Suburban shops popular at latest commercial property auctions: see the latest sales results from Auckland, Wellington and Palmerston North

Retail premises in desirable suburban shopping strips in Auckland continue to attract high prices, with two such properties auctioned by Bayleys in the last week achieving net rental yields that were below 5%.

Listed below are the details of 25 commercial property sales in Auckland, Palmerston North and Wellington that were handled by Bayleys Real Estate and Colliers International.

Prices ranged from $180,000 for two small retail premises in Porirua, to $3.9 million for a retail complex with three tenancies in Titirangi.

See below for the full results of all 25 commercial property sales:

271­-275 Main Street, Palmerston North:
Details: Ground lease on 2204m² corner site sold for $450,000 at a 7.9% yield. Twenty-year lease from December 2014, with five ­yearly rent reviews and perpetual rights of renewal, is producing $35,750 + GST pa. Agents: Mark Sherlock, Bayleys Wellington; Karl Cameron, Bayleys Manawatu.

135-­137 Jackson Street, Petone:
Details: 335m2 two ­level character building with two shops and two flats on 327m2  site Sold for $520,000. Three of four tenancies leased returning $55,224 gross + GST pa. Agents: Paul Cudby, Fraser Press, Bayleys Wellington.

5 Tory Street, Te Aro:
Details: 200m2 character premises off Courtenay Place, with 100% NBS seismic  rating, sold for $810,000 at a 7.4% yield. Occupied by Joe’s Garage Cafe  (pictured above) on recently renewed six­ year lease producing $60,300pa net + GST pa. Agents: Mark Walker, Grant Young, Bayleys Wellington.

5 Serlby Place, Porirua:
Details: Two small retail outlets, one leased and one vacant, totalling 140m2 on 204m2, site sold for $180,000. Agents: Andrew Smith, John Pritchard, Jon Pottinger, Bayleys Wellington.

 

 

 

Recent commercial property sales by Colliers International:

RETAIL:Land Area: 324.00 m2.    Floor Areas: 263.00 m2 to 264.00 m2.

DESCRIPTION:  The property presents as four retail shops returning $65,734.78 net p.a (+ GST + OEPX) on 324m² of mixed use zoned land, with a total lettable area of 263.80m² (more or less). There is an additional $862 inc GST p.a received from signage on the southern side of the building. It is located next to the local Countdown supermarket and has a large scale public car park to the east.

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