Latest Commercial Sales: Mixed Results

Thursday 15 August 2013

A Wairau Valley industrial unit was sold under the hammer at a 6% yield at today’s Barfoot & Thompson Commercial auction. In contrast, 3 Penrose industrial units failed to attract a bid.

17A Albert St:
Features: multi-tenanted retail investment, bought for $1.2 million last year, negotiations post-auction today were close to achieving a sale
Rent: $168,273/year net
Outcome: passed in at $1.35 million

187 Queen St, unit 2A:
Features: level 2 corner office in old power board building, lease income on part
Outcome: passed in at $305,000

918 & 924 Great South Rd:
Features: 924A is a 274m² industrial unit containing warehouse, office & amenities, unit 924B has 224m²; 918B has 662m²
Rent: 924A – $31,697/year; 92B – $28,000/year; 918B $111,980/year
Outcome: the combined property was withdrawn from auction and individual units offered for sale separately – 924A, 924B then 918B – but they didn’t attract a bid

New Windsor
267 New Windsor Rd:
Features: 64m² shop set back from the road
Outcome: sold for $292,000

121 Wairau Rd:
Features: large parcel of land with 3 tenants, dual access
Rent: $97,137/year net
Outcome: sold for $1.612 million at a 6% yield

46G Northcote Rd:
Rent: $88,200/year net on new 7-year lease
Outcome: passed in at $1.375 million


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