Commercial Sales Strong

Published 22 September 2011

Bob Dey Report

12 commercial properties in Bayleys’ Total Property winter portfolio were sold at & before Wednesday’s Auckland auction.

The sales included 2 of the 3 Lincoln North shopping centre outlets on offer (another was withdrawn before the auction), producing yields of 5.8% & 6.5%.

Bidding was variable during the auction – the usual second-half lull was punctuated by firm bidding on 2 Glen Innes & East Tamaki properties and a royal contest for the Happy Days buffet restaurant property.

Auction results:

Queen St Valley

10 High St, 541m2 1920s’ 7-level retail & office building on 106m2  site, 126m2 of ground-floor retail space &d associated basement storage plus 5 83m²office levels, fully leased with multiple tenancies including Overland Footwear, Carats Jewellers and a mix of office tenants, building returning net $153,524/year, sold by a Hong Kong family trust to a US investor for $2.7 million (Millie Liang)

115 Queen St, unit C, large cafe up Swanson St walkway, opposite new supermarket going into BNZ Tower, passed in at $1.325 million (Quinn Ngo & James Chan)

239 Queen St, unit 1A, Mid-City shop with well established fast-food tenant, fixed annual rental growth, passed in with no bid (Quinn Ngo & James Chan)

CBD – Victoria Quarter

51 Hobson St, unit C, 133m² superette on 9-year lease in 2-storey restaurant & retail building, returning $46,900 + gst/year, passed in at $660,000 (Tony Chaudhary)

Isthmus east

Glen Innes, 248 Taniwha St, 117m2 Blockbuster video store on new 2-year lease with  4×2-year rights of renewal, on 151m2 site in Glen Innes town centre, opposite the train station, returning $23,500/year, sold for $275,000 at an 8.5% yield (Paul Dixon & Mike Peterson)

Newmarket, 8 Remuera Rd, corner Broadway, freehold stand-alone retail property returning $75,000 + gst/year, withdrawn from auction (James Chan)

Isthmus west

Kingsland, 390 New North Rd, withdrawn from auction (Alan Haydock & Cameron Melhuish)

Mt Roskill, 30-32 Carr Rd, 3950m2 on 2 titles with a 2114m2 factory & warehouse plus 3-bedroom house on development site, owned by family engineering company for 62 years, sold with vacant possession for $1.55 million (Dave Stanley, Peta Laery, Tony Chaudhary & Chris Upright)

North

Dargaville, 76 Victoria St, 477m² building on 423m² site, substantially refurbished & reconfigured for Westpac NZ Ltd’s first branch in the town, Westpac as tenant on new 9-year lease from March 2011, sold for $1.055 million at a 6.7% yield (Andrew & Ross Blomfield)

North-east

Albany, 7 William Pickering Drive, unit A, withdrawn from auction (Stephen Scott & Robert Platt)

Birkenhead, 200 Hinemoa St, 4 unit titles, property A (show with one-bedroom flat above) returning $21,000/year + gst + opex, passed in at $970,000, property B (2 shops, a 2-bedroom flat & vacant garage storage) returning $52,285/year + gst + opex, passed in at $700,000 (Christina Heaven & Claire Rawkins)

North-west

Henderson, Lincoln North Shopping Centre, 192 Universal Drive, unit 1C, Moda Kitchen tenancy, returning net $43,960 + gst/year, passed in at $750,000 (Cameron Melhuish & James Chan)

Earlier Lincoln North story, 8 July 2009: 22 out of 22 shops go at auction

Henderson, Lincoln North Shopping Centre, 192 Universal Drive, unit 1D & auxiliary unit 10, 9-year lease from March 2010, returning net $67,459 + gst/year, sold for $1.03 million at a 6.5% yield (Cameron Melhuish & James Chan)

Henderson, Lincoln North Shopping Centre, 192 Universal Drive, unit 1E, 90m²corner unit with 9-year lease from April 2010 to a St Pierre’s Sushi of Japan outlet, returning net $43,960 + gst/year, sold for $760,000 at a 5.8% yield (Cameron Melhuish & James Chan)

Henderson, Lincoln North Shopping Centre, 192 Universal Drive, unit A3D, withdrawn from auction (James Chan & Cameron Melhuish)

