Three big CBD site sales
Longstanding Bayleys Auckland agent Nigel NcNeill has concluded three sales of Auckland CBD development sites for $15.65 million. The largest, undertaken with Bayleys Auckland colleague Colin McKenna, was $6.7 million for a 1330 sq m site with a one-level 1162 sq m warehouse split into two tenancies at 163-165 Beach Rd. The sale price equated to a land value of $5058 per sq m and a 3.5 per cent yield on holding income from the two tenancies. The current SMA2 zoning will be enhanced under the Proposed Auckland Unitary Plan (PAUP) with a height limit of 30 metres and four to one site coverage. McNeill also sold a 245 sq m site at 29 Beach Rd with the same zoning, but an increased height limit of 50 metres under the PAUP, for $2,550,000 at a land value of $10,408 per sq m. The purchaser intends to upgrade a three level 609 sq m commercial building which has short term tenancies The third transaction concluded by McNeill was the eight level 2556sq m Tasman House office building on a 410 sq m SMA2 zoned site at 16-22 Anzac Avenue which sold for $6.4 million at a 6.1 per cent yield. McNeill says the purchaser plans to redevelop the property, which has a mix of short term tenancies and one vacant floor, into either upgraded office space or student accommodation.
Whangaparaoa development land
A 4014 sq m bare development site at 85-89 Brightside Rd, Stanmore Bay, Whangaparaoa, has been sold for $2.25 million by Ellie Martin and Euan Stratton of Colliers International.
Tauranga office and showroom
