RECENT DEALS for Saturday March 26

7:16 PM Tuesday March 27, 2018 True Commercial’s Recent Deals

Napier’s former art-deco Central Post Office has sold for $8m. Photo / Supplied

Napier’s revamped deco CPO

Napier’s landmark former Central Post Office building, now fully occupied by 12 retail and office tenancies, has sold for $8 million at a 6.89 per cent yield through Sam MacDonald of Bayleys Napier. Located on a 1554sq m site at 1 Dickens St, the three-level 3185sq m art deco building underwent a three-year strengthening and refurbishment completed in 2014.

Building to be QBE Centre

CBRE broker Matt Hockey says QBE Insurance has leased three floors in a 30-level 1980s building at 125 Queen St. QBE Insurance is to take 2166sq m over three levels (20 to 22) on a long-term lease, along with signage and naming rights. The property will be known as the QBE Centre. 

Mount workshop unit 

A workshop and storage unit complex of 21 units totalling 850sq m of buildings on a 1545sq m site at 8 Cherokee Place, Mount Maunganui, has sold with a yield of 5 per cent for $2,325,000. The deal was brokered by Rachel Emerson and Rob Schoeser of Colliers International, Tauranga.

Palmerston industrials

Two industrial warehouses of 2700sq m and 1498sq m on a site of 8248sq m with 52 car park spaces at 69 Malden St, Palmerston North, have been leased to two tenants for combined annual rent of $333,000 in a deal was brokered by Grant Lloyd, Doug Russell and Phil Nevill of Colliers Palmerston North.

Remuera Ascot Park office 

A 636 sq m office unit in the Ascot Office Park at 93 Ascot Ave, Remuera, with 17 car parks and a six-year lease from February 2018, sold for $3.6m at a 6.2 per cent yield through Ben Wallace of Bayleys Auckland. 

Napier retail property

An 830sq m retail property on a 1750sq m site with 19 car parks at 64 Carlyle St, Napier, has been sold off market by negotiation for $1,670,000. The deal was brokered by Dan Walker of Colliers, Hawkes Bay.

Papatoetoe town centre 

A 746sq m two-level commercial building at 196 Great South Rd, Papatoetoe, on a 1067sq m site with Town Centre zoning and 17 car parks at the rear sold for $2.8m at a 5 per cent yield through Janak Darji, Tony Chaudhary and Amy Weng of Bayleys South Auckland. The building has been occupied by ANZ since the 1990s with its lease running until April 2020 plus two 3-year rights of renewal.

Caltex service stations

A 295sq m Caltex Service Station on a 3690sq m corner site at 1433 Dairy Flat Highway, Dairy Flat has been sold for $3m; and another 210sq m Caltex Service Station on a 3093sq m freehold site on the main arterial route of 303-311 Western Hills Dr, Whangerei, has also been sold for $3,460,000. Both sales were by private treaty to private investors and in both cases Caltex is an established tenant with a 20-year lease term from November 2013, fixed two-yearly with 4 per cent rental increases and a triple-net lease structure. The deals were brokered by Shoneet Chand, Matt Prentice and Sean Honeycombe of Colliers.

Rosedale retail and office unit 

A 455sq m retail and office unit at 1/32 Constellation Dr, Rosedale, jointly occupied by Coffee Club and Meditation Tour Ltd has sold for $2.61m at a 5.16 per cent yield through Terry Kim and Ranjan Unka of Bayleys North Shore Commercial.

Herne Bay medical villa

A 142sq m villa, zoned Terraced Housing and Apartment Buildings and occupied by a medically-related tenant on a 508sq m site at 185 Jervois Rd, Herne Bay, sold for $2,325,000 at a 3.23 per cent yield through Scott Kirk and James Were of Bayleys Auckland City & Fringe division.