Latest commercial property sales and leases

Leases

Christchurch

Where: 254 Annex Rd, Middleton

Details: A 247m² warehouse with 83m2 showroom and 85m² first floor office was leased for $65,000 plus GST and opex.

Agents: Myles Addington, James Cooney, Knight Frank Christchurch.

Where: Unit 5, 1008 Ferry Rd

Details: Approximately 150m² was leased

Agent: Elliot Box (CBRE)

Auckland

Where: 30 Sir William Pickering Drive

Details: 570.87m² was leased to to MYOB

Agent: Mark Macauley, Elliot Box (CBRE)

Sales

Auckland

Where: 46 Eugenia Rise, Totara Heights, Manukau

Details: A 353m² retail building, occupied by a superette, takeaway and hairdresser with one vacancy and a 231m² basement flat on a 1575m² site sold for $1,023,000. It is producing $51,651 net plus GST a year from three retail tenants with the flat currently returning $23,400 a year.

Agents: Tony Chaudhary, Janak Darji, Bayleys Manukau

Where:   5C Apollo Drive, Mairangi Bay

Details: A 700m², two-level warehouse/office/showroom has been sold for $1.1 million to a private owner-occupier.

Agents: Ryan de Zwart, Craig Newth, Colliers International

Where: 1 Hibiscus Coast Highway, Whangaparaoa

Details: A 2.433ha landholding over one title has been sold to a private investor for $7.29 million.

Agents: Tim Lichtenstein, Jimmy O¹Brien of Colliers International

Where:  6 Bank St, Birkenhead

Details:  An established daycare centre on the North Shore has been sold for $2.052 million representing a 6.14% yield. The centre, trading as Minimee Early Childhood Education Adventure for 50 children, is on a 1176m² property.

Agents: Shoneet Chand and Mike Ryan, Colliers International

Tauranga

Where:  51 Portside Drive, central Mount Maunganui

Details: A modern industrial building has been sold for $1.515 million. The 1512m² property was sold vacant, representing a yield of 6.8% on an estimated market rental of $103,000 a year.

Agents: Colliers International¹s Rob Schoeser and Simon Clark

Where: 43 Girven Rd

Details: A fully leased, six-tenant office block near Bayfair Mall has been sold for $1,567,500. The sale returned a 7.96% yield.

Agents: Simon Clark, Rob Schoeser, Colliers International

Where:  221 Fraser St, Fraser Cove

Details:  The following tenancies in a modern retail premise have been sold to private investors: Toyworld,  516m², sold for $1.567 million on a 7% yield; Salon One, 252m², sold for $984,300on a 7% yield; and Bed, Bath & Beyond, 480m², sold for $1.360 million on a 7% yield.

Agents: Simon Clark, Duncan Woodhouse, Colliers International

Auctions

Auckland

Where: 386 Ti Rakua Drive, East Tamaki

Details: A 2121m²2 site occupied by a Gull service station since 2000 sold for $2,820,000 at 9.26% yield. Gull Petroleum (NZ) has a 15-year lease until December 21, 2015 plus 1x4 ROR and subleases the 226m² retail area. Returning $261,183 net plus GST a year with annual increases to the higher of the CPI or 2%.

Agents: Tony Chaudhary, Bayleys Manukau; Shayne Snijder, Bayleys Counties 

Where: 21 Stonedon Drive, East Tamaki

Details: Two industrial units totalling 1041m² on separate titles on a 1906m² site with large yard area sold for $1,700,000 at a 6.7% yield. New four-year lease to G&A Adhesives with 1x4 ROR  is producing $114,000 net plus GST a year.

Agents: Mark Pittaway, Bayleys Auckland; Tony Chaudhary, Bayleys Manukau

Where: 60a Wharf Rd, Te Atatu Peninsula:

Details: 3392m engineering workshop, warehouse and office building on 7615m² site with 65 carparks and approximately 40% site coverage sold for $4,100,000, at a 7.2% yield. A 10-year lease to Scott Package Handling Systems from October 2014, with 2x5  rights of renewal is returning  $293,800 net plus GST a year, with annual CPI reviews, with a minimum increase of 1% and maximum of 3%.

