Bayleys’ latest Total Property auction results saw demand for investment assets, particularly retail, mixed-use and industrial properties with secure leases or development potential. Auckland retail and development sites performed well, regional office and retail assets sold at competitive yields and industrial properties in Wellington and Christchurch attracted buyers, reflecting confidence in resilient sectors.

 

AUCKLAND

Unit A9, 1-3 Red Hills Road, Massey: A 156sqm retail unit in the Red Hills Convenience Centre, a neighbourhood service complex located in Auckland’s fastest-growing region, has sold for $1,090,000 at a 5.16% yield. A dental clinic occupies the premises with an eight year lease to 2041 plus 4x8yrRoR, and preferable terms, including rent reviews to 3% annually. (Peta Laery, Bayleys North Shore; Beterly Pan, Bayleys Northwest)

Unit B4, 1-3 Red Hills Road, Massey: A 178sqm retail unit in Auckland’s burgeoning Northwest region, at the junction with main arterial Don Buck Road, has sold for $1,450,000 at a 4.84% yield. The store is one of 12 in a neighbourhood retail block and is occupied by a convenience store on an initial eight year lease term plus 3x6yrRoR. (Peta Laery, Bayleys North Shore; Beterly Pan, Bayleys Northwest)

43 Morningside Drive, St Lukes: A residential development site spanning 697sqm in Business – Town Centre zone has sold for $2,050,000 returning $28,600 gross pa from a periodic tenancy. Development-friendly zoning provisions include mixed-use intensification to 18m. The property is bordered to the rear by a commercial strip of businesses, including a legal practice, trade providers and a skincare clinic. (James Were, Bayleys Auckland Metro Markets)

345 New North Road, Kingsland: Two mixed-use buildings totalling 237sqm plus four car parks have sold for $1,300,000 at a 7.65% yield. The 372sqm site on a key arterial linking Auckland’s CBD with its western suburbs is zoned Business – Mixed Use and features a 21m height overlay for future development. A chiropractor and residential tenant occupy the premises with varying lease arrangements. (James Were, Phil Haydock, Bayleys Auckland Metro Markets)

WAIKATO/BAY OF PLENTY

19-31 Arawa Street, Matamata: A regional office complex totalling 1,143sqm on a prominent 2,584sqm site in Commercial Business zone has sold for the first time in more than 50 years, fetching $2,725,000 at a 7.17% yield. Fully tenanted, the property sustains five businesses and a leased cell tower, with anchor tenant Edmonds Marshall Lawyers occupying the premises since its construction. Lease terms range from two to six years, with renewal options extending some tenancies to 2038. The property features two buildings with dual seismic assessments of 45% and 100% of NBS, respectively. (Brendon Bradley, Ryan Bradley, Lynn Bradley, Bayleys Tauranga)

26 Albert Street, Whitianga: A prominent coastal town retail block on a corner site of 508sqm in Pedestrian Core zone has sold for $1,470,000 at a 7.11% yield. Two adjoining two-level premises totalling 740sqm are occupied by four tenants, including the town’s most popular fish and chip shop with a lease to 2030 plus 1x5yrRoR, and a branch of home building franchise GJ Gardner. The property, which has a seismic assessment of 70% of NBS, is positioned to benefit from local growth in the region, including council-led civic infrastructure projects set to enhance the town centre. (Josh Smith, Bayleys Hamilton)

LOWER NORTH ISLAND

Unit 9, 8 Kapiti Lights, Paraparaumu: A 923sqm commercial complex with 42 car parks in the bustling Kapiti Lights precinct has sold for $3,100,000, offering a potential net yield of 9.91%. The principal tenant, the Black Stag sports bar, occupies 56% of the premises on a 10-year lease through June 2032, generating a net annual rental of $139,560. The remaining space on the high-profile 3,352sqm site is currently vacant. (Simon Butler, Johnny Curtis, Bayleys Wellington)

28 Montgomery Crescent, Clouston Park, Upper Hutt: A 590sqm industrial premises with three car parks has sold for the first time in 30 years at $888,000, returning $53,500 gross pa from a periodic tenancy. Comprising a high-stud workshop adjoined by a showroom, reception and mezzanine floor for additional storage on a 774sqm site in General Industrial zone. (Christian Taylor, Liam Sherlock, Bayleys Wellington)

Unit 9, 55 Percy Cameron Street, Avalon, Lower Hutt: A vacant 175sqm industrial unit plus one car park in the Avalon Business Park sold post-auction for $650,000, reflecting a net yield of 5.78% based on estimated market rent. The 270sqm site sustains a two level building with a contemporary mix of partitioned and open-plan office accommodation on the first floor, amenities and a partially racked high-stud warehouse below. The property is supported by a rear yard and concrete forecourt for additional vehicle parking. (Oliver Hourigan, Paul Cudby, Mark Sherlock, Bayleys Wellington)

SOUTH ISLAND

11 Lunns Road, Middleton, Christchurch: A 987sqm industrial premises with a 67% seismic assessment and 14 car parks has sold for $2,150,000 at a 5.74% yield. The 1,500sqm site zoned Industrial Heavy features 800sqm of warehousing, 187sqm of offices and amenities, and a large yard for container storage and onsite car parking. Kitchen manufacturer Stainless Kitchens Pacific Christchurch occupies the property with a lease to January 2027 plus 3x2yrRoR. (Nick O’Styke, Benji Andrews, Bayleys Christchurch)