Property
It was a big week for Bayleys commercial property auctions with particularly strong interest in development properties
17th Apr 15, 4:07pm
by
Several retail units in a new retail strip in Rotorua sold at yields between 6.5% and 7% while another achieved a 5.95% yield at last week's Bayleys Commercial auction in Rotorua.
Around the rest of the country, commercial properties auctioned by Bayleys last week included a 3,298 square metre residential development site in Te Atatu South which was sold to mainland China buyer for $1.78 million, an 82 square metre Pita Pitt fast food outlet at Highland Park in Auckland sold for $600,000 providing a 5.4% yield, a warehouse and office building at Frankton in Hamilton sold for $2.46 million providing a 7.5% yield, a bulk retail premises at Miramar in Wellington sold for $1.92 million providing a 7.5% yield, and a Burger king outlet in Wanganui sold for $1.855 million providing an 8% yield.
The full results of this week's Bayleys commercial property auctions are listed below:
4-8 Dunn Street, Kaitaia: 1,228m² Carters hardware store on 4,155m² industrial zoned site sold for $1,275,000, at an 11% yield. Leased to Carter Holt Harvey for 15 years from August 2007 with two 6-year rights of renewal at $140,000 net + GST/year. Agent: Alan Broadbent, Bayleys Northland
94 Normanby Street, Dargaville: New 200m² building on 759m² main street site with 9 carparks sold for $885,000, at a 6.6% yield. Developed by Wallace Development Co, the property is leased to Rabobank for 9 years from February 2015 plus two 3-year rights of renewal at an initial rent of $58,550 net + GST/year, with annual CPI + 1% fixed increases. Agent: Ross Blomfield, Bayleys Northland
276 Te Atatu Road, Te Atatu South: 3,298m² residential development site, currently comprising a single large dwelling with swimming pool in landscaped grounds, sold for $1,780,000, at $534/m², to a buyer from mainland China. Currently zoned Living 1 (450m² per site subject to council approval) with potential for 6 townhouses and zoned Terrace Housing & Apartments under Proposed Auckland Unitary Plan. Agents: Quinn Ngo & James Chan, Bayleys Auckland.
64 Shoreham Street, Avondale: Two 2-bedroom flats & 1-bedroom flat in brick & tile dwelling located on Residential 5 zoned 612m² site sold for $1,166,000 at a 3.5% gross yield on annual rent of $42,640 /year. Agents: Quinn Ngo & Harry Cheng, Bayleys Auckland.
1 Exmouth Street, Eden Terrace: 655m² high profile corner bare land site zoned Mixed Use, currently used for carparking, Sold for $1,920,000 at $2,931/m². Agents: Owen Ding & James Chan, Bayleys Auckland.
23 Edwin Street, Mt Eden: 245m² office/showroom unit plus 7 carparks in Zone 23 complex sold for $1,150,000 at 7.6% yield. Two years remaining on 6-year lease returning $87,160 net + GST/year. Agent: Clint Barber, Bayleys Auckland.
49 Buckland Road, Mangere East: Details: 154.5m² purpose built childcare centre, licensed for 39 children, on 698m². Main Residential zoned site sold for $1,320,000, at a 5.9% yield to buyer from mainland China. Leased to Evolve Group 3 Ltd for 15 years from December 2014, with three 5-year rights of renewal, returning $77,500 net + GST/year, with annual CPI reviews & to market every 3 years. Agents: Toni Robertson, Bayleys North Shore Commercial; Tony Chaudhary, Bayleys South Auckland & James Chan, Bayleys Auckland.
Unit 2, 20-22 Dunrobin Place, Highland Park, Pakuranga: Details: 110m² unit in converted former cinema premises in Highland Park Shopping Centre sold for $972,000, at a 5.4% yield. Occupied by Coffee Club on 8 year lease from March 2014 plus 8-year right of renewal returning $52,500 net + GST/year, with fixed annual 3% increase. Agents: Quinn Ngo, Sunil Bhana, Bayleys Auckland & Tony Chaudhary, Bayleys South
Auckland.
Unit 3, 20-22 Dunrobin Place, Highland Park, Pakuranga: Details: 82m² unit occupied by Pita Pitt sold for $591,000, at a 5.4% yield. 10 year lease from March 2014, plus two 5-year rights of renewal, returning $32,000 net + GST/year, with annual CPI increase capped at 3%. Agents: Quinn Ngo, Sunil Bhana, Bayleys Auckland & Tony Chaudhary, Bayleys South Auckland.
Unit 5, 20-22 Dunrobin Place, Highland Park, Pakuranga: Details: 88m² unit occupied by Tank Farm sold for $600,000, at a 5.8 % yield. 8 year lease from June 2014, plus two 6-year rights of renewal, returning $35,000 net + GST/year, with fixed annual 3% increase. Agents: Quinn Ngo, Sunil Bhana, Bayleys Auckland.
