Press Release – Bayleys Neighbouring freehold sites housing a rich mix of commercial tenants in an Auckland growth hotspot have been put up for sale, offering diversified income plus significant future development potential. img src ”https://img.scoop.co.nz/stories/images/2104/0edc95e280b076884101.jpeg” …
Neighbouring freehold sites housing a rich mix of commercial tenants in an Auckland growth hotspot have been put up for sale, offering diversified income plus significant future development potential.
The two properties on adjoining titles on Apirana Avenue, Glen Innes, are zoned for intensive development in the fast-growing suburb’s town centre.
Three buildings on the sites are fully leased to tenants ranging from a major charity shop and leading fruit retailer to an acupuncturist, a printing and photography shop, a café and a chocolatier. Seven tenancies return combined net rental income of $350,782 plus outgoings and GST per annum.
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Business Scoop » Glen Innes Sites Offer Rich Tenant Mix Plus Future Development Options
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Press Release – Bayleys
A continuing contraction of investment property yields and a good level of demand for well located tenanted and vacant premises were features of Bayleys’ final
Total Property auction for the year.
Bayleys’ Auckland commercial and industrial director Lloyd Budd says the sale of a variety of tenanted offerings at net rental income returns of below or around five per cent confirm that yields are continuing to track interest rates down.
“Bank deposit rates have dropped significantly in recent months to below one per cent which opened up a bigger yield gap with commercial property returns than has existed for some time. However, our latest auction results show that property yields are now also adjusting downwards again and this may well continue into the New Year,” Budd says.