A 109sq m restaurant with a 20sq m courtyard at 160 Symonds St was auctioned by James Were and Scott Kirk of Bayleys Auckland for $720,000, representing a 7.6 per cent yield. The property is occupied by the Sakanaya Japanese restaurant which has a five-year lease from November 2009. Arent review is due in November and two-yearly after that, with one five-year right of renewal. The unit is part of a recently completed multi-storeyed, mixed-use complex.
New Lynn car yard
A high-profile 569sq m site with redevelopment potential on the corner of Great North Rd and Taurakina St in Grey Lynn, sold for $1,190,000 under the hammer through Mark Sun and Phill Priestley of Bayleys Auckland. Part of the property, which was sold with vacant possession and has a mixed-use zoning, has been used as a car yard and there is also a 224sq m two-storeyed brick and tile bungalow.
Forest Hill retail unit
Also auctioned for $226,000 was a 71sq m retail unit at 45 William Souter St, Forest Hill, marketed by Nicolas Ching, Bayleys Auckland and Damian Stephen, Bayleys North Shore. It has a well-established bakery tenant on a seven-year lease from July 2009, with two-yearly rent reviews, and sold at a 6.9 per cent yield.
Healthy Greenlane sale
Michael Greer of Barfoot and Thompson's City Commercial Office has sold Unit E at 321 Great South Rd, Greenlane, to an older private investor couple for $1,150,000 representing a yield 10.6 per cent. The 588sq m office is a freehold strata unit in a complex of four office units and includes 14 car parks on site. It produces a net rental of $122,000 per annum and is fully leased with two tenancies involved in the health industry.
