RECENT DEALS for February 27
This three storey office building in Tauranga sold for just over $40,000,000
Big Tauranga office building
A newly built, three storey 6000 sq m office building at 108-128 Durham St, Tauranga, has been sold by Zariba Holdings to a Queenstown investment group for just over $40 million in a deal brokered by Simon Clark and Duncan Woodhouse of Colliers International. The building was recently completed by CBC Construction, on time and to budget, after an 18 month construction period. The tenant, Trustpower, is moving 500 plus staff from its Mount Maunganui based industrial depot into the building.
Yield benchmark in Paeroa
A610 sq m purpose built medical centre on a 1211 sq m site at 15 Princes St, Paeroa, was sold at a Bayleys’ Total Property auction for $1,650,000. Josh Smith of Bayleys Waikato says the sale represented a 6.8 per cent yield which sets a new benchmark for Paeroa. Six healthcare tenants are anchored by Paeroa Medical Group on various lease terms and rights of renewal.
Adjacent New Lynn sites
Adjacent sites with a building area of 3153 sq m at 34 A & B Portage Rd New Lynn have been sold by Dhiru Patel and Chris Upright of Colliers International for $2.4 million - representing a yield of 7.8 per cent.
Onehunga warehouse and office
A 580 sq m industrial building with 560 sq m of warehousing and 19 sq m of office space on a 981 sq m Business 6 site at 155 Neilson St, Onehunga, has sold vacant through Sunil Bhana, James Hill and James Valintine of Bayleys Auckland for $1,275,000
Hamilton retail premises
A 280 sq m recently refurbished retail premises leased to a listed company until July 2025 on a 334 sq m site at 411-415 Victoria St, Hamilton, was sold by Mark Brunton and Justin Oliver of Colliers International for $1,860, 000 representing a 6.23 per cent yield.
Papakura trucking site
A trucking facility on a 4057 sq m site at 55 Hunua Rd, Papakura, with 492 sq m of buildings, has sold post a Bayleys’ Total Property auction with vacant possession for $1,250,000 through Shane Snijder and Peter Migounoff of Bayleys South Auckland.