RECENT DEALS for June 1
This character office building in Kingsland sold for $8,228,888.
Kingsland character building
A 1754sq m fully leased two-level character office building on a 2202sq m Mixed Use under developed land holding at 326-328 New North Road, Kingsland, has sold for $8,228,888 at a 6.45 per cent yield through Alan Haydock of Bayleys Auckland. The building, which is occupied by multiple tenants, is on an 1116sq m title, with a second 1086sq m title providing car parking for 40 vehicles.
Record yield in Mt Eden
A two-level, freehold building sold at auction has returned the lowest yield on record for an investment sale by Colliers International — 2.96 per cent. The 134sq m Auckland property operating as a cafe/restaurant at 409 Mt Eden Rd, Mt Eden, was sold for $1,520,000 by Tony Allsop and Jonathan Lynch.
The record setting property has a net lettable area of about 98sq m which generates a net annual income of $45,000.
Mixed Use in Matakana
A 3369sq m mixed use site on Matakana Valley Road, Matakana comprising three separate titles (Numbers 33,35 & 41) each with existing residential dwellings has been sold for $2.1 million by Jonathan Lynch of Colliers International and Richard Parkinson of NAI Harcourts.
Mairangi unit in Orbit
A 540sq m office/warehouse at Unit 5, 9 Orbit Drive, Mairangi Bay has been sold for $1,160,000 by Mike Ryan and Euan Stratton of Colliers International. The sale price represented a yield of 5.1 per cent.
Henderson two-level building
A commercial, two storey 1268sq m building on a freehold site at 404 Great North Road, Henderson, has been sold for $1.8 million by Michael Bray and Craig Smith of Colliers International
Otahuhu corner site
A 2413sq m two-level office building with an A-plus seismic rating on a 5530sq m corner site with 76 car parks at 4 Fairburn Road, Otahuhu, has sold for $4.8 million at a 7.9 per cent yield through James Hill, Sunil Bhana and Mike Houlker of Bayleys Auckland.
Mt Wellington motel
A 22-unit motel premises, plus manager’s accommodation and conference facilities, on a 3132sq m freehold site at 384 Ellerslie Panmure Highway, Mt Wellington has sold with vacant possession for $5.4 million through Stuart Bode and Millie Liang of Bayleys Auckland.
Sawmill Rd at The Mill
A 2122sq m vacant site zoned for industrial use at 2 Sawmill Rd, Riverhead has sold for $580,000 at $273 per sq m through Trevor Duffin, Rosemary Wakeman and Ashton Geissler, of Bayleys North Shore Commercial. It is part of The Mill industrial subdivision named after the former Carter Holt Harvey mill that occupied the site.
Great South Rd Epsom
A 2644sq m site in two titles at 27-29 Great South Rd, Epsom, with dual frontage also to Ngaire Avenue, and encompassing 1852sq m of office buildings, sold for $8,000,088 through Mike Adams, Laurie Bell and Sarah Liu of Bayleys Auckland. The buildings are producing net annual rental income of about $409,000 from multiple tenancies, with 426sq m of vacant ground floor space. Adams says the purchaser is an investor with longer term plans to develop the property, which has a Mixed Use zoning under the Proposed Auckland Unitary Plan (PAUP).
A 1806sq m building constructed in 2004 on a 2628sq m site with 29 car parks at 8 Arrenway Drive, Albany has been sold for $4,040,000 to an owner occupier by Matt Mimmack, James Kidd and Laurie Burt of Bayleys North Shore Commercial. It comprises an 8.5 metre high warehouse with dual roller door access, plus well-appointed air conditioned offices and showroom.
Wairau post-auction sale
The only property not to sell at or before Bayleys first Total Property auction for the year in mid April - a 650sq m commercial unit at 12 Link Drive, Wairau Valley - has been sold post auction for $2,680,000 at a 6.1 per cent yield though Simon Aldridge, Michael Nees, Trevor Duffin and Adam Watton of Bayleys North Shore Commercial. In two tenancies, the unit is anchored by a furniture store on a six-year lease from October 2015 with a smaller tenancy to a hairdresser on a six -year lease from April 2016. The sale takes the clearance rate for the Total Property auction to 100 per cent with 11 other properties selling for $18.5 million.
Two-level Broadway building
A 778sq m two-level office building on an 819sq m site at 5 Broadway, Newmarket with
25 carparks and two leases in place until March next year has sold for $5.1 million at a 5.55 per cent yield through Ben Wallace of Bayleys Auckland. One tenant has just moved from the 421sq m top level which is available for lease.
Mana Place Wiri industrial
A 1251sq m industrial building on a 2054 sq m site at 5 Mana Place, Wiri sold after very strong bidding at a recent Bayleys auction for $1,880,000 at a 4.8 per cent yield. Marketed by James Hill, Mike Houlker and Sunil Bhana, Bayleys Auckland, the building is configured into three self-contained units each with two levels of office plus roller door access to five metre high warehousing. The entire property is occupied by Alpha Engineering on a two year lease until July 2017, with four two-year rights of renewal.
Fully leased in Freemans Bay
A two-storey fully leased building on a 482sq m site 31 Spring St, Freemans Bay has sold for $3.5 million at a 5.4 per cent yield through Scott Kirk and James Were of Bayleys Auckland and Johnathon Lynch, Colliers International. The building has a lower level of basement carparking for 10 vehicles and 500sq m of upper level high stud, high quality modern office space.