First commercial property portfolio of 2018

Barfoot & Thompson Commercial has kicked off the new year by launching a portfolio of 19 properties on the market.

Agency manager John Urlich says the first Insite publication for 2018 contains a spread of properties across the Auckland region including, Albany, Henderson, Howick and the central suburbs of Auckland.

“Six of the properties will be sold by auction, seven by tender, four by deadline private treaty and two by negotiation,” Urlich says.

A portfolio feature is the sale of three individual commercial character villas in the double Grammar zone in upmarket Parnell.

“Buyers have the flexibility to purchase one, two or all three properties,” says Andrew Clark who, with colleague Graeme McHoull, is marketing 532-536 Parnell Rd for sale by tender closing at 2pm on Friday, February 9, unless they are sold earlier by negotiation.

“Buying one would make an ideal live/work property for an owner occupier; while the purchase of two would allow the buyer to develop the second one or hold it as an investment property.” Clark says. “Purchasing all three would make an ideal land bank investment for a future mixed-use development.”

Clark says the three villas, all constructed in the early 1900s, are on separate freehold titles zoned Business Mixed Use which allows for an 18m height limit including 2m for the roof. Combined they occupy a high profile 1932sq m corner site towards the Newmarket end of Parnell Rd, directly opposite the Jubilee Building and generate net annual income of $323,678 plus GST.

The single level villa on a 658sq m site at 532 Parnell Rd, on the corner with Cowie St, has a net lettable area of 115sq m. An adjoining building included in the property was built in the 1980s and has a net lettable area of 255sq m making for a combined building area of 370sq m.

777-779 New North Rd and 2A Wairere Ave, Mt Albert. Photo / Supplied

The property, which encompasses 12 car parks, is leased to three separate tenancies, Releaseworks Limited, John Barrett-Boyes solicitor and Eastside Studio; and generates total net annual rental income of $135,400 plus GST.

The second single level villa on a 637sq m site at 534 Parnell Rd has net lettable area of 130sq m. It also has freestanding storage shed of 12sq m and parking for eight to 12 cars.

The property is leased to Parnell Veterinary Clinic for $83,000 per annum plus GST.

Fashion designer Trelise Cooper is the tenant in the third villa at 536 Parnell Rd paying $105,278 a year plus GST. The villa has a net lettable area of 290sq m comprising an original area of 210sq m with an additional 80sq m of showroom and storage added in the 1980s. The 637sq m site encompasses space for the parking of eight to 10 cars.

Another Auckland suburban property comprising three separate freehold titles is for sale in Mt Albert’s retail precinct.  

Reese Barragar is marketing 777-779 New North Rd and 2A Wairere Ave for sale by tender closing at 2pm on February 22 unless sold earlier by negotiation.

57 O’Rorke Rd, Penrose. Photo / Supplied
“These are three entry level standalone properties, with a combined building area of 183sq m on 266sq m of land,” Barragar says.
Lot 1 at 779 New North Rd is 94sq m, Lot 2 at 2A Wairere Ave is 83sq m, and Lot 3 at 777 New North Rd is 89sq m.
A laundromat occupies 60sqm, a vacant shop is 63sqm and a 60sq m residence is located above them. Four stacked open car parks are at 779 New North Rd on vacant land.
“There is upside to add value with one shop vacant and the laundromat on a casual month-to-month lease,” Barragar says. “Currently the property earns $47,322-56 annually, but fully leased as-is, it has the potential to earn market income of $79,000 per annum plus GST.”
The land is zoned Neighbourhood Town Centre under the Unitary Plan with a maximum allowable height of 13m and a range of permitted activities including residential, commercial, retail, food and beverage outlets, offices and healthcare facilities.
Among the industrial offerings in the new portfolio is another multi-titled freehold property in Penrose at 57 O’Rorke Rd.
Comprising two freehold titles zoned Heavy Industrial, the 1619sq m property has a total building area of 1138sq m comprising 748sq m of warehouse that could be split into different tenancies and 390sq m of refurbished office/showroom space.
16 and 18 Gills Rd, Albany. Photo / Supplied

"Fieldline Limited, which has been in operation since 1975, currently leases the building for $156,000 plus GST and outgoings annually,” says Nick Wilson who, with colleague James Marshall, is marketing the property for sale by deadline private treaty closing at 2pm on Wednesday February 14, unless it is sold earlier by negotiation.

“However, Fieldline is willing to sign a new lease on terms flexible terms to the purchaser - offering a market rental of $160,000 per annum plus GST,” Wilson says. “The new lease could also be a short one if desired by the buyer – making this an opportunity for an owner-occupier.

Marshall says the building has been refurbished throughout with new Colorsteel roof installed in 2016. 

“It is container friendly with multiple access points onto the site and roller door access to the warehouse – along with security fencing around the whole property and a verbal agreement in place to park at the rear.”

Another industrial property, also on two freehold titles, is for sale across the harbour bridge at Albany.

Gary Seekup and Bruce Jiao are marketing the warehouse and office complex at 16 and 18 Gills Rd for sale by auction at 12pm on Thursday, March 8, at the agency’s North Shore Commercial office in Takapuna, unless it is sold prior.

“The sale presents the opportunity to purchase one or both freehold industrial properties, positioned side by side,” Seekup says. “The combined net annual return is $120,000 plus GST.”

Two building areas of 481.6sq m and 531.1sq m combine to give an area 1012.7sq m; while the two sites of 1186sq m and 1174sq m provide a total land parcel of 2360sq m which allows for a large sealed yard area.

Zoned Light Industrial under the Auckland Unity Plan, the properties are presently owner-occupied. On settlement, the present owner Gills Investment Ltd, will lease each property individually, for $60,000 per annum plus GST for a one-year term, commencing on the settlement date with no rights of renewal.