Agents: Sunil Bhana, Mike Houlker, Bayleys Auckland

Where: 102 Neilson St, Onehunga:

Details: 1.43ha contaminated site zoned Business 5 with dual access sold with vacant possession for $4,250,000, at a land value of $297 a square metre. Approximately 5890m² of older industrial buildings with limited value.    

Agent: James Hill, Bayleys Auckland

Where: 453 Great South Rd, Penrose

Details: 1340m²  Business 4 zoned site with 661m2 mixed use building sold with vacant possession for $1,600,000 at a land value of $1194 a square metre.

Agent: Clint Barber, Bayleys Auckland

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Where: 551 Great South Rd, Penrose

Details: A 799m²²  industrial building on 1685m²  Business 4 zoned site with 25 carparks sold with vacant possession for $1,850,000. It has 385m² of warehousing and 333m² of showroom.

Agent:  James Hill, Bayleys Auckland

Where: 738-740 Great South Rd, Penrose

Details: 1451m²  kraoke and restaurant building on 752m² residentially zoned site sold with vacant possession for $1,450,000, at a land value of $1,928 a square metre .

Agents: Millie Liang, James Chan, Bayleys Auckland

Where: 14 Greenpark Rd, Penrose

Details: A 1410m²2  warehouse, office and apartment building sold with vacant possession for $1,470,000.

Agent:  Millie Liang, Bayleys Auckland

Where: 4c Walls Rd, Penrose:

Details: A 566m²  industrial unit sold with vacant possession for $1,160,00. It has 336m² of warehousing, 122m² of offices, 107m² of showroom and nine carparks.

Agent:  James Valintine, James Hill, L Bell, Derek Presland, Bayleys Auckland

Where: Unit A, 20 Hanigan Drive, Mt Wellington

Details: A 350m²  industrial unit with 191m2 of warehousing and 158m² of office sold with vacant possession for $607,000.

Agent:  Sunil Bhana, Julie Prince, Bayleys Auckland

Wellington

Where:  13 Jarden Mile, NgaurangaDetails: A 1182m² two-level premises purposebuilt for for longstanding occupant  Armourguard in 1998  on 968m2 site; current five-year  lease to Armourguard’s parent company, Evergreen International NZ, runs until April 2017, with 1x 5 year right of renewal, with rent $250,132 net plus GST a year sold for $2,900,000 at an 8.62% yield.

Agents: Fraser Press, Mark Hourigan, Bayleys Capital Commercial

Where:  12 Tyers Rd,  Ngauranga

Details: A 1304m² milk distribution facility including a coolstore with new chiller plant and two-level office and amenities block,  purposebuilt for Fonterra in 1999,  on 2731m2 site with 1000m2 yard; nine-year lease to Fonterra Brands (NZ) Ltd from September 2014 with 1x 6 ROR for  $230,000 net plus GST a year, with three-yearly rent reviews to CPI,  sold for $2,850,000at an 8.07% yield.

Agents: James Higgie, Mark Hourigan , Bayleys Capital Commercial

Where: 143 Grant Rd, Thorndon

Details: Two workshop areas plus two-bedroomed apartment, a 540m² building on 458m² land, sold with business chattels, fixtures and fittings, plant and occupier to an owner-occupier. For $737,000.

Agent: Zair Parkes, Kevin Dee Industrial

Where:  10 Constable St, Newtown

Details: A 154m² character building with ground floor legal tenant on three-year lease from February 2014 and three-bedroom apartment above, on 194m² site opposite the library, rent: $24,700 net plus GST a year from commercial tenancy and $26,000 a year gross on six-months residential tenancy,  sold for $530,000.

Agent: Mark Walker , Bayleys Capital Commercial