Latest Commercial Sales

Published 18 August 2011
Bob Dey Report

The first 2 properties offered at Bayleys’ commercial auction yesterday were sold on yields below 6% but the auction proved a mixture, with little interest in half the properties.

The highest offer for the day was $2.85 million for just under 60ha between State Highways 1 & 17 immediately south of Silverdale, taken to mortgagee auction by Hong Kong-based lender Asian Syndicate Finance Ltd after Auckland borrower Honk 2 Ltd (Andrew Tauber) defaulted. Hanover Finance Ltd (its loan book acquired in December 2009 by Allied Farmers Investments Ltd) sat behind Asian Syndicate Finance with a $23 million second mortgage [See link below to earlier story].

Not up for auction yesterday, but sold since it was taken to auction on 27 July, was the NZ Sports Complex property on Arrenway Drive, Albany.

Yesterday’s auction brought 4 sales under the hammer & 2 pre-auction. Another 5 properties were passed in and one, at Henderson, was withdrawn from sale. Auction results (plus Arrenway sale):

CBD – Queen St

239 Queen St, unit 2J, 43m² unit on Mid City shopping arcade level one, leased to fashion tenant with final expiry 2015, net rent $39,600/year, sold for $370,000 at a 10.7% yield (Millie Liang)

Isthmus east

Royal Oak Mall, 691 Manukau Rd, unit K, freehold stratum foodcourt, passed on with no bid (Millie Liang)

Isthmus west

Eden Quarter shopping centre, 292E Dominion Rd, 54m² Sharing Shed hairdressing salon,?6-year lease from 2007 with 1×6-year right of renewal, 2.5% rental increase every even year & review to market every odd year, current rent?$37,822/year, sold for $633,000 at a 5.98% yield (Nicolas Ching & Lisa Nielson)


Albany, 6 Arrenway Drive, 560m² NZ Sports Complex Ltd building on 1847m² site, part-tenanted, returning $41,000/year; ASB Bank Ltd, owed $2 million, appointed receivers to NZ Sports Complex in December 2009 and the company’s main tenant, North Shore Health Sauna, was wound up on 25 May after failing to pay the $80,000 it owed; passed in at $1.15 million at auction on 27 July, sold post-auction for $1.25 million (Mike Adams & Terry Kim)

Albany, 215 Rosedale Rd, unit 4, vacant 475m² warehouse & showroom, passed in (Nicolas Ching)

Silverdale, 1636 State Highway 17, 59.245ha adjoining Northern Motorway, passed in at $2.85 million (Robert Platt)


Henderson, 192 Universal Drive, unit 6B, 233m², Video Ezy on tenancy to 2015, rent $82,990 + gst/year, passed in at $1 million (Nicolas Ching)


Clendon,?439 Roscommon Rd, 2500m² business 5-zoned ex-service station site with about 840m² of buildings, in prime corner position next to Clendon shopping centre, sold pre-auction for $1.75 million or $700/m² (Katie Wu, John Bolton & Shane Snijder)

Howick, 87 Picton St, unit D, 285m² Malaysia Nyonya restaurant, 4-year lease with 4×4-year rights of renewal, rent $41,500 + gst/year, sold pre-auction for $450,000 at a 9.22% yield (Luke Carran, Mark Pittaway)

Manukau, 138 Plunket Drive, unit K, high-stud warehouse, office, dual access, rent $44,000/year to June 2012, passed in (Luke Carran & Peta Laery)

Manukau, 69 Wiri Station Rd, unit A, 92m² Wiri Station bakery & lunchbar, 4-year lease to 2014 with 2×4-year rights of renewal, rent $15,057 + gst/year, sold for $285,000 at a 5.28% yield (Nicolas Ching, Tony Chaudhary & Brice Clark)

Papatoetoe, 370 Great South Rd, 300m² building with 5 tenancies on a 481m² site at?‘School Corner’, a busy intersection at the southern end of Papatoetoe’s retail strip, rent for past year $71,866 + gst, tenants include VIP Curries, an Indian takeaway & restaurant on a 14-year lease expiring in 2020, a Chinese herbal clinic, a beauty therapy clinic, a hair salon and a kava store, sold for $950,000 at a 7.56% yield?(Brice Clark & Tony Chaudhary)


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