Paul Charman: Recent Deals, August 19
This industrial property in Ngauranga Gorge, Wellington, sold for $9,893,000. Photo / Supplied
Ngauranga Wellington building
A modern 4662sq m high-stud industrial building with 100 per cent NBS seismic rating on a 7138sq m site with 30 car parks at 1 Lower Tyers Rd, Ngauranga, in Wellington, has sold for $9,893,000 at a 7.5 per cent yield, through Grant Young of Bayleys Wellington. It is leased to a Freightways Group subsidiary for 12 years until April 2021, with four five-year rights of renewal.
A 276sq m commercial workshop at 9 Alma St, Newmarket, has sold by negotiation for $2.2m net in a deal brokered by John Davies and David Burley of Colliers International.
Ye Olde Bailey sold
A recently refurbished 443sq m unit-titled building at 272 Ti Rakua Dr, East Tamaki, occupied by Ye Olde Bailey bar, restaurant and gaming lounge sold after a Bayleys Total Property auction for $1,825,000 at a 6.4 per cent yield through Tony Chaudhary, Janak Darji and Amy Weng of Bayleys South Auckland. It has a 10-year lease from March 2017, with fixed rental increases of five per cent every two years, from March 2021.
Palmerston North commercial
A 1710sq m commercial investment retail and showroom property at 413-421 Church St, Palmerston North, sold for $4,005,000 in a brokered by Phil Nevill and John Hagar of Colliers International.
Auckland CBD office unit
A 631sq m office unit in three titles, occupied by the NZ Institute of Studies, on Level 11, 155 Queen St, Auckland CBD, plus two parking spaces on separate titles, sold for $1.9m at a 7.89 per cent yield through Anna Radkevich and Ranjan Unka of Bayleys North Shore Commercial, and Phil Haydock of Bayleys Auckland.
East Tamaki industrial
A 622sq m modern industrial unit with 13 carparks at 44 Crooks Rd, East Tamaki, has sold vacant for $1.7m through Katie Wu, Roy Rudolph and John Bolton of Bayleys South Auckland. It has 332sq m of eight-metre high warehousing plus a 144sq m ground floor showroom and 114sq m of first floor offices.
Partridge on Broadway
A 106sq m freehold strata retail unit leased to Partridge Jewellers at 3/255 Broadway complex, Newmarket, has sold by negotiation for $4,580,000 to an offshore investor. The deal was brokered by John Davies and David Burley of Colliers International and represented a yield of 4.5 per cent.
Hastings investment site
A 1039sq m tenanted investment site at 905 Heretaunga St West, Hastings, has sold by negotiation for $1.3m in a deal brokered by Danny Blair of Colliers International, representing a yield of 7.78 per cent.
Hibiscus Coast retail units
Two retail units at PU2 & PU3, 651 Whangaparoa Road, Stanmore Bay, that are part of a medical retail development, have sold at auction for $1,410,000 and $580,000. PU2 of 128sq m is leased to a Valentinos Gelato cafe paying rent of $68,155pa and representing a yield of 4.8 per cent. PU3 is a 50sq m retail unit housing a travel agency paying $27,500pa - a 4.7 per cent yield. The deals were brokered by Euan Stratton and Jessica Martin of Colliers International.
Frankton service station
A recently refurbished 411sq m Challenge service station and tyre workshop with a 10-year lease from July 2016 on a 1437sq m site at 51 Killarney Rd, Frankton, has sold for $1,315,000 at a 6.23 per cent yield through Tony Chaudhary, Bayleys South Auckland and Blair Hutcheson, Bayleys Waikato.