New Lynn, 3055 Great North Rd, 1809m² building on 830m² site, La Porchetta restaurant on long-term ground-floor lease, 3 office floors above, withdrawn from auction (John O’Brien & Chris Upright)

New Lynn, 3115 Great North Rd, unit 1, retail unit occupied by the Bike Barn, 4-year lease from 2010, sold prior for $1.076 million at a 7.9% yield (Tony Chaudhary & John O’Brien)

South

East Tamaki, 22-24 Harris Rd, units 2B & 2C, 2 adjoining industrial units, 440m2 & 266m2, food processor Leonards Superior Small Goods exercised the first of 2 5-year rights of renewal late last year, net rent $66,100 + gst/year, sold for $675,000 at a 9.8% yield (Shane Snijder, John Bolton & Tony Chaudhary)

East Tamaki, 290 Ti Rakau Drive, fruit & vegetable shop returning $114,900 + gst/year, passed in at $1.35 million (Nicolas Ching)

 

Manukau, 586 Great South Rd, unit 1, roadfront site with TAB licence, 8-year lease from July 2010 returning $93,000 + gst/year, no bid (Gordon Gibson)

 

Manukau, 898A Great South Rd, 1999m2 site, 707m2 Happy Days buffet  restaurant with 18 gaming machines (581m2 restaurant & bar, 37m2 casino area, 89m2 of first-floor office space), 70 on-site parking spaces, 15-year lease from March 2011, sold for $1.935 million at an 8% yield (Shane Snijder & John Bolton)

 

Papatoetoe, 91 Great South Rd,  1113m² caryard site with 410m2  of showroom & office, 3-year lease to Pearce Brothers until March 2012 with one 3-year right of renewal, sold prior for $881,000 at a 9.5% yield (Rob Farmer & Tony Chaudhary)

 

Totara Heights, 46 Eugenia Rise, 584m2 L-shaped mixed-use building in a corner of the 1575m2 site containing 4 shops (one vacant) plus 4-bedroom flat, returning $77,000/year, sold for $970,000 at a 7.9% yield (Tony Chaudhary)
Published 22 September 2011

12 commercial properties in Bayleys’ Total Property winter portfolio were sold at & before Wednesday’s Auckland auction.

The sales included 2 of the 3 Lincoln North shopping centre outlets on offer (another was withdrawn before the auction), producing yields of 5.8% & 6.5%.

Bidding was variable during the auction – the usual second-half lull was punctuated by firm bidding on 2 Glen Innes & East Tamaki properties and a royal contest for the Happy Days buffet restaurant property.

Auction results:

Queen St Valley

10 High St, 541m2 1920s’ 7-level retail & office building on 106m2  site, 126m2 of ground-floor retail space &d associated basement storage plus 5 83m²office levels, fully leased with multiple tenancies including Overland Footwear, Carats Jewellers and a mix of office tenants, building returning net $153,524/year, sold by a Hong Kong family trust to a US investor for $2.7 million (Millie Liang)

115 Queen St, unit C, large cafe up Swanson St walkway, opposite new supermarket going into BNZ Tower, passed in at $1.325 million (Quinn Ngo & James Chan)

239 Queen St, unit 1A, Mid-City shop with well established fast-food tenant, fixed annual rental growth, passed in with no bid (Quinn Ngo & James Chan)

CBD – Victoria Quarter

51 Hobson St, unit C, 133m² superette on 9-year lease in 2-storey restaurant & retail building, returning $46,900 + gst/year, passed in at $660,000 (Tony Chaudhary)

Isthmus east

Glen Innes, 248 Taniwha St, 117m2 Blockbuster video store on new 2-year lease with  4×2-year rights of renewal, on 151m2 site in Glen Innes town centre, opposite the train station, returning $23,500/year, sold for $275,000 at an 8.5% yield (Paul Dixon & Mike Peterson)

Newmarket, 8 Remuera Rd, corner Broadway, freehold stand-alone retail property returning $75,000 + gst/year, withdrawn from auction (James Chan)

Isthmus west

Kingsland, 390 New North Rd, withdrawn from auction (Alan Haydock & Cameron Melhuish)

