A commercial property at Royal Oak leased to the Wendy's burger chain for 15 years was auctioned by Colliers and sold for $3.755 million, providing its new owners with a net yield of 4.3%.
Other commercial properties auctioned by Colliers and Barfoot & Thompson included a commercial premises on the North Shore and retail premises at Albany, and in the historic Landmark House on Queen St.
See below for full details:
Colliers commercial property auction results:
Land Area: 1,963.00 m2. Floor Area: 289.00 m2. Freehold Site. The property is a newly refurbished Wendy's on a 1963m² freehold site fronting Mt Albert Road and is ideally positioned between Royal Oak Mall, Pak'nSave and Z Energy. Newly Refurbished.
4 car parks. Rent $40,000 pa (annual rental growth). Long established business trading from this property since 2009. Main road location and access from front and back.Part of a well maintained and attractive development. Flexible use, could be showroom, retail, industrial or other.
Floor Area: 90.00 m2. This 90m² (approximately) unit is located on Dairy Flat Highway in a popular retail/office development with residential apartments to the rear. The unit is currently used as a beauty salon. The current Tenant vacates end of May 2016, the layout provides a good fit out for this use with appropriate consents, or fit out can be removed to suit other uses.
Barfoot & Thompson commercial property auction 17 March:
- Unit BA, 187 Queen St, Auckland CBD. A 328 square metre retail premises on the ground floor of the Durham St side of Landmark House. A new 10 years lease in place returning $72,901 net pa, increasing by 4% every two years. There were multiple bids for the property but it was passed in at $900,000. The agents were John Stringer and Kim Loo.
You can receive all of our property articles automatically by subscribing to our free email Property Newsletter. This will deliver all of our property-related articles, including auction results and interest rate updates, directly to your in-box 3-5 times a week. We don't share your details with third parties and you can unsubscribe at any time. To subscribe just click on this link, scroll down to "Property email newsletter"and enter your email address.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.