Recent Auckland industrial sales

courtesy of Bayleys via Bob Dey… Published 2 March 2011 Bob Dey Report

Bayleys Real Estate has started the year with a string of industrial & warehouse sales in the key industrial areas of the former Auckland City, and around South Auckland. The new Auckland Council has also bought the Papakura Library building.

Sales:

Isthmus east:

Onehunga, 15 Captain Springs Rd, 706m2 industrial building (540m2 of warehouse, 166m2 office) on 893m2, sold vacant for $700,000; purchase price reflected new $50,000 roller door to be installed by purchaser (James Hill)

Otahuhu, 157-159 Great South Rd, 2421m2 building (1365m2 warehouse, 594m2 office, 462m2 showroom) on 5937m2 of mixed freehold & leasehold land with 50 parking spaces, occupied by a tyre servicing business until 2013; sold for $850,000 at a 14% yield (Ash Bolton, John Bolton & Shane Snijder)

Penrose, 343 Church St, 993m2 warehouse & office building (697m2 of warehouse, 296m2 of office) with some deferred maintenance, 28 parking spaces, sold vacant for $1.075 million (James Hill)

South:

East Tamaki, 35-37 Greenmount Drive, a third receivership auction of vacant warehouse units in a recently completed 30-unit industrial complex resulted in 6 further sales at prices ranging from $105,000 for a 56m2 unit to $265,000 for a 172m2 unit; also selling were an 84m2 unit for $122,500, 2 63m2 units for $120,000 & $118,000 and a 130m2 unit for $215,500; 21 of the 22 units put up for auction have sold (John Bolton, Ash Bolton & Katie Wu)

East Tamaki, 16 Polaris Place, 1238m2 vacant industrial building (952m2 warehouse, 131m2 office space, 155m2mezzanine showroom) on 2481m2, sold for $1.315 million (Katie Wu & John Bolton)

Mangere, 66-68 Tidal Rd, older industrial complex made up of 5 warehouse & office buildings totalling 2621m², on 5 titles totalling 5823m²; sold vacant for $1.54 million (Lisa Nielson)

Pakuranga, 38 Ben Lomond Crescent, 2630m2 building (2012m2 warehouse, 346m2 office & amenities) constructed in the early 1990s on 4074m2; sold vacant for $1.75 million (Katie Wu & Rob Farmer)

Wiri, 139 Kerrs Rd, 926m2 warehouse plus 78m2 office on 1888m2 with 11 parking spaces, 6-year-lease from mid-2010;sold for $825,000 at a 9.5% yield (Ash & John Bolton)

Papakura, 28-34 East St, 3600m2 commercial building which houses the Papakura Library & Museum sold for $6.9 million; a unit title is to be issued for the building, which also has frontage to Great South Rd and 2 levels of parking for 155 cars; the property was sold to the Auckland Council at an 8.3% yield with a 10-year lease from September 2010, with 2×10-year right of renewal (Dave Stanley, Vivienne Lee & Marty Roestenburg).

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