RECENT DEALS for February 20
This three level building at 53 Spring St, Tauranga, sold for $3.8 million.
Tauranga CBD sale
A 1172 sq m three level building at 53 Spring St, Tauranga, that was developed in the late 1980s with basement parking for 13 cars and two commercial levels above an 877 sq m central CBD site, has sold for $3.8 million at a 6.7 per cent yield through Brendon and Lynn Bradley of Bayleys Tauranga. The building has holding income of $254,364 per annum until July 2016 from a lease to ANZ Bank, which has recently vacated.
Mairangi Bay industrial building
A 693 sq m industrial building on a 1240 sq m freehold site at 38 Arrenway Drive, Mairangi Bay, with a remaining lease term of one year, has been sold to a private investor for $2,040,000 by Shoneet Chand and Matt Prentice of Colliers International. The sale price represents a yield of 5.39 per cent on the current net rent.
Retail outlets at The Grange
A275 sq m McDonalds Restaurant in The Grange retail convenience centre in Warkworth has sold for $3,150,000 at a 5.2 per cent yield through James Chan of Bayleys’ international division. The property has a 10 year lease from December 2015 with annual rent increases of 2.75 per cent and four five-year rights of renewal and is located in a prime positon at the entrance to the new centre located on State Highway One. Chan and Bayleys’ colleague Matt Lee have also concluded two auction sales in The Grange: a Coffee Club premises for $1,550,000, also with a new 10 year lease for a 5.3 per cent yield; and a Bottle-Opremises, with an eight year lease, for $1,160,000 representing a six per cent yield.
Henderson office and warehouse
A freehold, 5566 sq m site with an 1121 sq m office and warehouse at 59 Keeling Rd, Henderson, was sold for $1.68 million by Chris Upright and Dhiru Patel of Colliers International.