RECENT DEALS for May 23rd
The syndicated office building at 5 Osterley Way.
Maat syndication oversubscribed
Maat Property Group’s latest property syndication offering 210 parcels of 50,000 $1 shares in an office building at 5 Osterley Way in Manukau CBD has closed oversubscribed. Syndication sales agent, Brian Caldwell of Bayleys North Shore Commercial, says the building was purchased for $18.8 million and investors were offered an initial projected income return of 9.25 per cent per annum. The building was completely refurbished in 2011-2012 and is occupied by the Crown on a current nine year lease. It’s the ninth scheme that Albany based Maat Property Group has syndicated with the others ranging in value from $4 million to $25.5 million
Fort Street oldie
A 100 year old, vacant, two level and basement building on a freehold 282 sq m site at 36 Fort St, Auckland CBD, was sold for $3 million, by John Green and Andrew Reed of Colliers International.
North Shore sales
A road fronting retail and residential property on an 825 sq m site at 69 Lake Rd, Devonport, was sold for $1.4 million by Nick Brown and Bruce Jiao of Barfoot & Thompson North Shore Commercial representing a yield of 3.75 per cent on passing income. Brown and Jiao also sold a 185 sq m retail property tenanted to United Video at 46F Northcote Rd, Northcote, for $1,130,000 for a yield of 5.3 per cent based on current rental.
Grafton sale yields record
A 379 sq m property with two retail tenants and an upstairs apartment at 27-31 Park Rd, Grafton, Auckland, was sold for $2.58 million by Janet Marshall and Tony Allsop of Colliers International. The price represents a yield of about 3.1 per cent – a record for an investment sale by Colliers..
Highland Park Centre unit
A462 sq m unit occupied by Anytime Fitness in converted former cinema premises in the Highland Park Shopping Centre has sold after a Bayleys Total Property auction for $1,540,000 at a 7.8 per cent yield through Quinn Ngo and Sunil Bhana. The unit at 20-22 Dunrobin Place has a 10 year lease from May 2014.