Recent Deals for Saturday November 24

3:03 PM Friday November 23, 2018 True Commercial’s Recent Deals

This Christchurch retail centre at 289 Colombo St, Sydenham sold for $3.09 million. Photo / Supplied

Christchurch suburban centre

Savills commercial broker Ben Cameron has sold a small suburban retail centre in Sydenham to a local investor for $3.09m representing a yield of 6.8 per cent. The 757sq m centre, on a 2105sq m site, at 289 Colombo St, is leased to five separate tenants, generating $211,014 in net annual passing income.

East Tamaki building

A 2195sq m industrial building on a 4186sq m site, at 12-16 Harris Rd, East Tamaki, has been sold to an owner occupier for $5.82m by Mike Marinkovich of Bayleys and Paul Higgins of Colliers International. It comprises 1919sq m of high-stud warehousing including two gantry cranes with the balance made up of office and amenities. The current occupier has a lease until September 2019 at net annual rent of $267,000.

Newmarket adjacent pair

Two adjacent commercial properties, at 118 and 120 Carlton Gore Rd, a block from Broadway in Newmarket, have been purchased by a private investor for $7,365,000. They have a combined land area of 706sq m and a net lettable area of 644sq m. The off-market street deal involved negotiations between two vendors and a single buyer, brokered by David Burley and Kris Ongley of Colliers.

Mairangi Bay corner commercial

A 644sq m fully leased commercial building on an 836sq m corner site at 368 Beach Rd, Mairangi Bay, was sold for $4,175,000 at a 4.9 per cent yield by Michael Nees and Dean Gilbert-Smith of Bayleys. The property has resource consent for a four-level retail and apartment building. It has four ground floor retail tenants with a legal firm office tenancy above.

Papatoetoe investment property

A fully tenanted retail investment property at 74 St George St, Papatoetoe, sold at auction for $1.95m - a yield of 5.21 per cent – in a deal brokered by Gareth Fraser and Matt Barnes of Colliers. It comprises a single-level, 368sq m retail block on a 1174sq m freehold corner site.

Pokeno business park site

JLL industrial agents Henri Yeoman and Tim McGoldrick sold a development site at Gateway Business Park in Pokeno for $6.2m.The 26,000sq m plot of land, at 39 Gateway Park Drive, sold to Boundary Road Property Partnership.

Nelson St car parks

A block of 20 fully leased car parks on individual titles at 17-19 Nelson St, Auckland CBD, has sold for $1.98m at a 4.55 per cent yield through Alan Haydock and Damien Bullick of Bayleys. Located in a four-level building, the parks all have a nine-year head lease to Tournament Parking.

Auckland CBD office floor

A strata-titled office floor at Level 6, 26 Hobson St, Auckland CBD, plus 14 car parks, has sold vacant for $2.03m. The deal was brokered by Tony Allsop, Simon Child and Roger Seavill of Colliers.

Rothesay Bay block

A multi-tenanted retail block with Neighbourhood Centre zoning at 595-601 Beach Rd, Rothesay Bay, has sold for $1.28m, representing a yield of 5.15 per cent, in adeal was brokered by Gawan Bakshi, Shoneet Chand and Sean Honeycombe of Colliers.

Levin Corrections facility

A 609 q m purpose-built office/administration and community coordination facility for the Department of Corrections, on a 1264sq m site at 6 Liverpool St, Levin, sold with a new 12-year lease for $2,617,000, at a 6.41 per cent yield through Bayleys’ Fraser Press, Stephen Lange and Bede Blatchford.

Matamata retail block

A multi-tenanted, modern retail block on a 352sq m freehold property at 65-69 Arawa St, Matamata, has sold for $1.68m at a yield of 5.54 per cent in a dealbrokered by Alan Pracy and Justin Oliver of Colliers. 

Penrose office-warehouse lease

A global logistics operator has taken a new lease over 5215sq m of warehouse and office space, at 7-9 McNab, St Penrose, at an initial rental of $560,000 per annum. The lease was negotiated by Scott Campbell and James Valintine of Bayleys.