Recent Deals for Saturday May 5
This five-storey office complex at 306 Cameron Rd, Tauranga sold for a record $41.4m. Photo / Supplied
Tauranga CBD record
A five-storey complex at 306 Cameron Rd has sold for $41.4 million, a record for the Tauranga CBD. The syndication offer, managed by Maat Group, was fully subscribed by its closing date with interest being evident from Tauranga and right across the country. The fully leased building’s anchor tenants include IRD and Tauranga City Council. The sale was completed by Lloyd Davidson, Jim McKinlay and the late Russell Adams of Bayleys.
City fringe building
A three-level 1096sq m character commercial and residential building on a high profile 1068sq m site opposite Auckland Hospital, Cnr Grafton and Park Roads, has sold for $6m through Mike Adams and Phil Haydock of Bayleys. It has three ground floor retail tenancies and 19 residential tenancies comprising studio, one and two-bedroom flats with kitchen and bathroom facilities, that are rented for $280-$450 a week.
Papatoetoe modern office
A 763sq m two-level modern office building on an 809sq m Town Centre zoned site at 129 Kolmar Rd, Papatoetoe, sold for $1.55m at a 6.19 per cent yield through John Bolton, Roy Rudolph and Katie Wu of Bayleys South Auckland. The building has two occupants, with the purchaser having a replacement tenant for an expiring lease.
Rothesay Bay retail
A 190sq m single-level retail building on a 316sq m corner site at 2-8 Montgomery Ave, Rothesay Bay, has sold through Brian Caldwell, Adam Curtis and Michael Nees of Bayleys North Shore for $1,185,000 at a 5.9 per cent yield after being passed in at auction for $1.1m. The property is leased to a Thai restaurant and hair salon until 2022 and 2019 respectively, with development potential under its Neighbourhood Centre zoning.
Wellington parking site
A standalone car-park building with a seismic rating of 100 per cent of New Building Standard on a prime 551sq m CBD site at 31-35 Boulcott St, Wellington, was sold for $3.61m through James Higgie and Mark Hourigan of Bayleys Wellington. It has 95 car parks, 57 leased to Fairfax NZ with the balance vacant and estimated potential annual net income of $240,000.
Miller’s manifold industrials
JLL agent Jaye Miller has sold several North Shore industrial sites including a unit at 2C Target Court, Glenfield, comprising an 189sq m office, 80sq m warehouse and three carparks which was sold with vacant possession for $700,000.
Miller sold 21A Porana Rd, Wairau Valley, for $4.45m at a yield of 5.73 per cent. The 1846sq m industrial property, with 1096sq m of warehouse and 750sq m of offices, is leased to kitchen manufacturer Apollo Group.
Miller also sold by negotiation for $4.15m, a 2434sq m two-storey industrial property with 28 carparks and yard space at 21F Porana Rd that is leased to Winger Motors for seven years.
Finally, he sold a 130sq m warehouse/office unit at 19 Ashfield Rd for $470,000.