RECENT DEALS for August 30th
270 Oteha Valley Road, Albany
Commercial property for Saturday August 30th
Albany Foundation units
Two units in The Foundation retail complex at 270 Oteha Valley Road, Albany, also sold post the same Bayleys Total Property auction through James Chan, Quinn Ngo and Mat Lee of Bayleys Auckland. A 111 sq m unit occupied by Panscape, an independent cafe and bakery, sold for $950,000 at a 6.5 per cent yield on a 12-year lease with annual rent reviews to the Consumer Price Index (CPI) plus 1 per cent. A 114 sq m unit occupied by Luxury Nails, on a new nine year lease, also with annual rent reviews to CPI plus 1 per cent, sold for $840,000 at a 7.2 per cent yield. A further five units in the recently completed complex sold under the hammer at yields of 5.35 to 6.5 per cent.
HP offices in Christchurch
A two level office building at 51 Princes St, Addington, Christchurch, that is fully leased to Hewlett-Packard has been sold for $5.9 million by Stuart Bode and Bruce Whillans of Ray White Commercial. The property generates an annual net income of $490,528 plus and the sale reflects an initial yield of 8.25 per cent.
Toll building in Rotorua
A refurbished and well-presented property at 31-35 Pururu St, Mangakakahi, within the main industrial zone on the western side of Rotorua, has been sold at auction for $819,000 by Paul Sanford of NAI Harcourts Rotorua. The building was designed to suit the tenant Toll Networks NZ Ltd which pays annual rent of $70,000 plus GST plus outgoings.
Papakura and East Tamaki sales
A 960 sq m warehouse building on a 8,858 sq m site at 64 Boundary Road, Papakura, with a six-year lease until September 2017, sold for a confidential price after being passed in at a Bayleys Total Property auction for $2,475,000, through Peter Migounoff, Shane Snijder and Piyush Kumar of Bayleys Counties. Also selling after the same auction through Katie Wu, John Bolton and Roy Rudolph of Bayleys Manukau was a 940 sq m warehouse and office building on a 1542 sq m site at 10 Birmingham Rd, East Tamaki which went for $1,202,000 at a 9.4 per cent yield. A childcare centre occupies offices and yard space on a lease until December 2017, while a swim school occupies the warehouse on a lease until May 2016.
Mixed Mt Eden character
A1008 sq m Mixed Use character building which was substantially rebuilt and renovated in 2012/13 at 151-161 Mt Eden Rd, Mt Eden, has sold for $5,060,000 at a 5.9 per cent yield through James Chan and Matt Lee of Bayleys Auckland; and Tony Chaudhary of Bayleys Manukau. Located on a 966 sq mcorner site, the building is fully leased with six ground floor retail tenants and three modern apartments above.