A challenging year was marked by determined sales activity at the close of 2024, which saw the greatest interest at auction in investment-grade assets priced below $5 million, triggered by a reduction in interest rates. These sales suggest a continued appetite for well-priced properties, particularly in stable and high-demand sectors.

 

AUCKLAND

23 Glenvar Ridge Road, Long Bay: A freehold site totalling 1.34ha with dual road frontage has sold on an ‘as-is, where-is’ basis for $200,000, exceeding its declared auction reserve of $100,000. The property, impacted by Cyclone Gabrielle, consists of undeveloped land and a bush gully, held under a single title. It features dual zoning; Residential – Single House and Residential – Large Lot, and includes a portion of covenanted native bush. (Layne Harwood, Bayleys Auckland Central; Michael Nees, Bayleys North Shore)

1056 Beach Road, Torbay: A commercial retail block comprising four tenancies with a total floor area of 295sqm has sold for $2,200,000, achieving a 5.31% yield. The 889sqm site, located in a Business – Local Centre zone, enjoys high exposure on Beach Road, the main route linking the Torbay Village with Browns Bay and the entrance to Long Bay. Tenants include a restaurant, hairdresser, sushi shop, and roast takeaway, each operating under varying lease arrangements. The property offers designated customer parking at the front and additional parking via a rear service lane. Its position next to a Four Square Supermarket and other key village amenities offers a steady flow of visitation. (Michael Nees, Matt Mimmack, Bayleys North Shore)

Unit 1, 18-22 Clark Street, New Lynn: A standalone warehouse with a 5.5m stud height totalling 400sqm and seven car parks has sold with vacant possession for $1,585,000. The property was marketed successfully for the first time in nearly 40 years in a campaign that benefitted from its desirable location proximate to LynnMall Shopping Centre, the New Lynn Transport Hub, and the State Highway 16 motorway. (Beterly Pan, Ankur Dakwale, Bayleys Northwest)

35 Morningside Drive, Morningside: A versatile 649sqm warehouse/office with 10 car parks has sold with vacant possession for $2,625,000. The 585sqm site in Business - Mixed Use zone features wide frontage to Morningside Drive – an arterial route connecting the retail hub of St Lukes with suburbs Morningside and Kingsland. The property comprises 310sqm of high-stud warehousing accessible via rear roller doors and road-facing offices. (Grant Magill, Mike Adams, Bayleys Auckland Central)

Unit 1, 41 Trugood Drive, East Tāmaki: An industrial investment totalling 867sqm with 12 car parks on the corner with Cryers Road has sold for $3,100,000, achieving a 5.56% yield. The property features 576sqm of high-stud warehousing and 300sqm of offices/amenities with an accessible concreted yard. The tenant – in occupation since 2008 – has a current lease term to June 2025. (Mike Adams, Bayleys Auckland Central; Tim Bull, James Hill, Bayleys South Auckland)

WAIKATO/BAY OF PLENTY

66 and 70 Belmont Road, Paeroa: A multi-tenanted commercial property totalling 430sqm with dual frontage to Willoughby Street has sold for $390,000, reflecting a 10.66% yield. The 804sqm site benefits from central positioning on Paeroa’s main road and is occupied by three longstanding tenants, including a Chinese takeaway, a fruit shop, and a communications provider, which have varying lease arrangements. (Josh Smith, Bayleys Hamilton)

57 Aerodrome Road, Mt Maunganui: An industrial premises totalling 440sqm configured into four units has sold part-occupied for $1,500,000. The 961sqm site is fully fenced with front and rear yard spaces for the road-facing and rear units. (Craig Hilton, Bayleys Tauranga)

56 Sunshine Avenue, Te Rapa: Versatile premises offering a mixture of offices and shedding totalling 170sqm has sold with vacant possession for $836,000 including GST. The 1,012sqm site is zoned industrial and features a gravelled yard with car parking offering future redevelopment potential. (Rebecca Bruce, Jordan Metcalfe, Bayleys Hamilton)

