Recent Deals for Saturday February 17

10:34 AM Friday February 16, 2018 True Commercial’s Recent Deals

This new industrial warehouse at 8 Paerangi Place, Tauriko, sold for $9,250,000. Photo / Supplied

Tauriko warehouse

Property Managers Group’s (PMG) diversified fund, Pacific Property Fund Limited, has purchased a newly-built 5085sq m industrial warehouse at 8 Paerangi Place, Tauriko, near Tauranga, for $9,250,000 in a sale by Philip Hunt of Ray White Commercial Tauranga.

Upper Hutt retail 

A 4766sq m bulk retail premises at 1 Park Street, Maidstone, Upper Hutt, with three tenants sold for $7.4 million at an 8.37 per cent yield through Mark Hourigan and James Higgie of Bayleys Wellington. Anchored by Briscoes and Big Save Furniture, it has a weighted average lease term of six years.

Te Awamutu office

A 3354sq m commercial office property on a 3857sq m freehold site at 5-7 George St, Te Awamutu, was sold by private treaty to a private investor for $4,650,000 in a deal was brokered by David Palmer, Alan Pracy and Mark Brunton of Colliers International.

Onehunga corner unit

An 1107sq m warehouse, showroom and office unit in a corner position at 305B Neilson St, Onehunga, and on a nine-year to NZ Brush Company from April 2017 sold for $2,725,000 at a 5.96 per cent yield through James Hill, James Valintine and Sunil Bhana of Bayleys Auckland industrial team. 

Invercargill commercial site

In a deal brokered by Mark Simpson and Rory O'Donnell of Colliers International Otago, a 552sq m commercial property on a 2024sq m freehold site at 271 Tweed St, Invercargill, was sold by private negotiation to private investors for $2,275,000 at a yield of 7.25 per cent. 

Kumeu Tasting Shed

A 5663sq m site zoned Future Urban at 609 State Highway 16, Kumeu, housing the Tasting Shed restaurant and function centre plus a four bedroom bungalow with a separate entrance, sold at auction for $2m at a 6.33 per cent yield through James Chan, Matt Lee and Quinn Ngo of Bayleys Auckland. The whole property is leased to The Tasting Shed until 2028.

Palmerston North sale 

A 647sq m commercial office property on a 1427sq m freehold site of 50-60 Grey St, Palmerston North, has been sold by portfolio-based marketing campaign to NBSM Property for $1,650,000 in a deal brokered by Doug Russell, Phil Nevill and Grant Lloyd of Colliers International.

Whakatane storage complex

A 1358sq m self-storage complex at 17 Gateway West, Whakatane, comprising 106 units on a 2113sq m site in the Gateway industrial precinct adjacent to SH30, and trading as EastBay Secure Storage, sold for $1.5m at a 7.93 per cent yield through Brendon and Lynn Bradley of Bayleys Tauranga. 

Stark buy in Hamilton

A 3600sq m commercial office property on a 3323sq m freehold site at 193 London St, Hamilton, has sold to Stark Properties off market for $5,350,000 in a deal brokered by Alan Pracy and Mark Brunton of Colliers International.

Albany industrial auctioned

A 372sq m industrial unit at 4 Piermark Dr, Albany, with 192sq m of warehousing, 175sq m of offices and seven car parks, was sold vacant at auction for $920,000 through James Kidd of Bayleys North Shore Commercial.