RECENT DEALS for Saturday September 9
Whillans Realty Group sold this four-level Auckland city fringe office building at 27 Bath St, Parnell, for over $7.2m. Photo / Supplied
Parnell office building
In a deal brokered by Henry Thompson of Whillans Realty Group, a fully-leased four-level office building at 27 Bath St, Parnell, was sold for $7,210,000 - equivalent to an initial yield of 5.17 per cent,
Riverhead retail property
A new 1642sq m retail property at 1047-1049 Coatesville-Riverhead Highway, has sold for $5,175,000 through John Davies and Jimmy O’Brien of Colliers International with the sale representing a yield of 5.4 per cent.
Warkworth Grange sales
Bayleys has sold three further units in the recently completed Grange retail convenience centre, on State Highway1 at the entrance to Warkworth. A 200sq m unit with a 10-year lease to an Indian restaurant sold for $815,000 at a 6.2 per cent yield through James Chan and Matt Lee of Bayleys International Division; in conjunction with Adam Curtis and Adam Watton of Bayleys North Shore Commercial. Chan, Lee and Quinn Ngo also sold a 367.5sq m unit occupied on a six-year lease by Fit Factory 24-hour gymnasium for $1.3m at a 7.07 per cent yield; and a 60.3sq m unit leased for five years to a building company for $417,500 at a 5.39 per cent yield. All the leases have annual Consumer Price Index plus 1 per cent rental increases and reviews to market on renewal.
Silverdale industrial lease
An 3610sq m industrial warehouse and associated yard at 164 Foundry Rd has been leased to a private transport company for annual net rent of $220,000. The property was leased by Jimmy O’Brien, Ryan de Zwart and Josh Coburn of Colliers International.
East Tamaki units
Two adjoining industrial units of 441sq m and 274sq m at 22 Harris Rd, East Tamaki, with a tenant in occupation for over 16 years, sold for $1.2m at a 5.5 per cent yield through Nelson Raines of Bayleys South Auckland.
Western car yard
A 1458sq m corner site in two titles at 3019 Great North Rd and 2 Bentick St, New Lynn, sold with vacant possession for $1,625,000 through James Were, Scott Kirk, Mike Adams and James Chan of Bayleys Auckland. The property has been owned and occupied by a family car dealership since the early 1980s.
Christchurch shopping centre
A well-maintained 1228sq m Christchurch suburban shopping centre with nine tenants on a 4370sq m corner site at 204 Hills Rd, Shirley, with 46 carparks sold for $5,330,000 at a 6.97 per cent yield through Blair Young and Mitchell Wallace of Bayleys Christchurch.
Cromwell tenanted duo
Mark Simpson, Rory O'Donnell and Dean Collins of Colliers International have sold two tenanted freehold industrial buildings at 31 and 29a McNulty Rd, Cromwell. No 31 of 5618sq m sold for $1,945,000 representing a yield of 6.4 per cent; while No 29a of 4906sq m sold for $1,625,000 at a yield of 6.45 per cent.
Napier caravan park
A 6439sq m local hotel with caravan park at 47 Petane Rd, Napier, has sold by negotiation for $1,410,000. The deal was brokered by Reuben George and Dan Walker of Colliers International, at a yield of 8.5 per cent.