Total Property Issue 2 2026 auction results

Bayleys’ latest Total Property auction results reflect broad-based activity across regional and metropolitan markets, with transactions spanning industrial, retail, medical, and mixed-use assets. Investor demand remains consistent, particularly for properties underpinned by strong tenant covenants, recommitted lease terms and functional improvements, while vacant possession and flexible zoning continue to attract owner-occupiers and value-add buyers.

Northland

16 Kepa Road, Ruakākā: A 1,447sqm site zoned Light Industrial proximate to the Port Marsden Highway, and Northport has sold with vacant possession for $700,000. Improvements totalling 252sqm comprise a workshop and office on the flat and fully fenced site, which features drive-around access and a metalled yard. (Daniel Sloper, Bayleys Commercial in the North)

AUCKLAND

1-5 King Street, Pukekohe: The landmark 651sqm Perkins & Co building – Pukekohe’s original general store and one of Franklin’s most recognisable heritage assets - has sold for $2,720,000, reflecting a 7.04% yield. Held in the same ownership for more than 40 years, the two-level property occupies a prominent 784sqm Business – Town Centre zoned corner at the intersection of King and Queen Streets, and includes 12 on-site car parks. Fully leased to a complementary mix of three tenants, including a high street fashion retailer, café, and bakery, the property benefits from staggered lease structures that will see the passing yield strengthen to 8.08% from 1 October 2026. (Shane Snijder, Mike Hook, Peter Migounoff, Bayleys South Auckland)

Unit 1, 1 Hautu Drive, Wiri: A road-facing industrial unit comprising 471sqm within a secure, gated complex has sold for $2,002,000, reflecting a 5.25% yield. The property includes 294sqm of high-stud warehousing, 80sqm of low-stud storage, and 97sqm of first floor office space supported by seven on-site car parks. It is occupied by a multinational lighting products distributor, which has recently committed to a new three year term, reinforcing the asset’s income stability. (Ash Martinus, Mike Marinkovich, Bayleys South Auckland)

WAIKATO/BAY OF PLENTY

1289 Haupapa Street, Rotorua Central: A 204sqm clinical investment has sold for $1,235,000, reflecting a 6.23% yield. Positioned on a 603sqm City Centre zoned site, the property comprises reception, consulting rooms, and a mix of open-plan and portioned office space, supported by seven on-site car parks. The asset benefits from strong exposure along a key arterial route linking Rotorua’s CBD with surrounding residential catchments. The premises are leased to international tenant PCRN Clinical Trials, which has recommitted to a five year term through to 2028, underpinning the investment’s income security. (Brei King, Beth Millard, Bayleys Rotorua)

LOWER NORTH ISLAND

91 Mill Road, Otaki, Kāpiti Coast: A suburban supermarket investment totalling 987sqm with 46 on-site car parks was sold pre-auction for $3,000,000, reflecting a 5.30% yield. Positioned on a prominent 2,204sqm corner site at the intersection of Mill and Aotaki Roads, the property benefits from high exposure. Improvements have been strengthened to 67% of NBS, enhancing long-term resilience. The asset is underpinned by a proven regional operator, which has recently recommitted to the location with a new six year lease, reaffirming the security of income. (Fraser Press, Simon Butler, Bayleys Wellington)

9 Marina View, Paremata, Porirua: A high-profile commercial asset occupying a prominent 213sqm site has sold for $650,000, reflecting a land and building rate of $3,050/sqm. Benefitting from exposure to passing traffic along Mana Esplanade and the Paremata Bridge, the property comprises 210sqm of commercial accommodation supported by five on-site car parks. Previously leased to a national dive centre, the premises are now occupied on a monthly tenancy, providing immediate holding income while preserving flexibility for future repositioning or owner-occupier use. (Fraser Press, Simon Butler, Bayleys Wellington)

13 Waiu Street, Wainuiomata, Lower Hutt: A versatile 110sqm industrial property has sold with vacant possession for $485,000. Set on a 507sqm site, the property comprises a high-stud, ground floor workshop complemented by a self-contained apartment above, alongside a functional concrete yard. The configuration offers flexibility for owner-occupiers, trades, or investors seeking dual-purpose use. (Ethan Hourigan, Liam Sherlock, Bayleys Wellington)

411 High Street, Lower Hutt: A strategically positioned 1,215sqm industrial site adjacent to the Melling Bridge and Melling Link intersection has sold for $800,000, reflecting a potential passing yield of 10.97%. Improvements total 470sqm and comprise workshop and showroom accommodation supported by office and amenity areas. The property is well placed to benefit from the area’s planned transformation, including the RiverLink infrastructure accommodation programme, reinforcing its long-term strategic appeal. (Oliver Hourigan, Andrew Smith, Bayleys Wellington)

1 Port Road, Seaview, Lower Hutt: A high-profile industrial property on a 1,080sqm site at the Seaview roundabout – one of Hutt Valley’s busiest intersections - has sold for $2,720,000, reflecting a 7.42% yield. The property comprises 926sqm of improvements, including ground floor warehouse and showroom space complemented by modern, air-conditioned offices and six on-site car parks. Fully leased to engineering products distributor Motion New Zealand on a a six year net lease, the asset is underpinned by a strong covenant in a strategically prominent location. (Paul Cudby, Mark Walker, Bayleys Wellington)

South Island

17 Strathallan Street and 2 The Terrace, Timaru: A refurbished and seismically strengthened commercial premises with two levels of retained character architecture totalling 1,017sqm sold for $1,850,000, reflecting an 8.23% yield. The property occupies a two title parcel of 1,280sqm zoned Commercial 1B, occupied by a prominent South Canterbury law practice, which has recently signed a new nine year lease to February 2035 plus 2x5yrRoR. (Stewart White, Alex White, Shona Brown, Bayleys Christchurch)