RECENT DEALS for January 30
This three level office building in Parnell sold for $3.5 million.
Modern Parnell building
A modern 616 sq m building with three levels of office space and two levels of underground parking with 20 car parks on a 280 sq m Mixed Use zoned site at 17 Falcon St, Parnell, was sold for $3.5 million through Sunil Bhana, Cameron Melhuish and Mike Houlker of Bayleys Auckland. Featured in Bayleys’ Total Property portfolio, the building has two tenants on three-year leases producing net annual rental income of $138,164 plus GST and 138 sq m of vacant ground floor space.
Great North Rd retail sales
Four retail properties at 4034-4038 Great North Rd, Auckland, were sold at auction by Charlie Oscroft, Shoneet Chand and Deborah Dowling of Colliers International. The first, a 68.55 sq m premises tenanted by Bruce Lee Sushi, sold for $635,000, representing a yield of 4.68 per cent. The second, an 88.68 sq m premises leased by Pita Pit, sold for $800,000, representing a yield of 4.7 per cent. The third, a 124.48 sq m premises rented by Arum Café, sold for $910,000, representing a yield of 5.5 per cent. The fourth, a 392.91 sq m premises leased by Snap Fitness, sold for $1.825 million, representing a yield of 7 per cent.
College Hill Moto Systems site
A 676 sq m 1960s’ constructed two level building on an underdeveloped 741 sq m Mixed Use site at 41 College Hill, Freemans Bay, has sold for $3,320,000 at a 4.8 per cent yield through Scott Kirk, James Were and Cameron Melhuish of Bayleys Auckland. Featured in Bayleys’ Total Property portfolio, it has been leased since 2005 by Moto Systems which sells motor scooters and accessories from street front showroom with service facilities in the workshop below. Its current lease runs until November 2017 with one further three year right of renewal.