RECENT DEALS for Saturday March 10

4:37 PM Friday March 9, 2018 True Commercial’s Recent Deals

This16-level Grafton office tower in Auckland’s education precinct sold for $23m. Photo / Supplied

Big Grafton tower sale

A 16-level, 6800sq m commercial office block at 7 City Rd, Grafton was sold by negotiation for $23 million in a deal brokered by Jonathan Lynch and Tony Allsop of Colliers International.

Hornby Countdown 

A 1.77ha site at 17 Chappie Place, Hornby, occupied by a Countdown supermarket, was sold by Sunil Bhana and Mike Houlker of Bayleys Auckland, and Blair Young of Bayleys Christchurch, on behalf of NZX listed Investore Property Ltd for $21.5m at a 6.26 per cent yield. Located on SH1 adjacent to the Hornby Hub, it is leased for 20 years from December 2012 with renewal rights up to 60 years.

Queenstown mixed use

A mixed use commercial property with ground floor retail units at 1 Onslow Rd, Lake Hayes Estate, Queenstown, was sold by negotiation for $2,410,000 in a deal brokered by Tim Thomas of Colliers.

Manukau office building

A two-level 4894sq m office building on an underdeveloped 7219sq m site with 92 car parks at 12 Lambie Dr, Manukau, sold for $7.5m at an 8.23 per cent yield, through Alan Haydock and Damien Bullick of Bayleys Auckland. Tenants include warehouse and office occupants, plus a Government anchor tenant which has renewed for a further three years.

Tauriko per sq m record

A 3740sq m vacant lot 223 of 32 Paraone Koikoi Drive, near Tauranga, has been sold for an asking price of $1,776,500 representing a record sale on a rate per square metre basis for industrial land at Tauriko at $475/sq m. The deal was brokered by Rachel Emmerson and Simon Clark of Colliers, Tauranga.

Raglan commercial site

A 480 sq m commercial building on a 736sq m corner site overlooking the waterfront at 2 Wallis St, Raglan, has sold for $2.35m at a 5.8 per cent yield through Mike Swanson and Alex ten Hove of Bayleys Waikato. Orca Restaurant and Bar is the anchor, with four smaller retail tenancies, and a one-bedroom apartment.

Whangarei pet products

A manufacturing pet care products business, WashBar Ltd at 7-11 Nell Pl, at Ramanga, Whangarei, has sold off-market for $640,000 in a deal brokered by Shelley May, Pauras Rege and Marcus Jacobson of Colliers.

Orewa warehouse and yard

An 809sq m Mixed Use zoned freehold site at 51 Florence Ave, Orewa, with 209sq m of office and warehousing, and 600sq m of yard space was sold vacant by through Mustan Bagasra of Bayleys Orewa for $1.5m to an owner-occupier with plans for future development.

Epsom Broadway corner

A 357 sq m site at IB Edgerly Ave, Epsom, on the corner with Broadway, zoned Mixed Use, was sold at auction for $1.26m at a 3.18 per cent yield by James Chan, Quinn Ngo and Matt Lee of Bayleys Auckland, in conjunction Terry Kim of Bayleys North Shore Commercial. Andrew Sims Motors has a three-year-lease until May 2018, with two three-year rights of renewal.

Oyster rated a pearler

Oyster Group’s Direct Property Fund has been given an “AA” rating by the leading investment research house, FundSource. This puts the Oyster Direct Property Fund (DPF) in the top 5 per cent of 64 funds currently rated by the research house.

NZX owned, FundSource supplies independent research and data to financial advisors and fund managers in New Zealand.

Oyster chief executive Mark Schiele says the company is very pleased with the rating result, given that the Fund was only launched in mid-2016.

“We view this as solid independent confirmation of the DPF’s structure and performance. It should be very helpful for investors when assessing their investment options.”