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.
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)
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).