RECENT DEALS for November 14th
Devonport's landmark Esplanade Hotel sold for nearly $6.2 million.
Devonport’s Esplanade Hotel
One of Devonport’s landmark buildings the Esplanade Hotel has sold for $6,199,000 at a 6.1 per cent yield through James Chan and Matt Lee of Bayleys’ international division. The 115-year-old, 1832 sq m building, located on a 1084 sq m site on the corner of Victoria St and Queen’s Parade, opposite the Devonport ferry terminal has been purchased by a Chinese investor from Guangzhou. The three level building, which underwent a major refurbishment in 2004, is leased to the Esplanade boutique hotel accommodation business comprising 17 hotel suites on the top two levels and a restaurant, function and bar area on the ground floor, plus another ground floor restaurant tenant.
Real Groovy site sale
A 1965 sq m site zoned Strategic Management Area 4 at 483 Queen Street in Auckland’s CBD, occupied by Real Groovy Records since 1991, has been sold for close to $13.7 million by Colin McKenna, Bayleys Auckland. Conrad Properties will redevelop the site with nine boutique retail shops planned on the ground floor Queen St frontage and 226 apartments above.
Hamilton retail premises
A 280 sq m retail premises on a 334 sq m site at 411-415 Victoria St, Hamilton, has been sold by Mark Brunton and Justin Oliver of Colliers International for $1,860,000 - representing a yield of 6.23 per cent on the recently refurbished property that is leased to a listed company until July 2025.
New Manukau industrial
A new 1444 sq m industrial building scheduled for completion in mid 2016 and comprising a 1228 sq m warehouse with a nine to 10.3 metre stud, plus a 175 sq m canopy and 216 sq m of office space, located on a 2215 sq m Business 6 site at 3 Wilco Place, Manukau. has been sold vacant to an investor for $3,210,000 by Mike Marinkovich of Bayleys South Auckland.
Tauranga office and warehouse
A 2721sqm site with a 1100 sq m office and warehouse at 35 Poturi St, Tauranga, has been sold by Simon Clark and Rob Schoeser of Colliers International for $1,570,000 representing a yield of 7.7 per cent.
Hamilton medical mile building
A modern building at 35 mbroke Street on Hamilton's medical mile between the hospital and CBD, leased long-term to a national radiology provider, has sold for $1,542,000 through Andrew Shaw of Bayleys Waikato. Shaw says the tenant has made a substantial capital outlay and modified the building for its specific requirements.