10 February 2014 in CBD
An Epsom motel & restaurant property passed in at Bayleys’ Total Property auction in December was among 6 sales completed by the agency to kick off 2014.
5 were in the isthmus east suburbs of Epsom, Newmarket & Parnell and the other was a longtime nightclub building on Karangahape Rd.309 Karangahape Rd:
Features: 640m² former nightclub building on 274m² site, in rough condition with IEP (seismic) evaluation of 19% of new building standard
Outcome: sold for $1.058 million as future development site at $3861/m²123 Manukau Rd:
Features: 770m² 2-level office building on 1042m² site, 20 parking spaces
Rent: $178,160/year net from 5 tenancies
Outcome: sold by tender for $2.515 million at a 7.1% yield181-189 Manukau Rd:
Features: 1948m² mixed-use freehold site with lease until 2039 to the 20-unit Auckland Newmarket Motel (ex-Jacaranda), plus short-term lease to Dragon Restaurant
Rent: $280,000/year net, with CPI rent review pending
Outcome: passed in at $4.3 million at December Total Property auction, sold post-auction for $4.42 million at a 6.3% yield14-16 McColl St:
Features: 367m² freehold mixed use development site
Outcome: sold for $1.32 million at $3596/m²86 Parnell Rd, unit 1A:
Features: 387m² office unit
Outcome: sold vacant for $1.33 million114 St Georges Rd, unit 7:
Features: 177m² office unit
Outcome: sold with vacant possession for $640,000, including 2 parking spaces at $35,000 each(Bob Dey)
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