Latest Commercial Sales

16 May 2013
Bayleys secured 11 sales before, during & immediately after its Greater Auckland auction on Wednesday, plus another sale outside the auction room during the week.

Mid City, 239 Queen St, unit 10:
Features: 113m² ground-floor retail unit, 8-year lease to Carleton Ltd from February 2010 with 2-yearly rent reviews & one 8-year right of renewal
Rent: $70,000/year
Outcome: sold for $910,000 at a 7.7% yield

Newmarket
Rialto Centre, 11 Osborne St, unit 2D:
Features: 118m² retail outlet occupied by the Poi Room on a 3-year lease to October 2014, with 3 3-year rights of renewal
Outcome: sold prior for $1,039,800 at a 7.7% yield

Rialto Centre, 11 Osborne St, unit 2E:
Features: 67m² retail outlet occupied by Alluvium Jewellery on a 6-year lease from November 2010, with one 6-year right of renewal
Rent: $51,594.06/year net
Outcome: sold for $750,000 at a 6.9% yield

Otahuhu
108E Station Rd:
Features: 501m² industrial unit – 317m² warehouse, 46m² showroom, 137m² of offices – with 13 parking spaces, Planhorse Systems in occupation since 1999, has a lease until May 2017 with 3 3-year rights of renewal
Outcome: sold prior for $810,000 at a 7.1% yield

Parnell
130 St Georges Bay Rd, unit 1J:
Features: 72m² ground-floor office in refurbished character building, leased to Heritage Tiles with final expiry 31 August 2013
Rent: $16,593/year gross
Outcome: sold for $215,000 at a 7.7% yield

Royal Oak
695 Manukau Rd, unit F:
Features: 188m² unit containing 2 shops in Royal Oak Shopping Mall, leased to Black Peppers Fashion until April 2015 and T&T Childrenswear until February 2018
Outcome: sold prior for $565,000 at a 12.8% yield
Agents: James Chan &, Quinn Ngo

Blockhouse Bay
10 Donovan St:
Features: 164m2 standalone retail building on 436m2 site, originally occupied by ASB Bank, occupied by Home Healthcare Equipment until December 2015 with 2 2-year rights of renewal
Rent: $45,600/year
Outcome: sold for $650,00 at a 7% yield

Mt Eden
38 Rossmay Terrace & 33 Altham Avenue:
Features: mixed-use property comprising a 192m² fully refurbished commercial building & 3-bedroom bungalow converted for office use, on a combined land area of 506m²
Rent: partially vacant, returning $45,000/year
Outcome: sold prior for $1.51 million

Albany
202-212 Dairy Flat Highway, unit 5B:
Features: 90m2 bakery & café with 15m2 courtyard in Albany Central complex, 6-year lease from February 2010, with 2 3-year rights of renewal
Rent: $41,496/year net
Outcome: sold for $667,000 at a 6.2% yield

13 Piermark Drive, unit B:
Features: 716.3m² industrial building, 412.7m² warehouse, 303m² office, 13 parking spaces
Outcome: sold vacant for $1.33 million + gst at $1856.70/m² (not at auction)

Manukau
792 Great South Rd, unit 11:
Features: 748m² Irish pub in the Pacific Square retail centre, 10-year lease from July 2010
Rent: $144,000/year
Outcome: sold for $1.475 million at a 9.8% yield

Papakura
15-19 O’Shanessey St:
Features: 450m2 retail premises on 1002m2 site with 20 parking spaces, 3 food tenants & laundry on 2-6-year leases running to between October 2013 & March 2016
Outcome: sold prior for $1,506,000 at a 6.0% yield
Attribution: Auctions, agency releases.

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