Total Property Issue 1 2023 Auction Results

Auckland

1A Cartwright Road, Kelston: 512sqm industrial premises with a seismic assessment of 70% of NBS, plus eight car parks, sold post-auction for $1,180,000 at a 5.80% yield. Predominantly comprising warehouse accommodation and amenities, the 809sqm site in Business - Mixed Use zone is occupied by a canine care and training facility, which has a six-year lease to August 2024. (Ken Hu, Bayleys Auckland; Mark Preston, Bayleys Northwest)

158A Jervois Road, Herne Bay: 61sqm retail premises plus one car park sold for $1,085,000 at a 6.45% yield. The high-profile unit on the corner with John Street is occupied by an established business with a new five-year lease plus 1x5yrRoR. (Matt Bayley, James Were, Bayleys Auckland)

352 Great South Road, Otahuhu: 170sqm two level commercial premises with high-stud retail accommodation on the ground floor and offices above sold for $700,000 at a 4.29% yield. The 210sqm site in Business – Town Centre zone provides future development potential from intensive zoning provisions and a lease expiring in October 2023. (Oscar Kuang, James Chan, Bayleys Auckland; Geoff Wyatt, Bayleys South Auckland)

20-24 Stadium Drive, Pukekohe:

Vacant 2,983sqm industrial premises plus 17 car parks sold post-auction for $6,000,000. Located on the prime ring road within Pukekohe’s CBD, the 4,910sqm site in Business – Mixed Use zone features 700sqm of undeveloped yard space, and an 18m height overlay providing significant future development potential. (Shane Snijder, Bayleys South Auckland)

5 Crosbie Road, Pukekohe: 3,844sqm industrial premises plus 17 car parks sold for $8,000,000 at a 5.77% yield. The modern building on a 6,113sqm site in Business – Light Industrial zone is positioned to benefit from major projects nearby which are currently under construction, including the Stevensons Drury South Industrial Park and Fisher & Paykel’s 104ha purchase on Karaka Road. National trade retailer Bunnings occupies the premises with a seven-year lease to April 2029 plus 6x5yrRoR. (Shane Snijder, Bayleys South Auckland)

Waikato/Bay of Plenty

36 Arawa Street, Matamata: 550sqm road-front commercial premises in the Art Deco Draper Mercer building, with a mixed seismic assessment of 25% and 75% of NBS, sold post-auction for $725,000 at an 8.28% yield. The 647sqm site features rear access via a service lane off Tainui Street and is occupied by national retailer Furniture Zone, which has a three-year lease to March 2025. (Willem Brown, Bayleys Hamilton)

Unit 5, 30 Earthmover Crescent, Te Rapa, Hamilton:

260sqm industrial unit comprising high-stud warehousing and offices on a 546sqm fully fenced site with a dedicated yard area and car parking sold vacant for $905,000. The new premises was recently constructed by renowned builders Foster Construction. (Jordan Metcalfe, Rebecca Bruce, Bayleys Hamilton)

Unit 2, 280 Peake Road, Cambridge: Recently completed 100sqm high-stud warehouse plus two car parks sold vacant for $480,000. The premises is one of 13 new units in the evolving Hautapu industrial precinct. (Jordan Metcalfe, Rebecca Bruce, Bayleys Hamilton)

158 Alexandra Street, Te Awamutu: 530sqm Lims Building, built circa 1955 with rear car parking sold for $925,000 at a 9.72% yield. Comprising three ground floor commercial tenancies and a flat above, occupied by tenants with varying lease arrangements. (Josh Smith, Bayleys Hamilton)

30 Alexandra Street, Te Awamutu:

1,080sqm two level commercial premises with a seismic assessment of 22% of NBS sold for $1,100,000 at a 9.55% yield. The 1,221sqm site in a main street location with high exposure to pedestrian and passing vehicle traffic is occupied by an established appliance store on the ground floor and a bar/bistro with pokie machines above. The tenants occupy the premises with varying lease arrangements. (Josh Smith, Bayleys Hamilton)

Central North Island

31 Niven Street, Onekawa, Napier: Two vacant trade/industrial buildings with seismic assessments from 67% of NBS totalling 1,517sqm sold together for $3,000,000. The anterior premises comprises a road-front showroom, first floor offices and a large warehouse. A separate building at the rear features warehousing, offices and amenities. The property has an electric security gate and a hard stand land area with parking for five vehicles. (Rollo Vavasour, Bayleys Havelock North; Mark Evans, Bayleys Napier)

Lower North Island

Unit 1, 55 Percy Cameron Street, Avalon, Lower Hutt:

385sqm mixed-use premises plus two car parks sold vacant for $1,450,000 at a land and building rate of $3,766/sqm. The ground floor has been established for use as a food manufacturing facility, while upstairs, the first floor features a two-bedroom, two bathroom apartment. (Ethan Hourigan, Paul Cudby, Bayleys Wellington)

South Island

Unit C, 42 Maces Road, Bromley, Christchurch: 400sqm earthquake-damaged industrial unit sold ‘as-is’ for $600,000. The end unit in a development of four, the vacant premises comprises two levels of offices, amenities and warehousing accessible via two electric doors. (Jeremy Speight, Bayleys Christchurch)