Recent Deals for Saturday August 4

4:43 PM Friday August 3, 2018 True Commercial’s Recent Deals

36 Ascot Rd, Auckland Airport. Photo / Supplied

Vacant Airport industrial

A freehold industrial property at 36 Ascot Rd, Auckland Airport, has sold with vacant possession to an owner-occupier for $5.8 million. The 8685sq m property comprises a 3680sq m industrial facility with a medium-stud warehouse, offices and amenities. The deal was brokered by Brad Johnston, Paul Jarvie, Ash Vincent and Greg Goldfinch of Colliers International’s Highbrook industrial team.

Sale of part of Herald site

Bayleys senior broker Paul Hain and director of hotels Nick Thompson negotiated the recently announced sale of part of the Auckland CBD site formerly occupied by the New Zealand Herald for more than 150 years.

An 1100sq m section at the corner of Albert and Wyndham Sts was purchased from Mansons TCLM by Australian company Pro-Invest Developments for $31m ($28,181 per sq m). Pro-Invest plans a 490-room 37-level hotel development on the corner. Thomson says its the most recent on a list of Auckland CBD hotel development sites Bayleys has either sold, or has under contract to overseas investors, at a total transaction value of over $100m.

Kerikeri’s The Warehouse

A 4496sq m building purpose-built for The Warehouse in 2004 on a 1.4016ha site at 8 Kilnac Lane, Waipapa, Kerikeri has sold for $5,070,489 at an 8.1 per cent yield through Peter Gorton and Mike Houlker of Bayleys Auckland, and Steven McNally of Bayleys Northland. It has a six-year lease from August 2017 plus two three-year rights of renewal, with a portion of the landholding undeveloped.

Animal care provider

An immaculately refurbished 1075sq m industrial building on a 1915sq m site at 76 Ellice Rd, Wairau Valley, with 21 car parks sold for $3.45m at a 5.36 per cent yield through Scott Kirk and James Were, Bayleys Auckland. There is a new six-year lease to an animal care provider with fixed rent increases of four per cent every two years.

Tauriko Estate property

A 7752sq m industrial property at 52 Whakakake St, Tauriko Business Estate, has sold for $4,225,000, a yield of 5.8 per cent. The deal was brokered by Rob Schoeser and Simon Clark of Colliers’ Tauranga office. Signed to a short-term lease, the property comprises a 2315sq m industrial facility with a high-stud workshop and 4300sq m of usable site space.

Manukau Cavendish unit

A 588sq m warehouse unit, at 132 Cavendish Dr, Manukau, renovated and reconfigured to provide two levels of showroom and office space, with 12 car parks has sold for $1.55m at a 6.46 per cent yield through Janak Darji, Tony Chaudhary, Amy Weng and Mike Marinkovich of Bayleys South Auckland. It is leased for eight months to Bath &Tile (NZ) Ltd from June 2018 with no rights of renewal.

Albany law office

A 571sq m office unit at 63 Apollo Dr, Albany, has sold for $2.7m. Unit B3 was sold by a private investor to owner-occupiers Goodwin Turner Commercial Lawyers. The deal was brokered by Janet Marshall and Nick Recordon of Colliers’ North Shore office.

Eden Tce building

A 337 sq m standalone warehouse and office building on a 325sq m site at 19 Virginia Ave East, Eden Tce, has sold with vacant possession for $1.35m through Andrew Wallace and Cameron Melhuish of Bayleys Auckland City & Fringe division. It has a Mixed Use zoning with a 21m height overlay.

Tauranga First Ave commercial

A 922sq m commercial property with a 745sq m building at 100 First Ave, Tauranga, has sold for $2.4m, at a yield of 5.8 per cent, with 3.5 years to go on the lease. The deal was brokered by Duncan Woodhouse and Simon Clark of Colliers’ Tauranga office.