Recent Deals for Wednesday July 11
The Central Park Corporate Centre, encompassing 11 buildings in Greenlane, has been purchased for $209 million. Photo / Supplied
Oyster buys Central Park
Oyster Property Group and its joint-venture partner KKR have settled the $209m purchase of Central Park Corporate Centre at 660-670 Great South Rd, Greenlane. Central Park spans a 6ha site, having 2100 employees, working at 60 businesses in 11 buildings. Total net lettable area is about 44,000sq m, with key tenants Genesis Energy, Restaurant Brands, Youi, Mars, Toshiba, George Weston Foods, Corrections and Salmat. The sale was brokered by Peter Herdson and Richard Kirke of Colliers International.
Gull Kingsland station
A Gull service station site at 388 New North Rd, Kingsland, has sold for $4.7m at a 6 per cent yield through Stuart Bode and Mike Bradshaw of Bayleys Auckland. Gull Petroleum (NZ) Ltd — now owned by Caltex Australia — has been in occupation since August 1999 and in 2014 exercised the first of a number of renewal rights until 2039.
Takapuna office building
A 12-level Takapuna office building, on a 5682sq m site with 196 car parks, at 62-64 Anzac St, has sold for $43m. This represents a yield of 6.39 per cent.
The property earns $2,748,562 per annum from 24 tenancies and was sold by Barfoot & Thompson North Shore commercial agents Elaine Tutty and Bruce Jiao.
Tauranga Second Ave sale
A high profile 915sq m site with a of 600sq m building at 111 Second Ave, Tauranga, leased to Bridgestone/Firestone Tyres until 2025, has sold for $2.36m. The deal was brokered by Duncan Woodhouse and Simon Clark of Colliers, Tauranga.
East Tamaki restaurant
A 277.5 sq m restaurant at 239A Burswood Dr, East Tamaki, just off Ti Rakau Dr, sold at auction for $1.41m at a 4.26 per cent yield after being declared “on the market” at $1.3m. The tenant has renewed for six years from March 2017 with the sale brokered by Katie Wu, John Bolton and Roy Rudolph of Bayleys South Auckland.
Corner site in Penrose
A 556sq m two-level office building with 28 car parks on a 2072sq m corner site at 2 Walls Rd, Penrose, has sold for $3.41m through Mike Adams and Jean-Paul Smit of Bayleys Auckland. This is a 4.53 per cent yield on current rent, tenant Allied Work Force having renewed its lease for eight years.
New Lynn bulk retail
A 412 sq m bulk retail premises at 3045 Great North Rd, New Lynn, has sold at auction for $2.8m at a 5.4 per cent yield through Damien Bullick and Mike Adams, Bayleys Auckland. It has an eight-year lease from June 2016 to Beds R Us.
Onehunga unit title
A 98sq m property housing a dairy on a unit title at 2A & 2B Rawhiti Rd, Onehunga, on the corner with Oranga Ave, has sold for $550,000 at 3.2 per cent yield through Greg Hall and Sunil Bhana, Bayleys Auckland. It has a lease renewal and rent review next year.