Bayleys Rialto auctions raise $16 million

The sale of the Bendon shop in the Rialto Centre in Newmarket for more than $4 million was among $16.6 million worth of sales from Bayleys’ latest Total Property auctions in Auckland and Wellington.

The 366m² store located on Broadway near the entrance to the Rialto Centre was passed in but sold through James Chan, Bayleys Auckland soon after the auction for $4.3 million, a 7.6% yield to a Hong Kong investor living in Auckland. The outlet is Bendon’s New Zealand flagship store and it recently extended its lease in the Rialto Centre for another four years.

Another substantial auction sale was the Westcare medical centre at 2144 Great North Rd for $3,022,000 at a 7.4% yield, brokered by Mark Pittaway, Bayleys Manukau and Rachael Pittaway, Bayleys Auckland.

Westcare White Cross has the head lease over the 546m² premises on a 2990m^² site from where it operates an accident and emergency medical service. It exercised the first of two six-year rights of renewal in 2009.

The Pittaways were also involved in the sale of the Maraetai service station on a 2368m^² corner site at the entrance to Maraetai for $1.7 million at an 8% yield.

Two tyre outlets marketed by Tony Chaudhary and Ben Bayley of Bayleys Manukau attracted strong bidding. A Bridgestone outlet, trading as Tony’s Tyre Service, on an 832m² site at 4 Weymouth Road, Manurewa sold for $755,000 at a 5.96% yield. The 335m² building, near the intersection with Great South Rd, was recently purpose built for the multinational tyre giant and has a six-year lease to Bridgestone New Zealand until April 2017.

A 440m² Firestone outlet at 100G Wiri Station Rd, on the fringe of the Manukau city central business district sold for $810,000 at a 6.8% yield.

A 141m² character building on a 114m² site in central Birkenhead leased to Ashore Fine Foods sold for $510,000, at the firmest yield of the day of 4.9%, through Christina Heaven and Claire Rawkins of Bayleys North Shore Commercial.

Three vacant or semi vacant properties also sold at the Auckland auction, one to a developer, the other two to owner occupiers.

In Wellington, five properties sold at the Total Property auctions. A 504m² warehouse, workshop and office building on 1059m² site at 127 Hutt Road, Kaiwharawhara, Wellington sold for $1.35 million at a 9.6% yield through Colin Hodge, Bayleys Wellington. It is leased to Hynds Pipe Systems for six years from October 2010. A 896m² warehouse at 57 Hutt Road, Thorndon sold for $1.3 million at an 8.1% yield. It has a nine-year lease to Capital Scaffolding until 2018.