Latest commercial property sales and leasing

LEASES

Wellington 

Where: Ground floor, 32 Hania St, Te Aro 

Details: Arjo Huntleigh Ltd leased an industrial warehouse (office 50m², warehouse 200m²; two carparks) for $35,000 a year gross, with rent reviews on renewal, 3x2 ROR, lease maturity notification six months.

Agent: Mark Walker, Bayleys Capital Commercial

Where: 114 – 118 Lambton Quay

Details: Lexel Systems Ltd leased 25m² commercial offcies for $10,500 a year gross ($420/m²).

Agent: Luke Kershaw, Bayleys Capital Commercial

Where: 26 Torrens Terrace

Details: Galatea Holdings Car park Ltd leased a 100m² shop for $30,000 a year for three years, with 1x3 ROR to Wanfang Group Ltd ($300/m²).

Agent: Mark Walker, Bayleys Capital Commercial

Where: Level 6, 57-59 Courtenay Place

Details: The Colonial Motor Company leased 586m² commercial offices for $192,700 gross a year, with five carparks at $65 each a week for nine years from January 2015, with 2x3 ROR with three yearly rent reviews and six months lease notification.

Agent: Luke Frecklington, Bayleys Capital Commercial

Where: 25 Prosser St, Porirua

Details: Safety n Action Ltd leased an industrial warehouse (725.50m² offices, 255.57m² warehouse: 441.73m² mezzanine: 28.20m²; 12 carparks ) for eight years for $86,928 a year ($120/m²) with rent reviews in the fourth year then two yearly.

Agent: Jon Pottinger, Bayleys Capital Commercial

Where: 5 Parumoana St, Porirua

Details: 24/7 Fitness Ltd leased a 540m² building/warehouse/gym plus share of 40 carparks gross for $100,000 a year ($155/m²). The company is to complete its own fitout in return for six months rent-free. The six-year lease comes with 1x6 ROR, final term expiry November 2026, two yearly rent reviews, six months lease maturity notification. 

Agent: Jon Pottinger, Bayleys Capital Commercial

SALES

Auckland

Where: 20D Hannigan Dr, St Johns

Details: A 242m² warehouse with 100m² offices sold for $592,000 on a 4.8% yield. 

Agent: Michelle Kennard, Knight Frank South Auckland

Wellington

Where: Unit 1, 40 Bloomfield Terrace, Lower Hutt

Details: Jon Beere bought the former Toy World premises (418.96m² office (vacant) and 427.67m² showroom) to be used as dental surgery for $1,175,000. It has a commercial retail/office zoning. Avanti Plus remains in the other tenancy ($234/m² rental, $104,696 a year, six-year olease from April 2013, two yearly rent reviews, 2x3 ROR, lease maturity notification six months

Agent: Andrew Smith/John Pritchard, Bayleys Capital Commercial

Where:- 273 Tinakori Rd, Thorndon

Details: The Flick Trust sold a two-level mixed commercial and residential building by tender for $875,000 to RM Longman. The property is tenanted by So You Hairdressing Ltd on an eight year term for $41,600 a year starting August 2010, with 1x4 ROR, final term expiry August 2022, lease maturity notification six months.

Agents: James Higgie/Mark Walker, Bayleys Capital Commercial

Where: 5 Hoffs Place, Porirua

Details: Chris Warren bought a vacant industrial warehouse (494m2 lettable area; 835m2 land) for $600,000.

Agent: Fraser Press, Bayleys Capital Commercial

Where: 119a Port Rd, Seaview, Lower Hutt

Details: Total Access Ltd bought a vacant industrial warehouse (80m² offices, 560m² warehouse, 770m² yard) by private treaty.

Agent: Paul Cudby/Richard Faisandier, Bayleys Capital Commercial

Where:-121 Port Rd, Seaview, Lower Hutt

Details: Total Access Ltd bought a vacant industrial warehouse leasehold interest (70m² offices, 400m² warehouse, 205m² showroom, 1670m² yard; six carparks) by private treaty for $183,000.

Agent: Paul Cudby/Richard Faisandier, Bayleys Capital Commercial

Where: 2/14 Petone Avenue, Petone, Lower Hutt

Details: Kapiti U lock & Store bought for $290,000 on a 9.9% yield a small 270m² industrial warehouse (tenanted by Apparel Master Wellington on a four-year lease starting February 2013 for $37,500 a year; with final term expiry: January 2025; rent reviews on renewal; ROR: 2 x 4; lease maturity notification: 12 months).

Agents: Matt Gibbs, John Pritchard, Bayleys Capital Commercial

Where: Level 2, Panama House, 22 Panama St 

Details: Ozven Zdunic bought Level 2 (176m²) of a well-maintained vacant leasehold eight-story building in a great CBD location in an off-market transaction for $160,000. The very tidy commercial office floor has a good existing fitout. Cap rate was 8.775%.

Agent: Luke Kershaw, Bayleys Capital Commercial

Where : 215 Main Highway, Otaki

Details: A trust bought a modern-style single level retail 540m² building comprising four tenancies and an ATM machine located on a prime corner site with $152,000 rental a year within Otaki Railway Precinct for $1,380,000. The tenants are Pagani Clothing (175m² for two years, with 2x1 ROR from February 2013 for $45,000 a year); Katie Brown Glass (102m² for one year from March, with 2x1 ROR for $37,000 a year; Planet Retro 76m² two years from February 2012, with 1x2 ROR for $17,000 a year; Kumpfs Shoes (Ziera) 187m² for three years starting December 2012, with 1x3 ROR for $45,000 a year; and BNZ ATM machine (six years starting January 2013, $8000 a year).