Recent Deals for Wednesday July 4
This new building with a childcare centre on the ground floor at 4 Mountain Ash Drive, Frankton, sold for $5m. Photo / Supplied
Frankton childcare centre
A new building with a childcare centre on the ground floor at 4 Mountain Ash Drive, Frankton, outside Queenstown, has sold for $5 million and a yield of 5.5 per cent. The property is leased to three long-term tenants, with lettable area of 706sq m plus playground, courtyard and carparking on a 1569sq m freehold site. The deal was brokered by Mark Simpson, Alastair Wood and Rory O'Donnell of Colliers International, Queenstown.
Wellington office tower
A 13-level office tower on a 1479 sq m site at 178-182 Willis St, Wellington CBD, has sold for $9.3 million at a 7.5 per cent yield through Grant Young and Luke Kershaw of Bayleys Wellington. The building has a seismic assessment of 70 per cent New Build Standard (NBS) with multiple tenancies occupying 6513sq m of space, plus parking for 75 vehicles.
East Tamaki warehouse
A multi-tenanted, refurbished industrial warehouse with floor area of 2994sq m split across three separate buildings, covering 37 per cent of the 8093sq m site, has sold for $10,935,000. The property, at 107 Harris Rd, earns $693,105 net per annum, with the sale price representing a yield of 6.34 per cent. The deal was brokered by Greg Goldfinch, Dwayne Warby and Jolyon Thomson of Colliers.
Newmarket gym tenant
A fully leased 578sq m two-level premises at 96B Carlton Gore Rd, Newmarket, with 15 secure car parks sold for $3.4m at a 7.76 per cent yield through Alan Haydock of Bayleys Auckland City & Fringe team. Part of a large commercial and residential complex built in the 1990s, the unit has a 10-year lease from May 2017 on 408sq m of high-stud showroom space to a Flex Fitness gymnasium, with offices above.
Tauranga CBD property
A 690sq m two-level retail and office building at 120 Devonport Rd, Tauranga, with a seismic rating of 45 per cent NBS, on a prime 445sq m site, has sold for $2,205,000 at a 6.16 per cent yield through Brendon and Lynn Bradley of Bayleys Tauranga. It is leased to six tenants and has future redevelopment options to a building height of 19m.
Mt Wellington unit
A 549sq m industrial unit at 218K Marua Rd, Mt Wellington, with nine parking spaces sold vacant for $1.75m through James Valintine and Greg Hall of Bayleys Auckland. It comprises 332sq m of high-stud warehousing; a 168sq m mezzanine; 48sq m of office and amenities and a 90sq m fenced courtyard.
Albany industrial unit
A 360sq m industrial unit at 4A Ride Way, Albany, with two levels of air-conditioned office and showroom and six car parks sold for $1,075,000 at a 4.65 per cent yield through Laurie Burt, James Kidd and Matt Mimmack of Bayleys North Shore Commercial. It is leased to Chargenet NZ until December.