RECENT DEALS for November 29
The property opposite Shore City shopping mall has 31.7m of street frontage on to Lake Rd.
$24.5m Takapuna sale
A fully-leased, four-level office building on a 2587sq m site with future development potential at 519-521 Lake Rd in central Takapuna has sold for $24.5 million.
The property, featured in Bayleys’ Total Property portfolio, was sold at a 5.74 per cent yield and a land price of $9470 per sq m by Simon Aldridge, Michael Nees and David Huang of Bayleys North Shore Commercial.
Government agency Work and Income occupies the ground floor of the 4882sq m building on a lease expiring early next year but has two further three-year rights of renewal.
The three upper levels are occupied by Australasia’s largest television and online marketing company, Brand Developers. It has a 12-year lease expiring in 2026 but the buyer has the option of taking possession of the Brand Developers premises on three years’ notice.
The property, across the road from the Shore City shopping mall, has 31.7m of street frontage on to Lake Rd — with an additional 20.1m of street frontage onto Huron St — and comes with 74 off-street car parks, 69 of which are in the building’s basement.
It is zoned Metropolitan Town Centre under the new Unitary Plan and has a height allowance of 36.5m meaning a taller structure could eventually be built on the site incorporating commercial and residential components, says Aldridge.
Sold in Grey Lynn for $14.5m
A 4501sq m freehold site with a Mixed Use zoning at 562-562A Richmond Rd, Grey Lynn, has sold for $14.5m (at $3221 per sq m) through Alan Haydock and Damien Bullick of Bayleys City & Fringe team, and Brice Clark of Whillans Realty. The property also has two substantial commercial and industrial buildings totalling 2690sq m with multiple tenancies generating rental income of $565,000 a year.
Papatoetoe retail tenancies
Three retail tenancies totalling 620sq m on a corner site at 138 Great South Rd, Papatoetoe, Auckland, has been sold at auction for $1,650,000 by Matt Barnes, Jeremy Barnett and Gareth Fraser of Colliers International.
Manurewa ministry building
A 1201sq m commercial building on a 2331sq m site at 12 Selwyn Rd, Manurewa, occupied by the Ministry of Social Development since it was constructed in 2001, has been sold by Nicolas Ching, James Chan and Beterly Pan of Bayleys international division for $4,525,000 at a 6.38 per cent yield. The ministry signed a new six-year lease in March 2016 over the property, which comes with 32 carparks and is opposite Manurewa town centre’s transport hub and the Southmall Shopping Centre.
Glendene retail property
A 344sq m retail property with two tenancies at 4343 Great North Rd, Glendene, Auckland has been sold at auction for $900,000 by Simon Child, Michael Bray, Deborah Dowling and Gareth Fraser of Colliers International.
Freemans Bay building
A well-presented 592.5sq m character building, seismically assessed at 19 per cent of New Building Standard, on a 275sq m Mixed Use zone site at 3 College Hill, has sold for $1.9m at a 6.9 per cent yield through Cameron Melhuish and Ben and Andrew Wallace of Bayleys Auckland. It has basement car parking and storage, first floor retail and offices above with two short-term tenancies.
Baxter Drive warehouse
An 1182sq m office and warehouse facility on a freehold 2,023sq m site at 14 Andrew Baxter Drive, Mangere, was sold by Brad Johnston and Paul Jarvie of Colliers International at auction for $3,135,000 representing a yield of 5.1 per cent.
Kings Arms Eden Terrace
A 2112sq m site in three titles and with three street frontages at 57-59 France St, Eden Terrace, Auckland, long occupied by Kings Arms Tavern, has been sold through Alan Haydock, Damien Bullick and Matt Gordon of Bayleys Auckland for $7.4m representing a land value of $3527sq m. The site has a Mixed Use zoning, with a 32.5m height overlay and a 500sq m 2-storey building with a lease in place to the Kings Arms Tavern generating rental income of $150,000 per annum.
A 439sq m two-level office building at 102C Mokoia Rd, Birkenhead, Auckland, has been sold at auction by Melissa He & Euan Stratton of Colliers International for $1,620,000 with the sale price representing a yield of 5.5 per cent.
CBD Burger King
A former food court premises at the rear of the Burger King outlet, at 115 Queen St, Auckland, has been sold with vacant possession for $1,680,000 through Quinn Ngo, Owen Ding & James Chan of Bayleys’ international division. The 220sq m unit was purchased by an offshore Chinese buyer intending to establish a restaurant.
Pakuranga office and warehouse
A 2395sqm office and warehouse facility on a freehold 4375sq m site at 43 Ben Lomond Crescent, Pakuranga, has been sold post-auction for $3,695,000 by Shoneet Chand & Dwayne Warby of Colliers International.
Central Auckland building
A 1361sq m standalone two-level office building with 27 basement carparks, at 10 Turner St, central Auckland, has been leased for six years to an education tenant at a net annual rental of $300,000, by Nicolas Ching and Beterly Pan of Bayleys’ international division.
Mairangi Bay property
A 305sq m retail property with three tenancies on a freehold 1358sq m site at 423-427 Beach Rd, Mairangi Bay, has been sold at auction for $4.5m by Tony Allsop, Euan Stratton, Jimmy O’Brien & Gareth Fraser of Colliers International.
A 1425sq m office/warehouse facility on a freehold 2007sq m site at 274 Church St, Onehunga, has been sold for $3.53m by Hamish West & Ben Herlihy of Colliers International.