RECENT DEALS for January 23
This one-level warehouse at 163-165 Beach Rd in the Auckland CBD sold for $6.7 million.
Three big CBD site sales
Longstanding Bayleys Auckland agent Nigel NcNeill has concluded three sales of Auckland CBD development sites for $15.65 million. The largest, undertaken with Bayleys Auckland colleague Colin McKenna, was $6.7 million for a 1330 sq m site with a one-level 1162 sq m warehouse split into two tenancies at 163-165 Beach Rd. The sale price equated to a land value of $5058 per sq m and a 3.5 per cent yield on holding income from the two tenancies. The current SMA2 zoning will be enhanced under the Proposed Auckland Unitary Plan (PAUP) with a height limit of 30 metres and four to one site coverage. McNeill also sold a 245 sq m site at 29 Beach Rd with the same zoning, but an increased height limit of 50 metres under the PAUP, for $2,550,000 at a land value of $10,408 per sq m. The purchaser intends to upgrade a three level 609 sq m commercial building which has short term tenancies The third transaction concluded by McNeill was the eight level 2556sq m Tasman House office building on a 410 sq m SMA2 zoned site at 16-22 Anzac Avenue which sold for $6.4 million at a 6.1 per cent yield. McNeill says the purchaser plans to redevelop the property, which has a mix of short term tenancies and one vacant floor, into either upgraded office space or student accommodation.
Whangaparaoa development land
A 4014 sq m bare development site at 85-89 Brightside Rd, Stanmore Bay, Whangaparaoa, has been sold for $2.25 million by Ellie Martin and Euan Stratton of Colliers International.
Tauranga office and showroom
A 510 sq m office and showroom property, with tenants including Sharp Corporation and Tauranga City Council, at 104 and 106 Cameron Rd, Tauranga, has been sold by Simon Clark and Duncan Woodhouse of Colliers International for $1.8 million representing a 4.5 per cent yield.