174 Collingwood Street, Hamilton: Medford House - a distinctive commercial property rebuilt in heritage style in 2023 has sold for $1,540,000, achieving a 5.25% yield. The 584sqm site features car parking at the front, and rear access via a service lane, enhancing access for the tenant - Lumino The Dentists – which occupies the property on a current six year term. (Josh Smith, Bayleys Hamilton)

85 Tristram Street, Hamilton Central: A versatile 220sqm commercial unit tenanted by international gym chain F45 Training with a new lease and annual rental increases, has sold for $805,000, achieving a 6.83% yield. The property’s appeal has been supported by its location within a growing business hub, enhanced by the recent completion of new premises for ACC and its proximity to prominent neighbours, including Harvey Norman and Heathcote’s. (David Cashmore, Luke ten Hove, Alex ten Hove, Bayleys Hamilton)

Unit 15, 20 Clyde Street, Hamilton East: A 110sqm retail unit located in the Clyde Street Shopping Centre has been sold to an investor for $505,000, reflecting a yield of 6.52%. The property features shared car parking and a lease to an ethnic grocer – in occupation since 2007. It is positioned to benefit from new development nearby, including the recently completed market retail and eatery hub ‘Made’. (Rebecca Bruce, Jordan Metcalfe, Bayleys Hamilton)

Units A, B, C and D, 2 Tralee Place, Hamilton: Four two-bedroom units totalling 280sqm with car parking for eight vehicles, located less than 100m from the University of Waikato campus has sold for $1,484,500, achieving a yield of 5.64%. The 672sqm site features a two-level apartment block in Residential- High Density zone, offering significant future development potential given proximity to the CBD, university amenities, and transport links. (David Cashmore, Bayleys Hamilton)

14-18 Tuhoro Street, Otorohanga: A 300sqm commercial property occupied by a branch of the Veterinary Enterprises Group, which has 17 clinics across New Zealand, has sold for $1,170,000, achieving a yield of 6.50%. The 807sqm site is located on the corner with Turongo Street, supporting building exposure, while a good portion of yard on the western side is utilised as client and staff car parking. (Josh Smith, Bayleys Hamilton)

40 Marguerita Street, Fenton Park, Rotorua: A modern industrial property in Rotorua’s agricultural support services hub, purpose-built in 2014 for Fonterra subsidiary Farm Source has sold for $3,700,000, achieving a 5.89% yield. The 1,009sqm site is in Industrial Zone 1 and features a large showroom/retail area with offices, warehousing and a substantial concreted yard for loading and customer car parking. Farm Source has three years left to run on an initial lease term with rights of renewal to 2030. (Mark Slade, Brei King, Damien Keenan, Bayleys Rotorua)

LOWER NORTH ISLAND

11 Power Street, Levin: A workshop comprising warehousing with mezzanine storage and a road-facing retail showroom has sold with vacant possession for $530,000 and a potential net rental of $45,800 pa. The site features a large wraparound yard for storage, car parking and vehicle manoeuvrability. (Simon Butler, Johnny Curtis, Bayleys Wellington)

SOUTH ISLAND

37 Parkhouse and 26 Jipcho Road, Wigram, Christchurch: An ex-service station with a seismic assessment of 67% of NBS and 19 car parks utilised as quick service retail has been sold for $1,475,000, achieving a 4.75% yield. The 1,939sqm corner site zoned Industrial Heavy features a large open-plan dining room, commercial kitchen, additional retail showroom and a large forecourt with car parking occupied by one long-standing tenant. (Stewart White, Alex White, Bayleys Christchurch)

80 Hayton Road, Wigram, Christchurch: An integrated industrial property comprising high-stud warehousing, a modern showroom and office facilities with a concrete car parking lot has sold for $3,500,000, achieving a 5.57% yield. Industrial product distributor Russet Engineering Sales occupies the property on a current eight-year tenancy. (Nick O’Styke, Bayleys Christchurch)