Latest Commercial Sales

Commercial property still remains in demand as the following stats show. There are some startlingly low yields- sub 6%- which means that investors are paying more and more for solid income streams.

Published 14 August 2011
Bob Dey report
Recent Bayleys commercial sales in the west of the region, some in the east and several in the cbd – 15 sales in all:

Isthmus east

Epsom, 589 Manukau Rd, 1012m2 freehold site with resource consent to develop a medical centre, sold to a developer for $930,000 (zero rated for gst), or $919/m2 (Mike Adams)

Newmarket, 35 Broadway, corner Alma St, 296m² site with mixed-use zoning, single-level well maintained villa, sold with vacant possession for $1,148,000 ($3878/m²) to a Hong Kong buyer (James Chan)

Isthmus west

Avondale, 2030 Great North Rd, 200m2 office & showroom on 612m2 site with 14 parking spaces, leased to Urban Clothing Ltd for 3 years from this month with 2 3-year rights of renewal, sold for $745,000 at a 5.4% yield (Henry Thompson)

Avondale, 47 Lansford Crescent, 725m2 modern industrial building on 1181m2, 670m2 of warehousing with 8m stud & 55m2 of undeveloped office space, sold vacant for $820,000 (Chris Upright)

Avondale, 97 Lansford Crescent, 818m2 1970s industrial building on 1322m2, 659m2 of warehousing with 2 roller doors & 159m2 of office space, sold vacant for $820,000 (Chris Upright)

Freemans Bay, 40 College Hill, corner England St, substantially renovated 3-level character bungalow on 358m², dental clinic on ground floor and professional offices above, sold for $1.45 million at 6.8% yield (Henry Thompson)

Grey Lynn, 302 Great North Rd, 1380m2 showroom on 1538m2 site, 12 parking spaces & 2 tenants, sold for $2.45 million at 9% yield (Alan Haydock)

Sandringham, 10 Taylors Rd, 496m² vacant office building on 591m², sold to an owner-occupier for $1.2 million (Scott Kirk & Marianne Murray-Brown)

Learning Quarter

40-42 Eden Crescent, 127m2 first-floor office unit plus 2 parking spaces, sold vacant for $370,000 (John O’Brien)

120 Mayoral Drive, 4939m2 9-storey Duthie Whyte office building, built in the late 1980s on 1172m2 corner site with frontage also to Wakefield & Airedale Sts, 2 basement parking areas containing 61 spaces, fully leased with tenants including AUT, Open Polytechnic, the Methodist Mission & law firm Duthie Whyte, sold for $12 million at a 9.5% yield (Geoff Graham, Bill Fenton & Peta Laery)

North-west

Kumeu, 49-63 Main Rd, 6991m2 retail service-zoned site, retail complex with tenants including real estate company, liquor store & information centre, rent $227,000/year, bought for $3.21 million with a view to further development (John O’Brien)

Kumeu, 86E Main Rd, 64m2 retail unit, 6-year lease to Kumeu Butchery with 2-yearly rent reviews, sold for $280,000 at 6.2% yield (Ranjan Unka &Nicolas Ching)

Westgate Shopping Centre, 153m² unit occupied by Hobsonville Realty Ltd (trading as Harcourts) on a 6-year lease from April 2010 with one 6-year right of renewal, sold for $675,000 at 6.9% yield (Stuart Bode & Henry Thompson)

Kelston, 4085 Great North Rd, unit 8, 500m2 retail unit with 20 parking spaces, 9-year lease to Repco until 2013 with one 6-year right of renewal, sold for $1.42 million at an 11.3% yield (James Chan, Nicolas Ching & Quinn Ngo)

Waterfront

Princes Wharf, Shed 19, CUI, 2-level mixed-use leasehold unit, 1355m2 gross floor area including decks, near entrance to wharf, outgoings $240,145/year, sold for $2.8 million (Michael  Block & Andre Seigert)

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