Nine rare commercial sites in Hobsonville Point have been snapped up by investors.
Part of the Brickworks development, the commercial properties are located in the heart of Hobsonville Point and are positioned to capitalise on the rapid growth planned for the suburb.
Over the next eight years, 4,500 to 5,000 houses will be built, bringing the total population up to 11,000.
Commercial specialist Isaac Tankard, of NAI Harcourts North Shore Commercial, says Hobsonville Point is one of the most talked about residential developments in New Zealand and it was inevitable there would be a lot of interest in the commercial properties.
“The chance to buy reasonably priced properties in a sought after area is not common in Auckland. This was a great opportunity and investors stepped forward.”
Each of the nine properties are currently tenanted, with annual rents ranging from $32,713 to $59,707 per annum.
The highest price reached was $2,510,000 for a property tenanted by a pharmacy and medical centre.
Yields were between 4.71% - 5.21%, which is a reflection of investor confidence in Auckland market, says Tankard.
“These properties will provide their owners with a long lease terms and a solid return on their investment. Commercial properties located within an area of controlled competition will only go up in value over time.”
All of the properties had multiple bidders and were sold under the hammer.
The Brickworks is on the main arterial road through the area. It is a four-storey mixed use complex, completed in mid-2015 and comprising 11 commercial tenancies and 60 residential apartments.
A 20-minute drive from Auckland’s CBD, Hobsonville Point is located on a peninsula overlooking the Waitemata Harbour. Until recently it was a military defence base, but is now being developed into residential housing for Aucklanders.
The development will take at least 10 years, with the project facilitated by the Hobsonville Land Company, a subsidiary of Housing New Zealand.
Unit 1, 88&99/160 Hobsonville Point Road
Tenants: Convenience store, ATM, dog wash
Floor area: 84.71sqm
Units 2B/160 Hobsonville Point Road
Tenant: Dental practice
Floor area: 123.88sqm
Unit 3A/160 Hobsonville Point Road
Tenant: Pharmacy and medical centre
Floor area: 275sqm
Unit 5/ 160 Hobsonville Point Road
Floor area: 118.34sqm
Unit 4/160 Hobsonville Point Road
Tenant: Sushi restaurant
Floor area: 68.25sqm
Unit 6/160 Hobsonville Point Road
Tenant: Indian restaurant
Floor area: 118.34sqm
Unit 7/160 Hobsonville Point Road
Tenant: Pizza and burger takeaways
Floor area: 69.04sqm
Unit 2A/160 Hobsonville Point Road
Tenant: Beauty and nail salon
Floor area: 84.7sqm