Recent Deals for Saturday April 27

10:30 AM Friday April 26, 2019 True Commercial’s Recent Deals

This 1504 sq m distribution centre at 43 Alderson Drive, Palmerston North, sold for $5.4m. Photo / Supplied

Big Chill Palmerston North

A 1504 sq m distribution centre, built in 2013 on a 7552sq m site and encompassing future expansion land, at 43 Alderson Drive, Palmerston North, has been sold for $5.4m at a 7.11 per cent yield by Grant Young, Bayleys Wellington and Bede Blatchford, Bayleys Manawatu. Located in the Manawatu Business Park, it is leased to national chilled freight company Big Chill Distribution until November 2025 with rights of renewal.

Hibiscus Coast Health Centre

A community healthcare property at 136 Whangaparaoa Rd, Red Beach, Auckland, sold to a private syndicator for $6,661,000 at a yield of 6.0 per cent. The Hibiscus Coast Community Health Centre comprises a two-level, 1430sq m building on a 4322sq m freehold site, with a long-term lease to the Waitemata District Health Board. The off-market transaction was brokered by James Appleby, Gareth Fraser and Jimmy O’Brien of Colliers International.

Rolleston poultry farm

A large-scale Tegel-supply poultry farm on the outskirts of Rolleston, near Christchurch, has sold for $4.75m through Ruth Hodges of Colliers. The 8.1ha property at 437 Maddisons Rd has 5640sq m of shed space across five buildings, plus a 167sq m house and a 4ha block of land suitable for expansion or subdivision.

Mt Wellington industrial

A 531sq m road front warehouse/workshop on an 827sq m Light Industry zoned site at 224 Marua Rd, Mt Wellington, recorded the lowest yield at a recent Bayleys’ Total Property auction in Auckland.  It was sold by Jarrod Qin for $1.37m at 3.79 per cent yield on its lease to Ivan Motors of six-years from January 2016, with two six-year rights of renewal. 

Clyde cherry orchard land

A 96ha bare landholding on Waikerikeri Valley Rd in Clyde, Central Otago, has been purchased by MyFarm Investments to establish a new cherry orchard for syndication. The $3.4m transaction was brokered by Richard O’Sullivan of Colliers in Christchurch.

Avondale mixed use buildings

Two separate buildings constructed in the mid-1960s totalling 604sq m on an under-utilised 1104sq m site at 9 St Jude St, Avondale; and zoned Business Mixed Use (with 21m height limit) sold at auction for $1.75m.  Marketed by Layne Harwood and Kate Kirby, Bayleys Auckland, and comprising a mix of retail, office and warehouse space, the property sold fully leased at a 5.86 per cent yield.

New Plymouth retail property

A New Plymouth retail property, anchored by national tenant Freedom Furniture on a long-term lease, was sold by Benet Carroll of Colliers New Plymouth to a local investor for $2,673,050, representing a yield of 7.2 per cent. The 2006sq m property at 89-99 Molesworth St is on two titles with a building on each, giving a combined net lettable area of 1230sq m.

Bush Rd Albany painted unit

A 263 sq m recently painted road frontage industrial unit with six car parks at 156 Bush Rd, Albany, sold at auction vacant for $1.25m through Matt Mimmack and Rosemary Wakeman, Bayleys North Shore Commercial. It comprises a 141sq m high-stud warehouse and 122sq m of air-conditioned offices and showroom.

Christchurch seaside complex

Courtney Doig of Colliers has brokered the sale of an ‘as is where is’ a Christchurch seaside retail complex at 2 Brighton Mall, 16 Brighton Mall and 211 Marine Parade; having respective net lettable building areas of 433sq m, 349sq m and 504sq m. The value-add opportunity, on a prime corner position covering 1286sq m in three titles, went under the hammer for $1,105,000.

Tauranga commercial auctioned

A three-level 530sq m commercial and residential building on a 326sq m CBD site with a19m height limit at 132 Devonport Rd, Tauranga was sold by Lloyd Davidson at a Bayleys’ Tauranga Total Property auction for $1.2m. It has a leaseback to the vendor for a year at $45,000 plus GST.