Commercial Property Sold Recently: Two industrial units in Tauranga, two in Grenada Business Park, Wellington, and a retail unit in Petone sold last week.
Bayleys sold the following commercial properties at their Total Property auctions last week…
4 Hynds Rd, Greerton, Tauranga
- Features: 1,099m² site, 578m² warehouse, office & concrete yard.
- Rent: occupied by 2 businesses under one lease, returning $62,000 p.a. net + gst.
- Outcome: sold for $1.32 million at a 4.7% yield.
18 Barberry Street, Judea, Tauranga
- Features: 1,561m² site, 546m² warehouse, office & 1,000m² yard.
- Outcome: Sold vacant for $1 million.
Units 22 & 23, 16 Jamaica Dr, Grenada Business Park, Grenada North, Wellington
- Features: 2 industrial units, 300m² total floor area, warehousing & office, built in 2008 to 100% new building standard, 6 sealed parking spaces.
- Rent: Fully leased to Total Flooring Solutions at $53,038 p.a. net + gst until April 2022.
- Outcome: Sold for $936,000 at a 5.67% yield.
274C Jackson St, Petone
- Features: 248m² ground-floor retail premises, character building, seismic rating 85% new building standard.
- Rent: Leased to café & massage therapist at $47,277 p.a. net + gst.
- Outcome: Sold for $627,000 at a 7.54% yield.
Attribution: Agency release, via Bob Dey Property Report.