Seven fall under hammer in Manukau

Unit D at 166 Harris Rd, at one of the busiest intersections in East Tamaki, sold prior to auction for $1.25 million. Photo / Supplied

Seven properties in a portfolio of Manukau and Counties commercial and industrial properties put up for auction by Bayleys Manukau have been sold so far.

Dave Stanley, Bayleys Manukau sales manager, said there was good bidding across most of the offerings at the auction, which was held in Bayleys' East Tamaki offices. Negotiations are continuing on three other properties that were passed in.

Stanley says there is still a good level of owner-occupier activity in the market. Investors also remain active, although they are selective and are focusing on good quality properties in strong locations, he says.

"We're finding there is good interest in investment properties up to around the $1 million mark. Tenant activity has also picked up, particularly for leases of less than $100,000 per annum."

A 701sq m office, showroom and high-stud warehouse with two roller doors, located on a prime corner site at the junction of Ti Rakau Drive and Harris Rd in East Tamaki, fetched the highest price selling prior to auction for $1.25 million at an 8.1 per cent yield after being marketed by John and Ash Bolton and Tony Chaudhary.

The current tenant in Unit D at 166 Harris Rd has occupied it since 1996 and has a three-year lease until February next year. John Bolton says the unit is located on one of the busiest intersections in East Tamaki with up to 40,000 vehicles passing by each day. It produces a net annual rental income of $97,500.

Three high-profile car yard sites with development potential were sold to owner-occupiers. A former 1250sq m car yard site at 65 East Tamaki Rd in Papatoetoe, up for mortgagee auction, was also sold prior to auction for $735,000 by Tony Chaudhary and Stanley. Chaudhary says it has a Business 2 zoning and has a prominent main road profile.

Two other car yards in Great South Rd, Manurewa, sold under the hammer through Chaudhary and Shane Snijder. A 911sq m site at 280 Great South Rd fetched $351,000 while a 1012sq m site at 300 Great South Rd went for $355,000.

Among a number of vacant buildings to sell through the auction were two new 101sq m industrial units at 18 Lambie Drive in Manukau, marketed by Brice Clark and Ash Bolton, which sold to the same investor at a total of $420,000. A 182sq m empty warehouse unit at 10 Dent Pl, Papakura, was sold for $230,000 to an owner-occupier by Ash Bolton, Peter Miginouf and Mike Ashton.