Provincial assets on key transit routes are proving popular with well-capitalised purchasers while building owners hold on tight to their properties in larger cities. Growth across Waikato and Bay of Plenty continues to be a catalyst for investment, with future development sites, particularly those with industrial zoning, emerging as the current property of choice

 

WAIKATO/BAY OF PLENTY

6 Victoria Street, Waihi: The land and buildings of the Goldmine Motel, with accommodation comprising 10 ground floor units in various configurations over 500sqm on a 2,493sqm site, sold under the hammer at auction for $1,000,000 at a 7.99% yield. (Josh Smith, Bayleys Hamilton)

1 Bankart Street, Raglan: 564sqm bare land site on the corner with Bow Street, zoned Business under the Operative District Plan, and Town Centre in the Proposed District Plan, sold post-auction for $810,000 at a land rate of $1,436/sqm. The property is offered to the market for the first time in two decades and is positioned to take advantage of local town growth and mixed-use development potential. (Jordan Metcalfe, Rebecca Bruce, Bayleys Hamilton)

Unit 2A, 36 Lake Street, Cambridge: 176sqm commercial unit in the Lakewood Shopping Centre – a modern mixed-use development comprising retail, hospitality, residential and childcare facilities - sold post auction for $1,260,000 at a 5.71% yield. The property is occupied by a national brand franchisee tenant which has a 10 year lease plus 4x5yrRoR. (Josh Smith, Bayleys Hamilton)

60A Victoria Street, Cambridge: Refurbished 31sqm retail premises on the main street in ‘the town of trees and champions’ sold for $355,000 at a 5.62% yield. Benefitting from high exposure to passing vehicles and foot traffic, the bite-sized investment is occupied by an established technology business, which has a three year lease to May 2025 plus 1x3yrRoR. (Willem Brown, Bayleys Cambridge)

Unit PU3, 359 Cameron Road, Tauranga Central: 202sqm office unit plus six car parks in the brand-new Vantage mixed-use development on the corner with Fourth Avenue, sold for $1,680,000 at a 6.01% yield. Comprising 196sqm of architecturally designed open-plan co-working accommodation and meeting rooms with 6sqm of staff amenities, the premises is tenanted by WorkCo, with a six year lease to February 2029 plus 2x3yrRoR. (Brendon Bradley, Lynn Bradley, Ryan Bradley, Bayleys Tauranga)

Unit 14, 34C Tawa Street, Mount Maunganui: 170sqm industrial unit plus one car park in a functional multi-unit development with dual entry/exit points and excellent vehicle manoeuvrability, sold with vacant possession for $950,000. Comprising warehousing, offices and a mezzanine lunchroom proximate to Mount Maunganui’s downtown commercial precinct and busy Totara Street. (Myles Addington, Simon Maxwell, Bayleys Tauranga)

53 Domain Road, Papamoa: 438sqm purpose-built medical premises plus 18 car parks sold under the hammer at auction for $3,020,000 at a 5.96% yield. The architecturally designed facility occupies a freehold site of 1,241sqm including a 22sqm car port and landscaped grounds. Innovative health practitioner Tend Health has a five year lease to June 2029 plus 2x3yrRoR and rent reviews to market biannually from June 2026. (Brendon Bradley, Craig Hilton, Bayleys Tauranga)

1-5 Balmoral Road, Tokoroa: 1.84ha of predominantly vacant industrially zoned land sold post-auction for $1,500,000 returning $375/week from a periodic residential tenancy. The property gains dual access via Browning Street with improvements, including a small residential dwelling located at the rear. (Brendon Bradley, Ryan Bradley, Bayleys Tauranga)

CENTRAL NORTH ISLAND

18 Aratiatia Road, Taupō Surrounds: Industrially zoned development site totalling 8,947sqm sold for $1,600,000 reflecting a land rate of $179/sqm. Predominantly flat, with proximity to major access routes State Highway 1 and State Highway 5, the property is zoned Centennial Industrial Environment, providing future development potential. (Lucy Baxter, Bayleys Taupō)

204 Miller Street, Hastings: 400sqm industrial premises with mixed-use versatility sold with vacant possession for $750,000. Comprising an expansive three bay workshop including mechanical hoist and an adjoining carport, six shipping containers, office facilities and a mezzanine level on a 1,120sqm site in Commercial Service zone. The property has consent for residential use, offering future development potential. (Kerry Geange, Jodie Woodfield, Bayleys Napier)

LOWER NORTH ISLAND

Unit 19, 80-82 Eastern Hutt Road, Taita, Lower Hutt: Road-front industrial premises comprising 180sqm plus four car parks in a business park featuring 20 warehouse/workshop units sold with vacant possession for $280,000. The unit has a secure warehouse/workshop area with a mezzanine office and profile to a key arterial route in a popular industrial precinct. (Bhakti Mistry, Ethan Hourigan, Bayleys Wellington)

305 Jackson Street, Petone, Lower Hutt: Single-level commercial premises comprising open-plan and partitioned office accommodation with a seismic assessment of 71% of NBS sold with vacant possession for $700,000, with a net market rent of $49,708 pa. The building occupies a 290sqm site in Petone Commercial 1 zone with a 10m height overlay, and benefits from a garden at the rear and anterior car parking. (Oliver Hourigan, Paul Cudby, Bayleys Wellington)

32A Montgomery Crescent, Clouston Park, Upper Hutt: 240sqm industrial premises plus 14 car parks sold post-auction with vacant possession for $700,000. Comprising warehousing, offices and amenities on a 608sqm road-front site with drive-around access and concrete yards for parking, vehicle manoeuvrability, and storage. (Bhakti Mistry, Christian Taylor, Bayleys Wellington)

SOUTH ISLAND

447 St Asaph Street, Philipstown, Christchurch: 387sqm industrial unit plus two car parks sold with vacant possession for $640,000. Recently refurbished to reflect a seismic assessment of 70% of NBS, the property features 270sqm of warehousing with LED lighting and electric door access, with 78sqm of offices and amenities plus 39sqm of mezzanine storage. (Simon Lagan, Benji Andrews, Bayleys Christchurch)

16 Halkett Street Central: Christchurch Central: 184sqm industrial premises with a seismic assessment of 76% of NBS, sold with vacant possession for $580,000. Occupying a north-facing position, the building comprises regular-shaped warehousing with electric roller door access and amenities. (Simon Lagan, Benji Andrews, Bayleys Christchurch)

9 John Morten Place, Rolleston, Christchurch: Industrial premises totalling 1,310sqm plus 13 car parks sold for $3,500,000 to a national corporate which plans to carry out a significant fitout for its laboratory operations. Comprising 1,200sqm of high-stud warehousing with a large canopy and 110sqm of office accommodation, the 4,468sqm site has drive-around capability and a surplus yard for storage and manoeuvrability. (Alex White, Stewart White, Bayleys Christchurch)

Unit 4, 25 Hynds Drive, Rolleston, Christchurch: 201sqm industrial unit plus four car parks in the IZone Business Park, sold for $535,000 at a 6.36% yield. One of seven in a corner complex zoned Business 2A, the premises comprises 127sqm of warehousing, 35sqm of office space and 38sqm of reception/amenities. It is occupied by traffic management business Kiwi Traffic Solutions, which recently renewed its lease for a further three years. (Graeme Donaldson, Steven Schwalger, Bayleys Christchurch)