While you were sleeping investors bought these 24 Central and Lower North Island commercial investment properties at yields ranging from 5.2% to 11.8%…
With a focus on Central and Lower North Island, we report on 24 commercial investment properties sold recently by Bayleys.
73-81 Dalton Street, Napier (pictured above)
- Features: 412m2 refurbished and earthquake strengthened retail and office premises with 3 car parks on 326m2 historic CBD site – Napier’s first radio station. Fully occupied with mix of retail and office tenants over 6 tenancies.
- Rent: $115,570 net p.a.
- Outcome: Sold for $1,750,000
- Yield: 6.6%
124 Kennedy Road, Napier
- Features: 190m2 retail premises on 255m2 site in high visibility location at the Marewa Shopping Centre. Established bakery tenancy on a short-term lease. Estate sale.
- Rent: $41,200 net p.a.
- Outcome: Sold for $350,000
- Yield: 11.8%
509 Queen Street, Hastings
- Features: 447m2 commercial premises on 1,011m2 site currently leased to funeral business Tong Peryer until October 2019 with 1 x 5-year RoR.
- Rent: $60,000 net p.a.
- Outcome: Sold for $840,000
- Yield: 7.1%
163 Devon Street East, New Plymouth
- Features: 1,139m2 prominent corner retail site with 2,550m2 building, Category E seismic rating and four tenants on mixed lease terms. (Don’t sneeze or it might fall over!)
- Outcome: Sold for $1,375,000 to a local developer.
Units 3 and 4, 18 Seaview Road, Paraparaumu
- Features: Two retail units with a combined floor area of 80m2 in the Paraparaumu Beach Shopping Centre. Unit 3 is 50m2 with street frontage, kitchenette and bathroom. Unit 4 is 30m2 located behind Unit 3 with separate access to the street alongside Unit 3, and features an off-street car park. Sold with vacant possession.
- Rent: $26,000 net p.a. rental estimate.
- Outcome: Sold for $345,000
- Yield: 7.5% is rental estimate is achieved.
9 Sheffield Street, Paraparaumu
- Features: 2,020m2 industrial warehouse on 3,340m2 site. (Previously sold in August 2007 for $1.67 million at a 6.9% yield.)
- Outcome: Sold for $2,180,000
- Yield: 7.3%
94 Wainuiomata Road, Wainuiomata
- Features: Modern 216m2 building previously used as a place of worship on prominent 1,250m2 corner site zoned General Residential Medium Density. Sealed vacant rear section used for parking provides future development options. Sold with vacant possession.
- Outcome: Sold for $760,000
9-13 Geange Street, Upper Hutt
- Features: 380m2 two-storey retail building on 229m2 site. Fully occupied with a hairdressing salon on the ground floor and dance studio on the first, on varying terms. Estimated potential net rental following refurbishment of $37,000 p.a.
- Rent: $14,306 net p.a.
- Outcome: Sold for $142,000
- Yield: 10.1% (on current income)
18 Bunny Street, Lower Hutt
- Features: 289m2 mixed use premises with ground floor retail and potential residential space on the first floor, seismically strengthened to 70% NBS on 184m2 corner site. Estimated potential net rental following refurbishment of $59,233 p.a. Sold with vacant possession.
- Outcome: Sold for $660,000
14-20 Meachen Street, Seaview
- Features: Two warehouses on two titles. 2,730m2 total floor area on a 3,461m2 site. Seismic rating of 70% NBS on one warehouse and 100% on the other. Leased to plastics manufacturer IML Plastics for 6 years from 2018 with Rights of Renewal.
- Rent: $229,104 net p.a.
- Outcome: Sold for $3,200,000
- Yield: 7.2%
8 Rimu Street, Eastbourne
- Features: 110m2 single-level character retail building on 281m2 site with garaging and rear yard. Currently occupied by a boutique gymnasium on a monthly tenancy. Estimated potential net rental of $27,400 p.a.
- Outcome: Sold for $435,000
- Yield: 6.3% (on estimated potential income)
3 Gregory Street, Naenae, Lower Hutt
- Features: 700m2 warehouse requiring seismic works plus 80m2 yard and 11 car parks on 946m2 site. Sold with vacant possession.
