Investors have been busy on the commercial property front lately and there has also been plenty of action at the apartment auctions.
Colliers has recently sold a large motel complex in Henderson (pictured at right) to a developer for $4.9 million and a couple of smaller industrial units, one in Onehunga and the other in Wiri, with one fetching just over $750,000 and the other $1.2 million (details below).
At City Sales latest apartment auction there was competitive bidding on all three apartments on offer, one of them in the brand new Sugartree development high on the Union St ridge. Two of the three apartments sold under the hammer and serious negotiations were underway post auction on the third. See below for sales details and photos:
Recent commercial property sales by Colliers International:
- 50D Hobill Ave, Wiri. A 496 square metre warehouse/office with the sitting tenant signing a new four year lease at the beginning of this year, with a single right of renewal for a further four years. Returning $51,450 net pa, with rent adjusted to CPI every two years. Sold at auction for $753,000 providing a net yield of 6.83%.The agents were Ash Vincent and Jolyon Thomson.
- 119H Captain Springs Rd, Onehunga. A vacant 855 square metre warehouse/office unit with 15 car parks, sold for $1.2 million. The agents were Ben Cockram and Tim Wylie.
- 252 Great North Rd, Henderson. A 30 unit motor inn (pictured) on a 6000 square metre, subdividable, freehold site generating net annual income of $305,250. Sold to a developer for $4.9 million. The agents were Adam White and Tony Allsop.
- 67 Courtenay St New Plymouth. This was a syndicated offering by NZ Syndication Group, of a commercial property leased to The Warehouse, with 231 share parcels offered to investors at $25,000 each. The syndication was sold down by Tim Lichtenstein and Charlie Oscroft.
Apartments auctioned by City Sales on 10 June:
- 913/22 Nelson St. Heritage Tower. A 30 square metre, furnished studio that was not part of the hotel accommodation pool. Vacant. Sold for $220,000. Rates were $957 and the body corporate levy $4274. According to QV.co.nz the unit was last sold for $130,000 in 2003. The agent was Mike Campbell.
- 1012/27 Union St. Prima at Sugartree. A 66 square metre, two bedroom apartment with balcony and north easterly views over the city to the harbour. This was a brand new apartment in a just completed building and the car park that will come with the unit was not yet finished. It sold under the hammer for $660,000 with a contractual obligation to pay a further $60,000 for the car park when it is completed. Rates around $1100 and the body corporate levy $4485. The agent was Iona Rodrigues.
- 3B/44 Aitken Tce, Kingsland. A 114 square metre, two bedroom unit with a north facing balcony and two car parks. There were multiple bidders for the property but it was passed in for sale by negotiation with a top bid of $550,000. Rates were $1794 and the body corporate levy $5618. The agent was Ivan Tvrdeich.
Below: the view from the balcony of the Sugartree apartment that sold for $660,000, looking towards Victoria Park and the Harbour Bridge.
Below: the interior of the Sugartree apartment that sold for $660,000.
Below: The interior of the Kingsland apartment that was passed in with a highest bid of $550,000.
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