Recent Deals for Saturday July 21
This industrial building at 24 Vestey Dr, Mt Wellington, sold for $5.15 million. Photo / Supplied
Mt Wellington industrial
A1780 sq m industrial building on a 2834sq m site with 28 car parks at 24 Vestey Dr, Mt Wellington, sold for $5.15 million at a 4.85 per cent yield through James Hill, Sunil Bhana and Mike Houlker of Bayleys Auckland. Jazz Print, in occupation since 1996, has taken a new six-year lease from settlement with two per cent annual rental increases and two three-year rights of renewal.
Manukau second level office
A 385sq m second storey, open-plan office unit at 6/20 Lambie Dr, Manukau, has sold by negotiation for $1,320,000 with vacant possession. The deal was brokered by South Auckland investment sales brokers Matthew Barnes, Ryan Gibb and Alex Harper of Colliers International.
CBD Centre St standalone
One of Auckland CBD’s smaller freehold standalone properties, a 132sq m building on 134sq m of land at 24 Centre St, has sold at auction for $1.55m at a 3.35 per cent yield through Cameron Melhuish and Andre Siegert of Bayleys Auckland. It is leased to hair salon Wolf & Wolf until February 2019 with two two-year rights of renewal. The property’s City Centre zoning allows commercial and/or residential development up to 16m with a permitted floor area ratio of three sq m of building to one sq m of land.
North Harbour property
A 1196sq m office and warehouse tenanted by long-standing Australasian company Vocus (New Zealand) Limited at 7A Parkhead Place, North Harbour, earning $196,000 per annum, has been sold by private treaty to an investor for $3.3m net representing a 5.94 per cent yield. The deal was brokered by Matt Prentice and Euan Stratton of Colliers.
Tauriko Tauranga building
A three-year-old 367 sq m industrial building on a 768sq m site at 24 Whiore Ave, Tauriko, Tauranga, has sold for $1.05m at a 5.03 per cent yield through Graeme Coleman of Bayleys Tauranga. It has two tenants on three-year leases.
Central Nelson Haven
A 736sq m single-storey office building constructed in 2008 on a 1640sq m site with 21 car parks at 19 Haven Rd in central Nelson sold for $2.95m at a 6.2 per cent yield through Paul Vining and Gill Ireland of Bayleys Nelson. It is leased to The Ministry of Education until April 2020, having one three-year right of renewal.