Recent Deals for Saturday April 20

12:24 PM Friday April 19, 2019 True Commercial’s Recent Deals

This retail investment property at 568-570 Blockhouse Bay Rd sold for $2,575,000. Photo / Supplied

Blockhouse Bay retail

A secure retail investment property at 568-570 Blockhouse Bay Rd sold for $2,575,000, at a yield of 4.07 per cent. The 1111sq m site has two single level buildings, housing The Block cafe and Bay Auto repairs at the rear. The deal was brokered by Conrad Traill and John Davies of Ray White Commercial.

In Orchard Park hub

A 144sq m retail unit at the Orchard Park Retail Hub, at 21 Corinthian Dr Albany, leased to a restaurant for nine years, has sold at auction for $1.7m at a 5.3 per cent yield through Eddie Zhong and Steven Liu, Bayleys North Shore Commercial.

St John’s highest priced

Bayleys has sold 10 properties under the hammer at its latest Total Property portfolio auction in Auckland, the highest price achieved being $4.8m for a 2200sq m industrial building on a 4700sq m Mixed Use site, at 120 Felton Mathew Ave, St Johns (at 5.63 per cent yield). The property, marketed by Laurie Bell and Kate Kirby, was sold fully leased to an international tenant.

Hamilton investment block

A multi-tenanted investment property on a 784sq m corner site at 180 Peachgrove Rd, Claudelands, Hamilton, has sold at auction for $955,000, at a yield of 5.71 per cent. Comprising a superette, takeaway, cafe and upstairs flat, the property was sold by John Hagar of Colliers. 

New Plymouth landholding

A 3.35ha landholding in New Plymouth’s sought-after Bell Block industrial precinct has sold with vacant possession for $2m. The property at 53 Corbett Rd offers low site coverage. Benet Carroll of Colliers brokered the deal.

Mt Eden showroom

A 516sq m office and showroom building, refurbished in 2015, plus 19 car parks at 45C Normanby Rd, Mt Eden, sold at auction for $3,085,000 at a 6.1 per cent yield through Mike Adams and Jean-Paul Smit of Bayleys. The long-standing occupant has a lease until mid-2021.

Manukau mixed property

A 588sq m showroom, office and warehouse unit at 132 Cavendish Dr, Manukau sold at auction for $2.19at 5.74 per cent yield through Tony Chaudhary, Janak Darji and Amy Weng, Bayleys South Auckland. It has a new eight-year-lease to Bath & Tile NZ, with fixed annual rent increases of 2.5 per cent.

Windwhistle Canterbury farm

A substantial 332.35ha farm near Windwhistle, in Selwyn, Canterbury, sold at auction for $3.8m. The property at 375 Rakaia Gorge Rd comprises a 370-cow dairy farm suitable for beef finishing, deer or dairy support, with 90ha of land suitable for forestry. Colliers’ Ruth Hodges sold the property.

Tauranga CBD retail

A single-level 478sq m building with five retail tenants, on a 446sq m site zoned for redevelopment for up to 49m, at 45 Spring St, Tauranga CBD, was sold at a Bayleys’ Total Property auction for $3.55m at a 4.69 per cent yield, by Brendon and Lynn Bradley. It had been family-owned for more than 70 years.

Glenorchy residential site

An 8079sq m residential development site at 1 Benmore Place, Glenorchy, has sold for $2,495,000, in a dealbrokered by Rowan McDonald and Mark Simpson of Colliers.

Paraparaumu office building

A Paraparaumu investment property directly opposite the Coastlands shopping centre and Pak’nSave has sold for $2.18m. Comprising a 670sq m office building on a 1656sq m freehold site, the first floor of 159 Rimu Rd is tenanted by Platinum Homes and the ground floor to be owner-occupied. Colliers’ Dean Anderson sold the property.