RECENT DEALS for June 13th
An Albany retail unit occupied by La Porchetta Italian restaurant sold for $2 million.
Foundation centre outlet
A 295 sq m retail outlet in The Foundation retail convenience centre in Oteha Valley Rd, Albany, sold at auction for $2 million at a 5.9 per cent yield after being marketed by Quinn Ngo and James Chan of Bayleys’ international division and Eddie Zhong of Bayleys North Shore Commercial. Featured in Bayleys Total Property portfolio, the space is occupied by the La Porchetta Italian restaurant on an eight year lease from July 2014 with one eight-year right of renewal and annual rent reviews to the Consumer Price Index.
Palmerston North yard
A freehold, 3384 sq m car yard including a 795 sqm showroom/workshop and leased by the ANZA motor company at 72-88 Taonui St, Palmerston North, was sold by Phil Nevill, Doug Russell and Grant Lloyd of Colliers International for $1.77 million representing a yield of 9.31 per cent.
Takanini industrial block
A 6428 sq m block of industrial land in two separate titles at 26-28 Inlet Rd, Takanini has been sold for $1.6 million, by Paul Jarvie, Andrew Hooper and Dwayne Warby of Colliers International, to an owner occupier to develop its business on the site.
Rosebank development site
Following a Bayleys Total Property auction, James Were and Scott Kirk of Bayleys Auckland, sold for $1,150,000 an 868 sq m development site at 30-32 Rosebank Rd, next to the Avondale train station. Occupied by two industrial buildings and a bungalow totalling 322 sq m and leased to three tenants providing annual holding income of $44,416, the elevated corner site had plans drawn up for a 32 apartment development.