- Outcome: Sold for $600,000
Unit C, 274 Jackson Street, Petone
- Features: 248m2 retail premises on ground floor of character building with seismic assessment of 85% NBS. Currently leased to café and Thai massage therapist.
- Rent: $47,277 net p.a.
- Outcome: Sold for $627,000
- Yield: 7.5%
16-18 and 20 Earp Street, Johnsonville, Wellington
- Features: 3,163m2 site in two titles. One title contains 1,800m2 two-level commercial premises previously used as 65-bed aged care facility. The other title contains a residential property on smaller title. Sold with vacant possession.
- Outcome: Sold for $3,300,000 at $1,043/m2 land value
108 Hutt Road, Kaiwharawhara, Wellington
- Features: 817m2 partially tenanted office and warehouse building on 742m2 site.
- Outcome: Sold for $2,175,000 to owner occupier
67 Kaiwharawhara Road, Wadestown
- Features: 200m2 mixed use building with office, warehouse, one-bedroom apartment and three car parks on a 239m2 site. Seismic rating 100% NBS. Fully tenanted.
- Rent: $50,210 net p.a.
- Outcome: Sold for $790,000
- Yield: 6.4%
29-41 Willis Street, Wellington
- Features: Four fully tenanted ground floor retail units ranging in size from 78m2 to 261m2, occupied by Pagani fashion store, House of Travel, Ecco Shoes and on a variety of lease terms through to six years.
- Rent: $533,996 net p.a.
- Outcome: Sold for $8,650,000
- Yield: 6.2%
2-4 Onepu and 66-70 Rongotai Roads, Kilbirnie
- Features: Four land titles with a combined area of 1,317m2 on high profile corner site opposite Pak’nSave supermarket, KFC and Warehouse Stationery. Town Centre zoning has an 18m height allowance, four houses are leased as six flats returning holding income of $139,360 gross p.a.
- Rent: $ net p.a.
- Outcome: Sold for $2,500,000 at $1,898/m2 land value
465 Adelaide Road, Berhampore, Wellington
- Features: 170m2 retail premises on 149m2 site. Comprises 95m2 ground floor store and workshop plus 74m2 mezzanine and two rear car parks. Sold with vacant possession.
- Outcome: Sold for $580,000
26-32 Cuba Street, Wellington CBD
- Features: 223m2 fully-leased two-storey retail and office premises constructed in 2005 on 132m2 site. Kate Sylvester anchor tenant, plus two other tenancies.
- Rent: $141,000 net p.a.
- Outcome: Sold for $2,557,000
- Yield: 5.5%
Unit B, 218 Willis Street, Wellington CBD
- Features: 95m2 renovated unit title office and showroom. Sold with vacant possession.
- Outcome: Sold for $290,000
81 Vivian Street (123 Taranaki Street), Wellington CBD
- Features: 1,468m2 redevelopment site.
- Outcome: Sold for $8,300,000 at $5,654/m2 land value
Units 1 and 2, 54 Webb Street, Wellington CBD
- Features: 190m2 retail premises, part of a new apartment building. Sold with vacant possession.
- Outcome: Sold for $1,500,000 at $7,895/m2 land value
12 Moxham Avenue, Hataitai, Wellington
- Features: Two commercial buildings totalling 180m2 with Burger Fuel as anchor tenant, one billboard, two 3-bedroom residential apartments totalling 135m2, strengthened to 100% NBS on a 554m2 corner site with 6 car parks. 13 Tenders received.
- Rent: $123,000 net p.a.
- Outcome: Sold for $2,350,000
- Yield: 5.2%
This content is provided for general information only and should not be relied upon or used as a basis for making any investment or financial decision. To the extent that any information or recommendations in this content constitute financial advice, they do not take into account any person’s particular financial situation or goals. As individual circumstances differ, we strongly recommend you seek independent legal and/or financial advice prior to acting in relation to any of the matters discussed herein. Neither Newland Burling & Co Ltd nor Provincia Property Fund Management Ltd nor any person involved in this content accepts any liability for any loss or damage whatsoever may directly or indirectly result from any advice, opinion, information, representation or omission, whether negligent or otherwise, contained in this content.