Bayleys clears four out of six at its Wellington commercial property auction

Bayleys sold four of the six commercial properties on offer at its Wellington auction this week.

The star of the show was a modern Seaview warehouse complex with a first floor space that could be used as either an office or apartment, making it attractive for potential live/work occupiers. It achieved a yield of 9.59% for its new owner.

In Ngauranga a refurbished unit with a high quality fit out achieved a 7.58% yield.

The full results were as follows:

• 11 Jarden Mile, Ngauranga. A 383sq m commercial unit with harbour views which had been refurbished to a five star standard and leased for six years to an interior fit out company. Net income was $98,480 + GST. It sold for $1.3 million.
• 21 Maida Vale Rd, Roseneath. A 120sq m restaurant that could be used as or retail office space, with public parking bays in front. Sold for $198,000.
• Unit 2, 4 Glover St, Ngauranga. A 428sq m high stud warehouse/office with four car parks. Part of an 11 unit complex. Sold for $620,000.
• 9 Toop St, Seaview. An 880sq m with a dual access warehouse and a showroom/workshop on the ground floor and a first floor office/apartment space, with a balcony and four car parks. Sold for $792,500 providing a 9.59% yield.

The following properties were passed in for sale by negotiation:

• Unit G1, 35 Abel Smith St, Te Aro. A 123sq m retail unit used as offices on a monthly tenancy. Able to to be converted to retail use.
• Unit R2, 101 Cuba St, Wellington. A 146sq m unit in a character building. Leased for three years providing net income of $77,000 plus GST.