Vacant Space Popular Again


Bayleys agents on the North Shore have sold 5 Albany properties and another 2 in the Wairau Valley, on top of a successful period of leasing.
A number of the latest transactions were to owner-occupiers buying vacant space.

Milford, 7 Milford Rd:

Features: 675m² site, 90m² Athenia in Roma restaurant in one building with outside dining area, 374m² of office with 3 tenants on 2 floors in second building, 12 parking spaces

Rent: $126,890/year net

Outcome: passed in at $1.8 million, sold about an hour later for $1,877,500 at a 6.8% yield

3 Atlas Place:

Features: 931m² industrial building on 1452m² site, 765m² warehouse split into 2 tenancies plus 166m² office, 8 parking spaces 

Outcome: sold with vacant possession for $1.197 million

23 Arrenway Drive:

Features: 698m² highly specified office building developed in 2003, on 2086m² double site overlooking the motorway 

Rent: 9-year lease from settlement to business continuity service provider Plan-B, including 50 parking spaces at $22/week each, plus 3 4-year rights of renewal

Outcome: sold for $2.815 million at an 8% yield

106 Bush Rd, unit L:

Features: 147m² freehold office unit with 6 parking spaces

Outcome: sold vacant for $370,000

8 Henry Rose Place, unit C3:

Features: 180m² industrial unit, 120m2 of warehouse, the balance office, 5 parking spaces

Outcome: sold with vacant possession for $292,000
27-29 William Pickering Drive, unit E5:

Features: 196m² first-floor office unit, with 6 parking spaces

Outcome: sold for $542,500 at an 8.1% yield, with 3 years to run on the lease

Wairau Valley

7-9 Marken Place, unit J:

Features: 251m2 industrial unit, warehouse 140m2, office 102m2, 4 parking spaces

Outcome: sold vacant for $370,000

39-45 Porana Rd, unit B3:

Features: 204m2 industrial unit, 50/50 warehouse/office split. 4 parking spaces

Outcome: sold vacant for $360,000


Bob Dey

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