Total Property Issue 3 2026 auction results

Bayleys’ latest Total Property auction results suggest investors continue to prioritise income security with strong demand evident for assets leased to national and essential service occupiers. Buyers remain willing to pursue opportunities offering future upside through rental growth, repositioning potential or flexible zoning, reflecting a market that is increasingly focused on both cashflow and long-term value creation.

NORTHLAND

118 Cameron Street, Whangārei Central: A high-profile commercial premises with triple street frontage has sold for $3,200,000, reflecting a 5.94% yield after the auction was brought forward following significant buyer interest and an acceptable pre-auction offer. Occupying a 2,372sqm site, the property comprises a 1,354sqm trade showroom, warehouse and storage facility, supported by wraparound car parking and dual vehicle access points. The investment is underpinned by a recently commenced six year lease to March 2031 with national electrical wholesaler J.A. Russell. (Daniel Sloper, Nigel Ingham, Bayleys Whangārei)

AUCKLAND

Unit 2, 115 Felton Matthew Avenue, St Johns: Investor demand for convenience-based retail assets was reflected in the sale of this Meriton East shopping centre unit for $1,360,000, at a 5.37% yield. The 212sqm property is underpinned by a long-term lease to a national liquor retailer, which has a current 10 year term and 2x5yrRoR. Located within an established retail development anchored by Carl’s Jr, Jetts Fitness and adjacent to Woolworths, the asset has delivered uninterrupted occupancy since 2012. (Matt Lee, James Chan, Bayleys Auckland Central; Tony Chaudhary, Bayleys South Auckland)

521A Rosebank Road, Avondale: An industrial investment with future rental upside has sold for $2,000,000, reflecting a 4.99% yield. The 522sqm property occupies a sought-after position within the Rosebank Road industrial precinct and comprises high-stud warehousing, offices and showroom space leased to a sign manufacturer and graphic design firm. The sale was supported by clear reversionary potential, with an independent rental assessment indicating market rent above the current passing income, equating to a potential yield of 5.72% on the sale price. (Mark Preston, Alister Hitchcock, Bayleys Northwest)

WAIKATO/BAY OF PLENTY

9 Ngati Maru Highway, Kopu: A significant rural retail investment totalling 647sqm has sold for $2,420,000, reflecting a 5.65% yield. Comprising a retail showroom, high-stud warehousing and staff office and amenities over two levels, the asset occupies a 3,568sqm site with prominent frontage to a key arterial route south of Thames. Fonterra subsidiary, Farm Source, occupies the premises on a current three year lease term plus 4x3yrRoR. (Josh Smith, Bayleys Hamilton)

15 Macdonald Street, Mount Maunganui: A multi-tenanted industrial investment has sold for $2,850,000, at a 5.42% yield. The property comprises a 945sqm standalone industrial building on a 1,773sqm site in Commercial zone, configured across three established tenancies. Positioned within one of the Bay of Plenty’s most tightly held business precincts, the asset benefits from proximity to key transport links, the Port of Tauranga, and a broad base of established trade and service occupiers. (Myles Addington, Bayleys Tauranga)

2 Jude Place, Bethlehem, Tauranga: Modern neighbourhood retail centre ‘Ridge Plaza’, anchored by a diversified mix of six established tenants, has sold for $3,550,000, reflecting a 5.70% yield. Occupying a prominent 2,088sqm corner site at the intersection with Millers Road, the property comprises 797sqm of lettable area supported by 21 car parks. Servicing the established Bethlehem-Brookfield catchment, the asset benefits from a complementary mix of food, service, fitness and lifestyle operators that drives visitation and trading activity. (Brendon Bradley, Lynn Bradley, Bayleys Tauranga)

91 and 93 Riri Street, Mangakakahi, Rotorua: A dual-titled industrial investment has sold post-auction for $930,000, at a 7.98% yield. Comprising two fully leased buildings on a combined 1,012sqm landholding, including a 410sqm showroom, office and workshop facility at 91 Riri Street, alongside a 350sqm warehouse, storeroom and amenities at 93 Riri Street. Both tenancies are occupied by a local glazing business on a three year lease plus 4x3yrRoR. Zoned Industrial 1, the asset offered a combination of secure income with future flexibility in one of Rotorua’s established industrial locations. (Mark Slade, Damien Keenan, Brei King, Bayleys Rotorua)

25 Vaughan Road, Ngapuna, Rotorua: A standalone industrial property suited to owner-occupiers has sold with vacant possession for $870,000. The property comprises 517sqm floor area on a 965sqm site, incorporating high-stud warehousing, four offices, mezzanine storage and staff amenities. A secure concrete yard and onsite parking support the asset’s practical balance of warehouse, office and yard accommodation. (Brei King, Damien Keenan, Mark Slade, Bayleys Rotorua)

1 and 2, 19 Puniu Road, Te Awamutu: An entry-level commercial investment has sold for $615,000, reflecting a 7.80% yield. Comprising two tenancies occupied by a single operator trading as a dairy and takeaway, the property changed hands for the first time in 21 years. The 222sqm building occupies a 500sqm site, benefiting from prominent road frontage and drive-through access to rear storage and operational areas. (Josh Smith, Bayleys Hamilton)

85 Chambers Street, Tokoroa: A 640sqm rural services facility, purpose-built for national tenant Farm Source, has sold for $1,600,000, reflecting a 6.42% yield. The modern premises comprise a retail showroom, warehousing, storage and high-quality staff amenities on a large 4,104sqm site providing forecourt, parking and storage areas. The national tenant occupies the premises on a current three year term plus 4x3yrRoR. (Josh Smith, Bayleys Hamilton)

LOWER NORTH ISLAND

1A Campbell Terrace, Petone, Wellington: An industrial investment in mixed-use zone has sold for $700,000, at a 12.78% yield. The property comprises a single-level building totalling 488sqm on a 737sqm site with four on-site car parks, proximate to State Highway 2, central Lower Hutt and public transport links. Occupied by two trades-based tenants with varying lease arrangements, the property appealed to investors for its strong leasing history and zoning, providing scope for redevelopment or intensification over time. (Oliver Hourigan, Paul Cudby, Bayleys Wellington)

120 Hutt Road, Kaiwharawhara, Wellington: A versatile industrial premises has sold for $622,000, with an indicative market rental assessment suggesting a potential 9.83% yield. Comprising 355sqm of showroom, warehouse and office accommodation, the asset occupies a prominent position on Hutt Road and benefits from strong exposure to passing traffic, along with three on-site car parks. Occupied on a monthly tenancy at the time of sale, the asset attracted interest from owner occupiers and investors owing to its flexibility, vacant possession potential and scope to add value in a proven commercial location. (Oliver Hourigan, Paul Cudby, Bayleys Wellington)