Recent Deals for Saturday September 1
The property housing The Warehouse at 11 Coliseum Drive, Albany, sold for $26.4 million. Photo / Supplied
Warehouse Albany sold
The Warehouse Albany, at 11 Coliseum Dr, has been sold to Argosy Property Ltd for $26.4m, representing a yield of 5 per cent. The deal was brokered by Shoneet Chand and Matt Prentice of Colliers International’s North Shore office and the agency’s site sales director Josh Coburn. Adjacent to the Albany Mega Centre, the property encompasses 8360sq m of large format retail and office space with a garden centre and 413 carparks. The 12-year lease has 6.5 years remaining.
Vacant Papakura land
A 2.85ha vacant industrial land lot at 14-16 Parker St, Papakura, sold for $5m to an owner-occupier in the construction industry at $175 per sq m through Shane Snijder and Peter Migounoff, Bayleys South Auckland. It was the site of an abandoned development project with $1.7m spent on pre-construction site works.
Te Rapa building
A newly developed industrial property leased to VINZ in Te Rapa, Hamilton, has sold for $2,758,000, representing a yield of 5.5 per cent. Lot 1, 59 Tasman Rd comprises a 1350sq m industrial building on a 3980sq m freehold site. The sale was brokered David Palmer, Peter Scammell and Justin Oliver of Colliers Hamilton.
Morningside commercial unit
A 446sq m commercial unit at 7C Taylors Rd, Morningside, Auckland, sold with vacant possession for $1,575,000 plus GST. The deal was brokered by Colliers’ associate director Jonathan Lynch of the Auckland Investment Sales team.
A 660sq m two-level office building at 1 Shea Tce, Takapuna, on a 1012sq m Mixed Use zoned site opposite North Shore Hospital, sold for $3.55m through Michael Nees, Damian Stephen, Adam Curtis and Adam Watton of Bayleys North Shore Commercial. The top floor, occupied by Waitemata District Health
Board, is earning $102,620pa with a 330sq m ground floor tenancy recently vacated.
Wellington Level 8 floor
Colliers has sold an entire office floor in Wellington’s 15-level Crowe Horwath House for $1.1m. The 692sq m property at Level 8, 57 Willis St, Wellington CBD, was sold by Rural Women New Zealand to a private buyer. The deal was brokered by Hamish Templeton of Colliers’ Wellington Office.
Hamilton CBD lease and sale
A prime design build property in Hamilton CBD has been leased and sold off the plans through Colliers. Tertiary education provider NZMA has signed up to a 12-year lease on the 2000sq m commercial premises at 92-94 Tristram St. In a separate deal, the property has been purchased by a private investor for a yield of 6.25 per cent, with the purchaser funding development. Both transactions were brokered by Alan Pracy and Mark Brunton of Colliers Hamilton.
A 2041sq m industrial property on 3144sq m of Light Industry zoned land at 14-18 Honan Pl, Avondale, sold for $3,387,500 through James Hill and Mark Preston of Bayleys’ central and west Auckland industrial team. Located just off Rosebank Rd, it comprises two buildings with 1606sq m of warehousing and over 30 car parks with a monthly lease on the rear building providing holding income of $80,000pa.
Manukau retail premises
Unit 4 at 597 Great South Rd, Manukau, comprising 290sq m of modern retail premises, sold for $1.92m at a 5.3 per cent yield through Tony Chaudhary, Amy Weng and Janak Darji, Bayleys South Auckland. Part of a nine-unit complex, it is occupied by a laundromat and cake shop.
High stud in Hastings
A 6994sq m high stud warehouse situated on 1.3844ha of industrial land at 27 Railway Rd, Hastings, sold with vacant possession for $2,835,000 through Paul Garland, Bayleys Hawkes Bay. An onsite bore has a substantial water take consent.
Auckland airport precinct
A 392sq m warehouse and office unit at 39B Rennie Dr, in the Auckland Airport industrial precinct, has sold for $920,000, representing a yield of 4.10 per cent. The deal was brokered by Ash Vincent of Colliers’ industrial team.