Mt Roskill, 30-32 Carr Rd, 3950m2 on 2 titles with a 2114m2 factory & warehouse plus 3-bedroom house on development site, owned by family engineering company for 62 years, sold with vacant possession for $1.55 million (Dave Stanley, Peta Laery, Tony Chaudhary & Chris Upright)

North

Dargaville, 76 Victoria St, 477m² building on 423m² site, substantially refurbished & reconfigured for Westpac NZ Ltd’s first branch in the town, Westpac as tenant on new 9-year lease from March 2011, sold for $1.055 million at a 6.7% yield (Andrew & Ross Blomfield)

North-east

Albany, 7 William Pickering Drive, unit A, withdrawn from auction (Stephen Scott & Robert Platt)

Birkenhead, 200 Hinemoa St, 4 unit titles, property A (show with one-bedroom flat above) returning $21,000/year + gst + opex, passed in at $970,000, property B (2 shops, a 2-bedroom flat & vacant garage storage) returning $52,285/year + gst + opex, passed in at $700,000 (Christina Heaven & Claire Rawkins)

North-west

Henderson, Lincoln North Shopping Centre, 192 Universal Drive, unit 1C, Moda Kitchen tenancy, returning net $43,960 + gst/year, passed in at $750,000 (Cameron Melhuish & James Chan)

Earlier Lincoln North story, 8 July 2009: 22 out of 22 shops go at auction

Henderson, Lincoln North Shopping Centre, 192 Universal Drive, unit 1D & auxiliary unit 10, 9-year lease from March 2010, returning net $67,459 + gst/year, sold for $1.03 million at a 6.5% yield (Cameron Melhuish & James Chan)

Henderson, Lincoln North Shopping Centre, 192 Universal Drive, unit 1E, 90m²corner unit with 9-year lease from April 2010 to a St Pierre’s Sushi of Japan outlet, returning net $43,960 + gst/year, sold for $760,000 at a 5.8% yield (Cameron Melhuish & James Chan)

Henderson, Lincoln North Shopping Centre, 192 Universal Drive, unit A3D, withdrawn from auction (James Chan & Cameron Melhuish)

New Lynn, 3055 Great North Rd, 1809m² building on 830m² site, La Porchetta restaurant on long-term ground-floor lease, 3 office floors above, withdrawn from auction (John O’Brien & Chris Upright)

New Lynn, 3115 Great North Rd, unit 1, retail unit occupied by the Bike Barn, 4-year lease from 2010, sold prior for $1.076 million at a 7.9% yield (Tony Chaudhary & John O’Brien)

South

East Tamaki, 22-24 Harris Rd, units 2B & 2C, 2 adjoining industrial units, 440m2 & 266m2, food processor Leonards Superior Small Goods exercised the first of 2 5-year rights of renewal late last year, net rent $66,100 + gst/year, sold for $675,000 at a 9.8% yield (Shane Snijder, John Bolton & Tony Chaudhary)

East Tamaki, 290 Ti Rakau Drive, fruit & vegetable shop returning $114,900 + gst/year, passed in at $1.35 million (Nicolas Ching)

 

Manukau, 586 Great South Rd, unit 1, roadfront site with TAB licence, 8-year lease from July 2010 returning $93,000 + gst/year, no bid (Gordon Gibson)

 

Manukau, 898A Great South Rd, 1999m2 site, 707m2 Happy Days buffet  restaurant with 18 gaming machines (581m2 restaurant & bar, 37m2 casino area, 89m2 of first-floor office space), 70 on-site parking spaces, 15-year lease from March 2011, sold for $1.935 million at an 8% yield (Shane Snijder & John Bolton)

 

Papatoetoe, 91 Great South Rd,  1113m² caryard site with 410m2  of showroom & office, 3-year lease to Pearce Brothers until March 2012 with one 3-year right of renewal, sold prior for $881,000 at a 9.5% yield (Rob Farmer & Tony Chaudhary)

 

Totara Heights, 46 Eugenia Rise, 584m2 L-shaped mixed-use building in a corner of the 1575m2 site containing 4 shops (one vacant) plus 4-bedroom flat, returning $77,000/year, sold for $970,000 at a 7.9% yield (Tony Chaudhary)

 

 

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