RECENT DEALS for August 2nd

1:48 PM Saturday August 2, 2014 Colin Taylor

100 Nelson Street, Hastings, Carls Jr.

Commercial property for Saturday August 2nd 

 

Colliers sells Carl’s

A Carl’s Jr restaurant property at 100 Nelson Street North, Hastings, has been sold for $2,450,000 to a private investor by Colliers International brokers Charlie Oscroft, Peter Herdson and Cam Ward. It will be leased back by NZX-listed Restaurant Brands paying net annual rental income of $164,500 on a 12 year lease, with further rights of renewal extending 40 years, with rent reviews are every three years. The property comprises a 2027sq m site with a new 278sq m building and 26 car parks.

 

Papakura mail centre sorted

A 1579 sq m commercial building, originally built as NZ Post’s Papakura mail sorting centre on a 2023 sq m site at 138-142 Great South Rd has sold for $2,250,000 through DaveStanley, and Ben Bayley of Bayleys Manukau. NZ Post Shop/Kiwibank remains the anchor tenant with PSIS (Cooperative Bank) and No. 1 Mart the other occupants, producing total net rental income of $223,900 per annum.. Two vacant upstairs office units total 521 sq m.

 

Constellation gymnasium sold

A modern 385sq m gymnasium with Grade A seismic rating at 32 Constellation Drive, Rosedale, leased to Snap on Constellation Ltd for 8 years from August  2013, has sold for $1.7 million at a 9.1 per cent yield though Aland Haydock and Cameron Melhuish.

 

Commercial property for Saturday August 9th

 

Shed slashes yield record

A modern 2800 sq m high stud warehouse and office complex with 549 sq m of canopy on a 4706 sq m site at 40 Crooks Rd, East Tamaki, Auckland, has been sold at auction for a 5.9 per cent yield in Colliers International’s auction room.Colliers says the ‘shed’ was sold to a private investor for $6.1 million through Greg Goldfinch and Paul Higgins with the sale representing “a record yield for an industrial property in this price range in Auckland”. The low yield reflects a strong demand for high-quality tenanted investment properties which are in very short supply. The property was fiercely contested between over 12 registered buyers in the room and two more on the phone from offshore, highlighting the quality and scarcity of the offering.The building was purpose-built for the tenant, ISL Industrial Ltd, which holds a new eight-year term with rights of renewal and rental growth provisions. ISL has made a significant investment in the building’s fit out and racking systems.

 

Ascot penthouse office

A 620 sq m penthouse office floor in the Ascot Business Park, with 18 car parks, was sold by Scott Kirk and James Were of Bayleys Auckland for $2,785,000 representing an 8.5 per cent yield on a new eight year lease to the New Zealand subsidiary of a large multinational.

 

Christchurch warehouse

A 408 sq m warehouse with 262 sq m of offices and 52 sq m of mezzanine space at 2 Baigent Way, Middleton, Christchurch, was sold for $1,850,000 for a yield of 5.4 per cent by Sam Stone of Knight Frank Christchurch.

 

K’ Rd quake risk still sells

A 1920s built 1532 sq mthree level building, classified as an earthquake risk because of its IEP [Initial Evaluation Procedure] seismic assessment of 21.9 per cent of New Building Standard,on670 sq m of land at 208 Karangahape Rd sold for $1,750,000 at an 8 per cent yield through Colin McKenna and James Chan of Bayleys Auckland. Discount Mart, the ground floor occupant, has a six year lease until March 2017 and shares the building with a number of smaller monthly tenancies.

 

Constellation gym sold

A modern 385 sq m gymnasium with Grade A seismic rating at 32 Constellation Drive, Rosedale, leased to Snap on Constellation Ltd for 8 years from August  2013, has sold for $1.7 million at a 9.1 per cent yield through Alan Haydock and Cameron Melhuish of Bayleys Auckland.

 

Grey Lynn office building

A741 sq m office building with three tenancies on 587 sq m of land at 38 Monmouth St, Grey Lynn has been sold by Ben Wallace of Bayleys Aucklandfor $1,640,000 to a purchaser intending to occupy a vacating tenancy.. 

 

Commercial property for Saturday August 16th

 

Potential in Parnell

A 2585 sq m showroom and warehouse property on mixed use land at 99-115 St Georges Bay Rd, Parnell, and occupied by five tenants on short term leases has been sold for $7,750,000 through John Davies and Kris Ongley of Colliers International. The property, known as The Attwoods Building, has been held by family owner-operators for many years and presents a significant land holding and/or development opportunity.

 

Albany property auctioned

A 516 sq m office and warehouse building with 12 car parks at 9C Piermark Drive, Albany, and earning annual net rental of $83,000 plus GST from a new three year lease to Australian based geotechnical engineers, has been sold at auction for $1,120,000 by Dave Lane of NAI Harcourts North Shore.

 

Manukau office building

A 1238 sq m mid 1980s constructed office building plus 36 car parks  on a 1942 sq m site at 13 Ronwood Ave in Manukau has been sold for $3.1 million at an 8.05 per cent yield by Mark Pittaway of Bayleys Auckland. The property is leased to four tenants but the purchaser will occupy 312 sq m being vacated by one tenant.

 

Commercial Property for August 23rd

 

High hitter Highbrook

Colliers International’s industrial team based at Highbrook, South Auckland, completed nine sales worth $70 million and six lease deals totalling 12,000 sq m of space over a two week period last month..The latest transaction was the sale of a 14,200 sq m warehouse and office facility at 18 Ron Driver Place, East Tamaki, to a private investor for $15 million by Greg Goldfinch, Andrew Hooper and Paul Higgins on behalf of listed property fund PFI Ltd. The high quality office space, showroom and a warehouse on a big 20.2 ha site earns $938,600 part gross a year and sits in a prime industrial area..

 

Golden deals in Silverdale

Barfoot & Thompson’s Barry Masefield and Graeme Perigo have sold several commercial and industrial sites in Silverdale, the largest being a 10,320 sq m commercial site at 2 Central Boulevard, with frontage to Millwater Parkway, which sold to a developer for $5,108,400 or $495 per sq m. A 2.3406 ha site at 87 Small Rd housing the Action Raceway Go Kars facility in a 2885 sq m building sold for $3.2 million with vacant possession. Masefield and Perigo also negotiated the sale of 11-15 Central Boulevard, a 2060 sq m site for $865,000 or $419 per sq m.

 

Onehunga Mall WINZ

A three level office commercial office building on a 837 sq m site at 201-211 Onehunga Mall and occupied by Work and Income NZ has sold for $2.6 million at a 10.3 per cent yield through Dickie Nan, James Chan and Quinn Ngo of Bayleys Auckland.

 

Whangaruru motor camp

TheWhangaruru Motor Camp and adjoining blocks of waterfont land with development potential of 59.7 ha and 62.6 ha on Ohawini Rd, Oakura, Northland, were purchased at mortgagee sale for $2.2 million plus GST after marketing by Ross Blomfield of Bayleys Whangarei and David Gubb, Bayleys Queenstown.