters hardware store on 4,155m²  industrial zoned site sold for $1,275,000, at an 11% yield. Leased to Carter Holt Harvey  for 15 years from August  2007 with two 6-year rights of renewal at $140,000 net + GST/year. Agent: Alan Broadbent, Bayleys Northland
94 Normanby Street, Dargaville: New 200m²  building  on 759m²  main street site with 9 carparks sold for $885,000, at a 6.6% yield.  Developed by Wallace Development  Co, the property is leased to Rabobank for 9 years from February 2015 plus two  3-year rights of renewal at an initial rent of  $58,550 net + GST/year, with annual CPI + 1% fixed increases. Agent: Ross Blomfield, Bayleys Northland
276 Te Atatu Road, Te Atatu South: 3,298m² residential development site, currently comprising a single large dwelling with swimming pool in landscaped grounds, sold for $1,780,000, at $534/m², to a buyer from mainland China. Currently zoned Living 1 (450m² per site subject to council approval)  with potential for 6 townhouses and zoned Terrace Housing & Apartments under Proposed Auckland Unitary Plan. Agents: Quinn Ngo & James Chan, Bayleys Auckland.
64 Shoreham Street, Avondale: Two 2-bedroom flats & 1-bedroom flat in brick & tile dwelling located on Residential 5 zoned 612m² site sold for $1,166,000 at a 3.5% gross yield on annual rent of $42,640 /year. Agents: Quinn Ngo & Harry Cheng, Bayleys Auckland.
1 Exmouth Street, Eden Terrace: 655m² high profile corner bare land site zoned Mixed Use, currently used for carparking, Sold for $1,920,000 at $2,931/m². Agents: Owen Ding & James Chan, Bayleys Auckland.
23 Edwin Street, Mt Eden: 245m² office/showroom unit plus 7 carparks in Zone 23 complex sold for $1,150,000 at 7.6% yield.  Two years remaining on 6-year lease returning $87,160 net + GST/year. Agent: Clint Barber, Bayleys Auckland.
49 Buckland Road, Mangere East: Details: 154.5m² purpose built childcare centre, licensed for 39 children, on 698m². Main Residential zoned site sold for $1,320,000, at a 5.9% yield to buyer from mainland China. Leased to Evolve Group 3 Ltd  for 15  years from December  2014, with  three  5-year rights of renewal, returning $77,500 net + GST/year, with annual CPI reviews & to market every 3 years. Agents: Toni Robertson, Bayleys North Shore Commercial;  Tony Chaudhary, Bayleys South Auckland  & James Chan, Bayleys Auckland.
Unit 2, 20-22 Dunrobin Place, Highland Park, Pakuranga: Details: 110m² unit in converted former cinema premises in Highland Park Shopping Centre sold for $972,000, at a 5.4% yield. Occupied by Coffee Club on 8 year lease from March 2014 plus 8-year right of renewal  returning $52,500 net + GST/year, with fixed annual 3% increase. Agents: Quinn Ngo, Sunil Bhana, Bayleys Auckland & Tony Chaudhary,  Bayleys South
Auckland.
Unit 3, 20-22 Dunrobin Place, Highland Park, Pakuranga: Details: 82m² unit occupied by Pita Pitt sold for $591,000, at a 5.4% yield. 10 year lease from March 2014, plus two 5-year rights of renewal, returning $32,000 net + GST/year, with annual CPI increase capped at 3%. Agents: Quinn Ngo, Sunil Bhana,  Bayleys Auckland & Tony Chaudhary,  Bayleys South Auckland.
Unit 5, 20-22 Dunrobin Place, Highland Park, Pakuranga: Details: 88m² unit occupied by Tank Farm sold for $600,000, at a 5.8 % yield.  8 year lease from June 2014, plus two 6-year rights of renewal, returning $35,000 net + GST/year, with fixed annual 3% increase. Agents: Quinn Ngo, Sunil Bhana,  Bayleys Auckland.
93 East Tamaki Road, Papatoetoe: Veterinary clinic located on Main Residential  zoned 872m² site sold for $860,000 at a 5.6% yield. Leased for 6 years from April 2013, with three 6-year rights of renewal, returning $48,000 net + GST/year. Agents: Paul Dixon,  Bayleys Auckland & Tony Chaudhary, Bayleys South Auckland.
Unit D, 7 Ryan Place, Papatoetoe: 240m² industrial unit sold for $380,000 at a 7.9% yield. New 3-year lease to established tenant returning $30,000 net + GST/year. Agents: Nick Bayley & Dave Stanley, Bayleys South Auckland.
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