Bayleys’ latest Total Property auction results saw regional retail properties achieve competitive yields, while investors continued to seek out self-storage and mixed-use opportunities in Bay of Plenty, Waikato, and the Lower North Island. Christchurch industrial units also attracted solid interest, reflecting confidence in resilient occupier markets.

 

AUCKLAND

Unit C, 218 Marua Road, Mount Wellington: A 229sqm industrial unit with five car parks has sold with vacant possession for $925,000. The property comprises 149sqm of high-stud warehousing, ground floor showroom space and office amenity over two levels in the busy Marua Road business precinct. (Matt Dell, James Valintine, Bayleys South Auckland)

WAIKATO/BAY OF PLENTY

448 Pollen Street, Thames: A 200sqm commercial premises with a seismic assessment of 18% of NBS has sold for $395,000, reflecting a 9.11% yield. Occupied by national home improvement retailer Guthrie Bowron, the 508sqm site benefits from a prominent main street position and dual access via a rear service lane. (Josh Smith, Bayleys Hamilton)

233 Fraser Street, Tauranga South: A 297sqm retail premises within the popular Fraser Cove Shopping Centre has sold for $1,265,000, reflecting a 7.30% yield. The property, occupied by a vacuum services retailer on a new three year lease, sits on a 347sqm freehold title with no body corporate. (Ryan Bradley, Bayleys Tauranga)

34 Valley Road, Whakatāne: The land, buildings and business of ‘Rent A Shed’, an established self-storage facility, have sold as a freehold going concern for $1,825,000, reflecting a 7.53% yield. The 1,414sqm purpose-built complex sits on a 3,046sqm site and comprises 74 storage units across seven buildings. (Brendon Bradley, Bayleys Tauranga, Larissa Reid, Bayleys Whakatāne)

LOWER NORTH ISLAND

44 Sydney Street, Petone, Lower Hutt: A 370sqm commercial premises plus five car parks has sold for $850,000, reflecting a 7.76% yield. Comprising a showroom, offices and warehousing, occupied by a hardware supplies business, the property features 45sqm of yard in an established business precinct well-serviced by transport connections. (Ethan Hourigan, Paul Cudby, Bayleys Wellington)

10 Burgess Place, Johnsonville, Wellington: A converted dwelling plus seven car parks, formerly utilised as a vet clinic with a 120sqm floorplate, has sold with vacant possession for $625,000. The 400sqm Centre zoned site provides potential for mixed-use development to 12m. (Fraser Press, Simon Butler, Liam Sherlock, Bayleys Wellington)

SOUTH ISLAND

Unit 1, 41 Sandyford Street, Sydenham, Christchurch: A 263sqm industrial unit plus three car parks has sold to an investor for $650,000, achieving a 6.36% yield. The property comprises 215sqm of high-stud warehousing/workshop space and 47sqm of office and amenity areas, occupied by national locksmith business, James Bull & Co, on a lease through to April 2029 with 2x5yrRoR. The unit was one of four properties tenanted by the Locksmith’s offered for sale individually or collectively via auction. (Stewart White, Alex White, Terry Connolly, Bayleys Christchurch)

Unit 3, 41 Sandyford Street, Sydenham, Christchurch: A 259sqm industrial unit plus five car parks has sold to an investor for $745,000, achieving a 6.36% yield. The property comprises 151sqm of high-stud warehousing/workshop space and 108sqm of office and amenity areas, occupied by a national locksmith business on a five year lease through to April 2029 with 2x5yrRoR. (Stewart White, Alex White, Terry Connolly, Bayleys Christchurch)