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Bayleys has launched its biggest portfolio of commercial and industrial properties ever with the release this weekend of its final Total Property portfolio for 2007 containing over 170 properties for sale from around New Zealand.
"Our pre-Christmas portfolio is traditionally a very popular one with both sellers and buyers, but this is the largest commercial and industrial portfolio ever produced in the nearly 20 years that Bayleys has been putting together these sorts of offerings," says Mike Bayley, managing director of Bayleys Real Estate.
The latest portfolio contains a number of "blue chip" offerings, with tenants including banks, national retailers and government departments. It also includes semi-vacant or vacant premises and land offerings in a market where well-located development sites are in increasingly short supply.
One of these is a prime 5.3ha site with frontage on to Lincoln Rd and Central Park Drive, Henderson. It is being used for a vineyard but is likely to be redeveloped for business accommodation in an area very short of commercial development land.
There are also a number of large retail properties in the portfolio. A 4894 sq m Briscoes Homeware outlet in the Harvey Norman Centre at Mt Wellington is one of these. Briscoes has a lease running through until 2016 at a current net annual rental income of $630,000. It is being marketed by Jack Downer and Geoff Graham of Bayleys Auckland Central by international tender closing December 5.
Also up for tender and closing on the same day are 10 shops in the Kelston Convenience Centre in West Auckland being offered for sale as one lot. James Chan, marketing the property with Quinn Ngo, says the block of shops has substantial exposure to Great North Rd and is producing annual rental income of just over $477,000.
A number of retail outlets in the Hub bulk retail centre on Ti Rakau Drive in Botany Downs are also for sale. One of these is a 1128 sq m outlet, with three tenants on one title. It is occupied by Resene Paints, Town & Country Furniture and Authentique Interiors. It is producing net annual rental income of $309,900.
The units, which are being marketed by Stuart Bode and Gordon Gibson, will go under the hammer along with a wide selection of other offerings in Bayleys Auckland Central auction rooms on December 5.
Also up for auction on the same day is a 2963 sq m office and warehouse building occupied by NZ Customs located in Brigade Rd, Airport Oaks. It has a nine-year lease to the Crown from 2002, and is producing net annual rental income of just under $270,000 a year.
Mark Pittaway of Bayleys Manukau says the property, which encompasses 4964 sq m of land, is strategically located within the popular Airport Oaks industrial precinct near the airport and has a rent review in July next year.
The portfolio is one of four Total Property portfolios Bayleys produces each year. Mike Bayley says much of the longevity and success of the agency's commercial and industrial portfolios can be attributed to the fact that they provide investors, developers and owner-occupiers with one of the most comprehensive selections of properties in the marketplace.
