"It's been a record year for our offices on the North Shore in Takapuna, Central Auckland in the CBD, South Auckland in East Tamaki and West Auckland in Westgate."
Some notable sales highlights in the last two months include:
North:
• 1/3 and 2/3 Cowley Place, Albany – These two industrial properties sold separately at auction for sharp yields below 4 per cent. Unit 1 sold for $2.55 million, at a yield of 3.45 per cent, while Unit 2 sold for $2.69m, at a yield of 3.67 per cent. The deals were brokered by Janet Marshall, Ryan de Zwart and Matt Prentice of Colliers North Shore.
• 229 Dairy Flat Highway, Albany – A large North Shore investment on a 1.04ha site with A-grade tenants including Massey University, Quest and Auckland Council was sold for $33m million in October, representing a yield of 5.78 per cent. This was one of the largest sales on the North Shore in 2019 and was brokered by Shoneet Chand with Prentice.
Central:
• 21-23 Nixon Street, Grey Lynn – This add-value office building was strategically marketed to a number of investors in an off-market campaign which ended in a multi-offer situation. The property was sold in October for $3.825m. The deal at a 5.44 per cent yield was brokered by Jonathan Lynch and Hamish Paterson.
• 5 Nelson Street, Auckland Central – An add-value standalone office property located on lower Nelson Street, the property lends itself to a future residential conversion or office upgrades with levels added. The property was unconditionally sold off-market for $9.5m, at a 5 per cent yield, in a deal brokered by Adam White and Blair Peterken.
• 2 Princes Street, Auckland Central - An add-value office property on the corner of Shortland and Princes Streets, this property was hotly contested and sold unconditionally upon deadline at $15m. The deal, at a 4.45 per cent yield, was brokered by David Burley, Adam White and Gareth Fraser.
South:
• 53 and 65 St George Street, Papatoetoe – This retail investment property sold unconditionally for $6.1m. It comprises 10 retail tenancies, spread across two newly refurbished retail buildings on either side of the public plaza, on three freehold titles offering 35m of frontage to St George Street. The deal was brokered by South Auckland Director Matthew Barnes, Chris Wakim and Chris Farhi.
West:
• 15-19 Fernhill Drive, Westgate – A freehold retail development with adjoining childcare centre was sold to a private investor for $9.916m. The deal was brokered by West Auckland Director Josh Coburn, with Prentice and Chand.
• 141 Central Park Dr, Henderson – A freehold site occupied by Carters Building Supplies was sold for $11.65m at a yield of 4.77 per cent. The deal was brokered by Coburn, Prentice and Chand.
Fraser says he expects the strong level of activity across Auckland to continue.
"We can expect much of the same over the next 12 months, particularly given the ongoing low interest rate environment, unprecedented off-shore demand and many previously residential investors converting to commercial property due to factors such as residential tenancies becoming very tenant-biased and changes to ring-fencing tax legislation.
"Vendors will benefit from strong enquiry, and good quality properties will sell really well."
