Recent Deals for Saturday May 4

4:44 PM Friday May 3, 2019 True Commercial’s Recent Deals

This city fringe development on New North Rd in Kingsland sold for $4.5m. Photo / Supplied

Kingsland development site

A development site encompassing 1323sq m of land in two titles at 340-346 New North Rd, Kingsland, has been sold for $4.5 million by Bayleys’ Scott Kirk, James Were and Cameron Melhuish at $3401 per sq m. The corner site, comprising a vacant former car yard and a 188sq m brick building divided into two flats, has a Mixed Use zoning with a 21m height overlay.

East Tamaki property

A split-risk investment property at 43-47 Stonedon Dr, East Tamaki, has sold for $8m at a yield of 5.77 per cent. It comprises 4153sq m across three buildings, occupied by two tenants, on a 5927sq m freehold site. Directors Paul Higgins, Andrew Hooper and Greg Goldfinch of Colliers International brokered the sale by deadline for offers.

Two Frankton buildings

Two adjoining properties at 36-40 Colombo St and 32-36 Ellis St, Frankton — comprising 3353sq m of industrial buildings on 6071sq m of land — have been sold jointly post-auction for $3.6m at an 8.22 per cent yield by Jordan Metcalfe and Rebecca Bruce, Bayleys Waikato. Vertic Ltd has a three-year lease until April 2020 with renewal rights.

North Shore workshop

An industrial workshop at 40 Porana Rd, Wairau Valley, has sold at auction for $1.9m. The property comprises a 422sq m building with multiple roller doors on a high-profile 809sq m freehold site. Colliers’ Euan Stratton and Matt Prentice brokered the deal.

Tauranga service station

A 412sq m BP2go service station on a 2932sq m site at 25 Jellicoe StTe Puke, sold for $1,925,000 at a 6.13 per cent yield through Lloyd Davidson, Bayleys Tauranga. It has a 10-year lease from May 2014 with rights of renewal for a further 15 years.

New Plymouth warehouse

An 830sq m warehouse at 115 Molesworth St, New Plymouth, has sold for $2.05m at a yield of 7.2 per cent. It occupies a 953sq m freehold site on two titles fronting State Highway 44. The sale was brokered by Benet Carroll of Colliers.

Manurewa childcare centre

A 150sq m childcare centre on an 827sq m site zoned Mixed Urban Housing at 49 Browns Rd, Manurewa, has been sold for $1,035,000 by Tony Chaudhary, Amy Weng and Janak Darji, Bayleys South Auckland. Occupied by Choice Kids, it has a 15-year lease from March 2018 with rights or renewal until 2053.

Wellsford commercial building

A 117sq m standalone commercial building on a 453sq m SH1 corner site at 215 Rodney St, Wellsford, has sold at auction for $851,000 at a 5.26 per cent yield by Henry Napier, Bayleys Northland and Tony Chaudhary, Bayleys South Auckland. It is leased to a Subway franchise.

Paraparaumu office and retail

A two-level commercial property at 115-117 Rimu Rd, Paraparaumu, has sold for $1.3m. The 510sq m office and retail building is on a prominent 1116sq m corner site near Coastlands Shopping Centre and Pak’nSave. This was brokered by Colliers director Dean Anderson. 

Christchurch industrial site

A bite-sized industrial development site on the Christchurch city fringe at 54 Buchan St sold in active bidding for $425,000. The property comprised 818sq m in three titles. The deal was brokered by Oliver Salt and Christian Kellar of Colliers.