RECENT DEALS for April 11th
Quest Hotel, Cumberland St, Dunedin
Chinese Quest in Dunedin
Bayleys Auckland and Dunedin offices have joined forces in the sale of Quest apartment hotel in Dunedin for $6.3 million to an investor from mainland China. The 42 apartment hotel with 26 car parks on a 1012 sq m site at 333 Cumberland St was sold with a 10 year lease in place from 2012 at a 9.2 per cent yield through Robin Hyndman of Bayleys Dunedin and Dickie Nam of Bayleys’ Auckland based international division. Nam says the purchaser was a wealthy businessman, with an engineering consultancy employing around 500 people in Beijing, making his first investment in New Zealand although he has indicated he intends to purchase more properties here.
Mangere Bridge sale
A 1.69 ha multipurpose, residentially-zoned commercial property with several buildings encompassing 3812 sq m of floor space, and on the market for the first time in 50 years, at 8 Kirkbride Rd, Mangere Bridge, has been sold for $4 million by Paul Jarvie and Hamish West of Colliers International.
Cash converts to property
A modern, freehold investment block At 1 Glendale Rd, Glen Eden, with a floor area of 675 sq m on a 1511 sq m site and 33 car parks, has been sold to Cash Converters for $2.275 million by John Davies, Mark Wyness, Leroy Wolland and Nilesh Patel of Colliers International.
Wairau warehouse complex
A 1074 sq m 1970s warehouse, office and showroom building on a 1914 sq m site at 76 Ellice Rd, Wairau Valley, has been sold vacant for $1,825,000 through Ranjan Unka of Bayleys North Shore Commercial