93 East Tamaki Road, Papatoetoe: Veterinary clinic located on Main Residential zoned 872m² site sold for $860,000 at a 5.6% yield. Leased for 6 years from April 2013, with three 6-year rights of renewal, returning $48,000 net + GST/year. Agents: Paul Dixon, Bayleys Auckland & Tony Chaudhary, Bayleys South Auckland.
Unit D, 7 Ryan Place, Papatoetoe: 240m² industrial unit sold for $380,000 at a 7.9% yield. New 3-year lease to established tenant returning $30,000 net + GST/year. Agents: Nick Bayley & Dave Stanley, Bayleys South Auckland.
10-12 Wickham Street, Frankton, Hamilton: 2,360m² warehouse and office building on 5,273m² site with room for expansion occupied by long established business Strata Precision Plastics on five-year lease from April 2015 with 1 5-year right of renewal. Rent: $180,530 net + GST/year. Sold for $2,460,000 at a 7.5% yield. Agent: Andrew Shaw, Bayleys Hamilton.
51 Marguerita Street, Fenton Park, Rotorua: Significantly redeveloped 1,130m² vehicle testing station on 3,595m² site sold for $2,400,000. 10-year lease to VTNZ from October 2014, plus 4 3-year rights of renewal, returning $189,250 net + GST/year with CPI rent reviews, including $45,888 for 10 years for tenant repaying completed works. Agent: Mark Rendell, Bayleys Rotorua.
Units 1 & 2, 1071 Hinemoa Street, Rotorua: 792m² fully leased 2-level, 10-year old CBD office building with each floor unit titled with 1 tenant on top floor & 2 on ground floor, 9 on-site carparks. Rent: $148,265 net + GST/year. Sold for $1,700,000 at an 8.72% yield. Agent: Bill Wilson, Bayleys Rotorua.
100 Fairy Springs Road, Rotorua: Recently completed 10-unit retail complex in prime city fringe location on SHW 5 with 90 common carparks and anchored by medical centre and pharmacy. Agent: Mark Rendell, Bayleys Rotorua.
- Unit 2: 120m² Burger Fuel outlet sold with 10-year lease for $655,000 at a 5.95% yield on net rental income of $39,000pa with 3% annual increases.
- Unit 3: 87m² Best Sushi outlet sold with 6-year lease for $390,000 at a 6.69% yield on net rental income of $26,100pa with 3% annual increases.
- Unit 6: 130m² Springs Bakery sold with 6-year lease for $507,000 at a 6.66% yield on net rental income of $33,800pa with CPI increases.
- Unit 9: 279m² superette sold with 6-year lease for $762,000 at a 6.56% yield on net rental income of $50,000pa with CPI increases.
Cnr Victoria St & Dublin St, Wanganui: 426m² Burger King outlet in prime corner location, opposite new Rebel Sports/Briscoes, sold for $1,855,000 at an 8% yield. Antares Restaurant Group has recently completed a major refurbishment to premises it has occupied since 1998. Currently returning $148,346 net + GST/year on 10-year lease from December 2013 with 2 5-year rights of renewal. Agents: James Higgie, Bayleys Wellington & Bob Davies, Bayleys Wanganui.
6D Broken Hill Road, Elsden, Porirua: Modern high-stud manufacturing and distribution industrial premises built in 2010 for NCR sold for $2,040,000 at a 7.8% yield. Comprising a 1,226m² warehouse, 193m² of office, sealed secure yard of 1,072m² and 358m² container park on 4,678m² of land, NCR (NZ) has just renewed its lease for another 5 years from September 2015, with one further 5-year right of renewal, at $160,000net + GST/year. Agent: Andrew Smith, Bayleys Wellington.
221 Newlands Road, Newlands, Wellington: 344m² industrial building with 201m² workshop and 143m² of upper level office space with 2 under cover parks and rear service lane access sold for $450,000 with vacant possession. Assessed net potential rental of $45,000net + GST/year.Agent: Fraser Press, Bayleys Wellington.
Unit 10, 155 Gracefield Rd, Gracefield, Lower Hutt: 277m² warehouse/workshop with 60m² yard sold with vacant possession for $200,000. Agents: Paul Cudby & Matt Gibbs, Bayleys Wellington.
133 Park Road, Miramar Wellington: Details: 878m² bulk retail centre on 1,365m² site with 380m² display yard sold for $1,920,000 at a 7.5% yield. 6-year leaseback to anchor tenant, a 4 Seasons Home & Leisure Centre, plus two 3-year rights of renewal, returning approximately $144,000 net + GST/year. Agents: Colin Hodge & James Higgie, Bayleys Wellington
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