Latest Commercial Sales

Published 27 September 2012

5 properties sold under the hammer at a quiet Bayleys Real Estate’s Total Property commercial auction yesterday, and another 2 were sold prior. Results:

CBD
19-23 Anzac Avenue, units GF2 & GF3:

Features: 2 unit areas of 39m² & 155m², Little India restaurant in the Waldorf Celestion apartment hotel

Rent: net $80,000/year from 6-year lease started August 2010, 3-year;y review, 2 rights of renewal totalling 9 years

Outcome: passed in

42 High St, unit 1A:

Features: 110m² unit on the ground level of the Metropolis apartment building, occupied by the Alp Ice cafe, restaurant & bar

Rent: net $102,000/year from a 4-year lease from May 2009 with 2 4-year rights of renewal

Outcome: sold prior for $1.25 million at an 8.2% yield

Penrose, 701M Great South Rd:

Features: 361m² industrial unit, 260m² clear span warehouse with 26m² mezzanine plus 74m² of air-conditioned showroom & office space over 2 levels

Outcome: sold prior with vacant possession for $535,000

Avondale, 1790 Great North Rd:

Features: 2 warehouse buildings, each of 2 levels, one 420m² the other 479m², on 1646m² site, 25 unallocated parking spaces

Rent: vacant possession

Outcome: passed in

Avondale, 7 St Jude St:

Features: refurbished 389m² 2-level building on 678m² site in mixed-use zone, high-stud clearspan warehouse, onsite parking, upstairs potential for 4-bedroom accommodation

Rent: vacant possession

Outcome: passed in

Grey Lynn, 4 Sherwood Avenue:

Features: restored early 20th century 144m² villa occupied by the Christopher Robin Childcare Centre; the 524m² site has a large outdoor playground for the children at the back of the house

Rent: net rent $63,638/year from 6-year lease from 2008, with rights of renewal totalling a further 12 years, 2-yearly rent reviews to CPI or the market, whichever is greater

Outcome: sold for $1.21 million at a 5.25% yield

Mt Albert, 1127 New North Rd:

Features: 358m² building comprising a veterinary clinic and a flat on 1320m² site, future residential development site, 7A zoning allows for 6 units

Rent: $81,460/year

Outcome: passed in at $1.1 million

Mt Albert, 1155 New North Rd:

Features: 6 refurbished unit-titled flats, 4 leased to Housing NZ

Outcome: passed in at $1.6 million

Onehunga, 7-9 Alfred St:

Features: 5553m² high-stud warehouse, 614m² storage, on 1.03ha

Outcome: withdrawn as lease being negotiated on part of the property

Albany, 100 Don McKinnon Drive, units D & E:

Features: 2 adjoining retail units totalling 826m², tenanted by an Asian supermarket; DH Supermarket has occupied the building since 2006 and has exercised a right of renewal until 2024

Rent: net$276,214/year

Outcome: sold for $3.5 million at a 7.9% yield

Henderson, 376 Great North Rd:

Features: 2-level building on 196m² site, ground floor occupied by a café on a 3-year lease from June 2011, with vacant office space upstairs

Rent: $50,000/year

Outcome: sold for $590,000 at an 8.5% yield

East Tamaki, 451 Ti Rakau Drive, unit C:

Features: 561m² unit in The Hub bulk retail complex occupied by the Magness Benrow home appliance outlet

Rent: Magness Benrow renewed its lease for 3 years in June 2011 at $137,255/year

Outcome: sold for $1.74 million at 7.9% yield

Pakuranga, 491C Pakuranga Rd:

Features: 413m² retail unit in the Highland Park shopping centre, occupied by Highland Café & Bar Ltd

Rent: the unit has been producing a net $68,052/year on a 2-year lease from October 2011

Outcome: sold in mortgagee sale for $745,000 at a 9.1% yield

Papakura, 202-208 Great South Rd:

Features: 761m² multi-tenanted 2-storey building on 640m² corner site in centre of Papakura business district, final commercial property for sale in schools trust’s sell down

Rent: net $57,000/year

Outcome: passed in

Bob Dey

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