Recent Deals for Saturday March 9

7:05 PM Friday March 8, 2019 True Commercial’s Recent Deals

This new four storey building at 49-51 The Strand, Tauranga, sold at auction for $6,995,000. Photo / Supplied

Big Tauranga Strand sale

A new office and hospitality property at 49-51 The Strand, Tauranga, sold at auction for $6,995,000, at a yield of 5.2 per cent. Fully leased to four tenants, it comprises a four-storey, 985sq m building on a 294sq m freehold site. The deal was brokered by Simon Clark and Duncan Woodhouse, Colliers Tauranga.

Christchurch refurbished building

A 4897sq m refurbished commercial building on a 7700sq m site at 289 Tuam St, Christchurch, has been sold for $11,509,000 at a 10.45 per cent yield by Bayleys agents Nick O’Styke, Murray Madgwick, Mike Houlker, James Hill and Sunil Bhana. It has four tenants, with the anchor occupant a Resene ColorShop.

Northcote Lake Rd mixed use

A 790sq m mixed use building on a 1014sq m site at 46 Lake Rd, Northcote, was sold for $3.15m at a 3.1 per cent yield by Bayleys’ Terry Kim and Stephen Scott. It comprises 665sq m of ground floor and basement commercial accommodation, a 125sq m first floor two-bedroom apartment and 11 car parks.

Palmerston North property

A corner property in Palmerston North’s West End has sold for $1,111,000, at a yield of 5.66 per cent. The building at 158 Fitzherbert Ave will be replaced with a three-tenancy commercial building; sharing a combined 1618sq m freehold site at 364-366 College St. The deal was brokered by Grant Lloyd, Phil Nevill and Doug Russell of Colliers.

Tauriko industrial facility

A new 683sq m industrial facility on a 2833sq m freehold site at 87 Paerangi Pl, Tauriko, sold at auction for $2.36m, at a yield of 4.3 per cent. The office-warehouse is on a new eight-year lease to Bay of Plenty Asphalt Ltd. Colliers’ Simon Clark and Rob Schoeser brokered the deal.

Hamilton Victoria St

A 2560sq m 1980s five-level commercial building on a 671sq m CBD site at 527-529 Victoria St, Hamilton, has sold for $3.2m through Mike Swanson and David Cashmoreof Bayleys.

Manurewa daycare centre

A 50-child, 353sq m daycare facility on a 943sq m residential-zoned site at 51 Mahia Rd, Manurewa, was sold for $1.95m at a 6 per cent yield through Tony Chaudhary, Amy Weng and Janak Darji of Bayleys South Auckland. It has a 15-year lease to Choicekids Mahia Rd 15 Ltd from March 2018.

Kingsland engineering lease

A city fringe industrial property at 6 and 8-10 Aitken Tce, Kingsland, has been leased to an established industrial maintenance and engineering firm on a five-year term with an annual net rent of $220,000. The lease was brokered by Jonathan Lynch of Colliers.