RECENT DEALS for October 20
Bunnings Warehouse Takanini at 167-173 Great South Rd
Bunnings sells for $26.5m
Bunnings Warehouse Takanini has been sold for $26.5m following a strong response to the tendering of the property. Located on a 1.7ha corner site at 167-173 Great South Rd, the 10,433sq m Bunnings Warehouse was sold with a new 12-year lease back to Bunnings at a 5.24 per cent yield through Dave Stanley, James Chan and Tony Chaudhary of Bayleys Real Estate. It was the first Bunnings Warehouse property in Auckland to be offered for sale in 2016.
“The property attracted very strong interest with a large number of tenders received from Auckland and Wellington based investors as well as from offshore parties”, Stanley said.
“The low yield achieved for the property reflects a combination of factors that made it a very compelling investment. These included a high quality, modern building located on a very high profile site in one of Auckland’s fastest growing areas, with a long lease to one of Australasia’s best retail covenants.”
Bunnings Warehouse Takanini is on the corner of main arterial Great South Road and Graham Street and opened in December 2013.
Sandringham site swaps faiths
Ownership of a large Sandringham land holding with two street frontages has passed from one religious group to another in a sale negotiated by Sunil Bhana, James Hill and Mike Houlker, Bayleys Auckland. The 3176sq m site at 258-260 Balmoral Rd and 8 Patterson St, with an historic church, childcare centre and a character bungalow on it, has been sold by Presbyterian Church Property Trustees for $4.8m to Bharatiya Mandir Inc. It owns a nearby property at 252 Balmoral St with a distinctive Indian Temple which has been a place of worship for Auckland’s Hindus since 1993. The sale follows the merger of the former Balmoral congregation with the larger St John’s Presbyterian Church in Mt Roskill.
Ellice Rd Wairau Valley
A 400sq m office and warehouse facility at 93C Ellice Rd, Wairau Valley, North Shore, has been sold at auction for $1.1m by Matt Prentice, Euan Stratton and Shoneet Chand of Colliers International. The sale price represented a yield of 4.36 per cent.
Rehab centres sold
Healthcare facilities leased by Bupa Care Services sold at auctions in Auckland and Hamilton last week. A former motel complex on a 3987sq m site at 200 Ohaupo Rd, Glenview, Hamilton redeveloped in 2009 as a brain injury rehab facility, sold for $3,995,000 at a 9.2 per cent yield. Marketed by Andrew Shaw, Bayleys Hamilton and Andrew Stringer, CBRE, it has a new five-year lease to Bupa. Stringer and Mike Adams of Bayleys West Auckland sold a similar facility at Chadlington Avenue, Henderson, for $1,840,000 at an 8.7 per cent yield.
Auckland CBD unit
A 647sq m office strata unit at 2G 35 Hobson St, Auckland CBD, has been sold for $1,420,000 million by Kris Ongley & Jonathan Lynch of Colliers International. The sale price represented a yield of 7.4 per cent.
A 987sq m Countdown supermarket on a 2204sq m corner site at 91-93 Mill Rd, Otaki, sold at a Bayleys Total Property auction for $2.1m representing a 7.47 per cent yield through Stephen Lange, Bayleys Wellington and James Chan, Bayleys Auckland. Countdown has a six-year lease from November 2014, with two six-year rights of renewal.
Pipitea Wellington offices
An 810sq m retail and office building on an 887sq m site at 238 Thorndon Quay, Wellington has been sold by Rex Fowler, Sam McIlroy and Georgina Young of Colliers International for $3.1m representing a yield of 7.37 per cent
East Tamaki building
A 605qm building on a half share of a 2000sq m cross lease site at 4B Averton Place, East Tamaki has sold at auction for $1,121,000 by Jolyon Thomson and Todd Kuzmich of Colliers International. The property was sold with vacant possession to an owner-occupier.
Mt Maunganui retail sales
Two retail premises, with residential accommodation above, in Mt Maunganui’s main retail strip, have sold at a Bayleys’ Total Property auction through Brendon and Lynn Bradley, Bayleys Tauranga. The first, a 407sq m two-level building on a 388sq m site at 162 Maunganui Rd, with a long established homeware and gift store tenant, and a periodic residential tenant above, sold for $2,085,000 at a 4.71 per cent yield. The second, an adjoining 390sq m building on a 230sq m site at 166 Maunganui Rd, leased to fashion retailer Tilda, whose owners also occupy the upper level residential premises, sold for $1,760,000 at a 4.98 per cent yield.
A 400sq m retail showroom occupied by Resene Paints at 3/950 Ferry Rd, Christchurch, has been sold for $1,730,000 by Christian Kellar and Will Franks of Colliers International. The sale price represented a net yield of 6.2 per cent.
Polaris Place unit auctioned
An 836sq m industrial unit at 14 Polaris Place, East Tamaki, featured in Bayleys Total Property portfolio, has sold vacant at auction for $1,575,000 through Katie Wu and John Bolton of Bayleys South Auckland. It has 630sqm of warehousing, 102sq m of ground floor showroom, a 104sq m first floor office and a 300sq m secure yard.
A 2430sq modern industrial building on a 1.55ha freehold site at 75 Snell St, Morrinsville, has been sold at auction by Alan Pricy and Justin Oliver of Colliers International for $4,255,000, representing a yield of 6.94 per cent.
Rotorua fringe property
At a Bayleys Total Property auction in Rotorua, an 877sq m office building on a 907sq m fringe CBD site at 1268 Haupapa St sold through Mark Slade and Brei Gudsell of Bayleys Rotorua, for $2.2m at a 7.73 per cent yield. Extensively refurbished in 2007 to provide A-grade space, the building has five tenants on one to four year terms with 10 on-site car parks.