MODERATELY PRICED RECENT COMMERCIAL SALES

Recent Moderately Priced Commercial Sales.

82 Cable St, units GC, GB & 89 Wellington
Features: 261m² retail units on a high profile corner site
Outcome: sold with vacant possession for $979,000

6 Edward St: Te Aro
Features: 215m2 site, century-old 650m² 3-level, mixed-use character building; ground-floor anchor tenant is popular craft beer bar, office level above occupied by vendor, 6- bedroom apartment on top floor
Rent: $78,000/year net + gst with potential to increase to $120,000 by leasing office floor
Outcome: sold for $1.45 million

9 Ellice Rd, unit 1D: Wairau Valley
Features: 341m² roadfront unit in 35-unit development by Kea Property Group Ltd – office 205m², warehouse/manufacturing 118m², mezzanine 18m², 9 parking spaces
Rent: $74,000/year net + gst from 4-year lease to City Electrical Ltd signed in June, 3 4-year rights of renewal
Outcome: sold at auction yesterday for $1.482 million at a 4.99%

12 Industrial Lane:Queenstown
Features: 430m² office & warehouse,
Outcome: sold for $1.08 million at a 6.48% yield

185 Montgomerie Rd, units 5 & 6:
Features: 2 industrial units of 463m² & 343m²
Outcome: sold for $1.425 million + gst

8 Kerwyn Avenue, unit B: East Tamaki
Features: 379.6m² workshop with office & amenities, tenant on site for 20 years & on new 3-year lease
Rent: $46,800/year net
Outcome: sold for $680,000 6.7% yield

75 Porana Rd, unit C: Wairau Valley
Features: 1884m² bulk retail building – retail 1070.32m², office 411.54m², warehouse 401.654m², 49 parking spaces
Rent: $317,300/year net + gst
Outcome: sold by tender in September for $4,917,300 + gst at a 6.45% yield, $610/m²

4 Corinthian Drive, unit 10:Albany
Features: 102m² retail unit – retail 85m², 17m² other area
Rent: $45,000/year net
Outcome: sold in August for $910,000 + gst at a 4.95% yield, $8835/m²

9-21 Triton Drive, unit F: Rosedale
Features: 700m² industrial building occupied by Global Survey Ltd, 14 parking spaces
Rent: $144,000/year net
Outcome: sold in September for $2.467 million + gst at a 5.8% yield

Photo: Porana Rd Wairau Valley
Source: Bob Dey

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