RECENT DEALS for March 5
This retail block at 277 Rosebank Rd sold for a 6 per cent yield at $2,710,00.
Yield feature of Avondale sale
A block of four shops on a prominent corner site at 277 Rosebank Rd, Avondale, was sold by tender by Chris Harding, Chris Beasleigh and Ranesh Parmar of JLL for $2,710,00 representing a yield of 6 per cent. The 456.5sqm single-storey retail block on 2477sq m of land is leased to three separate tenants paying total annual rent of $112,800 plus GST and outgoings. The tenants are Stars Bakery, Sushi Ichiban and Avondale Food Market. One vacancy is up for lease at the premises of 128 sq m.
Papakura trucking property
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, Bayleys South Auckland. The property includes a 282 sq m modern workshop and mechanics’ pit, plus 180 sq m of air-conditioned offices.
Beachfront at the Mount
A Mt Maunganui property marketed by Brendon and Lynn Bradley, Bayleys Tauranga and featured in Bayleys’ Total Property portfolio has sold for in excess its asking price of $955,000. Multi-offer competition for the 64 sq m prime corner retail outlet overlooking the beachfront at 1 Marine Parade, resulted in it selling for $1,026,000 at a 5 per cent yield on its six-year lease to a cafe from November 2013.
Mairangi Bay office
Unit A, comprising a 170 sq m office property at 75 Corinthian Drive, Mairangi Bay, has been sold with vacant possession by Janet Marshall and Nick Recordon of Colliers International, for $525,000 representing a rate of $3088 per sq m.
Warehouse in Tauranga
A 2,721 sq m site with a 1,100 sq m office/warehouse at 35 Poturi St, Tauranga has been sold by Simon Clark and Rob Schoeser of Colliers International for $1.57 million representing a yield of 7.7 per cent.
Vacant site in Tauranga
A 4356 sq m vacant site at 58 Ashley Place, Papamoa, Tauranga, has been sold for $1.3 million plus GST by Richard Davidson and Simon Clark of Colliers International.
Eden Terrace land value
A 1310 sq m Mixed Use zoned site with 735 sq m of buildings at 91 Newton Rd, Eden Terrace, featured in Bayleys’ Total Property portfolio, has sold vacant for $4,210,000 at land value of $3214 per sq m and a 3 per cent yield through Alan Haydock, Damien Bullick and Owen Ding of Bayleys Auckland. Owned and occupied by a tyre services business since the late 1980s, the property encompasses two workshops and a residential apartment plus 23 carparks, producing holding income of $125,280 per annum net.