RECENT DEALS for April 25th

5:00 AM Saturday April 25, 2015 Colin Taylor

Sold for $30 million: Auckland CBD car park site and adjoining Seatrans House in the aerial photo.

CBD site to Chinese buyer

A 1667 sq m development site in two titles at 85 Customs St, in Auckland’s CBD, has been sold for a confidential price in excess of $30 million to a purchaser from mainland China.

The sale was negotiated by John Halstead and James Chan of Bayleys Auckland who say the buyer seeks to take advantage of a resource consent granted in 2010 and valid until 2017 which permits a high rise commercial and/or residential development with a gross floor area of up to 35,305 sq m  plus just over 200 car parks. It comprises mostly undeveloped land leased to Wilson Parking plus the vacant Seatrans House, which can be demolished under the resource consent.

 

Vesty Drive office/warehouse

A quality constructed 4179 sqm office and warehouse at 20 Vestey Drive, Mt Wellington, has been sold for $8.75 million by Andrew Hooper and Hamish West of Colliers International. The freehold 6898 sqm property leased to Forman Building Systems generates a net annual rental income of $535,000.

 

$55m in sales for April

It’s been a big month for Bruce Whillans team at Ray White Commercial with $55 million in sales. The largest sale was brokered by Kathy Ying for 246 Queen Street. The fully leased property sold for $35 million on a 7.4 per cent initial yield equivalent to $4306 per sq m. Other sales included the Avondale RSA a retail investment in the Remuera Village, and two motels for a total value of $19.6 million.

 

Paihia’s Dolphin Motel

The 11 unit 497 sq m Dolphin Motel on a 1011sq m commercial zoned site at 69 Williams Rd, Paihia, has been sold for $1 million as a freehold going concern through Paul Dixon and Chester Rendell of Bayleys Auckland and Tonya Spicer, Bayleys Paihia.

 

Hamilton office building

A well located 959 sq m city fringe site with a 561 sq m office building and off street parking for 12 cars at 108 Rostrevor Street, Whitiora, Hamilton, was sold for $855,000 at a 9.6 per cent yield by Mark Anderson of Bayleys Hamilton.  The property is split into four self-contained tenancies, three with new leases.