A commercial property at Royal Oak leased to the Wendy's burger chain for 15 years was auctioned by Colliers and sold for $3.755 million, providing its new owners with a net yield of 4.3%.
Other commercial properties auctioned by Colliers and Barfoot & Thompson included a commercial premises on the North Shore and retail premises at Albany, and in the historic Landmark House on Queen St.
See below for full details:
Colliers commercial property auction results:
Land Area: 1,963.00 m2. Floor Area: 289.00 m2. Freehold Site. The property is a newly refurbished Wendy's on a 1963m² freehold site fronting Mt Albert Road and is ideally positioned between Royal Oak Mall, Pak'nSave and Z Energy. Newly Refurbished.
4 car parks. Rent $40,000 pa (annual rental growth). Long established business trading from this property since 2009. Main road location and access from front and back.Part of a well maintained and attractive development. Flexible use, could be showroom, retail, industrial or other.
Floor Area: 90.00 m2. This 90m² (approximately) unit is located on Dairy Flat Highway in a popular retail/office development with residential apartments to the rear. The unit is currently used as a beauty salon. The current Tenant vacates end of May 2016, the layout provides a good fit out for this use with appropriate consents, or fit out can be removed to suit other uses.
Barfoot & Thompson commercial property auction 17 March:
- Unit BA, 187 Queen St, Auckland CBD. A 328 square metre retail premises on the ground floor of the Durham St side of Landmark House. A new 10 years lease in place returning $72,901 net pa, increasing by 4% every two years. There were multiple bids for the property but it was passed in at $900,000. The agents were John Stringer and Kim Loo.
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