RECENT DEALS for July 30
In Hastings this retail building built for The Warehouse sold for over $13m
The Warehouse Hastings
A 6400sq m bulk retail building purpose built for The Warehouse in 2012 within The Park Mega Centre in Hastings has sold for an undisclosed price well in excess of its rateable value of $13,275,000 at a 6.53 per cent yield. It was sold on behalf of its Tauranga-based vendor by Brendon and Lynn Bradley and Jim McKinlay of Bayleys Tauranga office. Located on 1.53ha site with 100m of prime frontage to 620 Karamu Rd North (SH2), the property has a 15-year lease to The Warehouse until March 2027, with annual Consumer Price Index rental adjustments plus five three-year rights of renewal.
Big Wellington sales
Conservation House at 18-32 Manners St and the 11-storey office building, Tel Tower, at 143 Willis St Wellington have been sold together for a gross price of $43,440,000, before deduction of construction costs to complete, by Richard Findlay and Michelle Chadwick of Colliers International in conjunction with Matt St Amand and Bill Leckie of CBRE. Tel Tower was sold with vacant possession and theprice for the 2543sq m land area represents a yield of 5.6 per cent.
Capital’s HP House
HP House at 8 Gilmer Terrace, Wellington has been sold by Richard Findlay of Colliers International, and Matt St Amand and Bill Leckie of CBRE, for $15.3m representing a yield of 8.5 per cent.
Auckland Central building
A 2157sq m a seven level commercial building plus 33 basement carparks at 16 Waverley St, Auckland Central, was sold for $6,507,500 by John Stringer, Murray Tomlinson and Reese Barragar of Barfoot & Thompson Commercial, The building is on 731sq m land with a 50m height limit and was generating rent of $252,934 with some vacancy.
Greenlane industrial property
A 1204sq m industrial building at 630A/B Great South Rd, Greenlane, comprisinga761sq m warehouse, 297sq m office and 145sq m showroom with 25 car parks leased to two tenants on leases expiring 2017 & 2018 has sold for $3,787,000 at a 5.54 per cent yield through James Hill of Bayleys Auckland.