Recent Deals for Saturday May 11

7:27 PM Friday May 10, 2019 True Commercial’s Recent Deals

A Beresford Square site in Auckland, housing the 142-year old Hopetoun Alpha Hall, sold for $4 million. Photo / Supplied

Hopetoun Alpha Hall

A 1388sq m site in two titles at 15-27 Beresford Square in central Auckland, containing the142-year-old Hopetoun Alpha Hall, has been sold for $4m through Bayleys’ Alan Haydock and Damien Bullick. Hopetoun Alpha was extensively refurbished by the vendor the Ashton Wylie Charitable Trust and has a New Zealand Historic Places Grade 1 classification. The balance of the site is leased for parking.  

Cambridge retail property

A fully leased, multi-tenanted commercial property on the zero-vacancy Cambridge retail strip sold at auction for $2,185,000, at a yield of 5.8 per cent. The two-level retail-office property at 55-57 Victoria St with six tenants, was marketed by Justin Oliver, David Palmer and Peter Scammell of Colliers International.

Hobsonville bare site

A 35,135sq m bare site at 92 Hobsonville Rd, has been purchased by an owner occupier for $10m at $284 per sq m. A new freehold title has just been issued for the land, zoned Light Industry, which was sold by Bayleys’ Stuart Bode and Mike Bradshaw. 

Hamilton Northmall tenancy

A 125sq m retail unit at Hamilton’s Northmall shopping complex, with Subway as a long-term tenant, has sold at auction for $910,000, representing a yield of 5.3 per cent. The sale of Unit 18, 53 Ulster St, Hamilton, was transacted by Justin Oliver and David Palmer of Colliers.

New Plymouth warehouse

A 2990sq m industrial property comprising a warehouse and office at 9 Corbett Rd, New Plymouth, has sold for $1,025,000 at a yield of 6.6 per cent. The deal was brokered by Benet Carroll of Colliers International New Plymouth.

Epsom ground lease

The lessor’s interest in 1479sq m of Mixed Use zoned land at 58-60 Market Rd, Epsom, has been sold for $2.95m at a 4.75 per cent yield by Bayleys’ Alan Haydock and Damien Bullick. It has a perpetually renewable ground lease which can be terminated by the lessor with six months’ notice. The site alongside the Southern Motorway is occupied by the lessee’s business, The Pool People. Rent is reviewed every five-years, at 6.5 per cent of the unimproved land value.

Ohakune Court Motel

The 808sq m 21-unit Ohakune Court Motel, on a 2288sqm site at 101 Goldfinch St, has sold at a Bayleys’ Total Property auction for $1,406,000 at a 7.7 per cent yield, through Nicolas Ching, James Chan, Tony Chaudhary and Jenny Dekker. The motel business has a 30-year lease from December 2014.

Manukau unit auctioned

A 120sqm retail unit at 130 Dawson Rd, Manukau, sold at auction for $781,000, including GST, at a 5.51 per cent yield through Geoff Wyatt, Nick Bayley, Tony Chaudhary, Bayleys South Auckland. It is occupied by Kiwibank & NZ Post franchisee Rattan Gifts & Paper Ltd for 15 years, with a five-year lease until May 2022.

Otago Duntroon dairy farm

Colliers’ Ruth Hodges and Richard O’Sullivan have brokered the sale at auction of a 288.13ha dairy farm near Oamaru for $3.9m plus GST. The property at 447 Conlans Rd, Duntroon, has many modern improvements including a fully automated 50 bale rotary shed, three houses, a modern effluent system and a newly completed irrigation development.

Gisborne organic orchard

A certified organic orange, persimmon and kiwifruit orchard at 24 Whakatere Rd, Gisborne, has sold for $3.9m. The sale of the 11.47ha property, which includes a 170sq m residence, was brokered by rural and agribusiness specialists David Egan and Alan Thorpe of Colliers International Gisborne.