RECENT DEALS for March 19
Ellerslie’s former Southern Cross theatre site has sold for $5 million.
Ellerslie theatre site sold
A 439sq m site at 87-93 Main Highway in Ellerslie’s town centre, encompassing the historic former Southern Cross picture theatre, has sold for $5 million at an 8.2 per cent yield through Sunil Bhana, James Hill and Mike Houlker of Bayleys Auckland. The building was opened as a theatre in 1925 by the Bew family and operated as both an entertainment centre and movie cinema until it was closed in 1962. The upper levels were converted to squash courts in the 1970s and building underwent a substantial transformation in 2011 when it was extensively reconfigured and comprehensively refurbished by Broadway Developments. It now has two ground floor retail tenants and a fitness centre above plus a billboard lease.
Great South Rd industrial
A 1480sq m industrial building on a 2023sq m site at 25 Great South Rd, Otahuhu, has been sold with vacant possession for $1,750,000 by Ash Vincent of Colliers International.
Paraparaumu lock-up units
A 1360sq m complex comprising 52 lock-up units with a 98 per cent occupancy rate on a 2220sq m site at 15 Manchester St, Paraparaumu, has been sold for $1,350,000 by Dean Anderson of Colliers International.