Bayleys Real Estate has concluded a swag of commercial property sales, including the sale of TV3's headquarters at Eden Terrace in Auckland for $26 million.
The Eden Terrace site covers six buildings on six separate titles with a total land area of 4358 square metres. As well as the TV studios, offices and car parking for TV3's owner MediaWorks are included.
Unusually for the type of business, MediaWorks only had a three year lease on the property, which provided its new owners with a rental yield of 6.46%.
The property was marketed as a redevelopment opportunity, because of its city fringe location and proximity to the City Rail Link infrastructure being developed around nearby Mt Eden Station. It has favourable zoning for more intensive mixed use development.
However not all of Bayleys' recent commercial sales were of the scale of the TV3 site.
They included a retail premises in Napier South which sold for $550,000 providing an 8.3% yield, another in the same suburb that provided its new owners with a 3.66% yield, and a retail premises in a two level character building on Auckland's Karangahape Rd which sold for $1.9 million providing a yield of 5.41%.
On the industrial front two industrial units in East Tamaki sold for $1.9 million (for the pair) providing a yield of 7.07%.
Several redevelopment properties were also among the recent sales.
Details and photos of all of the above properties and others are available on our Commercial Property Sales page.
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8 Comments
Were these pre-level 4 lockdown sales over March that the legal work has just been tidied up for?
Or recent level 3 sales?
Good question and theres a rabbit hole I went down trying to find out. The properties were out on the market in October and The commercial sales page here notes the sale as happening in the month of May. But theres a one roof article dated 15 Jan 2020 that says the properties sold back then for 26 million.
Mediaworks CEO said at the time
"We had planned to sell the properties by April this year and we've been successful in achieving that. We have agreed to the leaseback of the properties meaning that MediaWorks' staff will notice no difference whatsoever. We're delighted that we've been able to move so quickly and get this deal sorted. It's a testament to the hard work people have been putting in to make sure that MediaWorks continues to operate well," he said.....The sale is to multi-millionaire well-established New Zealanders who have known each other for a number of years."
Not sure what the game is
Ah. Thanks for that. I'd say definitely pre level 4 lockdown sales.
Sales from here are going to be the interesting ones.
Let's see how those yields do if the white elephant City Rail Loop gets mothballed, as it should.
On what basis should it be mothballed WWH?
Would that be cost benefit ratios?
That main photo repulses me.
I love how Auckland has just made it up as they won't along. There is zero logic to so much of its town planning.
Does the RMA help? No way. A cafe wanted consent to operate and needed neighbour consent. One of the most vociferous opponents of the cafe is now one of its regular customers... goes to show people haven't a clue what works :)
Seems a staggering sum for a pretty awful location. You cant imagine anyone wanting to work or live there.
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